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Investment Compliance Testing Investment Policy Statement (IPS) and Securities Lending Policy (SLP) Quarter ending December 31, 2025 ... Investments Review of Custodian Controls* ✓ Review of Fixed Income Portfolio Operations ✓ Review of Real Estate Portfolio Operations* ✓ Information Technology Audit of Cloud Computing* ✓ Audit of Data Loss Prevention* ✓ Review of Cyber Controls* ✓ Audit of TRS Reporting Entity Portal* ✓ Data Analytics Anti-Depression Pharmacy Claims Testing ✓ Benefit Matrices a

This is the twenty-second annual report on Washington State Investment Board (WSIB or the Board) Economically Targeted Investments (ETI). This report provides a summary of the Board’s activities regarding the ETI policy and the Washington-based investment activity over the past year. ... The WSIB conducts its investment activities in accordance with investment policies and procedures designed to maximize returns at a prudent level of risk. At the core of the WSIB’s risk management program is the

C. DISCUSSION AND POSSIBLE ACTION REGARDING ITEMS FOR INDIVIDUAL CONSIDERATION 1. The Executive Director provided an update on the Section 2.025 funding process. 2. The Professional Services Committee Chair reported to the Board on its meeting with Chuck Campbell of Jackson Walker LLP. 3. The Executive Director reported on the November pension ministerial actions. 4. The Executive Director reviewed the Monthly Contribution Report. 5. The Board and staff discussed future Trustee education. There

(2) REVIEW OF THE MINUTES OF THE FEBRUARY 11, 2025, INVESTMENT COMMITTEE MEETING (3) APPROVAL OF THE TRUST FUNDS INVESTMENT POLICY (4) MARKET ENVIRONMENT UPDATE (5) REVIEW OF THE INVESTMENT PLAN (6) UPDATE OF BROKER/DEALER LIST (7) QUARTERLY INVESTMENT REPORT AS OF MARCH 31, 2026

I am pleased to submit to you the Annual Comprehensive Financial Report (ACFR) of the Fairfax County Employees’ Retirement System (System) for the fiscal year ended June 30, 2021. This ACFR is provided as an aid to understanding the structure and evaluating the status of the System. The System’s management is responsible for the accuracy of financial information contained herein. The Management’s Discussion and Analysis provides further detail to the financial statements. History The Fairfax Cou

General Investment Consultant ... Aon Hewitt Investment Consulting A. Preliminary Performance Report for the Month Ending February 28, 2025. P. J. Kelly and Katie Comstock of Aon Hewitt Investment Consulting (Attachment No. 6) page 51. ... VII. Real Assets. Aon Hewitt Investment Consulting A. *Recommendation to approve for Board adoption Resolution 2025-14 authorizing an investment of up to $100 million dollars in Ares Industrial Real Estate Fund, LP. Chae Hong of Aon Hewitt Investment Consultin

REPORT TO BOARD OF TRUSTEES ON THE 99 th ANNUAL ACTUARIAL VALUATION FOR THE YEAR ENDING JUNE 30, 2024 January 14, 2025 ... SUBJECT: ACTUARIAL VALUATION AS OF JUNE 30, 2024 ... The primary purpose of the valuation report is to determine the adequacy of the current employer contribution rate through measuring the resulting funding period, to describe the current financial condition of ERS, and to analyze changes in ERS’s condition. In addition, the report provides various summaries of the data. Th

Spook, SIO Real Estate ... Trent Webster, SIO ... Williams, Executive ... the meeting (i. ... ., investment plan program ... review of Florida PRIME, performance update, legislative update, actuarial assumption, ... Asset Class Review ... John Bradley, Senior Investment Officer — Private Equity, presented the PE update along ... with Sheila Ryan, Cambridge Associates. Mr. Bradley focused on the overall performance and ... composition of the portfolio and walked through the sub-strategies. Asset

Fiscal Year 202 ... 64 – ... Core Fixed Income Portfolio 72 – 74 Value-Added Fixed Income Portfolio 75 – 77 ... Real Estate Portfolio 78 – 80 Timberland Portfolio 81 – 82 ... Fund Periodic Table of Returns (Gross of Fees ... , 202 ... | REAL ESTATE 25.5% | | REAL ESTATE 14.1% | | REAL ESTATE 11.5% | | REAL ESTATE 11.5% | ... The PRIT Fund Performance during the year ended June 30, 2022 The PRIT Fund began fiscal year 2022 with net position of $9 ... .7 billion and ended the fiscal year with a ne

HARRISBURG – The Board of the Pennsylvania State Employees’ Retirement System, meeting here today, received a report on pension fund investment performance showing the fund has earned more than 5% through Sept. 2023. ... Returns generated for the Defined Benefit Plan by asset class over the third quarter and year to date 9/30/2023 were: ... 023 ... | Inflation Protection (TIPS) | (2.92) | (1.02) | | --- | --- | --- | | Fixed Income | (2.93) | (0.54) | | U.S. Equity | (3.45) | 11.88 | | Emerging

New Business a. CIO Updates b. Capital Markets Update and Quarterly Investment Performance Analyses as of March 31, 2025 ... • Defined Benefit Plan • Deferred Compensation Plan • Defined Contribution Plan c. Active Core Fixed Income Search Update d. Private Equity Quarterly Performance Update as of December 31, 2024 e. Real Estate Quarterly Performance Update as of December 31, 2024 f. Target Date Fund Review 6. Informational Items a. March 2025 Asset Allocation Report

5.0 ... 8.5 $ ... 15 WRP ... .L.C $17.4 $14.3 $0.0 $ ... 1.62 ... 12.70% 2015 Lone ... $300.0 $302.3 $325.9 $86.4 1.36x 12.91% 2015 Harrison Street REP V Co-Investment $35.0 $36.1 $30.8 $35.4 1.83x 13.26% 2015 Madison Realty Capital Debt Fund III, LP $150.0 $242.2 $184.5 $125.2 1.28x 8.26% 2015 Lone Star Real Estate Fund IV $243.0 $217.0 $221.3 $67.6 1.33x 12.31% 2016 Lone Star Real Estate Fund V $277.9 $87.4 $42.9 $36.3 0.91x -6.12% 2016 DivcoWest Fund V $250.0 $191.3 $49.9 $202.9 1.32x 9.44% 2

Returns for periods ending JUN-2 ... Real Estate 9.0-16.5% 12.5% $ 13,683,077 13.9% 1.80 2.51 (3.67) (2.91) 4.36 5.11 5.14 6.36 ... Oregon Custom Real Estate Benchmark 1.82 1.17 (5.65) (5.07) 2.15 2.01 2.92 4.61 ... Real Assets 2.5-10.0% 7.5% $ 10,343,459 10.5% 4.08 9.24 8.34 8.74 12.17 12.57 7.81 7.35 CPI +4

Accounting Standards Board Statement No. ... 8 Actuarial Valuation Measured as of December 31, ... Reporting as of June 30, ... We are pleased to submit this Governmental Accounting Standards Board Statement No. 68 (GASB 68) Actuarial Valuation as of December 31, 2024 for the Orange County Employees Retirement System (“OCERS” or “the Plan” or “the System”) for employer reporting as of June 30, 2025. It contains various information that will need to be disclosed in order for OCERS employers to co

TOTAL GROWTH EQUITY $297.3 ... 54.8% 56.0% RATE SENSITIVE 112.6 20.8% 20.0% CREDIT 49.5 9.1% 9.0% REAL ASSETS 82.8 15.3% 15.0% CASH 0.0 0.0% 0.0% ... 100. ... Fiscal YTD 5.31% 1 Year 6.44% 3 Years 2.91% 5 Years 9.08% Since Inception 7/1/2008 6.04% ... MARYLAND POST RETIREMENT HEALTH BENEFITS TRUST QUARTERLY INVESTMENT UPDATE ASSET CLASS BY MARKET VALUE AND ALLOCATION ... TOTAL PLAN INVESTMENT PERFORMANCE FOR PERIODS ENDED 3/31/2025 ... March 31, 2025 * May not add due to rounding.

Robert Burd, Deputy Chief Investment Officer IPM Memo for approval on Sept 22, 2026 - Page 61 7. Asset Class — Information Item 11:20 a.m. a. Real Estate Performance Update Presented by Stephen Reilly, Senior Portfolio Manager Rob Kochis, Towsend Malcolm Blake, Towsend Real Estate Performance Update - Page 64 Townsend Real Estate Presentation - Page 81 8. Motion to meet in Closed Session — Action Item a) Receiving a ... from an investment manager ... supplied by one or more third ... 3E, protect

CHAIRPERSON’S REPORT Trustee Scott Hendrie did not have a formal chairperson’s report. CHIEF INVESTMENT OFFICER’S REPORT Mr. Michael Schlachter provided an update regarding the overall SURS total portfolio stating that the SURS portfolio recently reached the value of $30 billion. He also informed trustees of a new report that can be found in the committee materials regarding action taken under delegated authority. ... PRINCIPAL PROTECTION, INFLATION SENSITIVE, PUBLIC CREDIT CLASS REVIEW – EDUCAT

This Annual Comprehensive Financial Report (ACFR) prepared by the Public Employees’ Retirement Association of Colorado (PERA) details the plan’s performance from January 1, 2021, through December 31, 2021. In 2021, PERA marked its 90th year of providing retirement and other benefits to Colorado’s public employees. When the Colorado General Assembly established PERA in 1931, the Association had fewer than 1,500 members and approximately $63,000 in assets. ... Financially, 2021 was a strong year f

delighted to ... in his short ... . Investment performance of negative 7.6 percent for Fiscal Year 2022 was disappointing but not ... surprising in a year when the global equity market, as measured by the MSCI All Country World ... Index, returned a negative 15.75 percent, and the Barclays U.S. Aggregate Bond Index returned a ... negative 10.79 percent. The portfolio was helped by its alternative assets - Private Equity, Private ... Credit and Real Assets – which returned 27.30 percent, 12.28 pe

LACERS’ investment portfolio ended the quarter with a market value of $13.6 billion, a gain of $0.1 billion from the previous quarter. The Fund’s net of fee return was 2.1% for the quarter and 14.7% for the one-year period. • The Total Fund outperformed its policy benchmark by 0.4% for the quarter and outperformed by 1.5% for the one-year period. ... • Private Equity 1 and Private Real Estate outperformed their respective benchmarks for the quarter. ... | | | Private Real Estate | 5.1%

Total plan risk continued lower as it dropped to 11.01 from 11.31 last quarter. As the heightened volatility experienced during covid gets further behind us, it is weighted exponentially lower in the risk models, driving the predicted risk levels lower. As expected, equity investments continue to contribute the majority of total plan risk. ... for each asset class ... Investment Risk Board Report October ... Real Estate Equity ... 3. Fixed Income Update (Appendix D, p. 57) 4. Real Estate Update

| 3. | Investment Performance and Market Updates A. B. | Board Investment Performance Report, Q1 2026 Callan Quarterly Report | | ... | 5. | Quarterly Investment Update, Q1 2026 A. B. | Private Markets Strategy Reports and Market Outlook Quarterly Investment Update (no presentation unless requested) | | ... 140 -1

ITEMS FOR STAFF REVIEW The Board requested staff to continue pursuing systems staffing and salaries and ... systems assessment. In addition, the Board requested staff to Review Committee Frequency (CALPERS Study). Lastly, the Board requested modifications to the Quarterly Performance Report. ... OF THE ORDER ... Portfolio Performance Update LACERA Investments 9 Total Fund Summary as of August 2019 1. Transition balances are included in subcategory totals, if applicable 2. Interim target weigh

To: Retirement Board From: Alison Romano, CEO & CIO Anna Langs, CFA, FRM, Managing Director Date: October 9, 2024 Agenda Item: Overview of SFERS’ Portfolio Management and Portfolio Construction _____________________________________________________________________________________________ Recommendation: Discussion Only Background: Portfolio construction within asset classes and across asset classes has meaningful impact on the risk and return profile of the total Fund. The SFERS Investment team

To: Retirement Board From: Alison Romano, CEO & CIO Anna Langs, CFA, FRM, Managing Director Date: November 13, 2024 Agenda Item: Overview of SFERS’ Portfolio Management and Portfolio Construction _____________________________________________________________________________________________ Recommendation: Discussion Only Background: Portfolio construction within asset classes and across asset classes has meaningful impact on the risk and return profile of the total Fund. The SFERS Investment team

On a preliminary basis, the SFERS Total Plan returned +1.1% in the month of March. Public Equity (+2.1%) was the strongest performing asset class, followed by Private Equity (+0.7%), Fixed Income (+0.6%), Private Credit (+0.5%), and Real Assets (+0.4%). Absolute Return¹ was up +1.2% in February. ... • For the current fiscal year, Public Equity (+17.1%) has been the highest returning asset class. Absolute Return¹ (+7.0%), Private Credit (+6.5%), Fixed Income (+5.4%), and Private Equity (+2.0%)

On a preliminary basis¹, the SFERS Total Plan has returned +3.5% (annualized) over the trailing three years. Private Credit (+7.9%) and Public Equity (+7.3%) were the strongest performing asset classes, followed by Absolute Return² (+6.5%), Real Assets (+4.2%), Public Credit (+2.3%), Treasuries (+0.1%), and Private Equity (-1.6%). ... • On a preliminary basis¹, the SFERS Total Plan returned +4.8% for the fiscal year-to-date. Public Equity (+10.3%) has been the highest returning asset class thu

Stocks Bonds Commodities Performance ... Performance data shown represents past performance and is not a guarantee or prediction of future results. For performance data current to the most recent month-end

Investment Performance*: One-Year Return on Investments 9.9 % 9.9 % Three-Year Return on Investments 8.6 % 5.5 % Five-Year Return on Investments 10.4 % 8.7 % ... FINANCIAL SECTION Portfolio Highlights: Figure 2.1: Summary of Fiduciary Net Position 37 Figure 3.3: Traditional Equity Custom Benchmark Sectors and Figure 2.2: Summary of Changes in Fiduciary Net Position 38 Regions 174 Figure 2.3: Distribution of Active Members 39 Figure 3.4: Public Equity – Top 10 Exposures 175 Figure 2.4: Distributi

Lawrence Kochard, Chair of the Investment Advisory Committee {IAC}, began his report by noting the IAC met on August 20, 2025, and approved the minutes from its April 2, 2025, meeting. The Committee received the Chief Investment Officer's (CIO) report that included an overview of market conditions, asset allocation, tracking error and total fund performance as of June 30, 2025. The Committee then ... received the Portfolio Solution Group program review. Lastly, Chung Ma, Deputy CIO, and Rory Bad

It is important to note that by investing in the VRSIP you are not investing in a defined benefit pension plan. Investing in the VRSIP does not provide you with the opportunity to purchase additional DB plan service credit or increase your monthly DB pension benefit. Like other core investment options, participants investing in the VRSIP are subject to investment risks, including loss of principal and earnings. The VRSIP is a diversified portfolio that invests in numerous asset classes. Because

Approve Minutes 9.25.25 Board Meeting Minutes - Page 3 II. Report of the Chief Investment Officer CIO Report - October 2025 - Page 15 Performance Summary 8.31.25 - Page 22 Asset Allocation Report - August 2025 - Page 23 Daily Asset Allocation Report 10.7.25 - Page 24 New Investments and Terminations 10.16.25 - Page 25 DIME Quarterly Summary - QE September 2025 - Page 26 External Manager Referral Quarterly Summary - QE September 2025 - Page 32 ... asset allocation, ... . The Committee ... with

McCormick concluded by stating generally the ... Trust outperformed relative to the benchmarks and that real estate drove most of the outperformance. 5. ... – Kendall Courtney. ... Teacher Retirement System of Texas Performance Review: Fourth Quarter 2023 ... In Q4 2023, global equity markets rose due to a strong rally in November and December as market participants anticipated a higher probability of interest rate cuts in 2024.Global equities rose 7.9% for the quarter, and they returned 15.7% o

Quarterly Performance Report (12:45-12:55) A. Quarterly Performance Report ... COMMINGLED TRUST FUND ... ) UPDATES Presenter: Christopher Hanak, Chief Investment Officer Christopher Hanak presented the Commingled Trust Fund’s (CTF’s) quarterly investment returns for the quarter, 2-year, 3-year, 5-year, 10-year, and 20-year periods as compared to the benchmarks, noting the lag in private market valuations. Individual asset class APPROVED ... Washington State Investment Board 7 February 15, 202

Asset Class Market Value Allocation 1 Year 3 Year 5 Year 10 Year ... Real Estate $33,567,643,160 17.9% 4.5% 0.9% 9.6% 10.2% ... REAL ESTATE The majority of the WSIB’s partnerships in this asset class invest in high-quality real estate leased to third parties. The combination of steady income generated from lease payments and the potential upside from appreciation combine to generate returns that are expected to fall between the returns for fixed income and equities.

Quarterly Performance Update (4:15-4:25) ... A. Quarterly Performance Update ... Hanak, CIO ... Chris Hanak presented quarterly investment performance as of June 30, 2025. The CTF returned 4.48 percent for the quarter and 9.04 percent for the 1-year period. The CTF ... continued to outperform its benchmarks over the 5-, 10-, and 20-year periods. As of June ... 30, 2025, the CTF had assets under management of $179.3 billion, despite net outflows for ... benefit payments. He addressed GDP (gro

Performance Reports FY Inv. Performance: GIPS Performance Report (C/I) Calendar Year Inv. Perf.: Shared Vision Portfolio Resiliency

12 ... Total Public Equity 41.0% Private Equity 15.4% Real Estate 13.4% Inflation Sensitive 6.4% Risk Mitigating Strategies 7.9% Fixed Income 12.1% Cash 1.9% Collaborative Strategies 1.7% Strategic Overlay 0.1% Chart ... Total Public Equity 52.7% Private Equity 27.6% Real Estate 10.8% Inflation Sensitive 3.7% Risk Mitigating Strategies 3.4% Fixed Income 3.3% Cash 0.0% Collaborative Strategies 0.3% Strategic Overlay 1 Total Public Equity includes the following sub-units: Global Equity Public, Tot

J. Real Estate Investment Policy EXECUTIVE SUMMARY In accordance with the CalSTRS Investment Policy and Management Plan, IPMP, the California State Teachers’ Retirement System Board, has ... an allocation for investment in real estate. ... primary objective is to achieve ... that corresponds to ... amount of risk ... in the Real Estate portfolio risk/return composite approved ... Committee. Secondary objectives are to ... a hedge against inflation and improve diversification of ... PROGRAM OBJEC

13 ... Investment portfolio as of May 31, ... Real Estate 4.6% ... | CalSTRS market exposuresTotal fund risk and | Real Estate | | 11.9% | asset allocation as of May 31, 2023 | ... Chart 19. Real Estate 1 ... Real EstateFixed Income — Active risk summary ... Real Estate ... Private EquityReal EstateFixed Income — Active risk summary ... Real Estate ... EquityReal Estate ... At the July 2021 Investment Committee meeting, the committee approved a CalSTRS Real Estate Investment

portfolio as of ... 31, ... 025 ... Total Public Equity 41.9% Private Equity 14.6% Real Estate 12.5% Inflation Sensitive 7.0% Fixed Income 12.7% Risk Mitigating Strategies 7.7% ... Total Public Equity 64.6% Private Equity 16.6% Real Estate 7.8% Inflation Sensitive 5.4% Fixed Income 2.7% Risk Mitigating Strategies 4.4% ... Chart 19. Real Estate1 ... Principal 23.5% Fairfield 7.0% PCCP 6.6% Blackstone 5.6% Beacon 5.2% CBRE 5.0% BlackRock 4.0% Lasalle 3.4% Divcowest 3.4% LCOR 2.9% Chart 20. Private

During the latest six-month period, the Real Estate, Private Equity, and Public Equity allocations each decreased by (1%), and the Inflation Sensitive, Cash, and Fixed Income allocations each increased by 1%. The allocations to Collaborative Strategies, Risk ... During the latest 12-month period, the Fixed Income and Inflation Sensitive allocations each increased by 1%, the Private Equity allocation decreased by (1%), and the Real Estate allocation decreased by (2%). The allocations to Collabora