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HomeMy WebLinkAbout2022 05 12 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, MAY 12, 2022 - 5:30 PM CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1 CALL TO ORDER Roll Call Invocation Pledge of Allegiance Agenda Changes AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. CONSENT AGENDA 300. Approval of the Thursday, February 10, 2022 Board of Trustees Regular Meeting Minutes Minutes PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. GRS Actuarial Valuation Report of the Defined Benefit Plan Actuarial Valuation Report (Oct. 1) 501. Quarterly Investment Return Report from AndCO Consulting 2022-03-31 Winter Springs General (Quarterly Report) REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or 2 homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. "If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based" - per Section 286.0105 Florida Statutes. 3 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 10, 2022 CALL TO ORDER Chairperson David Withee called the Regular Meeting of Thursday, February 10, 2022 of the Board of Trustees to order at 5:34 pm in the West Conference Room (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Board Member John Ripley, absent Board Member Marco Santoro, present Board Member Arif Fareed, present Assistant City Clerk Tristin Motter, present A moment of silence was followed by the Pledge of Allegiance. REGULAR AGENDA - PART I 500) Election for Chairperson of the Board of Trustees for Calendar Year 2022 Mrs. Casey Howard, Deputy City Manager opened nominations for Chairperson. Chairperson Withee expressed his want to continue as chairperson. “I NOMINATE DAVID WITHEE TO CONTINUE AS CHAIRPERSON.” NOMINATION MADE BY BOARD MEMBER FAREED. SECONDED BY BOARD MEMBER SANTORO NO OTHER NOMINATIONS WERE MADE. MOTION PASSED WITH UNANIMOUS CONSENT MOTION CARRIED. 3-0 DAVID WITHEE WAS ELECTED THE CHAIRPERSON 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 10, 2022 PAGE 2 OF 4 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 2 OF 4 501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2022 “I WILL NOMINATE MARCO SANTORO TO BE VICE-CHAIR FOR THE BOARD OF TRUSTEE.” NOMINATED BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER FAREED. NO OTHER NOMINATIONS WERE MADE. MOTION PASSED WITH UNANIMOUS CONSENT MOTION CARRIED. 3-0 MARCO SANTORO WAS ELECTED THE VICE-CHAIRPERSON PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300) Approval of the Thursday, November 30th, 2021 Board of Trustees Regular Meeting Minutes Minutes “MOTION TO STIPULATE THE AGENDA MINUTES AS WRITTEN.” MOTION BY CHAIRPERSON WITHEE. SECOND BY BOARD MEMBER SANTORO. DISCUSSION. VOTE: WITHEE (AYE); SANTORO (AYE); FAREED (AYE) MOTION CARRIED. 3-0 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 10, 2022 PAGE 3 OF 4 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 3 OF 4 REGULAR AGENDA - PART II 502) Quarterly Investment Return Report from AndCO Consulting Winter Springs General Quarterly Report Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida began by giving an AndCo firm update and gave some background on the company and business model for the Boards new members. Mr. West continued by giving a thorough review of the “General Quarterly Report” for the Board. Question and discussion ensued regarding Bond portfolio, strategy with the TIPS and PIMOC funds and what the target duration for maturity is of each. Further review of the active managers, value stock orientation and fee analysis overview rounded out the “General Quarterly Report.” Mr. West then gave a summary the “Asset Allocation Report” for the Board and purposed a reversal of the previous rebalance by reallocating money from the Cash fund to the Total Stock. Mr. West recommended reinvesting 1.4 million (2%) in the Total Stock Index Fund portfolio pulling from the Cash fund if feasible, if not or need additional pull from the Vanguard Short Term Bond Fund. “AMENDED [MOTION] TO TAKE 1.4 MILLION ADD TO THE EQUIDTY ALLOCATION THROUGH THE VANGUARD TOTAL STOCK INDEX, SOURCED FROM THE CASH. IF THE CASH ISN’T UNAVAILABLE TO LIQUIDATE WHAT IS NECESSARY FROM THE VANGUARD SHORT TERM BOND FUND.” MOTION BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER FAREED. DISCUSSION. VOTE: SANTORO (AYE); WITHEE (AYE); FAREED (AYE) MOTION CARRIED. 3-0 PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input 6 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 10, 2022 PAGE 4 OF 4 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 4 OF 4 ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:51 p.m. RESPECTFULLY SUBMITTED: _____________________________________ TRISTIN MOTTER ASSISTANT CITY CLERK NOTE: These Minutes were approved at the May 12, 2022 Board of Trustees Regular Meeting. 7 April 12, 2022 Ms. Casey Howard Deputy City Manager City of Winter Springs 1126 East State Road 434 Winter Springs, Florida 32708 Re: City of Winter Springs Defined Benefit Plan October 1, 2021 Actuarial Valuation Dear Casey: As requested, we are pleased to enclose eleven (11) copies of the October 1, 2021 Actuarial Valuation Report for the City of Winter Springs Defined Benefit Plan. We appreciate the opportunity to partner with you on this important project. Upon Board approval of the Actuarial Valuation Report, we will upload an electronic copy of the Actuarial Valuation Report along with the required disclosure information to the State portal as required by the State. If you should have any questions concerning the above, please do not hesitate to contact us. Sincerest regards, Gabriel, Roeder, Smith & Company Shelly L. Jones, A.S.A. Consultant and Actuary Enclosures 8 City Of Winter Springs Defined Benefit Plan ACTUARIAL VALUATION AS OF OCTOBER 1, 2021 This Valuation Determines the Annual Contribution for the Plan Year October 1, 2022 through September 30, 2023 to be Paid in Plan Year October 1, 2022 to September 30, 2023 April 12, 2022 9 10 City of Winter Springs Defined Benefit Plan TABLE OF CONTENTS Page Commentary 1 I.Summary of Retirement Plan Costs ........................................................................... 9 II.Comparison of Cost Data of Current and Prior Valuations ..................................... 11 III.Characteristics of Participants in Actuarial Valuation ............................................. 12 IV.Statement of Assets ................................................................................................. 13 V.Reconciliation of Plan Assets ................................................................................... 14 VI.Actuarial Gain / (Loss) .............................................................................................. 16 VII.Amortization of Unfunded Actuarial Accrued Liability ............................................ 17 VIII.Accounting Disclosure Exhibit ................................................................................. 18 IX.Outline of Principal Provisions of the Retirement Plan ........................................... 27 X.Actuarial Assumptions and Actuarial Cost Methods Used ...................................... 30 XI.Distribution of Plan Participants by Attained Age Groups and Service Groups ...... 35 XII.Statistics for Participants Entitled to Deferred Benefits and Participants Receiving Benefits ................................................................................................... 40 XIII.Reconciliation of Employee Data ............................................................................. 41 XIV.Projected Retirement Benefits ................................................................................ 42 XV.Recent Plan Experience ........................................................................................... 43 XVI.State Required Exhibit ............................................................................................. 45 XVII.Glossary ................................................................................................................... 49 11 April 12, 2022 City Council City of Winter Springs Defined Benefit Plan c/o Ms. Casey Howard Deputy City Manager 1126 East State Road 434 Winter Springs, Florida 32708 Dear Council Members: October 1, 2021 Actuarial Valuation We are pleased to present our October 1, 2021 Actuarial Valuation for the City of Winter Springs Defined Benefit Plan (Plan). The purpose of this report is to indicate appropriate contribution levels, comment on the actuarial stability of the Plan and to satisfy State requirements. The City has retained Gabriel, Roeder, Smith and Company (GRS) to prepare an annual actuarial valuation under Section 3.02 of the Plan. This report consists of this commentary, detailed Tables I through XV, the State Required Exhibit on Table XVI and Glossary on Table XVII. The Tables contain basic Plan cost figures plus significant details on the benefits, liabilities and experience of the Plan. We suggest you thoroughly review the report at your convenience and contact us with any questions that may arise. Retirement Plan Costs Our Actuarial Valuation develops the required minimum Plan payment for the Plan Year October 1, 2022 – September 30, 2023 under the Florida Protection of Public Employee Retirement Benefits Act. The minimum payment consists of payment of annual normal costs including amortization of the components of the unfunded actuarial accrued liability over various periods as prescribed by law. The minimum payment is $873,869 (21.4%). The figure in parentheses is the Plan cost expressed as a percentage of projected covered annual payroll for fiscal year October 1, 2022 – September 30, 2023 ($4,081,949). This total cost is to be met by member, County and City contributions. We anticipate member contributions will be $204,097 (5.0% of projected covered payroll for fiscal year ending September 30, 2022). The resulting minimum required County and City contribution is $669,772 (16.4%). We recommend the City continue to contribute not less than the dollar amount of minimum required contribution due to the closing of the Plan to future general employees. 12 Council Members April 12, 2022 Page Two Changes in Actuarial Assumptions, Methods and Plan Provisions The Plan provisions remain unchanged from our October 1, 2020 Actuarial Valuation. The Plan provisions are outlined on Table IX. The actuarial assumptions and methods remain unchanged from our October 1, 2020 Actuarial Valuation. The actuarial assumptions and methods are outlined on Table X. Comparison of October 1, 2020 and October 1, 2021 Valuation Results Table II of our report provides information of a comparative nature. The left columns of the Table indicate the costs as calculated for October 1, 2020. The right columns indicate the costs as calculated for October 1, 2021. Comparing the left and right columns of Table II shows the effect of Plan experience during the year. The number of active participants decreased by approximately 8% while covered payroll decreased by approximately 4%. Total Plan membership decreased slightly. Total normal cost decreased as a dollar amount but increased as a percentage of covered payroll. The unfunded actuarial accrued liability and the net County and City minimum funding requirement both decreased as a dollar amount and a percentage of covered payroll. Plan assets exceed the value of vested accrued benefits this year, resulting in a Vested Benefit Security Ratio (VBSR) of 110.9% which is an increase from 91.9% as of the October 1, 2020 Actuarial Valuation. The VBSR is measured on a market value of assets basis. Plan Experience The Plan experienced an actuarial gain in the amount of $2,083,576 this year. This indicates actual overall Plan experience was more favorable than expected. Table XV (salary, turnover and investment yield) provides figures on recent Plan experience. Salary experience indicates actual salary increases averaged approximately 4.9% for General and Forensic Employees and 3.4% for Firefighters and Police Officers for Plan Year ended September 30, 2021 when compared to the assumed salary increase of 3.1% and 3.5%, respectively. Salary increases were an offsetting source of actuarial loss for General and Forensic Employees and a source of actuarial gain for Firefighters and Police Officers. The three, five and ten-year average annual salary increases are 7.1%, 5.9% and 3.6% for General and Forensic Employees, respectively – 4.0%, 4.4% and 2.7% for Firefighters and Police Officers, respectively. Employee turnover this year was 690% of the assumed turnover for General and Forensic Employees and 80% of the assumed turnover for Firefighters and Police Officers. Employee turnover was 13 Council Members April 12, 2022 Page Three generally a source of actuarial gain for General and Forensic Employees and an offsetting source of actuarial loss for Firefighters and Police Officers. The three, five and ten-year average annual turnover is 410%, 310% and 230%, respectively for General and Forensic Employees - 100%, 160% and 200%, respectively for Firefighters and Police Officers. The smoothed value investment return of 11.45% was greater than the investment return assumption of 7.40%. Smoothed value investment return was an additional source of actuarial gain during the year. The three, five and ten-year average annual smoothed value investment returns are 9.25%, 9.4% and 8.8%, respectively. The one, three, five and ten-year average annual market value returns are 25.50%, 11.59%, 11.9% and 11.7%, respectively. Member Census and Financial Data The City submitted the Member census data used for this Actuarial Valuation to us as of October 1, 2021. This information contains name, Social Security number, date of birth, date of hire, October 1, 2021 rate of pay, actual salary paid and member contributions for the previous year. Dates of termination and retirement are provided where applicable. The City updated information on inactive participants including retirees, beneficiaries and vested terminees. Financial information concerning Plan assets was provided by the City as of September 30, 2021. We do not audit the Member census data and asset information that is provided to us; however, we perform certain reasonableness checks. The City is responsible for the accuracy of the data. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: Plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in Plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. 14 Council Members April 12, 2022 Page Four Examples of risk that may reasonably be anticipated to significantly affect the Plan’s future financial condition include: 1.Investment risk – actual investment returns may differ from expected returns; 2.Asset / Liability mismatch – changes in asset values may not match changes in liabilities, thereby altering the gap between the accrued liability and assets and consequently altering the funded status and the actuarially determined contribution requirements; 3.Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the Plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll or other relevant contribution base; 4.Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and the actuarially determined contributions differing from expected; 5.Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 6.Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and the actuarially determined contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the actuarially determined contribution can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in the actuarially determined contribution can be anticipated. The actuarially determined contribution rate shown on page one of the report may be considered as a minimum contribution rate that complies with the Plan’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the Plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust fund may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 15 Council Members April 12, 2022 Page Five 2020 2021 Ratio of market value of assets to payroll 13.82 17.75 Ratio of actuarial accrued liability to payroll 15.89 16.83 Ratio of actives to retirees and beneficiaries 0.56 0.50 Ratio of net cash flow to market value of assets -0.8% -1.5% Duration of the actuarial accrued liability 11.42 11.24 Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of the actuarially determined contribution. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates higher (lower) or increasing (decreasing) volatility in the actuarially determined contribution as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of the actuarially determined contributions for a fully funded plan. A funding policy targeting a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of actuarial accrued liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times payroll, a change in actuarial accrued liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in actuarial accrued liability (and also the actuarially determined contribution) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. 16 Council Members April 12, 2022 Page Six Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. Duration of Actuarial Accrued Liability The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1% change in the assumed rate of return. For example, a duration of 10 indicates the actuarial accrued liability would increase approximately 10% if the assumed rate of return were lowered 1%. Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. Summary In our opinion the benefits provided for under the current Plan will be sufficiently funded through the payment of the amount as indicated in this and future Actuarial Valuation reports. We will continue to update you on the future payment requirements for the Plan through our actuarial reports. These reports will also continue to monitor the future experience of the Plan. The actuarial assumptions used in this Actuarial Valuation are as adopted by the Plan. The economic and demographic actuarial assumptions are based upon the results of an Experience Study for the period October 1, 2011 – September 30, 2016. The mortality assumptions are as prescribed by statute. Each assumption represents an estimate of future Plan experience. The Government Finance Officers Association (GFOA) recommends an experience study every five years. The last experience study performed was five years ago. Therefore, we recommend an experience study to ensure the assumptions continue to be aligned with recent Plan experience. If all actuarial assumptions are met and if all future minimum required contributions are paid, Plan assets will be sufficient to pay all Plan benefits, future contributions are expected to remain relatively stable or decrease as a percent of payroll and the funded status is expected to improve. Plan minimum required contributions are determined in compliance with the requirements of the 17 Council Members April 12, 2022 Page Seven Florida Protection of Public Employee Retirement Benefits Act with normal cost determined as a level percent of covered payroll and a level dollar amortization payment using an initial closed amortization period of 30 years. The Unfunded Actuarial Accrued Liability (UAAL) may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. The UAAL would be different if it reflected the market value of assets rather than the smoothed value of assets. The GASB Net Pension Liability and Plan Fiduciary Net Position as a Percentage of Total Pension Liability may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. The Funded Ratio shown in Table II is for informational purposes and may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. This report should not be relied on for any purpose other than the purpose described in the primary communication. Determinations of the financial results associated with the benefits described in this report in a manner other than the intended purpose may produce significantly different results. This report was prepared using ProVal’s valuation model, a software product of Winklevoss Technologies. We are relying on the ProVal model. We performed tests of the ProVal model with this assignment and made a reasonable attempt to understand the developer’s intended purpose of, general operation of, major sensitivities and dependencies within, and key strengths and limitations of the ProVal model. In our professional judgment, the ProVal valuation model has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. This report has been prepared by actuaries who have substantial experience valuing public employee retirement plans. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. This report may be provided to parties other than the City only in its entirety and only with the permission of an approved representative of the City. The signing actuaries are independent of the Plan sponsor. 18 Council Members April 12, 2022 Page Eight The undersigned are Members of the American Academy of Actuaries and meet the qualification standards of the American Academy of Actuaries to render the actuarial opinions contained in this report. We are available to respond to any questions with regards to matters covered in this report. Very truly yours, Gabriel, Roeder, Smith & Company Shelly L. Jones, A.S.A., E.A. Consultant and Actuary Jennifer M. Borregard, E.A. Consultant and Actuary 19 Table I Cost % of Data Payroll A. Participant Data Summary (Table III) 1. Active Employees 68 N/A  2. Terminated Vested 166 N/A  3. Receiving Benefits 137 N/A  4. Total Annual Payroll of Active Employees 4,081,949$           100.0% B. Total Normal Costs 1. Age Retirement Benefits 238,795$              5.9% 2. Termination Benefits 122,306                3.0% 3. Death Benefits 6,487 0.2% 4. Disability Benefits 3,296 0.1% 5. Estimated Expenses 46,494 1.1% 6. Total Annual Normal Costs 417,378$              10.2% C. Total Actuarial Accrued Liability 1.Age Retirement and Termination Benefits Active Employees 12,813,304$         313.9% 2.Death Benefits Active Employees 212,646                5.2% 3. Disability Benefits Active Employees 99,735 2.4% 4. Retired or Terminated Vested Participants Receiving Benefits 44,201,520           1082.9% 5. Terminated Vested Participants Entitled to Future Benefits 9,571,219             234.5% 6. Deceased Participants Whose Beneficiaries are Receiving Benefits (includes DROs)1,711,311             41.9% 7. Disabled Participants Receiving Benefits 0 0.0% 8. Miscellaneous Liability (Refunds in Process)106,637                2.6% 9. Total Actuarial Accrued Liability 68,716,372$         1683.4% D. Assets (Table V) 1.Smoothed Value of Assets 64,718,452$         1585.5% 2. Market Value of Assets 72,453,381$         1775.0% E. Unfunded Actuarial Accrued Liability (C.9. ‐ D.1.)3,997,920$           97.9% Summary of Retirement Plan Costs as of October 1, 2021 City of Winter Springs Defined Benefit Plan    920 Table I (Cont'd) Cost % of Data Payroll F. Minimum Required Contribution 1. Total Normal Cost (including expenses)417,378$              10.2% 2. Amortization of Unfunded Liability 420,617                10.3% 3. Interest Adjustment 35,874 0.9% 4. Total Payment 873,869$              21.4% G. Expected payroll of active employees for FYE 2023 (1.000 x $4,081,949)4,081,949$           100.0% H. Contribution Sources (percent of expected 2023 payroll) 1. County and City 669,772$              16.4% 2. Member 204,097                5.0% 3. Total required contribution 873,869$              21.4% I. Actuarial Gain / (Loss)2,083,576$           51.0% J.Actuarial Present Value of Vested Accrued Benefits 1. Retired, Terminated Vested, Beneficiaries and Disabled Receiving Benefits 45,912,831$         1124.8% 2. Terminated Vested Participants Entitled to Future Benefits and Miscellaneous 9,677,856             237.1% 3. Active Participants Entitled to Future Benefits 9,723,644             238.2% 4. Total Actuarial Present Value of Vested Accrued Benefits 65,314,331$         1600.1% K. Unfunded Actuarial Present Value of Vested Accrued Benefits (J.4. ‐ D.2., not less than zero)0$ 0.0% L. Vested Benefit Security Ratio (D.2. ÷ J.4.)110.9% N/A  Summary of Retirement Plan Costs as of October 1, 2021 City of Winter Springs Defined Benefit Plan    1021 Table IICost % of Cost % of Data Compensation Data CompensationA. Participants1. Active Employees 74 N/A 68 N/A 2. Terminated Vested 167 N/A 166 N/A 3. Receiving Benefits 131 N/A 137 N/A 4. Total Annual Payroll of Active Employees 4,236,443$             100.0% 4,081,949$             100.0%B. Total Normal Costs 423,391$                10.0% 417,378$                10.2%C. Actuarial Accrued Liability 67,328,099$           1589.3% 68,716,372$           1683.4%D. Present Value of Future Benefits 70,042,511$           1653.3% 71,262,066$           1745.8%E. Smoothed Value of Assets 58,929,456$           1391.0% 64,718,452$           1585.5%F. Market Value of Assets 58,544,989$           1381.9% 72,453,381$           1775.0%G. Unfunded Actuarial Accrued Liability(C. ‐ E.) 8,398,643$             198.2% 3,997,920$             97.9%H. County and City Minimum Funding Payment 1,055,047$             24.9% 669,772$                16.4%I. Ratios1. Vested Benefit Security Ratio 91.9% N/A 110.9% N/A2. Funded Ratio (Market Basis) (F. / C.) 87.0% N/A 105.4% N/AComparison of Cost Data of October 1, 2020 and October 1, 2021 ValuationsOctober 1, 2020 October 1, 2021City of Winter Springs Defined Benefit Plan    1122 Table III A. Active Plan Participants Summary 1. Active participants fully vested 44 2. Active participants partially vested 0 3. Active participants non‐vested 24 4. Total active participants 68 5. Annual rate of pay of active participants 4,081,949$            B. Retired and Terminated Vested Participant Summary 1. Retired or terminated vested participants receiving benefits 124 2. Terminated vested participants entitled to future benefits 166 3. Deceased participants whose beneficiaries are receiving benefits (includes DROs) 13 4. Disabled participants receiving benefits 0 C. Projected Annual Retirement Benefits 1. Retired or terminated vested receiving benefits 4,107,574$            2. Terminated vested entitled to future benefits 1,573,901$            3. Beneficiaries of deceased participants (includes DROs) 188,471$                4. Disabled participants 0$                            Actuarial Valuation as of October 1, 2021 Characteristics of Participants in City of Winter Springs Defined Benefit Plan    1223 Table IV Assets Market Value A. Cash and Cash Equivalents 2,293,939$                B. General Investments 1. Common Stock 47,485,780$              2. Bonds 15,039,299                3. Real Estate 5,269,992                  4. Other 1,874,382                  C. Receivables 1. Accrued Interest 0$                                2. Employee Contribution Receivable 143                              3. City and County Contributions Receivable 560,719                      4. Accounts Receivable 0 D. Payables 1. Accounts Payable 70,873$                      2. Due to Broker 0                                  E. Plan Assets (A + B + C ‐ D) 72,453,381$              Statement of Assets as of October 1, 2021 City of Winter Springs Defined Benefit Plan    1324 Table V A. Market Value of Assets as of October 1, 2020 58,544,989$          Adjustment to Market Value of Assets as of October 1, 2020 (35,123)                   Total Market Value of Assets as of October 1, 2020 58,509,866$          B. Receipts During Period 1. Contributions a. Member 208,098$                   b. City and County 3,052,914                 c. Total 3,261,012$               2. Investment Income a. Interest and dividends 1,032,183$               b. Realized / unrealized gains (losses) 14,117,600               c. Investment expenses (301,136)                   d. Net investment income 14,848,647$             3. Total receipts during period 18,109,659$          C. Disbursements During Period 1. Pension payments and contribution refunds 4,119,650$               2. Administrative expenses 46,494                       3. Total disbursements during period 4,166,144$            D. Market Value of Assets as of September 30, 2021 72,453,381$          Reconciliation of Plan Assets City of Winter Springs Defined Benefit Plan    1425 Table V(Cont'd)202020212022202320242025A. Preliminary total smoothed value from prior year 54,759,146$     58,929,456$     64,718,452$     B. Market value beginning of year 54,713,697       58,544,989       72,453,381       C. Market value end of year 58,544,989       72,453,381       D. Non‐investment net cash flow (422,708)           (905,132)           E. Investment return1. Total market value return: C. ‐ B. ‐ D. 4,254,000         14,813,524       2. Amount for immediate recognition (7.50% / 7.40%) 4,087,676         4,298,839         3. Amount for phased‐in recognition: E.1. ‐ E.2. 166,324             10,514,685       F. Phased‐in recognition of investment return:1. Current year 33,265               2,102,937         2. First prior year (539,542)           33,265               2,102,937         3. Second prior year 302,469             (539,542)           33,265               2,102,937        4. Third prior year 496,160             302,469             (539,542)           33,265             2,102,937        5. Fourth prior year 212,990             496,160             302,471             (539,542)          33,264             2,102,937        6. Total phased‐in recognition of investment return 505,342             2,395,289         1,899,131         1,596,660        2,136,201        2,102,937        G. Total smoothed value end of year1. Preliminary total smoothed value end of year 58,929,456       64,718,452       A. + D. + E.2. + F.6.2. Upper corridor limit: 120% of C. 70,253,987       86,944,057       3. Lower corridor limit: 80% of C. 46,835,991       57,962,705       4. Total smoothed value end of year: G.1., not more than G.2., nor less than G.3. 58,929,456       64,718,452       H. Difference between total market value and total smoothed value (384,467)           7,734,929         I. Smoothed value rate of return 8.42% 11.45%J. Market value rate of return 7.81% 25.50%Development of Smoothed Value of Assets as of September 30City of Winter Springs Defined Benefit Plan    1526 Table VI A. Derivation of Actuarial Gain / (Loss) 1. City and County net normal cost previous valuation 211,569$                 2. Unfunded actuarial accrued liability previous valuation 8,398,643                3. City and County contributions previous year 3,052,914                4. Interest on: (a) City and County net normal cost 15,656$                   (b) Unfunded actuarial accrued liability 621,500                   (c) City and County contributions 112,958                   (d) Net total: (a) + (b) ‐ (c) 524,198$                 5. Expected unfunded actuarial accrued liability current year: (1. + 2. ‐ 3. + 4.) 6,081,496$             6. Actual unfunded actuarial accrued liability current year 3,997,920                7. Actuarial gain / (loss): (5. ‐ 6.) 2,083,576$             B. Approximate Portion of Gain / (Loss) due to Investments 1. Smoothed value of assets previous year 58,929,456$           2. Contributions during period 3,261,012                3. Benefits and administrative expenses during period 4,166,144                4. Expected appreciation for period 4,327,290                5. Expected smoothed value of assets current year:  (1. + 2. ‐ 3. + 4.) 62,351,614$           6. Actual smoothed value of assets current year 64,718,452$           7. Approximate investment gain / (loss) due to investments: (6. ‐ 5.) 2,366,838$             C. Approximate Portion of Gain / (Loss) due to Liabilities:  A.7. ‐ B.7.(283,262)$               Actuarial Gain / (Loss) for Plan Year Ended September 30, 2021 City of Winter Springs Defined Benefit Plan    1627 Table VII A. Unfunded Actuarial Accrued Liability Unfunded Amortization Date Liability Payment October 1, 2021 3,997,920$            420,617$             October 1, 2022 3,842,023$            420,617$             October 1, 2023 3,674,590$            420,617$             October 1, 2024 3,494,767$            420,617$             October 1, 2025 3,301,637$            420,617$             … … October 1, 2051 0$                           0$                         B. Covered Payroll History Covered Annual Date Payroll Increase October 1, 2021 4,081,949$            (3.6%)       October 1, 2020 4,236,443$            (2.1%)       October 1, 2019 4,325,321$            (14.2%)       October 1, 2018 5,042,067$            (8.9%)       October 1, 2017 5,537,207$            (6.4%)       October 1, 2016 5,916,189$            (13.9%)       October 1, 2015 6,868,214$            (3.2%)       October 1, 2014 7,093,513$            (4.5%)       October 1, 2013 7,431,031$            (9.6%)       October 1, 2012 8,216,342$            (7.4%)       October 1, 2011 8,875,836$            N/A Ten‐Year Average Annual Increase (7.5%)       Amortization of Unfunded Actuarial Accrued Liability City of Winter Springs Defined Benefit Plan    1728 Table VIII 10/01/2020 10/01/2021 I. Number of Plan Members a. Retirees and beneficiaries receiving benefits 131 137 b. Terminated plan members entitled to but not yet receiving benefits 167 166 c. Active plan members 74 68 d. Total 372 371 II.Financial Accounting Standards Board Allocation as of October 1, 2021 A. Statement of Accumulated Plan Benefits 1. Actuarial present value of accumulated vested plan benefits a. Participants currently receiving benefits 43,828,169$           45,912,831$            b. Other participants 19,872,143             19,401,500              c. Total 63,700,312$           65,314,331$            2. Actuarial present value of accumulated  non‐vested plan benefits 157,702$                165,752$                 3. Total actuarial present value of accumulated plan benefits 63,858,014$           65,480,083$            B. Statement of Change in Accumulated Plan Benefits 1. Actuarial present value of accumulated plan benefits as of October 1, 2020 63,858,014$            2. Increase (decrease) during year attributable to: a. Plan amendment 0$                              b. Change in actuarial assumptions 0 c. Benefits paid including refunds (4,119,650)               d. Other, including benefits accumulated, increase for interest due to decrease in the discount period 5,741,719                e. Net increase 1,622,069$              3. Actuarial present value of accumulated plan benefits      as of October 1, 2021 65,480,083$            C. Significant Matters Affecting Calculations 1. Assumed rate of return used in determining actuarial present values 7.40% 2. Change in Plan provisions None. 3. Change in actuarial assumptions None. Accounting Disclosure Exhibit City of Winter Springs Defined Benefit Plan    1829 Table VIII(Cont'd)III. Net Pension Liability and Related Ratios (GASB No. 67 & No. 68)ProjectedMeasurement date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 *A. Total Pension Liability (TPL)Service Cost 886,819$            834,402$            808,281$            697,459$            502,667$            472,736$            401,950$            390,407$            370,884$            Interest 3,666,120           3,851,130           4,059,813           4,229,901           4,452,760           4,693,091           4,736,276           4,858,742           4,946,318           Benefit Changes 0                           0                           0                           0                           0                           0                           0                           0                           0                           Difference Between Actual and Expected Experience (581,481)             (107,513)             275,994              (592,087)             124,345              1,281,355           569,125              661,000              258,774              Assumption Changes 0                           8,107                   0                           526,115              2,531,601           0                           479,182              691,291              0                           Benefit Payments, including Refunds of Member Contributions (1,974,208)         (2,202,769)         (2,450,972)         (2,679,408)         (2,935,206)         (3,276,412)         (3,821,626)         (4,119,650)         (4,490,245)         Net Change in Total Pension Liability 1,997,250$        2,383,357$        2,693,116$        2,181,980$        4,676,167$        3,170,770$        2,364,907$        2,481,790$        1,085,731$        Total Pension Liability (TPL) ‐ (beginning of year) 46,508,261        48,505,511        50,888,868        53,581,984        55,763,964        60,440,131        63,610,901        65,975,808        68,457,598        Total Pension Liability (TPL) ‐ (end of year) 48,505,511$      50,888,868$      53,581,984$      55,763,964$      60,440,131$      63,610,901$      65,975,808$      68,457,598$      69,543,329$      B. Plan Fiduciary Net PositionContributions ‐ City and County 2,527,508$        2,392,948$        2,586,936$        2,605,753$        2,635,968$        2,924,706$        3,213,927$        3,052,914$        1,055,047$        Contributions ‐ Member 369,500              358,106              479,257              342,209              460,745              265,688              217,975              208,098              204,097              Net Investment Income 3,885,344           5,160                   4,077,452           5,851,493           5,243,193           1,437,224           4,254,000           14,813,524        5,240,279           Benefit Payments, including Refunds of Member Contributions (1,974,208)         (2,202,769)         (2,450,972)         (2,679,408)         (2,935,206)         (3,276,412)         (3,821,626)         (4,119,650)         (4,490,245)         Administrative Expenses (159,424)             (11,937)               (28,208)               (55,697)               (64,770)               (69,023)               (32,984)               (46,494)               (46,494)               Other 0                           0                           0                           0                           0                           0                           0                           0                           0                           Net Change in Plan Fiduciary Net Position 4,648,720$        541,508$            4,664,465$        6,064,350$        5,339,930$        1,282,183$        3,831,292$        13,908,392$      1,962,684           Plan Fiduciary Net Position ‐ (beginning of year) 32,172,541        36,821,261        37,362,769        42,027,234        48,091,584        53,431,514        54,713,697        58,544,989        72,453,381        Plan Fiduciary Net Position ‐ (end of year) 36,821,261$      37,362,769$      42,027,234$      48,091,584$      53,431,514$      54,713,697$      58,544,989$      72,453,381$      74,416,065$      C.Net Pension Liability (NPL) ‐ (end of year): (A) ‐ (B)11,684,250$      13,526,099$      11,554,750$      7,672,380$        7,008,617$        8,897,204$        7,430,819$        (3,995,783)$       (4,872,736)$       D. Plan Fiduciary Net Position as a Percentage of TPL: (B) / (A)75.91 % 73.42 % 78.44 % 86.24 % 88.40 % 86.01 % 88.74 % 105.84 % 107.01 %E. Covered Employee Payroll **7,369,943$        7,070,355$        6,671,503$        5,846,435$        5,342,971$        4,800,755$        4,334,163$        4,335,802$        4,081,949$        F. NPL as a Percentage of Covered Employee Payroll: (C) / (E) 158.54 % 191.31 % 173.20 % 131.23 % 131.17 % 185.33 % 171.45 % (92.16)% (119.37)%G. Notes to Schedule:Valuation Date 10/1/2013 10/1/2014 10/1/2015 10/1/2016 10/1/2017 10/1/2018 10/1/2019 10/01/2020 10/01/2021Reporting Date (GASB No. 68) 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022Update procedures were used to roll forward the TPL to the measurement date.See Table VIII, Item V. for a history of benefit changes and assumption changes.* Projected ‐ actual amounts will be available after fiscal year end.** Reported payroll on which contributions to the Plan are based as provided under GASB No. 82.Accounting Disclosure ExhibitCity of Winter Springs Defined Benefit Plan    1930 Table VIII (Cont'd) IV. Schedule of Employer Contributions (GASB No. 67 & No. 68) Actuarially Contribution Actual Contribution Fiscal Year Determined Actual Deficiency / Covered as a % of End 9/30 Contribution Contribution 1 (Excess)Payroll 2 Covered Payroll 2012 1,965,643$           1,913,717$           51,926$                 8,875,836$           21.56% 2013 2,258,769              2,258,798              (29)                          8,216,342              27.49% 2014 2,474,578              2,527,508              (52,930)                  7,369,943              34.29% 2015 2,230,908              2,392,948              (162,040)                7,070,355              33.84% 2016 2,067,445              2,586,936              (519,491)                6,671,503              38.78% 2017 1,831,495              2,605,753              (774,258)                5,846,435              44.57% 2018 1,613,548              2,635,968              (1,022,420)            5,342,971              49.34% 2019 1,484,498              2,924,706              (1,440,208)            4,800,755              60.92% 2020 1,389,125              3,213,927              (1,824,802)            4,334,163              74.15% 2021 1,251,632              3,052,914              (1,801,282)            4,335,802              70.41%   2022 3 1,055,047              1,055,047              0                              4,081,949              25.85% 1 Per City Annual Report prior to September 30, 2014 2 3 Projected ‐ actual amounts will be available after fiscal year end Accounting Disclosure Exhibit Reported payroll on which contributions to the Plan are based as provided under GASB No. 82 (projected prior to fiscal year ended September 30, 2014) City of Winter Springs Defined Benefit Plan    2031 Table VIII (Cont'd) V. Notes to Schedule of Contributions (GASB No. 67 & No. 68) Valuation Date: Methods and Assumptions Used to Determine Contribution Rates for Fiscal Year Ending September 30, 2022: Actuarial Cost Method Amortization Method Amortization Period Asset Valuation Method Inflation Salary Increases Investment Rate of Return 7.40% Retirement Age Mortality Entry Age Normal Level dollar, closed For disabled General Employee participants, PUB‐2010 Headcount Weighted General Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3 years, without projected mortality improvements. 5‐year smoothed market 2.75% 3.0% ‐ 4.5% Experience‐based table of rates that are specific to the type of eligibility condition For healthy General Employee participants during employment, PUB‐2010 Headcount Weighted General Below Median Employee Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For healthy Firefighter, Police Officer and Forensic Professional participants during employment, PUB‐2010 Headcount Weighted Safety Employee Female Mortality Table and Safety Below Median Employee Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For healthy General Employee participants post employment, PUB‐2010 Headcount Weighted General Below Median Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For healthy Firefighter, Police Officer and Forensic Professional participants post employment, PUB‐2010 Headcount Weighted Safety Healthy Retiree Female Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For disabled Firefighter, Police Officer and Forensic Professional participants, 80% PUB‐ 2010 Headcount Weighted General Disabled Retiree Mortality Table / 20% PUB‐2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and females, without projected mortality improvements. 30 years Accounting Disclosure Exhibit Actuarially determined contributions are calculated as of October 1st ‐two years prior the fiscal year end in which contributions are reported. City of Winter Springs Defined Benefit Plan    2132 Table VIII (Cont'd) V. Notes to Schedule of Contributions (GASB No. 67 & No. 68) (cont'd) Other Information: Benefit Changes Assumption Changes VI. Discount Rate (GASB No. 67 & No. 68) VII. Sensitivity of the NPL to the Discount Rate Assumption (GASB No. 67 & No. 68) Current 1% Decrease Discount Rate 1% Increase Discount Rate 6.40% 7.40% 8.40% NPL 3,652,614$          (3,995,783)$         (10,423,129)$        Current 1% Decrease Discount Rate 1% Increase Discount Rate 6.40% 7.40% 8.40% NPL 2,796,544$          (4,872,736)$         (11,325,613)$        * Projected ‐ actual amounts will be available after fiscal year end Accounting Disclosure Exhibit A discount rate of 7.40% was used to measure the September 30, 2021 and September 30, 2022 TPL. This discount rate was based on the expected rate of return on Plan investments of 7.40%. The projection of cash flows used to determine this discount rate assumed member contributions will be made at the current member contribution rate and City and County contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member contribution rate. Based upon these assumptions, the Plan's fiduciary net position was projected to be available to make all projected future expected benefit payments of current Plan members. Therefore, the long‐term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the TPL. Measurement date: September 30, 2022 * Measurement date: September 30, 2021 2020: Investment return and mortality rates for disableds updated. 2019: Investment return, mortality rates and disability rates updated. 2017: Investment return, salary increase, withdrawal and retirement rates updated.  2016: Mortality rates updated.  2014:  Disability rates updated.   2011: Plan closed to future general employees; pensionable earnings to base pay, overtime ‐maximum 150 hours and accrued leave balance as of July 1, 2011; vesting schedule updated; unreduced early retirement eligibility updated; final average pay updated to five year average and future service benefit accrual rate reduced for general employees.  City of Winter Springs Defined Benefit Plan    2233 Table VIII (Cont'd) VIII. Pension Expense for Fiscal Year Ending September 30, 2021 (423,654)$             Deferred Outflows  of Resources   Deferred Inflows  of Resources  293,778$                0$                         Changes of assumptions or other inputs 307,240                  0                            0                              7,734,929            Total 601,018$                7,734,929$          Year Ending 30‐Sep Amount 2022 (1,298,113)$            2023 (1,596,660)               2024 (2,136,201)               2025 (2,102,937)               2026 0                               Thereafter 0                               Accounting Disclosure Exhibit Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to  Pensions ‐ Reporting Date (GASB No. 68) Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2021 Differences between actual and expected experience on  liabilities Net difference between projected and actual earnings on  pension Plan investments Summary of Deferred Outflows and Inflows of Resources that to Be Recognized in Pension Expense in  Future Years.  City of Winter Springs Defined Benefit Plan    2334 Table VIII(Cont'd)The following information is not required to be disclosed but is provided for informational purposes.IX. Components of Pension Expense (GASB No. 68)ProjectedMeasurement Date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 *Service Cost 886,819$        834,402$        808,281$        697,459$        502,667$        472,736$        401,950$        390,407$        370,884$        Interest on Total Pension Liability 3,666,120       3,851,130       4,059,813       4,229,901       4,452,760       4,693,091       4,736,276       4,858,742       4,946,318       Current‐Period Benefit Changes 0                      0                      0                      0                      0                      0                      0                      0                      0                      (369,500)         (358,106)         (479,257)         (342,209)         (460,745)         (265,688)         (217,975)         (208,098)         (204,097)         Projected Earnings on Plan Investments (2,604,338)     (2,967,155)     (3,012,502)     (3,370,693)     (3,730,846)     (4,134,934)     (4,087,676)     (4,298,839)     (5,240,279)     Administrative Expenses 159,424          11,937            28,208            55,697            64,770            69,023            32,984            46,494            46,494            Other Changes in Plan Fiduciary Net Position 0                      0                      0                      0                      0                      0                      0                      0                      0                      (126,409)         (149,527)         (78,759)           (99,375)           1,158,437       1,917,785       1,460,935       1,182,929       762,752          (256,201)         336,198          123,208          (372,952)         (675,422)         120,322          (505,342)         (2,395,289)     (1,899,131)     Total Pension Expense 1,355,915$     1,558,879$     1,448,992$     797,828$        1,311,621$     2,872,335$     1,821,152$     (423,654)$       (1,217,059)$   * Projected ‐ actual amounts will be available after measurement dateContributions ‐ MemberRecognition of Beginning Deferred Outflows / (Inflows) due to LiabilitiesRecognition of Beginning Deferred Outflows / (Inflows) due to AssetsAccounting Disclosure ExhibitCity of Winter Springs Defined Benefit Plan    2435 Table VIII (Cont'd) The following information is not required to be disclosed but is provided for informational purposes. X.Recognition of Deferred Outflows and (Inflows) due to Liabilities ‐ Measurement Date (GASB No. 68) Recognition of Deferred Outflows due to Differences Between Actual and Expected Experience on Liabilities Established Initial Balance Initial  Recognition  Period Remaining  Recognition  Period as of  9/30/2021 Recognition  Amount for  2020 / 2021 Balance as of  9/30/2021 2019 / 2020 569,125$            1.7 0.0 234,346$           0$                                   2020 / 2021 661,000$            1.8 0.8 367,222$           293,778$                       TOTAL 601,568$           293,778$                       Recognition of Deferred (Inflows) due to Differences Between Actual and Expected Experience on Liabilities Established Initial Balance Initial  Recognition  Period Remaining  Recognition  Period as of  9/30/2021 Recognition  Amount for  2020 / 2021 Balance as of  9/30/2021 2019 / 2020 0$                        1.7 0.0 0$                        0$                                   2020 / 2021 0$                        1.8 0.8 0$                        0$                                   TOTAL 0$                        0$                                   Recognition of Deferred Outflows due to Changes of Assumptions or Other Inputs Established Initial Balance Initial  Recognition  Period Remaining  Recognition  Period as of  9/30/2021 Recognition  Amount for  2020 / 2021 Balance as of  9/30/2021 2019 / 2020 479,182$            1.7 0.0 197,310$           0$                                   2020 / 2021 691,291$            1.8 0.8 384,051$           307,240$                       TOTAL 581,361$           307,240$                       Accounting Disclosure Exhibit City of Winter Springs Defined Benefit Plan    2536 Table VIII (Cont'd) The following information is not required to be disclosed but is provided for informational purposes. X.Recognition of Deferred Outflows and (Inflows) due to Liabilities ‐ Measurement Date (GASB No. 68) (cont'd) Recognition of Deferred (Inflows) due to Changes of Assumptions or Other Inputs Established Initial Balance Initial  Recognition  Period Remaining  Recognition  Period as of  9/30/2021 Recognition  Amount for  2020 / 2021 Balance as of  9/30/2021 2019 / 2020 0$                       1.7 0.0 0$                      0$                                2020 / 2021 0$                       1.8 0.8 0$                      0$                                TOTAL 0$                      0$                                XI.Recognition of Deferred Outflows and (Inflows) due to Assets ‐ Measurement Date (GASB No. 68) Established Initial Balance Initial  Recognition  Period Remaining  Recognition  Period as of  9/30/2021 Recognition  Amount for  2020 / 2021 Balance as of  9/30/2021 2016 / 2017 (2,480,800)$      5 0 (496,160)$        0$                                2017 / 2018 (1,512,347)$      5 1 (302,469)$        (302,471)$                  2018 / 2019 2,697,710$       5 2 539,542$         1,079,084$                2019 / 2020 (166,324)$         5 3 (33,265)$          (99,794)$                     2020 / 2021 (10,514,685)$    5 4 (2,102,937)$     (8,411,748)$               TOTAL (2,395,289)$     (7,734,929)$               Recognition of Deferred Outflows / (Inflows) due to Difference Between Projected and Actual Earnings on  Pension Plan Investments Accounting Disclosure Exhibit City of Winter Springs Defined Benefit Plan    2637 Table IX A. Effective Date B. Eligibility Requirements C. Accrual Service D. Compensation E. Final Average Compensation F. Normal Retirement 1. Eligibility: (a) Attainment of age 65; or (b) Completion of 30 years of service and determined to be disabled under the City's long term disability insurance policy. Years of Accrual Service are any Plan Years during which an Employee completes at least 1,000 hours of service, including years of service completed prior to participation in the Plan. Average earnings during the best five (5) consecutive Plan Years out of the last ten (10) Plan Years preceding termination or retirement, but not less than the three (3) highest consecutive compensation periods during employment with the City as of September 30, 2011. Outline of Principal Provisions of the Retirement Plan Plan adopted as a Money Purchase Floor Offset plan on October 1, 1997. Plan amended and restated as a Defined Benefit Plan effective October 1, 2000. Plan most recently amended by Resolution 2017‐10 adopted November 13, 2017. General Employees hired prior to October 1, 2011, Police Officers and Forensic Professionals working 30 or more hours per week are eligible to join the Plan on the first day of the month following completion of six (6) months of service. Electing transferring Firefighters as of October 2, 2008 under the Agreement with the County.  Wages, salaries and other amounts received (whether or not paid in cash) for personal services actually rendered in the course of employment. Effective October 10, 2011 Compensation shall exclude commissions, bonuses, overtime pay in excess of one hundred fifty (150) hours per Plan year and payments for accrued leave in excess of the dollar amount of an Employee's accrued leave balance on July 1, 2011. City of Winter Springs Defined Benefit Plan    2738 Table IX (Cont'd) 2. Benefit: G. Early Retirement 1. Eligibility: (a) Attainment of age 55 and completion of 15 years of service; or (b) 2. Benefit: H. Late Retirement 1. Eligibility: Continued employment beyond Normal Retirement Date. 2. Benefit: (a) (b) I. Disability Retirement 1. Eligibility: 2. Benefit: Completion of 25 years of service. Benefit accrued to date of early retirement, actuarially reduced for each year early retirement benefit commencement precedes age 55. A participant as of September 30, 2011 who attains age 55 and completes 10 or more years of service but less than 15 years of service may receive the accrued benefit as of September 30, 2011 payable without actuarial reduction plus the accrued benefit earned after September 30, 2011 payable with actuarial reduction from normal retirement date. Outline of Principal Provisions of the Retirement Plan For Firefighters, Police Officers and Forensic Professionals, 3.00% times Final Average Compensation multiplied by Accrual Service, up to a maximum of 30 years. For General Employees, 3.00% times Accrual Service earned through September 30, 2011 times Final Average Compensation plus 2.50% times Accrual Service earned after September 30, 2011 times Final Average Compensation, up to a maximum of 30 years of Accrual Service.  Accrued benefit calculated as for Normal Retirement based upon service and pay at Disability Retirement Date. Greater of (a) and (b): Accrued benefit calculated as for Normal Retirement based upon service and pay at Late Retirement Date. Actuarially increased benefit as of Late Retirement Date. Completion of 30 years of service and determined to be disabled under the City's long term disability insurance policy. City of Winter Springs Defined Benefit Plan    2839 Table IX (Cont'd) J. Death Benefit K. Participant Contributions L. Vested Benefit Upon Termination Years of Service Vested Percentage Less Than 70% 7 or More 100% M. Normal Form of Payment of Retirement Income Other Options N. Changes Since Previous Valuation None. Five percent (5%) of compensation. Monthly benefit payable for life. Actuarially equivalent joint and survivor at 50%, 75%, 100%; or ten (10) years certain and life. Beneficiary entitled to a monthly benefit supported by the present value of the non‐forfeitable accrued benefit at the time of the participant's death. If death occurs after actual retirement, the beneficiary receives whatever is payable under the form of benefit option elected. Outline of Principal Provisions of the Retirement Plan 100% vested in required participant contributions. Participant contributions made after October 1, 2000 are included in the deferred vested benefit payable at normal or early retirement date.   Upon termination of service prior to normal or early retirement date a participant shall be entitled to a benefit payable at normal or early retirement date calculated as for normal retirement. Based upon pay and service at date of termination multiplied by a percentage from the following table. City of Winter Springs Defined Benefit Plan    2940 Table X A. Mortality Firefighter, Police Officer and Forensic Professional participants: Sample Ages (2021) Men Women Men Women 55 30.53 34.39 27.68 31.26 60 25.58 29.33 23.10 26.47 62 23.66 27.32 21.36 24.63 Sample Ages (2041) Men Women Men Women 55 32.17 35.88 29.58 33.09 60 27.15 30.77 24.88 28.22 62 25.19 28.74 23.09 26.33 General Employee participants: Expectancy (Years) Future Life For healthy participants post employment, PUB‐2010 Headcount Weighted General Below Median Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For healthy participants during employment, PUB‐2010 Headcount Weighted General Below Median Employee Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. For healthy participants post employment, PUB‐2010 Headcount Weighted Safety Healthy Retiree Female Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP‐ 2018. For healthy participants during employment, PUB‐2010 Headcount Weighted Safety Employee Female Mortality Table and Safety Below Median Employee Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP‐2018. Used in the Valuation Actuarial Assumptions and Actuarial Cost Methods Post‐retirement Expectancy (Years) Future Life Post‐retirement For disabled participants, 80% PUB‐2010 Headcount Weighted General Disabled Retiree Mortality Table / 20% PUB‐2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and females, without projected mortality improvements. Future Life Pre‐retirement Expectancy (Years) Future Life Pre‐retirement Expectancy (Years) City of Winter Springs Defined Benefit Plan    3041 Table X (Cont'd) A. Mortality (cont'd) Sample Ages (2021) Male Female Male Female 55 32.67 35.09 28.73 32.46 60 27.81 30.07 24.64 27.92 62 25.92 28.09 23.02 26.09 Sample Ages (2041) Male Female Male Female 55 34.30 36.58 30.75 34.24 60 29.38 31.51 26.50 29.59 62 27.45 29.50 24.81 27.71 B. Investment Return C. Allowances for Expenses or Contingencies D. Salary Increase Factors General Firefighters and Service Employees Police Officers Less than 5 years 4.50% 4.50% 5 ‐ 14 years 3.25% 3.25% 15 ‐ 20 years 3.00% 3.25% 20+ years 3.00% 3.00% Prior year's actual administrative expenses are included in normal cost. Current salary is assumed to increase at a rate based on the table below per year until retirement ‐includes assumed wage inflation of 3.0%.   Forensic Professionals, For disabled participants, PUB‐2010 Headcount Weighted General Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3 years, without projected mortality improvements. Expectancy (Years) Future Life Pre‐retirement Expectancy (Years) Future Life Post‐retirement 7.40%, compounded annually, net of investment expenses ‐ includes assumed inflation of 2.75%. Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation Expectancy (Years) Future Life Post‐retirement Expectancy (Years) Future Life Pre‐retirement City of Winter Springs Defined Benefit Plan    3142 Table X (Cont'd) E. Employee Withdrawal Rates Service Male Female Male Female Less than 5 years 20.5% 15.5%13.5% 4.0% 5 ‐ 9 years 8.0% 12.0%9.0% 4.0% 10+ years 4.5% 5.0% 4.5%4.0% F. Disability Rates 1. General All Other Age Employees Employees < 40 0.001%0.005% 45 0.001% 0.050% 50 0.002% 0.050% 55 0.005% 0.090% 60 0.006% 0.090% 65 0.001% 0.090% 2. General All Other Age Employees Employees 20 0.00% 0.02% 25 0.01% 0.02% 30 0.01% 0.04% 35 0.01% 0.04% 40 0.02% 0.04% 45 0.04% 0.04% 50 0.08% 0.07% 55 0.16% 0.07% 60 0.21% 0.07% 65 0.04% 0.07% Non‐duty disability rates for General Employees, Forensic Professionals, Firefighters and Police Officers were used in accordance with the following illustrative example. The disability assumptions are the disability assumptions used in the July 1, 2021 FRS Actuarial Valuation. Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation Line‐of‐duty disability rates for General Employees, Forensic Professionals, Firefighters and Police Officers were used in accordance with the following illustrative example. General  Employees Forensic Professionals, Firefighters and Police Officers Withdrawal rates were used in accordance with the following illustrative example. City of Winter Springs Defined Benefit Plan    3243 Table X (Cont'd) G. Assumed Retirement Age Retirement rates were used in accordance with the following tables. 1.For Forensic Professionals, Police Officers and Firefighters: Age 0 ‐ 9 10 ‐ 14 15 ‐ 24 25 ‐ 29 30 or more Under 55 0.0% 0.0% 0.0% 3.5% 40.0% 55 0.0% 5.0% 25.0% 70.0% 80.0% 56 ‐ 64 0.0% 5.0% 7.5% 7.5% 10.0% 65 and above 100.0% 100.0% 100.0% 100.0% 100.0% 2.For General Employees: Age 0 ‐ 14 15 ‐ 24 25  or more Under 55 0% 0% 0% 55 ‐ 64 4% 18% 12% 65 and above 100% 100% 100% H. Marital Assumptions 1. 2. I. Interest on Future Participant Contributions 3.75%, compounded annually. J. Asset Valuation Method The method used for determining the smoothed value of assets phases in the deviation between the expected and actual return on assets at the rate of 20% per year. The smoothed value of assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the fair market value of Plan assets and whose upper limit is 120% of the fair market value of Plan assets ‐adjusted for equation of balance October 1, 2010. 100% of active members are assumed to be married. Females are assumed to be three (3) years younger than their male spouses. Years of Service Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation Years of Service City of Winter Springs Defined Benefit Plan    3344 Table X (Cont'd) K. Cost Method L. Disclosure of Assumptions M. Changes Since Previous Valuation None. Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation Under this method the normal cost for each active employee is the amount which is calculated to be a level percentage of pay that would be required annually from his entry age to his assumed retirement age to fund his estimated benefits, assuming the Plan had always been in effect. The normal cost for the Plan is the sum of such amounts for all employees. The actuarial accrued liability as of any valuation date for each active employee or inactive employee who is eligible to receive benefits under the Plan is the excess of the actuarial present value of estimated future benefits over the actuarial present value of current and future normal costs. The unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued liability over the assets of the Plan.  Normal Retirement, Termination, Disability, and Death Benefits: Entry Age Normal Cost Method Vested Normal Retirement, Termination, Disability, and Death Benefits: Unit Credit Cost Method Under this method, the actuarial present value of vested accrued benefits is an amount calculated to be the sum of the present values of each individual's vested accrued or earned benefit under the Plan as of the valuation date.  Each individual's calculation is based on pay and service as of the valuation date. The investment return, salary increases, withdrawal and retirement rates were updated based on the most recent experience study performed for the five years ending September 30, 2016. The mortality rates are based upon the July 1, 2021 FRS Actuarial Valuation, as required under F.S., Chapter 2015 ‐157. City of Winter Springs Defined Benefit Plan    3445 Table XIAttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25‐‐‐‐‐‐‐025 ‐ 29‐‐‐‐‐‐‐030 ‐ 34‐‐‐‐‐‐‐035 ‐ 39‐‐‐‐‐‐‐040 ‐ 44‐‐‐‐‐‐‐045 ‐ 49‐‐‐‐‐‐‐050 ‐ 54‐‐‐‐‐‐‐055 ‐ 59‐‐‐‐‐‐‐060 ‐ 64‐‐‐‐‐1‐165 & Over‐‐‐‐‐‐‐0TOTAL 0 0 0 0 0 1 0 110/01/2020 10/01/2021Average Attained Age 60.07 years 61.07 yearsAverage Hire Age 36.07 years 36.07 yearsAverage Pay 76,182$        82,509$     Percent Female 0.0% 0.0%and Service Groups as of October 1, 2021‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age GroupsFirefightersCity of Winter Springs Defined Benefit Plan    3546 Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25‐‐‐‐‐‐‐025 ‐ 29‐‐‐‐‐‐‐030 ‐ 34‐‐1‐‐‐‐135 ‐ 39‐‐‐1‐‐‐140 ‐ 44‐‐‐22‐‐445 ‐ 49‐‐‐‐11‐250 ‐ 54‐‐‐1‐‐‐155 ‐ 59‐‐11‐‐‐260 ‐ 64‐‐11‐11465 & Over‐‐‐2‐‐‐2TOTAL 0 0 3 8 3 2 1 1710/01/2020 10/01/2021Average Attained Age 50.11 years 52.15 yearsAverage Hire Age 32.63 years 33.09 yearsAverage Pay 54,136$        59,203$     Percent Female 28.6% 23.5%‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age Groupsand Service Groups as of October 1, 2021General EmployeesCity of Winter Springs Defined Benefit Plan    3647 Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25 5‐‐ ‐‐‐‐525 ‐ 29 9‐‐ ‐‐‐‐930 ‐ 34 5 2 1‐‐‐‐835 ‐ 39 3‐21‐‐‐640 ‐ 44‐1‐41‐‐645 ‐ 49 1‐‐ ‐14‐650 ‐ 54‐‐‐1211555 ‐ 59‐‐111‐‐360 ‐ 64‐‐1‐1‐‐265 & Over‐‐‐‐‐‐‐0TOTAL 23 3 5 7 6 5 1 5010/01/2020 10/01/2021Average Attained Age 38.58 years 39.06 yearsAverage Hire Age 28.02 years 28.30 yearsAverage Pay 58,549$        59,860$     Percent Female 20.0% 22.0%and Service Groups as of October 1, 2021‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age GroupsPolice OfficersCity of Winter Springs Defined Benefit Plan    3748 Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25‐‐‐‐‐‐‐025 ‐ 29‐‐‐‐‐‐‐030 ‐ 34‐‐‐‐‐‐‐035 ‐ 39‐‐‐‐‐‐‐040 ‐ 44‐‐‐‐‐‐‐045 ‐ 49‐‐‐‐‐‐‐050 ‐ 54‐‐‐‐‐‐‐055 ‐ 59‐‐‐‐‐‐‐060 ‐ 64‐‐‐‐‐‐‐065 & Over‐‐‐‐‐‐‐0TOTAL 0 0 0 0 0 0 0 010/01/2020 10/01/2021Average Attained Age 43.83 years N/AAverage Hire Age 31.33 years N/AAverage Pay 47,975$        N/APercent Female 100.0% N/A‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age Groupsand Service Groups as of October 1, 2021Forensic ProfessionalsCity of Winter Springs Defined Benefit Plan    3849 Table XI(Cont'd)AttainedAge Group0 ‐ 45 ‐ 910 ‐ 1415 ‐ 1920 ‐ 2425 ‐ 29 30 & OverTotalUnder 25 5‐‐ ‐‐‐‐525 ‐ 29 9‐‐ ‐‐‐‐930 ‐ 34 5 2 2‐‐‐‐935 ‐ 39 3‐22‐‐‐740 ‐ 44‐1‐63‐‐1045 ‐ 49 1‐‐ ‐25‐850 ‐ 54‐‐‐2211655 ‐ 59‐‐221‐‐560 ‐ 64‐‐21121765 & Over‐‐‐2‐‐‐2TOTAL 23 3 8 15 9 8 2 6810/01/2020 10/01/2021Average Attained Age 42.28 years 42.66 yearsAverage Hire Age 29.52 years 29.62 yearsAverage Pay 57,249$        60,029$     Percent Female 24.3% 22.1%and Service Groups as of October 1, 2021‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐COMPLETED YEARS OF SERVICE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Distribution by Attained Age GroupsAll MembersCity of Winter Springs Defined Benefit Plan    3950 Table XII A. Entitled to Deferred Benefits Current Age Total Average Group Count Annual Benefit Annual Benefit Less than 40 21 112,355$                      5,350$                      40 ‐ 44 25 281,675                        11,267                      45 ‐ 49 37 446,545                        12,069                      50 ‐ 54 35 493,711                        14,106                      55 ‐ 59 22 125,407                        5,700                         60 ‐ 64 18 90,200                          5,011                         65 ‐ 69 3 12,968                          4,323                         70 ‐ 74 3 8,651                            2,884                         75 & Over 2 2,389                            1,195                         TOTAL 166 1,573,901$                  9,481$                      B. Receiving Benefits Current Age Total Average Group Count Annual Benefit Annual Benefit Less than 50 2 18,664$                        9,332$                      50 ‐ 54 3 75,318                          25,106                      55 ‐ 59 27 1,064,768                     39,436                      60 ‐ 64 33 1,453,750                     44,053                      65 ‐ 69 26 758,834                        29,186                      70 ‐ 74 27 525,746                        19,472                      75 ‐ 79 13 306,676                        23,590                      80 ‐ 84 5 84,885                          16,977                      85 & Over 1 7,404                            7,404                         TOTAL 137 4,296,045$                  31,358$                    Statistics for Participants Entitled to Deferred Benefits and Participants Receiving Benefits City of Winter Springs Defined Benefit Plan    4051 Table XIII A. Active Participants 1. Active participants previous year 74 2. Retired during year (2) 3. Died during year 0 4. Disabled during year 0 5. Terminated non‐vested during year (4) 6. Terminated vested during year (4) 7. New active participants 4 8. Out on military leave 0 9. Rehired during year 0 10. Transferred to DC Plan 0 11. Active participants current year 68 B. Participants Receiving Benefits 1. Participants receiving benefits previous year 131 2. New retired participants 2 3. New DRO recipient 0 4. New terminated vested receiving benefits 5 5. New beneficiaries receiving benefits 0 6. Died or ceased payment during year (1) 7. Retired or terminated vested receiving benefits current year 137 C. Terminated Vested Participants Entitled to Future Benefits 1. Terminated vested entitled previous year 167 2. Died during year 0 3. Commenced receiving benefits during year (5) 4. New terminated vested 4 5. Terminated vested refunded employee contributions 0 6. Rehired 0 7. Terminated vested entitled current year 166 Reconciliation of Employee Data City of Winter Springs Defined Benefit Plan    4152 Table XIV Projected Total Fiscal Year Ending Annual Payout 2022 4,490,245$                  2023 4,724,136$                  2024 4,848,937$                  2025 4,969,268$                  2026 5,187,443$                  2027 5,424,753$                  2028 5,540,124$                  2029 5,693,177$                  2030 5,681,956$                  2031 5,746,018$                  Projected Retirement Benefits The above projected payout of Plan benefits during the next ten years is based on assumptions involving all decrements. Actual payouts may differ from the above estimates depending upon the death, salary and retirement experience of the Plan. However, since the projected payment is recomputed each valuation date, there is an automatic correction to the extent that actual experience varies from expected experience. City of Winter Springs Defined Benefit Plan    4253 Table XVYear Benefits Administrative Employee City / County SmoothedEndingPaid 2Expenses ContributionsContributions 3Value09/30/2021 4,119,650$            46,494$              208,098$           3,052,914$        64,718,452$         09/30/2020 3,821,626              32,984                217,975 3,213,927 58,929,456            09/30/2019 3,276,412              69,023                265,688 2,924,706 54,759,146            09/30/2018 2,935,206              64,770                460,745 2,635,968 50,899,575            09/30/2017 2,679,408              55,697                342,209 2,605,753 46,396,570            09/30/2016 2,450,972              28,208                479,257 2,586,936 42,001,072            09/30/2015 2,202,769              11,937                358,106 2,392,948 37,570,287            09/30/2014 1,974,208              159,424              369,500 2,527,508 33,841,977            09/30/2013 1,732,845              177,541              396,374 2,258,798 29,908,683            09/30/2012 1,606,752              309,874              418,635 1,824,431 26,852,721            09/30/2011 1,165,350              196,423              287,090 2,616,924 25,932,292            09/30/2010 886,521                 178,530              284,866 2,311,058 23,887,446            09/30/2009 617,274                 116,982              306,420 1,781,197 20,788,655            09/30/2008 384,482                 70,423                365,288 1,663,951 18,746,975            09/30/2007 233,953                 123,197              N/A 1,843,147 15,526,572            09/30/2006 171,697                 84,340                N/A 1,505,020 11,951,383            09/30/2005 N/A N/A N/A 1,260,627          9,716,089              09/30/2004 140,509                 62,225                N/A 1,013,379          8,134,588              09/30/2003 138,353                 47,477                N/A 903,748              7,279,048              1  Information prior to September 30, 2008 as reported by prior actuary.2  Includes refunds.3  Values prior to September 30, 2008 include Employee Contributions.Summary of Transaction Information 1City of Winter Springs Defined Benefit Plan    4354 Table XV(Cont'd)General & Forensic Police & FireValuationNet Market Net Smoothed Assumed RateDate Actual Assumed Actual Assumed Value Yield Value Yield of Return10/01/2021 4.9% 3.1% 3.4% 3.5% 6.9 0.8 25.50% 11.45% 7.40%10/01/2020 7.8% 3.1% 4.1% 3.4% 2.6 1.2 7.81% 8.42% 7.50%10/01/2019 8.5% 3.2% 4.5% 3.3% 3.9 0.9 2.69% 7.90% 7.75%10/01/2018 4.7% 3.1% 5.9% 3.2% 2.6 2.0 10.89% 9.49% 7.75%10/01/2017 3.9% 4.0% 4.0% 4.6% 1.7 6.6 13.9% 9.9% 8.0%10/01/2016 2.4% 4.2% 5.6% 4.8% 1.8 5.5 10.8% 10.2% 8.0%10/01/2015 3.2% 4.4% 3.8% 4.8% 1.9 1.4 0.0% 9.4% 8.0%10/01/2014 2.5% 4.7% 1.8% 4.9% 1.2 2.3 11.9% 10.5% 8.0%10/01/2013 0.7% 4.7% 0.7% 4.9% 1.4 2.4 16.0% 8.5% 8.0%10/01/2012 (2.4%) 4.8% (6.5%) 5.0% 2.4 2.4 19.5% 2.3% 8.0%Last 3 Years 7.1% 3.1% 4.0% 3.4% 4.1 1.0 11.59% 9.25% 7.55%Last 5 Years 5.9% 3.3% 4.4% 3.6% 3.1 1.6 11.9% 9.4% 7.7%Last 10 Years 3.6% 3.9% 2.7% 4.2% 2.3 2.0 11.7% 8.8% 7.8%Recent Compensation, Termination and Investment Return ExperienceInvestment ReturnCompensation% Increase / (Decrease)Police & Fireto ExpectedRatio of ActualTerminationGeneral & ForensicCity of Winter Springs Defined Benefit Plan    4455 Table XVI 10/01/2020 10/01/2021 A. Participant Data 1. Active participants 74 68 2. Retired participants and beneficiaries receiving benefits 131 137 3. Disabled participants receiving benefits 0 0 4. Terminated vested participants 167 166 5. Annual payroll of active participants 4,236,443$             4,081,949$              6. Annual benefits payable to those currently receiving benefits 4,069,710$             4,296,045$              B. Value of Assets 1. Smoothed Value 58,929,456$           64,718,452$            2. Market Value 58,544,989$           72,453,381$            C. Liabilities 1. Actuarial present value of future expected benefit payments for active members a. Retirement benefits 14,120,281$           14,001,369$            b. Vesting benefits 1,440,316               1,291,837                c. Death benefits 262,530                   255,218                    d. Disability benefits 129,076                   122,955                    e. Total 15,952,203$           15,671,379$            2. Actuarial present value of future expected benefit payments for terminated vested members 10,143,331$           9,571,219$              3. Actuarial present value of future expected benefit payments for members currently receiving benefits a. Service retired 42,049,921$           44,201,520$            b. Disability retired 0                               0                                c. Beneficiaries 1,778,248               1,711,311                d. Miscellaneous (Refunds in Process) 118,808                   106,637                    e. Total 43,946,977$           46,019,468$            State Required Exhibit Actuarial Valuation as of October 1, 2021 City of Winter Springs Defined Benefit Plan    4556 Table XVI (Cont'd) 10/01/2020 10/01/2021 4. Total actuarial present value of future expected benefit payments 70,042,511$           71,262,066$            5. Actuarial accrued liabilities 67,328,099$           68,716,372$            6. Unfunded actuarial accrued liabilities 8,398,643$             3,997,920$              D. Statement of Accumulated Plan Benefits 1. Actuarial present value of accumulated vested benefits a. Participants currently receiving benefits 43,828,169$           45,912,831$            b. Other participants 19,872,143             19,401,500              c. Total 63,700,312$           65,314,331$            2. Actuarial present value of accumulated non‐ vested plan benefits 157,702                   165,752                    3. Total actuarial present value of accumulated plan benefits 63,858,014$           65,480,083$            E. Pension Cost 1. Total normal cost 423,391$                417,378$                 2. Payment required to amortize unfunded liability 790,747                   420,617                    3. Interest adjustment 52,731                     35,874                      4. Total required contribution 1,266,869$             873,869$                 5. Item 4 as a percentage of base payroll 29.9% 21.4% 6. Estimated employee contributions 211,822$                204,097$                 7. Item 6 as a percentage of base payroll 5.0% 5.0% 8. Net amount payable by County and City 1,055,047$             669,772$                 9. Item 8 as a percentage of base payroll 24.9% 16.4% Actuarial Valuation as of October 1, 2021 State Required Exhibit City of Winter Springs Defined Benefit Plan    4657 Table XVI (Cont'd) 10/01/2020 10/01/2021 F. Past Contributions 1. Total contribution required (previous valuation) 1,459,730$             1,266,869$              2. Actual contributions made: a. Members 208,098$                N/A b. City and County 3,052,914               N/A c. Total 3,261,012$             N/A G. Disclosure of Following Items: 1. Actuarial present value of future salaries ‐ attained age 30,622,636$           28,833,389$            2. Actuarial present value of future employee contributions ‐ attained age 1,531,132$             1,441,669$              3. Actuarial present value of future contributions from other sources N/A N/A  4. Amount of active members' accumulated contributions 1,959,373$             1,930,247$              5. Actuarial present value of future salaries and future benefits at entry age N/A N/A  6. Actuarial present value of future employee contributions at entry age N/A N/A  State Required Exhibit Actuarial Valuation as of October 1, 2021 City of Winter Springs Defined Benefit Plan    4758 Table XVI (Cont'd) Current Remaining Unfunded Amortization Funding Unfunded Actuarial Accrued Liabilities Liabilities Payment Period 10/01/2000 Initial 325,136$                47,259$                9 years 10/01/2002 Assumption Change (5,459) (691) 11 years 10/01/2003 Plan Amendment 38,214 4,576 12 years 10/01/2004 Plan Amendment 63,088 7,189 13 years 10/01/2005 Plan Amendment 140,588 15,329 14 years 10/01/2006 Plan Amendment 172,182 18,049 15 years 10/01/2007 Plan Amendment 186,083 18,830 16 years 10/01/2008 Plan Amendment and Assumption Change 876,231 85,894 17 years 10/01/2008 Method Change 1,958,507               191,986                17 years 10/01/2009 Actuarial Loss / (Gain)873,401 83,194 18 years 10/01/2010 Actuarial Loss / (Gain)(167,593)                 (15,554)                 19 years 10/01/2010 Plan Amendment (971,661)                 (90,177)                 19 years 10/01/2011 Actuarial Loss / (Gain)1,098,540               99,572 20 years 10/01/2012 Actuarial Loss / (Gain)382,039 33,891 21 years 10/01/2013 Actuarial Loss / (Gain)(305,723)                 (26,594)                 22 years 10/01/2014 Actuarial Loss / (Gain)(333,451)                 (28,491)                 23 years 10/01/2014 Assumption Change 3,131 268 23 years 10/01/2015 Actuarial Loss / (Gain)(136,820)                 (11,500)                 24 years 10/01/2016 Actuarial Loss / (Gain)(669,225)                 (55,411)                 25 years 10/01/2016 Assumption Change 231,964 19,206 25 years 10/01/2017 Actuarial Loss / (Gain)(342,273)                 (27,951)                 26 years 10/01/2017 Assumption Change 1,240,231               101,281                26 years 10/01/2018 Actuarial Loss / (Gain)165,183 13,319 27 years 10/01/2019 Actuarial Loss / (Gain)313,196 24,961 28 years 10/01/2019 Assumption Change 305,792 24,371 28 years 10/01/2020 Actuarial Loss / (Gain)98,316 7,752 29 years 10/01/2020 Assumption Change 541,879 42,726 29 years 10/01/2021 Actuarial Loss / (Gain)(2,083,576)              (162,667)               30 years TOTAL 3,997,920$             420,617$               Shelly L. Jones, A.S.A., E.A.Jennifer M. Borregard, E.A. Enrollment Number: 20‐08646 Enrollment Number: 20‐07624 Dated:          April 12, 2022 State Required Exhibit This Actuarial Valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate, and in our opinion, the techniques and assumptions used are reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the Plan and/or paid from the Plan's assets for which liabilities or current costs have not been established or other wise provided for in the valuation. All known events or trends which may require material increase in Plan costs or required contribution rates have been taken into account in the valuation. Amortization balances are written down in proportion to amortization payments. City of Winter Springs Defined Benefit Plan    4859 Table XVII Glossary Actuarial Accrued Liability. The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs.   Actuarial Assumptions.Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members and other items. Actuarial Cost Method. A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent. Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value of Future Benefits. The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits and inactive, non‐retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation. The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 67. Actuarial Value of Assets. The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year‐to‐year volatility of calculated results, such as the funded ratio and the actuarially required contribution. Amortization Method. A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. City of Winter Springs Defined Benefit Plan    4960 Table XVII (Cont'd) Glossary Amortization Payment. That portion of the plan contribution which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period.  The period used in calculating the Amortization Payment. Annual Required Contribution. The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The annual required contribution consists of the Employer Normal Cost and Amortization Payment plus interest adjustment. Closed Amortization Period.A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc.  Employer Normal Cost.The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period.For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss.A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. Losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. Funded Ratio.  The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. GASB.  Governmental Accounting Standards Board. City of Winter Springs Defined Benefit Plan    5061 Table XVII (Cont'd) Glossary GASB No. 67 and GASB No. 68. These are the governmental accounting standards that set the accounting rules for public retirement plans and the employers that sponsor or contribute to them. Statement No. 67 sets the accounting rules for the plans themselves, while Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement plans. Normal Cost.  The annual cost assigned, under the Actuarial Cost Method, to the current plan year. Open Amortization Period.An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30‐year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability. The difference between the Actuarial Accrued Liability and Actuarial Value of Assets.   Valuation Date.The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. Vested Benefit Security Ratio.The ratio of the Market Value of Assets to the Actuarial Present Value of Vested Accrued Benefits. City of Winter Springs Defined Benefit Plan    5162 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="03/31/2022" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2022 Winter Springs General Employees Plan and Trust 63 1st Quarter 2022 Market Environment Page 1 64 The Market Environment Executive Summary As of March 31, 2022 The Economy The global economy faced headwinds as Russia invaded Ukraine in February. Despite their small percentage of the global GDP,both Russia and Ukraine play significant roles in the global economy.Russia provides most of Europe’s energy supplies and combined,both countries account for a large percentage of food supplies. Prior to the crisis in Ukraine,the global and US economies were already expected to grow at a slower rate in the 1st quarter.For the 4th quarter 2021,the US GDP grew at an annual rate of 6.9%.Estimates for the 1st quarter 2022 vary significantly,ranging between 0.5%and 2.0%. The US labor market remained a source of strength during the 1st quarter with the unemployment rate falling to 3.6%in March.The pace of job growth accelerated during the quarter with a three-month average of roughly +562,000.Importantly, the number of workers re-entering the workforce increased during the quarter with strong wage growth as the likely catalyst. The US Federal Reserve Bank (the Fed)began the process of normalizing interest rates by raising the Fed Funds rate by 0.25%.Additionally,the Fed signaled it was ready to begin the process of shrinking its balance sheet by not reinvesting up to $95 billion of maturing bonds into new securities each month.This process is referred to as “quantitative tightening”and is meant to drain liquidity from the economy with the goal of slowing inflation. Equity (Domestic and International) US equities declined during the 1st quarter as concerns regarding the conflict in Ukraine and the potential for a slowing global economy acted as headwinds.Large cap value was the best performing domestic segment of the equity market relative to other US market capitalizations and styles during the period while small cap growth performed the worst. International stocks also struggled during the 1st quarter.The primary driver of performance was the conflict in Ukraine which significantly affected western Europe and emerging markets.Another contributor to poor performance was the continued strength of the US dollar,which rose against both the Euro and Yen developed market currencies and most emerging market currencies during the period.Finally,China was negatively impacted by a rise in Covid-19 infections which resulted in new restrictions in Shanghai. Fixed Income Continued concerns about rising inflation,combined with the Fed beginning to raise interest rates acted as headwinds for fixed income performance during the quarter.US interest rates moved significantly higher during the quarter with the US 10-Year Treasury bond rising 83 basis points to close at 2.34%. Performance across most bond market sectors was negative during the quarter, with US high yield corporate bonds and US Treasury Inflation-Protected Securities (TIPS)down the least. The combination of higher coupons and a shorter maturity profile relative to high quality government bonds was the primary driver of the relative outperformance of high yield bonds during the period. TIPS continued their strong relative performance against all other bond market sectors during the quarter.Investors’expectations of higher future US inflation remained strong as inflation remained well above the Fed’s stated 2%long-term target average. Market Themes The tone of global central bank monetary policy shifted during the quarter as the Fed and the Bank of England both raised interest rates during the period. Additionally,the European Central Bank announced it would begin tightening monetary policy by slowing its bond purchases. The crisis in Ukraine will likely be a drag on global economic growth for the foreseeable future.Restrictions on Russian energy exports,especially to western Europe,will likely result in a material slowdown of those economies as a result of higher prices. US equity markets experienced their first down quarter since the onset of the pandemic in the 1st quarter of 2020.Growth-oriented stocks underperformed value stocks as investors’concerns about future economic growth increased. Historically,value stocks have outperformed growth stocks during economic slowdowns marked by recession. Interest rates rose across the Treasury yield curve during the quarter in anticipation of the Fed raising interest rates.As a result of their maturity profile, longer-dated bonds significantly underperformed shorter-dated bonds despite yields rising only modestly in comparison.Lower quality corporate bonds outperformed given their higher coupons and shorter maturity profiles despite concerns about widening credit spreads as economic conditions deteriorate. Page 2 65 The Market Environment Major Market Index Performance As of March 31, 2022 Broad US equity markets experienced weak,negative returns during the 1st quarter of 2022.A variety of factors contributed to performance including elevated inflation,rising interest rate expectations,geopolitical events in Ukraine,and concerns related to slower economic growth.For the period,the S&P 500 large cap benchmark returned -4.6%,compared to -5.7%for mid-cap and -7.5%for small cap indices. Developed markets international equities also suffered negative results for the 1st quarter.Europe was negatively impacted by the crisis in Ukraine,rising energy costs,and continued rising inflation.Emerging markets were also negatively impacted by Russia’s invasion of Ukraine.Emerging markets were also impacted by the rise of Covid-19 cases in China and resulting restrictions. During the period,the MSCI EAFE Index returned -5.9%while the MSCI Emerging Markets Index declined by -7.0% For the quarter,performance of the bond market was broadly negative due to increasing inflation and expectations that global central banks would begin the process of raising interest rates.The Bloomberg (BB)US Aggregate Index returned -5.9%,for the period while Investment Grade Corporate bonds posted a return of -7.7%.The best performing sector on a relative basis was US TIPS which declined by -3.0%. Despite the recent poor performance,developed equity markets posted strong returns over the trailing 1-year period.The primary drivers of return during the period were economic growth and an accommodative monetary policy support from global central banks.The S&P 500 large cap stock index led equity market performance for the year with a return of 15.6%.The outlier was the Russell 2000 small cap index which declined by -5.8%for the year. Over the trailing 1-year period performance across international markets diverged with the developed market MSCI EAFE Index returning 1.2%while the MSCI Emerging Markets Index fell by -11.4%.While economic growth improved throughout the year,emerging markets were negatively impacted by geopolitical events related to Russia,Ukraine,and China. Bond market returns disappointed over the trailing 1-year period due to rising inflation and the expectation of multiple interest rates increases.TIPS were the lone bright spot in the bond market with the TIPS Index returning 4.3%for the year. Source: Investment Metrics 0.1% -4.2% -4.9% 4.3% -3.7% -4.2% -11.4% 1.2% -1.5% -5.8% 6.9% 13.3% 11.9% 15.6% -15.0%-5.0%5.0%15.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance 0.0% -7.7% -5.0% -3.0% -5.5% -5.9% -7.0% -5.9% -5.4% -7.5% -5.7% -5.1% -5.3% -4.6% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance Page 3 66 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of March 31, 2022 Momentum shifted during the 1st quarter as each broad US equity benchmark posted negative results across both the style and market capitalization spectrums.Large cap stocks continued their leadership,followed by mid and small cap issues.The Russell 1000 Index declined by -5.1%for the quarter while the Russell Mid Cap Index and the Russell 2000 Index fell by -5.7%and - 7.5%,respectively. Performance across styles and market capitalizations was disparate during the quarter.Large,Mid,Small cap value stocks all sizably outpaced their growth counterparts.For the period,the Russell 1000 Value Index was the best relative performing style index,posting a return of -0.7%.Mid cap and small cap growth stocks were the laggards during the period with both the Mid Cap Growth Index and Russell 2000 Growth Index returning a weak -12.6%. Performance across most market capitalizations and styles was positive over the trailing 1-year period.Much like the 1st quarter,large cap stocks outperformed mid and small cap stocks for the year.The Russell 1000 Index return of 13.3%for the year,significantly outperformed both its mid and small cap growth index counterparts.The outlier during the period was the Russell 2000 Index which returned -5.8%. While the dispersion across large cap styles was relatively narrow for the year, there was wide performance dispersion across mid and small style-based indexes.Within mid and small cap benchmark results,value dominated growth by double digits.The Russell Mid Cap Value Index returned 11.5%while the Russell 2000 Value Index returned 3.3%for the period.In comparison,the Russell Mid Cap Growth Index returned -0.9%,while the Russell 2000 Growth Index declined by -14.3%. -14.3% -5.8% 3.3% -0.9% 6.9% 11.5% 15.0% 13.3% 11.7% 12.9% 11.9% 11.1% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series -12.6% -7.5% -2.4% -12.6% -5.7% -1.8% -9.0% -5.1% -0.7% -9.3% -5.3% -0.8% -14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series Page 4 67 The Market Environment GICS Sector Performance & (Sector Weight) As of March 31, 2022 Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. Economic sector performance was negative across eight of the eleven large cap economic sectors for the 1st quarter.However,the three positive sectors represent less than 10%of the index.Four additional sectors outpaced the return of the broad index on a relative basis during the period. Energy (38.7%),utilities (4.3%),and materials (0.2%)were the best performing sectors for the quarter.Energy continued its relative outperformance during the quarter as the price of oil remained elevated. Economically sensitive sectors such as communication services (-12.2%), consumer discretionary (-9.9%),and information technology (-9.0%) significantly underperformed the broader index for the quarter. For the full year,eight sectors exceeded the return of the broad large cap benchmark:energy (65.2%),real estate (21.8%),utilities (19.3%), information technology (17.2%),health care (16.7%),consumer staples (14.9%),financials (14.8%),and materials (14.7%).The weakest economic sector performance in the Russell 1000 for the year was communication services,which was the lone sector to deliver negative returns (-2.9%). Small cap sector performance was also mixed with two economic sectors posting positive performance and an additional five outpacing the return of the broader Russell 2000 Index (-7.5%)on a relative basis.Energy (42.0%)was the best performing sector for the period.Utilities (3.2%)was the only other sector posting a positive return for the quarter. For the trailing 1-year period,nine of the eleven sectors outpaced the broad benchmark’s return.Not surprisingly,sector performance was led by energy (67.1%),real estate (12.1%),utilities (10.9%),materials (2.5%), industrials (1.6%),and financials (0.6%).Consumer staples (-2.4%), communication services (-4.5%),and information technology (-4.9%) outpaced the core benchmark on a relative basis but were negative in absolute terms.The weakest sector over the full year was health care which fell -28.6%. 19.3% 21.8% 14.7% 17.2% 3.5% 16.7% 14.8% 65.2% 14.9% 5.8% -2.9% 4.3% -6.1% 0.2% -9.0% -3.8% -3.5% -1.6% 38.7% -0.9% -9.9% -12.2% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Utilities (2.5%) Real Estate (3.3%) Materials (2.4%) Info Technology (28.6%) Industrials (8.5%) Health Care (13.0%) Financials (11.5%) Energy (3.1%) Consumer Staples (5.8%) Consumer Disc (12.0%) Comm Services (9.4%) Russell 1000 Quarter 1-Year 10.9% 12.1% 2.5% -4.9% 1.6% -28.6% 0.6% 67.1% -2.4% -17.0% -4.5% 3.2% -4.7% -1.6% -13.8% -5.9% -14.4% -7.0% 42.0% -7.2% -17.2% -6.7% -40.0%-20.0%0.0%20.0%40.0%60.0%80.0% Utilities (2.8%) Real Estate (7.5%) Materials (3.9%) Info Technology (14.1%) Industrials (15.3%) Health Care (17.0%) Financials (16.5%) Energy (5.1%) Consumer Staples (3.5%) Consumer Disc (11.2%) Comm Services (3.1%) Russell 2000 Quarter 1-Year Page 5 68 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of March 31, 2022 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Apple Inc 6.38%-1.5%43.8%Information Technology Ovintiv Inc 0.52%61.4%130.9%Energy Microsoft Corp 5.50%-8.1%31.8%Information Technology AMC Entertainment Hldgs Inc Class A 0.47%-9.4%141.3%Communication Services Amazon.com Inc 3.35%-2.2%5.4%Consumer Discretionary Avis Budget Group Inc 0.40%27.0%263.0%Industrials Tesla Inc 2.12%2.0%61.3%Consumer Discretionary BJ's Wholesale Club Holdings Inc 0.34%1.0%50.7%Consumer Staples Alphabet Inc Class A 1.98%-4.0%34.9%Communication Services Chesapeake Energy Corp Ord Shrs 0.33%37.6%108.8%Energy Alphabet Inc Class C 1.83%-3.5%35.0%Communication Services Tenet Healthcare Corp 0.33%5.2%65.3%Health Care NVIDIA Corp 1.54%-7.2%104.6%Information Technology Tetra Tech Inc 0.33%-2.7%22.2%Industrials Berkshire Hathaway Inc Class B 1.53%18.0%38.1%Financials Antero Resources Corp 0.32%74.5%199.3%Energy Meta Platforms Inc Class A 1.21%-33.9%-24.5%Communication Services Lattice Semiconductor Corp 0.30%-20.9%35.4%Information Technology UnitedHealth Group Inc 1.13%1.9%38.9%Health Care EastGroup Properties Inc 0.30%-10.3%44.8%Real Estate Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Occidental Petroleum Corp 0.11%96.2%113.9%Energy NexTier Oilfield Solutions Inc 0.06%160.3%148.4%Energy New Fortress Energy Inc Class A 0.00%77.1%-6.0%Energy Peabody Energy Corp 0.08%143.6%701.6%Energy The Mosaic Co 0.06%69.6%112.2%Materials RPC Inc 0.03%135.0%97.6%Energy Halliburton Co 0.08%66.2%78.2%Energy SOC Telemed Inc Ord Shrs -Class A 0.01%133.6%-52.5%Health Care United States Steel Corp 0.02%58.9%44.9%Materials Kosmos Energy Ltd 0.12%107.8%134.2%Energy EQT Corp 0.02%58.6%86.2%Energy Tidewater Inc 0.03%103.0%73.5%Energy APA Corp 0.04%54.3%133.0%Energy Team Inc 0.00%102.8%-80.8%Industrials Marathon Oil Corp 0.05%53.4%138.6%Energy Golar LNG Ltd 0.09%100.0%142.2%Energy Baker Hughes Co Class A 0.06%52.4%73.5%Energy US Silica Holdings Inc 0.05%98.5%51.8%Energy Alcoa Corp 0.04%51.3%178.0%Materials Intrepid Potash Inc 0.03%92.2%152.3%Materials Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Vroom Inc Ordinary Shares 0.00%-75.3%-93.2%Consumer Discretionary Kodiak Sciences Inc 0.01%-90.9%-93.2%Health Care GoHealth Inc Ordinary Shares -Class A 0.00%-68.9%-89.9%Financials Aligos Therapeutics Inc Ord Shares 0.00%-81.9%-90.5%Health Care TuSimple Hldgs Inc Ord Shrs -Class A 0.00%-66.0%N/A Industrials MEI Pharma Inc 0.00%-77.4%-82.4%Health Care Fluence Energy Inc 0.00%-63.1%N/A Industrials Applied Therapeutics Inc 0.00%-76.4%-88.7%Health Care Nektar Therapeutics 0.00%-60.1%-73.1%Health Care Annexon Inc Ordinary Shares 0.00%-76.2%-90.2%Health Care Skillz Inc Ordinary Shares -Class A 0.00%-59.7%-84.2%Communication Services BioAtla Inc Ordinary Shares 0.00%-74.5%-90.2%Health Care Natera Inc 0.01%-56.4%-59.9%Health Care Accelerate Diagnostics Inc 0.00%-72.4%-82.7%Health Care EPAM Systems Inc 0.04%-55.6%-25.2%Information Technology Laird Superfood Inc Ordinary Shares 0.00%-72.3%-90.4%Consumer Staples Trex Co Inc 0.02%-51.6%-28.6%Industrials Society Pass Inc 0.00%-71.5%N/A Communication Services Rivian Automotive Inc Class A 0.02%-51.5%N/A Consumer Discretionary 89bio Inc Ordinary Shares 0.00%-71.2%-84.1%Health Care Page 6 69 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of March 31, 2022 Most developed market international equity indexes tracked in the chart posted negative returns in both US dollar (USD)and local currency (LC) terms for the 1st quarter.The outlier during the period was the Latin America region.This strong performance was led by Brazil which benefited from rising commodity prices.The developed market MSCI EAFE Index returned -5.9% in USD and -3.7%in LC terms for the period,while the MSCI Emerging Markets Index declined by -7.0%in USD and -6.1%in LC terms. The trailing 1-year results for international developed markets were broadly positive across most regions and currencies.The MSCI EAFE Index returned 1.2%in USD for the year and 6.2%in LC terms.In contrast,returns across emerging markets were broadly lower with the exception being Latin America. While the MSCI Emerging Markets Index declined by -11.4%in USD and -9.9%in LC terms,the Latin America regional index’s return was a solid 23.5%in USD and 10.6%in LC term.In contrast,performance in the Asia regional benchmarks detracted from emerging market index performance with the EM Asia Index returning -15.2%in USD and -13.4%in LC term,largely due to concerns related to slowing growth in China and the recent rise in infections related to the pandemic. 13.7% -7.3% -9.5% -6.1% -0.5% -5.4% -3.7% -3.0% -3.9% 27.3% -8.7% -13.7% -7.0% -3.1% -7.4% -5.9% -4.8% -5.4% -20.0%-10.0%0.0%10.0%20.0%30.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) Quarter Performance USD Local Currency 10.6% -13.4% 1.4% -9.9% 3.4% 7.9% 6.2% 7.5% 2.0% 23.5% -15.2% -5.7% -11.4% -3.0% 3.5% 1.2% 3.0% -1.5% -20.0%-10.0%0.0%10.0%20.0%30.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 70 The Market Environment US Dollar International Index Attribution & Country Detail As of March 31, 2022 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI -EAFE Sector Weight Quarter Return 1-Year Return Communication Services 4.9%-1.7%-10.8% Consumer Discretionary 11.5%-13.6%-9.6% Consumer Staples 10.2%-7.7%1.7% Energy 4.1%17.0%30.0% Financials 17.7%-1.1%5.1% Health Care 13.1%-3.7%8.9% Industrials 15.4%-10.7%-3.8% Information Technology 8.6%-16.1%-1.0% Materials 8.2%3.3%8.4% Real Estate 2.9%-2.7%-1.2% Utilities 3.4%-4.1%-1.7% Total 100.0%-5.9%1.2% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.2%-6.1%-16.6% Consumer Discretionary 11.1%-14.3%-21.2% Consumer Staples 8.4%-7.2%0.2% Energy 5.4%6.9%22.9% Financials 20.6%1.6%9.1% Health Care 9.4%-5.1%2.3% Industrials 12.2%-8.6%-1.9% Information Technology 12.2%-15.1%-5.4% Materials 8.9%5.2%9.5% Real Estate 2.5%-2.8%-8.1% Utilities 3.2%-2.4%2.0% Total 100.0%-5.4%-1.5% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.1%-11.3%-23.6% Consumer Discretionary 12.3%-16.4%-38.8% Consumer Staples 5.8%-7.9%-9.9% Energy 4.8%-20.7%-6.7% Financials 22.1%5.7%10.7% Health Care 3.9%-14.0%-27.8% Industrials 5.4%-2.7%2.7% Information Technology 21.6%-11.2%-6.8% Materials 9.4%3.2%3.4% Real Estate 2.1%-1.8%-27.6% Utilities 2.6%-0.2%10.2% Total 100.0%-7.0%-11.4% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.3%14.1%-6.6%-6.5% United Kingdom 15.3%9.6%1.8%13.6% France 11.4%7.2%-8.7%4.5% Switzerland 10.4%6.6%-6.4%13.9% Germany 8.2%5.2%-12.9%-12.0% Australia 8.2%5.1%7.3%13.5% Netherlands 4.4%2.8%-17.4%-5.2% Sweden 3.6%2.2%-15.5%-7.4% Hong Kong 2.9%1.8%-1.8%-12.0% Denmark 2.7%1.7%-6.4%14.9% Italy 2.4%1.5%-10.1%-2.7% Spain 2.3%1.5%-4.1%-3.7% Singapore 1.5%0.9%-1.7%-4.6% Finland 1.0%0.6%-11.9%-2.6% Belgium 0.9%0.6%-4.9%-0.3% Norway 0.8%0.5%10.2%21.1% Israel 0.7%0.5%-6.9%7.6% Ireland 0.6%0.4%-20.1%-17.7% Portugal 0.2%0.1%2.3%7.1% Austria 0.2%0.1%-20.0%3.6% New Zealand 0.2%0.1%-8.7%-15.2% Total EAFE Countries 100.0%63.1%-5.9%1.2% Canada 8.3%4.6%20.2% Total Developed Countries 71.4%-4.8%3.0% China 8.6%-14.2%-32.5% Taiwan 4.6%-6.6%6.3% India 3.7%-1.9%17.9% Korea 3.6%-9.6%-18.5% Brazil 1.7%35.9%24.7% Saudi Arabia 1.2%17.3%38.7% South Africa 1.2%20.3%11.1% Mexico 0.7%8.6%27.7% Thailand 0.5%4.2%-1.6% Indonesia 0.5%9.6%21.0% Malaysia 0.4%2.0%1.5% United Arab Emirates 0.4%21.2%58.1% Qatar 0.3%19.5%34.4% Kuwait 0.2%19.4%45.7% Philippines 0.2%2.2%9.9% Poland 0.2%-9.8%5.8% Chile 0.2%29.5%-8.3% Peru 0.1%34.9%20.9% Turkey 0.1%12.9%1.6% Colombia 0.1%33.8%39.3% Greece 0.1%1.1%7.6% Hungary 0.1%-19.4%-10.0% Czech Republic 0.0%3.1%51.5% Egypt 0.0%-23.4%-14.3% Total Emerging Countries 28.6%-7.0%-11.4% Total ACWIxUS Countries 100.0%-5.4%-1.5% Page 8 71 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of March 31, 2022 Fixed income market results were broadly negative during the 1st quarter. Investors’concerns about rising inflation,combined with expectations of higher US interest rates,detracted from performance.US Treasury yields were higher across the maturity curve but remained below their long-term averages. The return for the BB US Aggregate Bond Index,the bellwether investment grade benchmark,was down -5.9%for the period. Performance across the investment grade index’s segments was also negative during the period with the US Corporate Investment Grade bonds returning -7.7%and the US Mortgage index component posting a return of -5.0%. US TIPS posted the quarter’s strongest relative bond performance with a return of -3.0%.High yield bonds outperformed their investment grade counterparts,but still declined by -4.8%. Outside of domestic markets,the BB Global Aggregate ex US Index posted a return of -6.1%for the quarter.Like international stocks,global bond index performance was negatively impacted by the strengthening USD,which acted as a drag on domestic index returns. Over the trailing 1-year period,domestic investment grade benchmark performance was negative,led lower by mortgage-backed bonds (-4.9%)and investment grade corporate bonds (-4.2%).The only sector of the market that generated positive performance for the year was US TIPS (4.3%).The bellwether Bloomberg US Aggregate Bond Index (-4.2%)declined for the year. Lower quality high yield corporate bonds outperformed their investment grade counterparts on a relative basis with the Bloomberg US High Yield Index returning -0.7%for the period. Performance for non-US bonds was broadly negative for the year with the developed market Bloomberg Global Aggregate ex US Index falling by -7.9%. The combination of rising interest rates overseas,a longer maturity profile, and USD strength hindered index performance for the year. -6.1% -6.1% -4.7% -5.9% -7.9% -7.3% -7.0% -5.3% -3.0% -4.8%-7.7% -5.0% -5.6% -8.0%-7.0%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%0.0% Multiverse (7.1) Global Agg x US (7.9) Intermediate Agg (4.5) Aggregate (6.6) Baa (8.2) A (7.9) AA (8.0) AAA (6.0) U.S. TIPS (5.8) U.S. High Yield (3.9) U.S. Corporate IG (8.1) U.S. Mortgage (5.2) U.S. Treasury (6.8) Quarter Performance -6.2% -7.9% -4.4% -4.2% -4.1% -4.3% -4.1% -4.2% 4.3%-0.7% -4.2% -4.9% -3.7% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0% Multiverse (7.1) Global Agg x US (7.9) Intermediate Agg (4.5) Aggregate (6.6) Baa (8.2) A (7.9) AA (8.0) AAA (6.0) U.S. TIPS (5.8) U.S. High Yield (3.9) U.S. Corporate IG (8.1) U.S. Mortgage (5.2) U.S. Treasury (6.8) 1-Year Performance Page 9 72 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of March 31, 2022 The gray band across the graph illustrates the range of the current Fed Funds Rate.In the 1st quarter this year,the Fed raised its target rate range from 0.25%to 0.50%.During its recent March meeting,the Federal Open Market Committee (FOMC)stated it intends to begin removing liquidity from the market by also allowing bonds held on its balance sheet to mature without reinvesting those proceeds.Importantly,the FOMC also stated that it will react to data and could potentially raise rates at a faster pace if inflation does not subside. The yield on the US 10-year Treasury (green line)ended the period higher as concerns over the pace of inflation,combined with the Fed’s announced rate increase,drove yields higher.After reaching a high of 2.47%during the latter part of March 2022,interest rates traded lower for the remainder of the quarter.The yield on the US 10-year Treasury was 2.34%on March 31st. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues.For the full year,the spread widened slightly from 1.18%to 1.49%.High Yield OAS was largely unchanged during the year as spreads rose from 3.33%to 3.43%. High Yield spreads briefly exceeded 4.00%following the onset of the crisis in Ukraine,but quickly retreated. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.Short-term rates rose dramatically during the 1st quarter of 2022 in anticipation that the FOMC would begin raising rates to combat rising inflation.Longer-term rates were modestly higher,albeit less dramatically than either short-or intermediate-term interest rates.While not shown in the chart,10-Year rates briefly traded below the 2-year rates. Historically,a persistent inversion of these two key rates has been an indication of a future recession withing 6-to 24-months.As of the end of the quarter,the spread between 2-Year and 10-Year rates was positive. However,10-Year rates were trading lower than the intermediate 3-and 5- year rates. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Page 10 73 Page Intentionally Left Blank Page 1174 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Receipt & Disbursement $398,745.5 (0.6%) Direct Real Estate $5,981,820.5 (8.3%) Non-Core Fixed Income$8,865,064.8 (12.3%) Broad Mkt Fixed Income $8,271,875.7 (11.5%) Foreign Equity Securities $10,338,496.5 (14.3%) Domestic Equity Securities $38,313,732.2 (53.1%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 72,169,735 100.0 N/A N/A 100.0 Domestic Equity Securities 38,313,732 53.1 45.0 55.0 50.0 Foreign Equity Securities 10,338,497 14.3 10.0 20.0 15.0 Broad Mkt Fixed Income 8,271,876 11.5 10.0 30.0 15.0 Non-Core Fixed Income 8,865,065 12.3 0.0 20.0 10.0 Direct Real Estate 5,981,821 8.3 0.0 15.0 10.0 Receipt & Disbursement 398,746 0.6 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of March 31, 2022 Page 12 75 Asset Allocation By Segment as of December 31, 2021 : $75,509,108 Asset Allocation By Segment as of March 31, 2022 : $72,169,735 Allocation Segments Market Value Allocation Domestic Equity 38,772,229 51.3¢ Foreign Equity 10,757,115 14.2¢ Broad Mkt Fixed Income 8,672,719 11.5¢ Non-Core Fixed Income 9,265,129 12.3¢ Real Estate 5,634,255 7.5¢ Cash Equivalent 2,407,661 3.2¢ Allocation Segments Market Value Allocation Domestic Equity 38,313,732 53.1¢ Foreign Equity 10,338,497 14.3¢ Broad Mkt Fixed Income 8,271,876 11.5¢ Non-Core Fixed Income 8,865,065 12.3¢ Real Estate 5,973,379 8.3¢ Cash Equivalent 407,187 0.6¢ Asset Allocation Summary Total Fund As of March 31, 2022 NONE Page 13 76 Asset Allocation By Manager as ofDecember 31, 2021 : $75,509,108 Asset Allocation By Manager as ofMarch 31, 2022 : $72,169,735 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)32,952,039 43.6¢ RBC Global (Voyageur)10,757,115 14.2¢ Galliard Core Fixed Income 8,672,719 11.5¢ Brandywine GLBL Dynamic (LMBGX)5,820,189 7.7¢ Intercontinental 4,431,299 5.9¢ Vanguard Inflation-Protected Secs (VAIPX)3,921,475 5.2¢ Receipt & Disbursement 2,399,842 3.2¢ PIMCO Diversified Income Fund Instl (PDIIX)1,970,137 2.6¢ Vanguard Short Term Bond Index (VSCSX)1,720,475 2.3¢ ARA Core Property Fund 1,210,775 1.6¢ Crescent Direct Lending II Fund 976,718 1.3¢ Crescent Direct Lending Fund 676,324 0.9¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)32,585,397 45.2¢ RBC Global (Voyageur)10,338,497 14.3¢ Galliard Core Fixed Income 8,271,876 11.5¢ Brandywine GLBL Dynamic (LMBGX)5,728,336 7.9¢ Intercontinental 4,680,642 6.5¢ Vanguard Inflation-Protected Secs (VAIPX)3,771,180 5.2¢ PIMCO Diversified Income Fund Instl (PDIIX)1,831,040 2.5¢ Vanguard Short Term Bond Index (VSCSX)1,654,371 2.3¢ ARA Core Property Fund 1,301,179 1.8¢ Crescent Direct Lending II Fund 920,796 1.3¢ Crescent Direct Lending Fund 687,678 1.0¢ Receipt & Disbursement 398,746 0.6¢ Asset Allocation Summary Total Fund As of March 31, 2022 NONE Page 14 77 Historical Asset Allocation by Segment Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Allocation (%)9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22 Historical Asset Allocation by Segment Total Fund October 1, 2007 To March 31, 2022 Page 15 78 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Portfolio 53.09 (20)14.33 (46)2.54 (79)18.98 (73)2.23 (91)8.29 (58)0.55 (75)z 5th Percentile 60.89 23.22 11.37 59.71 42.04 16.24 8.02 1st Quartile 51.41 17.63 5.01 32.08 19.33 11.05 2.50 Median 44.23 14.02 4.05 24.19 10.63 9.09 1.16 3rd Quartile 32.63 11.43 2.84 18.38 4.75 5.97 0.55 95th Percentile 14.80 7.09 1.31 11.12 1.39 2.51 0.08 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of March 31, 2022 Page 16 79 Historical Asset Allocation by Portfolio Mar-2022 Dec-2021 Sep-2021 Jun-2021 Mar-2021 ($)%($)%($)%($)%($)% Total Equity 48,652,229 67.41 49,529,344 65.59 47,485,781 66.01 47,690,473 66.18 44,740,631 65.73 Domestic Equity Securities 38,313,732 53.09 38,772,229 51.35 36,838,977 51.21 36,890,961 51.19 34,119,947 50.13 Vanguard Total Stock Market (VITSX)32,585,397 45.15 32,952,039 43.64 31,326,995 43.54 31,346,870 43.50 24,145,711 35.47 Brandywine GLBL Dynamic (LMBGX)5,728,336 7.94 5,820,189 7.71 5,511,982 7.66 5,544,091 7.69 9,923,378 14.58 Vanguard Value Index Fund (VIVIX)-0.00 -0.00 -0.00 -0.00 50,857 0.07 Foreign Equity Securities 10,338,497 14.33 10,757,115 14.25 10,646,804 14.80 10,799,512 14.99 10,620,684 15.60 RBC Global (Voyageur)10,338,497 14.33 10,757,115 14.25 10,646,804 14.80 10,799,512 14.99 10,620,684 15.60 Total Fixed Income 17,136,941 23.75 17,937,847 23.76 16,885,273 23.47 17,005,019 23.60 16,960,187 24.92 Galliard Core Fixed Income 8,271,876 11.46 8,672,719 11.49 8,725,741 12.13 8,730,085 12.11 8,659,139 12.72 Vanguard Short Term Bond Index (VSCSX)1,654,371 2.29 1,720,475 2.28 1,729,888 2.40 1,728,860 2.40 1,715,081 2.52 Vanguard Inflation-Protected Secs (VAIPX)3,771,180 5.23 3,921,475 5.19 2,612,563 3.63 2,591,034 3.60 2,532,414 3.72 PIMCO Diversified Income Fund Instl (PDIIX)1,831,040 2.54 1,970,137 2.61 1,971,106 2.74 1,968,611 2.73 1,915,348 2.81 Crescent Direct Lending Fund 687,678 0.95 676,324 0.90 704,817 0.98 791,425 1.10 847,378 1.24 Crescent Direct Lending II Fund 920,796 1.28 976,718 1.29 1,141,157 1.59 1,195,004 1.66 1,290,828 1.90 Direct Real Estate 5,981,821 8.29 5,642,074 7.47 5,277,623 7.34 5,531,340 7.68 5,500,535 8.08 ARA Core Property Fund 1,301,179 1.80 1,210,775 1.60 1,123,336 1.56 1,602,079 2.22 1,731,370 2.54 Intercontinental 4,680,642 6.49 4,431,299 5.87 4,154,287 5.77 3,929,261 5.45 3,769,165 5.54 Receipt & Disbursement 398,746 0.55 2,399,842 3.18 2,293,986 3.19 1,836,393 2.55 868,214 1.28 Total Fund Portfolio 72,169,735 100.00 75,509,108 100.00 71,942,663 100.00 72,063,226 100.00 68,069,567 100.00 Asset Allocation Asset Allocation History By Portfolio As of March 31, 2022 Page 17 80 Historical Asset Allocation by Portfolio Domestic Equity Foreign Equity Broad Mkt Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Equity 38,313,732 78.75 10,338,497 21.25 --------48,652,229 67.41 Domestic Equity Securities 38,313,732 100.00 ----------38,313,732 53.09 Vanguard Total Stock Market (VITSX)32,585,397 100.00 ----------32,585,397 45.15 Brandywine GLBL Dynamic (LMBGX)5,728,336 100.00 ----------5,728,336 7.94 Foreign Equity Securities --10,338,497 100.00 --------10,338,497 14.33 RBC Global (Voyageur)--10,338,497 100.00 --------10,338,497 14.33 Total Fixed Income ----8,271,876 48.27 8,865,065 51.73 ----17,136,941 23.75 Galliard Core Fixed Income ----8,271,876 100.00 ------8,271,876 11.46 Vanguard Short Term Bond Index (VSCSX)------1,654,371 100.00 ----1,654,371 2.29 Vanguard Inflation-Protected Secs (VAIPX)------3,771,180 100.00 ----3,771,180 5.23 PIMCO Diversified Income Fund Instl (PDIIX)------1,831,040 100.00 ----1,831,040 2.54 Crescent Direct Lending Fund ------687,678 100.00 ----687,678 0.95 Crescent Direct Lending II Fund ------920,796 100.00 ----920,796 1.28 Direct Real Estate --------5,973,379 99.86 8,441 0.14 5,981,821 8.29 ARA Core Property Fund --------1,292,737 99.35 8,441 0.65 1,301,179 1.80 Intercontinental --------4,680,642 100.00 --4,680,642 6.49 Receipt & Disbursement ----------398,746 100.00 398,746 0.55 Total Fund Portfolio 38,313,732 53.09 10,338,497 14.33 8,271,876 11.46 8,865,065 12.28 5,973,379 8.28 407,187 0.56 72,169,735 100.00 Asset Allocation Asset Allocation History By Portfolio As of March 31, 2022 Page 18 81 Schedule of Investable Assets Total Fund Portfolio Net Cash Flow $0.0 $8,000,000.0 $16,000,000.0 $24,000,000.0 $32,000,000.0 $40,000,000.0 $48,000,000.0 $56,000,000.0 $64,000,000.0 $72,000,000.0 $80,000,000.0 $88,000,000.0 $96,000,000.0 ($8,000,000.0)Market Value7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 3/22 $21,0 92,6 09 .1 $72,169,735.2 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Mar-2022 16,259,673 4,832,937 51,077,126 72,169,735 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To March 31, 2022 Page 19 82 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)-3.55 (28)1.29 (22)6.64 (30)12.73 (7)10.97 (5)9.75 (2)10.27 (2)6.94 (29)11/01/2000 Total Fund Policy -3.59 (28)1.87 (13)8.02 (18)12.43 (9)10.64 (9)9.33 (5)9.96 (4)6.62 (47) Difference 0.04 -0.58 -1.38 0.30 0.33 0.42 0.31 0.32 All Public Plans-Total Fund Median -4.27 -0.12 5.27 10.52 9.22 7.90 8.50 6.56 Total Fund (Gross)-3.50 1.67 7.09 13.08 11.32 10.10 10.67 7.52 11/01/2000 Total Fund Policy -3.59 1.87 8.02 12.43 10.64 9.33 9.96 6.62 Difference 0.09 -0.20 -0.93 0.65 0.68 0.77 0.71 0.90 Total Equity -4.61 2.01 8.40 16.81 14.12 12.24 13.20 8.23 01/01/2001 Total Equity Policy -5.30 1.84 8.76 15.72 13.40 11.51 12.51 7.07 Difference 0.69 0.17 -0.36 1.09 0.72 0.73 0.69 1.16 Domestic Equity Securities -4.85 (56)3.36 (71)11.77 (67)19.73 (22)16.34 (23)14.05 (24)14.54 (41)8.73 (35)11/01/2000 Domestic Equity Securities Policy -5.28 (62)3.51 (70)11.92 (64)18.24 (43)15.40 (49)13.38 (46)14.28 (53)7.48 (95) Difference 0.43 -0.15 -0.15 1.49 0.94 0.67 0.26 1.25 IM U.S. Large Cap Core Equity (SA+CF) Median -4.58 5.22 13.98 17.92 15.39 13.14 14.30 8.47 Foreign Equity Securities -3.87 (45)-2.86 (54)-2.59 (75)7.12 (55)7.07 (35)6.39 (27)9.02 (8)6.44 (57)11/01/2000 Foreign Equity Securities Policy -5.44 (62)-3.72 (60)-1.48 (60)7.45 (51)6.73 (40)5.26 (49)6.52 (49)4.75 (99) Difference 1.57 0.86 -1.11 -0.33 0.34 1.13 2.50 1.69 IM International Large Cap Value Equity (SA+CF) Median -4.37 -2.46 -0.65 7.48 6.22 5.19 6.47 6.53 Total Fixed Income -4.03 -3.55 -1.30 3.25 3.67 3.50 3.25 4.72 11/01/2000 Total Fixed Policy -4.00 -3.92 -2.19 2.47 2.44 2.10 2.20 4.20 Difference -0.03 0.37 0.89 0.78 1.23 1.40 1.05 0.52 Broad Mkt Fixed Income -4.56 (5)-5.08 (9)-4.26 (88)1.92 (76)2.09 (95)2.01 (79)2.11 (98)4.17 (98)11/01/2000 Broad Mkt Fixed Income Policy -4.69 (6)-5.17 (12)-4.38 (90)1.19 (100)1.67 (100)1.56 (99)1.81 (100)4.02 (99) Difference 0.13 0.09 0.12 0.73 0.42 0.45 0.30 0.15 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -5.81 -5.87 -3.88 2.24 2.66 2.37 2.75 4.73 Non-Core Fixed Income -3.52 -1.98 1.84 3.70 7.41 8.98 N/A 8.76 10/01/2014 Non-Core Fixed Policy -2.97 -2.01 1.18 4.11 3.74 3.78 N/A 3.77 Difference -0.55 0.03 0.66 -0.41 3.67 5.20 N/A 4.99 Direct Real Estate 6.34 (68)16.50 (27)28.58 (45)12.41 (38)11.11 (33)11.48 (36)12.26 (36)7.52 (26)10/01/2007 NCREIF Fund Index-OEDC (EW)7.97 (15)16.28 (29)29.84 (32)12.05 (49)10.39 (54)10.66 (51)11.18 (52)6.64 (62) Difference -1.63 0.22 -1.26 0.36 0.72 0.82 1.08 0.88 IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 14.86 27.92 11.92 10.65 10.74 11.38 6.89 Comparative Performance Trailing Returns Total Fund As of March 31, 2022 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 20 83 Comparative Performance Trailing Returns Total Fund As of March 31, 2022 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities -4.85 3.36 11.77 19.73 16.34 14.05 14.54 8.73 11/01/2000 Domestic Equity Securities Policy -5.28 3.51 11.92 18.24 15.40 13.38 14.28 7.48 Difference 0.43 -0.15 -0.15 1.49 0.94 0.67 0.26 1.25 Vanguard Total Stock Market (VITSX)-5.46 (47)3.20 (46)11.68 (37)18.16 (22)15.37 (14)13.34 (8)N/A 14.59 (10)02/01/2013 Vanguard Total Stock Market Index Hybrid -5.44 (46)3.22 (45)11.71 (36)18.17 (21)15.38 (14)13.35 (8)14.26 (11)14.61 (9) Difference -0.02 -0.02 -0.03 -0.01 -0.01 -0.01 N/A -0.02 IM U.S. Multi-Cap Core Equity (MF) Median -5.69 2.82 10.37 15.76 13.22 11.01 12.53 12.81 Brandywine GLBL Dynamic (LMBGX)-1.58 (75)3.92 (91)8.42 (93)N/A N/A N/A N/A 26.00 (36)09/01/2020 Russell 1000 Value Index -0.74 (62)6.98 (63)11.67 (66)13.02 (60)10.29 (62)9.73 (45)11.70 (29)24.17 (54) Difference -0.84 -3.06 -3.25 N/A N/A N/A N/A 1.83 IM U.S. Large Cap Value Equity (MF) Median -0.38 7.79 12.73 13.55 10.66 9.59 11.20 24.60 Foreign Equity Securities -3.87 -2.86 -2.59 7.12 7.07 6.39 9.02 6.44 11/01/2000 Foreign Equity Securities Policy -5.44 -3.72 -1.48 7.45 6.73 5.26 6.52 4.75 Difference 1.57 0.86 -1.11 -0.33 0.34 1.13 2.50 1.69 RBC Global (Voyageur)-3.87 (45)-2.86 (54)-2.59 (75)7.12 (55)7.07 (35)6.39 (27)9.02 (8)4.74 (14)11/01/2007 MSCI EAFE Index -5.79 (66)-3.21 (57)1.65 (33)8.29 (39)7.23 (32)5.62 (43)6.77 (46)2.64 (66) Difference 1.92 0.35 -4.24 -1.17 -0.16 0.77 2.25 2.10 MSCI EAFE Value 0.51 (4)1.76 (8)4.22 (13)5.88 (74)4.81 (76)3.75 (84)5.48 (83)1.37 (94) Difference -4.38 -4.62 -6.81 1.24 2.26 2.64 3.54 3.37 IM International Large Cap Value Equity (SA+CF) Median -4.37 -2.46 -0.65 7.48 6.22 5.19 6.47 3.38 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 21 84 Comparative Performance Trailing Returns Total Fund As of March 31, 2022 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income -4.03 -3.55 -1.30 3.25 3.67 3.50 3.25 4.72 11/01/2000 Total Fixed Policy -4.00 -3.92 -2.19 2.47 2.44 2.10 2.20 4.20 Difference -0.03 0.37 0.89 0.78 1.23 1.40 1.05 0.52 Galliard Core Fixed Income -4.56 (79)-5.08 (77)-3.99 (74)1.86 (47)2.21 (43)2.05 (42)2.31 (44)3.36 (70)10/01/2007 Bloomberg Intermed Aggregate Index -4.69 (88)-5.17 (86)-4.38 (96)1.19 (94)1.67 (93)1.56 (92)1.81 (87)3.10 (87) Difference 0.13 0.09 0.39 0.67 0.54 0.49 0.50 0.26 IM U.S. Intermediate Duration (SA+CF) Median -4.34 -4.85 -3.73 1.83 2.15 1.98 2.25 3.50 Vanguard Inflation-Protected Secs (VAIPX)-3.83 (97)-1.73 (94)3.03 (77)5.75 (44)4.06 (40)N/A N/A 4.14 (36)01/01/2017 Bloomberg U.S. TIPS Index -3.02 (71)-0.73 (43)4.29 (22)6.22 (18)4.43 (15)3.58 (14)2.69 (12)4.46 (15) Difference -0.81 -1.00 -1.26 -0.47 -0.37 N/A N/A -0.32 IM U.S. TIPS (MF) Median -2.59 -0.85 3.59 5.53 3.83 2.98 2.06 3.86 Vanguard Short Term Bond Index (VSCSX)-3.73 (70)-4.36 (69)-3.54 (63)1.55 (41)1.94 (22)1.89 (16)N/A 1.97 (17)01/01/2015 Blmbg. U.S. Corporate 1-5 Year Index -3.73 (70)-4.38 (71)-3.61 (64)1.74 (26)2.08 (9)2.03 (11)2.27 (11)2.13 (10) Difference 0.00 0.02 0.07 -0.19 -0.14 -0.14 N/A -0.16 IM U.S. Intermediate Investment Grade (MF) Median -3.36 -3.76 -3.18 1.41 1.58 1.42 1.58 1.52 PIMCO Diversified Income Fund Instl (PDIIX)-7.06 (83)-6.96 (64)-4.25 (36)1.96 (26)N/A N/A N/A 2.86 (9)04/01/2018 Blmbg. Global Credit (Hedged)-6.67 (73)-6.70 (56)-4.53 (44)2.27 (22)2.99 (10)3.03 (7)3.85 (2)2.96 (8) Difference -0.39 -0.26 0.28 -0.31 N/A N/A N/A -0.10 IM Global Fixed Income (MF) Median -5.42 -5.87 -4.77 1.25 1.82 1.68 1.56 1.03 Direct Real Estate 6.34 16.50 28.58 12.41 11.11 11.48 12.26 7.52 10/01/2007 NCREIF Fund Index-Open End Diversified Core (EW)7.97 16.28 29.84 12.05 10.39 10.66 11.18 6.64 Difference -1.63 0.22 -1.26 0.36 0.72 0.82 1.08 0.88 American Core Realty Fund 8.46 (9)18.02 (17)29.68 (34)11.92 (50)10.39 (55)10.27 (57)10.87 (65)6.54 (70)10/01/2007 American Core Realty Policy 7.97 (15)16.28 (29)29.84 (32)12.05 (49)10.39 (54)10.66 (51)11.18 (52)8.19 (11) Difference 0.49 1.74 -0.16 -0.13 0.00 -0.39 -0.31 -1.65 IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 14.86 27.92 11.92 10.65 10.74 11.38 6.89 Intercontinental 5.76 (75)16.07 (30)28.31 (46)12.79 (29)11.61 (29)12.36 (30)13.09 (29)13.42 (35)10/01/2010 NCREIF Fund Index-OEDC (EW)7.97 (15)16.28 (29)29.84 (32)12.05 (49)10.39 (54)10.66 (51)11.18 (52)11.81 (64) Difference -2.21 -0.21 -1.53 0.74 1.22 1.70 1.91 1.61 IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 14.86 27.92 11.92 10.65 10.74 11.38 12.27 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 22 85 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund 1.68 5.31 5.12 2.23 7.62 7.19 10/14/2014 Crescent Direct Lending II Fund 2.07 12.88 8.38 N/A N/A 8.91 03/13/2018 Comparative Performance - IRR As of March 31, 2022 Page 23 86 Financial Reconciliation Quarter to Date Market Value 01/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2022 Total Equity 49,529,344 1,425,032 ---25,032 -1,914 189,926 -2,465,127 48,652,229 Domestic Equity Securities 38,772,229 1,400,000 ----101,195 -1,959,692 38,313,732 Vanguard Total Stock Market (VITSX)32,952,039 1,400,000 ----101,195 -1,867,838 32,585,397 Brandywine GLBL Dynamic (LMBGX)5,820,189 -------91,854 5,728,336 Foreign Equity Securities 10,757,115 25,032 ---25,032 -1,914 88,730 -505,435 10,338,497 RBC Global (Voyageur)10,757,115 25,032 ---25,032 -1,914 88,730 -505,435 10,338,497 Total Fixed Income 17,937,847 -75,121 ---5,420 -22,588 -742,953 17,136,941 Galliard Core Fixed Income 8,672,719 ----5,420 ---395,422 8,271,876 Vanguard Short Term Bond Index (VSCSX)1,720,475 -----3,959 -70,063 1,654,371 Vanguard Inflation-Protected Secs (VAIPX)3,921,475 -------150,296 3,771,180 PIMCO Diversified Income Fund Instl (PDIIX)1,970,137 -----18,628 -157,725 1,831,040 Crescent Direct Lending Fund 676,324 ------11,354 687,678 Crescent Direct Lending II Fund 976,718 -75,121 -----19,199 920,796 Direct Real Estate 5,642,074 -7,819 ---9,569 -42,963 314,170 5,981,821 ARA Core Property Fund 1,210,775 -7,819 ---3,588 -12,030 89,781 1,301,179 Intercontinental 4,431,299 ----5,980 -30,934 224,390 4,680,642 Receipt & Disbursement 2,399,842 -1,342,092 442,992 -1,071,691 --30,412 106 -398,746 Total Fund Portfolio 75,509,108 -442,992 -1,071,691 -40,021 -32,326 255,582 -2,893,910 72,169,735 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending March 31, 2022 Page 24 87 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2022 Total Equity 47,485,781 321,408 ---121,408 -3,694 1,168,015 -197,874 48,652,229 Domestic Equity Securities 36,838,977 200,000 ----1,025,407 249,348 38,313,732 Vanguard Total Stock Market (VITSX)31,326,995 200,000 ----217,978 840,423 32,585,397 Brandywine GLBL Dynamic (LMBGX)5,511,982 -----807,428 -591,075 5,728,336 Foreign Equity Securities 10,646,804 121,408 ---121,408 -3,694 142,608 -447,222 10,338,497 RBC Global (Voyageur)10,646,804 121,408 ---121,408 -3,694 142,608 -447,222 10,338,497 Total Fixed Income 16,885,273 903,539 ---14,980 -2,065 180,152 -814,978 17,136,941 Galliard Core Fixed Income 8,725,741 ----10,874 ---442,992 8,271,876 Vanguard Short Term Bond Index (VSCSX)1,729,888 -----16,201 -91,718 1,654,371 Vanguard Inflation-Protected Secs (VAIPX)2,612,563 1,200,000 ----126,842 -168,225 3,771,180 PIMCO Diversified Income Fund Instl (PDIIX)1,971,106 -----37,109 -177,175 1,831,040 Crescent Direct Lending Fund 704,817 -24,099 ---2,156 -1,092 -10,208 687,678 Crescent Direct Lending II Fund 1,141,157 -272,362 ---1,950 -973 -54,924 920,796 Direct Real Estate 5,277,623 -15,386 ---140,379 -90,416 769,548 5,981,821 ARA Core Property Fund 1,123,336 -15,386 ---6,927 -23,187 176,969 1,301,179 Intercontinental 4,154,287 ----133,453 -67,228 592,579 4,680,642 Receipt & Disbursement 2,293,986 -1,209,561 1,519,943 -2,151,354 --54,514 245 -398,746 Total Fund Portfolio 71,942,663 -1,519,943 -2,151,354 -276,768 -60,273 1,438,827 -243,304 72,169,735 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2021 To March 31, 2022 Page 25 88 Comparative Performance Fiscal Year Returns Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Total Fund (Net)26.26 (5)7.92 (44)2.78 (85)11.28 (3)14.16 (13)11.15 (12)0.33 (20)11.85 (9)15.72 (8)18.95 (23) Total Fund Policy 21.33 (41)10.06 (16)4.31 (49)9.85 (10)12.90 (32)10.79 (18)0.59 (16)11.39 (15)14.95 (12)19.64 (14) Difference 4.93 -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 0.77 -0.69 All Public Plans-Total Fund Median 20.72 7.55 4.27 7.40 11.99 9.75 -0.90 9.86 12.37 17.36 Total Fund (Gross)26.48 8.16 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 Total Fund Policy 21.33 10.06 4.31 9.85 12.90 10.79 0.59 11.39 14.95 19.64 Difference 5.15 -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 1.38 0.17 Total Equity 37.06 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 Total Equity Policy 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 Difference 7.01 -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 Domestic Equity Securities 36.79 (15)15.35 (36)2.89 (53)17.88 (42)18.64 (51)15.21 (26)-0.59 (62)17.58 (69)21.85 (34)27.76 (61) Domestic Equity Securities Policy 31.88 (38)15.00 (39)2.92 (53)17.58 (47)18.71 (51)14.96 (30)-0.49 (61)17.76 (67)21.60 (36)30.20 (44) Difference 4.91 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 IM U.S. Large Cap Core Equity (SA+CF) Median 30.73 12.77 3.21 17.34 18.71 13.41 0.11 19.19 20.53 29.61 Foreign Equity Securities 39.45 (14)-9.19 (87)-5.36 (69)6.76 (5)22.69 (38)10.74 (30)-4.36 (20)10.08 (7)27.54 (18)24.74 (4) Foreign Equity Securities Policy 23.92 (78)1.03 (32)-0.82 (29)3.25 (29)19.65 (55)7.06 (63)-8.27 (40)4.70 (62)24.29 (40)14.33 (59) Difference 15.53 -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 IM International Large Cap Value Equity (SA+CF) Median 29.80 -5.08 -3.39 1.51 20.82 8.46 -9.56 5.67 22.84 15.55 Total Fixed Income 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 Total Fixed Policy 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 Difference 1.62 -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 Broad Mkt Fixed Income -0.30 (59)7.53 (50)7.81 (97)-0.21 (17)0.61 (52)4.21 (98)2.31 (86)2.61 (99)-1.30 (54)5.88 (77) Broad Mkt Fixed Income Policy -0.38 (60)5.66 (97)8.08 (97)-0.93 (62)0.25 (70)3.57 (100)2.95 (61)2.74 (99)-0.71 (25)4.31 (99) Difference 0.08 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.02 7.52 10.42 -0.75 0.63 5.66 3.02 4.47 -1.24 6.62 Non-Core Fixed Income 7.18 0.92 10.83 14.15 13.06 13.88 8.65 N/A N/A N/A Non-Core Fixed Policy 5.75 4.45 6.91 2.69 4.05 5.34 1.34 N/A N/A N/A Difference 1.43 -3.53 3.92 11.46 9.01 8.54 7.31 N/A N/A N/A Direct Real Estate 13.82 (73)3.40 (18)7.75 (28)10.25 (26)10.01 (17)11.44 (48)14.27 (63)13.47 (36)16.42 (20)12.81 (50) NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -1.93 1.66 1.58 1.43 2.20 0.82 -0.44 1.08 3.95 1.04 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2022 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 26 89 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Domestic Equity Securities 36.79 15.35 2.89 17.88 18.64 15.21 -0.59 17.58 21.85 27.76 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (9) Russell 1000 Growth Index 27.32 (52)37.53 (29)3.71 (52)26.30 (37)21.94 (39)13.76 (23)3.17 (55)19.15 (40)19.27 (64)29.19 (39) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.02 IM U.S. Large Cap Growth Equity (SA+CF) Median 27.47 33.32 3.80 24.48 20.87 11.81 3.61 18.18 20.29 27.82 Vanguard Total Stock Market (VITSX)32.10 (39)15.01 (22)2.89 (37)17.62 (19)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A Vanguard Total Stock Market Index Hybrid 32.11 (39)14.99 (23)2.92 (37)17.62 (19)18.64 (38)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)30.28 (16) Difference -0.01 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A IM U.S. Multi-Cap Core Equity (MF) Median 30.89 10.21 1.47 14.73 17.63 11.78 -1.80 16.35 22.62 27.03 Brandywine GLBL Dynamic (LMBGX)41.75 (19)N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 35.01 (53)-5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)18.89 (19)22.30 (52)30.92 (15) Difference 6.74 N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median 35.63 -4.55 1.87 10.42 16.75 12.50 -4.90 17.21 22.35 28.44 Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A CRSP U.S. Large Cap Value TR Index 32.53 (68)-3.34 (41)3.57 (34)13.59 (18)17.76 (34)16.33 (17)-2.94 (17)19.19 (15)21.75 (59)29.54 (37) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median 35.63 -4.55 1.87 10.42 16.75 12.50 -4.90 17.21 22.35 28.44 Foreign Equity Securities 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08 27.54 24.74 RBC Global (Voyageur)39.45 (14)-9.19 (87)-5.36 (69)6.76 (5)22.69 (38)10.74 (30)-4.36 (20)10.08 (7)27.54 (18)24.74 (4) MSCI EAFE Index 26.29 (70)0.93 (32)-0.82 (29)3.25 (29)19.65 (55)7.06 (63)-8.27 (40)4.70 (62)24.29 (40)14.33 (59) Difference 13.16 -10.12 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 MSCI EAFE Value 31.43 (43)-11.45 (93)-4.31 (59)0.24 (74)23.22 (34)4.16 (88)-12.18 (77)6.18 (42)24.91 (38)13.34 (67) Difference 8.02 2.26 -1.05 6.52 -0.53 6.58 7.82 3.90 2.63 11.40 IM International Large Cap Value Equity (SA+CF) Median 29.80 -5.08 -3.39 1.51 20.82 8.46 -9.56 5.67 22.84 15.55 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 27 90 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Total Fixed Income 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 Galliard Core Fixed Income -0.02 (67)6.85 (30)8.50 (17)-0.43 (57)0.44 (71)4.36 (24)3.04 (26)3.15 (37)-0.64 (75)5.82 (44) Bloomberg Intermed Aggregate Index -0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)2.95 (31)2.74 (57)-0.71 (77)4.31 (83) Difference 0.36 1.19 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 IM U.S. Intermediate Duration (SA+CF) Median 0.25 6.45 8.01 -0.38 0.69 3.89 2.70 2.87 -0.26 5.56 Galliard TIPS N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 Blmbg. U.S. TIPS 1-10 Year 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 Difference N/A -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A FTSE World Government Bond Index -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 Difference N/A N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A PIMCO Diversified Income Fund Instl (PDIIX)4.87 (6)3.63 (72)9.52 (20)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Credit (Hedged)2.72 (22)5.26 (53)10.83 (12)0.39 (17)3.04 (28)9.19 (26)0.86 (19)6.83 (10)1.46 (9)11.61 (6) Difference 2.15 -1.63 -1.31 N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.91 5.39 7.67 -1.29 1.05 7.42 -3.81 3.40 -1.81 7.18 Vanguard Inflation-Protected Secs (VAIPX)5.09 (60)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A Bloomberg U.S. TIPS Index 5.19 (56)10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)9.10 (19) Difference -0.10 -0.24 -0.10 -0.18 N/A N/A N/A N/A N/A N/A IM U.S. TIPS (MF) Median 5.37 8.47 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 Vanguard Short Term Bond Index (VSCSX)1.37 (24)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A Blmbg. U.S. Corporate 1-5 Year Index 1.35 (24)5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25)1.47 (16)6.29 (29) Difference 0.02 -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A IM U.S. Intermediate Investment Grade (MF) Median 0.55 4.84 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 Direct Real Estate 13.82 3.40 7.75 10.25 10.01 11.44 14.27 13.47 16.42 12.81 ARA Core Property Fund 13.51 (76)1.62 (58)6.81 (49)8.50 (64)7.52 (59)9.04 (92)13.98 (64)12.49 (63)12.27 (71)11.56 (65) American Core Realty Policy 15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -2.24 -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 Intercontinental 13.87 (71)4.41 (13)8.32 (21)11.40 (10)11.82 (6)13.30 (20)13.96 (64)14.10 (29)18.21 (12)13.38 (40) NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 1.71 5.74 1.61 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 28 91 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Portfolio -3.55 (16)1.29 (15)6.64 (19)24.50 (2)12.73 (4)10.93 (4)10.97 (4)z Total Fund Policy -3.59 (16)1.87 (8)8.02 (8)21.83 (14)12.43 (5)10.77 (5)10.64 (6)z Median -4.85 -0.62 4.72 19.43 10.53 8.96 9.10 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Total Fund Portfolio 26.26 (3)7.92 (58)2.78 (82)11.28 (6)14.16 (8)11.15 (6)z Total Fund Policy 21.33 (29)10.06 (34)4.31 (39)9.85 (16)12.90 (23)10.79 (13)z Median 19.83 8.64 4.00 7.86 11.65 9.29 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 Total Fund Portfolio 5.02 (26)0.23 (26)5.04 (74)6.96 (1)12.12 (11)5.90 (30) Total Fund Policy 5.67 (9)0.34 (21)5.67 (35)3.70 (30)10.35 (45)5.72 (37) All Public Plans-Total Fund Median 4.47 -0.14 5.47 3.11 10.19 5.41 As of March 31, 2022 Performance Review (Net) Total Fund Portfolio NONE Page 29 92 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 Total Fund Portfolio (%)-10.0 0.0 10.0 20.0 30.0 Total Fund Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Portfolio 20 16 (80%)4 (20%)0 (0%)0 (0%)z Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)z 9.49 10.22 10.95 11.68 12.41 13.14 Return (%)11.22 11.55 11.88 12.21 12.54 12.87 13.20 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 12.73 12.95z Total Fund Policy 12.43 11.50z Median 10.53 11.56¾ 8.54 9.15 9.76 10.37 10.98 11.59 Return (%)9.9 10.2 10.5 10.8 11.1 11.4 11.7 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 10.97 11.28z Total Fund Policy 10.64 10.15z Median 9.10 10.17¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Total Fund Portfolio 2.28 108.21 113.67 -0.97 0.20 0.92 1.11 8.22 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.00 1.00 7.05 90 Day U.S. Treasury Bill 11.61 1.97 -3.38 0.93 -1.00 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Portfolio 1.83 107.23 111.15 -0.66 0.23 0.88 1.10 7.30 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.93 1.00 6.42 90 Day U.S. Treasury Bill 10.24 4.04 -3.69 1.22 -0.93 N/A -0.01 0.00 As of March 31, 2022 Performance Review (Net) Total Fund Portfolio NONE Page 30 93 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG Total Stk Mkt (VITSX)-5.46 (47)3.20 (46)11.68 (37)34.81 (31)18.16 (22)15.75 (13)15.37 (14)z VG Total Stk Mkt Index Hyb -5.44 (46)3.22 (45)11.71 (36)34.83 (31)18.17 (21)15.76 (13)15.38 (14)z Median -5.69 2.82 10.37 32.80 15.76 13.06 13.22 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 VG Total Stk Mkt (VITSX)32.10 (39)15.01 (22)2.89 (37)17.62 (19)18.64 (38)15.00 (16)z VG Total Stk Mkt Index Hyb 32.11 (39)14.99 (23)2.92 (37)17.62 (19)18.64 (38)14.99 (16)z Median 30.89 10.21 1.47 14.73 17.63 11.78 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 VG Total Stk Mkt (VITSX)9.16 (41)-0.06 (43)8.29 (28)6.43 (54)14.69 (39)9.19 (30) Vanguard Total Stock Market Index Hybrid 9.16 (41)-0.06 (42)8.29 (28)6.43 (54)14.70 (38)9.20 (29) IM U.S. Multi-Cap Core Equity (MF) Median 8.66 -0.22 7.52 6.63 13.82 7.96 Performance Review As of March 31, 2022 VG Total Stk Mkt (VITSX) NONE Page 31 94 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 VG Total Stk Mkt (VITSX) (%)-10.0 0.0 10.0 20.0 30.0 Vanguard Total Stock Market Index Hybrid (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count VG Total Stk Mkt (VITSX)20 20 (100%)0 (0%)0 (0%)0 (0%)z VG Total Stk Mkt Index Hyb 20 20 (100%)0 (0%)0 (0%)0 (0%)z 15.01 15.80 16.59 17.38 18.17 18.96 Return (%)18.21 18.22 Risk (Standard Deviation %) Return StandardDeviation VG Total Stk Mkt (VITSX)18.16 18.21z VG Total Stk Mkt Index Hyb 18.17 18.22z Median 15.76 18.21¾ 12.78 13.49 14.20 14.91 15.62 16.33 Return (%)16.20 16.23 16.26 16.29 16.32 16.35 Risk (Standard Deviation %) Return StandardDeviation VG Total Stk Mkt (VITSX)15.37 16.23z VG Total Stk Mkt Index Hyb 15.38 16.23z Median 13.22 16.31¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk VG Total Stk Mkt (VITSX)0.03 99.98 100.00 0.00 -0.22 0.96 1.00 11.32 VG Total Stk Mkt Index Hyb 0.00 100.00 100.00 0.00 N/A 0.96 1.00 11.32 90 Day U.S. Treasury Bill 18.33 1.27 -2.08 0.92 -0.96 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG Total Stk Mkt (VITSX)0.03 99.96 99.98 0.00 -0.32 0.89 1.00 10.42 VG Total Stk Mkt Index Hyb 0.00 100.00 100.00 0.00 N/A 0.89 1.00 10.43 90 Day U.S. Treasury Bill 16.32 2.61 -2.25 1.21 -0.89 N/A -0.01 0.00 Performance Review As of March 31, 2022 VG Total Stk Mkt (VITSX) NONE Page 32 95 Page Intentionally Left Blank Page 3396 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Brandywine GLBL -1.58 (75)3.92 (91)8.42 (93)N/A N/A N/A N/Az Russell 1V Index -0.74 (62)6.98 (63)11.67 (66)32.02 (61)13.02 (60)11.14 (50)10.29 (62)z Median -0.38 7.79 12.73 32.91 13.55 11.10 10.66 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Brandywine GLBL 41.75 (19)N/A N/A N/A N/A N/Az Russell 1V Index 35.01 (53)-5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)z Median 35.63 -4.55 1.87 10.42 16.75 12.50 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 Brandywine GLBL 5.59 (91)-0.58 (48)4.93 (64)17.26 (6)15.88 (48)N/A Russell 1000 Value Index 7.77 (58)-0.78 (55)5.21 (53)11.26 (50)16.25 (43)5.59 (34) IM U.S. Large Cap Value Equity (MF) Median 8.23 -0.66 5.25 11.23 15.77 4.82 Performance Review As of March 31, 2022 Brandywine GLBL NONE Page 34 97 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global (Voyageur)-3.87 (44)-2.86 (54)-2.59 (75)28.88 (18)7.12 (55)4.62 (38)7.07 (35)z MSCI EAFE Index -5.79 (66)-3.21 (57)1.65 (32)21.47 (64)8.29 (39)5.29 (31)7.23 (32)z Median -4.53 -2.46 -0.75 23.98 7.48 4.10 6.23 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 RBC Global (Voyageur)39.45 (14)-9.19 (87)-5.36 (69)6.76 (5)22.69 (38)10.74 (30)z MSCI EAFE Index 26.29 (70)0.93 (32)-0.82 (29)3.25 (29)19.65 (55)7.06 (63)z Median 29.80 -5.08 -3.39 1.51 20.82 8.46 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 RBC Global (Voyageur)1.05 (62)-1.40 (46)1.70 (100)9.56 (12)26.92 (9)3.42 (67) MSCI EAFE Index 2.74 (27)-0.35 (19)5.38 (29)3.60 (79)16.09 (71)4.88 (49) IM International Large Cap Value Equity (SA+CF) Median 1.64 -1.56 4.55 6.20 18.48 4.67 Performance Review As of March 31, 2022 RBC Global (Voyageur) NONE Page 35 98 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -16.0 -8.0 0.0 8.0 16.0 24.0 RBC Global (Voyageur) (%)-16.0 -8.0 0.0 8.0 16.0 24.0 MSCI EAFE Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global (Voyageur)20 10 (50%)4 (20%)6 (30%)0 (0%)z MSCI EAFE Index 20 1 (5%)14 (70%)5 (25%)0 (0%)z 6.80 7.20 7.60 8.00 8.40 8.80 Return (%)14.00 16.00 18.00 20.00 22.00 24.00 26.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)7.12 23.35z MSCI EAFE Index 8.29 16.97z Median 7.48 18.84¾ 5.94 6.27 6.60 6.93 7.26 7.59 Return (%)14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)7.07 19.66z MSCI EAFE Index 7.23 14.89z Median 6.23 16.64¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk RBC Global (Voyageur)8.40 120.80 130.09 -2.78 0.03 0.38 1.32 15.82 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.51 1.00 11.13 90 Day U.S. Treasury Bill 17.08 1.40 -2.23 0.86 -0.51 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk RBC Global (Voyageur)6.81 115.97 119.67 -1.45 0.10 0.39 1.27 13.27 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.47 1.00 9.91 90 Day U.S. Treasury Bill 14.98 2.41 -3.39 1.18 -0.47 N/A -0.01 0.00 Performance Review As of March 31, 2022 RBC Global (Voyageur) NONE Page 36 99 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard Core Fixed Inc -4.56 (79)-5.08 (77)-3.99 (74)-0.08 (48)1.86 (47)2.51 (46)2.21 (43)z Barclays Int Agg Index -4.69 (88)-5.17 (86)-4.38 (96)-1.54 (97)1.19 (94)1.96 (93)1.67 (93)z Median -4.34 -4.85 -3.73 -0.15 1.83 2.46 2.15 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Galliard Core Fixed Inc -0.02 (67)6.85 (30)8.50 (17)-0.43 (57)0.44 (71)4.36 (24)z Barclays Int Agg Index -0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)z Median 0.25 6.45 8.01 -0.38 0.69 3.89 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 Galliard Core Fixed Inc -0.55 (60)0.01 (77)1.14 (38)-1.78 (69)0.63 (60)1.10 (32) Barclays Int Agg Index -0.51 (45)0.05 (59)0.78 (86)-1.61 (51)0.42 (86)0.48 (90) IM U.S. Intermediate Duration (SA+CF) Median -0.52 0.07 1.05 -1.60 0.71 0.86 Performance Review As of March 31, 2022 Galliard Core Fixed Inc NONE Page 37 100 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 1.5 3.0 4.5 6.0 Galliard Core Fixed Inc (%)0.0 1.5 3.0 4.5 6.0 Barclays Int Agg Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core Fixed Inc 20 2 (10%)17 (85%)1 (5%)0 (0%)z Barclays Int Agg Index 20 0 (0%)1 (5%)3 (15%)16 (80%)z 0.90 1.20 1.50 1.80 2.10 Return (%)2.40 2.60 2.80 3.00 3.20 3.40 3.60 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 1.86 3.32z Barclays Int Agg Index 1.19 2.69z Median 1.83 2.98¾ 1.40 1.60 1.80 2.00 2.20 2.40 Return (%)2.40 2.48 2.56 2.64 2.72 2.80 2.88 2.96 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 2.21 2.85z Barclays Int Agg Index 1.67 2.47z Median 2.15 2.59¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard Core Fixed Inc 1.33 134.83 125.59 0.51 0.51 0.33 1.14 2.19 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.16 1.00 1.89 90 Day U.S. Treasury Bill 2.59 14.47 -8.54 0.75 -0.16 N/A 0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core Fixed Inc 1.05 120.29 112.16 0.41 0.51 0.39 1.07 1.79 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.24 1.00 1.60 90 Day U.S. Treasury Bill 2.38 17.57 -17.07 1.06 -0.24 N/A 0.04 0.00 Performance Review As of March 31, 2022 Galliard Core Fixed Inc NONE Page 38 101 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG ST Bond Index (VSCSX)-3.73 (70)-4.36 (69)-3.54 (63)1.65 (31)1.55 (41)2.31 (14)1.94 (22)z Barclays US Corp 1-5 Yr Index -3.73 (70)-4.38 (71)-3.61 (64)1.62 (31)1.74 (26)2.40 (10)2.08 (9)z Median -3.36 -3.76 -3.18 0.65 1.41 1.87 1.58 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 VG ST Bond Index (VSCSX)1.37 (24)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.22 (27)z Barclays US Corp 1-5 Yr Index 1.35 (24)5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)z Median 0.55 4.84 5.40 -0.38 0.85 2.56 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 VG ST Bond Index (VSCSX)-0.66 (65)0.06 (56)0.79 (17)-0.60 (40)1.12 (28)0.90 (38) Barclays US Corp 1-5 Yr Index -0.68 (69)0.11 (41)0.70 (27)-0.59 (39)1.14 (27)0.92 (37) IM U.S. Intermediate Investment Grade (MF) Median -0.57 0.08 0.50 -0.73 0.79 0.80 Performance Review As of March 31, 2022 VG ST Bond Index (VSCSX) NONE Page 39 102 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 0.0 1.5 3.0 4.5 6.0 VG ST Bond Index (VSCSX) (%)0.0 1.5 3.0 4.5 6.0 Barclays US Corp 1-5 Yr Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count VG ST Bond Index (VSCSX)18 12 (67%)6 (33%)0 (0%)0 (0%)z Barclays US Corp 1-5 Yr Index 20 18 (90%)2 (10%)0 (0%)0 (0%)z 1.20 1.40 1.60 1.80 Return (%)2.70 2.85 3.00 3.15 3.30 3.45 3.60 3.75 Risk (Standard Deviation %) Return StandardDeviation VG ST Bond Index (VSCSX)1.55 3.61z Barclays US Corp 1-5 Yr Index 1.74 3.54z Median 1.41 2.85¾ 1.40 1.60 1.80 2.00 2.20 Return (%)2.20 2.40 2.60 2.80 3.00 3.20 Risk (Standard Deviation %) Return StandardDeviation VG ST Bond Index (VSCSX)1.94 2.96z Barclays US Corp 1-5 Yr Index 2.08 2.89z Median 1.58 2.41¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk VG ST Bond Index (VSCSX)0.30 97.79 102.43 -0.22 -0.62 0.22 1.02 2.71 Barclays US Corp 1-5 Yr Index 0.00 100.00 100.00 0.00 N/A 0.27 1.00 2.58 90 Day U.S. Treasury Bill 3.59 13.81 -4.02 0.83 -0.27 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG ST Bond Index (VSCSX)0.26 98.47 103.20 -0.18 -0.52 0.28 1.02 2.13 Barclays US Corp 1-5 Yr Index 0.00 100.00 100.00 0.00 N/A 0.34 1.00 2.03 90 Day U.S. Treasury Bill 2.91 19.30 -13.36 1.14 -0.34 N/A 0.00 0.00 Performance Review As of March 31, 2022 VG ST Bond Index (VSCSX) NONE Page 40 103 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Infl-Protected Secs (VAIPX)-3.83 (97)-1.73 (94)3.03 (77)5.28 (85)5.75 (44)4.98 (33)4.06 (40)z Bloomberg U.S. TIPS Index -3.02 (71)-0.73 (43)4.29 (22)5.90 (51)6.22 (18)5.33 (15)4.43 (15)z Median -2.59 -0.85 3.59 5.94 5.53 4.65 3.83 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnOct- 2020 To Sep- 2021 Oct- 2019 To Sep- 2020 Oct- 2018 To Sep- 2019 Oct- 2017 To Sep- 2018 Oct- 2016 To Sep- 2017 Oct- 2015 To Sep- 2016 Vanguard Infl-Protected Secs (VAIPX)5.09 (60)9.84 (26)7.03 (13)0.23 (55)N/A N/Az Bloomberg U.S. TIPS Index 5.19 (56)10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)z Median 5.37 8.47 5.72 0.29 -0.43 5.77 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 Vanguard Infl-Protected Secs (VAIPX)2.18 (20)2.71 (1)2.08 (71)-1.36 (58)1.62 (65)3.02 (49) Bloomberg U.S. TIPS Index 2.36 (11)1.75 (24)3.25 (19)-1.47 (62)1.62 (64)3.03 (48) IM U.S. TIPS (MF) Median 1.75 1.59 2.71 -1.19 1.78 3.01 Performance Review As of March 31, 2022 Vanguard Infl-Protected Secs (VAIPX) NONE Page 41 104 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 2.0 4.0 6.0 8.0 10.0 Vanguard Infl-Protected Secs (VAIPX) (%)2.0 4.0 6.0 8.0 10.0 Bloomberg U.S. TIPS Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Infl-Protected Secs (VAIPX)10 7 (70%)3 (30%)0 (0%)0 (0%)z Bloomberg U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%)z 5.70 6.00 6.30 6.60 Return (%)4.24 4.28 4.32 4.36 4.40 4.44 4.48 4.52 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)5.75 4.46z Bloomberg U.S. TIPS Index 6.22 4.27z Median 5.53 4.35¾ 3.60 3.80 4.00 4.20 4.40 4.60 Return (%)3.78 3.81 3.84 3.87 3.90 3.93 3.96 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)4.06 3.93z Bloomberg U.S. TIPS Index 4.43 3.81z Median 3.83 3.87¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Infl-Protected Secs (VAIPX)1.04 95.21 99.26 -0.53 -0.42 1.09 1.02 2.45 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.24 1.00 2.33 90 Day U.S. Treasury Bill 4.29 6.43 -5.05 0.82 -1.24 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Infl-Protected Secs (VAIPX)0.83 95.59 100.03 -0.38 -0.42 0.75 1.01 2.21 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.86 1.00 2.13 90 Day U.S. Treasury Bill 3.83 9.80 -10.28 1.14 -0.86 N/A 0.00 0.00 Performance Review As of March 31, 2022 Vanguard Infl-Protected Secs (VAIPX) NONE Page 42 105 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -13.00 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Diversified Inc Fd Instl (PDIIX)-7.06 (83)-6.96 (64)-4.25 (36)3.69 (18)1.96 (26)2.86 (9)N/Az Blmbg. Global Credit (Hedged)-6.67 (73)-6.70 (56)-4.53 (44)2.54 (32)2.27 (22)2.96 (8)2.99 (10)z Median -5.42 -5.87 -4.77 0.99 1.25 1.03 1.82 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 ReturnOct- 2020 To Sep- 2021 Oct- 2019 To Sep- 2020 Oct- 2018 To Sep- 2019 Oct- 2017 To Sep- 2018 Oct- 2016 To Sep- 2017 Oct- 2015 To Sep- 2016 PIMCO Diversified Inc Fd Instl (PDIIX)4.87 (6)3.63 (72)9.52 (20)N/A N/A N/Az Blmbg. Global Credit (Hedged)2.72 (22)5.26 (53)10.83 (12)0.39 (17)3.04 (28)9.19 (26)z Median 0.91 5.39 7.67 -1.29 1.05 7.42 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 PIMCO Diversified Inc Fd Instl (PDIIX)0.11 (7)0.13 (17)2.78 (3)-2.50 (41)4.52 (27)2.73 (41) Blmbg. Global Credit (Hedged)-0.03 (12)0.08 (22)2.24 (14)-2.64 (42)3.11 (59)1.97 (69) IM Global Fixed Income (MF) Median -0.69 -0.34 1.33 -3.20 3.63 2.41 Performance Review As of March 31, 2022 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 43 106 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 2.0 4.0 6.0 8.0 PIMCO Diversified Inc Fd Instl (PDIIX) (%)0.0 2.0 4.0 6.0 8.0 Blmbg. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count PIMCO Diversified Inc Fd Instl (PDIIX)5 4 (80%)1 (20%)0 (0%)0 (0%)z Blmbg. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%)z 1.02 1.36 1.70 2.04 2.38 2.72 Return (%)5.40 5.70 6.00 6.30 6.60 6.90 7.20 7.50 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)1.96 7.20z Blmbg. Global Credit (Hedged)2.27 6.29z Median 1.25 5.64¾ 1.56 1.95 2.34 2.73 3.12 3.51 Return (%)4.80 4.86 4.92 4.98 5.04 5.10 5.16 5.22 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/Az Blmbg. Global Credit (Hedged)2.99 5.14z Median 1.82 4.85¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk PIMCO Diversified Inc Fd Instl (PDIIX)2.20 103.99 109.45 -0.47 -0.11 0.19 1.09 5.78 Blmbg. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.26 1.00 4.83 90 Day U.S. Treasury Bill 6.35 7.10 -3.02 0.82 -0.26 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.38 1.00 3.80 90 Day U.S. Treasury Bill 5.16 10.05 -8.49 1.14 -0.38 N/A 0.00 0.00 Performance Review As of March 31, 2022 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 44 107 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR American Core RE 8.46 (9)18.02 (17)29.68 (34)14.95 (59)11.92 (50)10.98 (59)10.39 (55)z American Core RE Policy 7.97 (15)16.28 (29)29.84 (32)15.61 (44)12.05 (49)10.96 (59)10.39 (54)z Median 6.75 14.86 27.92 15.40 11.92 11.21 10.65 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 American Core RE 13.51 (76)1.62 (58)6.81 (49)8.50 (64)7.52 (59)9.04 (92)z American Core RE Policy 15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)z Median 16.11 1.74 6.80 8.98 7.88 11.26 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 American Core RE 8.81 (30)5.62 (80)4.03 (56)1.87 (56)1.42 (58)-0.14 (81) American Core RE Policy 7.70 (44)6.96 (35)4.39 (41)2.28 (40)1.36 (59)0.57 (48) IM U.S. Open End Private Real Estate (SA+CF) Median 7.57 6.33 4.17 2.10 1.63 0.49 Performance Review As of March 31, 2022 American Core RE NONE Page 45 108 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 American Core RE (%)3.0 6.0 9.0 12.0 15.0 American Core RE Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 0 (0%)2 (10%)14 (70%)4 (20%)z American Core RE Policy 20 0 (0%)2 (10%)18 (90%)0 (0%)z 11.85 11.90 11.95 12.00 12.05 12.10 Return (%)5.80 5.85 5.90 5.95 6.00 6.05 6.10 6.15 6.20 Risk (Standard Deviation %) Return StandardDeviation American Core RE 11.92 6.11z American Core RE Policy 12.05 5.88z Median 11.92 6.00¾ 10.35 10.44 10.53 10.62 10.71 Return (%)4.60 4.64 4.68 4.72 4.76 4.80 4.84 4.88 Risk (Standard Deviation %) Return StandardDeviation American Core RE 10.39 4.83z American Core RE Policy 10.39 4.66z Median 10.65 4.82¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk American Core RE 1.23 99.01 96.48 -0.20 -0.09 1.39 1.01 0.71 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.43 1.00 0.74 90 Day U.S. Treasury Bill 7.62 6.59 -1.02 0.87 -1.43 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 0.99 99.92 96.48 -0.07 0.00 1.41 1.01 0.55 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.43 1.00 0.57 90 Day U.S. Treasury Bill 6.27 10.81 -1.02 1.19 -1.43 N/A -0.01 0.00 Performance Review As of March 31, 2022 American Core RE NONE Page 46 109 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Intercontinental 5.76 (75)16.07 (30)28.31 (46)15.47 (46)12.79 (29)12.05 (29)11.61 (29)z NCREIF Fund Index-OEDC (EW)7.97 (15)16.28 (29)29.84 (32)15.61 (44)12.05 (49)10.96 (59)10.39 (54)z Median 6.75 14.86 27.92 15.40 11.92 11.21 10.65 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnOct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Intercontinental 13.87 (71)4.41 (13)8.32 (21)11.40 (10)11.82 (6)13.30 (20)z NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)z Median 16.11 1.74 6.80 8.98 7.88 11.26 1 QtrEndingDec-2021 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 Intercontinental 9.75 (17)5.88 (72)4.40 (40)2.52 (36)0.48 (85)0.90 (28) NCREIF Fund Index-OEDC (EW)7.70 (44)6.96 (35)4.39 (41)2.28 (40)1.36 (59)0.57 (48) IM U.S. Open End Private Real Estate (SA+CF) Median 7.57 6.33 4.17 2.10 1.63 0.49 Performance Review As of March 31, 2022 Intercontinental NONE Page 47 110 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 18.0 Intercontinental (%)3.0 6.0 9.0 12.0 15.0 18.0 NCREIF Fund Index-OEDC (EW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 16 (80%)4 (20%)0 (0%)0 (0%)z NCREIF Fund Index-OEDC (EW)20 0 (0%)2 (10%)18 (90%)0 (0%)z 11.60 11.89 12.18 12.47 12.76 13.05 Return (%)5.58 5.67 5.76 5.85 5.94 6.03 6.12 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 12.79 5.59z NCREIF Fund Index-OEDC (EW)12.05 5.88z Median 11.92 6.00¾ 10.00 10.40 10.80 11.20 11.60 12.00 Return (%)4.32 4.40 4.48 4.56 4.64 4.72 4.80 4.88 4.96 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 11.61 4.42z NCREIF Fund Index-OEDC (EW)10.39 4.66z Median 10.65 4.82¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Intercontinental 2.38 102.00 1.54 2.20 0.28 2.00 0.87 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 1.79 1.00 0.74 90 Day U.S. Treasury Bill 6.10 6.58 -1.81 1.22 -1.79 N/A -0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 1.90 108.31 1.54 2.49 0.59 2.19 0.87 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 1.84 1.00 0.57 90 Day U.S. Treasury Bill 4.88 10.81 -1.81 1.57 -1.84 N/A -0.04 0.00 Performance Review As of March 31, 2022 Intercontinental NONE Page 48 111 Private Equity Summary of Partnership Partnerships Valuation Date Vintage Year Investment Strategy Capital Commitment $ Drawn Down $ Market Value $ Distributed $ IRR (%) TVPI Multiple ICM/PME Crescent Direct Lending Fund 03/31/2022 2014 Other 2,000,000 3,055,050 687,678 2,939,510 7.2 1.2 2.1 Crescent Direct Lending II Fund 03/31/2022 2017 Other 2,000,000 2,110,851 920,796 1,574,313 8.9 1.2 2.6 Private Equity Summary of Partnership Crescent Direct Lending Fund As of March 31, 2022 Page 49 112 Comparative Performance - IRR 1 Quarter Ending Dec-2021 1 Year Ending Dec-2021 2 Years Ending Dec-2021 3 Years Ending Dec-2021 4 Years Ending Dec-2021 5 Years Ending Dec-2021 Since Inception Ending Dec-2021 Inception Date Crescent Direct Lending Fund -0.63 7.17 3.83 5.35 6.05 6.90 7.19 10/14/2014 ICM/PME (Bloomberg Intermed Aggregate Index)-0.51 -1.37 2.63 4.37 2.97 2.78 2.30 Crescent Direct Lending II Fund 3.14 14.68 7.85 8.56 N/A N/A 8.92 03/13/2018 ICM/PME (Bloomberg Intermed Aggregate Index)-0.57 -1.49 2.58 3.54 N/A N/A 3.52 Winter Springs General Employees General Plan and Trust Comparative Performance - IRR As of March 31, 2022 Page 50 113 Fund Information Type of Fund:Direct Vintage Year:2014 Strategy Type:Other Management Fee:1.35% of invested equity capital Size of Fund:-Preferred Return:7.00% Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd. Final Close:9/5/2015 expected Number of Funds: Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$3,055,050 Management Fees:$70,322 Expenses:$203,423 Interest:- Total Contributions:$3,055,050 Remaining Capital Commitment:$182,930 Total Distributions:$2,939,510 Market Value:$687,678 Inception Date:10/14/2014 Inception IRR:7.2 TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $900,000.0 $1,800,000.0 $2,700,000.0 $3,600,000.0 ($900,000.0) 10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 3/22 Private Equity Fund Overview Crescent Direct Lending Fund As of March 31, 2022 Page 51 114 Fund Information Type of Fund:Direct Vintage Year:2017 Strategy Type:Other Management Fee:.75% Size of Fund:1,500,000,000 Preferred Return:7.00% Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC Final Close:Number of Funds: Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$2,110,851 Management Fees:$13,251 Expenses:$19,342 Interest:- Total Contributions:$2,110,851 Remaining Capital Commitment:$1,072,683 Total Distributions:$1,574,313 Market Value:$920,796 Inception Date:03/13/2018 Inception IRR:8.9 TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $600,000.0 $1,200,000.0 $1,800,000.0 $2,400,000.0 $3,000,000.0 ($600,000.0) 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 Private Equity Fund Overview Crescent Direct Lending II Fund As of March 31, 2022 Page 52 115 Total Fund Policy Allocation Mandate Weight (%) Jan-1976 S&P 500 Index 65.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 5.00 Oct-2003 S&P 500 Index 60.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 10.00 Sep-2006 S&P 500 Index 60.00 Bloomberg Intermed Aggregate Index 40.00 Oct-2009 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 25.00 MSCI EAFE Index 15.00 Bloomberg U.S. TIPS Index 5.00 NCREIF Property Index 5.00 Oct-2010 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 20.00 MSCI EAFE Index 15.00 Bloomberg U.S. TIPS Index 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Sep-2020 Russell 3000 Index 50.00 MSCI AC World ex USA (Net)15.00 Bloomberg Intermed Aggregate Index 15.00 Credit Suisse Leveraged Loan Index 4.00 Blmbg. U.S. TIPS 1-5 Year 3.00 Blmbg. Global Credit (Hedged)3.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 American Core Realty Policy Allocation Mandate Weight (%) Oct-2007 NCREIF Property Index 100.00 Oct-2010 NCREIF Fund Index-Open End Diversified Core (EW)100.00 Vanguard Total Stock Market Policy Allocation Mandate Weight (%) Jun-2003 MSCI US Broad Market Index 100.00 Feb-2013 CRSP U.S. Total Market TR Index 100.00 Benchmark History Investment Policy Benchmarks As of March 31, 2022 Page 53 116 Total Equity Policy Allocation Mandate Weight (%) Jan-1970 S&P 500 Index 90.00 MSCI EAFE Index 10.00 Oct-2003 S&P 500 Index 85.00 MSCI EAFE Index 15.00 Sep-2006 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 77.00 MSCI EAFE Index 23.00 Sep-2020 Russell 3000 Index 77.00 MSCI AC World ex USA (Net)23.00 Domestic Equity Securities Policy Allocation Mandate Weight (%) Jan-1926 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 100.00 Foreign Equity Policy Allocation Mandate Weight (%) Nov-2000 MSCI EAFE Index 100.00 Sep-2020 MSCI AC World ex USA (Net)100.00 Benchmark History Investment Policy Benchmarks As of March 31, 2022 Page 54 117 Total Fixed Policy Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Intermed Aggregate Index 100.00 Sep-2020 Bloomberg Intermed Aggregate Index 60.00 Credit Suisse Leveraged Loan Index 16.00 Bloomberg U.S. TIPS Index 12.00 Blmbg. Global Credit (Hedged)12.00 Broad Mkt Fixed Income Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Intermed Aggregate Index 100.00 Non-Core Fixed Policy Allocation Mandate Weight (%) Oct-2014 Credit Suisse Leveraged Loan Index 100.00 Dec-2016 Credit Suisse Leveraged Loan Index 50.00 Bloomberg U.S. TIPS Index 50.00 Mar-2018 Credit Suisse Leveraged Loan Index 41.00 Bloomberg U.S. TIPS Index 20.00 Blmbg. Global Credit (Hedged)39.00 Sep-2020 Credit Suisse Leveraged Loan Index 40.00 Bloomberg U.S. TIPS Index 30.00 Blmbg. Global Credit (Hedged)30.00 Benchmark History Investment Policy Benchmarks As of March 31, 2022 Page 55 118 Compliance ChecklistTotal FundAs of March 31, 2022Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7.4% actuarial earnings assumption over the trailing three and five year periods.2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.Equity Compliance:Yes No N/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.5. The total equity allocation was less than 75% of the total plan assets at market.6. Total foreign equity was less than 25% of the total plan assets at market.Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. All separately managed fixed income investments have a minimum rating of investment grade or higher.~~ 0.26 of bonds is rated BB, since this is below the threshold of #3. marked in complianceYes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period.  5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index. Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period.2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period.   4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index. VG Short BDIntercontinental PIMCO-3Manager Compliance:Vanguard Infl-prot.American REManager Compliance:Vanguard Total RBC Global GalliardBrandywinePage 56119 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.03 32,585,397 9,776 0.03 % of Assets Brandywine GLBL Dynamic (LMBGX)0.65 5,728,336 37,234 0.65 % of Assets Domestic Equity Securities 0.12 38,313,732 47,010 RBC Global (Voyageur)0.95 10,338,497 98,216 0.95 % of Assets Foreign Equity Securities 0.95 10,338,497 98,216 Galliard Core Fixed Income 0.25 8,271,876 20,680 0.25 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 3,771,180 3,771 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.07 1,654,371 1,158 0.07 % of Assets PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,831,040 14,465 0.79 % of Assets Crescent Direct Lending Fund 1.35 687,678 9,284 1.35 % of Assets Crescent Direct Lending II Fund 0.75 920,796 6,906 0.75 % of Assets Total Fixed Income 0.33 17,136,941 56,264 Intercontinental 1.10 4,680,642 51,487 1.10 % of Assets ARA Core Property Fund 1.10 1,301,179 14,313 1.10 % of Assets Direct Real Estate 1.10 5,981,821 65,800 Receipt & Disbursement 398,746 - Total Fund 0.37 72,169,735 267,289 Winter Springs General Employees General Plan and Trust Fee Analysis As of March 31, 2022 Page 57 120 Disclosures Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. Disclosures Total Fund As of March 31, 2022 Page 58 121 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 59122 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 60123 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.124