Finance & Management Committee
October 28, 2025

Oakland Police and Fire Retirement System
August 27, 2025
Quarterly Performance Report as of
June 30, 2025
MEKETA.COM

Oakland Police and Fire Retirement System
Table of Contents

MEKETA.COM

1. Executive Summary

2. Economic and Market Update as of June 30, 2025

3. Quarterly Performance as of June 30, 2025

4. Manager Monitoring / Probation Status

5. Appendix

6. Disclaimer, Glossary, and Notes

Executive Summary

Oakland Police and Fire Retirement System
Executive Summary | As of June 30, 2025

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Total Portfolio Review
The Oakland Police and Fire Retirement System (OPFRS) finished the fiscal year with $480.7 million in assets after net cash flows including monthly benefit payments.

Cash Flow Summary ($ Millions) Quarter 1 Year / FY
Beginning Market Value 458.6 453.2
Net Cash Flows (including Benefit Payments) -4.1 -17.5
Net Investment Change (Gain/Loss) 26.2 44.9
Ending Market Value 480.7 480.7
As of June 30, 2025, all asset classes except Domestic Equity were within their long -term target allocation ranges of the new asset allocation policy that became effective on July 1, 2024. → During the quarter, key asset allocation transition milestones were completed including Wellington Core Bond’s transition to Wellington Core Bond Plus and liquidation of Covered Calls and Wellington Select Quality Equity. → Initial funding of Loop Capital, a new Core Fixed Income manager, will be completed in the following quarter.

Investment Performance1
QTD CYTD 1 Year / FY 3 Year 5 Year
Total Plan (Gross) 5.9 5.9 10.2 10.0 8.2
Total Plan (Net) 5.6 5.5 9.7 9.6 7.8
Policy Benchmark 5.1 5.5 9.6 10.8 8.1
Excess Return (Net) 0.5 0.0 0.1 -1.2 -0.3
Public DB ($250M-$1B) Median Fund 6.5 6.3 11.0 10.3 8.9 Total Plan (Net) vs. Peer Median Fund -0.9 -0.7 -1.3 -0.7 -1.1 Peer Group Percentile Rank 82 69 75 64 78

1 Fiscal year (FY) begins on July 1. Peer group is Investment Metrics Public Defined Benefit plans with $250 million to $1 billion in assets. The num ber of peers is between 102–105 portfolios in each time period. Please see the Benchmark History section for the Policy Benchmark’s current and historical compositions.

Oakland Police and Fire Retirement System
Executive Summary | As of June 30, 2025

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Asset Class and Manager Highlights1
→ On both gross - and net-of-fees basis, the Total Plan outperformed or matched its Policy Benchmark during the quarter, calendar year-to-date, and over the 1-year trailing period. • The Plan’s quarterly and trailing 1 -year relative performance was driven by Internati onal Equity and Fixed Income and detracted by manager underperformance within Domestic Equity. → Domestic Equity generated positive absolute returns across all time periods while underperforming the Russell 3000 Index. All active Domestic Equity managers lagged their respective benchmarks for the quarter. → International Equity as well as its two underlying managers generated double-digit returns for the quarter as well as over the 1 -, 3-, and 5 -year trailing periods. The composite and the sole active manager, SGA, outperformed MSCI ACWI ex US (Net) across all time periods.
→ Fixed Income outperformed its custom benchmark 2 over most trailing periods measured. Among the underlying managers, Ramirez Core and Reams Core Plus outperformed or matched their respective benchmarks across all time periods. During this quarter, Wellington Core Bond portfolio was transitioned into Wellington Core Bond Plus. → The Credit segment, with Polen Capital as its sole manager, underperformed its benchmark, the Bloomberg US Corporate High Yield Index, during the quarter. Please note that this segment is undergoing a graduation liquidation as it no longer has a long-term target allocation. → The Crisis Risk Offset (CRO) segment outperformed its custom benchmark3 during the quarter and calendar year-to-date but lagged the benchmark over the longer trailing periods . Kepos Alternative Risk Premia outperformed its benchmark across all time periods while Versor Trend Following lagged its benchmark. The Long-Term Treasuries passive fund closely matched its tracked index (within ±0.1%) as expected.

1 Fiscal year begins on July 1. Please see the Benchmark History section for the custom benchmarks’ current and historical compositions. 2 The Fixed Income custom benchmark is Bloomberg US Aggregate Index since 01/2025; Bloomberg US Universal Index from 04/2006 through 12/2024. 3 The Crisis Risk Offset custom benchmark is 33.3% SG Trend Index, 33.3% SG Multi Alternative Risk Premia Index, 33.3% Blmbg. U.S. Government: Long Term Bond Index since 01/2023; SG Multi Alternative Risk Premia Index prior.

Economic and Market Update
Data as of June 30, 2025

Economic and Market Update

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Commentary
During the quarter, US trade policy drove market dynamics. Significant volatility in early April after the initial tariff announcement was followed by a recovery in risk assets on their later temporary suspension. In fixed income markets, fiscal policy uncertainty and growing debt levels shaped market sentiment. → Domestic equities rose during the quarter (Russell 3000: +11.0%) and growth stocks, particularly technology, led the way.
→ Non-US developed-market stocks (MSCI EAFE : +11.8%) beat US markets, extending their outperformance over most asset classes year-to-date by returning +19.4%.
→ Emerging market equities were the best performers, returning +12.0% for the quarter, despite a modest +2.0% return in China.
→ In mid-June, the Federal Reserve held rates steady (but messaging was perceived as more accommodative by market participants compared to earlier in the year), with inflation, while improving, remaining above target and the unemployment rate still low.
→ Outside of longer dated government bonds, m ost fixed income mar kets rose for the quarter as yields generally remained stable or declined. T he broad Bloomberg Aggregate Index returned +1.2%, while long-term Treasuries fell -1.5%. Riskier bonds did better as risk sentiment improved with emerging market debt increasing +7.6% and high yield bonds gaining +3.5%.
→ Looking ahead, continued uncertainty related to the US administration’s tariff policies and their impact on the economy, inflation, and Fed policy will be key. The track of the US deficit, China’s economy and relations with the US, as well as concerns over elevated valuations and weakening earnings in the US equity market , will also be important focuses for the rest of this year.

Economic and Market Update

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Index Returns1
YTD Q2

→ After tariff-related market volatility in April, global equity markets rallied in May and June on the general pausing of tariffs. Bond markets performed well with short -term yields declin ing in the US and intermediate -term yields remaining stable. Growing debt levels remained a key concern for major global economies. → US equity markets continued to provide strong gains year-to-date, returning to record levels after a weak start to 2025. International equities still lead the way in 2025 , particularly developed markets, supported by a weakening US dollar.

1 Source: Bloomberg. Data is as of June 30, 2025.

19.4%

15.3%

12.3%

10.0%

6.2%

5.8%

5.5%

4.7%

4.6%

4.0%

4.0%
-0.3%
-1.8%

MSCI EAFE
MSCI Emerging Markets
JPM GBI-EM Global Diversified

MSCI ACWI
S&P 500
Russell 3000
Bloomberg Commodity Index
Bloomberg US TIPS
Bloomberg High Yield
Bloomberg Short-Term TIPS
Bloomberg Aggregate
FTSE NAREIT Equity
Russell 2000

12.0%

11.8%

11.5%

11.0%

10.9%

8.5%

7.6%

3.5%

1.2%

1.0%

0.5%
-1.2%
-3.1%
MSCI Emerging Markets

MSCI EAFE

MSCI ACWI
Russell 3000
S&P 500
Russell 2000
JPM GBI-EM Global Diversified
Bloomberg High Yield
Bloomberg Aggregate
Bloomberg Short-Term TIPS
Bloomberg US TIPS
FTSE NAREIT Equity
Bloomberg Commodity Index

Economic and Market Update

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Domestic Equity Returns1

Domestic Equity
June
(%)
Q2
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
S&P 500 5.1 10.9 6.2 15.2 19.7 16.6 13.6
Russell 3000 5.1 11.0 5.8 15.3 19.1 15.9 12.9
Russell 1000 5.1 11.1 6.1 15.7 19.6 16.3 13.3
Russell 1000 Growth 6.4 17.8 6.1 17.2 25.7 18.1 17.0
Russell 1000 Value 3.4 3.8 6.0 13.7 12.8 13.9 9.2
Russell MidCap 3.7 8.5 4.8 15.2 14.3 13.1 9.9
Russell MidCap Growth 4.4 18.2 9.8 26.5 21.4 12.6 12.1
Russell MidCap Value 3.5 5.3 3.1 11.5 11.3 13.7 8.4
Russell 2000 5.4 8.5 -1.8 7.7 10.0 10.0 7.1
Russell 2000 Growth 5.9 12.0 -0.5 9.7 12.4 7.4 7.1
Russell 2000 Value 4.9 5.0 -3.2 5.5 7.4 12.5 6.7
US Equities: The Russell 3000 index returned +5.1% in June and +11.0% in the second quarter. → US stocks rose during the second quarter as tariff concerns stabilized after the early April volatility. Strong corporate earnings, particularly in the technology sector, and a relatively resilient US economy also drove results. → Growth stocks outpaced value stocks across the market cap spectrum during the quarter, particularly in large cap (+17.8% versus +3.8%) due to strong gains in the large-cap companies focused on AI. → Small cap stocks (Russell 2000) had strong results (+8.5%) in Q2 but trailed large cap stocks (Russell 1000), which gained +11.1%. Gains in the large cap technology sector, elevated interest rates, and overall uncertainty related to the path of the US economy drove the underperformance.

1 Source: Bloomberg. Data is as of June 30, 2025.

Economic and Market Update

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Russell 3000 Sector Returns1

→ Technology stocks led the way in the second quarter. This sector contributed more than half of the quarter’s gains in the Russell 3000 index. AI favorites, including NVIDIA and Broadcom, rebounded amid strong earnings reports. → Consumer discretionary stocks performed well for the quarter (+13.4%) given the slight easing of tariff concerns. → Energy ( -7.9%) and Health Care (-6.6%) were the largest detractor s among sectors for the second quarter.

Increased supply and weakening demand and plans by the new administration to lower drug prices , respectively, weighed on the two sectors.

1 Source: Bloomberg. Data is as of June 30, 2025.

4.8%

13.4%
-1.6%
-7.9%

6.7%
-6.6%

9.6%

23.5%

4.4% 3.1%

11.0%8.8%

1.5%

6.8%
-1.8%

8.6%
-3.3%

6.3% 7.5% 8.8% 8.5%

5.8%
-10%
0%
10%
20%
30%
Basic Materials
Consumer
Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Technology
Telecommunications
Utilities
Russell 3000
Q2 YTD

Economic and Market Update

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Foreign Equity Returns1

Foreign Equity
June
(%)
Q2
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
MSCI ACWI Ex US 3.4 12.0 17.9 17.7 14.0 10.1 6.1
MSCI EAFE 2.2 11.8 19.4 17.7 16.0 11.1 6.5
MSCI EAFE (Local Currency) 0.2 4.8 7.8 8.0 13.5 11.6 7.0 MSCI EAFE Small Cap 4.3 16.6 20.9 22.5 13.3 9.3 6.5
MSCI Emerging Markets 6.0 12.0 15.3 15.3 9.7 6.8 4.8
MSCI Emerging Markets (Local Currency) 4.9 7.9 10.8 12.9 10.4 7.9 6.5 MSCI EM ex China 7.0 16.5 14.5 9.4 13.2 11.3 6.2
MSCI China 3.7 2.0 17.3 33.8 3.1 -1.0 2.1
Foreign Equity: Developed international equities (MSCI EAFE) returned +2.2% in June and +11.8% in the second quarter and emerging market equities (MSCI Emerging Markets) rose +6.0% in June and +12.0% in the second quarter.
→ Developed markets outpac ed US peers as continued weakness in the US dollar (USD) acted as a significant tailwind adding +7.0% to local returns. Eurozone equities had strong results , led by real estate and industrials (particularly defense) and benefiting from two rate cuts over the quarter as inflation fell below the ECB target of 2%. Japan also saw strong returns led by growth stocks after initial tariff-related declines. → Emerging markets ended the quarter slightly ahead of developed peers, also benefiting from the weakening USD.

After the pronounced “Liberation Day” selloff, the 90 -day tariff pause, and US-China dialogue eased many fears.

Korea and Taiwan tech stocks benefited from continued AI optimism. China posted a small gain for the quarter as domestic consumption data continued to weigh on sentiment, and trade uncertainty lingered. India underperformed, as growth expectations were tempered, and valuations remained high.

1 Source: Bloomberg. Data is as of June 30, 2025.

Economic and Market Update

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Equity Cyclically Adjusted P/E Ratios1

→ After a considerable pullback in April, US stock valuations rallied and finished the quarter above where they started.

They continue to trade well above their long-run cyclically adjusted P/E average of 28.3. → While non-US developed stocks have performed very well this year, at the end of June their valuations remain close to their long-run P/E ratio of 21.
→ Emerging market stocks continued to rally this year and are now trading at valuations near their long-run average.

1 US Equity Cyclically Adjusted P/E on S&P 500 Index. Source: Robert Shiller, Yale University, and Meketa Investment Group. Developed and Emerging Market Equity (MSCI EAFE and EM Index) Cyclically Adjusted P/E Source: Bloomberg. Earnings figures represent th e average of monthly “as reported” earnings over the previous ten years. Data is as of June 2025. The average line is the long -term average of the US, EM, and EAFE PE values from April 1998 to the recent month -end, respectively.

Economic and Market Update

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Fixed Income Returns1
Fixed Income
June
(%)
Q2
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
Current
Yield
(%)
Duration
(Years)
Bloomberg Universal 1.6 1.4 4.1 6.5 3.3 -0.1 2.1 4.7 5.9 Bloomberg Aggregate 1.5 1.2 4.0 6.1 2.5 -0.7 1.8 4.5 6.1 Bloomberg US TIPS 1.0 0.5 4.7 5.8 2.3 1.6 2.7 4.1 6.5
Bloomberg Short-term TIPS 0.5 1.0 4.0 6.5 3.9 3.8 2.9 3.9 2.4 Bloomberg US Long Treasury 2.5 -1.5 3.1 1.6 -3.7 -8.2 0.1 4.8 14.7 Bloomberg High Yield 1.8 3.5 4.6 10.3 9.9 6.0 5.4 7.1 3.2 JPM GBI-EM Global Diversified (USD) 2.8 7.6 12.3 13.8 8.5 1.9 2.1 -- -- Fixed Income: The Bloomberg Universal index rose +1.6% in June and +1.4% in the second quarter. → In the bond market , easing of trade tensions post early-April and rising concerns over expansionary US fiscal policies drove results.
→ Outside the long-end of the yield curve, declining or stable Treasury yields supported the broad US bond market, with the Bloomberg Aggregate rising +1.2% for the quarter. Long-term Treasuries (-1.5%) underperformed as fiscal concerns in the US drove rates higher, particularly for 30-year Treasuries (+20 basis points). → Short (+1.0%) and longer dated (+0.5%) Treasury Inflation-Protected Securities (“ TIPS”) also provided positive performance as inflation risks remained.
→ Given the improving risk sentiment , emerging market debt (+7.6%) and high yield (+3.5%) led the way for the quarter.

1 Source: Bloomberg. Data is as of June 30, 2025. The yield and duration data from Bloomberg is defined as the index’s yield to worst and modified duration, respectively. JPM GBI-EM data is from J.P. Morgan. Current yield and duration data is not available.

Economic and Market Update

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US Yield Curve1

→ Fiscal concerns related to a growing US government debt load and interest expense dominated headlines and market participant concerns, as did ongoing inflation-related uncertainty. → The policy sensitive 2-year nominal Treasury yield was volatile but ultimately declined by 16 basis points to close near 3.7% as market participants factored in a greater likelihood of lower policy rates going forward. → The 10-year nominal Treasury was also volatile but ended the period largely unchanged (4.2%), while the 30-year nominal Treasury increased by 0.2% over the quarter to 4.8% on growing debt concerns. → These dynamics led to a continued steepening of the yield curve over the quarter.

1 Source: Bloomberg. Data is as of June 30, 2025. The August 2024 Treasury yields are shown as a reference before the first interest rate cut. 0%
1%
2%
3%
4%
5%
6%
3M 6M 1Y 2Y 5Y 7Y 10Y 30Y
8/31/2024 6/30/2025

Economic and Market Update

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Stress is Building on US Consumers
Total Balance by Delinquency Status1 Transition into Serious Delinquency for Credit Cards by Age2 → Signs of stress on the US consumer have started to emerge given persistently higher prices and interest rates. → After falling to historic lows during the pandemic, loan delinquencies recently started to increase. → Parts of the credit card market, particularly for younger cohorts, have begun to show stress as borrowers are subject to variable and higher borrowing costs. Total delinquencies are well below pre-pandemic levels though. → The restarting of student loan payments and reporting for those in default could add pressures to consumers going forward.

1 Source: New York Federal Reserve, Quarterly Household Debt and Credit Report, February 2025. See also FRED. Data is as of April 30, 2025. 2 Source: FRED. Data is as of April 30, 2025.
0%
2%
4%
6%
8%
10%
12%
14%
30 days late 60 days late 90 days late 120+ days late Severely Derogatory 0%
2%
4%
6%
8%
10%
12%
14%
16%
18-29 30-39 40-49 50-59 60-69 70+ All

Economic and Market Update

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Credit Spreads vs. US Treasury Bonds1

→ Despite considerable uncertainty about the looming impact of tariffs and fiscal policy, credit spreads tightened in the second quarter.
→ Investment grade spreads (the difference in yield from a comparable Treasury) spiked in the risk -off environment in April but have since declined to levels below the start of the quarter. → High yield spreads moved the most (3.5% to 2.9%) over the quarter. At the peak of uncertainty in April, they crossed above 4.5%. Emerging market spreads held steady (2.2%). → All yield spreads remained below their respective long-run averages, especially high yield (2.9% versus 4.9%).

1 Source: Bloomberg. Data is as of June 30, 2025. Average lines denote the average of the investment grade, high yield, and emerging market spread values from September 2002 to the recent month-end, respectively.

Economic and Market Update

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Equity and Fixed Income Volatility1

→ Bond and equity volatility spiked in April after the “Liberation Day” tariff announcement. Volatility levels finished the quarter well off highs, though, and below starting levels, as the tariff uncertainty seemed to ease. → Volatility levels (VIX) in the US stock market finished the quarter below its long-run average while bond market (MOVE) volatility ended the quarter slightly above its long-run average.

1 Equity Volatility – Source: FRED. Fixed Income Volatility – Source: Bloomberg. Implied volatility as measured using VIX Index for equity markets and the MOVE Index to measure interest r ate volatility for fixed income markets. Data is as of June 30, 2025. The average line indicated is the average of the VIX and MOVE values between January 2000 and June 2025.

Economic and Market Update

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US Ten-Year Breakeven Inflation and CPI1

→ Inflation has been slow to return to the Fed’s 2% average target, with headline twelve-month inflation rising from

2.4% to 2.7% over the quarter. In the June report, goods facing tariffs saw increases in prices, while a measurable decline in auto inflation , easing of cyclical services prices , and continued housing sector disinflation served as counters.
→ Core inflation year-over-year also rose over the quarter, reaching 2.9%. For the month it increased 0.2%, and most core sectors outside of new and used cars saw prices increase. → Market participants continued to highlight the dynamic of what appears to be disinflationary pressures in non-tariff exposed prices driven by weakening growth expectations, versus prices rising for those assets and sectors likely to see tariff polices solidified in the coming weeks.
→ Longer-dated inflation expectations (breakevens) declined slightly over the quarter (2.4% to 2.3%) amidst on-going tariff and fiscal policy uncertainty. However, shorter-dated inflation swap pricing and survey-based measures suggest continued upside risk to prices.

1 Source: FRED. Data is as of June 2025. The CPI and 10 Year Breakeven average lines denote the average values from February 1997 to the present month-end, respectively. Breakeven values represent month-end values for comparative purposes.

Economic and Market Update

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Global Inflation (CPI Trailing Twelve Months)1

→ After its recent decline, inflation in the eurozone rose to 2% in June. Still, given reduced inflation pressures, many expect the ECB to cut interest rates once more by early next year. → The potential impact of future tariffs has complicated the inflation outlook for the Bank of Japan. Inflation rose 3.5% in May driven by food prices with the cost of rice up over 100% year-over-year given weak harvests. → In China, and amidst record policy stimulus, consumer prices rose for the first time since January. Still, some sectors are continuing to see deflationary pressures given the widespread weakness of the economy and ongoing trade uncertainty related to the US.

1 Source: Bloomberg. Data is as of June 2025, except Japan which is as of May 2025.

Economic and Market Update

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US Unemployment1

→ In June, the US added 147,000 jobs in line with the average monthly gain of 146,000 a month over the past year .

The unemployment rate of 4.1% remained in the tight range of 4.0% to 4.2% since May 2024. → Government employment saw the largest job gains (+73,000 jobs) largely driven by education jobs in state government. The federal government lost 7,000 jobs in June bringing the total decline to 69,000 jobs this year. → Hires (5.6M) outnumbered separations (5.2M) with quits (3.3M) exceeding layoffs (1.6M). → Initial claims for unemployment remain relatively low and annual wage growth, although trending down, came in at

3.7% year-over-year for June.

1 Source: FRED and BLS. Data is as of June 30, 2025.

Economic and Market Update

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Global Policy Rates1

→ While the Fed remains on hold, other central banks have continued to ease policy rates. Expectations are now for the Fed to cut rates slightly less than two times (1.9 cuts based on futures prices), down from four expected cuts during the heart of growth concerns.
→ The ECB cut its policy rate for the 8 th time in June, with inflation matching the 2% target supported by a stronger euro. The Bank of England held rates steady in June at +4.25% as inflation reaccelerated to 3.4% in May as regulated energy prices rose. After cutting rates in September of last year, China’s PBOC has held rates steady although disinflationary pressures continue to be a concern. → Japan kept rates at current levels in the face of an uncertain inflationary and trade pressures but voted to slow its purchase of JGBs in a continuing retreat from quantitative easing.

1 Source: Bloomberg. Data is as of June 30, 2025, except China which is as of February 28, 2025. United States rate is the mid-point of the Federal Funds Target Rate range. Eurozone rate is the ECB Deposit Facility Announcement Rate. Japan rate is the Bank of Japan Unsecured Overnight Call Rate Expected. China rate is the China Central Bank 1-Year Medium Term Interest Rate. UK rate is the UK Bank of England Official Bank Rate.

Economic and Market Update

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US Dollar vs. Broad Currencies1

→ Over the quarter, the US dollar declined an additional -7% bringing its year-to-date drop to close to -11%. → Typically, higher interest rates support the US dollar but recent concerns over changing US administration policies, potentially slower growth, non-US investor currency hedging, and fiscal concerns, all led to investors shedding US assets.

1 Source: Bloomberg. Data as of June 30, 2025.

Economic and Market Update

MEKETA.COM
Summary
Key Trends:
→ According to the International Monetary Fund’s (IMF) April annual report, global growth in 2025 was downgraded from +3.3% to +2.8%, 0.5% lower than 2024 . Concerns related to tariffs and their impact on growth drove the reduction. The US g rowth forecast saw one of the larger declines for 2025 (+2.7% to +1.8%). China’s growth forecast was also substantially lowered for this year (+4.6% to +4.0%), while growth in the EU is projected to be slightly higher (+1.3%) in 2025.
→ Despite the recent pause and negotiations related to tariffs , many questions remain. Overall, higher tariff levels and continued uncertainty could weigh on growth while increasing prices. Inflation levels and recent developments with tariffs will likely lead to a slower pace of interest rate cuts by the Fed. Uncertainty in the US and the potential for slower growth could continue the rotation out of US assets and put continued downward pressure on the dollar. → Some signs of stress have started to emerge on the US consumer with sentiment weakening since the start of the year. Consumers are particularly concerned about losing their jobs and the potential for higher prices. Overall, risk to economic growth and to inflation from tariffs, as well as elevated borrowing costs, could put further pressure on consumers and lead to a weaker job market. The recent resumption of collecting and reporting delinquent student loans could be a further headwind to consumption.
→ US equities recovered from losses experienced during the first week of April and ended the quarter at all-time highs. A focus going forward will be whether earnings can remain resilient if growth slows. Also, the future paths of the large technology companies that have driven market gains will continue to be important. → Trade tensions between the US and China will remain a key focus. Recently, the two countries agreed on a 90-day truce with the US lowering its maximum tariff rate on Chinese goods from 145% to 30%, with a 10% baseline level.

China agreed to lower its 125% tariff on American goods to 10%. Questions remain about what will happen after the 90-day period. Notably, tariff levels on China remain higher than where they previously were.

Quarterly Performance
as of June 30, 2025

Summary of Cash Flows
QTD ($) 1 Year ($)
OPFRS Total Plan
Beginning Market Value 458,605,619 453,231,642
Net Cash Flow -4,104,249 -17,471,553
Net Investment Change 26,199,922 44,941,203
Ending Market Value 480,701,291 480,701,291
Return Summary Ending June 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark

0.0 3.0

6.0 9.0

12.0 15.0
Rate of Return %
QTD YTD 1 Year 3 Years 5 Years

5.1 5.5

9.6 10.8

8.1 5.6 5.5

9.7 9.6

7.8 Oakland Police and Fire Retirement System
OPFRS Total Plan | As of June 30, 2025
Total Plan performance shown is net of fees.

Risk-Return Summary
QTD Ending June 30, 2025
IM Public DB $250M-$1B OPFRS Total Plan
OPFRS Policy Benchmark

2.0 4.0

6.0 8.0

10.0 Total Return

0.6 0.9 1.2 1.5 1.8 2.1
Annualized Standard Deviation
Risk-Return Summary
1 Yr Ending June 30, 2025
IM Public DB $250M-$1B OPFRS Total Plan
OPFRS Policy Benchmark

8.0 10.0

12.0 14.0
Total Return

3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9
Annualized Standard Deviation
Return Standard
Deviation
OPFRS Total Plan 5.6 1.6
OPFRS Policy Benchmark 5.1 1.1
Median 6.5 1.4
Return Standard
Deviation
OPFRS Total Plan 9.7 7.6
OPFRS Policy Benchmark 9.6 6.2
Median 11.0 7.2
Oakland Police and Fire Retirement System
Total Plan Risk/Return Summary | As of June 30, 2025
Performance shown is net of fees. Calculation is based on monthly periodicity. Plan Sponser Peer Group shown is net of fees.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Gross) 480,701,291 100.0 5.9 5.9 10.2 10.0 8.2 7.4 6.8 Dec-88 OPFRS Policy Benchmark 5.1 5.5 9.6 10.8 8.1 7.4 8.0
Excess Return 0.8 0.4 0.7 -0.8 0.1 0.0 -1.2
Domestic Equity (Gross) 191,565,615 39.9 8.4 4.3 12.8 15.0 13.9 11.6 9.3 Jun-97 Russell 3000 (Blend) 11.0 5.8 15.3 19.1 16.0 13.0 9.8
Excess Return -2.6 -1.4 -2.5 -4.1 -2.1 -1.4 -0.5
International Equity (Gross) 73,025,226 15.2 13.6 21.6 23.0 18.0 12.5 7.9 6.3 Jan-98 MSCI ACWI ex US (Blend) 12.0 17.9 17.7 14.0 10.1 6.1 5.7 Excess Return 1.6 3.7 5.3 4.1 2.4 1.8 0.6
Fixed Income (Gross) 158,936,275 33.1 1.4 4.4 6.5 3.2 0.3 2.4 4.7 Jan-94 Fixed Income & Credit Benchmark 1.2 4.0 6.4 3.3 -0.2 2.1 4.5 Excess Return 0.2 0.4 0.1 0.0 0.4 0.3 0.2
Credit (Gross) 3,053,324 0.6 2.6 3.3 7.5 8.8 8.3 5.9 5.9 Feb-15 Blmbg. U.S. Corp: High Yield Index 3.5 4.6 10.3 9.9 6.0 5.4 5.3 Excess Return -0.9 -1.3 -2.8 -1.1 2.3 0.5 0.6
Crisis Risk Offset (Gross) 36,434,910 7.6 -4.8 -2.2 -7.3 -3.1 -5.7 -- -6.6 Aug-18 Crisis Risk Offset Benchmark -5.3 -4.1 -5.9 0.9 1.9 -- -0.3 Excess Return 0.6 1.9 -1.4 -4.0 -7.6 -- -6.3
Cash (Gross) 17,728,762 3.7 0.5 0.9 1.3 0.5 0.3 0.9 0.6 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Gross of Fees | As of June 30, 2025 Performance shown is gross of fees. Since Inception Date and Performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Net) 480,701,291 100.0 5.6 5.5 9.7 9.6 7.8 7.1 6.7 Dec-88 OPFRS Policy Benchmark 5.1 5.5 9.6 10.8 8.1 7.4 8.0
Excess Return 0.5 0.0 0.1 -1.2 -0.3 -0.3 -1.3
IM Public DB $250M-$1B Median (Net) 6.5 6.3 11.0 10.3 8.9 7.3 8.2 Peer Group Rank 82 69 75 64 78 61 100
Domestic Equity (Net) 191,565,615 39.9 8.3 4.1 12.4 14.6 13.5 11.3 9.2 Jun-97 Russell 3000 (Blend) 11.0 5.8 15.3 19.1 16.0 13.0 9.8
Excess Return -2.7 -1.6 -2.9 -4.5 -2.4 -1.7 -0.6
International Equity (Net) 73,025,226 15.2 13.4 21.2 22.2 17.3 11.8 7.4 6.1 Jan-98 MSCI ACWI ex US (Blend) 12.0 17.9 17.7 14.0 10.1 6.1 5.7 Excess Return 1.4 3.3 4.5 3.3 1.7 1.3 0.4
Fixed Income (Net) 158,936,275 33.1 1.4 4.3 6.3 3.0 0.1 2.2 4.5 Jan-94 Fixed Income & Credit Benchmark 1.2 4.0 6.4 3.3 -0.2 2.1 4.5 Excess Return 0.2 0.3 -0.1 -0.2 0.2 0.1 -0.1
Credit (Net) 3,053,324 0.6 2.5 3.0 6.8 8.2 7.6 5.2 5.3 Feb-15 Blmbg. U.S. Corp: High Yield Index 3.5 4.6 10.3 9.9 6.0 5.4 5.3 Excess Return -1.1 -1.6 -3.5 -1.7 1.6 -0.2 -0.1
Crisis Risk Offset (Net) 36,434,910 7.6 -4.8 -2.4 -7.5 -3.3 -5.8 -- -6.9 Aug-18 Crisis Risk Offset Benchmark -5.3 -4.1 -5.9 0.9 1.9 -- -0.3 Excess Return 0.5 1.8 -1.6 -4.2 -7.8 -- -6.6
Cash (Net) 17,728,762 3.7 0.5 0.9 1.3 0.5 0.3 0.9 0.6 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Net of Fees | As of June 30, 2025 Performance shown is net of fees, except for Total Plan, Domestic Equity, and International Equity composites which have a mix of gross and net of fees performance. Please see the Addendum for more details. Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Performance Attribution
Quarter To Date Ending June 30, 2025
Selection Effect Allocation Effect Interaction Effect Total Effects

0.0% 0.5% 1.0% 1.5% 2.0% 2.5%-0.5 %-1.0 %-1.5 %-2.0 %
Cash
Crisis Risk Offset
Covered Calls
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Beginning
Actual Wt.
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity 43.5 34.0 8.3 11.0 -2.7 0.5 -0.9 -0.2 -0.6 International Equity 14.6 12.0 13.4 12.0 1.4 0.2 0.1 0.0 0.4 Fixed Income 24.6 44.0 1.4 1.2 0.2 0.8 0.1 0.0 0.8
Credit 1.2 0.0 2.5 3.5 -1.1 0.0 0.0 0.0 0.0
Covered Calls 4.3 0.0 4.9 1.9 3.0 0.0 0.0 0.0 0.0
Crisis Risk Offset 8.1 10.0 -4.8 -5.3 0.5 0.2 0.0 0.0 0.2 Cash 3.7 0.0 0.5 0.5 0.0 -0.2 0.0 0.0 -0.2
Total Plan 100.0 100.0 5.6 5.1 0.5 1.5 -0.7 -0.3 0.5
Oakland Police and Fire Retirement System
Total Fund Attribution | As of June 30, 2025
Performance shown is net of fees.

Total impacts may not sum to excess return due to rounding, rebalancing, and measurement frequencies.

Performance Attribution
1 Year Ending June 30, 2025
Selection Effect Allocation Effect Interaction Effect Total Effects

0.0% 0.5% 1.0% 1.5% 2.0%-0.5 %-1.0 %-1.5 %-2.0 %-2.5 %
Cash
Crisis Risk Offset
Covered Calls
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Beginning
Actual Wt.
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity 44.4 34.0 12.4 15.3 -2.9 0.5 -1.0 -0.3 -0.8 International Equity 13.7 12.0 22.2 17.7 4.5 0.2 0.5 0.1 0.7 Fixed Income 24.0 44.0 6.3 6.4 -0.1 0.6 -0.1 0.0 0.5
Credit 1.7 0.0 6.8 10.3 -3.5 -0.1 0.0 0.0 -0.1
Covered Calls 4.5 0.0 9.2 10.2 -1.0 0.0 0.0 0.0 0.0
Crisis Risk Offset 8.2 10.0 -7.5 -5.9 -1.6 0.3 -0.2 0.0 0.1 Cash 3.5 0.0 1.3 1.3 0.0 -0.3 0.0 0.0 -0.3
Total Plan 100.0 100.0 9.7 9.6 0.1 1.1 -0.8 -0.2 0.1
Oakland Police and Fire Retirement System
Total Fund Attribution | As of June 30, 2025
Performance shown is net of fees.

Total impacts may not sum to excess return due to rounding, rebalancing, and measurement frequencies.

Trailing Period Performance
Ending June 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark IM Public DB $250M-$1B Median

0.0 4.0

8.0 12.0

16.0 Rate of Return %
QTD YTD 1 Yr 3 Yrs 5 Yrs

6.5 6.3

11.0 10.3

8.9 5.1 5.5

9.6 10.8

8.1 5.6 5.5

9.7 9.6

7.8 Calendar Year Performance
Ending December 31, 2024
OPFRS Total Plan OPFRS Policy Benchmark IM Public DB $250M-$1B Median

0.0 15.0

30.0 -15.0
-30.0
Rate of Return %
2024 2023 2022 2021 2020

10.2 12.5
-13.1

14.0 12.710.9

15.1 -14.0

12.2 11.09.3

13.5 -14.7

13.8 9.4
Oakland Police and Fire Retirement System
Portfolio Relative Performance Results | As of June 30, 2025 Total Plan performance is a mix of gross and net of fees; performance is gross of fees prior to January 2016 and thereafter. Fiscal year begins on July 1.

Balance
($)
Current
Allocation
(%)
Interim
Policy (%)
Long-Term
Policy
(%)
Difference
vs. LT Policy
(%)
Long-Term
Policy Range
(%)
Within
Long-Term
Range?
Domestic Equity
International Equity
Fixed Income
Credit
Crisis Risk Offset
Cash
191,565,615
73,025,226
158,936,275
3,053,324
36,434,910
17,728,762

39.9 15.2

33.1 0.6

7.6 3.7

34.0 12.0

44.0 0.0

10.0 0.0

25.0 5.0

51.0 10.0

9.0 0.0

14.9 10.2
-17.9
-9.4
-1.4

3.7 15.0 - 35.0

2.0 - 22.0

31.0 - 71.0

0.0 - 16.0

4.0 - 14.0

0.0 - 5.0
No
Yes
Yes
Yes
Yes
Yes
Total 480,701,291 100.0 100.0 100.0 0.0
June 30, 2025: $480,701,291.4
Cash

3.7%
Credit

0.6%Crisis Risk Offset

7.6%
Fixed Income

33.1%
Domestic Equity

39.8%
June 30, 2024: $406,308,110.42
Cash

3.6%
Covered Calls

5.3%
Credit

2.2%Crisis Risk Offset

8.8%
Fixed Income

23.8%
Domestic Equity

43.0%
Oakland Police and Fire Retirement System
Asset Allocation | As of As of June 30, 2025
Cash account market value includes cash balances held in ETF accounts at the custodian and residuals from terminated managers.

Policy (%) column reflects the long-term allocation targets starting July 1, 2024.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Domestic Equity 191,565,615 100.0 8.3 4.1 12.4 14.6 13.5 11.3 9.2 Jun-97 Russell 3000 (Blend) 11.0 5.8 15.3 19.1 16.0 13.0 9.8
Excess Return -2.7 -1.6 -2.9 -4.5 -2.4 -1.7 -0.6
Northern Trust Russell 1000 116,542,724 60.8 11.1 6.1 15.6 19.5 16.2 13.3 14.1 Jun-10 Russell 1000 Index 11.1 6.1 15.7 19.6 16.3 13.4 14.2
Excess Return 0.0 0.0 -0.1 0.0 -0.1 -0.1 -0.1
EARNEST Partners 41,923,100 21.9 4.3 0.7 5.5 8.5 11.0 10.6 9.1 Apr-06 Russell Midcap Index 8.5 4.8 15.2 14.3 13.1 9.9 9.2
Excess Return -4.2 -4.2 -9.7 -5.9 -2.1 0.7 -0.1
eV US Mid Cap Core Equity Rank 86 86 94 97 76 29 53
Brown Fundamental Small Cap Value 13,956,345 7.3 2.1 -4.4 4.2 11.7 -- -- 6.1 Apr-21 Russell 2000 Value Index 5.0 -3.2 5.5 7.5 -- -- 2.0
Excess Return -2.8 -1.2 -1.3 4.3 -- -- 4.2
eV US Small Cap Value Equity Rank 82 69 58 26 -- -- 26
Rice Hall James 19,143,445 10.0 9.0 6.3 19.2 11.5 9.3 -- 8.2 Aug-17 Russell 2000 Growth Index 12.0 -0.5 9.7 12.4 7.4 -- 7.6 Excess Return -3.0 6.7 9.5 -0.9 1.8 -- 0.6
eV US Small Cap Growth Equity Rank 65 7 9 45 37 -- 76
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of June 30, 2025 Performance shown is net of fees, except for the Domestic Equity composite which has a mix of gross and net of fees performance. Please see the Addendum for more details.

Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
International Equity 73,025,226 100.0 13.4 21.2 22.2 17.3 11.8 7.4 6.1 Jan-98 MSCI ACWI ex US (Blend) 12.0 17.9 17.7 14.0 10.1 6.1 5.7 Excess Return 1.4 3.3 4.5 3.3 1.7 1.3 0.4
Vanguard Developed Markets ETF 19,090,654 26.1 13.1 20.7 18.9 15.3 11.4 -- 9.6 Sep-19 FTSE Developed All Cap ex-U.S. Index 13.5 20.3 19.3 15.8 11.7 -- 9.8 Excess Return -0.5 0.5 -0.4 -0.5 -0.3 -- -0.3
SGA ACWI ex-U.S. Equity 53,934,573 73.9 13.5 21.4 23.5 18.2 12.1 -- 8.6 Dec-19 MSCI AC World ex USA (Net) 12.0 17.9 17.7 14.0 10.1 -- 7.6 Excess Return 1.5 3.5 5.8 4.3 2.0 -- 1.0
eV ACWI ex-US All Cap Core Eq Rank 26 16 20 11 27 -- 45 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of June 30, 2025 Performance shown is net of fees, except for the International Equity composite which has a mix of gross and net of fees performance. Please see the Addendum for more details.

Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Fixed Income 158,936,275 100.0 1.4 4.3 6.3 3.0 0.1 2.2 4.5 Jan-94 Fixed Income & Credit Benchmark 1.2 4.0 6.4 3.3 -0.2 2.1 4.5 Excess Return 0.2 0.3 -0.1 -0.2 0.2 0.1 -0.1
Ramirez Core 77,612,379 48.8 1.3 4.2 6.1 2.8 0.0 -- 2.0 Jan-17 Blmbg. U.S. Aggregate Index 1.2 4.0 6.1 2.5 -0.7 -- 1.7 Excess Return 0.1 0.2 0.0 0.3 0.7 -- 0.4
eV US Core Fixed Inc Rank 40 25 58 59 22 -- 38
Reams Core Plus 29,687,530 18.7 1.8 4.7 7.0 3.7 0.4 3.3 4.9 Feb-98 Fixed Income & Credit Benchmark 1.2 4.0 6.4 3.3 -0.2 2.1 4.2 Excess Return 0.6 0.7 0.5 0.4 0.6 1.2 0.7
eV US Core Plus Fixed Inc Rank 16 13 24 50 48 13 28
Wellington Core Bond Plus 51,636,366 32.5 -- -- -- -- -- -- 1.6 Jun-25 Blmbg. U.S. Aggregate Index -- -- -- -- -- -- 1.5
Excess Return -- -- -- -- -- -- 0.1
eV US Core Plus Fixed Inc Rank -- -- -- -- -- -- 71
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of June 30, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Since inception date and performance begin in the month following an investments initial funding. QTD performance for Wellington Core Bond Plus will begin populating after the first full quarter of performance.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Credit 3,053,324 100.0 2.5 3.0 6.8 8.2 7.6 5.2 5.3 Feb-15 Blmbg. U.S. Corp: High Yield Index 3.5 4.6 10.3 9.9 6.0 5.4 5.3 Excess Return -1.1 -1.6 -3.5 -1.7 1.6 -0.2 -0.1
Polen Capital 3,053,324 100.0 2.5 3.0 6.8 8.2 7.6 5.2 5.3 Feb-15 ICE BofA U.S. High Yield Index 3.6 4.6 10.2 9.9 6.0 5.3 5.3 Excess Return -1.1 -1.6 -3.4 -1.6 1.6 -0.1 0.0
eV US High Yield Fixed Inc Rank 91 93 96 84 10 31 29
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of June 30, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Crisis Risk Offset 36,434,910 100.0 -4.8 -2.4 -7.5 -3.3 -5.8 -- -6.9 Aug-18 Crisis Risk Offset Benchmark -5.3 -4.1 -5.9 0.9 1.9 -- -0.3 Over/Under 0.5 1.8 -1.6 -4.2 -7.8 -- -6.6
Kepos Alternative Risk Premia 13,114,116 36.0 -6.0 4.7 8.2 11.2 -- -- 8.3 Feb-22 SG Multi Alternative Risk Premia Index -9.1 -5.6 -4.4 4.0 -- -- 4.0 Over/Under 3.1 10.4 12.6 7.1 -- -- 4.3
Versor Trend Following 10,837,629 29.7 -7.1 -14.7 -27.7 -13.3 -- -- -9.5 Apr-22 SG Trend Index -5.6 -10.0 -15.0 -4.4 -- -- -1.3
Over/Under -1.5 -4.7 -12.7 -8.9 -- -- -8.2
Vanguard Long-Term Treasury ETF 12,483,164 34.3 -1.5 3.2 1.5 -3.7 -8.2 -- -3.3 Jul-19 Blmbg. US Govt: Long Term Bond Index -1.5 3.1 1.6 -3.7 -8.2 -- -3.3 Over/Under 0.0 0.1 -0.1 -0.1 -0.1 -- 0.0
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of June 30, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.

Cash Flow Summary
Quarter To Date
Beginning
Market Value
($)
Net Cash Flow
($)
Net Investment
Change
($)
Ending
Market Value
($)
Northern Trust Russell 1000 104,907,537 - 11,635,187 116,542,724 EARNEST Partners 40,136,600 - 1,786,499 41,923,100
Wellington Select Quality Equity 23,847,070 -24,530,767 683,697 - Brown Fundamental Small Cap Value 13,664,837 - 291,508 13,956,345 Rice Hall James 17,570,865 - 1,572,580 19,143,445
Vanguard Developed Markets ETF 17,021,188 -147,575 2,217,041 19,090,654 SGA ACWI ex-U.S. Equity 47,498,791 - 6,435,781 53,934,573 Ramirez Core 76,582,558 - 1,029,821 77,612,379
Wellington Core Bond Plus - 50,882,403 753,963 51,636,366 Reams Core Plus 29,166,148 - 521,382 29,687,530
Polen Capital 5,962,886 -3,000,000 90,438 3,053,324
Parametric BXM 9,387,805 -9,661,420 253,237 -20,378
Parametric DeltaShift 10,164,216 -10,892,426 705,768 -22,442 Kepos Alternative Risk Premia 13,950,501 - -836,384 13,114,116 Versor Trend Following 11,662,822 - -825,192 10,837,629 Vanguard Long-Term Treasury ETF 12,814,596 -138,200 -193,231 12,483,164 Cash - Money Market 6,876,205 430,439 83,118 7,389,762
Cash - Treasury 10,033,000 306,000 - 10,339,000
Securities Lending Northern Trust - -34,280 34,280 -
OPFRS Total Plan 451,247,625 3,214,175 26,239,492 480,701,291 Oakland Police and Fire Retirement System
Financial Reconciliation | June 30, 2025

Growth of a Dollar
5 Years ending June 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark Actuarial Rate
$0.98
$1.05
$1.12
$1.19
$1.26
$1.33
$1.40
$1.47
$1.54
2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 Actuarial Rate: $1.31
OPFRS Policy Benchmark: $1.48
OPFRS Total Plan: $1.46
Oakland Police and Fire Retirement System
Total Portfolio 5-Year Performance | As of June 30, 2025 The actuarial assumed rate is 8% through June 2009, 7.5% through June 2010, 7% through June 2011, 6.75% through June 2014, 6.5% through December 2017, 6.0% through June 2023, and 5.0% since July 2023.

Plan Sponsor Peer Group Performance Comparison
vs. InvMetrics Public DB $250M-$1B Net

2.0 4.0

6.0 8.0

10.0 12.0

14.0 Return
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
OPFRS Total Plan 5.6 (82) 5.5 (69) 9.7 (75) 9.6 (64) 7.8 (78) 7.1 (61)¢£ OPFRS Policy Benchmark 5.1 (92) 5.5 (71) 9.6 (78) 10.8 (34) 8.1 (71) 7.4 (41)˜ 5th Percentile 8.5 7.9 12.8 12.5 10.3 8.4
1st Quartile 7.4 6.9 11.8 11.2 9.4 7.7
Median 6.5 6.3 11.0 10.3 8.9 7.3
3rd Quartile 5.9 5.3 9.7 9.1 8.0 6.7
95th Percentile 3.7 3.4 7.1 7.5 6.4 6.0
Population 105 105 105 103 102 87
Oakland Police and Fire Retirement System
Plan Sponsor Peer Group Analysis | As of June 30, 2025
Total Plan performance is a mix of gross and net of fees; performance is gross of fees prior to January 2016 and net of fees thereafter. Parentheses contain percentile rankings. Calculation based on monthly periodicity. Fiscal year begins on July 1.

Investment Manager Profiles
Oakland Police and Fire Retirement System

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
Northern Trust Russell 1000 0.00 1.00 -1.12 1.08 0.01 1.00 99.84 99.83 Russell 1000 Index 0.00 1.00 - 1.08 0.00 1.00 100.00 100.00 Trailing Performance
Northern Trust Russell 1000 Russell 1000 Index

0.0 6.0

12.0 18.0

24.0 Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

11.1 15.7

19.6 16.3

14.1 13.4

11.1 15.6

19.5 16.2

14.0 13.3
Growth of $1 - Since Inception
Northern Trust Russell 1000 Russell 1000 Index
-2.5

0.0 2.5

5.0 7.5

10.0 5/10 2/12 11/13 8/15 5/17 2/19 11/20 8/22 6/25
$7.4
$7.3
Calendar Year Returns
Northern Trust Russell 1000 Russell 1000 Index

0.0 20.0

40.0 60.0
-20.0
-40.0Rate of Return %
2024 2023 2022 2021 2020 2019

24.5 26.5
-19.1

26.5 21.0

31.424.4 26.5
-19.4

26.5 20.8

31.4 Risk/Return - Since Inception
eV US Large Cap Core Equity Northern Trust Russell 1000 Russell 1000 Index

3.0 6.0

9.0 12.0

15.0 18.0
Return

4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Standard Deviation
QTD Return QTD Risk
Northern Trust Russell 1000 11.09 3.02
Russell 1000 Index 11.11 3.03
Oakland Police and Fire Retirement System
Northern Trust Russell 1000 | As of June 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
EARNEST Partners -1.69 1.13 -1.43 0.34 0.93 0.93 80.67 310.16 Russell Midcap Index 0.00 1.00 - 0.87 0.00 1.00 100.00 100.00 Trailing Performance
EARNEST Partners Russell Midcap Index

0.0 5.0

10.0 15.0

20.0 Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

8.5 15.2 14.3 13.1

10.0 9.9

4.3 5.5

8.5 11.0 9.7 10.6
Growth of $1 - Since Inception
EARNEST Partners Russell Midcap Index
-2.0

0.0 2.0

4.0 6.0

8.0 3/06 3/08 3/10 3/12 3/14 3/16 3/18 3/20 3/22 6/25
$5.4
$5.3
Calendar Year Returns
EARNEST Partners Russell Midcap Index

0.0 25.0

50.0 75.0
-25.0
-50.0Rate of Return %
2024 2023 2022 2021 2020 2019

15.3 17.2
-17.3

22.6 17.1

30.5 7.1

16.8 -15.9

24.8 20.2

37.3 Risk/Return - Since Inception
eV US Mid Cap Core Equity EARNEST Partners
Russell Midcap Index

6.0 8.0

10.0 12.0

14.0 Return

14.4 15.2 16.0 16.8 17.6 18.4 19.2 20.0 20.8
Standard Deviation
QTD Return QTD Risk
EARNEST Partners 4.32 3.31
Russell Midcap Index 8.53 2.83
Oakland Police and Fire Retirement System
EARNEST Partners | As of June 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
Brown Fundamental Small Cap Value -0.69 0.85 -0.97 0.12 0.97 0.95 69.36 100.54 Russell 2000 Value Index 0.00 1.00 - 0.34 0.00 1.00 100.00 100.00 Trailing Performance
Brown Fundamental Small Cap Value Russell 2000 Value Index

0.0 4.0

8.0 12.0

16.0 Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

5.0 5.5

7.5 12.5

4.8 6.7

2.1 4.2

11.7 Growth of $1 - Since Inception
Brown Fundamental Small Cap Value
Russell 2000 Value Index

0.6 0.9

1.2 1.5

1.8 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25
$1.1
$1.3
Calendar Year Returns
Brown Fundamental Small Cap Value Russell 2000 Value Index

0.0 20.0

40.0 -20.0
-40.0Rate of Return %
2024 2023 2022 2021 2020 2019

8.1 14.6
-14.5

28.3 4.6

22.4 12.7 17.5
-7.7
Risk/Return - Since Inception
eV US Small Cap Value Equity Brown Fundamental Small Cap Value Russell 2000 Value Index
-8.0

0.0 8.0

16.0 24.0
Return

12.0 15.0 18.0 21.0 24.0 27.0 30.0
Standard Deviation
QTD Return QTD Risk
Brown Fundamental Small Cap Value 2.13 3.55
Russell 2000 Value Index 4.97 4.06
Oakland Police and Fire Retirement System
Brown Fundamental Small Cap Value | As of June 30, 2025 Performance shown is net of fees. Risk is measured as Standard Deviation.

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
Rice Hall James -0.70 0.94 -1.37 0.84 0.69 0.95 82.82 212.22 Russell 2000 Growth Index 0.00 1.00 - 1.10 0.00 1.00 100.00 100.00 Trailing Performance
Rice Hall James Russell 2000 Growth Index

0.0 6.0

12.0 18.0

24.0 Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

12.0 9.7

12.4 7.4

5.7 7.19.0

19.2 11.5

9.3 5.4
Growth of $1 - Since Inception
Rice Hall James Russell 2000 Growth Index

0.4 0.8

1.2 1.6

2.0 2.4
7/17 7/18 7/19 7/20 7/21 7/22 7/23 7/24 6/25
$1.8
$1.9
Calendar Year Returns
Rice Hall James Russell 2000 Growth Index

0.0 25.0

50.0 -25.0
-50.0Rate of Return %
2024 2023 2022 2021 2020 2019

15.2 18.7
-26.4

2.8 34.6 28.5

16.1 14.1
-24.5

15.1 23.4 17.5
Risk/Return - Since Inception
eV US Small Cap Growth Equity Rice Hall James
Russell 2000 Growth Index

0.0 5.0

10.0 15.0

20.0 25.0
Return

16.0 20.0 24.0 28.0 32.0 36.0 40.0
Standard Deviation
QTD Return QTD Risk
Rice Hall James 8.95 3.08
Russell 2000 Growth Index 11.97 3.21
Oakland Police and Fire Retirement System
Rice Hall James | As of June 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
Vanguard Developed Markets ETF 1.06 0.72 -0.34 5.46 0.44 0.72 96.49 - FTSE Developed All Cap ex-U.S. Index 0.00 1.00 - 4.79 0.00 1.00 100.00 - Trailing Performance
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index

0.0 6.0

12.0 18.0

24.0Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

13.5 19.3

15.8 11.7

7.5 7.1

13.1 18.9

15.3 11.4

7.3 6.8
Growth of $1 - Since Inception
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index

0.4 0.8

1.2 1.6

2.0 8/19 5/20 2/21 11/21 8/22 5/23 2/24 11/24 6/25
$1.7
$1.7
Calendar Year Returns
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index

0.0 15.0

30.0 45.0
-15.0
-30.0
Rate of Return %
2024 2023 2022 2021 2020 2019

3.7 18.3
-15.3

11.9 10.3

22.7 3.2

17.9 -15.4

11.7 9.7

22.6 Risk/Return - Since Inception
eV ACWI ex-US All Cap Core Eq
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index

4.0 8.0

12.0 16.0

20.0Return

12.0 14.0 16.0 18.0 20.0 22.0
Standard DeviationQTD Return QTD Risk
Vanguard Developed Markets ETF 13.06 0.72
FTSE Developed All Cap ex-U.S. Index 13.55 0.84
Oakland Police and Fire Retirement System
Vanguard Developed Markets ETF | As of June 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Alpha Beta Information
Ratio
Sharpe
Ratio
Tracking
Error R-Squared Up
Capture
Down
Capture
SGA ACWI ex-U.S. Equity 6.36 -0.53 0.52 7.68 0.90 0.29 112.08 - MSCI AC World ex USA (Net) 0.00 1.00 - 6.99 0.00 1.00 100.00 - Trailing Performance
SGA ACWI ex-U.S. Equity MSCI AC World ex USA (Net)

0.0 8.0

16.0 24.0

32.0 Rate of Return %
Q2-2025 1 Year 3 Years 5 Years 7 Years 10 Years

12.0 17.7

14.0 10.1

6.6 6.1

13.5 23.5

18.2 12.1
Growth of $1 - Since Inception
SGA ACWI ex-U.S. Equity MSCI AC World ex USA (Net)

0.6 0.9

1.2 1.5

1.8 11/19 8/20 5/21 2/22 11/22 8/23 5/24 6/25
$1.5
$1.6
Calendar Year Returns
SGA ACWI ex-U.S. Equity MSCI AC World ex USA (Net)

0.0 15.0

30.0 -15.0
-30.0Rate of Return %
2024 2023 2022 2021 2020 2019

5.5 15.6
-16.0

7.8 10.7

21.5 9.1

20.5 -16.3

9.9 7.0 Risk/Return - Since Inception
eV ACWI ex-US All Cap Core Eq SGA ACWI ex-U.S. Equity
MSCI AC World ex USA (Net)

3.0 6.0

9.0 12.0

15.0 18.0
Return

12.0 14.0 16.0 18.0 20.0 22.0 24.0
Standard Deviation
QTD Return QTD Risk
SGA ACWI ex-U.S. Equity 13.55 0.51
MSCI AC World ex USA (Net) 12.03 0.52
Oakland Police and Fire Retirement System
SGA ACWI ex-U.S. Equity | As of June 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Account Information
Account Name Ramirez Core
Account Structure Separate Account
Inception Date 01/30/2017
Asset Class US Fixed Income
Benchmark Blmbg. U.S. Aggregate Index
Peer Group eV US Core Fixed Inc
Credit Quality Allocation
Ramirez Core Blmbg. U.S. Aggregate Index

0.0 25.0

50.0 75.0
100.0
AAA/Aaa
AA/Aa A
BBB+/Baa1/BBB/Baa2
BBB-/Baa3
BB/Ba
Not
Rated
Cash

3.0 73.4

10.7 12.8

0.0 0.2 0.0 0.03.8

56.7 10.4 13.6

3.0 0.1

11.4 1.1
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core 1.3 4.2 6.1 2.8 0.0
Blmbg. U.S. Aggregate Index 1.2 4.0 6.1 2.5 -0.7
Sector Allocation
Ramirez Core Blmbg. U.S. Aggregate Index

0.0 25.0

50.0 75.0
100.0
UST/Agency
Corporate
MBS
ABS
Foreign
Muni
Cash

45.9 24.1 26.0

0.5 3.1 0.5 0.0

22.1 24.5 27.0

3.9 0.0

21.5 1.1
Portfolio Fixed Income Characteristics
Q2-25
Portfolio
Q1-25
Portfolio
Yield To Maturity 4.9 4.9
Average Duration 6.3 6.2
Average Quality AA AA
Weighted Average Maturity 9.2 9.1
Oakland Police and Fire Retirement System
Ramirez | As of June 30, 2025
Performance shown is net of fees.

Account Information
Account Name Reams Core Plus
Account Structure Separate Account
Inception Date 01/01/1998
Asset Class US Fixed Income
Benchmark Fixed Income & Credit Benchmark
Peer Group eV US Core Plus Fixed Inc
Credit Quality Allocation
Reams Core Plus Blmbg. U.S. Universal Index

0.0 25.0

50.0 75.0
100.0
AAA/Aaa
AA/Aa A
BBB+/Baa1/BBB/Baa2
BB/Ba B
CCC/Caa
CC/Ca C D
Cash

3.1 64.2

12.2 14.2

3.4 2.1 0.7 0.0 0.0 0.0 0.0

21.7 46.8

19.2 7.3

0.0 0.0 0.0 0.0 0.0 0.0 4.8
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 1.8 4.7 7.0 3.7 0.4
Blmbg. U.S. Universal Index 1.4 4.1 6.5 3.3 -0.1
Sector Allocation
Reams Core Plus Blmbg. U.S. Universal Index

0.0 25.0

50.0 75.0
100.0
UST/Agency
Corporate
MBS
ABS
Foreign
Muni
Cash

39.2 31.7

22.3 0.4

6.0 0.4 0.0

17.9 28.0

41.9 7.4

0.0 0.0

4.8 Portfolio Fixed Income Characteristics
Q2-25
Portfolio
Q1-25
Portfolio
Yield To Maturity 5.2 5.2
Average Duration 6.2 6.1
Average Quality AA AA
Weighted Average Maturity 8.5 8.6
Oakland Police and Fire Retirement System
Reams | As of June 30, 2025
Performance shown is net of fees.

Account Information
Account Name Wellington Core Bond Plus
Account Structure Commingled Fund
Inception Date 05/30/2025
Asset Class US Fixed Income
Benchmark Blmbg. U.S. Aggregate Index
Peer Group eV US Core Plus Fixed Inc
Credit Quality Allocation
Wellington Core Bond Plus Blmbg. U.S. Aggregate Index

0.0 50.0
100.0
-50.0
AAA/Aaa
AA/Aa A
BBB+/Baa1/BBB/Baa2
BB/Ba B
CCC/Caa
Not
Rated
Cash

3.0 73.4

10.7 12.8

0.2 0.0 0.0 0.0 0.0

10.2 71.4

9.0 12.1 4.5 0.2 0.0 1.6
-8.8
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond Plus - - - - -
Blmbg. U.S. Aggregate Index - - - - -
Sector Allocation
Wellington Core Bond Plus Blmbg. U.S. Aggregate Index

0.0 50.0
100.0
-50.0
UST/Agency
Corporate
MBS
ABS
Foreign
Muni
Cash

45.9 24.1 26.0

0.5 3.1 0.5 0.0

31.7 23.8

46.1 7.3

0.0 0.0
-8.8
Portfolio Fixed Income Characteristics
Q2-25
Portfolio
Q1-25
Portfolio
Yield To Maturity 5.0 -
Average Duration 6.2 -
Average Quality AA -
Weighted Average Maturity 9.5 -
Oakland Police and Fire Retirement System
Wellington Core Bond Plus | As of June 30, 2025
Performance shown is net of fees.

Account Information
Account Name Polen Capital
Account Structure Commingled Fund
Inception Date 02/01/2015
Asset Class US Fixed Income
Benchmark ICE BofA U.S. High Yield Index
Peer Group eV US High Yield Fixed Inc
Credit Quality Allocation
Polen Capital ICE BofA U.S. High Yield Index

0.0 25.0

50.0 75.0
100.0
BBB+/Baa1/BBB/Baa2
BB/Ba B
CCC/Caa
CC/Ca C D
Not
Rated
Cash

1.3 54.1

35.3 9.0

0.2 0.1 0.1 0.0 0.00.0 4.1

32.2 54.8

0.7 0.0 0.0 4.9 3.3
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Polen Capital 2.5 3.0 6.8 8.2 7.6
ICE BofA U.S. High Yield Index 3.6 4.6 10.2 9.9 6.0
Sector Allocation
Polen Capital ICE BofA U.S. High Yield Index

0.0 25.0

50.0 75.0
100.0
Corporate
100.0100.0
Portfolio Fixed Income Characteristics
Q2-25
Portfolio
Q1-25
Portfolio
Yield To Maturity 11.1 9.7
Average Duration 1.7 2.2
Average Quality CCC B
Weighted Average Maturity 4.4 4.7
Oakland Police and Fire Retirement System
Polen Capital | As of June 30, 2025
Performance shown is net of fees.

Return Standard
Deviation Alpha Beta Information
Ratio
Tracking
Error
Up
Capture
Down
Capture
Inception
Date
Crisis Risk Offset -6.9 10.2 -6.2 0.8 -0.7 9.2 36.7 123.9 08/01/2018 Crisis Risk Offset Benchmark -0.3 5.4 0.0 1.0 - 0.0 100.0 100.0 Kepos Alternative Risk Premia 8.3 7.0 5.3 0.7 0.8 5.4 120.7 66.8 02/01/2022 SG Multi Alternative Risk Premia Index 4.0 6.4 0.0 1.0 - 0.0 100.0 100.0 Versor Trend Following -9.5 13.8 -8.1 1.0 -1.4 6.2 69.1 119.2 04/01/2022 SG Trend Index -1.3 12.0 0.0 1.0 - 0.0 100.0 100.0
Vanguard Long-Term Treasury ETF -3.3 14.6 0.0 1.0 0.0 1.0 101.0 101.0 07/01/2019 Blmbg. U.S. Government: Long Term Bond Index -3.3 14.4 0.0 1.0 - 0.0 100.0 100.0 Correlation Matrix
3 Months Ending June 30, 2025
Crisis Risk Offset MSCI AC World Index Value S&P 500 Index Blmbg. Global Aggregate Index Crisis Risk Offset 1.00
MSCI AC World Index Value 0.91 1.00
S&P 500 Index 0.76 0.96 1.00
Blmbg. Global Aggregate Index -0.29 -0.66 -0.84 1.00
Trailing Period Performance
Crisis Risk Offset Crisis Risk Offset Benchmark

0.0 3.0
-3.0
-6.0
-9.0
Rate of Return %
QTD YTD 1 Year 3 Years 5 Years
-5.3 -4.1
-5.9

0.9 1.9
-4.8
-2.4
-7.5
-3.3
-5.8
Oakland Police and Fire Retirement System
Crisis Risk Offset | As of June 30, 2025
Performance shown is net of fees.

Benchmark History
From Date To Date Benchmark
OPFRS Total Plan
01/01/2025 Present 34.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 44.0% Fixed Income & Credit Benchmark, 10.0% Crisis Risk Offset Benchmark
07/01/2024 01/01/2025 34.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 44.0% Blmbg. U.S. Universal Index, 10.0% Crisis Risk Offset Benchmark
06/01/2022 07/01/2024 40.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 31.0% Blmbg. U.S. Universal Index, 2.0% Blmbg. U.S. Corp:

High Yield Index, 5.0% Cboe S&P 500 Buy Write Index, 10.0% Crisis Risk Offset Benchmark 01/01/2019 06/01/2022 40.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 31.0% Blmbg. U.S. Universal Index, 5.0% Cboe S&P 500 Buy Write Index, 2.0% Blmbg. U.S. Treasury: Long, 10.0% Crisis Risk Offset Benchmark 05/01/2016 01/01/2019 48.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 20.0% CBOE BXM 10/01/2015 05/01/2016 43.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 15.0% CBOE BXM,

10.0% CPI +3%
01/01/2014 10/01/2015 48.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 10.0% CBOE BXM,

10.0% CPI +3%
03/01/2013 01/01/2014 40.0% Russell 3000 Index, 10.0% MSCI AC World ex USA index, 17.0% Blmbg. U.S. Universal Index, 33.0% ICE BofA 3 Month U.S. T-Bill
08/01/2012 03/01/2013 20.0% Russell 3000 Index, 7.0% MSCI AC World ex USA index, 18.0% Blmbg. U.S. Universal Index, 55.0% ICE BofA 3 Month U.S. T-Bill
10/01/2007 08/01/2012 53.0% Russell 3000 Index, 17.0% MSCI AC World ex USA index, 30.0% Blmbg. U.S. Universal Index 04/01/2006 10/01/2007 35.0% Russell 3000 Index, 15.0% MSCI AC World ex USA index, 50.0% Blmbg. U.S. Universal Index 01/01/2005 04/01/2006 35.0% Russell 3000 Index, 50.0% Blmbg. U.S. Aggregate Index, 15.0% MSCI AC World ex USA index 04/01/1998 01/01/2005 20.0% Russell 1000 Value Index, 10.0% Russell 1000 Index, 5.0% Russell Midcap Index, 50.0% Blmbg. U.S. Aggregate Index,

15.0% MSCI EAFE (Net)
01/01/1978 04/01/1998 40.0% S&P 500 Index, 55.0% Blmbg. U.S. Aggregate Index, 5.0% FTSE 3 Month T-Bill Oakland Police and Fire Retirement System
Benchmark History | As of June 30, 2025

Benchmark History
From Date To Date Benchmark
Domestic Equity
01/01/2005 Present 100.0% Russell 3000 Index
04/01/1998 01/01/2005 57.1% Russell 1000 Value Index, 28.6% Russell 1000 Index, 14.3% Russell Midcap Index 09/01/1988 04/01/1998 100.0% S&P 500 Index
International Equity
01/01/2005 Present 100.0% MSCI AC World ex USA (Net)
01/01/1998 01/01/2005 100.0% MSCI EAFE Index
Fixed Income & Credit
01/01/2025 Present 100.0% Blmbg. U.S. Aggregate Index
04/01/2006 01/01/2025 100.0% Blmbg. U.S. Universal Index 01/01/1976 04/01/2006 100.0% Blmbg. U.S. Aggregate Index Crisis Risk Offset
01/01/2023 Present 33.3% SG Trend Index, 33.3% SG Multi Alternative Risk Premia Index, 33.3% Blmbg. U.S. Government: Long Term Bond Index 08/01/2018 01/01/2023 100.0% SG Multi Alternative Risk Premia Index Cash
03/01/2011 Present FTSE 3 Month T-Bill
Oakland Police and Fire Retirement System
Benchmark History | As of June 30, 2025

Manager Monitoring / Probation Status

Oakland Police and Fire Retirement System
Manager Monitoring | As of June 30, 2025

MEKETA.COM
Managers on Watch / Probation Status
Breach of Investment Manager Monitoring Criteria
As of June 30, 2025, EARNEST Partners has breached the short-, medium-, and long-term monitoring criteria:
→ The fund’s rolling 1- and 3-year returns have lagged the benchmark (Russell Midcap Index) by more than their respective limits (3.5% and 1.75% respectively) over the last six months. The fund’s 5-year VRR4 has decreased below 0.97 over the last six months.

All other public equity and fixed income managers pass the monitoring criteria.

Investment Manager Monitoring Criteria3
Investment managers are evaluated on ongoing and periodic basis using both quantitative performance criteria and qualitative aspects of the managers. The quantitative criteria for different asset classes are as follows:

Asset Class Short-term (Rolling 12 months) Medium-term (Rolling 36 months) Long-term (60 + months) Active US Equity Fund return < benchmark return by 3.5% Annualized Fund return < benchmark return by 1.75% for 6 consecutive months
VRR4 < 0.97 for 6 consecutive months
Active Non-US Equity Fund return < benchmark return by 4.5% Annualized Fund return < benchmark return by 2.0% for 6 consecutive months
VRR < 0.97 for 6 consecutive months
Passive Non-US Equity Tracking Error >0.50% Tracking Error >0.45% for 6 consecutive months Annualized Fund return < benchmark return by 0.4% for 6 consecutive months
Fixed Income Fund return < benchmark return by 1.5% Annualized Fund return < benchmark return by 1.0% for 6 consecutive months
VRR < 0.98 for 6 consecutive months

1 Date when the Board voted to either monitor a manager at a heightened level or place it on probation. 2 Performance Since Placement starts at the beginning of the full month following the date of corrective action. Performance shown is net of fees and annualized after one year mark. 3 Per Investment Policy Statement and Manager Guidelines (“IPS”), Revised 5/31/2023, section H. Currently, only Domestic Equity, International Equity, and Fixed Income have stated quantitative monitoring criteria in the IPS. 4 VRR (Value Relative Ratio) is calculated as manager cumulative return/ benchmark cumulative return.

Manager & Strategy
Concern Triggering
Watch Status
Date of
Corrective Action1
Months Since
Placement
Performance2
Since Placement
Peer Group Rank
Since Placement
Versor Trend Following Organization / Performance 9/27/2023 21 -20.4 N/A Benchmark: SG Trend Index -- -- -- -7.2 --

Probationary Threshold: EARNEST Partners underperforming the benchmark (Russell Midcap Index) by -3.5%.

Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: EARNEST Partners underperforming the benchmark (Russell Midcap Index) by -1.75% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-18.0
-12.0
-6.0

0.0 6.0

12.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - VRR

0.8 0.9

1.0 1.1
VRR
Jun-20
Mar-21
Dec-21
Sep-22
Jun-23
Mar-24
Dec-24
Jun-25
Medium Term - Rolling 36-Month Excess Return
-8.0
-4.0

0.0 4.0

8.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
EARNEST Partners 5.5 8.5 11.0
Russell Midcap Index 15.2 14.3 13.1
eV US Mid Cap Core Equity Rank 94 97 76
Monitoring Status
-
Oakland Police and Fire Retirement System
EARNEST Partners | As of June 30, 2025

Probationary Threshold: Brown Small Cap Value underperforming the benchmark (Russell 2000 Value Index) by -3.5%.

Brown Small Cap Value was incepted in April 2021 and does not have enough history for this monitoring criterion. Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: Brown Small Cap Value underperforming the benchmark (Russell 2000 Value Index) by -1.75% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-5.0

0.0 5.0

10.0 15.0
Excess Performance %
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Sep-24
Jun-25
Long Term - VRR
No data found.

Medium Term - Rolling 36-Month Excess Return
-3.0

0.0 3.0

6.0 9.0
Excess Performance %
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Brown Small Cap Value 4.2 11.7 -
Russell 2000 Value Index 5.5 7.5 12.5
eV US Small Cap Value Equity Rank 58 26 -
Monitoring Status
-
Oakland Police and Fire Retirement System
Brown Small Cap Value | As of June 30, 2025

Probationary Threshold: Rice Hall James underperforming the benchmark (Russell 2000 Growth Index) by -3.5%.

Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: Rice Hall James underperforming the benchmark (Russell 2000 Growth Index) by -1.75% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-20.0
-10.0

0.0 10.0

20.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - VRR

0.8 1.0

1.2 1.4
VRR
Jun-20
Mar-21
Dec-21
Sep-22
Jun-23
Mar-24
Dec-24
Jun-25
Medium Term - Rolling 36-Month Excess Return
-9.0
-6.0
-3.0

0.0 3.0

6.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Rice Hall James 19.2 11.5 9.3
Russell 2000 Growth Index 9.7 12.4 7.4
eV US Small Cap Growth Equity Rank 9 45 37
Monitoring Status
-
Oakland Police and Fire Retirement System
Rice Hall James | As of June 30, 2025

Probationary Threshold: Tracking Error of Vanguard Developed Markets ETF (VEA) is more than 0.5%.

Probationary Threshold: Vanguard Developed Markets ETF (VEA) underperforming the benchmark (FTSE Developed All Cap ex US) by -0.4% for six consecutive months. To account for the delayed pricing discrepancies due to the time-zone differences among global securities markets, the fair value price (FVP) adjusted return streams are used for the calculations on this page.

Probationary Threshold: Tracking Error of Vanguard Developed Markets ETF (VEA) is more than 0.45% for six consecutive months.

Short Term - Rolling 12-Month Tracking Error

0.0 0.6

1.2 -0.6
-1.0
Excess Std Deviation %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - Rolling 60-Month Excess Return
-0.4
-0.2

0.0 0.2
Excess Performance %
Aug-24
Nov-24
Feb-25
Jun-25
Medium Term - Rolling 36-Month Tracking Error

0.0 0.6

1.2 -0.6
-1.0
Excess Std Deviation %
Aug-22
Feb-23
Aug-23
Feb-24
Aug-24
Feb-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Vanguard Developed Markets ETF (VEA) 18.8 15.5 11.4
FTSE Developed All Cap ex US 19.3 15.7 11.4
Monitoring Status
-
Oakland Police and Fire Retirement System
Vanguard Developed Markets ETF (VEA) | As of June 30, 2025

Probationary Threshold: SGA ACWI ex US underperforming the benchmark (MSCI ACWI ex US (Net)) by -4.5%.

Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: SGA ACWI ex US underperforming the benchmark (MSCI ACWI ex US (Net)) by -2.0% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-8.0
-4.0

0.0 4.0

8.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - VRR

0.8 1.0

1.2 1.4
VRR
Jun-20
Mar-21
Dec-21
Sep-22
Jun-23
Mar-24
Dec-24
Jun-25
Medium Term - Rolling 36-Month Excess Return
-4.0
-2.0

0.0 2.0

4.0 6.0
Excess Performance %
Nov-22
May-23
Nov-23
May-24
Nov-24
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
SGA ACWI ex US 23.5 18.2 12.1
MSCI ACWI ex US (Net) 17.7 14.0 10.1
eV ACWI ex-US All Cap Core Eq Rank 20 11 27
Monitoring Status
-
Oakland Police and Fire Retirement System
SGA ACWI ex US | As of June 30, 2025

Probationary Threshold: Ramirez Core underperforming the benchmark (Blmbg. U.S.

Aggregate Index) by -1.5%.

Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: Ramirez Core underperforming the benchmark (Blmbg. U.S.

Aggregate Index) by -1.0% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-4.0
-2.0

0.0 2.0

4.0 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - VRR

0.9 1.0

1.1 VRR
Jun-20
Mar-21
Dec-21
Sep-22
Jun-23
Mar-24
Dec-24
Jun-25
Medium Term - Rolling 36-Month Excess Return
-1.8
-0.9

0.0 0.9

1.8 2.7
Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core 6.1 2.8 0.0
Blmbg. U.S. Aggregate Index 6.1 2.5 -0.7
eV US Core Fixed Inc Rank 58 59 22
Monitoring Status
-
Oakland Police and Fire Retirement System
Ramirez Core | As of June 30, 2025

Probationary Threshold: Wellington Core Bond Plus underperforming the benchmark (Blmbg.

U.S. Aggregate Index) by -1.5%.

Wellington Core Bond Plus was incepted in June 2025 (replacing Wellington Core Bond) and does not have enough history for this monitoring criterion. Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: Wellington Core Bond Plus underperforming the benchmark (Blmbg.

U.S. Aggregate Index) by -1.0% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
No data found.

Long Term - VRR
No data found.

Medium Term - Rolling 36-Month Excess Return
No data found.

Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond Plus - - -
Blmbg. U.S. Aggregate Index 6.1 2.5 -0.7
eV US Core Plus Fixed Inc Rank - - -
Monitoring Status
-
Oakland Police and Fire Retirement System
Wellington Core Bond Plus | As of June 30, 2025

Probationary Threshold: Reams Core Plus underperforming the benchmark (Fixed Income & Credit Benchmark) by -1.5%.

Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.

Probationary Threshold: Reams Core Plus underperforming the benchmark (Fixed Income & Credit Benchmark) by -1.0% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-2.7
-1.8
-0.9

0.0 0.9

1.8 Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Long Term - VRR

0.8 0.9

1.0 1.1
VRR
Jun-20
Mar-21
Dec-21
Sep-22
Jun-23
Mar-24
Dec-24
Jun-25
Medium Term - Rolling 36-Month Excess Return
-2.0

0.0 2.0

4.0 6.0
Excess Performance %
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jun-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 7.0 3.7 0.4
Fixed Income & Credit Benchmark 6.4 3.3 -0.2
eV US Core Plus Fixed Inc Rank 24 50 48
Monitoring Status
-
Oakland Police and Fire Retirement System
Reams Core Plus | As of June 30, 2025

Appendix

Oakland Police and Fire Retirement System
MEKETA.COM
Additional Information
Additional Information
Performance Return Types: Performance shown is net of fees, except for OPFRS T otal Plan, Domestic Equity, and International Equity Composites, which have a mix of gross and net of fees performance. Performance shown for OPFRS T otal Plan and International Equity composite is gross of fees prior to January 2016. Performance shown for Domestic Equity composite is gross of fees prior to January 2017.

Inception Date: Since inception date and performance begin in the month following an investments initial funding.

Fiscal Year: Fiscal year begins on July 1.

Fair Value Pricing Methodology: Though Vanguard Developed Markets ETF is a passive strategy, short-term performance may appear to diverge from the index it tracks more than would be expected. This is due to Fair Value Pricing (FVP) adjustments that address the pricing discrepancies that may arise from time-zone differences among global securities markets. The resulting temporary divergence is expected to correct itself when the foreign markets reopen.

Disclaimer, Glossary, and Notes

Disclaimer, Glossary, and Notes

MEKETA.COM
THIS REPORT (THE “REPORT”) HAS BEEN PREPARED FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE “RECIPIENT”).

SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT, AND IT IS NOT OUR FUNCTION OR RESPONSIBILITY TO UPDATE THIS REPORT. THE INFORMATION CONTAINED HEREIN, INCLUDING ANY OPINIONS OR

RECOMMENDATIONS, REPRESENTS OUR GOOD FAITH VIEWS AS OF THE DATE OF THIS REPORT AND IS SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK, AND THERE CAN BE NO GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL.

THE INFORMATION USED TO PREPARE THIS REPORT MAY HAVE BEEN OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL SOURCES. SOME OF THIS REPORT MAY HAVE BEEN PRODUCED WITH THE ASSISTANCE OF ARTIFICIAL INTELLIGENCE (“AI”) TECHNOLOGY. WHILE WE HAVE EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT

GUARANTEE THE ACCURACY, ADEQUACY, VALIDITY, RELIABILITY, AVAILABILITY, OR COMPLETENESS OF ANY INFORMATION CONTAINED HEREIN, WHETHER OBTAINED EXTERNALLY OR PRODUCED BY THE AI.

THE RECIPIENT SHOULD BE AWARE THAT THIS REPORT MAY INCLUDE AI-GENERATED CONTENT THAT MAY NOT HAVE CONSIDERED ALL RISK FACTORS. THE RECIPIENT IS ADVISED TO CONSULT WITH THEIR MEKETA ADVISOR OR ANOTHER PROFESSIONAL ADVISOR BEFORE MAKING ANY FINANCIAL DECISIONS OR TAKING ANY ACTION BASED ON THE CONTENT OF THIS REPORT. WE BELIEVE THE

INFORMATION TO BE FACTUAL AND UP TO DATE BUT DO NOT ASSUME ANY RESPONSIBILITY FOR ERRORS OR OMISSIONS IN THE CONTENT PRODUCED. UNDER NO CIRCUMSTANCES SHALL WE BE LIABLE FOR ANY SPE CIAL, DIRECT, INDIRECT, CONSEQUENTIAL,

OR INCIDENTAL DAMAGES OR ANY DAMAGES WHATSOEVER, WHETHER IN AN ACTION OF CONTRACT, NEGLIGENCE, OR OTHER TORT, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS CONTENT. IT IS IMPORTANT FOR THE RECIPIENT TO CRITICAL LY EVALUATE THE INFORMATION PROVIDED.

CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE “FORWARD -LOOKING STATEMENTS,” WHICH CAN BE IDENTIFIED BY THE USE OF TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “AIM,” “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE,” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD-LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS REPORT ARE BASED UPON CURRENT ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MA Y HAVE A MATERIAL IMPACT ON FORWARD -LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS REPORT.

PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Disclaimer, Glossary, and Notes

MEKETA.COM
Credit Risk: Refers to the risk that the issuer of a fixed income security may default (i.e., the issuer will be unable to make timely pri ncipal and/or interest payments on the security).

Duration: Measure of the sensitivity of the price of a bond to a change in its yield to maturity. Duration summarizes, in a single num ber, the characteristics that cause bond prices to change in response to a change in interest rates. For example, the price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. Conversely, the price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compa red using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three -year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years.

Information Ratio: This statistic is a measure of the consistency of a portfolio’s performance relative to a benchmark. It is calculated by subtracting the benchmark return from the portfolio return (excess return), and dividing the resulting excess return by the standard d eviation (volatility) of this excess return. A positive information ratio indicates outperformance versus the benchmark, and the higher the information ratio, the more consistent the outperformance.

Jensen’s Alpha: A measure of the average return of a portfolio or investment in excess of what is predicted by its beta or “market” risk. Po rtfolio Return- [Risk Free Rate+Beta*(market return-Risk Free Rate)].

Market Capitalization: For a firm, market capitalization is the total market value of outstanding common stock. For a portfolio, market capitalization is the sum of the capitalization of each company weighted by the ratio of holdings in that company to total portfolio holding s; thus it is a weighted - average capitalization. Meketa Investment Group considers the largest 65% of the broad domestic equity market as large capitalization, the next 25% of the market as medium capitalization, and the smallest 10% of stocks as small capitalization.

Market Weighted: Stocks in many indices are weighted based on the total market capitalization of the issue. Thus, the individual returns of higher market-capitalization issues will more heavily influence an index’s return than the returns of the smaller market-capitalization issues in the index.

Maturity: The date on which a loan, bond, mortgage, or other debt/security becomes due and is to be paid off.

Prepayment Risk: The risk that prepayments will increase (homeowners will prepay all or part of their mortgage) when mortgage interest rates decline; hence, investors’ monies will be returned to them in a lower interest rate environment. Also, the risk that prepayments will slow down when mortgage interest rates rise; hence, investors will not have as much money as previously anticipated in a higher interest rat e environment. A prepayment is any payment in excess of the scheduled mortgage payment.

Price-Book Value (P/B) Ratio: The current market price of a stock divided by its book value per share. Meketa Investment Group calculates P/B as the current price divided by Compustat's quarterly common equity. Common equity includes common stock, capital surplus, r etained earnings, and treasury stock adjusted for both common and nonredeemable preferred stock. Similar to high P/E stocks, stocks with high P/B’s tend to be riskier investments.

Disclaimer, Glossary, and Notes

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Price-Earnings (P/E) Ratio: A stock’s market price divided by its current or estimated future earnings. Lower P/E ratios often characterize stocks in low growth or mature industries, stocks in groups that have fallen out of favor, or stocks of established blue chip companies with long records of stable earnings and regular dividends. Sometimes a company that has good fundamentals may be viewed unfavorably by the market if it is an industry that is temporarily out of favor. Or a business may have experienced financial problems causing investors to be skeptical about is future. Either of these situations would result in lower relative P/E ratios. Some stocks exhibit above-average sales and earnings growth or expectations for above average growth. Consequently, investors are willing to pay more for these companies’ earnings, which results in elevated P/E ratios. In other words, investors will pay more for shares of companies whose profits, in their opinion, are expected to increase faster than average. Because future events are in no way assured, high P/E stocks tend to be riskier and more volatile investments. Meketa Investment Group calculates P/E as the current price divided by the I/B/E/S consensus of twelve-month forecast earnings per share.

Quality Rating: The rank assigned a security by such rating services as Fitch, Moody’s, and Standard & Poor’s. The rating may be determined by such factors as (1) the likelihood of fulfillment of dividend, income, and principal payment of obligations; (2) the nature a nd provisions of the issue; and (3) the security’s relative position in the event of liquidation of the company. Bonds assigned the top four grades (AAA, AA, A, BBB) are considered investment grade because they are eligible bank investments as determined by the controller of the currency.

Sharpe Ratio: A commonly used measure of risk-adjusted return. It is calculated by subtracting the risk free return (usually three -month Treasury bill) from the portfolio return and dividing the resulting excess return by the portfolio’s total risk level (standard deviation). The result is a measure of return per unit of total risk taken. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance.

STIF Account: Short-term investment fund at a custodian bank that invests in cash-equivalent instruments. It is generally used to safely invest the excess cash held by portfolio managers.

Standard Deviation: A measure of the total risk of an asset or a portfolio. Standard deviation measures the dispersion of a set of numbers around a central point (e.g., the average return). If the standard deviation is small, the distribution is concentrated within a na rrow range of values. For a normal distribution, about two thirds of the observations will fall within one standard deviation of the mean, and 95% of the observations will fall within two standard deviations of the mean.

Style: The description of the type of approach and strategy utilized by an investment manager to manage funds. For example, the style for equities is determined by portfolio characteristics such as price-to-book value, price-to-earnings ratio, and dividend yield. Equity styles include growth, value, and core.

Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, as defined by the difference in standard deviation.

Disclaimer, Glossary, and Notes

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Yield to Maturity: The yield, or return, provided by a bond to its maturity date; determined by a mathematical process, usually requiring the use of a “basis book.” For example, a 5% bond pays $5 a year interest on each $100 par value. To figure its current yield, divide $5 by $95—the market price of the bond—and you get 5.26%. Assume that the same bond is due to mature in five years. On the maturity date, the issuer is pledged to pay $100 for the bond that can be bought now for $95. In other words, t he bond is selling at a discount of 5% below par value. To figure yield to maturity, a simple and approximate method is to divide 5% by the five years to maturity, which equals 1% pro rata yearly. Add that 1% to the 5.26% current yield, and the yield to maturity is roughly 6.26%.

5% (discount) = 1% pro rata, plus

5.26% (current yield) = 6.26% (yield to maturity) 5 (yrs. to maturity) Yield to Worst: The lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calc ulated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, incl uding prepayment, call, or sinking fund, are used by the issuer.

NCREIF Property Index (NPI): Measures unleveraged investment performance of a very large pool of individual commercial real estate properties acquired in the private market by tax -exempt institutional investors for investment purposes only. The NPI index is capitalization -weighted for a quarterly time series composite total rate of return.

NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE): Measures the investment performance of 28 open-end commingled funds pursuing a core investment strategy that reflects funds' leverage and cash positions. The NFI-ODCE index is equal-weighted and is reported gross and net of fees for a quarterly time series composite total rate of return.

Sources: Investment Terminology, International Foundation of Employee Benefit Plans, 1999.

The Handbook of Fixed Income Securities, Fabozzi, Frank J., 1991 The Russell Indices®, TM, SM are trademarks/service marks of the Frank Russell Company.

Throughout this report, numbers may not sum due to rounding.

Returns for periods greater than one year are annualized throughout this report.

Values shown are in millions of dollars, unless noted otherwise.