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Home My WebLink About2024 03 21 Board of Trustee Regular Meeting AgendaBOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, MARCH 21, 2024 - 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 REGULAR AGENDA - PART I Election for Chairperson of the Board of Trustees for Calendar Year 2024 Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2024 AWARDS AND PRESENTATIONS INFORMATIONAL AGENDA 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 Approval of the Thursday, November 9, 2023 Board of Trustees Regular Meeting Minutes 2023 11 09 BOT Regular Meeting Minutes.pdf PUBLIC HEARINGS AGENDA REGULAR AGENDA - PART II Quarterly Investment Return Report from AndCo Consulting 2023-12-31 Winter Springs General (Quarterly Report).pdf Consideration of Consent for Assignment of Investment Advisory Contract MW ltr And Co joins Mariner.pdf Mariner Fact Sheet_Final.pdf West, Dave-DJ-187-Winter Springs General (QAFN-Z) P.pdf 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 CONSENT AGENDA ITEM BOARD OF TRUSTEES AGENDA | MARCH 21, 2024 REGULAR MEETING TITLE Approval of the Thursday, November 9, 2023 Board of Trustees Regular Meeting Minutes SUMMARY FUNDING SOURCE RECOMMENDATION Staff recommends the Board approve the November 9, 2023 Minutes as presented 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 09, 2023 CALL TO ORDER Chairperson Greg Smith called the Regular Meeting of Thursday, November 9, 2023, of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Greg Smith, absent Vice-Chairperson Marco Santoro, present Board Member Michael Blake, absent Board Member Arif Fareed, present Board Member David Withee, present City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida Ms. Shelly Jones, Gabriel, Roeder, Smith & Company, 1 East Broward Boulevard, Suite 505, Fort Lauderdale, Florida Ms. Donna Bruno, Interim Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Vice-Chairperson Santoro led the Pledge of Allegiance. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Vice-Chairperson Santoro opened Public Input. No one addressed the Board. Vice-Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, August 10, 2023 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE." MOTION BY BOARD MEMBER WITHEE. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAREED (AYE); WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 5-0. 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMEBR 09, 2023 PAGE 2 OF 3 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 , PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA *The Agenda was discussed in the following order* 501) Quarterly Investment Return Report from AndCo Consulting Mr. West reviewed the “Asset Allocation Flash Report,” highlighted the investment environment over the last quarter, and expanded on numbers for various funds, cash flow, and asset allocation. *Board Member Blake left the meeting at 6:19 pm* Discussion followed on real estate investments, associated performance, valuation, and risks, investment strategies, and potential adjustments. MOTION TO ACCEPT THE REPORT AS PROVIDED BY DAVID WEST, WITH THE UNDERSTANDING THAT HE WILL PROVIDE ADDITIONAL RESEARCH AND RECOMMENDATIONS AT THE NEXT BOARD MEETING REGARDING PRIVATE INVESTMENT OPPORTUNITIES AND POTENTIALLY RESTRUCTURING THE INVESTMENT POLICY STATEMENT. MOTION BY BOARD MEMBER WITHEE. SECONDED BY VICE-CHAIR SANTORO. DISCUSSION VOTE: FAREED (AYE); WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 4-0 500) City of Winter Springs Defined Benefit Plan Experience Study for the Six Years Ended September 30, 2022 Ms. Jones reviewed the experience study and noted the review of demographic data to update assumptions. Discussion followed on retirement benefits, contributions, and the assumed rate of return. “MOTION TO ACCEPT THE ACTUARY'S RECOMMENDATIONS TO CHANGE SEVERAL ASSUMPTIONS IN THE NEXT ACTUARIAL VALUATION INCLUDING LOWERING THE INVESTMENT RETURN ASSUMPTION FROM 7% TO 6.75% AND SHORTENING THE AMORTIZATION PERIOD FROM 30 TO 25 YEARS.” MOTION BY BOARD MEMBER FAREED. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: FAREED (AYE; WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 4-0. Ms. Jones noted a discussion about a cash flow analysis and working with Staff to present a five-year cash flow analysis at the next meeting. Brief discussion followed. REPORTS Chairperson Greg Smith announced that he was resigning and this would be his last meeting. 6 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMEBR 09, 2023 PAGE 3 OF 3 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 , PUBLIC INPUT Chairperson Smith opened Public Input. No one addressed the Board. Chairperson Smith closed Public Input. ADJOURNMENT Chairperson Smith adjourned the Regular Meeting at 7:24 p.m. RESPECTFULLY SUBMITTED: _____________________________________ CHRISTIAN D. GOWAN, MPA CITY CLERK NOTE: These Minutes were approved at the___________________________, 2024 Board of Trustees Regular Meeting. 7 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="12/31/2023" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2023 Winter Springs General Employees Plan and Trust 8 4th Quarter 2023 Market Environment Page 1 9 The Market Environment Executive Summary As of December 31, 2023 The Economy The US Federal Reserve Bank (the Fed) paused on additional rate hikes during the fourth quarter. As evidenced by capital market performance during the quarter, the pause was welcomed by participants. The Fed continued to prioritize fighting higher inflation over full employment. In its press release for the December meeting, the Fed said that in determining the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. They also indicated the Committee will continue to reduce the holdings on its balance sheet. The Fed’s prolonged pause in its rate-hiking cycle and the insertion of the word “any” in its December press release gave the market hope that the Fed may be ready to pivot in its stance and begin reducing rates to a less restrictive level in 2024. Muted growth in the US labor market continued in December, as nonfarm payrolls increased by 216,000, and unemployment held steady at 3.7%. Unemployment was little changed over the last year, closing 2022 at a level of 3.5%. Equity (Domestic and International) US equities moved broadly higher during the fourth quarter, led by a broad recovery across multiple sectors and expectations of a more favorable interest rate environment. The S&P 500 Index rose 11.7% for the quarter, its best-performing period since the first quarter of 2021. Small-cap value (15.3%) was the best- performing segment of the domestic equity market during the quarter, while large- cap value (9.5%), though solid, was the weakest relative performer for the period. International stocks experienced robust growth during the year, helped by a weakening US Dollar (USD). USD performance outpaced local currency (LCL) performance in most regions for the quarter, though both benchmarks were positive as the USD traded lower during the period. Global GDP growth continued to face challenges despite falling energy prices. European growth remained under pressure amid hawkish central bank policies. China continued to face economic challenges and drag on growth in the region. Additionally, renewed conflicts in the Middle East weighed on performance for the region and threatened to be a headwind going into 2024. Fixed Income While economic data signaled that inflation continued to moderate, the Fed maintained its conviction in fighting inflation by keeping the fed funds rate unchanged during the quarter. Equity and fixed-income markets rallied on the hope that this could signal a pivot in the Fed’s policy stance in 2024. US Government securities were the lowest relative performing US Aggregate Bond sector during the quarter, but bond returns surged as longer maturity yields fell significantly. Credit spreads also narrowed during the quarter, lifting performance for non-government sectors. Lower quality investment grade corporate bonds outperformed higher quality corporate issues, aided by narrowing credit spreads as well as higher coupons. Although the high yield bond benchmark’s duration is almost half of the US Aggregate Bond index’s duration, the high yield index managed to edge out the bellwether bond benchmark for the quarter. Global bonds outpaced the domestic bond market with the Global Aggregate ex-US Index besting the US Aggregate Index by 2.4% due to USD weakness. This brought results for the full year slightly ahead of the domestic bond market. Market Themes Central banks remained vigilant in their stance against inflation going into the new year. Signs of cooling price pressures have shown up in most regions around the world, and many central banks have chosen to pause on their rate hiking cycle, much in line with the US Fed’s stance. Geopolitical risk around the world continues to be a headwind for global growth and economic stability. In addition to the conflict in Ukraine, a proxy war arose in the Middle East in October between Israel and Palestine, which could drag on performance in the region in quarters to come. Short-term interest rates remained consistent across most developed markets as central banks continued their tight policy stance with an eye towards potential rate cuts in the indeterminate future. 2023 closed with both US and international equity markets affirming their recovery from the disappointing performance of 2022. Growth sectors significantly outpaced value sectors during the year. Page 2 10 The Market Environment Major Market Index Performance As of December 31, 2023 Domestic equity market performance surged in the fourth quarter. Many of the challenges facing the U.S. economy over the past several quarters have begun to wane and forecasts for easing inflation and positive economic growth have been a growing consensus. For the period, the S&P 500 large-cap benchmark returned 11.7% versus 12.8% for the Russell Mid Cap Index and 14.0% for the Russell 2000 small-cap index. International developed and emerging market equities also delivered strong results. Europe continued to face geopolitical risks related to the conflict in Ukraine and elevated interest rates. The developed market MSCI EAFE Index returned 10.4% for the quarter and the MSCI Emerging Markets Index rose by 7.9%. The domestic bond market rallied during the final two months of the year as the Fed took on a more dovish tone at their recent meetings. The Bloomberg US Aggregate Index returned 6.8% for the period, while investment-grade corporate bonds beat out the government and securitized sectors with a gain of 8.5%. During the 2023 calendar year, US equity markets posted their strongest performance since 2021. The large-cap S&P 500 Index finished 2023 with an exceptional 26.3% return. The weakest relative performance for the year was from the Russell 2000 Index, which still climbed 16.9%. International markets also reverted from their poor performance of the year prior. The MSCI EAFE Index was the best international index performer, returning 18.2%, while the MSCI Emerging Markets Index added a more tempered, but still solid, 9.8%. Bond markets were broadly higher for the year. Investment-grade corporate bonds were the best-performing sector of the US Aggregate Index and gained 8.5% for the year. Treasuries lagged at 4.1% during the year but were still a welcome relief from 2022’s negative bond market results. The bellwether fixed- income benchmark, the Bloomberg US Aggregate Index, climbed 5.5% in 2023. Source: Investment Metrics 1.4% 8.5% 7.5% 4.7% 5.6% 6.8% 7.9% 10.4% 9.8% 14.0% 12.8% 12.0% 12.1% 11.7% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0% Quarter Performance 5.2% 8.5% 5.0% 3.9% 4.1% 5.5% 9.8% 18.2% 15.6% 16.9% 17.2% 26.5% 26.0% 26.3% 0.0%5.0%10.0%15.0%20.0%25.0%30.0% 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 Page 3 11 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31, 2023 After softening in the third quarter, core domestic equity benchmarks finished 2023 on a strong note. Increasing optimism regarding taming inflation and future economic growth were the primary factors driving performance during the quarter. While the global economy still faces geopolitical risk in the Middle East and Eastern Europe, the US economy remains resilient heading into 2024. The small-cap Russell 2000 Index (14.0%) led results this quarter among the core capitalization-based benchmarks, besting both the mid-cap (12.8%) and large- cap (12.0%) indices. Growth was favored over value across the broad market as the Russell 3000 Growth Index outpaced its value counterpart by 4.3%. However, among small-cap stocks, value led the way with the Russell 2000 Value Index returning 15.3%. The Russell 2000 Growth Index was not far behind, gaining 12.7% for the quarter. Outside of small cap, growth stocks broadly outperformed their value counterparts by a sizable margin for the quarter. This continued a persistent theme for 2023 of growth-based benchmark outperformance. Despite these differentials, the large-, mid-, and small-cap value benchmarks each posted solid performance for the quarter with the Russell 2000 Value Index posting a chart- leading return of 15.3%. The broad rally in domestic equity markets during the fourth quarter contributed to a strong year of index results. Within large-cap stocks, the Russell 1000 Growth Index returned an exceptional 42.7% for the year, leading the way among style and market capitalization-based benchmark results. The lowest relative performing equity index was the Russell 1000 Value, but still posted a double-digit return of 11.5% for the year. Growth rebounded during 2023 and led value-based benchmarks at all market capitalization ranges for the year. The Russell 2000 Growth Index returned 18.7%, outpacing the Russell 2000 Value Index’s 14.6% return by a span of 4.1%. The Russell 1000 Growth and Russell Midcap Growth benchmarks gained 42.7% and 25.9%, respectively, while their corresponding value index counterparts returned solid, but lagging, performance of 11.5% and 12.7%, respectively. 12.7% 14.0% 15.3% 14.5% 12.8% 12.1% 14.2% 12.0% 9.5% 14.1% 12.1% 9.8% 0.0%3.0%6.0%9.0%12.0%15.0%18.0% 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 18.7% 16.9% 14.6% 25.9% 17.2% 12.7% 42.7% 26.5% 11.5% 41.2% 26.0% 11.7% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0% 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 Page 4 12 The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2023 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. Large-cap sector performance was generally positive for the fourth quarter. Ten of 11 economic sectors posted positive absolute performance for the quarter, with five sectors outpacing the return of the Russell 1000 Index. After being challenged by rapidly rising inflation and an uncertain growth trajectory in 2022, the information technology sector rebounded significantly during 2023, ending the year with an impressive 17.3% return in the fourth quarter. The other four sectors that outpaced the headline index's return for the quarter were consumer discretionary (12.6%), financials (14.4%), industrials (13.5%) and real estate (18.0%). Energy was the only sector to lose ground for the quarter, returning -6.6%. For the full year, just three economic sectors exceeded the return of the broad large-cap benchmark but nine of the 11 sectors posted positive performance. Performance in the Information technology (60.5%), communication services (54.1%), and consumer discretionary (41.7%) sectors made the greatest contributions to the index’s 26.5% return during the year. The weakest economic sector in the Russell 1000 for the year was utilities, which declined by -7.0%. Ten small-cap economic sectors posted positive results during the quarter while six of 11 sectors exceeded the 14.0% return of the Russell 2000 Index. Performance in the financials (24.5%) sector led the way for the quarter while the energy (-6.0%) was the only sector to post a negative result. Like large-cap sector performance over the trailing year, ten small-cap sectors were positive. Consumer discretionary (27.7%) posted the strongest sector result, with honorable mentions going to the industrials and information technology sectors, which each returned more than 20% for the year. Seven of the 11 economic sectors fell short of the core small-cap benchmark’s return of 16.9% for the year. The worst-performing sector for the year was utilities, which slid -6.9% and was the only sector to post a negative return for 2023. -7.0% 12.2% 13.2% 60.5% 21.2% 2.2% 16.8% -1.3% 1.1% 41.7% 54.1% 8.8% 18.0% 10.4% 17.3% 13.5% 6.6% 14.4% -6.6% 5.4% 12.6% 11.5% -10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Utilities (2.3%) Real Estate (2.7%) Materials (2.3%) Info Technology (28.4%) Industrials (8.9%) Health Care (12.9%) Financials (12.6%) Energy (4.4%) Consumer Staples (6.1%) Consumer Disc (10.8%) Comm Services (8.4%) Russell 1000 Quarter 1-Year -6.9%13.7% 15.7% 27.6% 26.7% 8.1% 11.1% 11.6% 19.0% 27.7% 8.0% 6.9% 15.9% 16.0% 12.0% 13.8% 16.1% 24.5% -6.0% 14.7% 15.9% 11.3% -10.0%0.0%10.0%20.0%30.0% Utilities (2.9%) Real Estate (7.3%) Materials (4.8%) Info Technology (15.8%) Industrials (15.5%) Health Care (14.6%) Financials (14.3%) Energy (8.0%) Consumer Staples (4.3%) Consumer Disc (10.3%) Comm Services (2.1%) Russell 2000 Quarter 1-Year Page 5 13 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2023 Source: Morningstar Direct Top 10 Weighted StocksTop 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Information Technology246.2%3.7%0.5%Super Micro Computer IncInformation Technology49.0%12.6%6.5%Apple Inc Industrials125.3%32.4%0.3%Simpson Manufacturing Co IncInformation Technology58.2%19.3%6.4%Microsoft Corp Consumer Staples161.0%31.4%0.3%e.l.f. Beauty IncConsumer Discretionary80.9%19.5%3.1%Amazon.com Inc Health Care82.2%183.4%0.3%Cytokinetics IncInformation Technology239.0%13.9%2.7%NVIDIA Corp Information Technology346.2%92.4%0.3%MicroStrategy Inc Class ACommunication Services58.3%6.7%1.9%Alphabet Inc Class A Industrials60.3%22.9%0.3%UFP Industries IncCommunication Services194.1%17.9%1.8%Meta Platforms Inc Class A Consumer Discretionary40.1%15.1%0.3%Light & Wonder Inc Ordinary SharesCommunication Services58.8%6.9%1.6%Alphabet Inc Class C Information Technology124.6%19.9%0.3%Onto Innovation IncConsumer Discretionary101.7%-0.7%1.6%Tesla Inc Information Technology90.5%22.3%0.3%Rambus IncFinancials15.5%1.8%1.5%Berkshire Hathaway Inc Class B Consumer Staples116.2%34.4%0.3%BellRing Brands Inc Class AHealth Care60.9%8.7%1.1%Eli Lilly and Co Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Health Care10.2%374.8%0.0%Nkarta Inc Ordinary SharesFinancials391.4%131.6%0.1%Coinbase Global Inc Ordinary Shares Health Care-31.6%332.7%0.0%Altimmune IncFinancials408.2%131.0%0.0%Affirm Holdings Inc Ordinary Shares Health Care32.1%210.2%0.0%ALX Oncology Holdings IncConsumer Discretionary96.8%99.6%0.0%Gap Inc Health Care341.9%203.7%0.0%Pulse Biosciences IncIndustrials7.4%96.9%0.0%Spirit AeroSystems Holdings Inc Health Care-1.0%197.0%0.0%ImmunityBio Inc Ordinary SharesHealth Care61.1%87.2%0.0%Karuna Therapeutics Inc Information Technology440.7%189.5%0.1%Cleanspark IncFinancials106.9%77.0%0.0%Rocket Companies Inc Ordinary Shares Health Care560.3%189.2%0.0%EyePoint Pharmaceuticals IncFinancials23.1%74.8%0.1%Block Inc Class A Health Care82.2%183.4%0.3%Cytokinetics IncConsumer Discretionary1.6%74.8%0.0%Macy's Inc Health CareN/A180.0%0.0%RayzeBio incInformation Technology88.1%62.8%0.0%SentinelOne Inc Class A Information Technology586.8%176.4%0.2%Marathon Digital Holdings IncCommunication Services-0.5%61.9%0.0%Frontier Communications Parent Inc Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Health Care-92.5%-92.9%0.0%Ventyx Biosciences IncIndustrials-75.4%-52.9%0.0%ChargePoint Holdings Inc Energy-98.1%-86.7%0.0%Enviva IncIndustrials-63.6%-40.8%0.0%Plug Power Inc Health Care-93.3%-84.7%0.0%Aclaris Therapeutics IncHealth Care-54.2%-34.5%0.0%Maravai LifeSciences Holdings Inc Industrials-87.7%-83.5%0.0%Li-Cycle Holdings Corp OrdinaryHealth Care-3.5%-29.9%0.0%R1 RCM Inc Health CareN/A-83.1%0.0%Ocean Biomedical IncHealth Care-22.2%-29.3%0.0%Agilon Health Inc Health Care-31.3%-79.0%0.0%Reneo Pharmaceuticals IncInformation Technology-25.1%-24.9%0.0%BILL Holdings Inc Ordinary Shares Communication Services-90.8%-77.1%0.0%Charge Enterprises IncConsumer Discretionary-38.4%-24.7%0.0%Lucid Group Inc Shs Health Care-95.7%-76.9%0.0%Cano Health Inc Ordinary Shares Communication Services-83.0%-23.4%0.0%AMC Entertainment Holdings Inc Health Care-86.4%-76.5%0.0%CareMax Inc Ordinary Shares Consumer Discretionary-66.7%-22.7%0.0%Petco Health and Wellness Co Inc Industrials-77.8%-74.5%0.0%Velo3D IncConsumer Discretionary-12.0%-21.6%0.0%Hasbro Inc Page 6 14 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2023 The fourth quarter ended with strong performance across international equity markets in both in LCL and USD terms. The USD weakened substantially against most non-US currencies for the quarter, which boosted USD index performance relative to LCL returns. The developed market MSCI EAFE Index gained 10.4% in USD and 5.0% in LCL terms for the quarter. The MSCI Emerging Markets Index rose 7.9% in USD and a lower 5.6% in LCL terms. Latin America (LATAM) continued to lead the way, closing out 2023 with a quarterly return of 17.6% in USD terms. Performance in the region was driven by strong demand for commodity exports from growing worldwide production along with a USD performance boost due to LCL strength in the region. The performance of the largest weighted country in the emerging market index (China, 26.7%) lagged during the year with a return of -4.4% for the fourth quarter and -13.3% for the year in USD terms. Investors have struggled to accurately forecast the pace of China’s recovery after its economic reopening from COVID-19 lockdowns, which led to a flurry of spending that has since cooled. Similar to domestic markets, results for international developed and emerging markets were much stronger in 2023 after inflationary pressures and geopolitical risks stunted growth in 2022. Much of the strong USD performance in late 2022 abated in 2023 with many of the international indices showcasing modestly stronger performance in USD terms. Annual returns across emerging markets were bifurcated. The LATAM index finished significantly ahead of the other regional indexes in USD terms, with strengthening currencies contributing significantly to the region’s strong performance. The LATAM index returned 32.7% in USD and 20.8% in LCL terms for year. Performance in the EM Asia regional benchmark detracted from the emerging market index, with the EM Asia index posting returns of 7.8% in USD and 8.4% in LCL terms versus an overall MSCI Emerging Markets index return of 9.8% and 9.9% in USD and LCL terms, respectively. The EMEA, Asia and Pacific regions saw local currencies depreciate overall in 2023 due to factors related to additional military conflicts in the region and China’s sluggish growth. 14.3% 4.4% 6.8% 5.6% 3.7% 5.6% 5.0% 5.3% 5.4% 17.6% 6.7% 8.4% 7.9% 9.3% 11.0% 10.4% 10.5% 9.8% 0.0%5.0%10.0%15.0%20.0% 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 20.8% 8.4% 11.9% 9.9% 20.1% 14.3% 16.2% 15.8% 14.1% 32.7% 7.8% 8.2% 9.8% 15.3% 19.8% 18.2% 17.9% 15.6% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0% 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 15 The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2023 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. 1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE 13.1%8.9%4.1%Communication Services 21.7%8.0%11.8%Consumer Discretionary 4.5%5.2%9.3%Consumer Staples 12.5%0.4%4.3%Energy 18.8%10.0%18.9%Financials 9.3%4.9%12.8%Health Care 27.6%14.3%16.4%Industrials 36.4%21.3%8.6%Information Technology 19.9%17.1%7.8%Materials 9.1%14.9%2.5%Real Estate 17.0%14.0%3.5%Utilities 18.2%10.4%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS 5.7%4.7%5.2%Communication Services 12.7%5.7%11.5%Consumer Discretionary 4.9%5.6%8.0%Consumer Staples 15.0%2.3%5.6%Energy 16.2%10.1%21.2%Financials 8.0%5.2%9.3%Health Care 23.2%12.8%13.4%Industrials 36.3%20.0%12.5%Information Technology 12.2%12.5%8.0%Materials 5.3%11.1%2.1%Real Estate 12.0%13.6%3.2%Utilities 15.6%9.8%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt -1.1%0.1%8.8%Communication Services -3.4%0.8%12.8%Consumer Discretionary 4.2%6.1%6.0%Consumer Staples 26.8%6.7%5.1%Energy 11.5%8.3%22.3%Financials -1.3%7.3%3.8%Health Care 5.4%6.3%6.8%Industrials 32.3%17.8%22.1%Information Technology 1.5%6.8%7.9%Materials -7.1%-0.2%1.6%Real Estate 2.0%12.8%2.7%Utilities 9.8%7.9%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 17.8%8.0%14.4%22.5%Japan 9.5%6.1%9.5%14.7%United Kingdom 18.8%10.1%7.7%12.1%France 13.4%10.1%6.4%10.0%Switzerland 19.9%13.0%5.5%8.6%Germany 10.0%14.5%4.9%7.6%Australia 23.7%19.6%3.0%4.6%Netherlands 29.7%12.2%2.2%3.3%Denmark 21.0%20.9%2.1%3.2%Sweden 28.2%11.3%1.7%2.7%Spain 31.7%11.9%1.7%2.6%Italy -17.8%2.9%1.4%2.2%Hong Kong 0.4%3.8%0.9%1.4%Singapore -8.2%8.8%0.7%1.1%Finland 4.1%6.1%0.6%1.0%Belgium 9.3%9.0%0.4%0.7%Israel -0.4%2.2%0.4%0.7%Norway 22.9%6.2%0.3%0.5%Ireland 5.1%15.0%0.1%0.2%Portugal 3.4%14.4%0.1%0.2%New Zealand 12.8%9.6%0.1%0.2%Austria 18.2%10.4%64.3%100.0%Total EAFE Countries 12.6%10.6%7.7%Canada 17.9%10.5%72.0%Total Developed Countries -13.3%-4.4%7.5%China 19.6%11.6%4.7%India 26.9%17.2%4.5%Taiwan 21.7%14.7%3.6%Korea 23.4%15.8%1.6%Brazil 7.2%8.5%1.2%Saudi Arabia -1.6%12.1%0.9%South Africa 36.2%16.9%0.8%Mexico 3.3%1.7%0.5%Indonesia -12.6%3.6%0.5%Thailand -7.2%4.2%0.4%Malaysia -3.0%-3.2%0.4%United Arab Emirates 45.0%37.7%0.3%Poland -2.9%4.7%0.3%Qatar -10.4%-0.3%0.2%Kuwait -8.9%-12.5%0.2%Turkey 1.7%6.1%0.2%Philippines -1.2%6.2%0.1%Chile 44.2%11.7%0.1%Greece 30.2%22.8%0.1%Peru 45.5%17.0%0.1%Hungary 22.4%4.6%0.0%Czech Republic 2.3%12.8%0.0%Colombia 37.7%20.2%0.0%Egypt 9.8%7.9%28.0%Total Emerging Countries 15.6%9.8%100.0%Total ACWIxUS Countries Page 8 16 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2023 Fixed-income markets rallied during the fourth quarter. Yields remained elevated for much of the year as economies across the globe attempted to stave off inflationary pressures. A five-month-long pause in rate hikes by the Fed coupled with expectations of cooler price pressures drove a rally in bonds globally. After a challenging 2022 in fixed-income markets brought on by the largest and most rapid increase in interest rates since the early 1980s, higher starting yields and a slower pace of rate increases led to better results in 2023. While not without its challenges during the year, the fourth-quarter’s rally helped some of the fixed income sectors realize their best calendar-year performance since prior to the COVID-19 pandemic. The Bloomberg US Aggregate Bond Index, the bellwether US investment grade benchmark, posted its best-performing quarter of the year to close out 2023, returning 6.8% for the period. Performance across the investment grade index’s segments was broadly higher during the period with the Bloomberg US Corporate Investment Grade Index returning 8.5%, the US Mortgage Index finishing slightly lower at 7.5% and the US Treasury sector returning a more modest, but still solid, 5.7% for the quarter. Outside of the aggregate index's sub-components, high-yield bonds continued their strong performance for the year with a return of 7.2% for the quarter as credit spreads narrowed by more than 1.0%. US TIPS gained 4.7% for the quarter, lagging most of the fixed-income market. The Bloomberg Global Aggregate ex-US Index outpaced the domestic indices during the quarter, returning a strong 9.2%. Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a return of 5.5%. The Corporate Investment-grade sector outperformed the broader index during the year, gaining 8.5%. US TIPS, which are excluded from the aggregate index, lagged at just 3.9% for the year. High-yield corporate bonds, which have a much shorter duration, outpaced their investment grade counterparts with the Bloomberg US High Yield Index returning a strong 13.4% for the calendar year. Non-US bonds exceeded their domestic counterparts for the quarter, lifting the 5.7% return of the Bloomberg Global Aggregate ex-US Index past the 5.5% return of US Aggregate Index for the year. Rising interest rates, elevated inflation, and geopolitical risks have hindered non-US index performance. Some of those headwinds eased in the fourth quarter, contributing to the index’s positive performance for the calendar year. 8.1% 9.2% 5.5% 6.8% 8.8% 8.1% 6.4% 4.7% 4.7% 7.2% 8.5% 7.5% 5.7% 0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.5) Aggregate (6.2) Baa (7.0) A (7.1) AA (6.1) AAA (4.3) U.S. TIPS (5.9) U.S. High Yield (3.2) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.2) Quarter Performance 6.0% 5.7% 5.2% 5.5% 9.4% 7.7% 5.8% 4.4% 3.9% 13.4% 8.5% 5.0% 4.1% 0.0%3.0%6.0%9.0%12.0%15.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.5) Aggregate (6.2) Baa (7.0) A (7.1) AA (6.1) AAA (4.3) U.S. TIPS (5.9) U.S. High Yield (3.2) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.2) 1-Year Performance Page 9 17 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2023 The gray band across the graph illustrates the range of the fed funds target rate. The Fed last raised its rate range at the July 2023 meeting. The lower end of the range remained at 5.25% at year-end. The Fed’s decision to pause on additional rate increases for the remainder of 2023 and took on a more dovish tone in their December press release, which was well-received by market participants. The yield on the US 10-year Treasury (green line) exceeded 5.00% during the final week of October, its highest mark since July 2007. However, the benchmark yield proceeded to fall more than 1.00% over the final two months of the year, with the 10-Year Treasury finishing the year at a yield of 3.88%. The sharp decline in yields was likely a response to market participants anticipating rate cuts by the Fed in 2024. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread) for lower-quality investment-grade corporate bonds. This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating. For the full calendar year, the spread narrowed 0.44% from 1.73% to 1.29%, signaling a lower premium for credit risk than the beginning of the year. High Yield OAS spreads have narrowed from 4.81% in January 2023 to 3.39% as of the end of 2023. High-yield spreads reached their widest point in March 2023, before trending lower for the remainder of the year. The spike in both the BAA OAS and High Yield spreads in March was a result of a short-lived crisis of confidence in the banking sector, which was addressed quickly by the Federal Deposit Insurance Corporation (FDIC) and supported further by the Fed's aggressive short-term par loan program. Though spreads tightened since the high, spreads traded slightly wider during October on the heels of a spark in the conflict between Israel and Palestine. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. Short-term yields rose modestly during the year and remained elevated. Despite this, both intermediate and longer-term yields are lower than they were at the end of the third quarter. Since September, the yield curve has further inverted (meaning that short-term rates are higher than long-term rates) between the two-and 10-year maturities. This is consistent with market expectations for a lower interest rate environment going forward. Since the Fed generally lowers rates to support economic growth, a persistent inversion of these two key rates has historically suggested an economic recession within six to 24 months, though this is an imprecise predictor of future economic growth.0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 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 3/31/2023 6/30/2023 9/30/2023 12/31/2023 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 10 18 Page Intentionally Left Blank Page 1119 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 $579,865.9 (0.8%) Direct Real Estate $5,080,917.1 (7.1%) Non-Core Fixed Income $6,009,494.5 (8.4%) Broad Mkt Fixed Income $9,627,095.5 (13.5%) Foreign Equity Securities $11,277,802.8 (15.8%) Domestic Equity Securities $38,902,252.6 (54.4%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 71,477,428 100.0 N/A N/A 100.0 Domestic Equity Securities 38,902,253 54.4 45.0 55.0 50.0 Foreign Equity Securities 11,277,803 15.8 10.0 20.0 15.0 Broad Mkt Fixed Income 9,627,095 13.5 10.0 30.0 15.0 Non-Core Fixed Income 6,009,495 8.4 0.0 20.0 10.0 Direct Real Estate 5,080,917 7.1 0.0 15.0 10.0 Receipt & Disbursement 579,866 0.8 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of December 31, 2023 Page 12 20 Asset Allocation By Segment as of September 30, 2023 : $65,850,005 Asset Allocation By Segment as of December 31, 2023 : $71,477,428 Allocation Segments Market Value Allocation Domestic Equity 34,681,685 52.7¢ Foreign Equity 10,064,366 15.3¢ Broad Mkt Fixed Income 9,180,473 13.9¢ Non-Core Fixed Income 5,743,298 8.7¢ Real Estate 5,397,010 8.2¢ Cash Equivalent 783,173 1.2¢ Allocation Segments Market Value Allocation Domestic Equity 38,902,253 54.4¢ Foreign Equity 11,277,803 15.8¢ Broad Mkt Fixed Income 9,627,095 13.5¢ Non-Core Fixed Income 6,009,495 8.4¢ Real Estate 5,072,511 7.1¢ Cash Equivalent 588,272 0.8¢ Asset Allocation Summary Total Fund As of December 31, 2023 NONE Page 13 21 Asset Allocation By Manager as of Sep-2023 : $65,850,005 Asset Allocation By Manager as of Dec-2023 : $71,477,428 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)34,681,685 52.7¢ RBC Global (Voyageur)10,064,366 15.3¢ Galliard Core Fixed Income 9,180,473 13.9¢ Intercontinental 4,263,294 6.5¢ Vanguard Short Term Bond Index (VSCSX)1,757,321 2.7¢ PIMCO Diversified Income Fund Instl (PDIIX)1,738,815 2.6¢ Vanguard Inflation-Protected Secs (VAIPX)1,282,112 1.9¢ ARA Core Property Fund 1,142,280 1.7¢ Crescent Direct Lending II Fund 816,893 1.2¢ Receipt & Disbursement 774,609 1.2¢ Crescent Direct Lending Fund 148,157 0.2¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)38,902,253 54.4¢ RBC Global (Voyageur)11,277,803 15.8¢ Galliard Core Fixed Income 9,627,095 13.5¢ Intercontinental 4,017,997 5.6¢ PIMCO Diversified Income Fund Instl (PDIIX)1,874,665 2.6¢ Vanguard Short Term Bond Index (VSCSX)1,834,546 2.6¢ Vanguard Inflation-Protected Secs (VAIPX)1,355,536 1.9¢ ARA Core Property Fund 1,062,920 1.5¢ Crescent Direct Lending II Fund 821,092 1.1¢ Receipt & Disbursement 579,866 0.8¢ Crescent Direct Lending Fund 123,655 0.2¢ Asset Allocation Summary Total Fund As of December 31, 2023 NONE Page 14 22 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 12/21 9/22 12/23 Historical Asset Allocation by Segment Total Fund October 1, 2007 To December 31, 2023 Page 15 23 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 84.0 Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Portfolio 54.43 (11)15.78 (38)2.62 (78)17.93 (76)1.32 (94)7.11 (59)0.81 (74)z 5th Percentile 59.89 24.23 28.09 67.25 37.51 14.14 11.08 1st Quartile 50.32 17.70 12.46 32.41 20.67 10.14 2.90 Median 41.81 14.55 4.95 24.07 11.18 8.06 1.63 3rd Quartile 30.01 11.22 2.79 18.01 4.82 5.40 0.80 95th Percentile 14.36 5.61 0.87 11.01 1.19 2.13 0.06 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of December 31, 2023 Page 16 24 Historical Asset Allocation by Portfolio Dec-2023 Sep-2023 Jun-2023 Mar-2023 Dec-2022 ($)%($)%($)%($)%($)% Total Equity 50,180,055 70.20 44,746,051 67.95 46,124,932 67.59 44,147,157 66.60 41,947,038 65.91 Domestic Equity Securities 38,902,253 54.43 34,681,685 52.67 35,861,380 52.55 34,078,657 51.41 32,733,917 51.43 Vanguard Total Stock Market (VITSX)38,902,253 54.43 34,681,685 52.67 35,861,380 52.55 34,078,657 51.41 32,733,917 51.43 Foreign Equity Securities 11,277,803 15.78 10,064,366 15.28 10,263,553 15.04 10,068,500 15.19 9,213,121 14.48 RBC Global (Voyageur)11,277,803 15.78 10,064,366 15.28 10,263,553 15.04 10,068,500 15.19 9,213,121 14.48 Total Fixed Income 15,636,590 21.88 14,923,771 22.66 15,529,814 22.76 15,781,521 23.81 15,204,597 23.89 Galliard Core Fixed Income 9,627,095 13.47 9,180,473 13.94 9,268,068 13.58 9,316,260 14.05 9,102,751 14.30 Vanguard Short Term Bond Index (VSCSX)1,834,546 2.57 1,757,321 2.67 2,253,092 3.30 2,251,728 3.40 1,225,688 1.93 Vanguard Inflation-Protected Secs (VAIPX)1,355,536 1.90 1,282,112 1.95 1,317,009 1.93 1,347,244 2.03 1,900,883 2.99 PIMCO Diversified Income Fund Instl (PDIIX)1,874,665 2.62 1,738,815 2.64 1,757,665 2.58 1,742,371 2.63 1,697,971 2.67 Crescent Direct Lending Fund 123,655 0.17 148,157 0.22 142,435 0.21 349,156 0.53 481,249 0.76 Crescent Direct Lending II Fund 821,092 1.15 816,893 1.24 791,544 1.16 774,763 1.17 796,053 1.25 Direct Real Estate 5,080,917 7.11 5,405,574 8.21 5,484,625 8.04 5,810,404 8.77 6,043,580 9.50 ARA Core Property Fund 1,062,920 1.49 1,142,280 1.73 1,180,238 1.73 1,219,635 1.84 1,274,477 2.00 Intercontinental 4,017,997 5.62 4,263,294 6.47 4,304,387 6.31 4,590,769 6.93 4,769,103 7.49 Receipt & Disbursement 579,866 0.81 774,609 1.18 1,104,087 1.62 547,838 0.83 451,363 0.71 Total Fund Portfolio 71,477,428 100.00 65,850,005 100.00 68,243,459 100.00 66,286,919 100.00 63,646,577 100.00 Asset Allocation Asset Allocation History By Portfolio As of December 31, 2023 Page 17 25 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 38,902,253 77.53 11,277,803 22.47 --------50,180,055 70.20 Domestic Equity Securities 38,902,253 100.00 ----------38,902,253 54.43 Vanguard Total Stock Market (VITSX)38,902,253 100.00 ----------38,902,253 54.43 Foreign Equity Securities --11,277,803 100.00 --------11,277,803 15.78 RBC Global (Voyageur)--11,277,803 100.00 --------11,277,803 15.78 Total Fixed Income ----9,627,095 61.57 6,009,495 38.43 ----15,636,590 21.88 Galliard Core Fixed Income ----9,627,095 100.00 ------9,627,095 13.47 Vanguard Short Term Bond Index (VSCSX)------1,834,546 100.00 ----1,834,546 2.57 Vanguard Inflation-Protected Secs (VAIPX)------1,355,536 100.00 ----1,355,536 1.90 PIMCO Diversified Income Fund Instl (PDIIX)------1,874,665 100.00 ----1,874,665 2.62 Crescent Direct Lending Fund ------123,655 100.00 ----123,655 0.17 Crescent Direct Lending II Fund ------821,092 100.00 ----821,092 1.15 Direct Real Estate --------5,072,511 99.83 8,406 0.17 5,080,917 7.11 ARA Core Property Fund --------1,054,514 99.21 8,406 0.79 1,062,920 1.49 Intercontinental --------4,017,997 100.00 --4,017,997 5.62 Receipt & Disbursement ----------579,866 100.00 579,866 0.81 Total Fund Portfolio 38,902,253 54.43 11,277,803 15.78 9,627,095 13.47 6,009,495 8.41 5,072,511 7.10 588,272 0.82 71,477,428 100.00 Asset Allocation Asset Allocation History By Portfolio As of December 31, 2023 Page 18 26 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 -$8,000,000.0Market 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 10/21 7/22 4/23 12/23 $1 7 ,3 3 8 ,9 4 9 .1 $71,477,428.3 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Dec-2023 16,259,673 1,079,277 54,138,479 71,477,428 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To December 31, 2023 Page 19 27 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)9.04 (23)9.04 (23)16.53 (10)6.05 (13)10.36 (6)9.08 (8)8.15 (5)6.61 (32)11/01/2000 Total Fund Policy 8.20 (43)8.20 (43)15.36 (18)5.22 (25)10.07 (10)8.76 (14)7.92 (8)6.28 (49) Difference 0.84 0.84 1.17 0.83 0.29 0.32 0.23 0.33 All Public Plans-Total Fund Median 7.97 7.97 12.94 4.15 8.83 7.74 6.78 6.26 Total Fund (Gross)9.00 9.00 16.68 6.29 10.63 9.37 8.45 7.15 11/01/2000 Total Fund Policy 8.20 8.20 15.36 5.22 10.07 8.76 7.92 6.28 Difference 0.80 0.80 1.32 1.07 0.56 0.61 0.53 0.87 Total Equity 12.15 12.15 25.21 8.82 14.27 12.07 10.44 7.94 01/01/2001 Total Equity Policy 11.54 11.54 23.54 6.97 13.30 11.33 9.76 6.81 Difference 0.61 0.61 1.67 1.85 0.97 0.74 0.68 1.13 Domestic Equity Securities 12.17 (30)12.17 (30)26.04 (37)9.88 (44)16.12 (25)13.53 (30)11.96 (40)8.40 (33)11/01/2000 Domestic Equity Securities Policy 12.07 (31)12.07 (31)25.96 (38)8.54 (69)15.16 (48)12.81 (56)11.48 (62)7.22 (95) Difference 0.10 0.10 0.08 1.34 0.96 0.72 0.48 1.18 IM U.S. Large Cap Core Equity (SA+CF) Median 11.56 11.56 24.42 9.47 15.09 12.98 11.76 8.07 Foreign Equity Securities 12.08 (6)12.08 (6)22.50 (13)5.25 (56)8.16 (58)7.43 (48)5.68 (25)6.34 (63)11/01/2000 Foreign Equity Securities Policy 9.75 (32)9.75 (32)15.62 (82)1.55 (85)7.01 (83)6.24 (73)3.96 (82)4.51 (100) Difference 2.33 2.33 6.88 3.70 1.15 1.19 1.72 1.83 IM International Large Cap Value Equity (SA+CF) Median 8.85 8.85 19.18 6.14 8.50 7.40 5.06 6.60 Total Fixed Income 5.20 5.20 6.75 -0.08 2.96 3.08 3.11 4.44 11/01/2000 Total Fixed Policy 5.20 5.20 6.77 -0.70 2.19 2.02 2.14 3.93 Difference 0.00 0.00 -0.02 0.62 0.77 1.06 0.97 0.51 Broad Mkt Fixed Income 4.93 (37)4.93 (37)6.02 (18)-1.57 (53)1.96 (25)1.83 (25)2.06 (19)3.91 (33)11/01/2000 Broad Mkt Fixed Income Policy 5.50 (22)5.50 (22)5.18 (71)-2.06 (87)1.14 (90)1.27 (88)1.62 (75)3.70 (55) Difference -0.57 -0.57 0.84 0.49 0.82 0.56 0.44 0.21 IM U.S. Intermediate Duration (SA+CF) Median 4.66 4.66 5.40 -1.56 1.64 1.60 1.78 3.79 Non-Core Fixed Income 5.63 5.63 7.84 1.47 3.31 6.17 N/A 7.35 10/01/2014 Non-Core Fixed Policy 4.75 4.75 9.18 1.34 3.93 3.32 N/A 3.41 Difference 0.88 0.88 -1.34 0.13 -0.62 2.85 N/A 3.94 Direct Real Estate -6.51 (90)-6.51 (90)-15.54 (88)4.28 (73)4.53 (64)5.84 (55)7.89 (49)5.72 (24)10/01/2007 NCREIF Fund Index-OEDC (EW)-5.23 (77)-5.23 (77)-12.71 (71)5.19 (50)4.63 (63)5.59 (64)7.53 (58)5.05 (83) Difference -1.28 -1.28 -2.83 -0.91 -0.10 0.25 0.36 0.67 IM U.S. Open End Private Real Estate (SA+CF) Median -2.08 -2.08 -10.01 5.19 4.91 5.86 7.86 5.32 Comparative Performance Trailing Returns Total Fund As of December 31, 2023 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 28 Comparative Performance Trailing Returns Total Fund As of December 31, 2023 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities 12.17 12.17 26.04 9.88 16.12 13.53 11.96 8.40 11/01/2000 Domestic Equity Securities Policy 12.07 12.07 25.96 8.54 15.16 12.81 11.48 7.22 Difference 0.10 0.10 0.08 1.34 0.96 0.72 0.48 1.18 Vanguard Total Stock Market (VITSX)12.17 (35)12.17 (35)26.02 (24)8.44 (41)15.08 (27)12.77 (19)11.44 (13)12.84 (15)02/01/2013 Vanguard Total Stock Market Index Hybrid 12.14 (38)12.14 (38)25.98 (25)8.44 (41)15.08 (27)12.77 (19)11.44 (13)12.85 (14) Difference 0.03 0.03 0.04 0.00 0.00 0.00 0.00 -0.01 IM U.S. Multi-Cap Core Equity (MF) Median 11.83 11.83 22.79 8.02 13.93 11.38 9.77 11.31 Foreign Equity Securities 12.08 12.08 22.50 5.25 8.16 7.43 5.68 6.34 11/01/2000 Foreign Equity Securities Policy 9.75 9.75 15.62 1.55 7.01 6.24 3.96 4.51 Difference 2.33 2.33 6.88 3.70 1.15 1.19 1.72 1.83 RBC Global (Voyageur)12.08 (6)12.08 (6)22.50 (13)5.25 (56)8.16 (58)7.43 (48)5.68 (25)4.79 (25)11/01/2007 MSCI EAFE (Net) Index 10.42 (19)10.42 (19)18.24 (58)4.02 (76)8.16 (58)6.91 (62)4.28 (78)2.38 (83) Difference 1.66 1.66 4.26 1.23 0.00 0.52 1.40 2.41 MSCI EAFE Value Index (Net)8.22 (73)8.22 (73)18.95 (51)7.59 (35)7.08 (82)5.52 (90)3.16 (94)1.40 (98) Difference 3.86 3.86 3.55 -2.34 1.08 1.91 2.52 3.39 IM International Large Cap Value Equity (SA+CF) Median 8.85 8.85 19.18 6.14 8.50 7.40 5.06 3.55 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 21 29 Comparative Performance Trailing Returns Total Fund As of December 31, 2023 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income 5.20 5.20 6.75 -0.08 2.96 3.08 3.11 4.44 11/01/2000 Total Fixed Policy 5.20 5.20 6.77 -0.70 2.19 2.02 2.14 3.93 Difference 0.00 0.00 -0.02 0.62 0.77 1.06 0.97 0.51 Galliard Core Fixed Income 4.93 (39)4.93 (39)6.02 (33)-1.44 (66)1.93 (53)1.91 (44)2.17 (39)3.09 (72)10/01/2007 Bloomberg Intermed Aggregate Index 5.50 (23)5.50 (23)5.18 (88)-2.06 (95)1.14 (98)1.27 (98)1.62 (98)2.75 (93) Difference -0.57 -0.57 0.84 0.62 0.79 0.64 0.55 0.34 IM U.S. Intermediate Duration (SA+CF) Median 4.72 4.72 5.74 -1.30 1.94 1.88 2.07 3.24 Vanguard Inflation-Protected Secs (VAIPX)5.73 (5)5.73 (5)3.83 (44)-1.11 (49)3.03 (43)2.36 (35)N/A 2.36 (35)01/01/2017 Bloomberg U.S. TIPS Index 4.71 (25)4.71 (25)3.90 (43)-1.00 (47)3.15 (33)2.49 (29)2.42 (11)2.49 (29) Difference 1.02 1.02 -0.07 -0.11 -0.12 -0.13 N/A -0.13 IM U.S. TIPS (MF) Median 4.21 4.21 3.70 -1.12 2.93 2.22 1.91 2.22 Vanguard Short Term Bond Index (VSCSX)4.39 (21)4.39 (21)6.15 (29)-0.07 (22)2.27 (19)2.07 (19)N/A 2.04 (17)01/01/2015 Blmbg. U.S. Corporate 1-5 Year Index 4.12 (32)4.12 (32)6.20 (27)-0.08 (23)2.38 (12)2.20 (7)2.16 (7)2.17 (9) Difference 0.27 0.27 -0.05 0.01 -0.11 -0.13 N/A -0.13 IM U.S. Intermediate Investment Grade (MF) Median 3.56 3.56 5.54 -0.68 1.69 1.53 1.48 1.47 PIMCO Diversified Income Fund Instl (PDIIX)7.81 (41)7.81 (41)10.41 (4)-1.49 (21)2.80 (7)N/A N/A 2.40 (7)04/01/2018 Blmbg. Global Credit (Hedged)7.32 (51)7.32 (51)9.36 (9)-2.06 (27)2.51 (11)2.51 (14)3.11 (7)2.24 (9) Difference 0.49 0.49 1.05 0.57 0.29 N/A N/A 0.16 IM Global Fixed Income (MF) Median 7.37 7.37 6.74 -3.56 0.82 1.25 1.12 0.54 Direct Real Estate -6.51 -6.51 -15.54 4.28 4.53 5.84 7.89 5.72 10/01/2007 NCREIF Fund Index-Open End Diversified Core (EW)-5.23 -5.23 -12.71 5.19 4.63 5.59 7.53 5.05 Difference -1.28 -1.28 -2.83 -0.91 -0.10 0.25 0.36 0.67 American Core Realty Fund -5.99 (88)-5.99 (88)-13.06 (72)5.00 (63)4.57 (64)5.65 (63)7.32 (64)4.96 (84)10/01/2007 American Core Realty Policy -5.23 (77)-5.23 (77)-12.71 (71)5.19 (50)4.63 (63)5.59 (64)7.53 (58)6.41 (14) Difference -0.76 -0.76 -0.35 -0.19 -0.06 0.06 -0.21 -1.45 IM U.S. Open End Private Real Estate (SA+CF) Median -2.08 -2.08 -10.01 5.19 4.91 5.86 7.86 5.32 Intercontinental -6.65 (90)-6.65 (90)-16.20 (89)4.13 (75)4.67 (63)6.09 (32)8.38 (9)10.27 (23)10/01/2010 NCREIF Fund Index-OEDC (EW)-5.23 (77)-5.23 (77)-12.71 (71)5.19 (50)4.63 (63)5.59 (64)7.53 (58)9.08 (65) Difference -1.42 -1.42 -3.49 -1.06 0.04 0.50 0.85 1.19 IM U.S. Open End Private Real Estate (SA+CF) Median -2.08 -2.08 -10.01 5.19 4.91 5.86 7.86 9.61 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 30 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund 3.20 11.34 5.41 5.03 6.57 6.94 10/14/2014 Crescent Direct Lending II Fund 3.86 12.59 11.98 8.86 N/A 9.11 03/13/2018 Comparative Performance - IRR As of December 31, 2023 Page 23 31 Financial Reconciliation Quarter to Date Market Value 10/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2023 Total Equity 44,746,051 -----1,894 205,691 5,230,208 50,180,055 Domestic Equity Securities 34,681,685 -----163,549 4,057,019 38,902,253 Vanguard Total Stock Market (VITSX)34,681,685 -----163,549 4,057,019 38,902,253 Foreign Equity Securities 10,064,366 -----1,894 42,142 1,173,189 11,277,803 RBC Global (Voyageur)10,064,366 -----1,894 42,142 1,173,189 11,277,803 Total Fixed Income 14,923,771 -55,903 ---5,738 -82,380 692,079 15,636,590 Galliard Core Fixed Income 9,180,473 ----5,738 --452,360 9,627,095 Vanguard Short Term Bond Index (VSCSX)1,757,321 -----20,792 56,434 1,834,546 Vanguard Inflation-Protected Secs (VAIPX)1,282,112 -----39,384 34,040 1,355,536 PIMCO Diversified Income Fund Instl (PDIIX)1,738,815 -----22,205 113,646 1,874,665 Crescent Direct Lending Fund 148,157 -29,074 -----4,572 123,655 Crescent Direct Lending II Fund 816,893 -26,829 -----31,028 821,092 Direct Real Estate 5,405,574 -8,564 --35,069 -36,890 -388,053 5,080,917 ARA Core Property Fund 1,142,280 -8,564 ---2,931 -11,337 -79,203 1,062,920 Intercontinental 4,263,294 ---38,000 -25,553 -308,850 4,017,997 Receipt & Disbursement 774,609 64,467 1,003,976 -1,233,956 --32,984 3,754 -579,866 Total Fund Portfolio 65,850,005 -1,003,976 -1,233,956 29,331 -34,879 328,716 5,534,234 71,477,428 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending December 31, 2023 Page 24 32 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2023 Total Equity 44,746,051 -----1,894 205,691 5,230,208 50,180,055 Domestic Equity Securities 34,681,685 -----163,549 4,057,019 38,902,253 Vanguard Total Stock Market (VITSX)34,681,685 -----163,549 4,057,019 38,902,253 Foreign Equity Securities 10,064,366 -----1,894 42,142 1,173,189 11,277,803 RBC Global (Voyageur)10,064,366 -----1,894 42,142 1,173,189 11,277,803 Total Fixed Income 14,923,771 -55,903 ---5,738 -82,380 692,079 15,636,590 Galliard Core Fixed Income 9,180,473 ----5,738 --452,360 9,627,095 Vanguard Short Term Bond Index (VSCSX)1,757,321 -----20,792 56,434 1,834,546 Vanguard Inflation-Protected Secs (VAIPX)1,282,112 -----39,384 34,040 1,355,536 PIMCO Diversified Income Fund Instl (PDIIX)1,738,815 -----22,205 113,646 1,874,665 Crescent Direct Lending Fund 148,157 -29,074 -----4,572 123,655 Crescent Direct Lending II Fund 816,893 -26,829 -----31,028 821,092 Direct Real Estate 5,405,574 -8,564 --35,069 -36,890 -388,053 5,080,917 ARA Core Property Fund 1,142,280 -8,564 ---2,931 -11,337 -79,203 1,062,920 Intercontinental 4,263,294 ---38,000 -25,553 -308,850 4,017,997 Receipt & Disbursement 774,609 64,467 1,003,976 -1,233,956 --32,984 3,754 -579,866 Total Fund Portfolio 65,850,005 -1,003,976 -1,233,956 29,331 -34,879 328,716 5,534,234 71,477,428 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2023 To December 31, 2023 Page 25 33 Comparative Performance Fiscal Year Returns Oct-2022 To Sep-2023 Oct-2021 To Sep-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 Total Fund (Net)12.98 (14)-14.02 (51)26.26 (5)7.92 (46)2.78 (86)11.28 (3)14.16 (13)11.15 (12)0.33 (22)11.85 (10) Total Fund Policy 12.76 (17)-13.16 (42)21.33 (40)10.06 (17)4.31 (51)9.85 (11)12.90 (32)10.79 (19)0.59 (17)11.39 (14) Difference 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 All Public Plans-Total Fund Median 10.54 -13.95 20.58 7.63 4.31 7.55 12.00 9.76 -0.81 9.87 Total Fund (Gross)13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 0.63 12.21 Total Fund Policy 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 0.59 11.39 Difference 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 Total Equity 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 Total Equity Policy 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 Difference 1.25 0.07 7.01 -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 Domestic Equity Securities 20.41 (55)-17.47 (77)36.79 (15)15.35 (38)2.89 (53)17.88 (44)18.64 (57)15.21 (25)-0.59 (65)17.58 (72) Domestic Equity Securities Policy 20.46 (55)-17.63 (79)31.88 (40)15.00 (41)2.92 (52)17.58 (50)18.71 (56)14.96 (30)-0.49 (62)17.76 (70) Difference -0.05 0.16 4.91 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 IM U.S. Large Cap Core Equity (SA+CF) Median 20.82 -14.98 30.78 13.41 3.16 17.48 19.05 13.19 0.09 19.33 Foreign Equity Securities 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7) Foreign Equity Securities Policy 20.39 (87)-25.17 (72)23.92 (79)1.03 (27)-0.82 (29)3.25 (25)19.65 (56)7.06 (62)-8.27 (42)4.70 (62) Difference 7.18 -0.62 15.53 -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 IM International Large Cap Value Equity (SA+CF) Median 28.83 -22.73 31.24 -5.37 -3.26 1.32 20.98 8.41 -9.29 5.84 Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 Total Fixed Policy 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 Difference 0.13 0.80 1.62 -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 Broad Mkt Fixed Income 2.50 (35)-10.50 (62)-0.30 (70)7.53 (7)7.81 (45)-0.21 (27)0.61 (43)4.21 (23)2.31 (52)2.61 (48) Broad Mkt Fixed Income Policy 1.42 (78)-11.49 (83)-0.38 (73)5.66 (68)8.08 (25)-0.93 (78)0.25 (66)3.57 (54)2.95 (13)2.74 (43) Difference 1.08 0.99 0.08 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 IM U.S. Intermediate Duration (SA+CF) Median 2.23 -10.37 0.03 6.13 7.74 -0.62 0.44 3.62 2.35 2.57 Non-Core Fixed Income 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 8.65 N/A Non-Core Fixed Policy 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.34 1.34 N/A Difference -1.72 0.17 1.43 -3.53 3.92 11.46 9.01 8.54 7.31 N/A Direct Real Estate -14.98 (80)26.35 (15)13.82 (72)3.40 (16)7.75 (28)10.25 (24)10.01 (16)11.44 (46)14.27 (58)13.47 (41) NCREIF Fund Index-OEDC (EW)-12.40 (39)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68)14.71 (56)12.39 (69) Difference -2.58 3.59 -1.93 1.66 1.58 1.43 2.20 0.82 -0.44 1.08 IM U.S. Open End Private Real Estate (SA+CF) Median -12.90 20.33 16.09 1.58 6.80 8.93 7.83 11.18 15.20 12.90 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2023 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 34 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2023 Oct-2022 To Sep-2023 Oct-2021 To Sep-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 Domestic Equity Securities 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21 -0.59 17.58 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 27.72 (39)-22.59 (40)27.32 (49)37.53 (31)3.71 (51)26.30 (39)21.94 (39)13.76 (21)3.17 (58)19.15 (39) 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 Growth Equity (SA+CF) Median 25.69 -25.12 27.23 33.81 3.80 24.84 21.08 11.84 3.88 18.13 Vanguard Total Stock Market (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)18.64 (43)15.00 (11)-0.59 (39)17.77 (30) Vanguard Total Stock Market Index Hybrid 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)18.64 (42)14.99 (11)-0.55 (37)17.77 (30) Difference 0.01 -0.03 -0.01 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 IM U.S. Multi-Cap Core Equity (MF) Median 18.77 -17.28 30.69 11.14 1.48 15.61 18.24 11.19 -1.56 16.32 Brandywine GLBL Dynamic (LMBGX)N/A N/A 41.75 (15)N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 14.44 (57)-11.36 (67)35.01 (41)-5.03 (72)4.00 (41)9.45 (70)15.12 (80)16.19 (20)-4.42 (48)18.89 (15) Difference N/A N/A 6.74 N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04 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 14.85 (53)-6.59 (15)32.53 (55)-3.34 (55)3.57 (46)13.59 (26)17.76 (43)16.33 (18)-2.94 (24)19.19 (12) 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 15.11 -9.58 33.01 -2.87 3.14 11.93 17.34 13.33 -4.54 17.04 Foreign Equity Securities 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08 RBC Global (Voyageur)27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)10.08 (7) MSCI EAFE (Net) Index 25.65 (69)-25.13 (72)25.73 (75)0.49 (27)-1.34 (31)2.74 (30)19.10 (58)6.52 (70)-8.66 (44)4.25 (70) Difference 1.92 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 4.30 5.83 MSCI EAFE Value Index (Net)31.51 (35)-20.16 (24)30.66 (52)-11.93 (94)-4.92 (66)-0.36 (76)22.55 (38)3.52 (89)-12.60 (80)5.65 (52) Difference -3.94 -5.63 8.79 2.74 -0.44 7.12 0.14 7.22 8.24 4.43 IM International Large Cap Value Equity (SA+CF) Median 28.83 -22.73 31.24 -5.37 -3.26 1.32 20.98 8.41 -9.29 5.84 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 35 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2023 Oct-2022 To Sep-2023 Oct-2021 To Sep-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 Total Fixed Income 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 Galliard Core Fixed Income 2.62 (44)-10.50 (72)-0.02 (70)6.85 (29)8.50 (17)-0.43 (58)0.44 (72)4.36 (25)3.04 (25)3.15 (38) Bloomberg Intermed Aggregate Index 1.42 (89)-11.49 (89)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (72)2.95 (31)2.74 (57) Difference 1.20 0.99 0.36 1.19 0.42 0.50 0.19 0.79 0.09 0.41 IM U.S. Intermediate Duration (SA+CF) Median 2.54 -10.03 0.28 6.43 8.03 -0.36 0.71 3.89 2.67 2.89 Galliard TIPS N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 Blmbg. U.S. TIPS 1-10 Year 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 Difference N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A 0.83 -7.63 6.33 FTSE World Government Bond Index 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 Difference N/A N/A N/A N/A N/A N/A N/A -8.88 -3.80 6.40 PIMCO Diversified Income Fund Instl (PDIIX)7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/A N/A N/A N/A N/A Blmbg. Global Credit (Hedged)5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)3.04 (29)9.19 (25)0.86 (19)6.83 (10) Difference 1.96 -1.08 2.15 -1.63 -1.31 N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 2.65 -17.63 0.90 5.39 7.65 -1.33 1.10 7.40 -3.88 3.35 Vanguard Inflation-Protected Secs (VAIPX)1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)N/A N/A N/A N/A Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)-0.73 (61)6.58 (26)-0.83 (6)1.59 (19) Difference 0.56 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A N/A N/A IM U.S. TIPS (MF) Median 1.40 -11.72 5.33 8.50 5.70 0.29 -0.43 5.77 -1.91 0.95 Vanguard Short Term Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)1.55 (27)3.40 (20)N/A N/A Blmbg. U.S. Corporate 1-5 Year Index 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)1.82 (19)3.33 (22)1.98 (10)2.46 (26) Difference -0.22 -0.07 0.02 -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A IM U.S. Intermediate Investment Grade (MF) Median 3.14 -8.15 0.54 4.86 5.46 -0.39 0.82 2.54 1.22 1.64 Direct Real Estate -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44 14.27 13.47 ARA Core Property Fund -12.54 (45)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)7.52 (55)9.04 (89)13.98 (60)12.49 (67) American Core Realty Policy -12.40 (39)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68)14.71 (56)12.39 (69) Difference -0.14 3.03 -2.24 -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10 IM U.S. Open End Private Real Estate (SA+CF) Median -12.90 20.33 16.09 1.58 6.80 8.93 7.83 11.18 15.20 12.90 Intercontinental -15.63 (83)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)11.82 (6)13.30 (20)13.96 (60)14.10 (31) NCREIF Fund Index-OEDC (EW)-12.40 (39)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68)14.71 (56)12.39 (69) Difference -3.23 3.74 -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 1.71 IM U.S. Open End Private Real Estate (SA+CF) Median -12.90 20.33 16.09 1.58 6.80 8.93 7.83 11.18 15.20 12.90 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 36 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund 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 Total Fund Portfolio 9.04 (32)9.04 (32)16.53 (14)0.43 (11)6.05 (4)7.86 (6)10.36 (5)z Total Fund Policy 8.20 (53)8.20 (53)15.36 (22)0.13 (17)5.22 (12)7.48 (8)10.07 (8)z Median 8.30 8.30 13.34 -1.03 3.72 6.02 8.66 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Total Fund Portfolio 12.98 (15)-14.02 (42)26.26 (3)7.92 (57)2.78 (82)11.28 (6)z Total Fund Policy 12.76 (17)-13.16 (32)21.33 (31)10.06 (34)4.31 (38)9.85 (16)z Median 10.60 -14.79 19.90 8.63 3.99 7.94 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Total Fund Portfolio -2.31 (28)4.01 (18)5.17 (15)5.72 (49)-4.56 (61)-11.06 (61) Total Fund Policy -2.54 (35)4.25 (13)4.93 (22)5.77 (47)-4.26 (47)-10.97 (59) All Public Plans-Total Fund Median -2.90 3.31 4.31 5.68 -4.31 -10.65 As of December 31, 2023 Performance Review (Net) Total Fund Portfolio NONE Page 29 37 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 Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Portfolio 20 16 (80%)3 (15%)1 (5%)0 (0%)z Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)z 3.04 3.80 4.56 5.32 6.08 6.84 Return (%)11.60 11.70 11.80 11.90 12.00 12.10 12.20 Risk (Standard Deviation %) Return Standard Deviation Total Fund Portfolio 6.05 12.10z Total Fund Policy 5.22 11.73z Median 3.72 11.69¾ 7.84 8.40 8.96 9.52 10.08 10.64 Return (%)12.0 12.3 12.6 12.9 13.2 13.5 13.8 Risk (Standard Deviation %) Return Standard Deviation Total Fund Portfolio 10.36 13.42z Total Fund Policy 10.07 12.42z Median 8.66 12.36¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Portfolio 1.67 104.76 100.92 0.71 0.50 0.37 1.02 7.88 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.31 1.00 7.73 90 Day U.S. Treasury Bill 11.70 5.72 -6.70 2.13 -0.31 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Portfolio 1.88 105.89 107.49 -0.35 0.21 0.66 1.07 8.56 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.68 1.00 7.81 90 Day U.S. Treasury Bill 12.48 4.57 -6.01 1.92 -0.68 N/A 0.00 0.00 As of December 31, 2023 Performance Review (Net) Total Fund Portfolio NONE Page 30 38 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -16.00 -10.00 -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 VG Total Stk Mkt (VITSX)12.17 (35)12.17 (35)26.02 (24)0.71 (40)8.44 (41)11.45 (28)15.08 (27)z VG Total Stk Mkt IDX 12.14 (38)12.14 (38)25.98 (25)0.71 (40)8.44 (41)11.45 (28)15.08 (27)z Median 11.83 11.83 22.79 0.15 8.02 10.35 13.93 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 VG Total Stk Mkt (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (21)z VG Total Stk Mkt IDX 20.37 (34)-17.98 (59)32.11 (35)14.99 (25)2.92 (36)17.62 (22)z Median 18.77 -17.28 30.69 11.14 1.48 15.61 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 VG Total Stk Mkt (VITSX)-3.29 (46)8.41 (23)7.15 (29)7.16 (63)-4.46 (41)-16.84 (78) Vanguard Total Stock Market Index Hybrid -3.30 (46)8.41 (23)7.15 (29)7.15 (64)-4.44 (39)-16.85 (79) IM U.S. Multi-Cap Core Equity (MF) Median -3.40 7.16 6.16 8.04 -4.63 -15.83 Performance Review As of December 31, 2023 VG Total Stk Mkt (VITSX) NONE Page 31 39 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 Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count VG Total Stk Mkt (VITSX)20 13 (65%)7 (35%)0 (0%)0 (0%)z VG Total Stk Mkt IDX 20 13 (65%)7 (35%)0 (0%)0 (0%)z 7.80 8.00 8.20 8.40 8.60 Return (%)17.34 17.37 17.40 17.43 17.46 17.49 17.52 Risk (Standard Deviation %) Return Standard Deviation VG Total Stk Mkt (VITSX)8.44 17.49z VG Total Stk Mkt IDX 8.44 17.48z Median 8.02 17.38¾ 13.68 14.06 14.44 14.82 15.20 15.58 Return (%)18.90 18.92 18.94 18.96 18.98 19.00 Risk (Standard Deviation %) Return Standard Deviation VG Total Stk Mkt (VITSX)15.08 18.98z VG Total Stk Mkt IDX 15.08 18.98z Median 13.93 18.91¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG Total Stk Mkt (VITSX)0.03 100.03 100.01 0.00 0.21 0.43 1.00 11.40 VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.43 1.00 11.40 90 Day U.S. Treasury Bill 17.43 4.14 -4.11 2.12 -0.43 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG Total Stk Mkt (VITSX)0.03 100.00 99.99 0.00 0.01 0.74 1.00 11.91 VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.74 1.00 11.91 90 Day U.S. Treasury Bill 19.03 3.19 -3.65 1.92 -0.74 N/A 0.00 0.00 Performance Review As of December 31, 2023 VG Total Stk Mkt (VITSX) NONE Page 32 40 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global 12.08 (6)12.08 (6)22.50 (13)2.47 (59)5.25 (56)5.07 (58)8.16 (58)z MSCI EAFE (Net)10.42 (20)10.42 (20)18.24 (58)0.57 (75)4.02 (76)4.95 (60)8.16 (58)z Median 8.95 8.95 19.18 3.64 6.14 5.40 8.50 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 RBC Global 27.57 (57)-25.79 (74)39.45 (15)-9.19 (87)-5.36 (72)6.76 (4)z MSCI EAFE (Net)25.65 (69)-25.13 (72)25.73 (75)0.49 (27)-1.34 (31)2.74 (30)z Median 28.83 -22.73 31.24 -5.37 -3.26 1.32 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 RBC Global -1.92 (45)1.96 (86)9.31 (39)16.72 (64)-11.10 (66)-14.07 (83) MSCI EAFE (Net) Index -4.11 (75)2.95 (59)8.47 (53)17.34 (58)-9.36 (28)-14.51 (89) IM International Large Cap Value Equity (SA+CF) Median -2.22 3.17 8.71 18.09 -10.51 -11.90 Performance Review As of December 31, 2023 RBC Global NONE Page 33 41 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 (%)-16.0 -8.0 0.0 8.0 16.0 24.0 MSCI EAFE (Net) Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global 20 4 (20%)6 (30%)8 (40%)2 (10%)z MSCI EAFE (Net)20 2 (10%)10 (50%)4 (20%)4 (20%)z 3.50 4.20 4.90 5.60 6.30 7.00 Return (%)16.33 16.56 16.79 17.02 17.25 17.48 17.71 17.94 Risk (Standard Deviation %) Return Standard Deviation RBC Global 5.25 17.60z MSCI EAFE (Net)4.02 16.61z Median 6.14 16.95¾ 8.00 8.20 8.40 8.60 Return (%)16.83 17.82 18.81 19.80 20.79 21.78 22.77 23.76 Risk (Standard Deviation %) Return Standard Deviation RBC Global 8.16 22.26z MSCI EAFE (Net)8.16 17.93z Median 8.50 19.08¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk RBC Global 4.95 100.94 94.81 1.27 0.27 0.26 1.02 11.47 MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.19 1.00 10.99 90 Day U.S. Treasury Bill 16.51 4.83 -3.99 2.12 -0.19 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk RBC Global 6.97 112.73 114.24 -0.95 0.13 0.38 1.19 14.76 MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.42 1.00 11.66 90 Day U.S. Treasury Bill 17.95 3.69 -3.63 1.88 -0.42 N/A 0.00 0.00 Performance Review As of December 31, 2023 RBC Global NONE Page 34 42 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard Core FX Inc 4.93 (39)4.93 (39)6.02 (33)-1.56 (64)-1.44 (66)0.63 (62)1.93 (53)z Barclays Int Agg 5.50 (23)5.50 (23)5.18 (88)-2.44 (94)-2.06 (95)-0.20 (98)1.14 (98)z Median 4.72 4.72 5.74 -1.42 -1.30 0.72 1.94 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Galliard Core FX Inc 2.62 (44)-10.50 (72)-0.02 (70)6.85 (29)8.50 (17)-0.43 (58)z Barclays Int Agg 1.42 (89)-11.49 (89)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)z Median 2.54 -10.03 0.28 6.43 8.03 -0.36 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Galliard Core FX Inc -0.88 (55)-0.46 (46)2.41 (47)1.56 (52)-3.12 (69)-2.67 (60) Barclays Int Agg Index -1.89 (87)-0.75 (82)2.39 (51)1.72 (35)-3.84 (93)-2.93 (79) IM U.S. Intermediate Duration (SA+CF) Median -0.84 -0.47 2.39 1.58 -2.96 -2.56 Performance Review As of December 31, 2023 Galliard Core FX Inc NONE Page 35 43 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 -6.0 -3.0 0.0 3.0 6.0 9.0 Galliard Core FX Inc (%)-6.0 -3.0 0.0 3.0 6.0 9.0 Barclays Int Agg Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core FX Inc 20 2 (10%)10 (50%)8 (40%)0 (0%)z Barclays Int Agg 20 0 (0%)1 (5%)1 (5%)18 (90%)z -2.40 -2.10 -1.80 -1.50 -1.20 -0.90 -0.60 Return (%)4.42 4.59 4.76 4.93 5.10 5.27 5.44 5.61 5.78 Risk (Standard Deviation %) Return Standard Deviation Galliard Core FX Inc -1.44 4.82z Barclays Int Agg -2.06 5.52z Median -1.30 4.63¾ 0.81 1.08 1.35 1.62 1.89 2.16 Return (%)4.05 4.14 4.23 4.32 4.41 4.50 4.59 4.68 Risk (Standard Deviation %) Return Standard Deviation Galliard Core FX Inc 1.93 4.33z Barclays Int Agg 1.14 4.58z Median 1.94 4.15¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core FX Inc 0.94 91.17 86.03 0.34 0.63 -0.74 0.87 3.42 Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.75 1.00 3.95 90 Day U.S. Treasury Bill 5.40 14.83 -14.40 2.21 0.75 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core FX Inc 1.25 107.27 93.92 0.89 0.61 0.03 0.91 2.79 Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.14 1.00 3.07 90 Day U.S. Treasury Bill 4.51 16.21 -16.51 1.85 0.14 N/A 0.02 0.00 Performance Review As of December 31, 2023 Galliard Core FX Inc NONE Page 36 44 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG ST Bond Index (VSCSX)4.39 (21)4.39 (21)6.15 (29)0.10 (25)-0.07 (22)1.16 (30)2.27 (19)z Barclays US Corp 1-5 Yr 4.12 (32)4.12 (32)6.20 (27)0.12 (25)-0.08 (23)1.26 (21)2.38 (12)z Median 3.56 3.56 5.54 -0.75 -0.68 0.83 1.69 -16.00 -13.00 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 VG ST Bond Index (VSCSX)3.78 (34)-8.13 (49)1.37 (22)4.91 (49)6.71 (14)-0.14 (39)z Barclays US Corp 1-5 Yr 4.00 (24)-8.06 (44)1.35 (23)5.21 (39)6.78 (12)0.11 (27)z Median 3.14 -8.15 0.54 4.86 5.46 -0.39 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 VG ST Bond Index (VSCSX)0.15 (61)0.06 (30)1.47 (81)2.06 (5)-1.98 (52)-1.99 (44) Barclays US Corp 1-5 Yr Index 0.25 (49)0.07 (29)1.68 (70)1.95 (7)-1.94 (49)-1.94 (39) IM U.S. Intermediate Investment Grade (MF) Median 0.23 -0.16 1.85 1.32 -1.96 -2.08 Performance Review As of December 31, 2023 VG ST Bond Index (VSCSX) NONE Page 37 45 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 -4.0 -2.0 0.0 2.0 4.0 6.0 VG ST Bond Index (VSCSX) (%)-4.0 -2.0 0.0 2.0 4.0 6.0 Barclays US Corp 1-5 Yr Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count VG ST Bond Index (VSCSX)20 9 (45%)11 (55%)0 (0%)0 (0%)z Barclays US Corp 1-5 Yr 20 13 (65%)7 (35%)0 (0%)0 (0%)z -0.80 -0.60 -0.40 -0.20 0.00 0.20 Return (%)3.42 3.48 3.54 3.60 3.66 3.72 3.78 Risk (Standard Deviation %) Return Standard Deviation VG ST Bond Index (VSCSX)-0.07 3.68z Barclays US Corp 1-5 Yr -0.08 3.65z Median -0.68 3.41¾ 1.50 1.80 2.10 2.40 2.70 Return (%)3.64 3.68 3.72 3.76 3.80 3.84 3.88 3.92 Risk (Standard Deviation %) Return Standard Deviation VG ST Bond Index (VSCSX)2.27 3.86z Barclays US Corp 1-5 Yr 2.38 3.80z Median 1.69 3.70¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG ST Bond Index (VSCSX)0.19 100.88 100.67 0.01 0.05 -0.61 1.01 2.47 Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.62 1.00 2.45 90 Day U.S. Treasury Bill 3.47 25.34 -19.12 2.15 0.62 N/A 0.06 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG ST Bond Index (VSCSX)0.27 99.29 101.77 -0.14 -0.40 0.12 1.01 2.63 Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A 0.15 1.00 2.54 90 Day U.S. Treasury Bill 3.77 20.55 -16.72 1.84 -0.15 N/A 0.02 0.00 Performance Review As of December 31, 2023 VG ST Bond Index (VSCSX) NONE Page 38 46 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Infl-Prot Secs 5.73 (5)5.73 (5)3.83 (44)-4.33 (47)-1.11 (49)1.79 (51)3.03 (43)z Bloomberg U.S. TIPS Index 4.71 (25)4.71 (25)3.90 (43)-4.30 (46)-1.00 (47)1.87 (44)3.15 (33)z Median 4.21 4.21 3.70 -4.42 -1.12 1.80 2.93 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Vanguard Infl-Prot Secs 1.81 (42)-13.12 (92)5.09 (58)9.84 (27)7.03 (13)0.23 (54)z Bloomberg U.S. TIPS Index 1.25 (54)-11.57 (46)5.19 (55)10.08 (20)7.13 (9)0.41 (39)z Median 1.40 -11.72 5.33 8.50 5.70 0.29 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Vanguard Infl-Prot Secs -2.65 (71)-2.24 (83)3.20 (40)3.67 (5)-4.67 (40)-7.26 (96) Bloomberg U.S. TIPS Index -2.60 (68)-1.42 (43)3.34 (33)2.04 (39)-5.14 (57)-6.08 (50) IM U.S. TIPS (MF) Median -2.21 -1.47 3.05 1.96 -5.04 -6.09 Performance Review As of December 31, 2023 Vanguard Infl-Prot Secs NONE Page 39 47 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 -8.0 -4.0 0.0 4.0 8.0 12.0 Vanguard Infl-Prot Secs (%)-8.0 -4.0 0.0 4.0 8.0 12.0 Bloomberg U.S. TIPS Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Infl-Prot Secs 17 7 (41%)4 (24%)4 (24%)2 (12%)z Bloomberg U.S. TIPS Index 20 11 (55%)8 (40%)1 (5%)0 (0%)z -1.10 -1.05 -1.00 -0.95 -0.90 Return (%)6.46 6.84 7.22 7.60 7.98 8.36 8.74 9.12 9.50 Risk (Standard Deviation %) Return Standard Deviation Vanguard Infl-Prot Secs -1.11 8.96z Bloomberg U.S. TIPS Index -1.00 7.07z Median -1.12 7.04¾ 2.88 2.96 3.04 3.12 3.20 Return (%)5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 Risk (Standard Deviation %) Return Standard Deviation Vanguard Infl-Prot Secs 3.03 7.44z Bloomberg U.S. TIPS Index 3.15 6.17z Median 2.93 6.19¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Infl-Prot Secs 2.88 118.40 116.57 0.21 0.01 -0.32 1.22 6.77 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.41 1.00 5.35 90 Day U.S. Treasury Bill 7.08 10.80 -11.76 2.16 0.41 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Infl-Prot Secs 2.26 108.19 112.62 -0.55 -0.01 0.19 1.16 5.31 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.23 1.00 4.28 90 Day U.S. Treasury Bill 6.21 10.37 -12.29 1.89 -0.23 N/A 0.00 0.00 Performance Review As of December 31, 2023 Vanguard Infl-Prot Secs NONE Page 40 48 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 14.00 17.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Div Inc Fd Instl 7.81 (41)7.81 (41)10.41 (4)-2.45 (31)-1.49 (21)0.45 (22)2.80 (7)z Blmbg. Global Credit Hed 7.32 (51)7.32 (51)9.36 (9)-2.88 (37)-2.06 (27)0.25 (25)2.51 (11)z Median 7.37 7.37 6.74 -3.80 -3.56 -0.98 0.82 -34.00 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 PIMCO Div Inc Fd Instl 7.23 (7)-17.61 (50)4.87 (6)3.63 (73)9.52 (20)N/Az Blmbg. Global Credit Hed 5.27 (13)-16.53 (49)2.72 (22)5.26 (53)10.83 (12)0.39 (16)z Median 2.65 -17.63 0.90 5.39 7.65 -1.33 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 PIMCO Div Inc Fd Instl -1.07 (23)0.88 (8)2.61 (62)4.71 (32)-2.55 (25)-9.13 (77) Blmbg. Global Credit (Hedged)-1.32 (29)0.28 (16)2.97 (35)3.31 (53)-3.84 (44)-6.97 (50) IM Global Fixed Income (MF) Median -2.42 -0.58 2.76 3.53 -4.13 -7.00 Performance Review As of December 31, 2023 PIMCO Div Inc Fd Instl NONE Page 41 49 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 -8.0 -4.0 0.0 4.0 8.0 12.0 PIMCO Div Inc Fd Instl (%)-8.0 -4.0 0.0 4.0 8.0 12.0 Blmbg. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count PIMCO Div Inc Fd Instl 12 8 (67%)3 (25%)1 (8%)0 (0%)z Blmbg. Global Credit Hed 20 13 (65%)7 (35%)0 (0%)0 (0%)z -4.08 -3.40 -2.72 -2.04 -1.36 -0.68 0.00 Return (%)6.93 7.14 7.35 7.56 7.77 7.98 8.19 8.40 8.61 Risk (Standard Deviation %) Return Standard Deviation PIMCO Div Inc Fd Instl -1.49 8.35z Blmbg. Global Credit Hed -2.06 7.32z Median -3.56 7.55¾ 0.00 0.80 1.60 2.40 3.20 Return (%)6.93 7.14 7.35 7.56 7.77 7.98 8.19 8.40 8.61 Risk (Standard Deviation %) Return Standard Deviation PIMCO Div Inc Fd Instl 2.80 8.36z Blmbg. Global Credit Hed 2.51 7.28z Median 0.82 7.24¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk PIMCO Div Inc Fd Instl 1.97 116.53 107.42 0.87 0.33 -0.40 1.11 5.92 Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.55 1.00 5.19 90 Day U.S. Treasury Bill 7.14 12.58 -9.88 2.20 0.55 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk PIMCO Div Inc Fd Instl 2.22 109.91 108.68 0.06 0.17 0.15 1.11 6.04 Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A 0.12 1.00 5.14 90 Day U.S. Treasury Bill 7.25 10.71 -9.10 1.86 -0.12 N/A 0.01 0.00 Performance Review As of December 31, 2023 PIMCO Div Inc Fd Instl NONE Page 42 50 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -40.00 -34.00 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR American Core RE -5.99 (88)-5.99 (88)-13.06 (72)-2.50 (35)5.00 (63)4.14 (52)4.57 (64)z American Core RE Policy -5.23 (77)-5.23 (77)-12.71 (71)-2.72 (36)5.19 (50)4.27 (48)4.63 (63)z Median -2.08 -2.08 -10.01 -2.77 5.19 4.19 4.91 -36.00 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 American Core RE -12.54 (45)25.79 (18)13.51 (75)1.62 (49)6.81 (50)8.50 (61)z American Core RE Policy -12.40 (39)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z Median -12.90 20.33 16.09 1.58 6.80 8.93 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 American Core RE -2.22 (39)-2.22 (65)-3.28 (65)-5.42 (64)1.66 (22)4.84 (33) American Core RE Policy -1.93 (33)-2.86 (70)-3.31 (65)-4.90 (48)0.96 (41)4.55 (39) IM U.S. Open End Private Real Estate (SA+CF) Median -2.91 -1.98 -2.91 -4.97 0.60 4.33 Performance Review As of December 31, 2023 American Core RE NONE Page 43 51 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 18.0 American Core RE (%)3.0 6.0 9.0 12.0 15.0 18.0 American Core RE Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 1 (5%)7 (35%)12 (60%)0 (0%)z American Core RE Policy 20 0 (0%)10 (50%)10 (50%)0 (0%)z 4.97 5.04 5.11 5.18 5.25 Return (%)9.00 9.20 9.40 9.60 9.80 10.00 Risk (Standard Deviation %) Return Standard Deviation American Core RE 5.00 9.85z American Core RE Policy 5.19 9.47z Median 5.19 9.24¾ 4.40 4.60 4.80 5.00 Return (%)7.28 7.35 7.42 7.49 7.56 7.63 7.70 7.77 7.84 Risk (Standard Deviation %) Return Standard Deviation American Core RE 4.57 7.74z American Core RE Policy 4.63 7.43z Median 4.91 7.40¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 1.35 101.33 104.91 -0.30 -0.11 0.31 1.03 5.35 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.34 1.00 4.97 90 Day U.S. Treasury Bill 10.09 12.13 -11.93 2.35 -0.34 N/A -0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 1.14 101.50 104.36 -0.17 -0.03 0.35 1.03 4.18 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.37 1.00 3.89 90 Day U.S. Treasury Bill 7.95 16.36 -11.21 2.04 -0.37 N/A -0.03 0.00 Performance Review As of December 31, 2023 American Core RE NONE Page 44 52 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -40.00 -34.00 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Intercontinental -6.65 (90)-6.65 (90)-16.20 (89)-4.72 (84)4.13 (75)3.50 (73)4.67 (63)z NCREIF Fund-OEDC-EW -5.23 (77)-5.23 (77)-12.71 (71)-2.72 (36)5.19 (50)4.27 (48)4.63 (63)z Median -2.08 -2.08 -10.01 -2.77 5.19 4.19 4.91 -36.00 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Intercontinental -15.63 (83)26.50 (13)13.87 (70)4.41 (11)8.32 (19)11.40 (9)z NCREIF Fund-OEDC-EW -12.40 (39)22.76 (40)15.75 (54)1.74 (43)6.17 (70)8.82 (56)z Median -12.90 20.33 16.09 1.58 6.80 8.93 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Intercontinental -0.81 (14)-6.11 (97)-3.61 (71)-6.01 (78)1.60 (29)7.26 (10) NCREIF Fund Index-OEDC (EW)-1.93 (33)-2.86 (70)-3.31 (65)-4.90 (48)0.96 (41)4.55 (39) IM U.S. Open End Private Real Estate (SA+CF) Median -2.91 -1.98 -2.91 -4.97 0.60 4.33 Performance Review As of December 31, 2023 Intercontinental NONE Page 45 53 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 4.0 8.0 12.0 16.0 20.0 Intercontinental (%)0.0 4.0 8.0 12.0 16.0 20.0 NCREIF Fund Index-OEDC (EW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 16 (80%)1 (5%)3 (15%)0 (0%)z NCREIF Fund-OEDC-EW 20 0 (0%)10 (50%)10 (50%)0 (0%)z 3.60 3.96 4.32 4.68 5.04 5.40 Return (%)8.84 9.18 9.52 9.86 10.20 10.54 10.88 11.22 Risk (Standard Deviation %) Return Standard Deviation Intercontinental 4.13 10.94z NCREIF Fund-OEDC-EW 5.19 9.47z Median 5.19 9.24¾ 4.50 4.60 4.70 4.80 4.90 5.00 Return (%)7.13 7.36 7.59 7.82 8.05 8.28 8.51 8.74 8.97 Risk (Standard Deviation %) Return Standard Deviation Intercontinental 4.67 8.58z NCREIF Fund-OEDC-EW 4.63 7.43z Median 4.91 7.40¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 3.30 106.75 127.18 -1.45 -0.26 0.21 1.11 6.62 NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.32 1.00 4.97 90 Day U.S. Treasury Bill 10.47 1.88 -31.64 2.75 -0.32 N/A -0.10 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 2.84 109.97 118.98 -0.32 0.05 0.33 1.09 5.12 NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.36 1.00 3.89 90 Day U.S. Treasury Bill 8.17 8.16 -29.69 2.36 -0.36 N/A -0.10 0.00 Performance Review As of December 31, 2023 Intercontinental NONE Page 46 54 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 12/31/2023 2014 Other 2,000,000 3,055,050 123,655 3,522,702 6.9 1.2 1.9 Crescent Direct Lending II Fund 12/31/2023 2017 Other 2,000,000 2,110,851 821,092 1,811,247 9.1 1.2 2.0 Private Equity Summary of Partnership Crescent Direct Lending Fund As of December 31, 2023 Page 47 55 Comparative Performance - IRR 1 Quarter Ending Sep-2023 1 Year Ending Sep-2023 2 Years Ending Sep-2023 3 Years Ending Sep-2023 4 Years Ending Sep-2023 5 Years Ending Sep-2023 Since Inception Ending Sep-2023 Inception Date Crescent Direct Lending Fund 4.02 -0.23 2.21 6.33 4.11 5.17 6.92 10/14/2014 ICM/PME (Bloomberg Intermed Aggregate Index)-1.89 4.93 -6.13 -3.18 0.19 2.74 2.11 Crescent Direct Lending II Fund 3.20 9.58 9.59 12.43 8.24 8.68 8.92 03/13/2018 ICM/PME (Bloomberg Intermed Aggregate Index)-1.89 1.65 -5.76 -3.05 0.19 1.61 1.60 Winter Springs General Employees General Plan and Trust Comparative Performance - IRR As of December 31, 2023 Page 48 56 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:$3,522,702 Market Value:$123,655 Inception Date:10/14/2014 Inception IRR:6.9 TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $1,000,000.0 $2,000,000.0 $3,000,000.0 $4,000,000.0 $5,000,000.0 -$1,000,000.0 10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 12/23 Private Equity Fund Overview Crescent Direct Lending Fund As of December 31, 2023 Page 49 57 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:$16,605 Expenses:$19,342 Interest:- Total Contributions:$2,110,851 Remaining Capital Commitment:$1,160,843 Total Distributions:$1,811,247 Market Value:$821,092 Inception Date:03/13/2018 Inception IRR:9.1 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 9/22 3/23 12/23 Private Equity Fund Overview Crescent Direct Lending II Fund As of December 31, 2023 Page 50 58 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 December 31, 2023 Page 51 59 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 December 31, 2023 Page 52 60 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 December 31, 2023 Page 53 61 Compliance Checklist Total Fund As of December 31, 2023Winter Springs GE Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the 7% 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. ** ROR reduced to 7% from 7.5%. Equity Compliance:Yes No N/A 1. 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/A 1. 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. Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. 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/A 1. 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. Manager Compliance:Vanguard Total Galliard VG S-T Bond Vanguard TIPsRBC Global Cresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCO Page 54 62 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.03 38,902,253 11,671 0.03 % of Assets Domestic Equity Securities 0.03 38,902,253 11,671 RBC Global (Voyageur)0.95 11,277,803 107,139 0.95 % of Assets Foreign Equity Securities 0.95 11,277,803 107,139 Galliard Core Fixed Income 0.25 9,627,095 24,068 0.25 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 1,355,536 1,356 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.07 1,834,546 1,284 0.07 % of Assets PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,874,665 14,810 0.79 % of Assets Crescent Direct Lending Fund 1.35 123,655 1,669 1.35 % of Assets Crescent Direct Lending II Fund 0.75 821,092 6,158 0.75 % of Assets Total Fixed Income 0.32 15,636,590 49,345 Intercontinental 1.10 4,017,997 44,198 1.10 % of Assets ARA Core Property Fund 1.10 1,062,920 11,692 1.10 % of Assets Direct Real Estate 1.10 5,080,917 55,890 Receipt & Disbursement 579,866 - Total Fund 0.31 71,477,428 224,045 Winter Springs General Employees General Plan and Trust Fee Analysis As of December 31, 2023 Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 55 63 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 December 31, 2023 Page 56 64 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 57 65 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 Barclays. 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. *IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD These ratings are not indicative of AndCo’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with AndCo, nor should it be construed as a current or past endorsement by any of our clients. AndCo did not pay a fee to participate in this award survey. Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends. Page 58 66 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.67 REGULAR AGENDA - PART II ITEM BOARD OF TRUSTEES AGENDA | MARCH 21, 2024 REGULAR MEETING TITLE Consideration of Consent for Assignment of Investment Advisory Contract SUMMARY FUNDING SOURCE RECOMMENDATION The Consultant is requesting the Board to recommend approval of the Consent for Assignment of Investment Advisory Contract 68 Clients first. To Our Valued Clients Happy New Year! We hope everyone had a wonderful holiday and we look forward to a great 2024 working together. In last year's firm update letter, I shared AndCo's approach to strategic decision making and how corporate investment has always been run through the filter of "Does this put our clients' interests first?" This simple question has been the foundational tenant of AndCo since our inception nearly 25 years ago. While we have continued to pursue and refine the objectives of our corporate strategy through this lens over time, we have also listened to feedback from clients and prospects regarding their desire for additional high-quality, single-provider services in the institutional space, including participant education, financial wellness, and in some cases, the ability to help individual employees with retirement planning if requested by clients and/or plan participants. As AndCo contemplated our future strategic position relative to the evolving needs of our clients and the institutional marketplace, we embarked on a thoughtful process of evaluating potential options that would enhance both our client relationships and the professional growth of our team members. We ultimately determined that partnering with a complementary firm to augment our services through enhanced infrastructure, human capital, and financial resources, was the best path forward for our clients and colleagues. We are thrilled to announce that AndCo will be Joining Mariner, a national advisory firm, as their new institutional platform. Mariner and AndCo share a strong cultural alignment focused on a client-first, objective approach. Mariner's purchase of AndCo represents a new institutional vertical in Mariner's service offerings that will combine AndCo's experience, knowledge, and services in the institutional consulting space with Mariner's strong position in the wealth space. We will operate as one firm positioned to provide comprehensive services to our valued clients. Importantly, since Mariner does not currently have an institutional advisory practice, the same AndCo team members currently supporting our clients will continue to deliver the same services, tools, and guidance our clients value. We have worked very hard over the years to earn your trust and we look forward to talking with you at our next meeting to share more information about this exciting new partnership and the consent process. If you have questions prior to our next meeting, please reach out to your consultant or to me directly via the contact information below as I would welcome the opportunity to speak with you. We deeply value and remain committed to our client relationships. Thank you for your partnership and the opportunity to continue serving you. CEO mikewtSiandcoconsulting.com 407-627-1801 Confidential information intended soleiy for the recipient and not for distribution to the public AndCo Consulting | 531 W, Morse Blvd. | Suite 200 | Winter Park, FL 32789 | (844) 44-ANDCO | AndCoConsulting.com 69 Mariner Fact Sheet About Mariner Institutional • AndCo Consulting, LLC and Fourth Street Performance Partners, Inc. are each separate registered investment advisers that will be acquired by Mariner with an effective date on or about April 2, 2024. The firms will then operate under a combined brand, Mariner Institutional, which will advise approximately $108* billion in assets with 100 associates. • We believe every client is unique and therefore, we advise each one individually. Our Mariner Institutional framework will support this customization and the ability to solve unique challenges for our clients. Core Institutional Services Mariner Institutional will provide our clients the following general core consulting services: Traditional Plan • Investment Policy Development • Asset Allocation & Liability Modeling and Analysis • Manager Research • Ongoing Performance Monitoring • Trustee Education Defined Contribution • Fee Benchmarking • Recordkeeper Search & Review • Fund Lineup Selection • Performance Measurement & Reporting • Trustee Education • Regulatory Updates • Resource to the Board for Strategy and Decision-making • While there are numerous non-core services that are nuanced by client and plan type, the specific tasks and application of resources largely fall within one of these core services. • These core services can be implemented within a non-discretionary or discretionary framework, depending on client needs and preferences. • Our services are designed to provide leadership guidance, strategy and oversight to any institutional portfolio of assets. Institutional Clients Client Types Assets as of 6/30/23 (in Billions) Government $59.3 Corporate $16.2 Taft-Hartley $16.0 Non-Profit $13.0 Individual $4.2 Total $108.7* 70 © Mariner. All Rights Reserved. *As of 6/30/23 and represents AndCo and Fourth Street assets **As of 9/30/23 and represents Mariner This material is intended for informational and educational purposes only. The views expressed do not take into account any individual personal, financial, or tax considerations. As such, the information contained herein is not intended to be personal legal, investment, or tax advice or a solicitation to engage in a particular plan or strategy. All Information is as of the dates indicated. About Mariner • Mariner is a multidisciplinary financial services firm with $112 billion in AUA** and 1,571 associates. • Mariner is headquartered in Overland Park, Kan. with 98 locations and serves clients across all 50 states. Business Units Mariner Wealth Mariner Ultra Mariner Independent Mariner Workplace Mariner Institutional Wealth Services • Wealth Management • Estate Planning & Trust Services • Tax Planning & Preparation • Investment Banking, Valuation Advisory and Forensic Accounting Services • Insurance Solutions • Financial Wellness Platform and Coaching Values and Pillars Values • Caring – We care about our clients, our co-workers and our communities. We look out for one another and give to others. • Loyalty – We show loyalty to instill trust. We are loyal and trustworthy in all interactions. • Keep Promises – We keep our promises and do what we say. • Belonging – We foster a culture of security, support, and acceptance where each of our uniquely talented associates has a voice, and we listen. • Excellence – Excellence is an expectation. We strive to go above and beyond in all we do. • Optimism – We foster an optimistic outlook because attitude drive outcome. • Abundance – We show gratitude and seek opportunities that create abundance for our clients, associates and communities. Three Pillars • Best in Class Experience – For clients and associates. Positively impact the lives of many. • A Culture of Excellence – We strive for continuous improvement and accountability. • Fast, Intentional Growth – Speed is a force. Growth drives opportunity for all. Combined By the Numbers Advisors:1,205 Compliance & Legal: 33 Performance Reporting:36 Marketing:33 Investment and Manager Research:74 Information Technology:40 Operations:43 Practice Management:10 Accounting & Finance:26 Corporate Development & Strategy:10 Human Resources:34 Other Associates: 127 71 AndCo Consulting | 531 W. Morse Blvd. | Suite 200 | Winter Park, FL 32789 | (844) 44-ANDCO | AndCoConsulting.com Consent for Assignment of Investment Advisory Contract AndCo Consulting, LLC (“AndCo”) has entered into a membership interest purchase agreement with Mariner, LLC (“Mariner”) with an anticipated close date of April 2, 2024 (“Effective Date”). AndCo will be joining Mariner, a national advisory firm, as their new institutional platform. Mariner and AndCo share a strong cultural alignment focused on a client-first, objective approach. As previously communicated, you will continue to be serviced by the same consulting team and pursuant to the same terms and conditions as contained in your investment advisory contract with AndCo (“Contract”). However, this acquisition by Mariner is considered a change in control, and therefore deemed to be an assignment of your Contract. SEC rules require client consent for Contract assignment, and we respectfully request that you approve and execute this document to consent to the assignment of your Contract as of the Effective Date. All terms and conditions of the existing Contract will remain in full force and effect. If you consent to the assignment of your Contract under this change in control, please sign and date this document in the space provided below and return a signed copy to us (by mail or email). If you have any questions, please reach out to your consulting team or feel free to directly contact our Chief Compliance Officer, Sara Searle, at (407) 627-1812 or SaraS@andcoconsulting.com. We greatly appreciate your support during this process. By Mail: AndCo Consulting, LLC AndCo Consulting, LLC By:_____________________________ Attn: Chief Compliance Officer Name: Sara Searle 531 W Morse Blvd, Suite 200 Title: Chief Compliance Officer Winter Park, FL 32789 Date: January 16, 2024 By Email: Compliance@andcoconsulting.com CLIENT CONSENT Client Name: City of Winter Springs Pension Plan By: _________________________________ Name: Kevin McCann Title: Mayor Date: ATTEST: _______________________________________ Christian Gowan, City Clerk 72