Rules & Legislation Committee
January 29, 2026

Oakland Police and Fire Retirement System
Quarterly Performance Report as of
September 30, 2025

Oakland Police and Fire Retirement System
Table of Contents

1. Executive Summary

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

3. Quarterly Performance as of September 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 September 30, 2025

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Total Portfolio Review
The Oakland Police and Fire Retirement System (OPFRS) finished the quarter with $498.1 million in assets after net cash flows including monthly benefit payments.

Cash Flow Summary ($ Millions) Quarter / FYTD 1 Year
Beginning Market Value 480.7 475.2
Net Cash Flows (including Benefit Payments) -7.1 -20.0
Net Investment Change (Gain/Loss) 24.4 42.8
Ending Market Value 498.1 498.1
As of September 30, 2025, all asset classes were within their long-term target allocation ranges.1 → During the quarter, the transition to the long-term asset allocation policy was complete after funding Loop Core Fixed Income.

Investment Performance2
QTD / FYTD CYTD 1 Year 3 Year 5 Year
Total Plan (Gross) 4.8 11.0 9.1 13.5 8.1
Total Plan (Net) 4.7 10.5 8.5 13.1 7.7
Policy Benchmark 4.3 10.2 8.6 14.2 8.0
Excess Return (Net) 0.4 0.3 -0.1 -1.1 -0.3
Public DB ($250M-$1B) Median Fund 4.7 11.2 10.2 13.5 8.7 Total Plan (Net) vs. Peer Median Fund 0.1 -0.7 -1.6 -0.5 -1.0 Peer Group Percentile Rank 45 66 86 57 79

1 The current long-term asset allocation policy that became effective on July 1, 2024. 2 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 120-125 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 September 30, 2025

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Asset Class and Manager Highlights1
→ The Total Plan outperformed its Policy Benchmark during the quarter and calendar year -to-date, o n both gross- and net-of-fees basis.
• The Plan’s quarterly outperformance was driven primarily by the outperformance within the International Equity and Fixed Income asset classes.
→ All asset classes and underlying managers generated positive absolute returns during the quarter. All asset classes except Domestic Equity outperformed their respective asset class benchmarks in this period. → Domestic Equity generated positive absolute returns though it underperformed its broad market benchmark (Russell 3000 Index) across all time periods.
• All active Domestic Equity managers lagged their respective style-specific benchmarks for the quarter. → International Equity and its manager (SGA) outperformed their respective benchmarks across all time periods. • The passive Vanguard Developed Market ETF was liquidated during the quarter as part of the transition rebalance process.
→ Fixed Income and its underlying managers outperformed or matched its custom benchmark2 during the quarter as well as over the longer trailing periods.
• During the quarter, Loop Capital was added to the portfolio as a Core Fixed Income manager. → The Crisis Risk Offset (CRO) portfolio outperformed or matched 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 passive Vanguard Long-Term Treasury 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 September 30, 2025

Economic and Market Update

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Commentary
In the third quarter, most stock and bond markets delivered positive returns, benefiting from renewed interest rate cuts from the Federal Reserve, continued strong artificial intelligence demand and investment, and overall solid corporate earnings.
→ US stocks enjoyed a broad rally in the third quarter with the Russell 3000 gaining 8.2%. L arge cap stocks trailed small cap stocks in a reversal of the prior trend with mixed results across market capitalizations for growth and value.
→ Non-US developed market stocks lagged US stocks in the third quarter (MSCI EAFE +4.8%) with value outperforming growth.
→ Emerging market stocks beat developed market stocks in the third quarter with the MSCI emerging market index gaining +10.6% and up a leading 27.5% year-to-date; Chinese stocks drove the emerging market index higher with the MSCI China index returning 20.7% in the quarter and 41.6% year-to-date. → In general, bond markets performed well in the third quarter supported by softer labor data and largely dovish central banks , with high yield bonds and long-dated Treasuries both returning 2.5% for the quarter , slightly outperforming the broad US bond market (+2.0%) and TIPS (+2.1%). → Chair Powell’s comments from Jackson Hole buoyed market expectations for more rate cuts this year . In addition to continued public pressure on Chair Powell, the Administration also signaled that it would investigate Federal Open Market Committee (FOMC) member Lisa Cook adding to market concerns about future Fed independence. → Key questions going forward include how the Fed will manage interest rates given competing pressures on its dual mandate of inflation and employment, will tariff pressures eventually show up in inflation, can earnings growth remain resilient in the US , will the recent rotation into small cap stocks continue, and how will China’s economy and relations with the US track.

Economic and Market Update

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Index Returns1
YTD Q3
→ There were broad gains across asset classes in the third quarter given the Fed’s rate cut in September with more expected, resilient corporate earnings, and ongoing AI enthusiasm. Small cap US stocks led the way particularly benefiting from lower rate expectations as well as a resilient US economy and lower valuations relative to large cap technology companies.
→ For the year -to-date through September, international markets experienced the best results with +40% gains in China helping emerging market stocks and a weakening US dollar particularly benefiting developed international stocks (MSCI EAFE).

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

27.5%

25.1%

18.4%

15.4%

14.8%

14.4%

10.4%

9.4%

7.2%

6.9%

6.1%

5.7%

4.5%
MSCI Emerging Markets

MSCI EAFE

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

12.4%

10.6%

8.2%

8.1%

7.6%

4.8%

4.8%

3.6%

2.8%

2.5%

2.1%

2.0%

1.6%
Russell 2000
MSCI Emerging Markets
Russell 3000
S&P 500

MSCI ACWI
FTSE NAREIT Equity

MSCI EAFE
Bloomberg Commodity Index
JPM GBI-EM Global Diversified
Bloomberg High Yield
Bloomberg US TIPS
Bloomberg Aggregate
Bloomberg Short-Term TIPS

Economic and Market Update

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Domestic Equity Returns1

Domestic Equity
September
(%)
Q3
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
S&P 500 3.6 8.1 14.8 17.6 24.9 16.4 15.3
Russell 3000 3.5 8.2 14.4 17.4 24.1 15.7 14.7
Russell 1000 3.5 8.0 14.6 17.7 24.6 16.0 15.0
Russell 1000 Growth 5.3 10.5 17.2 25.5 31.6 17.6 18.8
Russell 1000 Value 1.5 5.3 11.7 9.4 16.9 13.9 10.7
Russell MidCap 0.9 5.3 10.4 11.1 17.7 12.6 11.4
Russell MidCap Growth -0.3 2.8 12.8 22.0 22.8 11.2 13.4 Russell MidCap Value 1.3 6.2 9.5 7.6 15.5 13.6 10.0
Russell 2000 3.1 12.4 10.4 10.8 15.2 11.5 9.8
Russell 2000 Growth 4.2 12.2 11.7 13.6 16.7 8.4 9.9
Russell 2000 Value 2.0 12.6 9.0 7.9 13.5 14.6 9.2
US Equities: The Russell 3000 index returned 8.2% in the third quarter and 14.4% year-to-date. → US stocks increased sharply during the third quarter as the Federal Reserve lowered interest rates, corporate earnings largely came in above expectations, and economic growth surprised to the upside . The enthusiasm surrounding AI helped push the indices higher, as well. → Small cap stocks, represented by the Russell 2000 Index, outperformed both mid and large cap stocks during the quarter. The small cap index’s higher weighting to biopharma stocks contributed to the outperformance as well as the overall strength of the economy and expectations for lower rates given their generally higher leverage. → Value stocks outperformed growth stocks during the quarter (except in the large cap space). The outperformance of large technology and consumer discretionary stocks drove this dynamic.

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

Economic and Market Update

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Russell 3000 Sector Returns1
→ During the third quarter, technology stocks led all sectors, with Apple and NVIDIA being the largest contributors in the Russell 3000 Index, as AI enthusiasm continued.
→ The traditionally defensive consumer staples sector was the only area to decline in the risk-on environment of the third quarter. Many of these companies, like Philip Morris, Costco, and Coca-Cola, continue to be challenged by tariffs and consumers’ changing preferences given higher expected prices. → For the year through September , all sectors posted gains with technology , again, leading the way and defensive sectors, like healthcare and consumer staples, producing the smallest gains.

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

8.3% 5.7%
-2.8%

5.8% 4.7% 4.6% 3.2%

14.3%

4.3% 6.2% 8.2%

17.9%

7.3%

3.8% 3.9%

13.8%

1.1%

9.7%

22.9%

13.4% 15.2% 14.4%
-10%
0%
10%
20%
30%
Q3 YTD

Economic and Market Update

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Foreign Equity Returns1

Foreign Equity
September
(%)
Q3
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
MSCI ACWI Ex US 3.6 6.9 26.0 16.4 20.7 10.2 8.2
MSCI EAFE 1.9 4.8 25.1 15.0 21.7 11.1 8.2
MSCI EAFE (Local Currency) 1.8 5.4 13.6 12.9 16.9 12.5 8.6 MSCI EAFE Small Cap 1.6 6.2 28.4 17.7 19.6 8.5 7.9
MSCI Emerging Markets 7.2 10.6 27.5 17.3 18.2 7.0 8.0
MSCI Emerging Markets (Local Currency) 7.1 12.2 24.3 18.8 18.1 8.6 9.1 MSCI EM ex China 6.0 6.6 22.1 12.2 17.9 11.1 8.8
MSCI China 9.8 20.7 41.6 30.8 19.4 0.4 6.8
Foreign Equity: Developed international equities (MSCI EAFE) returned 6.9% in the third quarter and 26.0% year-to-date, and the emerging markets index rose 10.6% in the third quarter and 27.5% year-to-date. → Developed markets posted solid gains in the third quarter, driven by easing monetary policy, strong corporate earnings, and AI-related enthusiasm. Eurozone equities, while positive, were the laggards of the quarter, with losses in Germany and political instability in France somewhat balanced by strong performance by financials and stable inflation. The UK saw solid performance supported by strong bank earnings and resilient consumer demand despite rising debt. Japan was a top performer, benefiting from a weaker yen, strong tech exports, and favorable political shifts. → Emerging markets outperformed developed peers in the third quarter, aided by easing trade tensions and strong tech performance. China led the way with a significant 20.7% return for the quarter, benefitting from domestic chipmaker support, accelerating AI spending, and optimism surrounding policies to reduce unproductive competition. Tech enthusiasm benefited other Asian markets, particularly Taiwan and Korea. Brazil lagged, due largely to political uncertainty.

India saw losses, with the recent imposition of very punitive tariffs by the US weighing heavily on performance.

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

Economic and Market Update

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Equity Cyclically Adjusted P/E Ratios1

→ US stock valuations increased in the third quarter, finishing September with a cyclically adjusted P/E ratio of 39.4.

This level is well above their long-run average of 28.4. → Given strong results this year in n on-US developed stocks , valuations have moved slightly above their long-run P/E ratio (22.1 versus 21.0).
→ As emerging market stocks lead the way in 2025 their valuations are now also trading at levels above their long-run average (18.5 versus 16.7).

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 the average of monthly “as reported” earnings over the previous ten years. Data is as of September 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.
0 5
10 15
20 25
30 35
40 45

EAFE EM US
US PE Average = 28.4
EAFE PE Average = 21.0
EM PE Average = 16.7

39.4 22.1

18.5

Economic and Market Update

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Fixed Income Returns1
Fixed Income
September
(%)
Q3
(%)
YTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
Current
Yield
(%)
Duration
(Years)
Bloomberg Universal 1.1 2.1 6.3 3.4 5.6 0.1 2.3 4.6 5.9 Bloomberg Aggregate 1.1 2.0 6.1 2.9 4.9 -0.4 1.8 4.4 6.1 Bloomberg US TIPS 0.4 2.1 6.9 3.8 4.9 1.4 3.0 4.1 6.6
Bloomberg Short-term TIPS 0.0 1.6 5.7 5.5 5.4 3.7 3.1 3.8 2.4 Bloomberg US Long Treasury 3.1 2.5 5.6 -3.5 0.4 -7.8 -0.1 4.7 14.7 Bloomberg High Yield 0.8 2.5 7.2 7.4 11.1 5.5 6.2 6.7 3.1 JPM GBI-EM Global Diversified (USD) 1.4 2.8 15.4 7.4 11.3 2.3 3.5 -- -- Fixed Income: The Bloomberg Universal index rose 2.1% in the third quarter, returning 6.3% year-to-date. → The US yield curve shifted lower on expected monetary policy easing in the coming quarters and strong risk appetite by investors provided positive performance for credit indexes. → In this environment , the broad US bond market (Bloomberg Aggregate) returned 2.0% with longer dated US Treasuries performing slightly better (2.5%). Longer and short-dated TIPS gained 2.1% and 1.6%, respectively, as inflation risks remained elevated.
→ Positive risk sentiment supported emerging market debt (+2.8%) and high yield (+2.5%). Year-to-date performance in emerging markets solidly exceeded other fixed income indices, and the broad US stock market.

1 Source: Bloomberg. Data is as of September 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
→ A rate cut by the Fed , with more expected weakness in the labor market, and no signs yet of tariffs significantly influencing inflation drove rates lower across the yield curve in the third quarter. → The policy sensitive 2-year nominal Treasury yield was volatile during the quarter but overall fell from 3.72% to

3.61% given the anticipation of additional interest rate cuts by the Fed. → The 10-year nominal Treasury yield was also volatile and declined from 4.23% to 4.15% for the quarter, while the 30-year nominal Treasury yield fell slightly from 4.78% to 4.73%.

1 Source: Bloomberg. Data is as of September 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%
8/31/2024 9/30/2025

Economic and Market Update

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Gold1
→ In a period where risk assets have done particularly well, gold, which is usually perceived as a safe haven , has done even better, gaining over 47% year-to-date through September. → Key drivers of gold ’s strong year include central bank demand, a weak US dollar, inflation concerns, and expectations for lower rates.

1 Source: Bloomberg as of September 30, 2025. Gold Spot Price is quoted as US Dollars per Troy Ounce. $3,859
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
2000 2005 2010 2015 2020 2025
($ / Ounce)

Economic and Market Update

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Credit Spreads vs. US Treasury Bonds1

→ During the third quarter, despite already being historically tight, credit spreads continued to grind lower given the resilient US economy, strong corporate balance sheets/low default rates, and investor demand for yield. → Investment grade spreads (the difference in yield from a comparable Treasury) moved further below 1.0% during the quarter (0.8% to 0.7%).
→ High yield spreads fell from 2.9% to 2.7% in the third quarter, while emerging market spreads dropped from 2.2% to 2.0%.
→ All yield spreads remained below their respective long-run averages, especially high yield (2.7% versus 4.9%).

1 Source: Bloomberg. Data is as of September 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. 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Emerging Market Debt Investment Grade Corporates US High Yield Inv. Grade
Average = 1.4%
High Yield
Average = 4.9%
Emerging Mkt Debt
Average = 3.4%

0.7%

2.7%

2.0%

Economic and Market Update

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Equity and Fixed Income Volatility1

→ Volatility spiked in April after the “Liberation Day” tariff announcement but has since declined to below long-run averages.
→ Resilient earnings data, despite tariffs and expectations for the Fed to continue to cut rates, has kept equity market volatility (VIX) relatively low.
→ Despite fiscal policy uncertainty and debt concerns , the MOVE index has largely declined as confidence has increased in the Fed cutting rates.

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 September 30, 2025. The average line indicated is the average of the VIX and MOVE values between January 2005 and September 2025. 0 10
20 30
40 50
60 70
80 VIX Index
-1 Std. Dev.
+1 Std. Dev.

16.3 Avg = 19.9
0 50
100
150
200
250
MOVE Index
-1 Std. Dev.
+1 Std. Dev.

77.9 Avg = 89.8

Economic and Market Update

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US Inflation1
→ The recent government shutdown has caused a delay in the release of government economic reports like CPI from the Bureau of Labor Statistics. This has led to investors increasing use of other models and private data to assess the economy.
→ Bloomberg’s real-time inflation models have recently trended up to levels still above the Fed’s average target of

2.0%.
→ Market and survey -based measures of inflation show a divergence between short -term (higher) and long -term (lower) expectations for how inflation will track. This dynamic is likely driven by the anticipation that tariff related price increases have still not shown up in the numbers.

1 Source: Bloomberg and University of Michigan. Data is as of September 30, 2025, except the Nowcast models which are as of October 15, 2025. 0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2022 2023 2024 2025
YoY Percent Change
Bloomberg Economics US CPI Nowcast
Bloomberg Economics US Core CPI Nowcast

3.1%

3.0%

4.7%

3.2%

2.4%
-6%
-4%
-2%
0%
2%
4%
6%
8%
1-year Inflation Expectation (U. Michigan)
1-Year Inflation Swap
10 Year Breakeven Rate

Economic and Market Update

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Global Inflation (CPI Trailing Twelve Months)1

→ Inflation in the eurozone reaccelerated slightly over the quarter from 2.0% to 2.2%, a level just above the ECB’s

2.0% target, driven by a rise in service costs; the ECB held rates steady at 2.0% in early September with markets largely expecting no additional rate cuts given rising prices. → In Japan, inflation declined from 3.3% at the end of June to 2.7% at the end of August given a decline in electricity prices due to government subsidies and a drop in gas prices . Despite the recent decline, inflation remains above the 2.0% target, making it likely the Bank of Japan will hold rates steady for now. → In China, despite considerable policy stimulus, deflation returned in two of the three months during the quarter. A sharp fall in food prices was a key cause of the deflationary pressures.

1 Source: Bloomberg. Data is as of September 2025, except Japan which is as of August 2025. -2%
0%
2%
4%
6%
8%
10%
12%
Eurozone China Japan

2.2%
-0.3%

2.7%

Economic and Market Update

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US Unemployment1

→ Like inflation, the government shutdown means that current official employment data is also not available, however other private indicators support growing concerns regarding a softening labor market in the US. → Government layoffs, a declining number of jobs created (ADP) , and a falling number of job postings (Indeed) are also pointing to a deteriorating jobs market.

1 Source: ADP and Indeed. Data is as of September 30, 2025. -32
-200
0 200
400
600
800
1000
1200
1400Change in Jobs (Thousands)
ADP Change in Jobs
102.4
0 20
40 60
80 100
120
140
160
180Job Postings Index (Feb 2020=100)
Indeed Job Postings

Economic and Market Update

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Global Policy Rates1

→ The Fed started cutting interest rates again , but other central banks have generally paused. Futures markets are predicting the Fed to cut rates two more time s to ~3.6% by year -end and three more times in 2026 as unemployment revisions indicate a weaker than previously thought labor market. → The ECB held rates steady in the third quarter after four cuts earlier in the year, while the Bank of England cut rates in August and held them steady in September. After cutting rates in May of last year, China’s central bank has held rates steady, although disinflationary pressures continue to be a concern. → Japan kept rates at current levels in the face of uncertain inflationary and trade pressures but voted to slow its purchase of Japanese sovereign debt in a continuing retreat from quantitative easing.

1 Source: Bloomberg. Data is as of September 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. -1%
1%
2%
3%
4%
5%
6%
Policy Rate
United States Eurozone China Japan United Kingdom

4.1%

2.0%

2.0%

0.5%

4.0%

Economic and Market Update

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US Dollar vs. Broad Currencies1

→ The US dollar hit near-historic highs in January of 2025 but since then its value has declined by ~11%. → The US dollar stabilized in the third quarter on the easing of trade war concerns. → Typically, higher interest rates support the US dollar but recent concerns over changing US administration policies and slowing growth have weighed on the value of the US dollar.

1 Source: Bloomberg. Data as of September 30, 2025.
$60
$70
$80
$90
$100
$110
$120
$130DXY Index
$97.8

Economic and Market Update

MEKETA.COM
Key Trends
→ According to the International Monetary Fund’s (IMF) October’s World Economic Outlook, the global economy will decelerate from 3.2% in 2025 to 3.1% in 2026 . The US is expected to modestly accelerate economic growth in 2026 to 2.1% from 2.0% in 2025. The euro area will slow slightly from 1.2% in 2025 to 1.1% in 2026. China’s economy is expected to slow from 4.8% in 2025 to just 4.2% in 2026. → Despite the recent pause in negotiations related to tariffs, many questions remain including how they will ultimately impact inflation . Overall, higher tariff levels and continued uncertainty could weigh on growth while increasing prices. Inflation levels and potential developments with tariffs combined with a weakening labor market will complicate the Fed’s rate cutting path . A lengthy government shutdown and a lack of official economic reports could create further complications for the Fed and others to assess the health of the economy. → Some signs of stress have started to emerge on the US consumer, with growing weakness in the jobs market and 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 n even weaker job market. The recent resumption of collecting and reporting delinquent student loans could be a further headwind to consumption. → US equities have fully recovered from substantial losses experienced during the first week of April and have reached new highs. A relatively strong second quarter earnings season, renewed AI optimism, and prospects of future rate cuts from the Fed all helped drive stocks higher. How earnings track from here, particularly for the large AI related companies that make up a significant portion of indexes, will be key going forward. → Trade tensions between the US and China will remain a n important focus as well as the overall health of China’s economy. With the recent flare up in rhetoric , China has deepened its restrictions on exporting rare earth and critical minerals required in the manufacturing of many high-tech items. In response the US threatened across the board tariffs up to 100  % on Chinese goods. Upcoming negotiations between the two sides will be important to watch. How China manages its slowing economy, and deflationary pressures will also be important.

Quarterly Performance
as of September 30, 2025

Summary of Cash Flows
QTD ($) 1 Year ($)
OPFRS Total Plan
Beginning Market Value 480,701,291 475,224,987
Net Cash Flow -7,071,955 -19,960,898
Net Investment Change 24,442,859 42,808,106
Ending Market Value 498,072,195 498,072,195
Return Summary Ending September 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark

0.0 3.0

6.0 9.0

12.0 15.0

18.0 Rate of Return %
QTD YTD 1 Year 3 Years 5 Years

4.3 10.2

8.6 14.2

8.0 4.7

10.5 8.5

13.1 7.7
Oakland Police and Fire Retirement System
OPFRS Total Plan | As of September 30, 2025
Total Plan performance shown is net of fees.

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

3.2 4.0

4.8 5.6

6.4 Total Return

0.2 0.4 0.6 0.8 1.0 1.2 1.4
Annualized Standard Deviation
Risk-Return Summary
1 Yr Ending September 30, 2025
IM Public DB $250M-$1B OPFRS Total Plan
OPFRS Policy Benchmark

6.0 8.0

10.0 12.0

14.0 Total Return

5.6 6.4 7.2 8.0 8.8 9.6
Annualized Standard Deviation
Return Standard
Deviation
OPFRS Total Plan 4.7 0.7
OPFRS Policy Benchmark 4.3 0.6
Median 4.7 0.7
Return Standard
Deviation
OPFRS Total Plan 8.5 7.5
OPFRS Policy Benchmark 8.6 6.2
Median 10.2 7.2
Oakland Police and Fire Retirement System
Total Plan Risk/Return Summary | As of September 30, 2025 Performance shown is net of fees. Calculation is based on monthly periodicity. Plan Sponser Peer Group shown is net of fees.

Asset Class Performance Summary
Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Gross) 498,072,195 100.0 4.8 11.0 9.1 13.5 8.1 8.6 6.9 Dec-88 OPFRS Policy Benchmark 4.3 10.2 8.6 14.2 8.0 8.5 8.1
Excess Return 0.5 0.7 0.5 -0.7 0.1 0.1 -1.2
Domestic Equity (Gross) 126,912,416 25.5 8.0 12.6 13.1 19.9 13.8 13.3 9.5 Jun-97 Russell 3000 (Blend) 8.2 14.4 17.4 24.1 15.7 14.7 10.0
Excess Return -0.2 -1.8 -4.4 -4.2 -1.9 -1.4 -0.5
International Equity (Gross) 30,388,148 6.1 8.3 31.7 23.1 25.4 13.1 10.1 6.5 Jan-98 MSCI ACWI ex US (Blend) 6.9 26.0 16.4 20.7 10.3 8.2 5.9 Excess Return 1.4 5.7 6.6 4.7 2.8 1.9 0.6
Fixed Income (Gross) 290,590,288 58.3 2.4 6.9 3.6 5.7 0.4 2.6 4.8 Jan-94 Fixed Income Benchmark (Blend) 2.0 6.1 3.2 5.5 0.0 2.2 4.6 Excess Return 0.4 0.8 0.4 0.2 0.3 0.4 0.2
Crisis Risk Offset (Gross) 38,186,997 7.7 5.3 2.9 -1.4 -1.5 -4.5 -- -5.7 Aug-18 Crisis Risk Offset Benchmark 4.9 2.7 0.2 2.9 3.5 -- 0.7 Excess Return 0.4 0.2 -1.6 -4.4 -8.0 -- -6.4
Cash (Gross) 11,994,346 2.4 0.6 1.5 1.7 0.7 0.4 0.9 0.6 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Gross of Fees | As of September 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.

Asset Class Performance Summary
Market Value
($)
% of
Portfolio
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Net) 498,072,195 100.0 4.7 10.5 8.5 13.1 7.7 8.2 6.8 Dec-88 OPFRS Policy Benchmark 4.3 10.2 8.6 14.2 8.0 8.5 8.1
Excess Return 0.4 0.3 -0.1 -1.1 -0.3 -0.2 -1.3
IM Public DB $250M-$1B Median (Net) 4.7 11.2 10.2 13.5 8.7 8.4 8.3 Peer Group Rank 45 66 86 57 79 59 100
Domestic Equity (Net) 126,912,416 25.5 7.9 12.3 12.7 19.5 13.5 13.0 9.4 Jun-97 Russell 3000 (Blend) 8.2 14.4 17.4 24.1 15.7 14.7 10.0
Excess Return -0.3 -2.1 -4.7 -4.6 -2.3 -1.7 -0.6
International Equity (Net) 30,388,148 6.1 8.1 31.0 22.2 24.6 12.4 9.5 6.3 Jan-98 MSCI ACWI ex US (Blend) 6.9 26.0 16.4 20.7 10.3 8.2 5.9 Excess Return 1.2 5.0 5.8 3.9 2.1 1.3 0.4
Fixed Income (Net) 290,590,288 58.3 2.4 6.8 3.4 5.5 0.2 2.4 4.5 Jan-94 Fixed Income Benchmark (Blend) 2.0 6.1 3.2 5.5 0.0 2.2 4.6 Excess Return 0.4 0.7 0.2 0.0 0.1 0.1 0.0
Crisis Risk Offset (Net) 38,186,997 7.7 5.2 2.7 -1.6 -1.7 -4.6 -- -6.0 Aug-18 Crisis Risk Offset Benchmark 4.9 2.7 0.2 2.9 3.5 -- 0.7 Excess Return 0.3 0.0 -1.8 -4.6 -8.1 -- -6.6
Cash (Net) 11,994,346 2.4 0.6 1.5 1.7 0.7 0.4 0.9 0.6 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Net of Fees | As of September 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 September 30, 2025
Selection Effect Allocation Effect Interaction Effect Total Effects

0.0% 0.2% 0.4% 0.6%-0.2 %-0.4 %
Cash
Crisis Risk Offset
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Actual
Weight
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity 31.1 28.0 7.9 8.2 -0.3 0.1 -0.2 0.0 0.1 International Equity 12.1 7.3 8.1 6.9 1.2 0.2 0.1 0.1 0.3 Fixed Income 45.8 55.3 2.4 2.0 0.4 0.2 0.1 0.0 0.4
Credit 0.3 0.0 0.8 2.5 -1.7 0.0 0.0 0.0 0.0
Crisis Risk Offset 7.5 9.3 5.2 4.9 0.3 0.0 0.0 0.0 0.0
Cash 3.1 0.0 0.6 0.6 0.0 -0.1 0.0 0.0 -0.1
Total Plan 100.0 100.0 4.7 4.3 0.4 0.4 0.0 0.0 0.4
Oakland Police and Fire Retirement System
Total Fund Attribution | As of September 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 September 30, 2025
Selection Effect Allocation Effect Interaction Effect Total Effects

0.0% 0.7% 1.4% 2.1% 2.8%-0.7 %-1.4 %-2.1 %-2.8 %-3.5 %
Cash
Crisis Risk Offset
Covered Calls
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Actual
Weight
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity 41.3 32.5 12.7 17.4 -4.7 0.5 -1.6 -0.4 -1.5 International Equity 13.4 10.8 22.2 16.4 5.8 0.3 0.5 0.1 1.0 Fixed Income 29.5 46.8 3.4 3.2 0.2 0.8 0.0 0.0 0.9
Credit 1.2 0.0 4.6 7.4 -2.8 0.0 0.0 0.0 0.0
Covered Calls 3.2 0.0 4.5 4.5 0.1 0.0 0.0 0.0 0.0
Crisis Risk Offset 8.0 9.8 -1.6 0.2 -1.8 0.2 -0.2 0.0 0.0 Cash 3.4 0.0 1.7 1.7 0.0 -0.2 0.0 0.0 -0.2
Total Plan 100.0 100.0 8.6 8.6 0.0 1.5 -1.3 -0.2 0.0
Oakland Police and Fire Retirement System
Total Fund Attribution | As of September 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 September 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark IM Public DB $250M-$1B Median

0.0 5.0

10.0 15.0

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

4.7 11.2 10.2

13.5 8.7

4.3 10.2

8.6 14.2

8.0 4.7

10.5 8.5

13.1 7.7
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
-13.2

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 September 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
(%)
Long-Term
Policy
(%)
Difference
vs. LT Policy
(%)
Long-Term
Policy Range
(%)
Within
Long-Term
Range?
Domestic Equity 126,912,416 25.5 25.0 0.5 15.0 - 35.0 Yes International Equity 30,388,148 6.1 5.0 1.1 0.0 - 10.0 Yes Fixed Income 290,590,288 58.3 61.0 -2.7 46.0 - 76.0 Yes Crisis Risk Offset 38,186,997 7.7 9.0 -1.3 4.0 - 14.0 Yes Cash 11,994,346 2.4 0.0 2.4 0.0 - 5.0 Yes
Total 498,072,195 100.0 100.0 0.0
September 30, 2025: $498,072,194.7
Cash

2.4%
Crisis Risk Offset

7.7%
Domestic Equity

25.5%
International
Equity

6.1 %
Fixed Income

58.3%
September 30, 2024: $475,224,986.7
Cash

7.8%
Credit

2.2%
Crisis Risk Offset

8.3%
International
Equity

13.7 %
Fixed Income

23.9%
Domestic Equity

44.2%
Oakland Police and Fire Retirement System
Asset Allocation | As of September 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 126,912,416 100.0 7.9 12.3 12.7 19.5 13.5 13.0 9.4 Jun-97 Russell 3000 (Blend) 8.2 14.4 17.4 24.1 15.7 14.7 10.0
Excess Return -0.3 -2.1 -4.7 -4.6 -2.3 -1.7 -0.6
Northern Trust Russell 1000 75,227,508 59.3 8.0 14.6 17.7 24.6 15.9 14.9 14.5 Jun-10 Russell 1000 Index 8.0 14.6 17.7 24.6 16.0 15.0 14.5
Excess Return 0.0 0.0 0.0 0.0 -0.1 -0.1 -0.1
EARNEST Partners 25,411,125 20.0 5.1 5.8 2.4 12.5 10.4 12.0 9.2 Apr-06 Russell Midcap Index 5.3 10.4 11.1 17.7 12.7 11.4 9.3
Excess Return -0.2 -4.6 -8.7 -5.2 -2.3 0.6 -0.1
eV US Mid Cap Core Equity Rank 39 64 78 88 75 24 52
Brown Fundamental Small Cap Value 15,437,191 12.2 10.4 5.6 4.1 16.2 -- -- 8.1 Apr-21 Russell 2000 Value Index 12.6 9.0 7.9 13.6 -- -- 4.6
Excess Return -2.2 -3.5 -3.8 2.7 -- -- 3.6
eV US Small Cap Value Equity Rank 25 44 58 29 -- -- 24
Rice Hall James 10,836,592 8.5 9.0 15.8 18.8 16.5 10.0 -- 9.1 Aug-17 Russell 2000 Growth Index 12.2 11.7 13.6 16.7 8.4 -- 8.8 Excess Return -3.2 4.2 5.2 -0.2 1.6 -- 0.2
eV US Small Cap Growth Equity Rank 36 10 11 32 31 -- 69 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of September 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 30,388,148 100.0 8.1 31.0 22.2 24.6 12.4 9.5 6.3 Jan-98 MSCI ACWI ex US (Blend) 6.9 26.0 16.4 20.7 10.3 8.2 5.9 Excess Return 1.2 5.0 5.8 3.9 2.1 1.3 0.4
SGA ACWI ex-U.S. Equity 30,388,148 100.0 8.5 31.7 23.5 25.5 12.6 -- 9.7 Dec-19 MSCI AC World ex USA (Net) 6.9 26.0 16.4 20.7 10.3 -- 8.5 Excess Return 1.6 5.7 7.1 4.8 2.4 -- 1.2
eV ACWI ex-US All Cap Core Eq Rank 14 9 14 10 23 -- 33
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of September 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 290,590,288 100.0 2.4 6.8 3.4 5.5 0.2 2.4 4.5 Jan-94 Fixed Income Benchmark (Blend) 2.0 6.1 3.2 5.5 0.0 2.2 4.6 Excess Return 0.4 0.7 0.2 0.0 0.1 0.1 0.0
Ramirez Core Fixed Income 79,401,957 27.3 2.3 6.6 3.1 5.2 0.1 -- 2.2 Jan-17 Blmbg. U.S. Aggregate Index 2.0 6.1 2.9 4.9 -0.4 -- 1.9 Excess Return 0.3 0.5 0.3 0.3 0.5 -- 0.4
eV US Core Fixed Inc Rank 13 14 40 58 25 -- 38
Loop Core Fixed Income 63,806,036 22.0 -- -- -- -- -- -- 1.2 Sep-25 Blmbg. U.S. Aggregate Index -- -- -- -- -- -- 1.1
Excess Return -- -- -- -- -- -- 0.1
eV US Core Fixed Inc Rank -- -- -- -- -- -- 16
Reams Core Plus 82,221,128 28.3 2.5 7.3 4.1 6.3 0.5 3.4 4.9 Feb-98 Fixed Income Benchmark (Blend) 2.0 6.1 3.2 5.5 0.0 2.2 4.2 Excess Return 0.4 1.2 0.8 0.8 0.5 1.2 0.7
eV US Core Plus Fixed Inc Rank 15 9 16 26 49 15 29
Wellington Core Bond Plus 65,161,166 22.4 2.5 -- -- -- -- -- 4.2 Jun-25 Blmbg. U.S. Aggregate Index 2.0 -- -- -- -- -- 3.6
Excess Return 0.5 -- -- -- -- -- 0.6
eV US Core Plus Fixed Inc Rank 12 -- -- -- -- -- 27
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of September 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 Loop Core Fixed Income 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
Crisis Risk Offset 38,186,997 100.0 5.2 2.7 -1.6 -1.7 -4.6 -- -6.0 Aug-18 Crisis Risk Offset Benchmark 4.9 2.7 0.2 2.9 3.5 -- 0.7 Over/Under 0.3 0.0 -1.8 -4.6 -8.1 -- -6.6
Kepos Alternative Risk Premia 14,183,494 37.1 8.2 13.3 15.6 13.3 -- -- 10.0 Feb-22 SG Multi Alternative Risk Premia Index 3.6 4.6 5.7 7.3 -- -- 6.6 Over/Under 4.6 8.6 9.9 6.0 -- -- 3.4
Versor Trend Following 11,355,735 29.7 4.8 -10.6 -15.4 -14.1 -- -- -7.6 Apr-22 SG Trend Index 8.6 -2.3 -2.0 -3.3 -- -- 1.1
Over/Under -3.8 -8.4 -13.5 -10.7 -- -- -8.8
Vanguard Long-Term Treasury ETF 12,647,768 33.1 2.5 5.8 -3.5 0.4 -7.8 -- -2.8 Jul-19 Blmbg. US Govt: Long Term Bond Index 2.5 5.6 -3.4 0.5 -7.7 -- -2.8 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 September 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 116,542,724 -47,500,000 6,184,784 75,227,508 EARNEST Partners 41,923,100 -18,030,441 1,518,466 25,411,125 Brown Fundamental Small Cap Value 13,956,345 24,923 1,455,923 15,437,191 Rice Hall James 19,143,445 -9,899,980 1,593,127 10,836,592 Vanguard Developed Markets ETF 19,090,654 -19,693,411 602,757 - SGA ACWI ex-U.S. Equity 53,934,573 -27,673,807 4,127,382 30,388,148 Ramirez Core Fixed Income 77,612,379 - 1,789,578 79,401,957 Loop Core Fixed Income - 62,660,711 1,145,324 63,806,036 Wellington Core Bond Plus 51,636,366 11,877,630 1,647,169 65,161,166 Reams Core Plus 29,687,530 50,095,276 2,438,323 82,221,128 Polen Capital 3,053,324 -3,065,723 12,399 -
Parametric BXM -20,378 20,594 242 457
Parametric DeltaShift -22,442 22,666 11 234
Kepos Alternative Risk Premia 13,114,116 - 1,069,377 14,183,494 Versor Trend Following 10,837,629 - 518,106 11,355,735
Vanguard Long-Term Treasury ETF 12,483,164 -138,979 303,582 12,647,768 Cash - Money Market 7,389,762 -4,993,107 - 2,396,655
Cash - Treasury 10,339,000 -742,000 - 9,597,000
Securities Lending Northern Trust - -36,309 36,309 -
Total 480,701,291 -7,071,955 24,442,859 498,072,195
Oakland Police and Fire Retirement System
Financial Reconciliation | As of September 30, 2025

Growth of a Dollar
5 Years ending September 30, 2025
OPFRS Total Plan OPFRS Policy Benchmark Actuarial Rate
$0.91
$0.98
$1.05
$1.12
$1.19
$1.26
$1.33
$1.40
$1.47
$1.54
2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 Actuarial Rate: $1.31
OPFRS Policy Benchmark: $1.47
OPFRS Total Plan: $1.45
Oakland Police and Fire Retirement System
Total Portfolio 5-Year Performance | As of September 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 5.0

8.0 11.0

14.0 17.0

20.0 Return
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
OPFRS Total Plan 4.7 (45) 10.5 (66) 8.5 (86) 13.1 (57) 7.7 (79) 8.2 (59)¢£ OPFRS Policy Benchmark 4.3 (69) 10.2 (70) 8.6 (84) 14.2 (30) 8.0 (74) 8.5 (45)˜ 5th Percentile 5.8 13.1 12.4 16.4 10.1 9.5
1st Quartile 5.1 12.1 11.1 14.5 9.3 8.9
Median 4.7 11.2 10.2 13.5 8.7 8.4
3rd Quartile 4.1 10.0 9.1 12.2 8.0 7.7
95th Percentile 3.2 8.2 7.2 10.3 6.5 7.3
Population 125 121 121 121 120 105
Oakland Police and Fire Retirement System
Plan Sponsor Peer Group Analysis | As of September 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 0.01 0.99 0.08 3.55 0.01 1.00 100.02 - Russell 1000 Index 0.00 1.00 - 3.53 0.00 1.00 100.00 -
Trailing Performance
Northern Trust Russell 1000 Russell 1000 Index

0.0 8.0

16.0 24.0

32.0 Rate of Return %
Q3-2025 1 Year 3 Years 5 Years 7 Years 10 Years

8.0 17.7

24.6 16.0 14.2 15.0

8.0 17.7

24.6 15.9 14.1 14.9
Growth of $1 - Since Inception
Northern Trust Russell 1000 Russell 1000 Index
-5.0

0.0 5.0

10.0 5/10 2/12 11/13 8/15 5/17 2/19 11/20 8/22 9/25
$8.0
$7.9
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

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 7.99 0.61
Russell 1000 Index 7.99 0.62
Oakland Police and Fire Retirement System
Northern Trust Russell 1000 | As of September 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 -1.44 1.78 -0.11 1.09 0.63 0.91 96.15 - Russell Midcap Index 0.00 1.00 - 2.18 0.00 1.00 100.00 - Trailing Performance
EARNEST Partners Russell Midcap Index

0.0 6.0

12.0 18.0

24.0 Rate of Return %
Q3-2025 1 Year 3 Years 5 Years 7 Years 10 Years

5.3 11.1

17.7 12.7

10.1 11.4

5.1 2.4

12.5 10.4 9.6

12.0 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 9/25
$5.7
$5.6
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
Return

15.2 16.0 16.8 17.6 18.4 19.2 20.0 20.8
Standard Deviation
QTD Return QTD Risk
EARNEST Partners 5.10 1.23
Russell Midcap Index 5.33 0.66
Oakland Police and Fire Retirement System
EARNEST Partners | As of September 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 -0.51 0.96 -0.36 0.88 1.81 0.73 83.84 - Russell 2000 Value Index 0.00 1.00 - 1.21 0.00 1.00 100.00 - Trailing Performance
Brown Fundamental Small Cap Value Russell 2000 Value Index

0.0 6.0

12.0 18.0

24.0 Rate of Return %
Q3-2025 1 Year 3 Years 5 Years 7 Years 10 Years

12.6 7.9

13.6 14.6

6.4 9.210.4

4.1 16.2
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 3/25 9/25
$1.2
$1.4
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

32.0 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 10.43 3.49
Russell 2000 Value Index 12.60 3.10
Oakland Police and Fire Retirement System
Brown Fundamental Small Cap Value | As of September 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 -2.56 1.41 -0.31 0.69 3.02 0.41 76.08 - Russell 2000 Growth Index 0.00 1.00 - 2.09 0.00 1.00 100.00 - Trailing Performance
Rice Hall James Russell 2000 Growth Index

0.0 6.0

12.0 18.0

24.0 Rate of Return %
Q3-2025 1 Year 3 Years 5 Years 7 Years 10 Years

12.2 13.6

16.7 8.4 6.6

9.99.0 18.8

16.5 10.0

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

0.5 1.0

1.5 2.0

2.5 7/17 7/18 7/19 7/20 7/21 7/22 7/23 7/24 9/25
$2.0
$2.0
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 9.00 3.82
Russell 2000 Growth Index 12.19 1.73
Oakland Police and Fire Retirement System
Rice Hall James | As of September 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 0.71 0.91 2.77 1.48 0.18 1.00 110.65 -159.13 MSCI AC World ex USA (Net) 0.00 1.00 - 1.06 0.00 1.00 100.00 100.00 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 %
Q3-2025 1 Year 3 Years 5 Years 7 Years 10 Years

6.9 16.4

20.7 10.3

7.5 8.28.5

23.5 25.5

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

0.4 0.8

1.2 1.6

2.0 11/19 8/20 5/21 2/22 11/22 8/23 5/24 2/25 9/25
$1.6
$1.7
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)

0.0 4.0

8.0 12.0

16.0 20.0
Return

12.0 14.0 16.0 18.0 20.0 22.0
Standard Deviation
QTD Return QTD Risk
SGA ACWI ex-U.S. Equity 8.47 1.63
MSCI AC World ex USA (Net) 6.89 1.80
Oakland Police and Fire Retirement System
SGA ACWI ex-U.S. Equity | As of September 30, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.

Account Information
Account Name Ramirez Core Fixed Income
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 Fixed Income 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

2.9 73.4

10.9 12.6

0.0 0.2 0.0 0.04.5

54.7 11.0 13.2

3.7 0.1

10.9 1.8
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core Fixed Income 2.3 6.6 3.1 5.2 0.1
Blmbg. U.S. Aggregate Index 2.0 6.1 2.9 4.9 -0.4
Sector Allocation
Ramirez Core Fixed Income Blmbg. U.S. Aggregate Index

0.0 25.0

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

46.1 24.1 25.8

0.5 3.1 0.5 0.0

19.6 24.7 26.5

5.9 0.0

21.6 1.8
Portfolio Fixed Income Characteristics
Q3-25
Portfolio
Q2-25
Portfolio
Yield To Maturity 4.8 4.9
Average Duration 6.3 6.3
Average Quality AA AA
Weighted Average Maturity 9.2 9.2
Oakland Police and Fire Retirement System
Ramirez Core Fixed Income | As of September 30, 2025
Performance shown is net of fees.

Account Information
Account Name Loop Core Fixed Income
Account Structure Separate Account
Inception Date 08/20/2025
Asset Class US Fixed Income
Benchmark Blmbg. U.S. Aggregate Index
Peer Group eV US Core Fixed Inc
Credit Quality Allocation
Loop Core Fixed Income Blmbg. U.S. Aggregate Index

0.0 25.0

50.0 75.0
100.0
AAA/Aaa
AA/Aa A
BBB+/Baa1/BBB/Baa2
BB/Ba

2.9 73.4

10.9 12.6

0.22.0 66.0

14.0 18.0

0.0 Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Loop Core Fixed Income - - - - -
Blmbg. U.S. Aggregate Index - - - - -
Sector Allocation
Loop Core Fixed Income Blmbg. U.S. Aggregate Index

0.0 25.0

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

46.1 24.1 25.8

0.5 3.1 0.5 0.0

32.0 34.0 32.0

1.0 0.0 0.0 1.0
Portfolio Fixed Income Characteristics
Q3-25
Portfolio
Q2-25
Portfolio
Yield To Maturity 4.7 -
Average Duration 6.0 -
Average Quality AA -
Weighted Average Maturity 8.8 -
Oakland Police and Fire Retirement System
Loop Core Fixed Income | As of September 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 Benchmark (Blend)
Peer Group eV US Core Plus Fixed Inc
Credit Quality Allocation
Reams Core Plus Fixed Income Benchmark (Blend)

0.0 25.0

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

2.9 73.4

10.9 12.6

0.2 0.0

23.0 50.3

17.1 6.9

0.3 2.4
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 2.5 7.3 4.1 6.3 0.5
Fixed Income Benchmark (Blend) 2.0 6.1 3.2 5.5 0.0
Sector Allocation
Reams Core Plus Fixed Income Benchmark (Blend)

0.0 25.0

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

46.1 24.1 25.8

0.5 3.1 0.5 0.0

17.3 30.1

40.7 9.5

0.0 0.0 2.4
Portfolio Fixed Income Characteristics
Q3-25
Portfolio
Q2-25
Portfolio
Yield To Maturity 4.9 5.2
Average Duration 6.5 6.2
Average Quality AA AA
Weighted Average Maturity 9.2 8.5
Oakland Police and Fire Retirement System
Reams Core Plus | As of September 30, 2025
Performance shown is net of fees.

Fixed Income Benchmark (Blend) is Blmbg. U.S. Aggregate Index since 01/01/2025 and Blmbg. U.S. Universal Index from 04/01/2006 through 12/31/2024.

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

2.9 73.4

10.9 12.6

0.2 0.0 0.0 0.0 0.0

9.4 70.5

10.5 15.8

3.0 0.1 0.0 2.0
-11.2
Portfolio Performance Summary
QTD
(%)
YTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond Plus 2.5 - - - -
Blmbg. U.S. Aggregate Index 2.0 - - - -
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

46.1 24.1 25.8

0.5 3.1 0.5 0.0

32.5 24.7

48.0 6.1 0.0 0.0
-11.2
Portfolio Fixed Income Characteristics
Q3-25
Portfolio
Q2-25
Portfolio
Yield To Maturity 5.0 5.0
Average Duration 6.2 6.2
Average Quality AA AA
Weighted Average Maturity 10.0 9.5
Oakland Police and Fire Retirement System
Wellington Core Bond Plus | As of September 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 -6.0 10.1 -6.1 0.9 -0.7 9.0 42.8 126.6 08/01/2018 Crisis Risk Offset Benchmark 0.7 5.5 0.0 1.0 - 0.0 100.0 100.0 Kepos Alternative Risk Premia 10.0 7.1 3.1 1.0 0.6 5.1 127.1 90.1 02/01/2022 SG Multi Alternative Risk Premia Index 6.6 4.9 0.0 1.0 - 0.0 100.0 100.0 Versor Trend Following -7.6 13.6 -8.5 1.0 -1.5 6.0 70.0 122.0 04/01/2022 SG Trend Index 1.1 12.0 0.0 1.0 - 0.0 100.0 100.0
Vanguard Long-Term Treasury ETF -2.8 14.3 0.0 1.0 0.0 1.0 101.0 101.0 07/01/2019 Blmbg. U.S. Government: Long Term Bond Index -2.8 14.2 0.0 1.0 - 0.0 100.0 100.0 Correlation Matrix
3 Months Ending September 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 0.87 1.00
S&P 500 Index 0.52 0.03 1.00
Blmbg. Global Aggregate Index 0.91 0.99 0.13 1.00
Trailing Period Performance
Crisis Risk Offset Crisis Risk Offset Benchmark

0.0 3.0

6.0 -3.0
-6.0
Rate of Return %
QTD YTD 1 Year 3 Years 5 Years

4.9 2.7

0.2 2.9 3.5

5.2 2.7
-1.6 -1.7
-4.6
Oakland Police and Fire Retirement System
Crisis Risk Offset | As of September 30, 2025
Performance shown is net of fees.

Benchmark History
From Date To Date Benchmark
OPFRS Total Plan
08/01/2025 Present 25.0% Russell 3000 Index, 5.0% MSCI AC World ex USA (Net), 61.0% Fixed Income Benchmark (Blend), 9.0% Crisis Risk Offset Benchmark
01/01/2025 07/31/2025 34.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 44.0% Fixed Income Benchmark (Blend), 10.0% Crisis Risk Offset Benchmark
07/01/2024 12/31/2024 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 06/30/2024 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 05/31/2022 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 12/31/2018 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 04/30/2016 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 09/30/2015 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 12/31/2013 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 02/28/2013 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 07/31/2012 53.0% Russell 3000 Index, 17.0% MSCI AC World ex USA Index, 30.0% Blmbg. U.S. Universal Index 04/01/2006 09/30/2007 35.0% Russell 3000 Index, 15.0% MSCI AC World ex USA Index, 50.0% Blmbg. U.S. Universal Index 01/01/2005 03/31/2006 35.0% Russell 3000 Index, 50.0% Blmbg. U.S. Aggregate Index, 15.0% MSCI AC World ex USA Index 04/01/1998 12/31/2004 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 03/31/1998 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 September 30, 2025

Benchmark History
From Date To Date Benchmark
Domestic Equity
01/01/2005 Present 100.0% Russell 3000 Index
04/01/1998 12/31/2004 57.1% Russell 1000 Value Index, 28.6% Russell 1000 Index, 14.3% Russell Midcap Index 09/01/1988 03/31/1998 100.0% S&P 500 Index
International Equity
01/01/2005 Present 100.0% MSCI AC World ex USA (Net)
01/01/1998 12/31/2004 100.0% MSCI EAFE Index
Fixed Income & Credit
01/01/2025 Present 100.0% Blmbg. U.S. Aggregate Index
04/01/2006 12/31/2024 100.0% Blmbg. U.S. Universal Index 01/01/1976 03/31/2006 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 12/31/2022 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 September 30, 2025

Manager Monitoring / Probation Status

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

MEKETA.COM
Managers on Watch / Probation Status

Breach of Investment Manager Monitoring Criteria
As of September 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 24 -16.2 N/A Benchmark: SG Trend Index -- -- -- -2.4 --

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 %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Long Term - VRR

0.8 0.9

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

0.0 4.0

8.0 Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
EARNEST Partners 2.4 12.5 10.4
Russell Midcap Index 11.1 17.7 12.7
eV US Mid Cap Core Equity Rank 78 88 75
Monitoring Status
-
Oakland Police and Fire Retirement System
EARNEST Partners | As of September 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
-10.0
-5.0

0.0 5.0

10.0 15.0
Excess Performance %
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Sep-24
Mar-25
Sep-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
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Brown Small Cap Value 4.1 16.2 -
Russell 2000 Value Index 7.9 13.6 14.6
eV US Small Cap Value Equity Rank 58 29 -
Monitoring Status
-
Oakland Police and Fire Retirement System
Brown Small Cap Value | As of September 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 %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Long Term - VRR

0.8 1.0

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

0.0 3.0

6.0 Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Rice Hall James 18.8 16.5 10.0
Russell 2000 Growth Index 13.6 16.7 8.4
eV US Small Cap Growth Equity Rank 11 32 31
Monitoring Status
-
Oakland Police and Fire Retirement System
Rice Hall James | As of September 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 12.0
Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Long Term - VRR

0.8 1.0

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

0.0 3.0

6.0 Excess Performance %
Nov-22
May-23
Nov-23
May-24
Nov-24
May-25
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
SGA ACWI ex US 23.5 25.5 12.6
MSCI ACWI ex US (Net) 16.4 20.7 10.3
eV ACWI ex-US All Cap Core Eq Rank 14 10 23
Monitoring Status
-
Oakland Police and Fire Retirement System
SGA ACWI ex US | As of September 30, 2025

Probationary Threshold: Ramirez Core Fixed Income 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 Fixed Income underperforming the benchmark (Blmbg. U.S. Aggregate Index) by -1.0% for six consecutive months.

Short Term - Rolling 12-Month Excess Return
-2.0

0.0 2.0

4.0 Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Long Term - VRR

0.9 1.0

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

0.0 0.9

1.8 2.7
Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core Fixed Income 3.1 5.2 0.1
Blmbg. U.S. Aggregate Index 2.9 4.9 -0.4
eV US Core Fixed Inc Rank 40 58 25
Monitoring Status
-
Oakland Police and Fire Retirement System
Ramirez Core Fixed Income | As of September 30, 2025

Probationary Threshold: Reams Core Plus underperforming the benchmark (Fixed Income Benchmark (Blend)) 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 Benchmark (Blend)) 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 %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Long Term - VRR

0.8 0.9

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

0.0 2.0

4.0 6.0
Excess Performance %
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
Sep-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 4.1 6.3 0.5
Fixed Income Benchmark (Blend) 3.2 5.5 0.0
eV US Core Plus Fixed Inc Rank 16 26 49
Monitoring Status
-
Oakland Police and Fire Retirement System
Reams Core Plus | As of September 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.

Disclaimer, Glossary, and Notes

Disclaimer, Glossary, and Notes

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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

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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.