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Performance Benchmarks: <br />The performance of the total Plan shall be measured over a three and five-year periods. These <br />periods are considered sufficient to accommodate the market cycles experienced with <br />investments. The performance shall be compared to the return of the total portfolio blended <br />benchmark shown below. <br />Total Portfolio Blended Benchmark <br />26.50% <br />S&P 500 Index <br />5.00% <br />Russell Mid Cap Index <br />7.50% <br />Russell 2000 Index <br />3.25% <br />MSCI Emerging Market Index <br />6.00% <br />MSCI EAFE Index <br />1.75% <br />Wilshire REIT Index <br />33.50% <br />Bloomberg Barclays US Aggregate Bond Index <br />10.00% <br />MIL 1-3 Year US Corp/Gov't Index <br />1.50% <br />US High Yield Master II Index <br />5.00% <br />Citi 1 Mth T-Bill Index <br />Asset Class/Style Benchmarks <br />Over a market cycle, the long-term objective for each investment strategy is to add value to a <br />market benchmark. The following are the benchmarks used to monitor each investment strategy: <br />Large Cap Equity <br />S&P 500 Index <br />Growth <br />S&P 500 Growth Index <br />Value <br />S&P 500 Value Index <br />Mid Cap Equity <br />Russell Mid Cap Index <br />Growth <br />Russell Mid Cap Growth Index <br />Value <br />Russell Mid Cap Value Index <br />Small Cap Equity <br />Russell 2000 Index <br />Growth <br />Russell 2000 Growth Index <br />Value <br />Russell 2000 Value Index <br />REITs <br />Wilshire REIT Index <br />International Equity <br />MSCI EAFE Index <br />Investment Grade Bonds <br />Bloomberg Barclays US Aggregate Bond Index <br />High Yield <br />US High Yield Master II Index <br />Security Selection <br />Investment Manager may utilize a full range of investment vehicles when constructing the <br />investment portfolio, including but not limited to individual securities, mutual funds, and exchange - <br />traded funds. In addition, to the extent permissible, Investment Manager is authorized to invest in <br />shares of mutual funds in which the Investment Manager serves as advisor or sub -adviser. <br />City of San Leandro Employee Benefit Fund Pension Plan <br />Investment Guidelines Document — HighMark Capital Management, Inc. <br />(v. 05/06/2021 - RY) <br />61 <br />