On the agenda: Olivette meeting — Data Center (May 7)

Pension Board

May 7, 2026 - 5 p.m.
City Council Chambers
1140 Dielman Road
Olivette MO 63132
Join Via Zoom link

1. Roll Call
2. Approval Of Minutes

Documents:
02052026 PENSION BOARD MINUTES.PDF
3. Marquette Financial Update
Review of Marquette Report
Documents:
CITY OF OLIVETTE 02-05-26 MEETING_1Q26 PERFORMANCE AA SHEET BI
CALC_COMPLETE.PDF
4. Adjournment
AGENDA ITEMS WILL NOT NECESSARILY BE DISCUSSED IN ORDER. IF YOU HAVE ANY
QUESTIONS, PLEASE CALL CITY HALL AT (314) 993-0444
Individuals wishing to speak at the meeting may do so via Zoom. Persons will be called upon to
speak during Hearing from Citizens . Persons may speak or utilize the Chat or Q&A functions of
Zoom.
Public comments may also be emailed to [email protected], no later than 5:00
p.m. on the day of the meeting.
Posted this day, May 5, 2026
Jennifer Yackley, City Manager

Employee Retirement Board of Trustees
February 5, 2026 - 5:00 PM
Olivette City Center
Council Chambers
Meeting was called to order at 5:01 pm.
Roll Call
On roll call, the following persons were present, Ted Isaacs, Mike Vredenburgh, Alan Robbins, Nate
Mahoney, Kent Berkbuegler (via Zoom), Jennifer Yackley, and Council Liaison Mike Solomonov.
Absent: Josephine Ezenwa
Also in attendance: Jonathan Bryant and Tom Latzke from Marquette Associates, Director of Finance
Darren Mann
Approval of Minutes
A motion was made by Mr. Vredenburgh, seconded by Mr. Robbins to approve the minutes of
November 6, 2025.
Motion passed unanimously.
Marquette Financial Update
Jonathan Bryant and Tom Latzke from Marquette Associates presented the financial update.
A motion was made by Mr. Robbins and seconded by Mr. Vredenburgh to accept the changes as
presented.
Motion passed unanimously.
Adjournment
A motion was made by Mr. Robbins and seconded by Mr. Vredenburgh to adjourn at 5:35 p.m.

The City of Olivette
Salaried Employees Pension Plan
1Q26 Performance Report
May 7, 2026

The City of Olivette – Salaried Employees Pension Plan
May 7, 2026

CONTENTS

EXHIBIT

1Q26 Performance Report

I

Asset Allocation Sheet & Benefit Index Calculation

II

Marquette Update

2Q 2026

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27

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Investor 2026 Redefining Fixed Income Forum 5/20

CELEBRATING MARQUETTE’S 40TH ANNIVERSARY

1986
Marquette
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strategies, fees and objectives can be found in our ADV Part 2 and Form CRS which are available upon request and on our website.

1Q 2026
Market Environment

This presentation is furnished on a confidential basis to the recipient for informational purposes only.
For disclosure information, please refer to the end of this presentation.

Overview

Asset class outlook
TAILWINDS

TAKEAWAYS


Core bonds











Bank loans











High yield











EMD











Large-cap











Mid-cap











Small-cap











Value











Growth





















Developed small-cap













Emerging markets













Core real estate











Value-add real estate











Infrastructure











Equity long/short











Credit





















Buyout











Venture Capital











Direct lending











Distressed/opportunistic











Private Private
Credit Equity

Hedge
Funds

Non-U.S.
Equities



Developed large-cap

Real Assets

U.S. Equities

Fixed
Income

CHANGE HEADWINDS NEUTRAL

VRP















Fixed Income: Interest rate increases in March offset the fixed income rally, leaving most
indices flat to slightly negative for 1Q. Yields rose amid renewed inflation concerns driven by
higher oil prices, while credit spreads widened but remain below long-term averages. Higher
starting yields (above 4.6% for core bonds) provide support, though AI-related disruption and
rising distress in leveraged loans have pushed default forecasts higher. The outlook remains
constructive, but headwinds have increased and further Fed rate cuts are largely not expected.
U.S.: Geopolitical tensions have increased inflation uncertainty, potentially prompting the Fed
to maintain restrictive policy longer than expected. This environment may support continued
rotation into defensive, value-oriented stocks, while policy uncertainty, a slowing economy,
and weakening consumer sentiment point to a more cautious near-term outlook for risk assets.
Non-U.S.: While bright spots remain for non-U.S. equities (e.g., Asian technology companies and
the European infrastructure buildout), those tailwinds are marred by short-term uncertainty
surrounding the impact of the Iran conflict on global equity markets. The impact of the closure of
the Strait of Hormuz will continue to reverberate across markets as supply chains reorient,
increasing the likelihood of inflationary pressures and stymieing global growth.
Real Assets: The recovery in open-end core real estate continued through year-end, supported
by improving transaction activity and a thawing, relatively liquid lending environment.
Infrastructure trends remain steady and constructive, with core strategies delivering reliable
income from regulated or contracted cash flows, while strong demand from AI-driven data
center growth continues to support investor interest.
Hedge Funds: Higher cross-asset dispersion may create tailwinds for long/short and multistrategy funds, though uncertainty can make it harder for strategies to generate consistent
returns. Volatility risk premium strategies may benefit from a lack of rate cuts (via higher yields on
collateral pools) and relatively elevated volatility levels (via higher option premiums).
Private Equity: The outlook for private equity appears constructive as improving financing
conditions and lower policy rates support a gradual recovery in leveraged buyout activity and
broader dealmaking. At the same time, strengthening exit markets and continued investment
in high-growth areas such as artificial intelligence should help sustain deployment and liquidity,
though performance may remain somewhat uneven across strategies.
Private Credit: All-in yield levels remain attractive, and credit fundamentals are stable, supported
by low non-accruals, contained defaults, and healthy leverage and interest coverage. While
retail-driven redemption pressures may persist, the space is well positioned to deliver. Near-term
market uncertainty may support improved new-issue pricing and deal terms. Select signs of rising
distress may offer attractive entry points with upside for capital solutions or secondaries funds.

For illustration only, as of March 31, 2026. These views apply to a 6–12-month horizon; arrows in Change column represent change in view since last quarter. This summary of individual asset class views
shows relative direction and strength of conviction but is independent of portfolio construction considerations. These views should not be construed as a recommended portfolio or investment advice.
Past performance is not indicative of future results.

Overview

3

Inflation
Headline inflation soared to 3.3% in March, driven by higher gasoline
costs stemming from the conflict in Iran
10%
9%

Year-over-Year Change

8%
7%
6%
5%
4%
3%

Fed 2% target inflation

2%
1%
0%
Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

Headline CPI

Jun-23

Dec-23

Jun-24

Dec-24

Jun-25

Dec-25

Core CPI

Source: Bloomberg, Bureau of Economic Analysis as of March 31, 2026. The most recently available official PCE Price Index level is for January 2026, which reflects roughly 2.8%
year-over-year inflation. More recent PCE figures have not yet been released.

Overview

4

Hiring and unemployment
The labor market bounced back in March, with job creation (+178,000)
stronger than expected; the unemployment rate edged lower to 4.3%
1,000

10%
9%
8%
7%

600

6%
400

5%
4%

200

3%
2%

0

Unemployment Rate

Job Adds (Thousands)

800

1%

Job Adds

Monthly Breakeven Job Adds (Range)

Mar-26

Jan-26

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

0%

Jan-21

-200

U.S. Unemployment Rate (R)

Source: Bloomberg, Bureau of Labor Statistics as of March 31, 2026. Monthly breakeven job adds are economists’ estimates related to how fast payrolls can grow without
tightening the labor market and stoking wage pressures (i.e., neutral payrolls growth).

Overview

5

Iran conflict has led to pain at the pump for Americans
A continuation of hostilities in the Middle East could lead to a
prolonged period of elevated gasoline prices

Average Price per Gallon

$6

$5

$4

$3

$2

$1

$0

Regular Gasoline

Regular Diesel

Source: Bloomberg, AAA as of April 6, 2026

Overview

6

The economic impact of the Strait of Hormuz closure
Based on estimates from the Federal Reserve, a prolonged closure of
the Strait of Hormuz could lead to notable reductions in global GDP
Percentage Deviation
from Baseline Estimate

GLOBAL REAL GDP

0.0%
-0.5%
-1.0%
-1.5%
2Q26

3Q26

4Q26

Strait of Hormuz Closure Lasts One Quarter

1Q27

2Q27

3Q27

Strait of Hormuz Closure Lasts Two Quarters

4Q27

1Q28

2Q28

Strait of Hormuz Closure Lasts Three Quarters

Percentage Deviation
from Baseline Estimate

GLOBAL REAL GDP GROWTH

4%
2%
0%
-2%
-4%
2Q26

3Q26

4Q26

Strait of Hormuz Closure Lasts One Quarter

1Q27

2Q27

3Q27

Strait of Hormuz Closure Lasts Two Quarters

4Q27

1Q28

2Q28

Strait of Hormuz Closure Lasts Three Quarters

Source: Federal Reserve Bank of Dallas as of March 31, 2026

Overview

7

1/26/2022
3/17/2022
5/5/2022
6/16/2022
7/28/2022
9/22/2022
11/02/2022
12/14/2022
2/1/2023
3/22/2023
5/3/2023
6/14/2023
7/26/2023
9/20/2023
11/01/2023
12/13/2023
1/31/2024
3/20/2024
5/1/2024
6/12/2024
7/31/2024
9/18/2024
11/07/2024
12/18/2024
1/29/2025
3/19/2025
5/7/2025
6/18/2025
7/30/2025
9/17/2025
10/29/2025
12/10/2025
1/28/2026
3/18/2026
4/29/2026
6/17/2026
7/29/2026
9/16/2026
10/28/2026
12/09/2026
1/27/2027
3/17/2027
4/28/2027
6/9/2027
7/28/2027

Policy Rate
6%
6

5%
5

4%
4

3%
3

2%
2

1%
1

0%
0

-1%
-1

-2%
-2

#Hikes/Cuts
Effective Rate

Overview

Number of 25bp Hikes/Cuts

Rate expectations
Investors currently expect the Federal Reserve’s policy rate to remain
range-bound throughout 2026 and the first half of 2027

Implied Rate

Source: Bloomberg as of April 7, 2026. Gray shading indicates forecasts.

8

Fixed Income

Fixed income performance
A significant increase in Treasury rates during March due to the Iran
conflict weighed on 1Q fixed income returns
MTD (%)

QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%) 10 Yr (%)

Broad Market Index

Blm Aggregate

-1.8

0.0

0.0

4.3

3.6

0.3

1.7

Intermediate Index

Blm Int. Gov./Credit

-1.2

0.0

0.0

4.4

4.2

1.3

2.0

Government Only Indices

Blm Long Gov.

-4.0

-0.4

-0.4

0.5

-1.5

-4.6

-0.8

Blm Int. Gov.

-1.1

0.1

0.1

4.0

3.6

1.0

1.5

Blm 1-3 Year Gov.

-0.5

0.3

0.3

3.8

4.0

1.8

1.8

Blm U.S. TIPS

-1.3

0.3

0.3

3.0

3.2

1.5

2.7

Blm U.S. Long Credit

-3.3

-1.2

-1.2

4.0

3.1

-1.4

2.6

Blm High Yield

-1.2

-0.5

-0.5

7.0

8.6

4.2

6.1

CS Leveraged Loan Index

0.6

-0.5

-0.5

4.8

8.0

5.8

5.6

Blm MBS

-1.6

0.4

0.4

5.8

4.2

0.4

1.4

Blm ABS

-0.8

0.3

0.3

4.7

5.0

2.4

2.5

Blm CMBS

-1.3

0.3

0.3

5.4

5.5

1.5

2.5

Blm Global Aggregate Hedged

-1.8

-0.2

-0.2

3.5

4.1

0.8

2.0

JPM EMBI Global Diversified

-3.3

-1.3

-1.3

10.4

9.5

2.5

3.8

JPM GBI-EM Global Diversified

-5.5

-2.3

-2.3

11.8

6.8

2.1

2.6

Blm Municipal 5 Year

-1.8

0.0

0.0

4.1

2.8

1.1

1.8

Blm HY Municipal

-1.9

0.7

0.7

2.4

5.3

1.9

4.1

Credit Indices

Securitized Bond Indices

Non-U.S. Indices

Municipal Indices

Source: Bloomberg, JPMorgan, UBS as of March 31, 2026. The local currency GBI index is hedged and denominated in U.S. dollars.

Fixed Income

10

Interest rates react to the conflict with Iran
Treasuries often fall in times of crisis, but the conflict with Iran pushed
rates higher as a jump in oil prices increased inflation expectations
4.5%
IRAN WAR BEGINS

4.4%

Daily Yield

4.3%

4.2%

4.1%

4.0%

3.9%
2-Jan

16-Jan

30-Jan

13-Feb

27-Feb

13-Mar

27-Mar

10-Year US Treasury Yield
Source: Bloomberg as of March 31, 2026

Fixed Income

11

Historical interest rate levels
Front-end rates are slightly higher this year; back-end rates have
continued to increase to reflect higher term premiums

3/31/26

2/28/26

12/31/25

9/30/25

3/31/25

3/31/23

3/31/21

3 Mo.

3.70%

3.67%

3.67%

4.02%

4.32%

4.85%

0.03%

6 Mo.

3.72%

3.60%

3.59%

3.83%

4.23%

4.94%

0.05%

1 Yr.

3.68%

3.48%

3.48%

3.68%

4.03%

4.64%

0.07%

2 Yr.

3.79%

3.38%

3.47%

3.60%

3.89%

4.06%

0.16%

5 Yr.

3.92%

3.51%

3.73%

3.74%

3.96%

3.60%

0.92%

10 Yr.

4.30%

3.97%

4.18%

4.16%

4.23%

3.48%

1.74%

20 Yr.

4.88%

4.57%

4.79%

4.71%

4.62%

3.81%

2.31%

30 Yr.

4.88%

4.64%

4.84%

4.73%

4.59%

3.67%

2.41%

Source: Bloomberg as of March 31, 2026

Fixed Income

12

Technology sector performance
AI disruption fears led to a tech selloff, which impacted loans more
than high yield; tech is a larger weight in loan market (~16% vs. ~4%)
2%
1%

Total Return

0%
-1%
-2%

-3%
-4%
-5%

January
Technology - Loans

February
Technology - High Yield

March
Loan Index

QTD
High Yield Index

Source: J.P. Morgan as of March 31, 2026

Fixed Income

13

What is the outlook for defaults?
Default expectations for 2027 have moved higher given concerns of
AI disruption and higher volumes of credit trading at distressed levels
6.5%
6.0%
5.5%
5.0%

Default Rate

4.5%
4.0%
3.5%
3.0%

2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2018

2019

2020
High Yield

2021

2022

Leveraged Loans

2023

2024

2025

2026E

2027E

Long-Term Avg. Default Rate

Source: J.P. Morgan as of March 31, 2026

Fixed Income

14

U.S. Equities

U.S. equity performance
U.S. equities pulled back amid broad market weakness in 1Q;
value stocks outperformed growth equities across market caps

Broad Market Indices

Large-Cap Market Indices

Mid-Cap Market Indices

Small-Cap Market Indices

MTD (%)

QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

Dow Jones

-5.2

-3.2

-3.2

12.2

13.8

9.1

12.5

Wilshire 5000

-5.1

-4.2

-4.2

16.9

16.3

9.5

12.0

Russell 3000

-5.0

-4.0

-4.0

18.1

17.9

10.9

13.7

S&P 500

-5.0

-4.3

-4.3

17.8

18.3

12.1

14.2

Russell 1000

-5.0

-4.2

-4.2

17.7

18.1

11.3

14.0

Russell 1000 Value

-4.8

2.1

2.1

15.9

14.3

9.4

10.6

Russell 1000 Growth

-5.2

-9.8

-9.8

18.8

21.2

12.8

16.8

Russell Mid-Cap

-5.3

1.3

1.3

16.0

13.3

7.3

10.9

Russell Mid-Cap Value

-5.1

3.7

3.7

17.6

13.1

7.9

9.8

Russell Mid-Cap Growth

-6.3

-6.3

-6.3

9.6

12.7

5.4

11.7

Russell 2000

-5.0

0.9

0.9

25.7

13.0

3.8

9.9

Russell 2000 Value

-3.6

5.0

5.0

28.1

13.8

5.8

9.6

Russell 2000 Growth

-6.3

-2.8

-2.8

23.6

12.3

1.6

9.8

Source: Bloomberg as of March 31, 2026

U.S. Equities

16

S&P 500 sector performance
March saw broad weakness, as 10 of 11 S&P 500 Index sectors were
negative; Energy maintained leadership in both March and 1Q
50%
40%

Returns

30%
20%
10%
0%
-10%
-20%
Cons. Disc. Cons. Stap.
SECTOR
WEIGHTING

10%

5%

Energy
4%

Financials Health Care Industrials
13%

10%
MTD

9%
QTD

Tech

Materials

33%

2%

Comm.
Serv.
10%

Real Estate

Utilities

2%

3%

YTD

Source: Bloomberg as of March 31, 2026

U.S. Equities

17

Drawdowns do not portend negative annual returns
The S&P 500 Index often still posts positive returns in years that see
significant drawdowns
40%
30%

32%

Return and Drawdown

20%
10%

16%
5%

14%

2%

25%
18%

12%
1%
-4%

-7%

-6%
-10%

-10%
-16%

-4%

-3%
-7%
-12%

-19%

-5%

-7%

-9%

-18% -10%

-19%

-8%

-9%
-19%

-24%

-37% -27%
-34%

-40%
-50%

26%

18%

16%

15%

-20%
-30%

29%

22%

0%
-10%

31%

26%

-47%

-60%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Calendar Year Return

Max Drawdown

Source: Bloomberg as of March 31, 2026

U.S. Equities

18

Performance by valuation
The return of each valuation segment of the U.S. equity market was
negative in March; the cheapest quintile of stocks led in 1Q
Least Expensive

Most Expensive
6%

3.5% 3.5%

4%
2%

Returns

0%
-2%

-1.3% -1.3%

-4%
-4.1%

-6%
-8%
-10%

-3.8%
-4.6% -4.6%

-4.8%
-5.7%

-6.5%

-9.1% -9.1%
-9.9% -9.9%

-12%
P/E Quintile 1

P/E Quintile 2

P/E Quintile 3
MTD

QTD

P/E Quintile 4

P/E Quintile 5

YTD

Source: FactSet as of March 31, 2026. SPY ETF used as a proxy for the S&P 500.

U.S. Equities

19

The market rotation continues
March saw outperformance of the value factor and an extension of a
style rotation (much of 2025 was led by growth)
30%
25%

Cumulative Return

20%
15%
10%
5%

0%
-5%
-10%
-15%

-20%
-25%
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26
Russell 3000 Value

Russell 3000 Growth

Russell 3000

Source: Bloomberg as of April 8, 2026

U.S. Equities

20

The contribution of the Mag 7 to overall index returns
In a reversal of trends seen over the last few years, the Magnificent 7
stocks significantly detracted from S&P 500 Index returns in 1Q
Contribution to Total S&P 500 Return

40%
30%
20%
10%
0%
-10%
-20%
-30%
2021

2022

2023
Mag 7

2024

2025

YTD

S&P 493

Source: Bloomberg as of April 8, 2026

U.S. Equities

21

Non-U.S. Equities

Global equity performance
After a strong start to the year, all non-U.S. equity indices pulled back
in March and are now behind their U.S. peers on a year-to-date basis
MTD
(%)

QTD
(%)

YTD
(%)

1 Yr
(%)

3 Yr
(%)

5 Yr
(%)

10 Yr
(%)

-7.2

-3.2

-3.2

20.0

16.6

9.5

11.3

MSCI ACWI ex. U.S.

-10.8

-0.7

-0.7

24.9

14.5

7.0

8.4

MSCI EAFE

-10.3

-1.2

-1.2

21.3

13.6

7.9

8.4

MSCI EAFE Local

-8.0

0.1

0.1

17.4

13.2

9.9

9.3

MSCI Emerging Markets

-13.1

-0.2

-0.2

29.6

14.8

3.7

7.8

MSCI EM Local

-10.5

2.1

2.1

30.6

17.1

6.2

9.5

MSCI EAFE Small-Cap

-10.9

-1.3

-1.3

25.6

12.7

4.4

7.4

MSCI EM Small-Cap

-11.1

-0.7

-0.7

24.6

13.7

6.7

8.1

MSCI Frontier

-6.9

-0.9

-0.9

34.8

19.9

9.2

7.9

Global Equity Market Indices MSCI ACWI

Developed Markets Indices

Emerging Markets Indices

Small-Cap Market Indices

Frontier Markets Index

Source: Bloomberg as of March 31, 2026

Non-U.S. Equities

23

Non-U.S. country performance
A strong start to 2026 gave way to widespread losses in March; Korea
lost more than 70% of its year-to-date gain as Brazil now leads in 2026
25%
20%
15%
10%

Return

5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
COUNTRY
WEIGHTING

Brazil

Korea

Taiwan

Mexico

UK

Japan

Spain

Italy

2%

5%

7%

1%

9%

14%

2%

2%

QTD

YTD

MTD

South
Africa
1%

USA

--%

France Germany China

6%

5%

6%

India

4%

Source: Bloomberg as of March 31, 2026. Returns based on individual MSCI country indices; country weights based on the MSCI ACWI ex-U.S. Index.

Non-U.S. Equities

24

Global equity valuations
Non-U.S. equity multiples, particularly within the small-cap space,
compressed in 1Q after significant expansion throughout 2025
S&P 500

MSCI EAFE

MSCI EM

MSCI EAFE SC

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

P/E

25.8

89.3

16.9

77.3

14.8

83.8

15.8

52.4

Forward P/E

17.5

75.9

14.1

69.3

10.0

21.4

12.5

28.9

P/B

5.1

95.0

2.1

85.8

2.1

80.8

1.5

47.8

P/S

3.2

96.8

1.6

98.9

1.7

94.3

0.9

83.6

P/CF

20.4

93.9

9.8

60.9

9.7

86.0

8.8

43.2

EV/EBITDA

16.8

97.5

11.3

54.2

11.1

97.3

9.9

41.4

Valuation
Metrics

Average

91

74

77

50

Source: Bloomberg as of March 31, 2026, data compiled on April 1, 2026. P/E is adjusted for negative earnings; percentiles are based on data dating back to 2002 (except for
FP/E, which goes back to 2006).

Non-U.S. Equities

25

2026 interest rate projections
Forecasters have revised their expectations for global interest rates
higher due to geopolitical turmoil and the chance of renewed inflation
6%
5%

Policy Rate

4%
3%
2%
1%
0%

Sep-26

Nov-26

ECB Rate

BoE Rate

BoJ Rate

Fed Implied Rate

ECB Implied Rate

BoE Implied Rate

BoJ Implied Rate

Jul-26

26

Fed Rate

May-26

Non-U.S. Equities

Mar-26

Jan-26

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

-1%

Source: Bloomberg as of March 31, 2026. Data compiled on April 7, 2026. Gray shading indicates forecasts.

Real Estate

Real estate performance
While appreciation remained flat, real estate performance was
supported by consistent income gains across sectors in 4Q
QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

1.2

4.9

4.9

-1.0

3.8

4.9

Income

1.2

4.8

4.8

4.6

4.4

4.5

Appreciation

NPI

-0.0

0.1

0.1

-5.4

-0.6

0.4

NFI-ODCE

0.9

3.8

3.8

-3.5

3.4

4.8

Income

1.0

4.1

4.1

3.9

3.9

4.0

Appreciation

-0.1

-0.3

-0.3

-7.2

-0.5

0.7

-2.2

2.3

2.3

6.1

4.9

5.7

NPI Multifamily

1.1

5.4

5.4

-0.3

4.9

5.2

NPI Industrial

1.2

4.6

4.6

1.0

11.1

12.0

NPI Office

0.9

3.5

3.5

-7.7

-4.2

0.5

NPI Retail

1.6

6.8

6.8

3.7

3.6

2.9

NPI Hotel

1.3

4.0

4.0

6.9

7.2

2.6

NPI East

1.1

5.0

5.0

-1.5

2.0

3.3

NPI Midwest

1.8

6.9

6.9

1.2

3.5

3.6

NPI South

1.4

6.6

6.6

2.0

6.7

6.2

NPI West

0.9

3.5

3.5

-2.7

3.6

5.6

FTSE NAREIT All Eq. REITs
Property Type

Geographic Sectors

Source: NCREIF as of December 31, 2025

Real Estate

28

Current cycle showing stability
Core real estate returns stabilized throughout 2024 and 2025 as the
interest-rate-driven repricing cycle subsided
3%
2%

Total Return

1%
0%
-1%
-2%

-3%
-4%
-5%
-6%

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24
NPI

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

ODCE

Source: NCREIF as of December 31, 2025

Real Estate

29

Transaction volumes are recovering
Transaction activity continues to rebound, with volumes returning to
long-term average levels
$400B
$350B
$300B

Volume

$250B

$200B
$150B
$100B
$50B

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25

$0B

Office

Industrial

Retail

Apartment

Other

10-Year Average

Source: MSCI RCA, DWS Research as of December 31, 2025

Real Estate

30

Construction starts
With construction levels declining, limited supply is expected to drive
rent growth (primarily in residential and logistics sectors)
800M

200k
1.0M
150k

0.8M
0.6M

100k

0.4M
50k
0.2M
0k

1Q00
3Q01
1Q03
3Q04
1Q06
3Q07
1Q09
3Q10
1Q12
3Q13
1Q15
3Q16
1Q18
3Q19
1Q21
3Q22
1Q24

0.0M

Under Construction

Construction Starts

180M

700M

160M
600M
140M
500M

120M

400M

100M
80M

300M

60M
200M

Construction Starts

1.2M

200M

40M
100M

20M

0M

0M

4Q00
2Q02
4Q03
2Q05
4Q06
2Q08
4Q09
2Q11
4Q12
2Q14
4Q15
2Q17
4Q18
2Q20
4Q21
2Q23
4Q24

250k

Under Construction Units (Sq. Ft.)

1.4M

Industrial

Construction Starts

Under Construction Units (Sq. Ft.)

Apartment

Under Construction

Construction Starts

Source: CoStar, AEW Research as of March 31, 2026

Real Estate

31

Evolving occupancy rates
Stable demand and limited supply support high occupancies, led by
alternative sectors with strong structural tailwinds
100%

Occupancy Rate

95%

90%

85%

80%

75%
Single-Family
Rental

Manuf.
Homes

Apartment

Senior
Housing

Retail

Historical Average 2000–2025

Data Centers

Industrial

Self Storage

Office

Forecast 2026–2030

Source: CoStar, PGIM Real Estate as of March 31, 2026

Real Estate

32

Private Equity

Private equity performance
Private equity remains an essential asset class for portfolio
diversification and accessing less efficient markets
3Q25 (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

2.3

8.6

9.6

7.0

12.7

13.8

Global Buyout

1.1

7.3

7.5

8.8

13.8

14.2

Global Expansion

0.8

4.9

8.2

7.0

8.2

7.8

Global Venture Capital

5.3

12.5

15.3

3.2

11.8

14.0

2.6

7.2

9.6

6.4

14.0

14.7

U.S. Buyout

1.4

4.8

6.6

7.9

14.3

14.6

U.S. Small Buyout

1.5

4.8

6.8

7.9

18.2

16.7

U.S. Expansion

0.7

3.2

5.9

6.5

9.8

9.7

U.S. Venture Capital

5.7

13.5

17.3

3.2

13.4

14.6

MSCI All Country World Index

7.6

18.4

17.3

23.1

13.5

11.9

S&P 500

8.1

14.8

17.6

24.9

16.5

15.3

Russell 3000

8.2

14.4

17.4

24.1

15.7

14.7

Russell 2000 Growth

12.2

11.7

13.6

16.7

8.4

9.9

Global Private Equity

U.S. Private Equity

Source: MSCI Private Capital Pooled Returns, Bloomberg, MSCI, S&P, FTSE Russell as of September 30, 2025; Small Buyout includes funds less than $1 billion in size.

Private Equity

34

Private equity valuations
U.S. PE middle-market EV/EBITDA multiples fell to 12.5x in 2025 as
lenders and buyers stayed cautious amid macroeconomic uncertainty

Median U.S. Private Equity Middle
Market Buyout EV/EBITDA Multiples

16x
14x

14.3x
13.8x

12x

14.0x
13.2x
12.5x

11.1x

10x

10.2x
9.6x

8x

9.1x

9.0x

6x
4x
2x

0x
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Source: PitchBook U.S. PE Middle Market Report as of December 31, 2025

Private Equity

35

Private equity exit activity
Despite ongoing macroeconomic and geopolitical volatility, U.S.
private equity exit value rebounded (quarter-over-quarter) in 4Q25
2,500

U.S. Private Equity Exit Value

$800B
2,000

$700B
1,619

$600B
1,384

1,500

$500B
$400B

1,000
$300B
$200B

500

U.S. Private Equity Exit Count

$900B

$100B
$0B

0
2015

2016

2017

2018

2019

2020

Exit Value

2021

2022

2023

2024

2025

Exit Count

Source: PitchBook U.S. PE Breakdown as of December 31, 2025

Private Equity

36

Purpose:

Empower our
clients to meet their
investment
objectives

Vision
Be a trusted partner to our clients
through effective investment programs
Mission
Provide independent and thoughtful
investment guidance
Why Marquette?
✔ Our people
✔ Independent expertise
✔ Focused client service
✔ Careful research

PREPARED BY MARQUETTE ASSOCIATES

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CONFIDENTIALITY NOTICE: This communication, including attachments, is for the exclusive use of the addressee and contains proprietary, confidential and/or privileged information; any use,
copying, disclosure, dissemination or distribution is strictly prohibited. Marquette Associates, Inc. retains all proprietary rights they may have in the information.
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from
various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and
financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be
guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is
subject to change without prior notice. Thus, all such information is subject to independent verification, and we urge clients to compare the information set forth in this statement with the
statements received directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No
graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions
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and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geopolitical, competitive, and financial risks that are outside of
Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
Indices have been selected for comparison purposes only. Client account holdings may differ significantly from the securities in the indices and the volatility (beta) of the account may be more
or less than the benchmark. You cannot invest directly in an index.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events.
The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment
techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of
writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without
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This document does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in any investment vehicle, and should not be relied on as such. Targets, ranges and
expectations set forth in this presentation are approximations; actual results may differ materially. The information and opinions expressed herein are as of the date appearing in this material
only, are subject to change without prior notice, and do not contain material information regarding the Marquette Model Portfolio, including specific information relating to portfolio
investments and related important risk disclosures. The descriptions herein of Marquette’s investment objectives or criteria, the characteristics of its investments, investment process, or
investment strategies and styles may not be fully indicative of any present or future investments, are not intended to reflect performance and may be changed in the discretion of Marquette.
While the data contained herein has been prepared from information that Marquette believes to be reliable, Marquette does not warrant the accuracy or completeness of such information.
Client account holdings may differ significantly from the securities in the indices and the volatility of the index may be materially different from client account performance. You cannot invest
directly in an index. Artificial intelligence has been utilized during the preparation of this document.

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EXHIBIT I

The City of Olivette
Pension
Quarterly
Executive Summary
March 31, 2026

City of Olivette Pension Quarterly

Manager Status

Investment Manager
Principal Core Fixed Income

Asset Class
Core Fixed Income

Status
In Compliance

Reason
--

Principal Core Plus Bond

Core Plus Fixed Income

In Compliance

--

Baird Core Plus

Core Plus Fixed Income

In Compliance

--

Principal High Yield

High Yield Fixed Income

In Compliance

--

Aristotle Pacific

Senior Secured Loans

In Compliance

--

Vanguard 500 Index

Large-Cap Core

In Compliance

--

Vanguard Mid Cap Index Fund

Mid-Cap Core

In Compliance

--

Ishares Core S&P Small Cap

Small-Cap Core

In Compliance

--

Vanguard Total International Stock

Non-U.S. Large-Cap Core

In Compliance

--

Vanguard FTSE All World ex-US Small-Cap Fund

Non-U.S. Small-Cap Core

In Compliance

--

Vanguard Emerging Markets

Emerging Markets

In Compliance

--

Principal US Property

Core Real Estate

In Compliance

--

Partners Group PE II, LLC

Global Divers. PE FoF

In Compliance

--

1

Manager Status

Investment Manager Evaluation Terminology
The following terminology has been developed by Marquette Associates to facilitate efficient communication among the Investment Manager, Investment
Consultant, and the Plan Sponsor. Each term signifies a particular status with the Fund and any conditions that may require improvement. In each case,
communication is made only after consultation with the Trustees and/or the Investment Committee of the Plan.
In Compliance – Marquette has not been notified of any issues or changes to the investment manager that would materially impede upon its ability to execute
the investment strategy or adhere to any applicable investment guidelines.
Alert – The investment manager has experienced a problem in performance (usually relative to a benchmark), a change in investment characteristics, an
alteration in management style, ownership, or key investment professionals, and/or any other irregularities that may impede upon its ability to execute the
investment strategy or adhere to any applicable investment guidelines.
On Notice – The investment manager has experienced continued concern with one or more Alert issues. Failure to improve upon stated issues within a certain
time frame may justify termination.
Termination – The investment manager has been terminated and transition plans are in place.

2

City of Olivette Pension Quarterly

Performance Summary
As of March 31, 2026

18.0
13.6

13.5

Return (% )

12.0

10.3

10.3
7.8
5.8

6.0

7.8

8.1

8.0

5.8

0.0
-0.8

-1.0

-6.0
1
Quarter

1
Year

3
Years

5
Years

Total Fund Composite

1
Year ($)

3
Years ($)

5
Years ($)

Beginning Market Value

22,391,244

21,788,187

24,462,343

Net Cash Flow

-1,100,149

-4,141,919

-6,584,565

Gain/Loss

2,990,090

6,634,917

6,403,407

Ending Market Value

24,281,185

24,281,185

24,281,185

0.8%
39.5%
39.0%

Total Fund Composite

-0.5 %
18.0%
18.2%

Non-US Equity Composite

0.2%
5.0%
5.0%

Real Estate Composite

0.0%
7.5%
6.9%

Private Equity Composite

-0.6 %
0.0%
0.1%
0.1%

Cash Composite
-20.0 %
Target

Summary of Cash Flows
30.0%
30.8%

US Equity Composite

10
Years

Total Fund Composite Custom Benchmark

Total Fund Composite vs. Target Allocation
Fixed Income Composite

7
Years

0.0%
Actual

20.0%

40.0%

60.0%

Difference

3

City of Olivette Pension Quarterly

Portfolio Allocation
Quarter Ending March 31, 2026

Total Fund Composite

24,899,802

Net Cash
Flow ($)
-434,982

Fixed Income Composite

7,744,532

-243,510

7,481,098

30.8

30.0

-0.3

Asset Class

Beginning MV ($)

Ending MV ($)
24,281,185

% of
Policy (%)
Portfolio
100.0
100.0

3 Mo
(%)
-0.8

Principal Core Fixed Income

Core Fixed Income

2,944,917

-383,510

2,560,206

10.5

11.0

-0.1

Principal Core Plus Bond

Core Plus Fixed Income

1,386,118

-400,000

986,202

4.1

3.0

-0.3

Baird Core Plus

Core Plus Fixed Income

1,232,313

450,000

1,674,863

6.9

7.0

-0.2

Principal High Yield

High Yield Fixed Income

1,086,539

50,000

1,131,074

4.7

4.5

-0.5

Aristotle Pacific

Senior Secured Loans

1,094,646

40,000

1,128,753

4.6

4.5

-0.5

9,723,657

-32,321

9,462,699

39.0

39.5

-2.4

US Equity Composite
Vanguard 500 Index

Large-Cap Core

6,261,486

50,000

6,036,542

24.9

25.5

-4.3

Vanguard Mid Cap Index Fund

Mid-Cap Core

1,962,325

-

1,949,976

8.0

8.0

-0.6

Ishares Core S&P Small Cap

Small-Cap Core

1,499,846

-82,321

1,476,181

6.1

6.0

3.6

4,513,563

-160,000

4,423,360

18.2

18.0

1.3

Non-US Equity Composite
Vanguard Total International Stock

Non-U.S. Large-Cap Core

2,776,185

-160,000

2,676,694

11.0

11.0

1.8

Vanguard FTSE All World ex-US Small-Cap Fund

Non-U.S. Small-Cap Core

881,556

-

892,762

3.7

3.5

1.3

Vanguard Emerging Markets

Emerging Markets

855,822

-

853,903

3.5

3.5

-0.2

4

City of Olivette Pension Quarterly

Portfolio Allocation
Quarter Ending March 31, 2026
Asset Class

Real Estate Composite
Principal US Property

Core Real Estate

Private Equity Composite
Partners Group PE II, LLC

Global Divers. PE FoF

Cash Composite
Regions Cash

Cash & Equivalents

1,191,060

Net Cash
Flow ($)
-

1,191,060

-

1,202,877

5.0

5.0

1.0

1,699,639

449

1,682,979

6.9

7.5

-1.0

1,699,639

449

1,682,979

6.9

7.5

-1.0

27,352

400

28,171

0.1

0.0

0.9

27,352

400

28,171

0.1

0.0

0.9

Beginning MV ($)

Ending MV ($)
1,202,877

% of
Policy (%)
Portfolio
5.0
5.0

3 Mo
(%)
1.0

Partners Group is as of 02/28/2026.

5

City of Olivette Pension

Asset Allocation
As of March 31, 2026

vs. All Public DB Plans
80.0

65.0

Allocation (%)

50.0

35.0

20.0

5.0

-10.0

£ Total Fund Composite
¢

US Equity
39.0 (61)

Global ex-US Equity
18.2 (26)

US Fixed
30.8 (31)

Private Equity
6.9 (46)

Total Real Estate
5.0 (59)

Cash & Equivalents
0.1 (93)

5th Percentile

60.1

26.7

42.8

19.5

10.2

7.6

1st Quartile

50.3

18.3

32.4

10.1

7.6

2.5

Median

42.5

14.9

25.5

6.2

5.5

1.4

3rd Quartile

32.6

11.2

20.8

3.2

4.2

0.7

95th Percentile

20.6

6.1

13.4

0.9

1.6

0.1

Population

367

345

368

129

272

353

6

City of Olivette Pension Quarterly

Historical Asset Allocation
5 Years Ending March 31, 2026

100.0

90.0

80.0

Allocation (%)

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0
3/21
Fixed Income

9/21

3/22
U.S. Equity

9/22

3/23
Non-U.S. Equity

9/23
Real Estate

3/24

9/24
Private Equity

3/25

9/25

3/26

Cash

7

City of Olivette Pension Quarterly

As of March 31, 2026

Market Value History
30.0

Millions ($)

27.0

26.3M

24.3M

24.0

21.0
18.7M
18.0

15.0
3/16

12/16

9/17

6/18

3/19

12/19

9/20

6/21

3/22

12/22

9/23

6/24

3/25

3/26

Market Value

Periods Ending

Beginning
Market Value
$

Summary of Cash Flows

Contributions
$

Mar-2016

-

Apr-2016

18,738,653.54

May-2016
18,807,492.53
Beginning Market Value
Jun-2016
18,850,905.88
Net Cash Flow
Jul-2016
19,109,804.02
Net Investment Change
Aug-2016
19,543,367.95
Ending Market Value
Sep-2016
19,461,653.27
Total Fund Composite

1
13,432.35
Quarter
($)
12,637.64
24,899,802
237,904.41
-434,982
12,648.76
-183,635
13,063.07
24,281,185
20,715.76

Distributions
$
1
-121,587.08
Year ($)
-123,083.22
22,391,244
-121,744.10
-1,100,149
-130,441.42
2,990,090
-185,425.31
24,281,185
-125,918.32

Gain/Loss
$

Ending
Market Value
$
18,738,653.54

%Return

3
5
176,993.72
Years ($)18,807,492.53
Years ($) 1.0
153,858.93 18,850,905.88
0.8
21,788,187
24,462,343
142,737.83 19,109,804.02
0.8
-4,141,919
-6,584,565
551,356.59 19,543,367.95
2.9
6,634,917
6,403,407
90,647.56 19,461,653.27
0.5
24,281,185
24,281,185
65,372.59 19,421,823.30
0.3

Unit Value

Income
$

100.0
7
101.0
Years ($)
101.8
21,395,795
102.6
-8,864,064
105.5
11,749,453
106.0
24,281,185
106.4

-

Income % of
Beginning
Market Value
0.0
10
Years0.0
($)
0.0
18,738,654
0.0
-11,316,375
0.0
16,858,907
0.0
24,281,185
0.0

8

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of March 31, 2026

Total Fund Composite

Market
Value ($)
24,281,185

% of
Portfolio
100.0

Total Fund Composite Custom Benchmark
All Public DB Plans Rank
Fixed Income Composite

7,481,098

30.8

Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
US Equity Composite

9,462,699

39.0

Russell 3000 Index
All Public DB Plans-US Equity Rank
Non-US Equity Composite

4,423,360

18.2

MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Real Estate Composite

1,202,877

5.0

NFI-ODCE
Private Equity Composite

1,682,979

6.9

MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

28,171

0.1

1 Mo
(%)
-4.0

3 Mo
(%)
-0.8

1 Yr
(%)
13.6

3 Yrs
(%)
10.3

5 Yrs
(%)
5.8

7 Yrs
(%)
7.8

10 Yrs
(%)
8.1

SI
(%)
6.4

-4.3

-1.0

13.5

10.3

5.8

7.8

8.0

7.1

28

39

43

66

63

66

56

100

-1.4

-0.3

4.9

5.3

1.4

2.5

2.9

3.2

-1.8

0.0

4.3

3.6

0.3

1.6

1.7

3.3

34

89

32

15

39

30

18

-

-5.0

-2.4

17.2

15.9

9.4

12.4

12.5

12.7

-5.0

-4.0

18.1

17.9

10.9

13.8

13.7

13.7

30

23

55

63

66

66

50

27

-8.6

1.3

27.0

14.6

6.3

8.3

8.3

5.8

-11.2

-0.9

23.9

14.1

6.6

8.2

8.2

6.4

19

30

25

37

47

52

38

90

0.3

1.0

5.1

-1.9

2.5

2.8

4.4

5.9

0.3

1.0

3.1

-2.8

2.3

2.4

3.8

5.8

0.0

-1.0

4.6

6.2

-

-

-

6.2

0.0

0.0

7.6

6.4

7.3

13.0

13.7

2.8

0.3

0.9

4.1

4.7

3.6

2.8

2.2

1.8

0.3

0.8

4.0

4.7

3.3

2.7

2.3

1.8

66

13

33

74

4

24

52

63

Inception
Date
Jan 03

Jan 03

Aug 12

Mar 12

Jan 03

Feb 22

Aug 13

9

City of Olivette Pension

Annualized Performance (Net of Fees)
As of March 31, 2026

vs. All Public DB Plans
20.0

15.0

Return (% )

10.0

5.0

0.0

-5.0

-10.0

£ Total Fund Composite
¢

1
Quarter
-0.8 (39)

1
Year
13.6 (43)

3
Years
10.3 (66)

5
Years
5.8 (63)

10
Years
8.1 (56)

£ Total Fund Composite Custom Benchmark
¢

-1.0 (49)

13.5 (45)

10.3 (66)

5.8 (65)

8.0 (59)

5th Percentile

0.3

16.2

13.4

7.6

9.4

1st Quartile

-0.5

14.4

11.6

6.8

8.6

Median

-1.1

13.2

10.8

6.2

8.2

3rd Quartile

-1.7

11.9

9.9

5.5

7.7

95th Percentile

-2.4

9.5

8.2

4.6

7.0

Population

345

341

323

314

277

10

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of March 31, 2026
2025
(%)
14.1

2024
(%)
9.9

2023
(%)
11.7

2022
(%)
-13.1

2021
(%)
13.5

2020
(%)
12.6

2019
(%)
19.5

2018
(%)
-5.3

2017
(%)
15.6

2016
(%)
8.8

2015
(%)
0.4

14.2

10.0

12.0

-13.5

13.2

13.1

19.8

-5.2

14.9

8.7

0.2

43

67

73

41

59

55

52

75

42

14

35

7.1

3.7

8.1

-12.3

-0.8

7.6

10.0

-0.7

5.1

5.8

-1.0

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

74

38

23

63

54

57

16

61

60

43

56

US Equity Composite

14.8

20.8

21.9

-18.3

24.5

19.3

30.3

-6.8

20.0

11.3

0.9

Russell 3000 Index

17.1

23.8

26.0

-19.2

25.7

20.9

31.0

-5.2

21.1

12.7

0.5

62

56

71

58

71

34

41

62

64

76

16

30.4

5.7

13.9

-17.7

7.7

12.8

21.2

-15.4

28.8

6.8

-9.5

32.0

5.0

15.6

-16.3

6.6

11.0

21.1

-14.0

28.0

3.2

-4.2

52

36

85

49

56

52

72

67

48

11

99

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

7.2

5.9

9.5

-

-

-

-

-

-

-

-

9.5

5.7

5.9

-8.5

40.3

33.4

17.5

12.0

20.5

9.0

9.8

4.3

5.6

3.5

3.8

0.0

0.3

1.9

1.4

0.5

0.1

0.0

4.2

5.3

5.0

1.5

0.0

0.7

2.3

1.9

0.9

0.3

0.1

50

4

100

1

61

91

91

97

94

92

86

Total Fund Composite
Total Fund Composite Custom Benchmark
All Public DB Plans Rank
Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank

All Public DB Plans-US Equity Rank
Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Real Estate Composite
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

11

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of March 31, 2026
1 Mo
(%)
-4.0

3 Mo
(%)
-0.8

1 Yr
(%)
13.6

3 Yrs
(%)
10.3

5 Yrs
(%)
5.8

7 Yrs
(%)
7.8

10 Yrs
(%)
8.1

SI
(%)
6.4

-4.3

-1.0

13.5

10.3

5.8

7.8

8.0

7.1

28

39

43

66

63

66

56

100

-1.4

-0.3

4.9

5.3

1.4

2.5

2.9

3.2

-1.8

0.0

4.3

3.6

0.3

1.6

1.7

3.3

34

89

32

15

39

30

18

-

-1.8

-0.1

4.6

3.6

0.4

1.6

2.2

2.0

Blmbg. U.S. Aggregate Index

-1.8

0.0

4.3

3.6

0.3

1.6

1.7

1.8

eV US Core Fixed Inc Rank

49

75

37

81

70

81

28

62

-1.9

-0.3

4.3

3.2

-0.4

2.1

2.2

3.5

Blmbg. U.S. Aggregate Index

-1.8

0.0

4.3

3.6

0.3

1.6

1.7

3.3

Blmbg. U.S. Mortgage Backed Securities

-1.6

0.4

5.8

4.2

0.4

1.3

1.4

3.1

55

83

84

98

99

74

82

96

-1.8

-0.2

-

-

-

-

-

2.1

-1.8

0.0

4.3

3.6

0.3

1.6

1.7

2.2

31

57

-

-

-

-

-

44

-1.2

-0.5

5.8

-

-

-

-

4.1

-1.2

-0.5

7.0

8.6

4.2

5.1

6.1

5.4

55

49

80

-

-

-

-

88

0.7

-0.5

5.7

8.1

-

-

-

7.8

0.6

-0.5

4.8

8.0

5.8

5.5

5.6

7.6

18

61

20

20

-

-

-

19

Total Fund Composite
Total Fund Composite Custom Benchmark
All Public DB Plans Rank
Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
Principal Core Fixed Income

Principal Core Plus Bond

eV US Core Plus Fixed Inc Rank
Baird Core Plus
Blmbg. U.S. Aggregate Index
Intermediate Core-Plus Bond Rank
Principal High Yield
Blmbg. U.S. Corp: High Yield Index
High Yield Bond Rank
Aristotle Pacific
S&P UBS Leveraged Loan Index
Bank Loan Rank

Inception
Date
Jan 03

Jan 03

Dec 14

Jan 03

Sep 25

Mar 25

Sep 22

12

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of March 31, 2026

US Equity Composite

1 Mo
(%)
-5.0

3 Mo
(%)
-2.4

1 Yr
(%)
17.2

3 Yrs
(%)
15.9

5 Yrs
(%)
9.4

7 Yrs
(%)
12.4

10 Yrs
(%)
12.5

SI
(%)
12.7

Russell 3000 Index

-5.0

-4.0

18.1

17.9

10.9

13.8

13.7

13.7

30

23

55

63

66

66

50

27

Vanguard 500 Index

-5.0

-4.3

17.8

18.3

12.0

14.4

14.1

13.2

S&P 500 Index

-5.0

-4.3

17.8

18.3

12.1

14.4

14.2

13.3

39

54

34

26

19

19

16

10

Vanguard Mid Cap Index Fund

-5.8

-0.6

12.7

-

-

-

-

8.9

CRSP U.S. Mid Cap Index

-5.8

-0.6

12.8

12.6

7.0

10.4

10.7

8.9

Mid-Cap Blend Rank

63

70

68

-

-

-

-

36

Ishares Core S&P Small Cap

-4.0

3.6

20.5

-

-

-

-

7.9

S&P SmallCap 600 Index

-4.1

3.5

20.5

10.5

4.5

8.8

9.9

7.9

14

19

43

-

-

-

-

48

All Public DB Plans-US Equity Rank

Large Blend Rank

Small Blend Rank

Inception
Date
Aug 12

Jul 15

Apr 24

Apr 24

13

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of March 31, 2026
1 Mo
(%)
-8.6

3 Mo
(%)
1.3

1 Yr
(%)
27.0

3 Yrs
(%)
14.6

5 Yrs
(%)
6.3

7 Yrs
(%)
8.3

10 Yrs
(%)
8.3

SI
(%)
5.8

-11.2

-0.9

23.9

14.1

6.6

8.2

8.2

6.4

19

30

25

37

47

52

38

90

-8.6

1.8

27.5

15.3

7.5

9.0

8.7

7.7

-10.8

-0.5

25.9

15.0

7.4

9.1

8.9

7.9

49

25

21

33

54

50

43

58

-9.4

1.3

29.8

13.6

5.7

7.9

-

6.4

FTSE Global ex U.S. Small Cap Index

-11.0

-0.6

28.3

13.5

5.7

8.0

7.6

6.5

Foreign Small/Mid Blend Rank

48

42

42

48

63

69

-

72

Vanguard Emerging Markets

-7.6

-0.2

21.9

13.3

3.8

6.5

7.5

4.2

Vanguard EM Spliced Index

-10.2

-2.7

19.6

12.8

3.7

6.4

7.3

4.1

10

86

86

75

61

65

61

65

0.3

1.0

5.1

-1.9

2.5

2.8

4.4

5.9

0.3

1.0

3.1

-2.8

2.3

2.4

3.8

5.8

0.3

1.0

5.1

-1.9

2.5

2.8

4.4

5.9

0.3

1.0

3.1

-2.8

2.3

2.4

3.8

5.8

0.0

-1.0

4.6

6.2

-

-

-

6.2

0.0

0.0

7.6

6.4

7.3

13.0

13.7

2.8

0.0

-1.0

4.6

6.2

-

-

-

6.2

0.0

0.0

7.6

6.4

7.3

13.0

13.7

2.8

0.3

0.9

4.1

4.7

3.6

2.8

2.2

1.8

0.3

0.8

4.0

4.7

3.3

2.7

2.3

1.8

66

13

33

74

4

24

52

63

Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Vanguard Total International Stock
FTSE Global ex USA All Cap Index
Foreign Large Blend Rank
Vanguard FTSE All World ex-US Small-Cap Fund

Diversified Emerging Mkts Rank
Real Estate Composite
NFI-ODCE
Principal US Property
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Partners Group PE II, LLC
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

Inception
Date
Mar 12

Aug 12

Jul 17

Mar 12

Jan 03

Jan 03

Feb 22

Feb 22

Aug 13

14

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of March 31, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

14.1

9.9

11.7

-13.1

13.5

12.6

19.5

-5.3

15.6

8.8

0.4

14.2

10.0

12.0

-13.5

13.2

13.1

19.8

-5.2

14.9

8.7

0.2

43

67

73

41

59

55

52

75

42

14

35

7.1

3.7

8.1

-12.3

-0.8

7.6

10.0

-0.7

5.1

5.8

-1.0

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

74

38

23

63

54

57

16

61

60

43

56

7.5

1.6

5.4

-12.8

-1.9

8.1

8.9

0.0

4.5

5.3

-1.2

Blmbg. U.S. Aggregate Index

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

eV US Core Fixed Inc Rank

35

57

78

36

82

57

59

30

14

4

99

7.3

0.4

5.2

-14.1

2.5

9.3

10.2

-2.5

4.5

5.0

-1.0

Blmbg. U.S. Aggregate Index

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

Blmbg. U.S. Mortgage Backed Securities

8.6

1.2

5.0

-11.8

-1.0

3.9

6.4

1.0

2.5

1.7

1.5

78

97

98

75

4

31

39

99

57

33

84

-

-

-

-

-

-

-

-

-

-

-

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8.6

8.2

13.4

-11.2

5.3

7.1

14.3

-2.1

7.5

17.1

-4.5

-

-

-

-

-

-

-

-

-

-

-

6.6

8.3

13.9

-

-

-

-

-

-

-

-

5.9

9.1

13.0

-1.1

5.4

2.8

8.2

1.1

4.2

9.9

-0.4

17

61

11

-

-

-

-

-

-

-

-

Total Fund Composite
Total Fund Composite Custom Benchmark
All Public DB Plans Rank
Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
Principal Core Fixed Income

Principal Core Plus Bond

eV US Core Plus Fixed Inc Rank
Baird Core Plus
Blmbg. U.S. Aggregate Index
Intermediate Core-Plus Bond Rank
Principal High Yield
Blmbg. U.S. Corp: High Yield Index
High Yield Bond Rank
Aristotle Pacific
S&P UBS Leveraged Loan Index
Bank Loan Rank

15

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of March 31, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

US Equity Composite

14.8

20.8

21.9

-18.3

24.5

19.3

30.3

-6.8

20.0

11.3

0.9

Russell 3000 Index

17.1

23.8

26.0

-19.2

25.7

20.9

31.0

-5.2

21.1

12.7

0.5

62

56

71

58

71

34

41

62

64

76

16

Vanguard 500 Index

17.8

25.0

26.2

-18.1

28.7

18.4

31.5

-4.4

21.8

11.9

-

S&P 500 Index

17.9

25.0

26.3

-18.1

28.7

18.4

31.5

-4.4

21.8

12.0

1.4

25

25

28

50

24

45

29

30

37

29

-

Vanguard Mid Cap Index Fund

11.7

-

-

-

-

-

-

-

-

-

-

CRSP U.S. Mid Cap Index

11.7

15.3

16.0

-18.7

24.5

18.2

31.1

-9.2

19.3

11.2

-1.3

Mid-Cap Blend Rank

28

-

-

-

-

-

-

-

-

-

-

Ishares Core S&P Small Cap

5.9

-

-

-

-

-

-

-

-

-

-

S&P SmallCap 600 Index

6.0

8.7

16.1

-16.1

26.8

11.3

22.8

-8.5

13.2

26.6

-2.0

67

-

-

-

-

-

-

-

-

-

-

All Public DB Plans-US Equity Rank

Large Blend Rank

Small Blend Rank

16

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of March 31, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

30.4

5.7

13.9

-17.7

7.7

12.8

21.2

-15.4

28.8

6.8

-9.5

32.0

5.0

15.6

-16.3

6.6

11.0

21.1

-14.0

28.0

3.2

-4.2

52

36

85

49

56

52

72

67

48

11

99

32.2

5.2

15.5

-16.0

8.6

11.3

21.5

-14.4

27.4

4.7

-4.4

32.4

5.9

16.2

-15.8

9.1

11.5

22.2

-14.4

27.8

5.0

-4.0

38

40

70

56

70

36

62

57

31

17

85

29.9

2.6

15.1

-21.3

12.7

11.9

21.7

-18.5

-

-

-

FTSE Global ex U.S. Small Cap Index

29.9

3.3

15.9

-21.2

13.4

11.8

22.1

-18.6

30.3

4.3

-0.2

Foreign Small/Mid Blend Rank

63

53

36

80

53

30

66

46

-

-

-

Vanguard Emerging Markets

24.7

11.0

9.2

-17.8

0.9

15.2

20.2

-14.7

31.2

11.6

-15.5

Vanguard EM Spliced Index

24.5

11.6

9.5

-17.6

1.4

15.5

20.4

-14.8

31.0

10.3

-14.4

80

16

70

31

44

63

47

36

73

32

73

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

7.2

5.9

9.5

-

-

-

-

-

-

-

-

9.5

5.7

5.9

-8.5

40.3

33.4

17.5

12.0

20.5

9.0

9.8

7.2

5.9

9.5

-

-

-

-

-

-

-

-

9.5

5.7

5.9

-8.5

40.3

33.4

17.5

12.0

20.5

9.0

9.8

4.3

5.6

3.5

3.8

0.0

0.3

1.9

1.4

0.5

0.1

0.0

4.2

5.3

5.0

1.5

0.0

0.7

2.3

1.9

0.9

0.3

0.1

50

4

100

1

61

91

91

97

94

92

86

Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Vanguard Total International Stock
FTSE Global ex USA All Cap Index
Foreign Large Blend Rank
Vanguard FTSE All World ex-US Small-Cap Fund

Diversified Emerging Mkts Rank
Real Estate Composite
NFI-ODCE
Principal US Property
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Partners Group PE II, LLC
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

17

City of Olivette Pension Quarterly

Statistics Summary
3 Years Ending March 31, 2026
Sharpe
Ratio
0.7

Tracking
Error
0.5

Standard
Deviation
7.8

Up
Capture
99.2

Down
Capture
98.3

Total Fund Composite Custom Benchmark

0.7

-

7.9

100.0

100.0

Fixed Income Composite

1.0

1.0

4.4

86.1

50.1

1.0

1.0

-

5.6

100.0

100.0

0.1

1.0

1.0

0.0

5.4

97.5

96.2

0.0

0.0

1.0

1.0

-

5.6

100.0

100.0

0.6

-0.7

1.1

1.0

-0.7

6.0

101.5

109.9

-0.2

0.0

0.0

1.0

1.0

-

5.6

100.0

100.0

-

-

-

-

-

-

-

-

-

0.9

0.0

0.0

1.0

1.0

-

4.3

100.0

100.0

-

-

-

-

-

-

-

-

-

ICE BofA U.S. Preferred Stock, Fixed Rate

0.2

0.0

0.0

1.0

1.0

-

6.8

100.0

100.0

Aristotle Pacific

1.6

0.6

0.1

1.0

0.9

0.1

2.1

101.7

116.9

S&P UBS Leveraged Loan Index

1.7

0.0

0.0

1.0

1.0

-

2.0

100.0

100.0

US Equity Composite

0.8

2.3

-2.2

1.0

1.0

-0.7

13.1

97.9

109.5

Russell 3000 Index

1.0

0.0

0.0

1.0

1.0

-

12.4

100.0

100.0

Vanguard 500 Index

1.1

0.0

0.0

1.0

1.0

-10.4

11.9

99.9

100.1

S&P 500 Index

1.1

0.0

0.0

1.0

1.0

-

11.9

100.0

100.0

-

-

-

-

-

-

-

-

-

0.7

0.0

0.0

1.0

1.0

-

14.2

100.0

100.0

-

-

-

-

-

-

-

-

-

0.4

0.0

0.0

1.0

1.0

-

16.6

100.0

100.0

-

-

-

-

-

-

-

-

-

0.6

0.0

0.0

1.0

1.0

-

16.8

100.0

100.0

-

-

-

-

-

-

-

-

-

0.5

0.0

0.0

1.0

1.0

-

18.3

100.0

100.0

Alpha

Beta

R-Squared

0.2

1.0

1.0

0.0

0.0

1.0

1.0

0.2

1.6

2.5

0.8

Blmbg. U.S. Aggregate Index

-0.2

0.0

0.0

Principal Core Fixed Income

-0.2

0.7

Blmbg. U.S. Aggregate Index

-0.2

Principal Core Plus Bond

-0.2

Blmbg. U.S. Aggregate Index

Total Fund Composite

Principal High Yield
Blmbg. U.S. Corp: High Yield Index
Principal Preferred Securities

Vanguard Mid Cap Value
CRSP U.S. Mid Cap Value Index
Vanguard Mid Cap Growth
CRSP U.S. Mid Cap Growth Index
Vanguard Small Cap Value
CRSP U.S. Small Cap Value Index
Vanguard Small Cap Growth
CRSP U.S. Small Cap Growth Index

Information
Ratio
0.0

18

City of Olivette Pension Quarterly

Statistics Summary
3 Years Ending March 31, 2026
Sharpe
Ratio
0.8

Tracking
Error
2.8

Standard
Deviation
12.3

Up
Capture
96.6

Down
Capture
90.1

MSCI EAFE + Emerging Markets Index (Net)

0.7

-

13.2

100.0

100.0

Vanguard Total International Stock
FTSE Global ex USA All Cap Index

1.0

0.1

12.4

100.7

100.1

1.0

-

13.0

100.0

100.0

1.0

1.0

0.0

13.6

98.9

97.7

0.0

1.0

1.0

-

14.1

100.0

100.0

2.5

1.1

0.9

1.0

-0.2

11.7

91.4

85.7

0.7

0.0

0.0

1.0

1.0

-

13.1

100.0

100.0

Real Estate Composite

-2.2

2.4

0.2

0.7

0.3

0.4

2.8

115.0

84.8

NFI-ODCE

-3.2

0.0

0.0

1.0

1.0

-

2.2

100.0

100.0

Principal US Property

-2.2

2.4

0.2

0.7

0.3

0.4

2.8

115.0

84.8

NFI-ODCE

-3.2

0.0

0.0

1.0

1.0

-

2.2

100.0

100.0

Alpha

Beta

R-Squared

1.6

0.9

1.0

0.0

0.0

1.0

1.0

0.8

2.0

1.0

0.9

0.8

0.0

0.0

1.0

Vanguard FTSE All World ex-US Small-Cap Fund

0.7

1.7

0.6

FTSE Global ex U.S. Small Cap Index

0.6

0.0

Vanguard Emerging Markets

0.7

FTSE Emerging Index

Non-US Equity Composite

Information
Ratio
0.1

19

City of Olivette Pension

Annualized Risk vs. Return
5 Years Ending March 31, 2026

vs. All Public DB Plans
12

Return (%)

10

8

6

4

2
4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

Standard Deviation (%)

£ Total Fund Composite
¢

5.8

Standard
Deviation
9.4

¯
¿ Total Fund Composite Custom Benchmark

5.8

9.6

¾ Median

6.2

10.3

314

314

Return

Population

20

The City of Olivette Pension Quarterly

Fee Schedule
As of March 31, 2026

¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Quarter End.
² Source: Marquette Associates Investment Management Fee Study.

21

City of Olivette Pension Quarterly

Benchmark Composition
As of March 31, 2026

Total Fund Composite Custom Benchmark
Jan-1979
Russell 2000 Index

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

5.00

Jan-2009
Russell 2000 Index

5.00

S&P 500 Index

35.00

Russell 3000 Index

10.00

Blmbg. U.S. Aggregate Index

45.00

Russell Midcap Index

5.00

MSCI EAFE (Net)

8.00

S&P 500 Index

25.00

NFI-ODCE

7.00

Blmbg. U.S. Aggregate Index

43.00

MSCI EAFE (Net)

5.00

NFI-ODCE

7.00

Nov-2006
Russell 2000 Index

10.00

Russell Midcap Index

10.00

S&P 500 Index

25.00

Apr-2010
Russell 2000 Index

5.00

Blmbg. U.S. Aggregate Index

30.00

Russell 3000 Index

10.00

MSCI EAFE (Net)

15.00

Russell Midcap Index

5.00

NFI-ODCE

10.00

S&P 500 Index

20.00

Blmbg. U.S. Aggregate Index

43.00

MSCI EAFE (Net)

5.00

MSCI Emerging Markets (Net)

5.00

NFI-ODCE

7.00

Jan-2007
Russell 2000 Index

10.00

Russell Midcap Index

10.00

S&P 500 Index

25.00

Blmbg. U.S. Aggregate Index

25.00

MSCI EAFE (Net)

20.00

NFI-ODCE

10.00

22

City of Olivette Pension Quarterly

Benchmark Composition
As of March 31, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

Jan-2013
Russell 2000 Index

7.50

Jan-2016
Russell 2000 Index

10.00

Russell 3000 Index

12.00

Russell Midcap Index

10.00

Russell Midcap Index

7.50

S&P 500 Index

20.00

S&P 500 Index

23.00

Blmbg. U.S. Aggregate Index

27.50

Blmbg. U.S. Aggregate Index

30.00

Blmbg. U.S. Corp: High Yield Index

2.50

Blmbg. U.S. Corp: High Yield Index

2.50

MSCI EAFE (Net)

15.00

MSCI EAFE (Net)

5.00

Vanguard EM Spliced Index

5.00

MSCI Emerging Markets (Net)

5.00

NFI-ODCE

10.00

NFI-ODCE

7.50

Jun-2017
S&P 500 Index

20.00

Sep-2015
Russell 2000 Index

11.50

Blmbg. U.S. Aggregate Index

25.00

Russell 3000 Index

8.00

Blmbg. U.S. Corp: High Yield Index

2.50

Russell Midcap Index

8.00

ICE BofA U.S. Preferred Stock, Fixed Rate

2.50

S&P 500 Index

22.50

FTSE Global ex U.S. Small Cap Index

5.00

Blmbg. U.S. Aggregate Index

27.50

Vanguard EM Spliced Index

5.00

Blmbg. U.S. Corp: High Yield Index

2.50

FTSE Global ex USA All Cap Index

10.00

MSCI EAFE (Net)

5.00

CRSP U.S. Mid Cap Index

10.00

MSCI Emerging Markets (Net)

5.00

CRSP U.S. Small Cap Index

10.00

NFI-ODCE

10.00

NFI-ODCE

10.00

23

City of Olivette Pension Quarterly

Benchmark Composition
As of March 31, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

Feb-2022
S&P 500 Index

19.00

Jan-2023
S&P 500 Index

19.00

Blmbg. U.S. Aggregate Index

22.00

Blmbg. U.S. Aggregate Index

18.00

Blmbg. U.S. Corp: High Yield Index

4.00

Blmbg. U.S. Corp: High Yield Index

4.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

FTSE Global ex U.S. Small Cap Index

4.50

FTSE Global ex U.S. Small Cap Index

4.50

Vanguard EM Spliced Index

4.50

Vanguard EM Spliced Index

4.50

FTSE Global ex USA All Cap Index

9.00

FTSE Global ex USA All Cap Index

9.00

CRSP U.S. Mid Cap Index

9.00

CRSP U.S. Mid Cap Index

9.00

CRSP U.S. Small Cap Index

9.00

CRSP U.S. Small Cap Index

9.00

NFI-ODCE

10.00

S&P UBS Leveraged Loan Index

4.00

Cambridge Associates All PE

5.00

MSCI Private Capital Global All Private Equity

5.00

NFI-ODCE

10.00

23.00

Sep-2022
S&P 500 Index

19.00

Blmbg. U.S. Aggregate Index

18.00

Apr-2024
S&P 500 Index

Blmbg. U.S. Corp: High Yield Index

4.00

Blmbg. U.S. Aggregate Index

21.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

Blmbg. U.S. Corp: High Yield Index

4.50

FTSE Global ex U.S. Small Cap Index

4.50

FTSE Global ex U.S. Small Cap Index

3.50

Vanguard EM Spliced Index

4.50

Vanguard EM Spliced Index

3.50

FTSE Global ex USA All Cap Index

9.00

FTSE Global ex USA All Cap Index

11.00

CRSP U.S. Mid Cap Index

9.00

S&P UBS Leveraged Loan Index

4.50

CRSP U.S. Small Cap Index

9.00

MSCI Private Capital Global All Private Equity

5.00

S&P UBS Leveraged Loan Index

4.00

NFI-ODCE

10.00

NFI-ODCE

10.00

CRSP U.S. Mid Cap Index

8.00

Cambridge Associates All PE

5.00

S&P SmallCap 600 Index

6.00

24

City of Olivette Pension Quarterly

Benchmark Composition
As of March 31, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Mar-2025
S&P 500 Index

25.50

Blmbg. U.S. Aggregate Index

21.00

Blmbg. U.S. Corp: High Yield Index

4.50

FTSE Global ex U.S. Small Cap Index

3.50

Vanguard EM Spliced Index

3.50

FTSE Global ex USA All Cap Index

11.00

S&P UBS Leveraged Loan Index

4.50

MSCI Private Capital Global All Private Equity

7.50

NFI-ODCE

5.00

CRSP U.S. Mid Cap Index

8.00

S&P SmallCap 600 Index

6.00

25

US Equity Composite

Portfolio Characteristics
As of March 31, 2026

US Equity Composite

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

9,462,699

-5.0

-2.4

17.2

15.9

9.4

12.5

12.7

Aug 12

-5.0

-4.0

18.1

17.9

10.9

13.7

13.7

30

23

55

63

66

50

27

Russell 3000 Index
US Equity Composite Rank

Portfolio Characteristics

Portfolio

Russell 3000 Index

Wtd. Avg. Mkt. Cap $M

$771,491

$1,064,312

Median Mkt. Cap $M

$6,577

$2,337

Price/Earnings ratio

23.7

25.4

Risk vs. Return - 5 Years

Price/Book ratio

3.8

4.6

5 Yr. EPS Growth Rate (%)

22.6

24.7

Current Yield (%)

1.4

1.3

Beta (5 Years, Monthly)
Number of Stocks

1.0

1.0

1,161

2,939

Re tu rn

12.0

10.0

8.0

6.0
13.3

14.0

14.7

15.4

16.1

16.8

17.5

18.2

18.9

30.0

36.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0.0

15.0

30.0

45.0

60.0

75.0

Portfolio

0.0

6.0

12.0

18.0

24.0

Benchmark

26

US Equity Composite

Correlation Matrix
3 Years Ending March 31, 2026
B

A

A
1.00

B

0.97

1.00

C

-

-

-

D

-

-

-

A
B
C
D

=
=
=
=

C

D

-

US Equity Composite
Vanguard 500 Index
Vanguard Mid Cap Index Fund
Ishares Core S&P Small Cap

27

Vanguard 500 Index

Portfolio Characteristics
As of March 31, 2026

Vanguard 500 Index

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

6,036,542

-5.0

-4.3

17.8

18.3

12.0

14.1

13.2

Jul 15

-5.0

-4.3

17.8

18.3

12.1

14.2

13.3

39

54

34

26

19

16

10

S&P 500 Index
Vanguard 500 Index Rank

Portfolio Characteristics

Portfolio

S&P 500 Index

Wtd. Avg. Mkt. Cap $M

$1,211,996

$1,210,418

Median Mkt. Cap $M

$39,753

$39,753

Price/Earnings ratio

26.2

26.2

Price/Book ratio

4.9

4.9

5 Yr. EPS Growth Rate (%)

25.8

25.8

Current Yield (%)

1.2

1.2

Beta (5 Years, Monthly)

1.0

1.0

Number of Stocks

516

503

Risk vs. Return - 5 Years
24.0

Re tu rn

18.0
12.0
6.0
0.0
-6.0
10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

24.0

32.0

40.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
Cash
-15.0

0.0

15.0

30.0

45.0

60.0

75.0

90.0

Portfolio

-8.0

0.0

8.0

16.0

Benchmark

28

Vanguard Mid Cap Index Fund

Portfolio Characteristics
As of March 31, 2026

Vanguard Mid Cap Index Fund

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

1,949,976

-5.8

-0.6

12.7

-

-

-

8.9

Apr 24

-5.8

-0.6

12.8

12.6

7.0

10.7

8.9

63

70

68

-

-

-

36

20.0

24.0

28.0

32.0

16.0

20.0

24.0

CRSP U.S. Mid Cap Index
Vanguard Mid Cap Index Fund Rank

Portfolio Characteristics

Portfolio

CRSP U.S. Mid Cap Index

Wtd. Avg. Mkt. Cap $M

$46,684

$46,772

Median Mkt. Cap $M

$32,440

$32,442

Price/Earnings ratio

23.1

23.1

Price/Book ratio

3.3

3.2

5 Yr. EPS Growth Rate (%)

16.8

16.8

Current Yield (%)

1.6

1.6

-

1.0

298

288

Risk vs. Return - 1 Year
80.0

Beta
Number of Stocks

Re tu rn

60.0
40.0
20.0
0.0
-20.0
4.0

8.0

12.0

16.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
Cash
0.0

15.0

30.0

45.0

60.0

75.0

90.0

Portfolio

0.0

4.0

8.0

12.0

Benchmark

29

Ishares Core S&P Small Cap

Portfolio Characteristics
As of March 31, 2026

Ishares Core S&P Small Cap

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

1,476,181

-4.0

3.6

20.5

-

-

-

7.9

Apr 24

-4.1

3.5

20.5

10.5

4.5

9.9

7.9

14

19

43

-

-

-

48

S&P SmallCap 600 Index
Ishares Core S&P Small Cap Rank

Portfolio Characteristics

Portfolio

S&P SmallCap 600 Index

Wtd. Avg. Mkt. Cap $M

$4,001

$4,012

Median Mkt. Cap $M

$2,345

$2,337

Price/Earnings ratio

16.9

16.9

Price/Book ratio

2.2

2.2

5 Yr. EPS Growth Rate (%)

14.3

14.3

Current Yield (%)

1.7

1.7

Risk vs. Return - 1 Year
60.0

Beta
Number of Stocks

-

1.0

606

603

Re tu rn

40.0
20.0

0.0
-20.0
6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

20.0

24.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

25 Bil - 75 Bil

2 Bil - 15 Bil

0 - 2 Bil

Cash
0.0

15.0

30.0

45.0

60.0

75.0

90.0

Portfolio

0.0

4.0

8.0

12.0

16.0

Benchmark

30

Non-US Equity Composite

Portfolio Characteristics
As of March 31, 2026
1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

4,423,360

-8.6

1.3

27.0

14.6

6.3

8.3

5.8

Mar 12

-11.2

-0.9

23.9

14.1

6.6

8.2

6.4

19

30

25

37

47

38

90

MSCI EAFE + Emerging Markets Index (Net)
Non-US Equity Composite Rank

Portfolio Characteristics

Portfolio

MSCI EAFE + Emerging
Markets Index (Net)

Wtd. Avg. Mkt. Cap $M

$138,583

$174,778

Median Mkt. Cap $M

$1,918

$12,689

Price/Earnings ratio

13.6

16.0

Price/Book ratio

2.7

2.6

5 Yr. EPS Growth Rate (%)

18.9

20.6

Current Yield (%)

2.7

2.7

Beta (5 Years, Monthly)
Number of Stocks

1.0

1.0

8,958

1,894

Risk vs. Return - 5 Years
12
9

Re tu rn

Non-US Equity Composite

Market
Value $

6

3
0
9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

10

15

19.0

20.0

25

30

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

8

16

24

32

40

Portfolio
7.3
0.7
27.5
17.1
52.7
3.0
1.1
34.7
38.8
3.7
4.8
100.0

Benchmark
0.0
0.3
43.7
22.5
66.6
2.8
0.8
26.0
29.6
0.0
3.8
100.0

48

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

5

20

Benchmark

31

Non-US Equity Composite

Correlation Matrix
3 Years Ending March 31, 2026
B

A

A
1.00

B

0.99

1.00

C

0.98

0.97

1.00

D

0.90

0.85

0.85

A
B
C
D

=
=
=
=

C

D

1.00

Non-US Equity Composite
Vanguard Total International Stock
Vanguard FTSE All World ex-US Small-Cap Fund
Vanguard Emerging Markets

32

Vanguard Total International Stock

Portfolio Characteristics
As of March 31, 2026
1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

2,676,694

-8.6

1.8

27.5

15.3

7.5

8.7

7.7

Aug 12

-10.8

-0.5

25.9

15.0

7.4

8.9

7.9

49

25

21

33

54

43

58

FTSE Global ex USA All Cap Index
Vanguard Total International Stock Rank

Portfolio Characteristics

Portfolio

FTSE Global ex USA All Cap
Index

Wtd. Avg. Mkt. Cap $M

$146,159

$142,199

Median Mkt. Cap $M

$1,958

$2,079

Price/Earnings ratio

13.2

16.1

Price/Book ratio

2.7

2.5

5 Yr. EPS Growth Rate (%)

18.9

19.7

Current Yield (%)

2.7

2.7

Beta (5 Years, Monthly)
Number of Stocks

1.0

1.0

8,784

8,619

Risk vs. Return - 5 Years
16
12

Re tu rn

Vanguard Total International Stock

Market
Value $

8

4
0
10.0

12.0

14.0

16.0

18.0

20.0

22.0

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

6

12

18

24

30

Portfolio
8.7
0.6
36.4
20.8
66.5
2.0
0.8
24.7
27.5
2.5
3.5
100.0

Benchmark
8.5
0.2
37.1
22.3
68.1
2.3
0.9
24.9
28.1
0.0
3.9
100.0

36

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

5

10

15

20

25

Benchmark

33

Vanguard FTSE All World ex-US Small-Cap Fund

Portfolio Characteristics
As of March 31, 2026

Vanguard FTSE All World ex-US Small-Cap Fund

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

892,762

-9.4

1.3

29.8

13.6

5.7

-

6.4

Jul 17

-10.9

-1.3

25.5

12.7

4.4

7.4

6.3

48

42

42

48

63

-

72

MSCI EAFE Small Cap (Net)
Vanguard FTSE All World ex-US Small-Cap Fund Rank

Portfolio Characteristics

Portfolio

MSCI EAFE Small Cap (Net)

Wtd. Avg. Mkt. Cap $M

$2,559

$4,030

Median Mkt. Cap $M

$1,087

$1,706

Price/Earnings ratio

15.8

15.1

Price/Book ratio

2.4

2.1

5 Yr. EPS Growth Rate (%)

18.6

16.0

Current Yield (%)

2.8

3.1

Risk vs. Return - 5 Years
12

Beta (5 Years, Monthly)
Number of Stocks

0.9

1.0

4,933

2,031

Re tu rn

9
6

3
0
10.4

11.2

12.0

12.8

13.6

14.4

15.2

16.0

16.8

17.6

18.4

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

25 Bil - 75 Bil

2 Bil - 15 Bil

0 - 2 Bil

Cash

0

15

30

45

60

75

Portfolio
10.5
0.9
27.0
21.2
59.7
1.6
1.3
26.6
29.5
6.4
4.4
100.0

Benchmark
0.0
0.3
42.0
51.7
94.0
0.0
0.1
0.1
0.2
0.0
5.8
100.0

90

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

5

10

15

20

25

30

Benchmark

34

Vanguard Emerging Markets

Portfolio Characteristics
As of March 31, 2026

Vanguard Emerging Markets

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

853,903

-7.6

-0.2

21.9

13.3

3.8

7.5

4.2

Mar 12

-10.2

-2.7

20.3

13.7

4.1

8.0

4.7

10

86

86

75

61

61

65

FTSE Emerging Index
Vanguard Emerging Markets Rank

Portfolio Characteristics

Portfolio

FTSE Emerging Index

Wtd. Avg. Mkt. Cap $M

$254,820

$277,435

Median Mkt. Cap $M

$1,965

$4,789

Price/Earnings ratio

12.9

15.2

Price/Book ratio

2.9

2.8

5 Yr. EPS Growth Rate (%)

18.9

18.9

Current Yield (%)

2.5

2.6

Risk vs. Return - 5 Years
16

Beta (5 Years, Monthly)
Number of Stocks

0.9

1.0

5,015

2,286

Re tu rn

8
0

-8
-16
9.0

12.0

15.0

18.0

21.0

24.0

27.0

30.0

33.0

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

5

10

15

20

25

30

Portfolio
0.0
0.5
1.0
1.8
3.4
7.4
1.9
73.7
83.0
4.5
9.1
100.0

Benchmark
0.0
0.5
1.2
1.8
3.5
8.8
2.2
74.6
85.7
0.0
10.8
100.0

35

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

6

12

18

24

30

Benchmark

35

Principal U.S. Property Trust

Portfolio Characteristics

36

Partners Group Private Equity II TEI

Portfolio Characteristics

37

PREPARED BY MARQUETTE ASSOCIATES
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38

EXHIBIT II

City of Olivette
04.30.26
Current
Total

Current
Mix

Target
Mix

6,669,784.41
2,100,104.54
1,628,062.50
2,894,987.94
933,327.29
971,205.77

26.2%
8.2%
6.4%
11.4%
3.7%
3.8%

25.5%
8.0%
6.0%
11.0%
3.5%
3.5%

$
$
$
$
$
$

(167,678.22)
(60,228.09)
(98,155.16)
(90,157.82)
(40,881.34)
(78,759.82)

$
$
$
$
$
$

(110,000.00)
(40,000.00)
(85,000.00)
(65,000.00)
(30,000.00)
(70,000.00)

$ 15,197,472.45

59.6%

57.5%

$

(535,860.45) $

(400,000.00)

$
$
$
$
$

2,422,791.91
1,147,614.62
1,680,397.46
993,274.30
1,137,538.20

9.5%
4.5%
6.6%
3.9%
4.5%

11.0%
4.50%
7.00%
3.00%
4.5%

$
$
$
$
$

382,038.21 $
(184.12)
104,494.44
(228,320.63) $
9,892.30

500,000.00

Replenish for Benefits

(100,000.00)

Funneling to Core

$

7,381,616.49

28.9%

30.0%

$

267,920.21

$

1,208,625.75

4.7%

5.0%

$
$

66,297.03
-

$

1,208,625.75

4.7%

5.0%

$

66,297.03

$1,683,196.27

6.6%

7.5%

$

229,187.90

$

1,683,196.27

6.6%

7.5%

$

229,187.90

$
$

27,544.70
-

0.1%
0.0%

0.0%
0.0%

$
$

(27,544.70)
-

Total Cash

$

27,544.70

0.1%

0.0%

$

(27,544.70) $

Total Plan

$ 25,498,455.66

100.0%

100.0% $

(0.00) $

$
5,772,306.58
$ 18,042,952.81
$1,683,196.27
$ 25,498,455.66

22.6%
70.8%
6.6%
100.0%

Manager
Vanguard S&P 500 (VFIAX)
Vanguard Mid Cap (VIMAX)
iShares Core S&P Small Cap (IJR)
Vanguard Total International (VTIAX)
Vanguard Emerging Markets (VEMAX)
Vanguard International Small Cap (VFSAX)
Total Equity
Principal Core Fixed Income
Principal High Yield
Baird Core Plus
Principal Core Plus Fixed Income
Pacific Bank Loans
Total Fixed
Principal US Property
Total Real Estate
Partners Group

$
$
$
$
$
$

1

Total Private Equity
Fidelity Cash
Principal Liquid Assets Sep Acct - R6

Principal Assets
Regions Assets
Other Assets

Suggested
Changes

+/-

$

$

$

Notes/Timing

New
Total

New
Mix

$
$
$
$
$
$

6,559,784.41
2,060,104.54
1,543,062.50
2,829,987.94
903,327.29
901,205.77

25.7%
8.1%
6.1%
11.1%
3.5%
3.5%

$

14,797,472.45

$
$
$
$
$

Target
Mix
25.5%
8.0%
6.0%

Large Cap
Mid Cap
Small Cap

18.0%

International

58.0%

57.5%

Equity Total

2,922,791.91
1,147,614.62
1,680,397.46
893,274.30
1,137,538.20

11.5% Core Fixed Inc
4.5%
High Yield
6.6% Core Plus Fixed
3.5% Core Plus Fixed
4.5%

11.0%
4.50%
7.00%
3.0%
4.5%

$

7,781,616.49

30.5%

30.0%

Fixed Total

$

1,208,625.75

4.7%

5.0%

Real Estate

$

1,208,625.75

4.7%

5.0%

Real Estate Total

$

1,683,196.27

6.6%

$

1,683,196.27

6.6%

Private Eq

7.5%

Private Equity Total

$
$

27,544.70
-

0.1%
0.0%

Cash

0.0%
0.0%

Maintain a balance of $6,000
Cash

-

$

27,544.70

0.1%

0.0%

Cash Total

-

$

25,498,455.66

100.00%

400,000.00

-

-

Large Core
Mid Core
Small Core
Intl
Intl Emerging
Intl Small

Real Estate

Fixed

PE

100.0%

City of Olivette
Annuity Contract Number 316701
4/30/2026
.

(A) Benefit Value:

$3,551,447.30 x

(B) Adjusted Fund Value Factor:

1.1

= $

3,906,592

(a)

(b)

Investment

Liquidity/
Volatility
Factor

Value (3)

Guaranteed Interest
Principal/Core Fixed Income
Principal Inflation Protection
Principal Government & High Quality Bond
Principal High Quality Short Term Bond
Principal High Quality Long Term Bond
Principal Core Plus Bond Fixed
Principal Money Market
Principal Bond Emphasis Balanced
Principal Stock Emphasis Balanced
Principal Preferred Securities
Principal High Yield I
Principal LargeCap S&P 500 Index
Principal Large Company Value
Principal Partners Large Cap Value III
Principal Partners Large Cap Value I
Principal Partners Large Cap Value II
Principal Disciplined Large Cap Blend
Principal Partners Large Cap Blend I
Principal Partners Large Cap Blend
Principal Large Company Growth
Principal Partners Large Cap Growth
Principal Partners Large Cap Growth I
Principal Partners Large Cap Growth II
Principal Mid Cap Stock Index
Principal Medium Company Value
Principal Partners Mid Cap Value III
Fidelity Management & Research

$

(1)

(2)

Accounts

(C) Benefit Index:

3,906,592

x

2,422,791.91

993,274.30
0.00

0.00
1,147,614.62
0.00

0.00

0.00

1.1800 =

(c)

1.00
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.80
0.80
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75

(a) x (b)
2,301,652.31
0.00
0.00
0.00
0.00
943,610.59
0.00
0.00
0.00
0.00
860,710.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

4,609,971.00
$4,556,531.75

(D)
0.64
(1)

Benefit Value: 110% of the cost to purchase these retirees on FPI nonparticipating rates which reflect current market conditions.

(2)

The Adjusted Fund Value Factor reflects the liquidity and volatility of the accounts in which plan funds are invested.
This is an estimate. Principal is responsible for the exact calculations through their proprietary system.

Accounts
Principal Medium Company Blend
Principal Medium Company Growth
Principal Partners Mid Cap Growth III
Principal Partners Mid Cap Growth I
Principal Partners Mid Cap Growth II
Principal Total Market Stock Index
Principal Small Cap Stock Index
Principal Small Company Value
Principal Partners Small Cap Value
Principal Partners Small Cap Value I
Principal Partners Small Cap Value II
Principal Small Company Blend
Principal Partners Small Cap Blend
Principal Small Company Growth
Principal Partners Small Cap Growth I
Principal Partners Small Cap Growth II
Principal Partners Small Cap Growth III
Principal Real Estate Securities
Principal U.S. Property
Principal Diversified International
Principal International Growth
Principal Partners International I
Principal Partners Global Equity
Principal International Small Company
Principal International Emerging Markets
Principal Liquid Assets Sep Acct-R6

(a)

(b)

Investment

Liquidity/
Volatility
Factor

Value (3)

0.00
0.00

0.00

0.00

1,208,625.75

0.75
0.75
0.75
0.75
0.75
0.75
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.65
0.60
0.60
0.60
0.60
0.50
0.50

(a) x (b)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
785,606.74
0.00
0.00
0.00
0.00
0.00
0.00

0.00

Total

5,772,306.58

Adjusted Fund Value Factor

5,772,306.58 ÷

Cushion

(c)

1,162,335.58
1,215,774.83

4,891,580.60
4,891,580.60 =

1.18004936

Takes into account benefits taken out on First of the mo