Investment Committee Meeting

AGENDA

Greg Jahn, Chair

Erick Roeser, Vice Chair

I. Minutes Approval

September 23, 2025, Investment Committee Meeting Minutes

Recommendation: Approve the September 23, 2025, Investment Committee Minutes

II. Presentation (60 minutes)

State Street Bank and Trust Company presenting

A. State Street Global Services – Vice President Kim Cook, in person, and Vice President Joseph Rooney, via Zoom, will provide a company overview and review the custody and performance measurement services provided.

B. State Street Markets – Vice President Sarah Kirschbaum, via Zoom, will review transition and interim management

C. State Street Investment Management – Managing Director Sonya Park, via Zoom, will review the firm’s index management services and performance for the index funds in which SCERA invests.

D. State Street Securities Finance – Vice President John Powell, in person, will discuss the securities lending services program the firm manages for SCERA

E. State Street Prime Services – Vice President Rudy Concepcion, via Zoom, will review the platform used for the Jacobs Levy 130/30 account

Break (10 minutes)

III. Investment Staff and Consultant

A. Third Quarter 2025 Investment Performance Report – Senior Consultant Tim Pflugradt and Consultant Ronak Chitnis, both of Aon Investments, will present. (15 minutes)

B. Core and Core Plus Real Estate Manager Searches. We will be joined by Aon Senior Consultant Jack Dowd, via Zoom, for this discussion. (50 minutes)

Recommendation: Approve commitments to one Core Real Estate fund and one Core Plus Real Estate fund, as detailed, and contingent upon positive on-site due diligence reviews and negotiation of acceptable business terms.

IV. Communications (time estimate 0 minutes unless items are identified for discussion)

A. SCERA Investment Performance Reports for September and October 2025.

B. Updated World Justice Project Rule-of-Law Exclusion List, Fall 2025.

C. The Wall Street Journal, “Auto Industry Is Flashing a Warning Sign on U.S. Economy”, September 25, 2025.

D. The Economist, “Why AI systems might never be secure”, September 22, 2025.

E. USA Today, “US Mint says it has stamped its last penny, a historic end for a humble coin”, November 12, 2025.

V. General Discussion Matters

Opportunity to advise the Investment Committee of new matters and for Committee members to ask questions for clarification, provide information to staff, request staff to report back on a matter, or direct staff to place a matter on a subsequent agenda.

VI. Public Comment

Opportunity for public comment on non-agenda items within the jurisdiction of the Investment Committee.

VII. Next Meeting

The next Investment Committee meeting is scheduled for Thursday, January 29, 2026, at 8:30 a.m. Planned topics for this meeting include a presentation by DoubleLine. All meetings are held at SCERA in the Board Room at 433 Aviation Boulevard, Suite 100, Santa Rosa, CA, and broadcast via Zoom unless otherwise noted.

VIII. Adjournment