Finance & Management Committee
March 24, 2026

MEKETA.COM
Oakland Police and Fire Retirement System
Quarterly Performance Report as of
December 31, 2025

Oakland Police and Fire Retirement System
Table of Contents

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1. Executive Summary

2. Economic and Market Update as of December 31, 2025

3. Quarterly Performance as of December 31, 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 December 31, 2025

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Total Portfolio Review1
The Oakland Police and Fire Retirement System finished the calendar year with $500.6 million in assets after net cash flows including monthly benefit payments.

Cash Flow Summary ($ Millions) Quarter FYTD 1 Year
Beginning Market Value 498.1 480.7 463.0
Net Cash Flows (including Benefit Payments) -6.1 -13.2 -21.8 Net Investment Change (Gain/Loss) 8.7 33.1 59.5
Ending Market Value 500.6 500.6 500.6
→ As of December 31, 2025, all asset classes were within their long-term target allocation ranges.

Investment Performance
QTD FYTD 1 Year 3 Year 5 Year
Total Plan (Gross) 1.8 6.7 13.0 12.1 6.6
Total Plan (Net) 1.8 6.5 12.4 11.7 6.2
Policy Benchmark 1.8 6.1 12.2 12.7 6.7
Excess Return (Net) 0.0 0.4 0.3 -1.0 -0.4
Public DB ($250M-$1B) Median Fund 1.9 6.7 13.4 12.3 6.9 Total Plan (Net) vs. Peer Median Fund -0.2 -0.1 -1.0 -0.6 -0.7 Peer Group Percentile Rank 65 54 69 62 77
→ The Plan returned 1.8% for the quarter matching the Policy Benchmark. For the calendar year (1-year period), the Plan returned 12.4% after fees outperforming the Policy Benchmark as well as the 5.0% actuarial rate of return.

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 number of peers is around 120 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 December 31, 2025

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Asset Class and Manager Highlights1
→ The Total Plan matched its Policy Benchmark during the quarter on both gross - and net -of-fees basis . It outperformed the Policy Benchmark for the 2025 calendar year. • The Plan’s out performance for the year was driven by the outperformance in International Equity and Fixed Income partially offset by underperformance in Domestic Equity. → All asset classes and most underlying managers generated positive absolute returns during the quarter. All asset classes except Domestic and International Equities outperformed their respective asset class benchmarks in Q4. → Domestic Equity generated positive absolute returns though it underperformed its broad market benchmark (Russell 3000 Index) across all time periods.
• Among the active domestic equity managers, Brown and Rice Hall James lagged their respective style-specific benchmarks as well as the broad market benchmark for the quarter. → International Equity and its manager (SGA) trailed their respective benchmarks in Q4 while maintain their outperformance across all other time periods.
→ Fixed Income generated positive returns and outperformed or matched its custom benchmark2 during the quarter as well as over the longer trailing periods. All managers except Wellington outperformed their respective benchmarks for the quarter.
→ The Crisis Risk Offset (CRO) portfolio outperformed its custom benchmark3 during the quarter and in 2025 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 benchmar k. The passive Vanguard Long -Term Treasury fund slightly trailed its tracked index which was flat for the quarter.

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 December 31, 2025

Economic and Market Update

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Commentary
Despite considerable policy and trade uncertainty, most major markets posted positive returns in the fourth quarter and for the year, with non-US equities leading the way. → In the fourth quarter US equities (Russell 3000) returned 2.4% bringing the full year results to 17.1%. Value outperformed growth for the quarter as m arket sentiment turned cautious given valuations in the AI related tech sector.
→ Non-US equities outperformed US stocks in the fourth quarter and for the year, supported by attractive valuations, a rotation out of US tech stocks, a weaker US dollar, and defense and infrastructure spending.  Non-US developed stocks (MSCI EAFE) rose 4.9% in the fourth quarter and 31.2% in 2025.  Emerging markets (MSCI Emerging Markets) gained 4.7% for the quarter and led the way in 2025 returning

33.6%. Although Chinese stocks declined in the fourth quarter (MSCI China: -7.8%), the broad emerging market group rallied, supported by strong returns in South Korea and Taiwan. → Most major bond markets finished the fourth quarter in positive territory with strong overall results for the year, particularly for riskier bonds. In the fourth quarter the broad US bond market (Bloomberg Aggregate) returned 1.1%, while cooling inflation led to lower returns for TIPS (+0.1%) and short-term TIPS (+0.4%). High yield and emerging market debt led the way, returning 1.3% and 1.6%, respectively. → The government reopened in mid-November but the longest shutdown on record likely had a meaningful short-term impact on the economy, while delayed and, in some cases, skipped economic data releases increased uncertainty for policymakers and financial markets.
→ Key questions going forward include how the Fed will manage interest rates given competing pressures on its dual mandate of inflation and employment, will the impact of tariffs on inflation grow, can earnings growth remain resilient in the US, will the significant investment in the AI infrastructure buildout pay off, and how will China’s economy and relations with the US track.

Economic and Market Update

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Index Returns1
2025 Q4
→ In the fourth quarter, except for REITs, markets delivered positive returns. Non-US developed and emerging market stocks outperform ed US stocks while bond markets benefited from stable inflation and lower interest rates.

Commodities were the top performer given the significant run in precious and industrial metals. → In 2025, all asset classes rose, with internationpal equities leading the way. Key drivers of the strong performance last year include resilient earnings, AI optimism, a weaker US dollar, and expectations for lower interest rates.

1 Source: Bloomberg. Data is as of December 31, 2025.

33.6%

31.2%

22.3%

19.3%

17.9%

17.1%

15.8%

12.8%

8.6%

7.3%

7.0%

6.1%

2.9%
MSCI Emerging Markets

MSCI EAFE

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

5.8%

4.9%

4.7%

3.3%

2.7%

2.4%

2.2%

1.6%

1.3%

1.1%

0.4%

0.1%
-1.6%
Bloomberg Commodity Index

MSCI EAFE
MSCI Emerging Markets

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

Economic and Market Update

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Domestic Equity Returns1

Domestic Equity
December
(%)
Q4
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
S&P 500 0.1 2.7 17.9 23.0 14.4 14.8
Russell 3000 0.0 2.4 17.1 22.2 13.1 14.3
Russell 1000 0.0 2.4 17.4 22.7 13.6 14.6
Russell 1000 Growth -0.6 1.1 18.6 31.1 15.3 18.1
Russell 1000 Value 0.7 3.8 15.9 13.9 11.3 10.5
Russell MidCap -0.3 0.2 10.6 14.3 8.7 11.0
Russell MidCap Growth -1.3 -3.7 8.7 18.6 6.6 12.5
Russell MidCap Value 0.1 1.4 11.0 12.3 9.8 9.8
Russell 2000 -0.6 2.2 12.8 13.7 6.1 9.6
Russell 2000 Growth -1.3 1.2 13.0 15.6 3.2 9.6
Russell 2000 Value 0.2 3.3 12.6 11.7 8.9 9.3
US Equities: The Russell 3000 index returned 2.4% in the fourth quarter and 17.1% in 2025. → The gains in Q4 were driven mainly by a double-digit rebound in health care stocks. For the full calendar year, roughly half the 17.1% return came from the “Magnificent 7” stocks. Besides enthusiasm for the AI trade, the Fed starting to cut interest rates, an overall resilient economy, and strong earnings all helped US equity markets have another double-digit return year.
→ Growth stocks trailed value for the quarter given concerns over valuations for AI -related companies and a shift in sentiment toward more “reasonably” priced economically sensitive areas. → Large (Russell 1000) and small (Russell 2000) cap stocks had similar returns for the quarter, but large cap outperformed by close to 5.0% for the full year. The 2025 outperformance was mostly driven by the “Magnificent 7” stocks. Large cap banks also contributed to this divergence in performance. While small cap stocks rose nearly 13% for the full year, unprofitable stocks rose nearly twice as much as profitable stocks.

1 Source: Bloomberg. Data is as of December 31, 2025.

Economic and Market Update

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Russell 3000 Sector Returns1
→ For the quarter, sector results were mixed with seven sectors increasing and four declining. → Health care stocks (+11.5%) significantly outperformed other sectors in the fourth quarter . Eli Lilly rose over 40% during the quarter as investors expressed enthusiasm for its lead in the GLP -1 market. The technology and materials sectors both returned over 2.0%, given AI momentum and strength in metals/mining, respectively. More defensive sectors like utilities and consumer staples trailed in Q4. → For the full year, technology led the way, driven by the “Magnificent 7” stocks, plus Broadcom. Materials also rose over 20% in 2025, given easing trade tensions and stronger demand for industrial and energy transition metals.

1 Source: Bloomberg. Data is as of December 31, 2025.

2.7%
-1.4% -2.0%

0.6% 1.7%

11.5%

1.3% 2.9%
-1.7% -2.4%

2.4%

21.0%

5.9%

1.8%

4.6%

15.7%

12.8% 11.1%

26.5%

11.4% 12.5%

17.1%
-5%
0%
5%
10%
15%
20%
25%
30% Q4 2025

Economic and Market Update

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Foreign Equity Returns1

Foreign Equity
December
(%)
Q4
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
MSCI ACWI Ex US 3.0 5.1 32.4 17.3 7.9 8.4
MSCI EAFE 3.0 4.9 31.2 17.2 8.9 8.2
MSCI EAFE (Local Currency) 2.1 6.1 20.6 15.9 11.5 8.6
MSCI EAFE Small Cap 2.3 2.7 31.8 14.9 5.6 7.5
MSCI Emerging Markets 3.0 4.7 33.6 16.4 4.2 8.4
MSCI Emerging Markets (Local Currency) 2.6 5.6 31.3 17.7 6.6 9.5 MSCI EM ex China 4.7 10.2 34.6 18.7 8.2 9.9
MSCI China -1.2 -7.4 31.2 11.6 -3.2 5.5
Foreign Equity: Developed international equities (MSCI EAFE) returned 4.9% in the fourth quarter and

31.2% in 2025. Emerging markets equities rose 4.7% in the fourth quarter, returning 33.6% for the full year. → Developed markets posted solid gains in the fourth quarter, outperforming US equities. Eurozone performance was broad-based with financials, health care, and utilities leading. The UK saw similarly strong performance led by financials. Japanese equities rose significantly, with AI investment generating enthusiasm, yen weakness boosting exporters, and the newly elected government announcing stimulus measures. → Emerging market stocks had strong fourth quarter performance, also benefitting from AI themes and central bank easing. Korea and Taiwan saw solid gains, driven by record-high profits in the tech sector, particularly among semiconductor companies. India rose modestly, benefitting from easing inflation and strong exports, despite steep US tariffs. China fell over the quarter amid lackluster economic data, weak domestic consumption, and slowing US exports.

1 Source: Bloomberg. Data is as of December 31, 2025.

Economic and Market Update

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Equity Cyclically Adjusted P/E Ratios1
→ Cyclically adjusted US stock valuations finished the year just shy of 40, a level slightly above the post-pandemic peak. AI-related optimism has been a key driver pushing valuations higher since the April lows. → Given strong results this year in non-US developed stocks, valuations moved further above their long-run P/E ratio (23.5 versus 18.6).
→ As emerging market stocks led the way in 2025, their valuations are now also trading at levels above their long-run average (19.2 versus 16.9).

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 December 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 = 18.6
EM PE Average = 16.9

39.9 23.5

19.2

Economic and Market Update

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Performance and Profit Margins: S&P 500 and “Magnificent 7”1 → Despite an over 25% decline to start last year, the so-called “Magnificent 7” AI-related technology stocks continued to drive market results, gaining close to 25% for 2025. Since 2020, these stocks increased roughly 3.5x while the other members of the S&P 500 increased about 1.5x.
→ The relatively strong performance of the “Magnificent 7” has led to them currently comprising roughly a third of the entire S&P 500 index by market ‑capitalization, making their performance going forward key to overall market results.
→ Profit margins have been relatively strong for these companies, with the latest readings more than double the broad market (24% versus 11%).

1 Source: Bloomberg. Data is as of December 31, 2025, for index prices and September 30, 2025, for profit margins. $182
$153
$354
$-
$50
$100
$150
$200
$250
$300
$350
$400
Performance Indexed to 100%
S&P 500 Indexed S&P ex-Mag 7 Indexed Magnificent 7 Indexed 11%
10%
24%
0%
5%
10%
15%
20%
25%
30%
Profit Margins
S&P 500 S&P 500 ex Mag 7 Magnificent 7

Economic and Market Update

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Fixed Income Returns1
Fixed Income
December
(%)
QTD
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
Current
Yield
(%)
Duration
(Years)
Bloomberg Universal -0.1 1.2 7.6 5.2 0.1 2.4 4.5 5.8
Bloomberg Aggregate -0.1 1.1 7.3 4.7 -0.4 2.0 4.3 6.0
Bloomberg US TIPS -0.4 0.1 7.0 4.2 1.1 3.1 4.0 6.5
Bloomberg Short-term TIPS 0.1 0.4 6.1 5.1 3.5 3.2 3.6 2.4 Bloomberg US Long Treasury -1.1 0.1 5.6 0.6 -7.2 0.0 4.8 14.5 Bloomberg High Yield 0.6 1.3 8.6 10.0 4.5 6.5 6.5 3.0
JPM GBI-EM Global Diversified (USD) 2.2 1.6 19.3 9.5 1.1 3.9 -- -- Fixed Income: The Bloomberg Universal index rose 1.2% in the fourth quarter, returning 7.6% in 2025. → In the fourth quarter falling short -term interest rates and relatively stable credit spreads led to overall gains in the bond market.
→ The broad US bond market (Bloomberg Aggregate) rose 1.1% with longer-dated US Treasuries essentially flat.

Shorter and longer-dated TIPS gained 0.4% and 0.1%, respectively, as inflation concerns eased modestly. → As overall risk appetite remained strong , riskier bonds led the way with e merging market debt and US high yield returning 1.6% and 1.3%, respectively. In 2025 emerging market bonds returned an impressive 19.3% given relatively high yields, an earlier start to central bank easing, and generally contained inflation.

1 Source: Bloomberg. Data is as of December 31, 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
→ In the fourth quarter interest rates for shorter maturities fell, while rates for longer-dated maturities stayed stable or rose. These dynamics were driven by expectations for additional interest rate cuts by the Fed and rising term premium, lingering inflation, and fiscal uncertainty.
→ The policy-sensitive 2-year nominal Treasury yield fell from 3.61% to 3.48%. The 10-year nominal Treasury yield rose from 4.15% to 4.17%, while the 30-year nominal Treasury yield moved from 4.73% to 4.84%. → Given these dynamics the yield curve steepened further in the fourth quarter. The spread between a two-year and ten-year Treasury increased from 54 basis points to 70 basis points.

1 Source: Bloomberg. Data is as of December 31, 2025. The August 2024 Treasury yields are shown as a reference before the first interest rate cut. 0%
1%
2%
3%
4%
5%
6%
1M 2M 3M 6M 1Y 2Y 5Y 7Y 10Y 30Y
8/31/2024 12/31/2025

Economic and Market Update

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Stress is Building Among US Consumers
Percent of Total Outstanding Credit Card Balance by
Delinquency Status1
Transition into Serious Delinquency for
Credit Cards by Age1
→ 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 have increased. → Parts of the credit card market, especially for younger cohorts, have begun to show stress as most borrowers are subject to variable and higher borrowing costs. Total delinquencies are below pre-pandemic levels though.

1 Source: New York Federal Reserve, Quarterly Household Debt and Credit Report. See also FRED. Data is as of September 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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Transition Into Serious Delinquency (90+ Days) for Student Loans1

→ The restarting of student loan payments and reporting for those in default could add further pressures to consumers. → During the pandemic, student loan repayments were suspended with an estimated 43 million borrowers deferring payments.
→ Pressures have been growing in the student loan market. Roughly nine million borrowers missed at least one loan payment last year and approximately 14.3% of student debt has moved into seriously delinquent status.

1 Source: New York Federal Reserve, Quarterly Household Debt and Credit Report. See also FRED. Data is as of September 30, 2025. Percent of student loan holders transitioning in serious default (90-days or more) based on four quarter moving average. Delays in reporting may cause fluctuations.

14.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%

Economic and Market Update

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Gold1
→ In a year where risk assets did particularly well, gold, which is usually perceived as a safe haven, did even better, gaining close to 65%.
→ Key drivers of gold ’s strong year include central bank demand, a weak er US dollar, inflation concerns, central banks purchasing bullion, and expectations for lower rates. → In 2025, the price of gold rose from just over $2,600 an ounce to over $4,300 an ounce.

1 Source: Bloomberg as of December 31, 2025. Gold Spot Price is quoted as US Dollars per Troy Ounce. $4,319
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
2020 2021 2022 2023 2024 2025
($ / Ounce)

Economic and Market Update

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Credit Spreads vs. US Treasury Bonds1

→ Credit spreads (the difference in yield from a comparable maturity Treasury) remained relatively stable over the quarter at historically tight levels. A resilient US economy, strong corporate balance sheets/low default rates, and investor demand for yield have all contributed to tight spreads. → Investment grade spreads remained below 1.0% in December. → High yield spreads stayed at 2.7% for the quarter, while emerging market spreads tightened from 2.0% to 1.8%. → All yield spreads remained well below their respective long-run averages, especially high yield (2.7% versus 4.9%).

1 Source: Bloomberg. Data is as of December 31, 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%

0.8%

2.7%

1.8%

Economic and Market Update

MEKETA.COM
Equity and Fixed Income Volatility1
→ Equity and bond market volatility eased in the fourth quarter to levels well below their long-run averages but there were several spikes in volatility during the quarter.
→ Equity market volatility (VIX) finished the quarter at 15.0 versus a long-term average of 19.8. There were spikes above the 25 level in October and November in the wake of geopolitical tensions, questions about the path of interest rates given Fed messaging, and mixed economic data. → Despite several spikes , bond market volatility (MOVE) ended the quarter at 64.0 , below a long-term average of

86.5. Interest-rate uncertainty declin ing as inflation moderated and the Fed’s policy path became clearer drove bond market volatility lower over the quarter.

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 December 31, 2025. The average line indicated is the average of the VIX and MOVE values between January 2007 and December 2025. 0 10
20 30
40 50
60 70
80 VIX Index
-1 Std. Dev.
+1 Std. Dev.

15.0 Avg = 19.8
0 50
100
150
200
250
MOVE Index
-1 Std. Dev.
+1 Std. Dev.

64.0 Avg = 86.5

Economic and Market Update

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US Inflation1

→ In the final quarter of 2025 , year-on-year headline inflation fell 0.3% to 2.7% (matching expectations). This was driven by a drop in services, as prices for goods, food, and energy remained stable. The month-on-month rate was

0.3% (like September). This was the only monthly reading during the quarter given the government shutdown. → Core inflation year-on-year fell from 3.0% to 2.6% (below expectations of 2.7%) in Q4 largely due to a decline in services, particularly shelter. The monthly growth rate came in at 0.2% in December (the same as September) slightly below expectations. This was also the only monthly reading during the quarter. → Long-term inflation expectations fell slightly over the quarter (2.4% to 2.2%) and remain well anchored close to their long-run average of 2.1%.

1 Source: FRED. Data is as of December 31, 2025. This represents the latest inflation data. The October report was canceled given the government shutdown. -2%
0%
2%
4%
6%
8%
10%
Breakeven Rate 10Y Core CPI CPI
BE 10Y Avg = 2.1%
CPI Avg = 2.5%
Core CPI Avg = 2.4%
↓
↓

2.2%

2.7%

2.6%
↓

Economic and Market Update

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Global Inflation (CPI Trailing Twelve Months)1
→ With inflatio n at its 2.0% target, the ECB has held policy rates steady at 2.0% with disinflationary pressures expected to continue in 2026.
→ In December the Bank of Japan raised interest rates to their highest level in three decades from 0.5% to 0.75%.

Inflation in Japan fell slightly (3.0% to 2.9%) but remains above target . Despite the slight d rop, inflation levels continue to be roughly 1% above the Bank of Japan’s target level. → China’s annual inflation rate moved into positive territory in the fourth quarter. It finished the year at 0.8%, the highest level since early 2023 , largely driven by higher food prices particularly fresh vegetables (+18.2% yoy).

Despite the positive reading, inflation in China remains stubbornly low even after significant stimulus.

1 Source: Bloomberg. Data is as of December 2025 except Japan which is of November. -3%
-1%
1%
3%
5%
7%
9%
11%
Eurozone China Japan

2.0%

0.8%

2.9%

Economic and Market Update

MEKETA.COM
US Unemployment1

→ In December, the US added 50,000 new jobs and the unemployment rate declined slightly from 4.6% to 4.4% (the same level as the end of Q3). Over the quarter the US shed 67,000 jobs, driven by the loss of government jobs in October related to the shutdown.
→ Food services, health care, and social assistance sectors added the most jobs in December while the retail sector lost jobs. These steady job gains plus fewer people re-entering the labor force and slowing layoffs drove the decline in the unemployment rate.
→ In other labor data, job openings continued to decline and hiring slowed, but layoffs have recently fallen and wages continued to grow above the rate of inflation.

1 Source: FRED. Data is as of December 31, 2025.
0%
5%
10%
15%
20%
US Unemployment US U6 Unemployment

4.4%

8.4%

Economic and Market Update

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Global Policy Rates1
→ It appears that we are moving into an environment in which the Fed may continue to cut interest rates while other central banks are on hold or are moving rates higher.
→ The Fed cut interest rates again in December to a range of 3.5% to 3.75% with market expectations for roughly two more cuts over the next 12 months. Based on comments after the recent meeting it appears the Fed will move cautiously, given inflation remaining elevated despite signs of weakness in the labor market. → The ECB has held rates steady since last summer. In 2026, there are no expectations of further cuts by the ECB, but markets are pricing in nearly two cuts from the BOE.
→ After cutting rates in May of last year, China’s central bank has held rates steady, although disinflationary pressures continue to be a concern.
→ The BOJ increased rates by 0.25% at their last meeting with markets expecting nearly two more hikes this year, given inflation levels remaining above their 2% target.

1 Source: Bloomberg. Data is as of December 31, 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

3.6%

2.0%

0.8%

3.8%

2.0%

Economic and Market Update

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US Dollar vs. Broad Currencies1
→ The US dollar weakened by over 9% in 2025 on lower rate expectations, slowing growth, and fiscal deficit concerns. → After a decline in the first half of the year , the dollar largely stayed range bound for the second half of 2025 as expectations for aggressive Fed rate cuts eased, yields in the US remained relatively high, and demand for safe - haven assets rose.

1 Source: Bloomberg. Data as of December 31, 2025.
$60
$70
$80
$90
$100
$110
$120
$130DXY Index
$98.3

Economic and Market Update

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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 4.2% in 2026. → Despite the decline in tariff rhetoric since earlier in 2025, questions remain about how tariffs 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.
→ Some signs of US consumer stress have started to emerge , with weakness in the jobs market and sentiment deteriorating. 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 re sumption of collecting and reporting delinquent student loans could be a further headwind to consumption. → US equities continue to reach new highs . Relatively strong earnings, AI optimism, and rate cuts from the Fed all helped drive stocks higher last year. How earnings track from here, particularly for the large AI-related companies that make up a significant portion of the market, will be key going forward. Many questions remain about the return on investment for companies making significant investments in building AI infrastructure. We could see this year a divergence in results within the “Magnificent 7” as well as a rotation into other more economically sensitive sectors. → Trade tensions between the US and China will remain a n important focus as well as the overall health of China’s economy. President Trump and President Xi met in late October last year and agreed to suspend trade sanctions for a year. However, it is not clear if China and the US will indeed de-escalate strategic high tech and rare earth tensions despite the official truce. How China manages its slowing economy, and deflationary pressures will also be important. Rising geopolitical tensions related to other countries like Venezuela, Denmark/Greenland, and Iran could also add to volatility this year.

Quarterly Performance
as of December 31, 2025

Summary of Cash Flows
QTD ($) 1 Year ($)
OPFRS Total Plan
Beginning Market Value 498,072,195 462,969,798
Net Cash Flow -6,149,421 -21,819,230
Net Investment Change 8,699,726 59,471,931
Ending Market Value 500,622,499 500,622,499
Return Summary Ending December 31, 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 FYTD 1 Year 3 Years 5 Years

1.8 6.1

12.2 12.7

6.7 1.8

6.5 12.4

11.7 6.2
Oakland Police and Fire Retirement System
OPFRS Total Plan | As of December 31, 2025
Total Plan performance shown is net of fees.

Risk-Return Summary
QTD Ending December 31, 2025
IM Public DB $250M-$1B OPFRS Total Plan
OPFRS Policy Benchmark

0.5 1.0

1.5 2.0

2.5 3.0
Total Return

0.0 0.1 0.2 0.3 0.4 0.5 0.6
Annualized Standard Deviation
Risk-Return Summary
1 Yr Ending December 31, 2025
IM Public DB $250M-$1B OPFRS Total Plan
OPFRS Policy Benchmark

10.0 12.0

14.0 16.0

18.0 Total Return

3.2 4.0 4.8 5.6 6.4 7.2 8.0
Annualized Standard Deviation
Return Standard
Deviation
OPFRS Total Plan 1.8 0.3
OPFRS Policy Benchmark 1.8 0.4
Median 1.9 0.3
Return Standard
Deviation
OPFRS Total Plan 12.4 5.2
OPFRS Policy Benchmark 12.2 4.3
Median 13.4 5.3
Oakland Police and Fire Retirement System
Total Plan Risk/Return Summary | As of December 31, 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
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Gross) 500,622,499 100.0 1.8 6.7 13.0 12.1 6.6 8.4 6.9 Dec-88 OPFRS Policy Benchmark 1.8 6.1 12.2 12.7 6.7 8.3 8.1
Excess Return 0.0 0.6 0.8 -0.6 -0.1 0.1 -1.2
Domestic Equity (Gross) 125,273,584 25.0 2.3 10.5 15.2 17.7 11.2 13.0 9.5 Jun-97 Russell 3000 (Blend) 2.4 10.8 17.1 22.2 13.1 14.3 10.0
Excess Return -0.1 -0.3 -1.9 -4.6 -2.0 -1.3 -0.5
International Equity (Gross) 29,546,279 5.9 4.9 13.6 38.2 21.6 11.1 10.1 6.6 Jan-98 MSCI ACWI ex US (Blend) 5.1 12.3 32.4 17.3 7.9 8.4 6.0
Excess Return -0.2 1.3 5.8 4.2 3.2 1.7 0.6
Fixed Income (Gross) 293,972,356 58.7 1.2 3.6 8.2 5.4 0.3 2.8 4.8 Jan-94 Fixed Income Benchmark (Blend) 1.1 3.2 7.3 5.1 0.0 2.4 4.6 Excess Return 0.1 0.5 0.9 0.3 0.3 0.4 0.2
Crisis Risk Offset (Gross) 39,159,119 7.8 3.1 8.5 6.1 1.2 -3.4 -- -5.2 Aug-18 Crisis Risk Offset Benchmark 2.7 7.7 5.5 3.3 4.4 -- 1.0 Excess Return 0.4 0.8 0.6 -2.1 -7.8 -- -6.2
Cash (Gross) 12,671,161 2.5 0.5 1.1 2.0 0.9 0.5 1.0 0.7 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Gross of Fees | As of December 31, 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
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Net) 500,622,499 100.0 1.8 6.5 12.4 11.7 6.2 8.0 6.8 Dec-88 OPFRS Policy Benchmark 1.8 6.1 12.2 12.7 6.7 8.3 8.1
Excess Return 0.0 0.4 0.3 -1.0 -0.4 -0.2 -1.3
IM Public DB $250M-$1B Median (Net) 1.9 6.7 13.4 12.3 6.9 8.3 8.0 Peer Group Rank 65 54 69 62 77 64 100
Domestic Equity (Net) 125,273,584 25.0 2.2 10.3 14.8 17.3 10.8 12.6 9.4 Jun-97 Russell 3000 (Blend) 2.4 10.8 17.1 22.2 13.1 14.3 10.0
Excess Return -0.2 -0.5 -2.3 -4.9 -2.4 -1.6 -0.6
International Equity (Net) 29,546,279 5.9 4.7 13.1 37.1 20.8 10.4 9.5 6.4 Jan-98 MSCI ACWI ex US (Blend) 5.1 12.3 32.4 17.3 7.9 8.4 6.0
Excess Return -0.4 0.8 4.7 3.4 2.5 1.1 0.4
Fixed Income (Net) 293,972,356 58.7 1.2 3.6 8.0 5.2 0.2 2.6 4.5 Jan-94 Fixed Income Benchmark (Blend) 1.1 3.2 7.3 5.1 0.0 2.4 4.6 Excess Return 0.1 0.4 0.7 0.1 0.1 0.2 0.0
Crisis Risk Offset (Net) 39,159,119 7.8 3.0 8.4 5.8 1.0 -3.5 -- -5.4 Aug-18 Crisis Risk Offset Benchmark 2.7 7.7 5.5 3.3 4.4 -- 1.0 Excess Return 0.3 0.7 0.3 -2.3 -8.0 -- -6.4
Cash (Net) 12,671,161 2.5 0.5 1.1 2.0 0.9 0.5 1.0 0.7 Mar-11 Oakland Police and Fire Retirement System
Asset Class Performance: Net of Fees | As of December 31, 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 December 31, 2025
Selection Effect Allocation Effect Interaction Effect Total Effects

0.0% 0.1%-0.1 %-0.2 %
Cash
Crisis Risk Offset
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 25.2 25.0 2.2 2.4 -0.2 0.0 0.0 0.0 0.0
International Equity 6.1 5.0 4.7 5.1 -0.4 0.0 0.0 0.0 0.0 Fixed Income 58.5 61.0 1.2 1.1 0.1 0.0 0.0 0.0 0.1
Crisis Risk Offset 7.7 9.0 3.0 2.7 0.3 0.0 0.0 0.0 0.0
Cash 2.5 0.0 0.5 0.5 0.0 0.0 0.0 0.0 0.0
Total Plan 100.0 100.0 1.8 1.8 0.0 0.0 0.0 0.0 0.0
Oakland Police and Fire Retirement System
Total Fund Attribution | As of December 31, 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 December 31, 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 %
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 36.4 30.3 14.8 17.1 -2.3 0.0 -0.9 -0.1 -0.9 International Equity 11.5 9.1 37.1 32.4 4.7 0.5 0.4 0.1 1.0 Fixed Income 38.1 51.1 8.0 7.3 0.7 0.5 0.3 -0.1 0.8
Credit 0.7 0.0 3.8 7.2 -3.4 0.0 0.0 0.0 0.0
Covered Calls 2.2 0.0 1.5 -1.3 2.7 -0.2 0.0 0.0 -0.2
Crisis Risk Offset 7.9 9.6 5.8 5.5 0.3 0.1 0.0 0.0 0.2
Cash 3.2 0.0 2.0 2.0 0.0 -0.3 0.0 0.0 -0.3
Total Plan 100.0 100.0 12.5 12.2 0.3 0.6 -0.2 -0.1 0.3
Oakland Police and Fire Retirement System
Total Fund Attribution | As of December 31, 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 December 31, 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 FYTD 1 Yr 3 Yrs 5 Yrs

1.9 6.7

13.4 12.3

6.9 1.8

6.1 12.2 12.7

6.7 1.8

6.5 12.4 11.7

6.2 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
-13.3

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 December 31, 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 125,273,584 25.0 25.0 0.0 15.0 - 35.0 Yes International Equity 29,546,279 5.9 5.0 0.9 0.0 - 10.0 Yes Fixed Income 293,972,356 58.7 61.0 -2.3 46.0 - 76.0 Yes Crisis Risk Offset 39,159,119 7.8 9.0 -1.2 4.0 - 14.0 Yes Cash 12,671,161 2.5 0.0 2.5 0.0 - 5.0 Yes
Total 500,622,499 100.0 100.0 0.0
December 31, 2025: $500,622,499.4
Cash

2.5%
Crisis Risk Offset

7.8%
Domestic Equity

25.0%
International
Equity

5.9 %
Fixed Income

58.7%
December 31, 2024: $475,224,986.7
Cash

7.9%
Credit

1.6%
Crisis Risk Offset

8.1%
International
Equity

13.0 %
Fixed Income

23.7%
Domestic Equity

45.6%
Oakland Police and Fire Retirement System
Asset Allocation | As of December 31, 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
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Domestic Equity 125,273,584 100.0 2.2 10.3 14.8 17.3 10.8 12.6 9.4 Jun-97 Russell 3000 (Blend) 2.4 10.8 17.1 22.2 13.1 14.3 10.0
Excess Return -0.2 -0.5 -2.3 -4.9 -2.4 -1.6 -0.6
Northern Trust Russell 1000 77,039,589 61.5 2.4 10.6 17.3 22.7 13.5 14.5 14.4 Jun-10 Russell 1000 Index 2.4 10.6 17.4 22.7 13.6 14.6 14.5
Excess Return 0.0 0.0 0.0 0.0 -0.1 -0.1 -0.1
EARNEST Partners 26,478,647 21.1 4.2 9.5 10.3 11.3 7.7 11.9 9.3 Apr-06 Russell Midcap Index 0.2 5.5 10.6 14.4 8.7 11.0 9.2
Excess Return 4.0 4.0 -0.3 -3.0 -1.0 0.9 0.1
eV US Mid Cap Core Equity Rank 7 9 32 66 67 18 49
Brown Fundamental Small Cap Value 13,531,347 10.8 0.8 11.3 6.4 12.1 -- -- 7.9 Apr-21 Russell 2000 Value Index 3.3 16.3 12.6 11.7 -- -- 5.0
Excess Return -2.4 -4.9 -6.1 0.4 -- -- 2.8
eV US Small Cap Value Equity Rank 67 41 53 41 -- -- 26
Rice Hall James 8,224,002 6.6 -2.5 6.3 12.9 14.4 5.4 -- 8.5 Aug-17 Russell 2000 Growth Index 1.2 13.6 13.0 15.6 3.2 -- 8.7 Excess Return -3.7 -7.3 -0.1 -1.2 2.2 -- -0.3
eV US Small Cap Growth Equity Rank 91 72 28 37 28 -- 77 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of December 31, 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
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
International Equity 29,546,279 100.0 4.7 13.1 37.1 20.8 10.4 9.5 6.4 Jan-98 MSCI ACWI ex US (Blend) 5.1 12.3 32.4 17.3 7.9 8.4 6.0
Excess Return -0.4 0.8 4.7 3.4 2.5 1.1 0.4
SGA ACWI ex-U.S. Equity 29,546,279 100.0 4.7 13.5 37.8 21.9 10.8 -- 10.1 Dec-19 MSCI AC World ex USA (Net) 5.1 12.3 32.4 17.3 7.9 -- 9.0 Excess Return -0.4 1.2 5.4 4.6 2.9 -- 1.1
eV ACWI ex-US All Cap Core Eq Rank 35 16 12 12 13 -- 39 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of December 31, 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
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Fixed Income 293,972,356 100.0 1.2 3.6 8.0 5.2 0.2 2.6 4.5 Jan-94 Fixed Income Benchmark (Blend) 1.1 3.2 7.3 5.1 0.0 2.4 4.6 Excess Return 0.1 0.4 0.7 0.1 0.1 0.2 0.0
Ramirez Core Fixed Income 80,356,253 27.3 1.2 3.5 7.9 5.0 0.1 -- 2.3 Jan-17 Blmbg. U.S. Aggregate Index 1.1 3.2 7.3 4.7 -0.4 -- 1.9 Excess Return 0.1 0.4 0.6 0.4 0.5 -- 0.4
eV US Core Fixed Inc Rank 15 11 13 44 22 -- 37
Loop Core Fixed Income 64,552,734 22.0 1.2 -- -- -- -- -- 2.4 Sep-25 Blmbg. U.S. Aggregate Index 1.1 -- -- -- -- -- 2.2
Excess Return 0.1 -- -- -- -- -- 0.2
eV US Core Fixed Inc Rank 25 -- -- -- -- -- 14
Reams Core Plus 83,279,887 28.3 1.3 3.8 8.7 5.7 0.4 3.7 4.9 Feb-98 Fixed Income Benchmark (Blend) 1.1 3.2 7.3 5.1 0.0 2.4 4.2 Excess Return 0.2 0.6 1.4 0.5 0.4 1.3 0.7
eV US Core Plus Fixed Inc Rank 11 7 8 46 44 13 29
Wellington Core Bond Plus 65,783,482 22.4 1.0 3.5 -- -- -- -- 5.2 Jun-25 Blmbg. U.S. Aggregate Index 1.1 3.2 -- -- -- -- 4.7
Excess Return -0.1 0.3 -- -- -- -- 0.4
eV US Core Plus Fixed Inc Rank 81 28 -- -- -- -- 43
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of December 31, 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.

Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Crisis Risk Offset 39,159,119 100.0 3.0 8.4 5.8 1.0 -3.5 -- -5.4 Aug-18 Crisis Risk Offset Benchmark 2.7 7.7 5.5 3.3 4.4 -- 1.0 Over/Under 0.3 0.7 0.3 -2.3 -8.0 -- -6.4
Kepos Alternative Risk Premia 15,026,074 38.4 5.9 14.6 20.0 15.2 -- -- 11.0 Feb-22 SG Multi Alternative Risk Premia Index 3.4 7.1 8.1 8.0 -- -- 7.1 Over/Under 2.6 7.5 11.8 7.2 -- -- 3.8
Versor Trend Following 11,721,060 29.9 3.2 8.2 -7.8 -9.8 -- -- -6.4 Apr-22 SG Trend Index 4.8 13.8 2.4 0.2 -- -- 2.3
Over/Under -1.5 -5.6 -10.2 -10.0 -- -- -8.7
Vanguard Long-Term Treasury ETF 12,411,985 31.7 -0.4 2.0 5.3 0.7 -7.3 -- -2.8 Jul-19 Blmbg. US Govt: Long Term Bond Index 0.0 2.5 5.6 0.6 -7.2 -- -2.7 Over/Under -0.4 -0.4 -0.3 0.0 -0.1 -- -0.1
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of December 31, 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 75,227,508 - 1,812,080 77,039,589 EARNEST Partners 25,411,125 - 1,067,522 26,478,647
Brown Fundamental Small Cap Value 15,437,191 -2,000,000 94,155 13,531,347 Rice Hall James 10,836,592 -2,400,000 -212,589 8,224,002 SGA ACWI ex-U.S. Equity 30,388,148 -2,200,000 1,358,132 29,546,279 Ramirez Core Fixed Income 79,401,957 - 954,296 80,356,253 Loop Core Fixed Income 63,806,036 - 746,698 64,552,734
Wellington Core Bond Plus 65,161,166 - 622,316 65,783,482 Reams Core Plus 82,221,128 - 1,058,759 83,279,887
Parametric BXM 457 - 6 463
Parametric DeltaShift 234 - 5 240
Kepos Alternative Risk Premia 14,183,494 - 842,581 15,026,074 Versor Trend Following 11,355,735 - 365,324 11,721,060
Vanguard Long-Term Treasury ETF 12,647,768 -186,180 -49,603 12,411,985 Cash - Money Market 2,396,655 241,803 - 2,638,458
Cash - Treasury 9,597,000 435,000 - 10,032,000
Securities Lending Northern Trust - -40,044 40,044 -
Total 498,072,195 -6,149,421 8,699,726 500,622,499
Oakland Police and Fire Retirement System
Financial Reconciliation | As of December 31, 2025

Growth of a Dollar
5 Years ending December 31, 2025
OPFRS Total Plan OPFRS Policy Benchmark Actuarial Rate
$0.84
$0.91
$0.98
$1.05
$1.12
$1.19
$1.26
$1.33
$1.40
$1.47
2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 Actuarial Rate: $1.31
OPFRS Policy Benchmark: $1.38
OPFRS Total Plan: $1.35
Oakland Police and Fire Retirement System
Total Portfolio 5-Year Performance | As of December 31, 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
-1.0

2.0 5.0

8.0 11.0

14.0 17.0
Return
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
OPFRS Total Plan 1.8 (65) 6.5 (54) 12.4 (69) 11.7 (62) 6.2 (77) 8.0 (64)¢£ OPFRS Policy Benchmark 1.8 (65) 6.1 (72) 12.2 (74) 12.7 (37) 6.7 (59) 8.3 (51)˜ 5th Percentile 2.8 8.2 15.8 14.8 8.3 9.3
1st Quartile 2.2 7.4 14.6 13.1 7.6 8.8
Median 1.9 6.7 13.4 12.3 6.9 8.3
3rd Quartile 1.6 5.9 12.0 11.2 6.2 7.8
95th Percentile 1.0 4.4 10.2 9.3 4.4 7.2
Population 117 117 117 117 115 108
Oakland Police and Fire Retirement System
Plan Sponsor Peer Group Analysis | As of December 31, 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 -0.61 0.50 0.00 1.00 99.80 - Russell 1000 Index 0.00 1.00 - 0.50 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 %
Q4-2025 1 Year 3 Years 5 Years 7 Years 10 Years

2.4 17.4

22.7 13.6

17.0 14.6

2.4 17.3

22.7 13.5

16.9 14.5
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 5/24 12/25 $8.2
$8.1
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 2.41 0.96
Russell 1000 Index 2.41 0.96
Oakland Police and Fire Retirement System
Northern Trust Russell 1000 | As of December 31, 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 1.29 1.89 1.67 0.63 0.80 0.99 286.06 -49.66 Russell Midcap Index 0.00 1.00 - -0.29 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 %
Q4-2025 1 Year 3 Years 5 Years 7 Years 10 Years

0.2 10.6

14.4 8.7

12.8 11.0

4.2 10.3 11.3

7.7 13.2 11.9
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 12/25
$5.7
$5.8
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

7.0 8.0

9.0 10.0

11.0 12.0
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 4.20 1.68
Russell Midcap Index 0.16 0.89
Oakland Police and Fire Retirement System
EARNEST Partners | As of December 31, 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 -1.20 1.38 -0.70 -0.02 1.13 0.73 26.75 - Russell 2000 Value Index 0.00 1.00 - 0.60 0.00 1.00 100.00 - Trailing Performance
Brown Fundamental Small Cap Value Russell 2000 Value Index

0.0 4.0

8.0 12.0

16.0 Rate of Return %
Q4-2025 1 Year 3 Years 5 Years 7 Years 10 Years

3.3 12.6 11.7

8.9 10.1 9.3

0.8 6.4

12.1 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 12/25
$1.3
$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 0.81 1.98
Russell 2000 Value Index 3.26 1.22
Oakland Police and Fire Retirement System
Brown Fundamental Small Cap Value | As of December 31, 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 -0.54 -0.70 -0.37 -0.80 3.42 0.92 -84.26 -11.03 Russell 2000 Growth Index 0.00 1.00 - 0.05 0.00 1.00 100.00 100.00 Trailing Performance
Rice Hall James Russell 2000 Growth Index

0.0 8.0

16.0 24.0
-8.0
Rate of Return %
Q4-2025 1 Year 3 Years 5 Years 7 Years 10 Years

1.2 13.0

15.6 3.2

10.6 9.6
-2.5

12.9 14.4

5.4 9.5
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 12/25
$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 -2.52 1.45
Russell 2000 Growth Index 1.22 2.00
Oakland Police and Fire Retirement System
Rice Hall James | As of December 31, 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 0.59 0.57 -0.24 1.76 0.55 0.99 79.49 -2,390.20 MSCI AC World ex USA (Net) 0.00 1.00 - 1.09 0.00 1.00 100.00 100.00 Trailing Performance
SGA ACWI ex-U.S. Equity MSCI AC World ex USA (Net)

0.0 15.0

30.0 45.0

60.0 Rate of Return %
Q4-2025 1 Year 3 Years 5 Years 7 Years 10 Years

5.1 32.4

17.3 7.9 10.1 8.44.7

37.8 21.9

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

0.0 0.5

1.0 1.5

2.0 2.5
11/19 8/20 5/21 2/22 11/22 8/23 5/24 2/25 12/25
$1.7
$1.8
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

10.0 12.0 14.0 16.0 18.0 20.0 22.0
Standard Deviation
QTD Return QTD Risk
SGA ACWI ex-U.S. Equity 4.66 0.72
MSCI AC World ex USA (Net) 5.05 1.26
Oakland Police and Fire Retirement System
SGA ACWI ex-U.S. Equity | As of December 31, 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 73.7

10.8 12.5

0.0 0.2 0.0 0.04.1

55.6 11.4 12.4

3.9 0.1

11.5 1.0
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core Fixed Income 1.2 7.9 5.0 0.1
Blmbg. U.S. Aggregate Index 1.1 7.3 4.7 -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

46.4 24.0 25.6

0.5 3.1 0.4 0.0

18.2 24.5 27.5

6.5 0.0

22.2 1.0
Portfolio Fixed Income Characteristics
Q4-25
Portfolio
Q3-25
Portfolio
Yield To Maturity 4.8 4.8
Average Duration 6.1 6.3
Average Quality AA AA
Weighted Average Maturity 9.0 9.2
Oakland Police and Fire Retirement System
Ramirez Core Fixed Income | As of December 31, 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 73.7

10.8 12.5

0.2 11.0

61.0 12.0 16.0

0.0 Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Loop Core Fixed Income 1.2 - - -
Blmbg. U.S. Aggregate Index 1.1 - - -
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

46.4 24.0 25.6

0.5 3.1 0.4 0.0

28.0 31.0 30.0

10.0 0.0 0.0 1.0
Portfolio Fixed Income Characteristics
Q4-25
Portfolio
Q3-25
Portfolio
Yield To Maturity 4.7 4.7
Average Duration 5.9 6.0
Average Quality AA AA
Weighted Average Maturity 8.7 8.8
Oakland Police and Fire Retirement System
Loop Core Fixed Income | As of December 31, 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 Blmbg. U.S. Aggregate Index
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
BB/Ba
Not
Rated
Cash

2.9 73.7

10.8 12.5

0.2 0.0 0.0

25.3 49.0

16.7 6.8

0.0 0.2 2.0
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 1.3 8.7 5.7 0.4
Fixed Income Benchmark (Blend) 1.1 7.3 4.7 -0.4
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

46.4 24.0 25.6

0.5 3.1 0.4 0.0

18.0 27.4

42.6 10.0

0.0 0.0 2.0
Portfolio Fixed Income Characteristics
Q4-25
Portfolio
Q3-25
Portfolio
Yield To Maturity 4.8 4.9
Average Duration 6.4 6.5
Average Quality AA AA
Weighted Average Maturity 9.2 9.2
Oakland Police and Fire Retirement System
Reams Core Plus | As of December 31, 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 73.7

10.8 12.5

0.2 0.0 0.0 0.0 0.0

8.9 64.1

10.4 14.0

2.2 0.7 0.3 2.5
-3.0
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond Plus 1.0 - - -
Blmbg. U.S. Aggregate Index 1.1 - - -
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

46.4 24.0 25.6

0.5 3.1 0.4 0.0

29.9 23.5

43.5 6.1 0.0 0.0
-3.0
Portfolio Fixed Income Characteristics
Q4-25
Portfolio
Q3-25
Portfolio
Yield To Maturity 4.9 5.0
Average Duration 6.6 6.2
Average Quality AA AA
Weighted Average Maturity 10.0 10.0
Oakland Police and Fire Retirement System
Wellington Core Bond Plus | As of December 31, 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 -5.4 10.0 -5.8 0.9 -0.7 8.9 45.9 126.6 08/01/2018 Crisis Risk Offset Benchmark 1.0 5.4 0.0 1.0 - 0.0 100.0 100.0 Kepos Alternative Risk Premia 11.0 7.0 3.6 1.0 0.7 5.0 125.9 78.0 02/01/2022 SG Multi Alternative Risk Premia Index 7.1 4.9 0.0 1.0 - 0.0 100.0 100.0 Versor Trend Following -6.4 13.2 -8.4 1.0 -1.5 5.8 69.9 122.0 04/01/2022 SG Trend Index 2.3 11.7 0.0 1.0 - 0.0 100.0 100.0
Vanguard Long-Term Treasury ETF -2.8 14.1 -0.1 1.0 -0.1 1.0 100.9 101.3 07/01/2019 Blmbg. U.S. Government: Long Term Bond Index -2.7 13.9 0.0 1.0 - 0.0 100.0 100.0 Correlation Matrix
3 Months Ending December 31, 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 0.08 1.00
S&P 500 Index -0.06 -1.00 1.00
Blmbg. Global Aggregate Index 0.08 1.00 -1.00 1.00
Trailing Period Performance
Crisis Risk Offset Crisis Risk Offset Benchmark

0.0 3.0

6.0 9.0
-3.0
-6.0
Rate of Return %
QTD 1 Year 3 Years 5 Years

2.7 5.5

3.3 4.43.0

5.8 1.0
-3.5
Oakland Police and Fire Retirement System
Crisis Risk Offset | As of December 31, 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 December 31, 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 December 31, 2025

Manager Monitoring / Probation Status

Oakland Police and Fire Retirement System
Manager Monitoring | As of December 31, 2025

MEKETA.COM
Managers on Watch / Probation Status
Breach of Quantitative Monitoring Criteria
• As of December 31, 2025, EARNEST Mid Cap partially breached the medium- and long-term monitoring criteria as its rolling 3-year excess return and 5-year value relative ratio (VRR)4 dropped below their respective criterion thresholds over the prior six months consecutively. There is no other concerns for the manager or the strategy. • All other public equity and fixed income managers pass the quantitative monitoring criteria.

Investment Manager Monitoring: Quantitative 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 the public equity and fixed income 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
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
The following pages illustrate the public equity and fixed income managers’ performance against these quantitative criteria. Managers with less than one year of performance history are omitted.

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 10/29/2025, section H. Currently, only domestic (US) equity, international (non-US) equity, and fixed income have stated quantitative monitoring criteria in the IPS. Though the passive international equity asset class has a set of monitoring criteria, it is omitted here as there is no current passive international equity investment in the portfolio. 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 27 -13.3 N/A Benchmark: SG Trend Index -- -- -- -0.1 --

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 %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Long Term - VRR

0.8 0.9

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

0.0 4.0

8.0 Excess Performance %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
EARNEST Partners 10.3 11.3 7.7
Russell Midcap Index 10.6 14.4 8.7
eV US Mid Cap Core Equity Rank 32 66 67
Monitoring Status
-
Oakland Police and Fire Retirement System
EARNEST Partners | As of December 31, 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
Dec-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
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Brown Small Cap Value 6.4 12.1 -
Russell 2000 Value Index 12.6 11.7 8.9
eV US Small Cap Value Equity Rank 53 41 -
Monitoring Status
-
Oakland Police and Fire Retirement System
Brown Small Cap Value | As of December 31, 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 %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Long Term - VRR

0.8 1.0

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

0.0 2.0

4.0 6.0
Excess Performance %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Rice Hall James 12.9 14.4 5.4
Russell 2000 Growth Index 13.0 15.6 3.2
eV US Small Cap Growth Equity Rank 28 37 28
Monitoring Status
-
Oakland Police and Fire Retirement System
Rice Hall James | As of December 31, 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 %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Long Term - VRR

0.8 0.9

1.0 1.1

1.2 VRR
Dec-20
Sep-21
Jun-22
Mar-23
Dec-23
Sep-24
Dec-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
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
SGA ACWI ex US 37.8 21.9 10.8
MSCI ACWI ex US (Net) 32.4 17.3 7.9
eV ACWI ex-US All Cap Core Eq Rank 12 12 13
Monitoring Status
-
Oakland Police and Fire Retirement System
SGA ACWI ex US | As of December 31, 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
-2.7
-1.8
-0.9

0.0 0.9

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

0.9 1.0

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

0.0 0.9

1.8 2.7
Excess Performance %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez Core Fixed Income 7.9 5.0 0.1
Blmbg. U.S. Aggregate Index 7.3 4.7 -0.4
eV US Core Fixed Inc Rank 13 44 22
Monitoring Status
-
Oakland Police and Fire Retirement System
Ramirez Core Fixed Income | As of December 31, 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 %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Long Term - VRR

0.8 0.9

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

0.0 2.0

4.0 6.0
Excess Performance %
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
Dec-25
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams Core Plus 8.7 5.7 0.4
Fixed Income Benchmark (Blend) 7.3 5.1 0.0
eV US Core Plus Fixed Inc Rank 8 46 44
Monitoring Status
-
Oakland Police and Fire Retirement System
Reams Core Plus | As of December 31, 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 To t a lPlan, 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 DECISIO NS 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 MAY 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 holdings; 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 and 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 narrow 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.