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CIO COMMENTS Ms. Murphy reported that the OCERS portfolio is up 8.7% year to date, noting that the second quarter was not as robust as the third quarter. Since the last meeting, the dollar has strengthened marginally. The Investments Team is continuing to monitor the tariff discussions as large tariffs are looming for India and pending for China. ... INFORMATION ITEMS Each of the following informational items will be presented to the Board for discussion. Presentations I-1 MEKETA 2Q 2025 PORTFOL

Presentations ... I-1 MEKETA 2Q 202 ... PORTFOLIO EVALUATION REPORT Presentation by Steve McCourt, CFA & Laura Wirick, CFA, CAIA, Meketa I-2 MEKETA 2Q 2025 PORTFOLIO RISK REPORT Presentation by Steve McCourt, CFA & Laura Wirick, CFA, CAIA, Meketa I-3 AKSIA 4Q 2024 REAL ASSETS PERFORMANCE UPDATE Presentation by Kevin Bonse & Trevor Jackson, Aksia I-4 TOWNSEND 1Q 2025 REAL ESTATE PERFORMANCE UPDATE Presentation by Haya Daawi, Felix Fels & Rob Kochis, Townsend I- ... INFORMATION ITEMS Each of the f

Quarterly Review ... Orange County Employees Retirement System ... Fourth Quarter of 2025 ... Inception Date Total Portfolio 27,631,586,817 100.0 2.53 (28) 14.60 (23) 11.98 (40) 8.57 (11) 8.91 (22) 5.31 (100) Dec-88 ... Policy Benchmark 2.54 (28) 14.07 (37) 11.98 (40) 8.46 (13) 8.78 (27) -- ... -0.01 0.5 ... InvMetrics Public DB > $1B Median 2.20 13.45 11.37 7.30 8.30 8.23 ... Global Public Equity 12,985,855,615 47.0 3.13 (49) 21.17 (45) 20.30 (33) 10.81 (39) 11.92 (30) 5.96 (100) De

Investment Section: ... Chief Investment Officer’s Report ... 94 ... Investment Portfolio Summary ... 102 ... Investment Portfolios by Manager ... 103 ... & Bond Holdings at Market ... 110 Investment Portfolio Allocation ... 111 Comparative Investment Returns: Public Equity ... 112 Private Equity ... 112 Absolute Return ... 113 Real Asset ... 113 Rate Sensitive ... 114 Table of Contents ... Maryland State Retirement and Pension ... ending ... this report provides a comprehensive overview of

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Governance Policy, ... by Dr. Gooden, with a second by Mr ... Board unanimously approved the ... assignments. Report of ... Advisory Committee Lawrence Kochard, Chair of the Investment Advisory Committee (IAC ... began his report by noting the IAC met on April ... 8, ... 026, and approved the minutes from its November 5, 2 ... 25, meeting. The Committee received the Chief Investment Officer's (CIO) report that included an update on the currentmarket. Following the CIO report, staff provided a pr

Report of the Chief Investment Officer CIO Report - June 2026 - Page 18 CIO Quarterly Report - QE March 2026 - Page 26 Performance Summary 3.31.2026 - Page 35 Asset Allocation Report - March 2026 - Page 36 Daily Asset Allocation Report 6.5.2026 - Page 38 New Investments and Terminations 6.17.2026 - Page 40 RBA – Approve FY2027 DB Plan Strategic Asset Allocation RBA - Approve FY2027 DB Plan Strategic Asset Allocation - Page 42 RBA – Approve Benchmarks for Credit Strategies, Diversifying Strat

Report of the Chief Investment Officer CIO Report - June 2026 - Page 18 CIO Quarterly Report - QE March 2026 - Page 26 Performance Summary 3.31.2026 - Page 35 Asset Allocation Report - March 2026 - Page 36 Daily Asset Allocation Report 6.5.2026 - Page 38 New Investments and Terminations 6.17.2026 - Page 40 RBA – Approve FY2027 DB Plan Strategic Asset Allocation RBA - Approve FY2027 DB Plan Strategic Asset Allocation - Page 42 RBA – Approve Benchmarks for Credit Strategies, Diversifying Strat

| | | | | | | | | | ... | --- | --- | --- | --- | --- | --- | --- | --- | --- | ... | | | | | | 5 2025 2 | | | | ... | E T A R 5 2 S / 0 D 3 / N 9 f U o F s a L , s ’ A r R o o E P D & E d F r a d E n V a I t S T : C e c E r u F o F S E | 0 8 | | 0246 5 7 | 5 0 (%) 6 7 | / 2 2024 2 / 6 2023 2022 2021 2020 2019 2018 5 2017 2 / 5 2016 1 / 6 2015 2014 2013 2012 2011 2010 2009 5 2 / 2008 8 / 6 2007 2006 2005 2004 2003 2002 2001 5 2 2000 / 1 / 6 0 6 | | 5 2 / 0 3 / 9 f o s a , D E R F : e c r u o S

3 Appraisal District ... 2023 Appraisal District Ratio Study ... Appraisal District Summary Worksheet ... Study Results Last Updated: Oct. 22, 2024 ... | Category | Number of Ratios ** | 2023 CAD Reported Appraisal Value | Median Level of Appraisal | Coefficient of Dispersion | % Ratios within (+/ -) 10 % of Median | % Ratios within (+/ -) 25 % of Median | Price - Related Differential | | --- | --- | --- | --- | --- | --- | --- | --- | | A.SINGLE-FAMILY RESIDENCES | 95 | 233,861,977 | *

For Connecticut’s Private Real Estate portfolio, Treasurer Wooden approved two commitments of $125 million each to Artemis Real Estate Partners Fund IV and IPI Partners Fund III. In the Private Infrastructure and Natural Resources portfolio, he approved a $100 million add-on commitment to IFM Global Infrastructure Fund and a $150 million investment to Paine Schwartz Partners Food Chain Fund VI. “With the addition of these diversified investments with strong managers, we continue to deploy capita

8/28/24, 9:30 AM BoardDocs® Pro Chicago Teachers’ Pension Fund Tuesday, August 27, 2024 Investment Committee Meeting at 9:30 a.m. Chair, Jacquelyn Price Ward Members of the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago There will be an Investment Committee meeting of the Board of Trustees of the Public School Teachers' Pension and Retirement Fund of Chicago, 425 South Financial Place, Suite 1500, Board Room, Chicago, Illinois, Hybrid (In-Person and Via Z

57.6 ... 49.5 ... 179.6 ... 6.2 ... 20 ... 225.7 ... 43.7 ... 6 1. ... 18 ... 2% Private Debt 20 ... 196.6 ... 205.9 ... 164.1 ... 1.1 4.2% Real Estate ... 2004 ... 29.1 ... 4 1.3 ... 7 1 ... 7 21.7 1.1 ... As of March 31, 2019, the Retirement System had committed a total of $184.6 million to 11 closed-end real estate funds. The Real Estate Program’s reported fair value of real estate investments was $46.4 million at March 31, 2019, which equates to 2.2% of the overall Retirement System, versus

First Quarter 2023 ... Legacy Private Equity 2005 174.3 23.3 161.9 220.9 34.8 1.58 8.1 6.9 NB Fund of One 2017 350.2 84.7 206.1 45.1 330.3 1.82 23.7 5.3 Private Debt 2010 301.1 57.0 307.2 248.2 124.7 1.21 6.1 5.4 Real Estate 2007 279.6 62.8 248.1 209.1 113.3 1.30 7.0 2.3 Real Assets 2016 102.3 48.9 59.2 21.2 60.9 1.39 12.8 8.4 Venture Capital 2021 68.3 52.3 16.1 1.0 14.5 0.96 NM NM Total 1,275.8 329.0 998.6 745.3 678.5 1.43 9.1 NA ... As of March 31, 2023, the Retirement System had committe

from the CEO I am pleased to present this year’s annual report for the Santa Barbara County Employees’ Retirement System (SBCERS), highlighting a year of strong results, dedicated service, and process improvements. For thefiscal yearendedJune30,2025,SBCERSachieved a net investment return of 9.8%, increasing the total value of the retirement fund to $4.9 billion. Using the Governmental Accounting Standards Board roll-forward method, our pension funded status improved to 90.6% 1, reflecting our on

Contra Costa County Employees’ Retirement Association Liquidity Report – October 2025 October 2025 Performance Cash Flow Coverage Ratio Benefit Cash Flow Projected by Model $55,250,000 Liquidity Sub-Portfolio Cash Flow $55,250,000 100% Actual Benefits Paid $55,902,005 98.8% Next Month’s Projected Benefit Payment $55,250,000 Monthly Manager Positioning – October 2025 ... DFA $459,855,046 ($12,500,000) $1,751,393 $449,106,439 Insight $741,474,288 ($20,500,000) $2,514,007 $723,488,294 Sit $747,827

The Human Resources Team opened the recruitments for Finance Analyst III in Corporate Governance and Stewardship and Portfolio Analytics. Senior Investment Officer in Real Estate and Finance Analyst III in Real Estate are in the assessment phase. The application period for Senior Accountant was reopened to accept additional applications with the intent of filling the remaining vacancy. A Request for Proposal ... , Chief Financial Officer, Chief ... Assets-Market Value (bn) Funding Ratio Investme

| | | | Second Quarter Review - Real Assets | | | | | | | | ... | General Market - Diversified Inflation Strategies (DIS) Diversified Inflation Strategy (DIS) managers tracked closely by RVK reported positive performance for the quarter but underperformed a 60/40 blend. The top performing managers benefited from larger exposures to listed infrastructure and precious metals within commodities. Managers that lagged peers had higher exposure to energy and soft commodities as supply and production e

Report on the actuarial valuation as at 31 March 2023 ... We have been commissioned by City of Edinburgh Council (“the Administering Authority”) to carry out a valuation of Lothian Pension Fund (“the Fund”) as at 31 March 2023. This fulfils Regulation 60 of the Local Government Pension Scheme (Scotland) Regulations 2018. This report is a summary of the valuation. ... At 31 March 2023, the past service funding position has improved from the last valuation at 31 March 2020. Table 2 shows the s

We manage over 85% of assets in-house investing in infrastructure, property and timberland in the private market portfolios as well as listed equity and bond portfolios. ... Global Real Estate Sustainability Benchmark (GRESB) data in the infrastructure and real estate asset classes is tracked and incorporated into reporting in these areas.

STRATEGIC OBJECTIVE OF THE REAL ESTATE PORTFOLIO The Board believes the Fund's overall returns can be enhanced, on a risk-adjusted basis, by investing a portion of its assets in Real Estate. The strategic objective of such investments is to:  Generate returns superior to those available in the public equity market to compensate the Fund for the longer term and illiquid commitments associated with RE investments;  Enhance ACERA’s long-term risk adjusted return, provide additional diversifica

As of June 30, 2023, the SURS investment portfolio is valued at approximately $23.1 billion. SURS has engaged the services of 87 investment managers in six functional classes. These investment managers have been hired through a competitive search process to identify the best qualified managers in each asset class. Managers are selected to invest their portfolios in a specific strategy or style. More generally, SURS seeks a diversified mix of investment managers, each having different styles in d

On a preliminary basis¹, the SFERS Total Plan has returned +2.3% (annualized) over the trailing three years. Private Credit (+8.2%) and Real Assets (+7.1%) were the strongest performing asset classes, followed by Absolute Return (+4.9%), Public Equity (+1.9%), Private Equity (-0.0%), and Fixed Income (-0.9%). ... • On a preliminary basis¹, the SFERS Total Plan returned +6.2% for the calendar yearto-date. Public Equity (+14.9%) has been the highest returning asset class thus far in 2024, follow

Laura Pugliese, Portfolio Manager of Defined Contribution Plans, provided an overview of the September 30, 2025, performance reports to the DCPAC, including the unbundled DC plans investment options and the bundled TIAA ORPHE investment menu. ... Pugliese ... Pugliese ... Defined Contribution Plans Advisory Committee Report Unbundled Plans Investment Performance Below are the totals for the period ending January 31, 2026. Returns greater than one year are annualized. Fund % of Participants 10 Yr

Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ... MainePERS invests in a number of private “alternative” asset classes, such as Natural Resources, Private Equity, Infrastructure, and Real Estate. Prior to investing with any particular private asset manager, the MainePERS Investment Team completes a thorough due diligence process. This process is designed to assist the Team in the identification and monitoring of risk factors, including the evaluation of a number of ESG-spe

a second by ... , as well as minutes of the ... 6, andMarch 18, 20 ... 6, annual retreat. Mr. Leighty abstained from voting in this matter ... , Mr. Andrews advised that, in accordance with the Governance Policy, the Board needed to updateits committee assignments. Following a motion by Dr. Gooden, with a second by Mr. Foster, the Board unanimously approved theproposed committee assignments. Report of the Investment Advisory Committee Lawrence Kochard, Chair of the Investment Advisory Committee

55 3. ... SECTION 56 Chief Investment Officer's Letter ... 65 57 Investment ... 16 ... Highlights 170 V ... Money Managers 17 ... 76 Public Equity Commissions ... 80 Schedule of Investment Expenses 18 ... 77 Investment Summary 181 78 Description of Hybrid Defined ... 82 80 ... 83 86 ... Portfolio Highlights: Figure 3.3: Traditional Equity Custom Benchmark Sectors and Regions 170 Figure 3.4: Public Equity – Top 10 Exposures 171 Figure 3.5: Fixed Income Portfolio by Sector Allocation 172 Figure 3.

Approval of Minutes (November ... 5, 2025) IAC Meeting Minutes 11052025 FINAL - Page 2 2. CIO Report CIO Report - April 2026 - Page 5 CIO Quarterly Report - QE December 2025 - Page 17 Performance Summary 01-31-2026 - Page 26 Asset Allocation Report - January 2026 - Page 27 Daily Asset Allocation Report 04-01-2026 - Page 28 New Investments and Terminations 04-08-2026 - Page 29 ... Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset

Approval of Minutes (November ... 5, 2025) IAC Meeting Minutes 11052025 FINAL - Page 2 2. CIO Report CIO Report - April 2026 - Page 5 CIO Quarterly Report - QE December 2025 - Page 17 Performance Summary 01-31-2026 - Page 26 Asset Allocation Report - January 2026 - Page 27 Daily Asset Allocation Report 04-01-2026 - Page 28 New Investments and Terminations 04-08-2026 - Page 29 ... Mr. Junkin began his report with a market overview. Mr. Junkin then discussed the total fund performance and asset

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INVESTMENT COMMITTEE SEMI-ANNUAL ACTIVITY REPORT Real Estate ... As of December 31, 2025 ... Real Estate Net Time Weighted Returns * NFI-ODCE is reported on a one quarter lag. ... Real Estate Outlook for Supply Growth ... | Net Asset | Value ($ in millions): | $48,994 | | --- | --- | --- | | RE Allocation Current: Long-term | within Total Portfolio: target: | 12.5% 15.0% | | Benchmark: NFI-ODCE fees (with | Value-Weighted one quarter lag) | Index, net of | | | | | | | | | | | | | .

Dallas Police & ... Executive Summary as of March ... 1, 2 ... | Category | Results | Notes | | --- | --- | --- | | Total Fund Performance Return | Positive | +14.6% | | Performance vs. Policy Index | Underperformed | +14.6% vs. +15.5% | | 1 Performance vs. Peers | Outperformed | +14.6% vs. +12.4% median (13th percentile) | | Asset Allocation vs. Targets | Detractive | Underweight to Private Equity and overweight Real Estate detracted | | Public Active Management | Outperformed | 8 of 11 acti

The Investment Team will provide Trustees with reports showing the fund’s current asset allocation at least monthly, and report on rebalancing activity quarterly. ... the strategic asset ... and ... Combined with long- ... level of risk. The Chief Investment Officer shall develop a risk strategy for managing assets within the Board approved strategic asset allocation. The risk strategy will specify practices and procedures for the measurement and management of portfolio risk, including the provi

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Review Scott Lupkas reported that as of July 31, 2025, the MainePERS fund had a preliminary market value of $21.1 billion, the preliminary return for the month was 0.2%, and the preliminary calendar year-to-date return was 5.7%. Quarterly Rebalancing Report Scott Lupkas summarized the rebalancing activity as of June 30, 2025, within the public market and risk diversifiers portfolios. RHIT/GLI/OPEB Quarterly Report Jim Bennett shared the RHIT/GLI/OPEB quarterly report as of June 30, 2025. Board o

Investment Summary 57 Private Equity 58 Real Estate 67 U.S. Equity 70 International Developed Markets Equity 71 Emerging Markets Equity 72 Fixed Income 73 Inflation Protection (TIPS) 74 Cash 75 Legacy Private Credit 76 ... reviewed and modified the Defined Benefit Plan’s strategic investment plan, as necessary. In December 2019, the ... Defined Benefit Plan Investment Policy Statement, with the latest amendment occurring in 2025. Its purpose is to outline the investment philosophy and practices

TPG Thematic Advantage Core-Plus Real Estate: $125 million investment. The fund will invest in the U.S. in various property types. The NMERB invested in another real estate fund with TPG in 2018 and has invested in several of their private equity funds. They disclosed no placement agents or political contributions. ... Ms. Chippeaux and Mr. Jacksha thanked Ms. Jacquez for doing the heavy lifting all year, getting the meetings together with Parametric, and really birddogging them. She has been

Real Estate Pool 69,694,512 4,009,958,140 249,235 - - 4,079,901,887 9.56% ... Real Estate: Real Estate Pool 2,713,840,713 10.12% Real Estate 2,713,840,713 10.12% 12.00% -1.88% ... Real Estate: Real Estate Pool 589,204,616 7.50% Real Estate 589,204,616 7.50% 12.00% -4.50% ... Real Estate: Real Estate Pool 59,330,766 18.98% Real Estate 59,330,766 18.98% 20.00% -1.02% ... Real Estate: Real Estate Pool ... 5,815,242 5.5 ... % Real Estate 195,815,242 5.57% 12.00% -6.43% ... Real Estate: Real Estate 1

73 Lothian Pension ... 31 March ... 80 ... Lothian Pension Fund Net Assets ... as at 31 March 2021 81 ... 83 ... COVID-19 brought many challenges for our members, employers and tenants and we’ve done everything we can to help and support them through these difficult times. As a commercial property portfolio owner, we’ve faced many new and challenging headwinds to safeguard the future prospects of the portfolio beyond the current crisis. We’ve been working hard to support our tenants who have bee

LPF has a direct property portfolio of ... which we actively asset manage. ... Financial Performance 35 2023 Acturial Valuations 44 Performance and Administration 45 Our Colleagues 55 Financial Statements Lothian Pension Fund Investment Strategy 60 Lothian Pension Fund Financial Statements 69 Lothian Pension Fund Accounts 70 Lothian Pension Fund Notes to the Financial Statements 71 Lothian Pension Fund ("The Fund") Acturial Stetment for 2024/25 108 Lothian Pension Fund List of Active Employers .

74 ... We manage over 85% of assets in-house investing in equity, bond and other real asset portfolios, including infrastructure, property and timberland investments. ... Global Real Estate Sustainability Benchmark (GRESB) data in the infrastructure and real estate asset classes is tracked and incorporated into reporting in these areas. ... 15% of the value of Lothian Pension Fund assets at 31 March 2024, comprising one of the largest allocations among UK LGPS funds. Of the total infrastructure