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City of San Leandro Post-Retirement Healthcare Plan <br />Investment Guidelines Document – HighMark Capital Management, Inc. <br />(v. 7/20/2021 - RY) 5 <br />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 /> <br />Total Portfolio Blended Benchmark <br /> 15.5% S&P 500 Index <br /> 3.00% Russell Mid Cap Index <br /> 4.50% Russell 2000 Index <br /> 2.00% MSCI Emerging Market Index <br /> 4.00% MSCI EAFE Index <br /> 1.00% Wilshire REIT Index <br /> 49.25% Bloomberg Barclays US Aggregate Index <br /> 14.00% ML 1-3 Year US Corp/Gov’t Index <br /> 1.75% US High Yield Master II Index <br /> 5.00% Citi 1Mth T-Bill Index <br /> <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 S&P 500 Index <br /> Growth S&P 500 Growth Index <br /> Value S&P 500 Value Index <br />Mid Cap Equity Russell MidCap Index <br /> Growth Russell MidCap Growth Index <br /> Value Russell MidCap Value Index <br />Small Cap Equity Russell 2000 Index <br /> Growth Russell 2000 Growth Index <br /> Value Russell 2000 Value Index <br />REITs Wilshire REIT Index <br />International Equity MSCI EAFE Index <br />Investment Grade Bonds Bloomberg Barclays US Aggregate Index <br />High Yield US High Yield Master II Index <br /> <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 />