HomeMy WebLinkAbout2025 02 13 Board of Trustee Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, FEBRUARY 13, 2025 - 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
500. Election for Chairperson of the Board of Trustees for Calendar Year 2025
501. Election for Vice Chairperson of the Board of Trustees for Calendar Year 2025
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a
“Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
CONSENT AGENDA
300. Approval of the Thursday, August 22, 2024 Board of Trustees Regular Meeting Minutes
2024 08 22 BOT Regular Meeting Minutes.pdf
PUBLIC HEARING AGENDA
400. Not Used
REGULAR AGENDA - PART II
502. Quarterly Investment Return Report from Mariner
2024-12-31 Winter Springs General (Quarterly Report).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
homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City
Commission.
ADJOURNMENT
2
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 300
BOARD OF TRUSTEES AGENDA | FEBRUARY 13, 2025 REGULAR MEETING
TITLE
Approval of the Thursday, August 22, 2024 Board of Trustees Regular Meeting Minutes
SUMMARY
FUNDING SOURCE
RECOMMENDATION
Staff recommends the Board approve the August 22, 2024 Minutes as presented.
4
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
AUGUST 22, 2024
RESCHEDULED FROM AUGUST 8, 2024
CALL TO ORDER
Chairperson Marco Santoro called the Regular Meeting of Thursday, August 22, 2024, of the Board of
Trustees to order at 5:39 pm in the Commission Chambers (City Hall, 1126 East State Road 434,
Winter Springs, Florida 32708).
Roll Call:
Chairperson Marco Santoro, present
Vice-Chairperson Arif Fareed, present
Board Member Michael Blake, absent
Board Member Brandon Fair, absent
Board Member David Withee, present
Assistant City Clerk Tristin Tarrant, present
Also present:
Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida
Ms. Shelly Jones, A.S.A., Consultant and Actuary, Gabriel, Rober, Smith and Company (GRS)
Consulting, 1 East Broward Blvd., Suite 505, Ft. Lauderdale, Florida
Ms. Holly Queen, Director, Finance Department
Mr. Brian Dunigan, Director, Operations Department
Chairperson Santoro led the Pledge of Allegiance.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Chairperson Santoro opened Public Input.
No one addressed the Board.
Chairperson Santoro closed Public Input.
CONSENT AGENDA
300) Approval of the Thursday, May 9, 2024 Board of Trustees Regular Meeting Minutes
"I WILL MAKE A MOTION TO APPROVE THE MINUTES AS PRESENTED." MOTION BY BOARD
MEMBER FAREED. SECONDED BY BOARD MEMBER WHITEE. DISCUSSION.
VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE)
MOTION CARRIED 3-0.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 22, 2024
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
500) Quarterly Investment Return Report from Mariner
Mr. West briefly reviewed the “Asset Allocation Flash Report,” highlighting equity market, rate
expectations, and interest rates. Quickly moved into the 1st Quarter 2024 Market Environment report
reviewing the Yield Curve, the Adjusted Bond market and the asset allocation. Mr. West continued
by giving an overview of the “Comparative Performance Trailing Returns” and investment.
The discussion moved onto the Direct Real Estate managers and the underperformance that can be
seen with the funds. The Board expressed disappointment and asked Mr. West for options to help
the funds. Further inquiries regarding liquidating the real estate managers and the procedure in
which to do so ensued.
"MOTION TO ACCEPT 5% 4 MILLION OF VANGARD TOTAL STOCK ALLOCATED TO 50% EQUITY
ALLICAITON (4 MILLION). TAKE 4 TO INVEST IN THE CASH." MOTION BY VICE-CHAIRPERSON
FAREED. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION.
VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE)
MOTION CARRIED 3-0.
Mr. West continued by answering a few additional questions the board had about real estate funds
and the moved into reviewing the remainer of the Quarterly Market Report. Discussion ensued on
percentage returns and end-of-the year cuts.
501) GRS Actuarial Valuation Report of the Defined Benefit Plan - October 1, 2023
Ms. Shelly Jones gave a review of the actuarial valuation report and highlighted the Smoothed Value
of Assets, the contributions and the Market value. Further discussion ensued on the informational
"Low-Default-Risk obligation measure", that has been recently updated by the Actuarial Standards
Board, to show liability, the wage on current employees and the funded ratio.
"MAKE A MOTION TO APPROVE THE OCTOBER 1, 2023 GRS ACTUARIAL REPORT FROM GRS AND
SHELLY JONES." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER
WITHEE. DISCUSSION.
VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE)
MOTION CARRIED 3-0.
502) Section 2.01 of City of Winter Springs Retirement Plan
Mr. Brian Dungan opened the item and worked with Ms. Queen relaying the City's Actuary found a
discrepancy regarding the date in which employee became a member of the city’s retirement plan.
Staff explained the understanding of what happened and how the discrepancy occurred. Staff's
recommendation is the Board recommend, to the Commission, approval of a resolution to restate
the plan with changes to section 2.01. “First of the month following the first 30 days”. Further
discussion and explanation ensued between the Board and staff.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 22, 2024
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 ,
"I WILL MAKE A MOTION TO ADD [2.01 REGARDING THE RESTATEMENT OF ELIGIBILITY] ON THE
[CITY COMMISSION] AGENDA." MOTION BY VICE-CHAIRPERSON FAREED. SECONDED BY
BOARD MEMBER WITHEE. DISCUSSION.
VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE)
MOTION CARRIED 3-0.
REPORTS
PUBLIC INPUT
Chairperson Santoro opened Public Input.
No one addressed the Board.
Chairperson Santoro closed Public Input.
ADJOURNMENT
Chairperson Santoro adjourned the Regular Meeting at 7:01 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
TRISTIN TARRANT
ASSISTANT 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="12/31/2024" Interval="3"
Description="Quarterly Report" />
Investment Performance Review
Period Ending December 31, 2024
Winter Springs General Employees General Plan
and Trust
8
4th Quarter 2024 Market EnvironmentPage 19
The Market Environment Executive SummaryAs of December 31,2024The EconomyThe US Federal Reserve (the Fed) continued to loosen its policy stance during thequarter with two fed funds rate cuts totaling 0.50%, bringing the year-end rate to arange of 4.25%-4.50%. While the Fed conveyed a degree of confidence that thefight against inflation is progressing in its December press release, Fed ChairmanJerome Powell signaled in his post-meeting press conference that the pace andtiming of future rate cuts is unclear. The Fed’s December “Dot Plot” now projectsonly two quarter-point rate cuts in 2025, down from four anticipated cuts inSeptember’s plot.Growth in the US labor market continued during the fourth quarter. US payrollsgrew by 256,000 in December, up from the previous month’s total of 212,000, andwell above the 155,000 projected. If strength in the labor market continues, thisdata could support a slower pace Fed action in the form of policy rate reductions in2025.Equity (Domestic and International)US equity results were modestly higher for the quarter. Markets also saw a returnto the narrowly focused technology and communication services companyexuberance which has dominated domestic performance in recent years. The S&P500 Index rose 2.4% for the quarter with the small-cap Russell 2000 Indexmanaging just a 0.3% rise. The rotation away from large cap growth stocks duringthe third quarter seemed to reverse as the Russell 1000 Growth Index once againoutpaced the Russell 1000 Value Index by a large margin.Large-cap equity benchmarks continue torepresent a heavy concentration amonga limited number of stocks. As of quarter end, the weight of the top 10 stocks inthe S&P 500 Index exceeded 35%.Most international stocks faltered during the fourth quarter and US Dollar (USD)denominated results were further exacerbated by a strengthening USD. The USDperformance of international stocks fell short of local currency (LCL) returns inmost regions for the quarter, albeit to varying degrees.Fixed IncomeFixed-income markets traded lower during the quarter on the back of the Fed’songoing policy actions. Short term Treasury yields fell while longer term yieldsrose, leading to a slight steepening in the yield curve. The yield on the bellwether10-year Treasury advanced by 0.84% during the quarter, closing the year at ayield of 4.58%. The inverse relationship between prices and yields resulted in theBloomberg US Aggregate Bond Index posting a -3.1% loss for the quarter.High-yield bonds outpaced the Bloomberg US Aggregate Bond Index for thequarter, largely due to higher coupons, a shorter duration profile, and a smallnarrowing of the option-adjusted spread (OAS) for the Bloomberg US High-YieldIndex.Global bonds fell during the quarter, with the Bloomberg Global Aggregate ex-USreturning -6.8% in USD terms. Like international equity results, global bondperformance was dragged down by a strengthening USD during the quarter.Market ThemesStrength in the US Dollar during the quarter led to relative weakness ininternational markets. Many of the major currencies depreciated relative to the USDollar as the year came to a close. Latin America saw the most significant declineduring the period while the Pacific regionwas the only region to post positive LCLreturns.The AI trade that has taken shape for much of the past two years continued in2024 with the communication services and information technology sectors eachposting gains of more than 35% for the year. This phenomenon contributed tonarrow market leadership particularly within the large-cap segment of the market.The concentration in the large-cap indexes helped the S&P 500 post its secondstraight year of greater than a 20% return, further widening the performance gapbetween large and smaller capitalization benchmarks.Ongoing military conflicts in Ukraine andthe Middle East, coupled with globaleconomic uncertainty, continue to act as headwinds for international marketresults, further complicated by an advancing USD.The results of the most recent US presidential election appeared to pleasedomestic equity markets in anticipation of the new administration supportingloosened regulations and pro-growth policies. As we move into the new year,equity markets will need to digest the anticipated effects of proposed taxlegislation changes, a new view on foreign policy, and potential trade tariffs by thenew administration.Page 210
The Market Environment Major Market Index Performance As of December 31, 2024Domestic equity markets continued to climb higher during the quarter. Large-cap stocks returned to the forefront, outpacing small-cap stocks. The S&P 500rose 2.4% during the quarter versus a muted gain of 0.3% for the Russell 2000Index. The broad capitalization Russell 3000 Index, which benefited fromstrength in mid- and large-cap names, returned 2.6% for the quarter.International developed market equities reversed course and soured during thefourth quarter with the USD performance of the broad benchmarks eachtrading lower than (LCL) currency performance. The broad MSCI ACWI ex USIndex delivered a disappointing -7.6% for the quarter but was down less thanboth the MSCI EAFE and MSCI EM indexes. The broad index was aided byCanada, which is not included in the EAFE or EM indexes. Internationaldeveloped market (DM) equities narrowly fell behind emerging market (EM)equities, returning -8.1% and -8.0%, respectively for the quarter. Negativeperformance for the international indexes was broad-based and not localizedto any specific region.Broad market fixed-income benchmarks displayed a poor finish to the year asmany of the core indexes succumbed to a steepening of the yield curve andthe prospect of fewer rate cuts in 2025. The Bloomberg US Aggregate Indexreturned -3.1% for the quarter. The TIPS market, which is not part of theAggregate Index, was also negative, posting a return of -2.9% for the quarter.While the performance differentials were small, the Mortgage-BackedSecurities Index lagged other domestic bond market segments with abenchmark return of -3.2% for the quarter.Domestic equity indexes finished the year by adding to their already strongreturns over the trailing one-year period. The S&P 500 Index gained 25.0% forthe year and the Russell 1000 Index returned 24.5%. The weakest performingcapitalization range of domestic equities for the year was the small-cap Russell2000 Index, which still managed a double-digit climb over the last 12 months,returning a solid 11.5%.Domestic bond indexes’ results were mixed throughout the year but stillmanaged to deliver positive annual results. While the performance spread wasnarrow, investment-grade corporate bonds led bond index results for the year,returning a muted 2.1%. The government bond index lagged for the year, butwas also positive, posting a return of 0.6%.International equity markets also delivered positive results for the trailing one-year period. The MSCI EM Index was the best international performer,returning 7.5%, while the MSCI EAFE and MSCI ACWI ex US indexes postedreturns of 3.8% and 5.5%, respectively.Source: Investment Metrics1.2%-3.0%-3.2%-2.9%-3.1%-3.1%-8.0%-8.1%-7.6%0.3%0.6%2.7%2.6%2.4%-10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0%3-Month T-BillBloomberg Corp IGBloomberg MBSBloomberg US TIPSBloomberg US GovtBloomberg US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500Quarter Performance5.3%2.1%1.2%1.8%0.6%1.3%7.5%3.8%5.5%11.5%15.3%24.5%23.8%25.0%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%3-Month T-BillBloomberg Corp IGBloomberg MBSBloomberg US TIPSBloomberg US GovtBloomberg US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 5001-Year PerformancePage 311
Source: Investment MetricsThe Market Environment Domestic Equity Style Index PerformanceAs of December 31,2024Domestic equity benchmarks exhibited a return to their long-run trend ofgrowth style companies vastly outperforming value during the fourth quarter.This theme was relatively consistent across the capitalization spectrum withgrowth benchmarks dominating performance results while value benchmarkseach posted negative returns for the quarter.The broadest disparity between growth and value was visible in the mid-capindex.TheRussellMidCapValueIndexreturn of -1.7% trailed the Russell MidCap Growth Index return of 8.1%, a performance span of nearly 10%. TheRussell Mid Cap Growth Index was also the best performing segment of theequity market during the quarter. Conversely, the worst performing segment ofthe market was large cap value which returned a disappointing -2.0% duringthe fourth quarter.This quarter’s ascension of the growth indexes widened their performancegaps relative to the value indexes for the trailing year. The Russell 1000Growth Index amassed a staggering 33.4% for the year, leading the wayamong style and market capitalization index performance. Much of the year’sstrong performance has been attributable to the emergence of the “Magnificent7” stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) whichhave dominated the large-cap core and growth indexes and the headlines overthe past several years. The 10 largest stocks in the Russell 1000 Index havecontributed more than 50% of the index’s total performance over the trailing12-month period. The weakest performing index for the year was the Russell2000 Value Index, which still climbed 8.1%.The strength of growth sectors is also evident in the trailing one-year periodwith the chart on the right showing growth benchmarks at all capitalizationranges outpacing their value counterparts. The performance gap between theRussell 1000 Growth Index and the Russell 1000 Value Index was nearly 20%and the gaps for mid- and small-cap indexes were narrower, but still wide.1.7%0.3%-1.1%8.1%0.6%-1.7%7.1%2.7%-2.0%6.8%2.6%-1.9%-5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series15.2%11.5%8.1%22.1%15.3%13.1%33.4%24.5%14.4%32.5%23.8%14.0%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 412
The Market Environment GICSSector Performance & (Sector Weight)As of December 31, 2024Source:Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward lookingperformance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.Economic sector performance delivered mixed results in the fourth quarteras just four of the 11 economic sectors moved higher in the large-capindex. While performance during the year could be characterized bybroader participation in the domestic equity markets, this was not the caseduring the fourth quarter as only the communication services, consumerdiscretionary, financials, and information technology sectors managed topost positive returns. Within the large cap index, consumer discretionarystocks led the way, collectively returning 12.9% for the quarter while thematerials sector struggled, falling -11.4% during the period.Full year results during 2024 showcased strong performance across theeconomic sector classifications. Communication services narrowlyoutpaced information technology for the year, posting returns of 39.8%and 35.9%, respectively, with financials coming in third with a return of31.4%. While all sectors posted positive returns for the year, the broadindex’s strong performance during 2024 was largely driven by three of thefive most heavily weighted index sectors.Similar to the large cap benchmark, just five of the 11 small-cap economicsectors gained value during the quarter. Communication services,consumer staples, financials, industrials, and information technology ledthe way with information technology as the best performing sector duringthe quarter. Health care faltered as the worst-performing sector with areturn of -7.6% during the quarter, followed closely by real estate, whichfinished the quarter with a return of -6.1%.Despite their struggles during the most recent quarter, small-cap stocksdelivered strong results for the year. Ten small-cap sectors advancedhigher during the trailing one-year period, making energy the lonenegative performer over the period. The sector’s -2.7% return during thefourth quarter pushed the sector’s performance to -4.1% for the trailingyear. Information technology (up 21.6%) was the only sector to cross the20% return threshold, but four others also amassed double digit positivereturns for the calendar year.2.8%5.5%4.0%21.6%17.0%1.9%15.4%-4.1%17.9%6.2%12.2%-4.6%-6.1%-4.7%9.9%4.1%-7.6%3.5%-2.7%5.5%-1.6%0.5%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Utilities (2.8%)Real Estate (6.2%)Materials (4.5%)Info Technology (12.7%)Industrials (17.4%)Health Care (17.1%)Financials (18.5%)Energy (5.2%)Consumer Staples (2.7%)Consumer Disc (9.9%)Comm Services (2.7%)Russell 2000Quarter1-Year24.8%5.1%0.2%35.9%17.3%2.9%31.4%7.5%14.7%28.8%39.8%-5.2%-7.8%-11.4%5.8%-2.2%-9.9%7.9%-0.6%-3.0%12.9%9.0%-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%Utilities (2.4%)Real Estate (2.6%)Materials (2.5%)Info Technology (29.7%)Industrials (9.5%)Health Care (11.0%)Financials (13.9%)Energy (3.5%)Consumer Staples (5.6%)Consumer Disc (10.6%)Comm Services (8.8%)Russell 1000Quarter1-YearPage 513
The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of December 31, 2024Source:Morningstar DirectTop 10 Weighted StocksSector1-Year Return1-QtrReturnWeightRussell1000Information Technology30.7%7.6%6.6%Apple IncInformation Technology171.2%10.6%5.8%NVIDIA CorpInformation Technology12.9%-1.8%5.8%Microsoft CorpConsumer Discretionary44.4%17.7%3.8%Amazon.com IncCommunication Services66.0%2.4%2.4%Meta Platforms Inc Class AConsumer Discretionary62.5%54.4%2.1%Tesla IncCommunication Services36.0%14.3%2.1%Alphabet Inc Class AInformation Technology110.4%34.7%2.0%Broadcom IncCommunication Services35.6%14.0%1.7%Alphabet Inc Class CFinancials27.1%-1.5%1.5%Berkshire Hathaway Inc Class BTop 10 Weighted StocksSector1-YearReturn1-QtrReturnWeightRussell2000Industrials214.7%8.6%0.5%FTAI Aviation LtdConsumer Staples164.1%15.1%0.5%Sprouts Farmers Market IncHealth Care122.8%-5.4%0.4%Insmed IncHealth Care30.4%-28.4%0.4%Vaxcyte Inc Ordinary SharesInformation Technology245.2%118.2%0.4%Credo Technology Group Holding LtdIndustrials39.7%7.5%0.3%Applied Industrial Technologies IncIndustrials70.5%7.4%0.3%Mueller Industries IncIndustrials360.6%161.8%0.3%Rocket Lab USA IncIndustrials25.9%3.4%0.3%Fluor CorpInformation Technology237.1%377.9%0.3%IonQ Inc Class ATop 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell2000Information Technology1449.4%1848.7%0.1%Rigetti Computing IncInformation Technology854.4%754.6%0.0%D-Wave Quantum Inc.Health Care129.9%439.6%0.1%Scholar Rock Holding CorpInformation Technology237.1%377.9%0.3%IonQ Inc Class AInformation Technology835.8%325.8%0.2%SoundHound AI Inc Ordinary SharesHealth Care227.3%281.2%0.0%Kodiak Sciences IncConsumer Discretionary443.8%248.1%0.0%The RealReal IncIndustrials19.7%242.3%0.0%SES AI CorpHealth Care185.7%235.7%0.0%Poseida Therapeutics Inc OrdinaryIndustrials58.8%221.8%0.1%Archer Aviation Inc Class ABottom 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell2000Health Care0.0%-92.3%0.0%Q32 Bio IncHealth Care-89.5%-92.0%0.0%Cassava Sciences IncHealth Care-74.4%-89.9%0.0%Applied Therapeutics IncHealth Care-20.6%-76.1%0.0%Perspective Therapeutics IncHealth Care-60.2%-72.7%0.0%Keros Therapeutics IncHealth CareN/A-72.2%0.0%Bioage Labs IncHealth Care-70.1%-68.3%0.0%Inovio Pharmaceuticals IncHealth CareN/A-67.2%0.0%PACS Group IncHealth Care-83.0%-65.3%0.0%Shattuck Labs Inc Ordinary SharesUtilities-77.5%-64.8%0.0%Sunnova Energy International IncTop 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell1000Information TechnologyN/A152.8%0.0%Astera Labs IncInformation Technology712.6%148.1%0.2%AppLovin Corp Ordinary Shares Communication ServicesN/A112.2%0.0%Trump Media & Technology GroupInformation Technology340.5%103.3%0.3%Palantir Technologies Inc OrdinaryFinancials54.8%95.9%0.0%SoFi Technologies Inc Ordinary SharesConsumer DiscretionaryN/A75.3%0.0%Amer Sports IncInformation Technology358.5%71.8%0.1%MicroStrategy IncIndustrials135.3%70.2%0.1%United Airlines Holdings IncUtilities-59.3%66.3%0.0%New Fortress Energy Inc Information Technology42.5%65.7%0.0%Twilio Inc Class ABottom 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell1000Consumer Discretionary-58.1%-50.4%0.0%Capri Holdings LtdMaterials-54.6%-48.8%0.0%Celanese Corp Class AFinancials-22.2%-41.3%0.0%Rocket Companies Inc Ordinary Information Technology-48.0%-39.2%0.0%Enphase Energy IncHealth Care-58.2%-37.8%0.0%Moderna IncHealth Care-49.0%-37.5%0.0%Acadia Healthcare Co IncHealth Care116.2%-36.4%0.0%Viking Therapeutics IncHealth Care-74.3%-36.4%0.0%10x Genomics Inc Ordinary Information Technology-5.6%-35.9%0.1%Monolithic Power Systems IncUtilities-30.3%-35.1%0.0%The AES CorpPage 614
Source: MSCI Global Index Monitor (Returns are Net)The Market Environment International and Regional Market Index Performance (Country Count)As of December 31, 2024Results in USD terms among the headline international equity indexes weresharply lower during the quarter. Thestrengthening USD relative to manymajor currencies during the quarter was a substantial headwind for the USDperformance of non-US regional benchmarks’ returns. The developed-marketMSCI EAFE Index returned a muted -0.6% in LCL terms but fell -8.1% in USDterms. The MSCI ACWI ex-US Index pulled back -7.6% in USD and -1.4% inLCL terms for the quarter.Latin America continued to lag other regions during the quarter in USD terms,posting an outsized loss of -15.8%. Weakening currencies in the region putadded pressure on realized performance for US investors. The MSCI Pacificbenchmark was the only regional benchmark to deliver positive performancein LCL terms with a return of 3.5%, butUSD strength led to a -5.5% decline inUSD terms for the quarter. Regional LCL currency performance wasdisparate for the quarter, with some regional indexes remaining relatively flatover the final three months of the year.Full year results by country show Taiwan and Malaysia as the biggest winnersduring the year in USD terms. These two countries advanced 34.4% and20.8%, respectively. China was not far behind with the largest economy in theemerging market world climbing 19.4% in USD terms for the year despitedeclining 7.7% during the fourth quarter. Much of the broad-based MSCIEmerging Market Index’s returns are attributable to the health of the dominantChinese economy, which came under pressure during the year due totroubles in the manufacturing and commercial property sectors.Much like domestic markets, trailing one-year results for internationaldeveloped and emerging markets benchmarks were strongly positive. HigherLCL versus USD returns for most international benchmarks demonstrate theUSD’s relative strength over the trailing one-year period, which represents adrag on results for US investors.Most broad and regional indexes were positive for the trailing 12 months inboth USD and LCL terms. The exception to these positive results is the EMLatin America index, where negative LCL performance was exacerbated bythe region’s currency weakness, which led to a more severe - 26.4% return inUSD terms. The MSCI Pacific Index led the way with a return of 17.8% in LCLterms for the trailing year, but US investor returns were dampened to just7.0% in USD terms.-7.9%-4.7%-0.4%-4.4%3.5%-2.7%-0.6%0.0%-1.4%-15.8%-7.9%-4.0%-8.0%-5.5%-9.5%-8.1%-7.4%-7.6%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0%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 PerformanceUSDLOCAL-9.7%16.5%8.8%13.1%17.8%8.1%11.3%12.4%12.6%-26.4%12.0%5.6%7.5%7.0%2.2%3.8%4.7%5.5%-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyPage 715
The Market Environment US Dollar International Index Attribution & Country DetailAs of December 31, 2024Source: 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 representsbackward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE11.2%-4.7%4.8%Communication Services1.4%-4.3%11.3%Consumer Discretionary-7.9%-12.6%8.3%Consumer Staples-10.5%-8.3%3.5%Energy20.9%-2.3%21.9%Financials-1.5%-14.1%12.4%Health Care9.6%-6.4%17.8%Industrials3.8%-7.2%8.8%Information Technology-12.9%-17.8%6.1%Materials-3.9%-13.4%2.0%Real Estate-4.1%-12.8%3.2%Utilities3.8%-8.1%100.0%Total1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS12.4%-6.8%5.9%Communication Services4.6%-8.1%11.2%Consumer Discretionary-7.8%-12.4%7.0%Consumer Staples-3.5%-7.9%5.0%Energy17.5%-2.8%23.7%Financials-1.4%-13.9%8.8%Health Care7.5%-7.1%14.0%Industrials13.3%-1.8%13.5%Information Technology-12.6%-17.2%6.3%Materials-1.7%-11.5%1.8%Real Estate-2.0%-12.8%3.0%Utilities5.5%-7.6%100.0%Total1- YearQuarterMSCI-ACWIxUSMSCI-EAFEReturnReturnWeightWeightCountry8.3%-3.6%14.5%23.2%Japan7.5%-6.8%9.3%14.9%United Kingdom-5.3%-10.3%6.9%11.1%France-2.0%-11.3%6.0%9.6%Switzerland10.2%-5.7%5.8%9.2%Germany1.2%-11.4%4.6%7.4%Australia1.4%-12.4%2.9%4.6%Netherlands-3.7%-14.0%2.2%3.6%Sweden-12.9%-21.5%1.8%2.9%Denmark11.3%-6.7%1.7%2.8%Italy9.8%-9.2%1.7%2.8%Spain0.1%-9.8%1.2%2.0%Hong Kong32.3%3.2%1.0%1.7%Singapore8.5%-8.3%0.6%1.0%Belgium-7.3%-13.1%0.6%1.0%Finland38.3%14.1%0.6%1.0%Israel-4.3%-5.4%0.4%0.6%Norway14.0%-12.6%0.2%0.3%Ireland-1.5%-6.0%0.1%0.2%New Zealand18.3%1.1%0.1%0.2%Austria-25.2%-22.7%0.1%0.2%Portugal3.8%-8.1%62.3%100.0%Total EAFE Countries11.9%-1.8%8.1%Canada4.7%-7.4%70.4%Total Developed Countries19.4%-7.7%8.2%China34.4%3.3%5.8%Taiwan11.2%-11.3%5.8%India-23.4%-19.2%2.7%Korea0.6%-1.5%1.2%Saudi Arabia-29.8%-19.4%1.2%Brazil6.7%-12.1%0.9%South Africa-27.1%-10.6%0.5%Mexico20.8%-6.9%0.5%Malaysia-13.0%-15.6%0.4%Indonesia1.3%-10.1%0.4%Thailand19.6%9.0%0.4%United Arab Emirates6.1%-0.2%0.3%Qatar-6.7%-11.5%0.2%Poland10.5%1.2%0.2%Kuwait17.8%-3.2%0.2%Turkey-0.7%-13.9%0.2%Philippines8.9%-6.2%0.1%Greece-7.5%-6.8%0.1%Chile15.8%-9.1%0.1%Peru14.0%-2.3%0.1%Hungary4.0%0.9%0.0%Czech Republic7.9%-0.2%0.0%Colombia-31.2%-9.0%0.0%Egypt7.5%-8.0%29.7%Total Emerging Countries5.5%-7.6%100.0%Total ACWIxUS Countries1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt15.9%-8.1%9.4%Communication Services11.8%-14.5%13.1%Consumer Discretionary-11.1%-13.9%4.8%Consumer Staples-5.9%-14.5%4.6%Energy11.0%-5.0%23.7%Financials-0.9%-11.7%3.5%Health Care0.6%-10.9%6.6%Industrials20.4%1.1%24.3%Information Technology-19.6%-18.6%5.7%Materials3.8%-6.5%1.7%Real Estate3.3%-14.1%2.7%Utilities7.5%-8.0%100.0%TotalPage 816
Source: BloombergThe Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of December 31, 2024Domestic fixed-income markets declined during the fourth quarter despite twoadditional 0.25% rate cuts by the Fed. Although the Fed’s action movedshort-term rates lower, longer-term yields advanced during the quarter,leading to a modest steepening of the Treasury Yield Curve. The Fed’s targetrange is now set at 4.25%-4.50% at year-end, down a full percentage point,including the first 0.50% cut in September of 2024.While the Fed’s first rate cut in September was initially celebrated by fixedincome investors and boosted the levels of the indexes during the thirdquarter, many of the core indexes fell during the fourth quarter as longer-termyields advanced and worked against the Fed’s short-term rate declines.Performance across the investment-grade index’s segments declined with theTreasury, Mortgage-Backed and Corporate IG indexes falling in a tight rangearound -3.0%. Higher quality issues performed better, as BBB issues fell by-2.8%, while AAA issues fell a smaller -1.8% due in large part to their lowerduration (4.4 vs. 7.1 years).High Yield bonds outperformed investment grade issues as longer-termyields climbed. This was primarily due to the high-yield benchmark’s lowerduration and higher coupon income. Despite their lower credit quality, below-investment grade issues returned just0.2% for the quarter, but still outpacedall other broad-based investment-grade fixed income indexes.Over the trailing one-year period, the Bloomberg US Aggregate Bond Indexposted a return of 1.3%. The benchmark's sub-components also postedpositive performance over the trailing 12 months with the Bloomberg USCorporate Investment Grade Index rising 2.1% and the US Mortgage Indexreturning 1.2%. US TIPS, which are excluded from the Bloomberg USAggregate Bond Index, returned1.8% for the trailing year.Results were mixed across credit qualities of investment grade issues. Theperformance of AAA issues was aided by their lower duration and returned3.1% while AA issues returned only 0.8% for the year. High yield bonds werealso the best performing segment of the market for the year, returning anoutsized 8.2%, more than double any other segment of the domestic fixedincome market. Results in high yield were spurred by stable credit spreadsand higher coupon income.The Bloomberg Global Aggregate ex-US Index finished both the quarter andthe year significantly weaker than its domestic benchmark counterpart.Strength in the USD was a primary driver in the international index’s weak-6.8% fourth quarter performance and its -4.2% return for the calendar year.-5.0%-6.8%-2.1%-3.1%-2.8%-3.3%-3.1%-1.8%-2.9%0.2%-3.0%-3.2%-3.1%-7.5% -5.0% -2.5% 0.0% 2.5%Multiverse (6.5)Global Agg x US (7.1)Intermediate Agg (4.4)Aggregate (6.2)Baa (7.1)A (7.1)AA (6.0)AAA (4.4)U.S. TIPS (3.8)U.S. High Yield (2.9)U.S. Corporate IG (7.2)U.S. Mortgage (5.7)U.S. Treasury (6.1)Quarter Performance -1.3%-4.2%2.5%1.3%2.7%1.7%0.8%3.1%1.8%8.2%2.1%1.2%0.6%-7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0%Multiverse (6.5)Global Agg x US (7.1)Intermediate Agg (4.4)Aggregate (6.2)Baa (7.1)A (7.1)AA (6.0)AAA (4.4)U.S. TIPS (3.8)U.S. High Yield (2.9)U.S. Corporate IG (7.2)U.S. Mortgage (5.7)U.S. Treasury (6.1)1-Year PerformancePage 917
Source: US Department of Treasury, FRED (Federal Reserve of St.Louis)The Market Environment MarketRate & Yield Curve ComparisonAs of December 31, 2024The gray band across the graph illustrates the fed funds target rate rangeover the last 12 months. During the fourth quarter, the Federal Open MarketCommittee (FOMC) cut its policy rates by 0.50% with two successive 0.25%cuts in November and December. The target policy range now stands at 4.25-4.50%, a level not seen since January of 2023. With inflation declining andunemployment remaining largely stable, the Fed has pivoted from itsrestrictive monetary policy stance. The most recent FOMC press releasecontinued to emphasize economic data-dependent outcomes while placinggreater emphasis on the second part of the committee’s dual mandate: fullemployment. The CME FedWatch tool, which forecasts rates based on fedfund futures pricing, showed a greater than 90% probability of no ratedecrease at the FOMC January meeting at the time of this writing. Fedofficials and market participants continue to express concern that leavingrates at their current elevated levels for an extended period could tip the USeconomy into a recession.The yield on the US 10-year Treasury (blue line of the top chart) rose 0.84%during the quarter. The bellwetherbenchmark rate opened the quarter at ayield of 3.74% and finished December at a yield of 4.58%, which is its highestlevel since May 2024.The red line in the top chart shows theoption-adjusted spread (OAS) for BAA-rated corporate bonds. This measure quantifies the additional yield premiuminvestors require to purchase and hold non-US Treasury issues with thelowest investment grade rating. During the quarter, the yield spreadexperienced a slight decline, beginning October at 1.13% and finishingDecember at 1.02%. High-yield OAS spreads (represented by the yellow linein the top chart) also remained relatively stable, despite a sharp spike in earlyAugust spurred by an unwinding of the yen carry trade. The high-yield OASfell by 0.11% over the quarter from 3.03% to 2.92%. The spread measure’srelative stability over the trailing year results from steady economic growth,stable monetary policy, and falling inflation readings.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. For the first time since November 2022,the quarter-end yield on the 30-year Treasury was higher than the one-monthTreasury. Furthermore, the spread between the two-year yield and the 10-year yield continued to widen during the quarter, growing from 0.15% inOctober to 0.30% at year end. The yield curve had been inverted for much ofthe last two years. This 2-10-year yield curve inversion is a common heuristicused to foretell a pending recession.2.503.003.504.004.505.005.506.006.507.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve3/31/20246/30/20249/30/202412/31/20240.001.002.003.004.005.006.007.008.009.0010.00Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-241-Year Trailing Market RatesFed Funds RateBAA OAS10yr TreasuryHigh Yield OASPage 1018
The Market EnvironmentReferencesAs of December 31, 2024CME FedWatch Tool - CME GroupEffective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)When will the Federal Reserve start cutting interest rates? | J.P. Morgan Asset Management (jpmorgan.com)U.S. Department of the TreasuryChina’s Economy Limps Into 2024 – WSJ Support Site - Global Index Lens: Index Returns – MSCIFederal Reserve issues FOMC statementThe Fed - Meeting calendars and information (federalreserve.gov)The Federal Reserve’s latest dot plot, explained – and what it says about interest rates | BankrateWhy Chinese banks are now vanishing (economist.com)Fed rate cut: Here's what changed in the central bank's statement (cnbc.com)10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) | FRED | St. Louis Fed (stlouisfed.org)The Fed's dot plot shows only two rate cuts in 2025, fewer than previously projectedPage 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
$4,648,567.9 (6.0%)
Direct Real Estate
$4,682,794.9 (6.1%)
Non-Core Fixed Income
$4,270,910.7 (5.5%)
Broad Mkt Fixed Income
$12,178,122.4 (15.8%)
Foreign Equity Securities
$10,824,168.4 (14.0%)
Domestic Equity Securities
$40,567,139.9 (52.6%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 77,171,704 100.0 N/A N/A 100.0
Domestic Equity Securities 40,567,140 52.6 45.0 55.0 50.0
Foreign Equity Securities 10,824,168 14.0 10.0 20.0 15.0
Broad Mkt Fixed Income 12,178,122 15.8 10.0 30.0 15.0
Non-Core Fixed Income 4,270,911 5.5 0.0 20.0 10.0
Direct Real Estate 4,682,795 6.1 0.0 15.0 10.0
Receipt & Disbursement 4,648,568 6.0 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of December 31, 2024
Page 12 20
Asset Allocation By Segment as of
September 30, 2024 : $78,382,221
Asset Allocation By Segment as of
December 31, 2024 : $77,171,704
Allocation
Segments Market Value Allocation
Domestic Equity 39,528,851 50.4¢
Foreign Equity 11,861,828 15.1¢
Broad Mkt Fixed Income 12,371,422 15.8¢
Non-Core Fixed Income 4,363,859 5.6¢
Real Estate 4,709,218 6.0¢
Cash Equivalent 5,547,042 7.1¢
Allocation
Segments Market Value Allocation
Domestic Equity 40,567,140 52.6¢
Foreign Equity 10,824,168 14.0¢
Broad Mkt Fixed Income 12,178,122 15.8¢
Non-Core Fixed Income 4,270,911 5.5¢
Real Estate 4,495,800 5.8¢
Cash Equivalent 4,835,562 6.3¢
Asset Allocation Summary
Total Fund
As of December 31, 2024
NONE
Page 13 21
Asset Allocation By Manager as of
Sep-2024 : $78,382,221
Asset Allocation By Manager as of
Dec-2024 : $77,171,704
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)39,528,851 50.4¢
Galliard Core Fixed Income 12,371,422 15.8¢
RBC Global (Voyageur)11,861,828 15.1¢
Receipt & Disbursement 5,492,236 7.0¢
Intercontinental 3,806,837 4.9¢
PIMCO Diversified Income Fund Instl (PDIIX)2,006,202 2.6¢
Vanguard Inflation-Protected Secs (VAIPX)1,410,030 1.8¢
ARA Core Property Fund 957,188 1.2¢
Crescent Direct Lending II Fund 551,442 0.7¢
Vanguard Short Term Bond Index (VSCSX)352,903 0.5¢
Crescent Direct Lending Fund 43,282 0.1¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)40,567,140 52.6¢
Galliard Core Fixed Income 12,178,122 15.8¢
RBC Global (Voyageur)10,824,168 14.0¢
Receipt & Disbursement 4,648,568 6.0¢
Intercontinental 3,774,164 4.9¢
PIMCO Diversified Income Fund Instl (PDIIX)1,992,503 2.6¢
Vanguard Inflation-Protected Secs (VAIPX)1,380,684 1.8¢
ARA Core Property Fund 908,631 1.2¢
Crescent Direct Lending II Fund 536,017 0.7¢
Vanguard Short Term Bond Index (VSCSX)352,647 0.5¢
Crescent Direct Lending Fund 9,060 0.0¢
Asset Allocation Summary
Total Fund
As of December 31, 2024
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 6/23 3/24 12/24
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To December 31, 2024
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
Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund Portfolio 52.57 (22)14.03 (43)2.58 (80)18.03 (80)0.71 (98)6.07 (58)6.02 (12)z
5th Percentile 60.06 21.90 23.66 65.31 31.43 12.38 10.49
1st Quartile 51.56 16.31 5.73 33.15 17.81 9.10 3.20
Median 43.16 13.42 4.50 25.03 9.27 6.69 1.67
3rd Quartile 32.44 9.84 2.79 19.29 4.74 4.69 0.91
95th Percentile 15.22 5.12 1.59 11.49 1.49 2.23 0.16
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of December 31, 2024
Page 16 24
Historical Asset Allocation by Portfolio
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023
($)%($)%($)%($)%($)%
Total Equity 51,391,308 66.59 51,390,679 65.56 52,128,545 69.17 51,527,147 69.00 50,180,055 70.20
Domestic Equity Securities 40,567,140 52.57 39,528,851 50.43 40,941,264 54.33 39,794,142 53.29 38,902,253 54.43
Vanguard Total Stock Market (VITSX)40,567,140 52.57 39,528,851 50.43 40,941,264 54.33 39,794,142 53.29 38,902,253 54.43
Foreign Equity Securities 10,824,168 14.03 11,861,828 15.13 11,187,281 14.85 11,733,005 15.71 11,277,803 15.78
RBC Global (Voyageur)10,824,168 14.03 11,861,828 15.13 11,187,281 14.85 11,733,005 15.71 11,277,803 15.78
Total Fixed Income 16,449,033 21.31 16,735,281 21.35 16,324,869 21.66 14,192,290 19.01 15,636,590 21.88
Galliard Core Fixed Income 12,178,122 15.78 12,371,422 15.78 11,859,223 15.74 9,659,745 12.94 9,627,095 13.47
Vanguard Short Term Bond Index (VSCSX)352,647 0.46 352,903 0.45 339,987 0.45 336,687 0.45 1,834,546 2.57
Vanguard Inflation-Protected Secs (VAIPX)1,380,684 1.79 1,410,030 1.80 1,348,660 1.79 1,351,416 1.81 1,355,536 1.90
PIMCO Diversified Income Fund Instl (PDIIX)1,992,503 2.58 2,006,202 2.56 1,910,491 2.54 1,899,696 2.54 1,874,665 2.62
Crescent Direct Lending Fund 9,060 0.01 43,282 0.06 41,611 0.06 123,655 0.17 123,655 0.17
Crescent Direct Lending II Fund 536,017 0.69 551,442 0.70 824,897 1.09 821,092 1.10 821,092 1.15
Direct Real Estate 4,682,795 6.07 4,764,025 6.08 4,867,430 6.46 4,889,994 6.55 5,080,917 7.11
ARA Core Property Fund 908,631 1.18 957,188 1.22 1,015,864 1.35 1,028,227 1.38 1,062,920 1.49
Intercontinental 3,774,164 4.89 3,806,837 4.86 3,851,566 5.11 3,861,767 5.17 4,017,997 5.62
Receipt & Disbursement 4,648,568 6.02 5,492,236 7.01 2,036,822 2.70 4,063,546 5.44 579,866 0.81
Total Fund Portfolio 77,171,704 100.00 78,382,221 100.00 75,357,666 100.00 74,672,978 100.00 71,477,428 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of December 31, 2024
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 40,567,140 78.94 10,824,168 21.06 --------51,391,308 66.59
Domestic Equity Securities 40,567,140 100.00 ----------40,567,140 52.57
Vanguard Total Stock Market (VITSX)40,567,140 100.00 ----------40,567,140 52.57
Foreign Equity Securities --10,824,168 100.00 --------10,824,168 14.03
RBC Global (Voyageur)--10,824,168 100.00 --------10,824,168 14.03
Total Fixed Income ----12,178,122 74.04 4,270,911 25.96 ----16,449,033 21.31
Galliard Core Fixed Income ----12,178,122 100.00 ------12,178,122 15.78
Vanguard Short Term Bond Index (VSCSX)------352,647 100.00 ----352,647 0.46
Vanguard Inflation-Protected Secs (VAIPX)------1,380,684 100.00 ----1,380,684 1.79
PIMCO Diversified Income Fund Instl (PDIIX)------1,992,503 100.00 ----1,992,503 2.58
Crescent Direct Lending Fund ------9,060 100.00 ----9,060 0.01
Crescent Direct Lending II Fund ------536,017 100.00 ----536,017 0.69
Direct Real Estate --------4,495,800 96.01 186,994 3.99 4,682,795 6.07
ARA Core Property Fund --------721,636 79.42 186,994 20.58 908,631 1.18
Intercontinental --------3,774,164 100.00 --3,774,164 4.89
Receipt & Disbursement ----------4,648,568 100.00 4,648,568 6.02
Total Fund Portfolio 40,567,140 52.57 10,824,168 14.03 12,178,122 15.78 4,270,911 5.53 4,495,800 5.83 4,835,562 6.27 77,171,704 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of December 31, 2024
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 1/24 12/24
$1 3 ,5 2 3 ,6 2 2 .2
$77,171,704.2
Schedule of Investable Assets
Periods Ending
Beginning
Market Value
$
Net
Cash Flow
$
Gain/Loss
$
Ending
Market Value
$
Aug-2007 To Dec-2024 16,259,673 -2,736,050 63,648,082 77,171,704
Schedule of Investable Assets
Total Fund Portfolio
August 1, 2007 To December 31, 2024
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)-0.25 (21)-0.25 (21)13.23 (9)4.53 (10)8.91 (6)8.67 (6)8.79 (2)6.88 (16)11/01/2000
Total Fund Policy 0.02 (12)0.02 (12)13.28 (9)4.34 (13)8.62 (9)8.45 (7)8.46 (7)6.56 (38)
Difference -0.26 -0.26 -0.04 0.19 0.30 0.21 0.33 0.31
All Public Plans-Total Fund Median -1.08 -1.08 10.36 2.85 7.09 7.02 7.20 6.33
Total Fund (Gross)-0.16 -0.16 13.59 4.73 9.17 8.96 9.10 7.40 11/01/2000
Total Fund Policy 0.02 0.02 13.28 4.34 8.62 8.45 8.46 6.56
Difference -0.17 -0.17 0.32 0.40 0.56 0.51 0.64 0.84
Total Equity 0.01 0.01 18.40 6.87 12.41 11.52 11.43 8.36 01/01/2001
Total Equity Policy 0.25 0.25 19.45 6.40 11.56 10.97 10.83 7.31
Difference -0.24 -0.24 -1.06 0.47 0.85 0.55 0.60 1.05
Domestic Equity Securities 2.63 (40)2.63 (40)23.78 (54)8.30 (59)14.84 (39)13.88 (37)13.05 (47)9.00 (39)11/01/2000
Domestic Equity Securities Policy 2.63 (39)2.63 (39)23.81 (54)8.01 (62)13.86 (59)13.16 (57)12.55 (67)7.86 (95)
Difference -0.01 -0.01 -0.03 0.29 0.98 0.72 0.51 1.13
IM U.S. Large Cap Core Equity (SA+CF) Median 2.33 2.33 24.47 8.90 14.34 13.57 12.97 8.76
Foreign Equity Securities -8.73 (74)-8.73 (74)1.24 (77)2.06 (72)4.29 (78)3.89 (69)6.12 (46)6.13 (70)11/01/2000
Foreign Equity Securities Policy -7.60 (45)-7.60 (45)5.53 (46)0.82 (80)3.84 (81)3.62 (76)5.00 (78)4.55 (99)
Difference -1.13 -1.13 -4.29 1.24 0.45 0.27 1.12 1.58
IM International Large Cap Value Equity (SA+CF) Median -7.86 -7.86 5.18 3.95 5.38 4.66 5.95 6.51
Total Fixed Income -1.28 -1.28 4.57 0.74 2.13 3.11 3.23 4.45 11/01/2000
Total Fixed Policy -1.37 -1.37 3.67 0.26 1.61 2.21 2.10 3.92
Difference 0.08 0.08 0.89 0.49 0.53 0.90 1.13 0.53
Broad Mkt Fixed Income -1.50 (37)-1.50 (37)4.12 (16)0.26 (26)1.34 (26)2.04 (22)2.11 (20)3.92 (30)11/01/2000
Broad Mkt Fixed Income Policy -2.07 (82)-2.07 (82)2.47 (84)-0.83 (90)0.33 (92)1.30 (89)1.45 (87)3.65 (58)
Difference 0.57 0.57 1.65 1.09 1.01 0.74 0.65 0.27
IM U.S. Intermediate Duration (SA+CF) Median -1.59 -1.59 3.12 -0.14 1.03 1.73 1.78 3.77
Non-Core Fixed Income -0.67 -0.67 5.83 1.58 2.40 4.94 7.32 7.20 10/01/2014
Non-Core Fixed Policy -0.30 -0.30 5.49 1.88 3.11 3.58 3.73 3.61
Difference -0.36 -0.36 0.34 -0.30 -0.71 1.36 3.60 3.59
Direct Real Estate 0.74 (59)0.74 (59)-3.53 (83)-4.01 (76)2.14 (64)4.09 (58)6.18 (50)5.16 (27)10/01/2007
NCREIF Fund Index-OEDC (EW)1.03 (46)1.03 (46)-1.67 (65)-2.37 (53)3.06 (47)4.21 (56)6.12 (56)4.65 (54)
Difference -0.29 -0.29 -1.86 -1.64 -0.92 -0.13 0.06 0.51
IM U.S. Open End Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 4.37 6.17 4.70
Comparative Performance Trailing Returns
Total Fund
As of December 31, 2024
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, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Domestic Equity Securities 2.63 2.63 23.78 8.30 14.84 13.88 13.05 9.00 11/01/2000
Domestic Equity Securities Policy 2.63 2.63 23.81 8.01 13.86 13.16 12.55 7.86
Difference -0.01 -0.01 -0.03 0.29 0.98 0.72 0.51 1.13
Vanguard Total Stock Market (VITSX)2.63 (21)2.63 (21)23.75 (45)7.87 (51)13.81 (41)13.11 (35)12.50 (30)13.71 (31)02/01/2013
Vanguard Total Stock Market Index Hybrid 2.63 (20)2.63 (20)23.77 (44)7.87 (51)13.81 (41)13.11 (35)12.50 (30)13.73 (30)
Difference -0.01 -0.01 -0.02 0.00 0.00 0.00 0.00 -0.01
Large Blend Median 2.05 2.05 23.23 7.88 13.39 12.50 11.89 13.14
Foreign Equity Securities -8.73 -8.73 1.24 2.06 4.29 3.89 6.12 6.13 11/01/2000
Foreign Equity Securities Policy -7.60 -7.60 5.53 0.82 3.84 3.62 5.00 4.55
Difference -1.13 -1.13 -4.29 1.24 0.45 0.27 1.12 1.58
RBC Global (Voyageur)-8.73 (74)-8.73 (74)1.24 (77)2.06 (72)4.29 (78)3.89 (69)6.12 (46)4.58 (30)11/01/2007
MSCI EAFE (Net) Index -8.11 (56)-8.11 (56)3.82 (67)1.65 (76)4.73 (69)4.10 (64)5.20 (74)2.46 (87)
Difference -0.62 -0.62 -2.58 0.41 -0.44 -0.21 0.92 2.11
MSCI EAFE Value Index (Net)-7.12 (38)-7.12 (38)5.68 (44)5.88 (27)5.09 (58)3.45 (79)4.31 (90)1.65 (98)
Difference -1.61 -1.61 -4.44 -3.82 -0.80 0.44 1.81 2.93
IM International Large Cap Value Equity (SA+CF) Median -7.86 -7.86 5.18 3.95 5.38 4.66 5.95 3.73
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, 2024
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income -1.28 -1.28 4.57 0.74 2.13 3.11 3.23 4.45 11/01/2000
Total Fixed Policy -1.37 -1.37 3.67 0.26 1.61 2.21 2.10 3.92
Difference 0.08 0.08 0.89 0.49 0.53 0.90 1.13 0.53
Galliard Core Fixed Income -1.50 (48)-1.50 (48)4.05 (22)0.27 (41)1.30 (50)2.09 (39)2.14 (39)3.14 (60)10/01/2007
Bloomberg Intermed Aggregate Index -2.07 (88)-2.07 (88)2.47 (95)-0.83 (97)0.33 (99)1.30 (99)1.45 (100)2.74 (91)
Difference 0.57 0.57 1.58 1.10 0.97 0.79 0.69 0.41
IM U.S. Intermediate Duration (SA+CF) Median -1.52 -1.52 3.50 0.15 1.28 2.01 2.04 3.23
Vanguard Inflation-Protected Secs (VAIPX)-2.08 (14)-2.08 (14)1.86 (56)-2.31 (38)1.80 (41)2.21 (36)N/A 2.30 (37)01/01/2017
Bloomberg U.S. TIPS Index -2.88 (38)-2.88 (38)1.84 (57)-2.30 (37)1.87 (33)2.32 (21)2.24 (20)2.41 (26)
Difference 0.80 0.80 0.02 -0.02 -0.06 -0.11 N/A -0.11
Inflation-Protected Bond Median -2.94 -2.94 1.88 -2.47 1.68 2.07 1.98 2.18
Vanguard Short Term Bond Index (VSCSX)-0.07 (61)-0.07 (61)4.97 (45)1.70 (49)1.91 (43)2.45 (26)2.33 (20)2.33 (20)01/01/2015
Blmbg. U.S. Corporate 1-5 Year Index -0.40 (75)-0.40 (75)4.95 (47)1.70 (49)1.99 (37)2.54 (19)2.44 (14)2.44 (14)
Difference 0.33 0.33 0.02 0.00 -0.08 -0.09 -0.12 -0.12
Short-Term Bond Median 0.04 0.04 4.88 1.68 1.78 2.07 1.87 1.87
PIMCO Diversified Income Fund Instl (PDIIX)-0.68 (12)-0.68 (12)6.29 (2)0.38 (14)1.59 (6)N/A N/A 2.97 (5)04/01/2018
Blmbg. Global Credit (Hedged)-1.15 (15)-1.15 (15)4.47 (6)-0.49 (23)1.08 (14)2.31 (6)2.90 (3)2.57 (5)
Difference 0.46 0.46 1.82 0.86 0.51 N/A N/A 0.40
Global Bond Median -5.27 -5.27 -1.43 -4.53 -2.18 -0.76 0.06 -1.01
Direct Real Estate 0.74 0.74 -3.53 -4.01 2.14 4.09 6.18 5.16 10/01/2007
NCREIF Fund Index-Open End Diversified Core (EW)1.03 1.03 -1.67 -2.37 3.06 4.21 6.12 4.65
Difference -0.29 -0.29 -1.86 -1.64 -0.92 -0.13 0.06 0.51
American Core Realty Fund 0.97 (50)0.97 (50)-1.21 (47)-2.07 (38)3.04 (48)4.30 (53)6.01 (59)4.59 (58)10/01/2007
American Core Realty Policy 1.03 (46)1.03 (46)-1.67 (65)-2.37 (53)3.06 (47)4.21 (56)6.12 (56)5.93 (16)
Difference -0.06 -0.06 0.46 0.29 -0.01 0.09 -0.10 -1.33
IM U.S. Open End Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 4.37 6.17 4.70
Intercontinental 0.68 (61)0.68 (61)-4.12 (85)-4.52 (83)1.93 (68)4.20 (56)6.53 (34)9.19 (28)10/01/2010
NCREIF Fund Index-OEDC (EW)1.03 (46)1.03 (46)-1.67 (65)-2.37 (53)3.06 (47)4.21 (56)6.12 (56)8.29 (60)
Difference -0.35 -0.35 -2.45 -2.15 -1.13 -0.01 0.41 0.90
IM U.S. Open End Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 4.37 6.17 8.67
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 11.25 18.32 4.66 4.08 5.85 6.99 10/14/2014
Crescent Direct Lending II Fund 2.49 12.06 10.35 8.85 N/A 9.35 03/13/2018
Comparative Performance - IRR
As of December 31, 2024
Page 23 31
Financial Reconciliation Quarter to Date
Market Value
10/01/2024
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2024
Total Equity 51,390,679 53,226 ---53,226 -2,259 209,467 -206,579 51,391,308
Domestic Equity Securities 39,528,851 -----131,390 906,899 40,567,140
Vanguard Total Stock Market (VITSX)39,528,851 -----131,390 906,899 40,567,140
Foreign Equity Securities 11,861,828 53,226 ---53,226 -2,259 78,077 -1,113,478 10,824,168
RBC Global (Voyageur)11,861,828 53,226 ---53,226 -2,259 78,077 -1,113,478 10,824,168
Total Fixed Income 16,735,281 -64,041 ---7,732 -69,072 -283,547 16,449,033
Galliard Core Fixed Income 12,371,422 ----7,732 ---185,568 12,178,122
Vanguard Short Term Bond Index (VSCSX)352,903 -----4,843 -5,098 352,647
Vanguard Inflation-Protected Secs (VAIPX)1,410,030 -----36,880 -66,226 1,380,684
PIMCO Diversified Income Fund Instl (PDIIX)2,006,202 -----27,349 -41,048 1,992,503
Crescent Direct Lending Fund 43,282 -35,424 -----1,202 9,060
Crescent Direct Lending II Fund 551,442 -28,617 -----13,192 536,017
Direct Real Estate 4,764,025 -106,282 ---9,196 -9,024 25,223 4,682,795
ARA Core Property Fund 957,188 -54,807 ---2,506 -9,024 -269 908,631
Intercontinental 3,806,837 -51,475 ---6,690 --25,492 3,774,164
Receipt & Disbursement 5,492,236 117,097 317,090 -1,310,409 --23,061 57,379 -1,764 4,648,568
Total Fund Portfolio 78,382,221 -317,090 -1,310,409 -70,154 -25,320 344,941 -466,666 77,171,704
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending December 31, 2024
Page 24 32
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2024
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
12/31/2024
Total Equity 51,390,679 53,226 ---53,226 -2,259 209,467 -206,579 51,391,308
Domestic Equity Securities 39,528,851 -----131,390 906,899 40,567,140
Vanguard Total Stock Market (VITSX)39,528,851 -----131,390 906,899 40,567,140
Foreign Equity Securities 11,861,828 53,226 ---53,226 -2,259 78,077 -1,113,478 10,824,168
RBC Global (Voyageur)11,861,828 53,226 ---53,226 -2,259 78,077 -1,113,478 10,824,168
Total Fixed Income 16,735,281 -64,041 ---7,732 -69,072 -283,547 16,449,033
Galliard Core Fixed Income 12,371,422 ----7,732 ---185,568 12,178,122
Vanguard Short Term Bond Index (VSCSX)352,903 -----4,843 -5,098 352,647
Vanguard Inflation-Protected Secs (VAIPX)1,410,030 -----36,880 -66,226 1,380,684
PIMCO Diversified Income Fund Instl (PDIIX)2,006,202 -----27,349 -41,048 1,992,503
Crescent Direct Lending Fund 43,282 -35,424 -----1,202 9,060
Crescent Direct Lending II Fund 551,442 -28,617 -----13,192 536,017
Direct Real Estate 4,764,025 -106,282 ---9,196 -9,024 25,223 4,682,795
ARA Core Property Fund 957,188 -54,807 ---2,506 -9,024 -269 908,631
Intercontinental 3,806,837 -51,475 ---6,690 --25,492 3,774,164
Receipt & Disbursement 5,492,236 117,097 317,090 -1,310,409 --23,061 57,379 -1,764 4,648,568
Total Fund Portfolio 78,382,221 -317,090 -1,310,409 -70,154 -25,320 344,941 -466,666 77,171,704
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2024 To December 31, 2024
Page 25 33
Comparative Performance Fiscal Year Returns
Oct-2023
To
Sep-2024
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
Total Fund (Net)23.78 (13)12.98 (15)-14.02 (55)26.26 (5)7.92 (42)2.78 (85)11.28 (3)14.16 (11)11.15 (12)0.33 (24)
Total Fund Policy 22.55 (24)12.76 (18)-13.16 (46)21.33 (41)10.06 (15)4.31 (51)9.85 (11)12.90 (31)10.79 (18)0.59 (18)
Difference 1.23 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.35 -0.26
All Public Plans-Total Fund Median 19.78 10.64 -13.57 20.70 7.41 4.32 7.56 12.15 9.79 -0.76
Total Fund (Gross)24.01 13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 0.63
Total Fund Policy 22.55 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 0.59
Difference 1.46 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.63 0.72 0.05
Total Equity 32.77 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 -1.52
Total Equity Policy 32.91 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 -2.28
Difference -0.13 1.25 0.07 7.01 -2.04 -1.24 0.82 0.50 1.07 0.76
Domestic Equity Securities 35.29 (52)20.41 (54)-17.47 (78)36.79 (16)15.35 (37)2.89 (53)17.88 (44)18.64 (58)15.21 (25)-0.59 (65)
Domestic Equity Securities Policy 35.19 (54)20.46 (54)-17.63 (80)31.88 (40)15.00 (40)2.92 (52)17.58 (50)18.71 (57)14.96 (30)-0.49 (62)
Difference 0.10 -0.05 0.16 4.92 0.35 -0.02 0.30 -0.07 0.25 -0.10
IM U.S. Large Cap Core Equity (SA+CF) Median 35.33 20.79 -14.86 30.87 13.28 3.11 17.48 19.06 13.25 0.10
Foreign Equity Securities 24.32 (41)27.57 (56)-25.79 (75)39.45 (15)-9.19 (86)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)
Foreign Equity Securities Policy 25.35 (35)20.39 (87)-25.17 (73)23.92 (79)1.03 (27)-0.82 (29)3.25 (24)19.65 (56)7.06 (63)-8.27 (41)
Difference -1.03 7.19 -0.62 15.54 -10.22 -4.54 3.51 3.04 3.69 3.91
IM International Large Cap Value Equity (SA+CF) Median 23.56 28.74 -22.72 31.26 -5.49 -3.15 1.36 20.93 8.42 -9.22
Total Fixed Income 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40
Total Fixed Policy 10.57 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 2.95
Difference 0.86 0.13 0.80 1.63 -0.28 0.60 3.34 3.34 1.36 -1.55
Broad Mkt Fixed Income 10.91 (22)2.50 (38)-10.50 (62)-0.30 (71)7.53 (8)7.81 (45)-0.21 (28)0.61 (45)4.21 (25)2.31 (52)
Broad Mkt Fixed Income Policy 10.39 (33)1.42 (80)-11.49 (84)-0.38 (74)5.66 (67)8.08 (25)-0.93 (80)0.25 (65)3.57 (53)2.95 (13)
Difference 0.52 1.09 0.99 0.07 1.88 -0.28 0.72 0.36 0.64 -0.64
IM U.S. Intermediate Duration (SA+CF) Median 9.84 2.26 -10.37 0.05 6.10 7.73 -0.61 0.46 3.62 2.34
Non-Core Fixed Income 12.54 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 8.65
Non-Core Fixed Policy 10.83 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.34 1.34
Difference 1.71 -1.72 0.17 1.43 -3.53 3.92 11.47 9.02 8.54 7.31
Direct Real Estate -10.47 (86)-14.98 (79)26.35 (14)13.82 (72)3.40 (16)7.75 (26)10.25 (24)10.01 (16)11.44 (44)14.27 (56)
NCREIF Fund Index-OEDC (EW)-7.75 (63)-12.40 (48)22.76 (39)15.75 (50)1.74 (43)6.17 (69)8.82 (58)7.81 (51)10.62 (65)14.71 (54)
Difference -2.71 -2.58 3.59 -1.94 1.67 1.58 1.42 2.21 0.82 -0.44
IM U.S. Open End Private Real Estate (SA+CF) Median -6.61 -12.47 20.46 15.73 1.62 6.80 8.98 7.83 11.14 15.19
Comparative Performance Fiscal Year Returns
Total Fund
As of December 31, 2024
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, 2024
Oct-2023
To
Sep-2024
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
Domestic Equity Securities 35.29 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21 -0.59
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 42.19 (43)27.72 (39)-22.59 (40)27.32 (49)37.53 (31)3.71 (52)26.30 (39)21.94 (39)13.76 (22)3.17 (58)
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 41.11 25.57 -24.90 27.23 33.75 3.81 24.83 21.06 11.85 3.89
Vanguard Total Stock Market (VITSX)35.26 (46)20.38 (52)-18.01 (75)32.10 (20)15.01 (30)2.89 (53)17.62 (29)18.64 (38)15.00 (24)-0.59 (29)
Vanguard Total Stock Market Index Hybrid 35.23 (47)20.37 (52)-17.98 (74)32.11 (20)14.99 (31)2.92 (52)17.62 (29)18.64 (38)14.99 (24)-0.55 (28)
Difference 0.03 0.01 -0.02 0.00 0.02 -0.02 0.00 -0.01 0.00 -0.04
Large Blend Median 34.94 20.44 -16.16 29.68 13.54 3.10 16.60 18.24 13.18 -1.28
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A 41.75 (18)N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 27.76 (45)14.44 (51)-11.36 (73)35.01 (46)-5.03 (54)4.00 (34)9.45 (61)15.12 (67)16.19 (21)-4.42 (51)
Difference N/A N/A N/A 6.74 N/A N/A N/A N/A N/A N/A
Large Value Median 27.17 14.47 -9.40 34.38 -4.64 2.54 10.58 16.74 13.27 -4.40
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 29.71 (24)14.85 (47)-6.59 (20)32.53 (61)-3.34 (40)3.57 (40)13.59 (17)17.76 (36)16.33 (21)-2.94 (28)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Large Value Median 27.17 14.47 -9.40 34.38 -4.64 2.54 10.58 16.74 13.27 -4.40
Foreign Equity Securities 24.32 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36
RBC Global (Voyageur)24.32 (41)27.57 (56)-25.79 (75)39.45 (15)-9.19 (86)-5.36 (72)6.76 (4)22.69 (36)10.74 (28)-4.36 (20)
MSCI EAFE (Net) Index 24.77 (38)25.65 (69)-25.13 (73)25.73 (75)0.49 (27)-1.34 (31)2.74 (30)19.10 (57)6.52 (70)-8.66 (44)
Difference -0.45 1.93 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 4.30
MSCI EAFE Value Index (Net)23.14 (53)31.51 (34)-20.16 (25)30.66 (53)-11.93 (94)-4.92 (67)-0.36 (77)22.55 (37)3.52 (89)-12.60 (81)
Difference 1.18 -3.93 -5.63 8.79 2.74 -0.43 7.12 0.15 7.22 8.24
IM International Large Cap Value Equity (SA+CF) Median 23.56 28.74 -22.72 31.26 -5.49 -3.15 1.36 20.93 8.42 -9.22
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, 2024
Oct-2023
To
Sep-2024
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
Total Fixed Income 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 1.40
Galliard Core Fixed Income 10.84 (29)2.62 (46)-10.50 (70)-0.02 (70)6.85 (29)8.50 (17)-0.43 (59)0.44 (72)4.36 (27)3.04 (25)
Bloomberg Intermed Aggregate Index 10.39 (40)1.42 (90)-11.49 (89)-0.38 (88)5.66 (77)8.08 (46)-0.93 (95)0.25 (86)3.57 (72)2.95 (30)
Difference 0.45 1.20 0.99 0.35 1.19 0.42 0.50 0.19 0.79 0.09
IM U.S. Intermediate Duration (SA+CF) Median 10.18 2.57 -10.04 0.29 6.44 8.03 -0.36 0.72 3.90 2.65
Galliard TIPS N/A N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 -0.38
Blmbg. U.S. TIPS 1-10 Year 9.01 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82
Difference N/A N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 0.44
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A N/A 0.83 -7.63
FTSE World Government Bond Index 11.02 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83
Difference N/A N/A N/A N/A N/A N/A N/A N/A -8.88 -3.80
PIMCO Diversified Income Fund Instl (PDIIX)15.38 (2)7.23 (16)-17.61 (32)4.87 (6)3.63 (71)9.52 (4)N/A N/A N/A N/A
Blmbg. Global Credit (Hedged)13.42 (21)5.27 (22)-16.53 (26)2.72 (19)5.26 (50)10.83 (3)0.39 (7)3.04 (37)9.19 (39)0.86 (3)
Difference 1.96 1.96 -1.07 2.16 -1.63 -1.30 N/A N/A N/A N/A
Global Bond Median 12.04 3.08 -21.11 0.53 5.16 5.90 -2.12 1.28 8.46 -5.13
Vanguard Inflation-Protected Secs (VAIPX)9.98 (35)1.81 (28)-13.12 (87)5.09 (46)9.84 (37)7.03 (18)0.23 (45)N/A N/A N/A
Bloomberg U.S. TIPS Index 9.79 (43)1.25 (46)-11.57 (23)5.19 (42)10.08 (29)7.13 (14)0.41 (29)-0.73 (55)6.58 (32)-0.83 (14)
Difference 0.18 0.57 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A N/A
Inflation-Protected Bond Median 9.68 1.13 -12.27 4.95 9.36 6.14 0.17 -0.61 6.05 -1.85
Vanguard Short Term Bond Index (VSCSX)9.66 (14)3.78 (40)-8.13 (81)1.37 (44)4.91 (18)6.71 (5)-0.14 (67)1.55 (34)3.40 (17)N/A
Blmbg. U.S. Corporate 1-5 Year Index 9.70 (13)4.00 (31)-8.06 (79)1.35 (44)5.21 (15)6.78 (5)0.11 (58)1.82 (24)3.33 (18)1.98 (8)
Difference -0.04 -0.22 -0.07 0.03 -0.30 -0.07 -0.24 -0.27 0.07 N/A
Short-Term Bond Median 8.27 3.49 -6.47 1.17 3.54 4.57 0.29 1.17 2.08 0.76
Direct Real Estate -10.47 -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44 14.27
ARA Core Property Fund -8.01 (65)-12.54 (54)25.79 (17)13.51 (75)1.62 (52)6.81 (49)8.50 (63)7.52 (55)9.04 (89)13.98 (57)
American Core Realty Policy -7.75 (63)-12.40 (48)22.76 (39)15.75 (50)1.74 (43)6.17 (69)8.82 (58)7.81 (51)10.62 (65)14.71 (54)
Difference -0.26 -0.14 3.03 -2.24 -0.12 0.64 -0.33 -0.29 -1.59 -0.72
IM U.S. Open End Private Real Estate (SA+CF) Median -6.61 -12.47 20.46 15.73 1.62 6.80 8.98 7.83 11.14 15.19
Intercontinental -11.09 (91)-15.63 (85)26.50 (12)13.87 (70)4.41 (11)8.32 (16)11.40 (10)11.82 (6)13.30 (20)13.96 (57)
NCREIF Fund Index-OEDC (EW)-7.75 (63)-12.40 (48)22.76 (39)15.75 (50)1.74 (43)6.17 (69)8.82 (58)7.81 (51)10.62 (65)14.71 (54)
Difference -3.34 -3.23 3.73 -1.88 2.67 2.15 2.58 4.01 2.68 -0.75
IM U.S. Open End Private Real Estate (SA+CF) Median -6.61 -12.47 20.46 15.73 1.62 6.80 8.98 7.83 11.14 15.19
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
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio -0.25 (21)-0.25 (21)13.23 (11)14.87 (9)4.53 (5)7.80 (2)8.91 (3)z
Total Fund Policy 0.02 (12)0.02 (12)13.28 (11)14.31 (12)4.34 (5)7.18 (6)8.62 (4)z
Median -0.93 -0.93 10.83 11.96 2.66 5.33 6.93
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
ReturnOct-2023
To
Sep-2024
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
Total Fund Portfolio 23.78 (17)12.98 (13)-14.02 (42)26.26 (4)7.92 (51)2.78 (81)z
Total Fund Policy 22.55 (33)12.76 (15)-13.16 (33)21.33 (33)10.06 (28)4.31 (39)z
Median 21.23 10.77 -14.86 20.05 7.93 3.99
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
Total Fund Portfolio 5.31 (58)1.86 (8)5.82 (17)9.04 (33)-2.31 (28)4.01 (15)
Total Fund Policy 5.33 (56)1.92 (7)5.51 (25)8.20 (50)-2.54 (35)4.25 (10)
All Public Plans-Total Fund Median 5.44 1.16 4.87 8.17 -2.95 3.28
As of December 31, 2024
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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 16 (80%)4 (20%)0 (0%)0 (0%)z
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)z
1.83
2.44
3.05
3.66
4.27
4.88
Return (%)11.52 11.61 11.70 11.79 11.88 11.97 12.06 12.15
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 4.53 12.07z
Total Fund Policy 4.34 11.82z
Median 2.66 11.68¾
6.50
7.15
7.80
8.45
9.10
9.75
Return (%)12.0 12.3 12.6 12.9 13.2 13.5
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 8.91 13.15z
Total Fund Policy 8.62 12.23z
Median 6.93 12.21¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.04 101.72 100.87 0.13 0.21 0.11 1.02 8.00
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.10 1.00 7.88
90 Day U.S. Treasury Bill 11.66 12.14 -8.94 3.82 -0.10 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.83 105.45 106.20 -0.21 0.22 0.53 1.07 8.49
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.54 1.00 7.80
90 Day U.S. Treasury Bill 12.28 6.65 -7.03 2.49 -0.54 N/A 0.00 0.00
As of December 31, 2024
Performance Review (Net)
Total Fund Portfolio
NONE
Page 30 38
Peer Group Analysis - Large Blend
Comparative Performance
-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
VG Total Stk Mkt (VITSX)2.63 (21)2.63 (21)23.75 (45)24.88 (39)7.87 (51)12.08 (55)13.81 (41)z
VG Total Stk Mkt IDX 2.63 (20)2.63 (20)23.77 (44)24.87 (40)7.87 (51)12.08 (55)13.81 (41)z
Median 2.05 2.05 23.23 24.04 7.88 12.32 13.39
-40.00
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
ReturnOct-2023
To
Sep-2024
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
VG Total Stk Mkt (VITSX)35.26 (46)20.38 (52)-18.01 (75)32.10 (20)15.01 (30)2.89 (53)z
VG Total Stk Mkt IDX 35.23 (47)20.37 (52)-17.98 (74)32.11 (20)14.99 (31)2.92 (52)z
Median 34.94 20.44 -16.16 29.68 13.54 3.10
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
VG Total Stk Mkt (VITSX)6.55 (22)2.88 (61)10.00 (67)12.17 (25)-3.29 (52)8.41 (40)
Vanguard Total Stock Market Index Hybrid 6.18 (29)3.25 (51)10.01 (67)12.14 (27)-3.30 (53)8.41 (39)
Large Blend Median 5.76 3.28 10.47 11.64 -3.28 8.07
Performance Review
As of December 31, 2024
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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG Total Stk Mkt (VITSX)20 4 (20%)9 (45%)7 (35%)0 (0%)z
VG Total Stk Mkt IDX 20 4 (20%)9 (45%)7 (35%)0 (0%)z
7.86
7.87
7.88
7.89
Return (%)17.00 17.20 17.40 17.60 17.80
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)7.87 17.60z
VG Total Stk Mkt IDX 7.87 17.60z
Median 7.88 17.13¾
13.20
13.40
13.60
13.80
14.00
Return (%)17.80 18.00 18.20 18.40 18.60 18.80
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)13.81 18.67z
VG Total Stk Mkt IDX 13.81 18.68z
Median 13.39 18.06¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.29 100.00 100.02 0.00 -0.01 0.31 1.00 11.50
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.31 1.00 11.50
90 Day U.S. Treasury Bill 17.43 8.33 -5.82 3.80 -0.31 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.23 100.00 100.00 0.00 0.00 0.66 1.00 11.77
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.66 1.00 11.77
90 Day U.S. Treasury Bill 18.71 4.51 -4.45 2.48 -0.66 N/A 0.00 0.00
Performance Review
As of December 31, 2024
VG Total Stk Mkt (VITSX)
NONE
Page 32 40
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global -8.73 (73)-8.73 (73)1.24 (77)11.37 (52)2.06 (72)4.23 (69)4.29 (78)z
MSCI EAFE (Net)-8.11 (55)-8.11 (55)3.82 (67)10.80 (59)1.65 (75)3.97 (73)4.73 (68)z
Median -7.87 -7.87 5.18 11.39 3.94 5.96 5.34
-55.00
-40.00
-25.00
-10.00
5.00
20.00
35.00
50.00
65.00
80.00
ReturnOct-2023
To
Sep-2024
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
RBC Global 24.32 (41)27.57 (56)-25.79 (75)39.45 (15)-9.19 (86)-5.36 (72)z
MSCI EAFE (Net)24.77 (38)25.65 (69)-25.13 (73)25.73 (75)0.49 (27)-1.34 (31)z
Median 23.56 28.74 -22.72 31.26 -5.49 -3.15
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
RBC Global 6.05 (86)0.52 (44)4.06 (47)12.08 (5)-1.92 (46)1.96 (86)
MSCI EAFE (Net) Index 7.26 (73)-0.42 (69)5.78 (23)10.42 (21)-4.11 (76)2.95 (58)
IM International Large Cap Value Equity (SA+CF) Median 8.73 0.38 3.95 8.85 -2.16 3.17
Performance Review
As of December 31, 2024
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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global 20 0 (0%)6 (30%)12 (60%)2 (10%)z
MSCI EAFE (Net)20 2 (10%)7 (35%)7 (35%)4 (20%)z
0.75
1.50
2.25
3.00
3.75
4.50
Return (%)16.56 16.65 16.74 16.83 16.92 17.01 17.10
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 2.06 16.99z
MSCI EAFE (Net)1.65 16.61z
Median 3.94 16.74¾
3.85
4.20
4.55
4.90
5.25
5.60
Return (%)16.72 17.60 18.48 19.36 20.24 21.12 22.00 22.88
Risk (Standard Deviation %)
Return Standard
Deviation
RBC Global 4.29 21.46z
MSCI EAFE (Net)4.73 17.70z
Median 5.34 18.67¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 3.99 94.21 91.27 0.49 0.12 -0.02 0.99 11.36
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A -0.05 1.00 11.16
90 Day U.S. Treasury Bill 16.46 9.19 -6.81 3.86 0.05 N/A 0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global 6.59 107.69 108.30 -0.68 0.05 0.19 1.17 14.50
MSCI EAFE (Net)0.00 100.00 100.00 0.00 N/A 0.21 1.00 11.77
90 Day U.S. Treasury Bill 17.71 5.10 -4.79 2.47 -0.21 N/A 0.00 0.00
Performance Review
As of December 31, 2024
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 -1.50 (48)-1.50 (48)4.05 (22)5.03 (26)0.27 (41)-0.09 (47)1.30 (50)z
Barclays Int Agg -2.07 (88)-2.07 (88)2.47 (95)3.82 (96)-0.83 (97)-0.95 (98)0.33 (99)z
Median -1.52 -1.52 3.50 4.56 0.15 -0.12 1.28
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
ReturnOct-2023
To
Sep-2024
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
Galliard Core FX Inc 10.84 (29)2.62 (46)-10.50 (70)-0.02 (70)6.85 (29)8.50 (17)z
Barclays Int Agg 10.39 (40)1.42 (90)-11.49 (89)-0.38 (88)5.66 (77)8.08 (46)z
Median 10.18 2.57 -10.04 0.29 6.44 8.03
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
Galliard Core FX Inc 4.38 (31)0.79 (34)0.40 (28)4.93 (38)-0.88 (58)-0.46 (47)
Barclays Int Agg Index 4.60 (23)0.46 (91)-0.42 (96)5.50 (24)-1.89 (88)-0.75 (82)
IM U.S. Intermediate Duration (SA+CF) Median 4.23 0.74 0.15 4.72 -0.82 -0.47
Performance Review
As of December 31, 2024
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 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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
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%)0 (0%)19 (95%)z
-0.80
-0.40
0.00
0.40
0.80
Return (%)4.94 5.13 5.32 5.51 5.70 5.89 6.08 6.27
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 0.27 5.27z
Barclays Int Agg -0.83 6.09z
Median 0.15 5.11¾
0.00
0.40
0.80
1.20
1.60
Return (%)4.20 4.40 4.60 4.80 5.00
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 1.30 4.50z
Barclays Int Agg 0.33 4.88z
Median 1.28 4.30¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 1.03 92.11 81.29 0.97 1.03 -0.67 0.86 3.60
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.76 1.00 4.29
90 Day U.S. Treasury Bill 5.92 24.27 -18.45 3.92 0.76 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 1.30 104.65 89.78 1.00 0.73 -0.24 0.89 2.98
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.41 1.00 3.37
90 Day U.S. Treasury Bill 4.81 20.02 -17.75 2.46 0.41 N/A 0.02 0.00
Performance Review
As of December 31, 2024
Galliard Core FX Inc
NONE
Page 36 44
Peer Group Analysis - Short-Term Bond
Comparative Performance
-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)-0.07 (61)-0.07 (61)4.97 (45)5.56 (33)1.70 (49)1.17 (53)1.91 (43)z
Barclays US Corp 1-5 Yr -0.40 (75)-0.40 (75)4.95 (47)5.57 (32)1.70 (49)1.15 (54)1.99 (37)z
Median 0.04 0.04 4.88 5.20 1.68 1.22 1.78
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnOct-2023
To
Sep-2024
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
VG ST Bond Index (VSCSX)9.66 (14)3.78 (40)-8.13 (81)1.37 (44)4.91 (18)6.71 (5)z
Barclays US Corp 1-5 Yr 9.70 (13)4.00 (31)-8.06 (79)1.35 (44)5.21 (15)6.78 (5)z
Median 8.27 3.49 -6.47 1.17 3.54 4.57
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
VG ST Bond Index (VSCSX)3.80 (10)0.98 (58)0.22 (90)4.39 (8)0.15 (82)0.06 (40)
Barclays US Corp 1-5 Yr Index 3.75 (13)0.96 (63)0.60 (68)4.12 (12)0.25 (75)0.07 (39)
Short-Term Bond Median 3.07 1.02 0.75 3.14 0.73 -0.08
Performance Review
As of December 31, 2024
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
Over Performance 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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG ST Bond Index (VSCSX)20 8 (40%)4 (20%)8 (40%)0 (0%)z
Barclays US Corp 1-5 Yr 20 9 (45%)6 (30%)5 (25%)0 (0%)z
1.68
1.69
1.70
1.71
Return (%)2.73 2.94 3.15 3.36 3.57 3.78 3.99 4.20
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)1.70 3.97z
Barclays US Corp 1-5 Yr 1.70 3.95z
Median 1.68 2.90¾
1.68
1.76
1.84
1.92
2.00
2.08
Return (%)2.89 3.06 3.23 3.40 3.57 3.74 3.91 4.08 4.25
Risk (Standard Deviation %)
Return Standard
Deviation
VG ST Bond Index (VSCSX)1.91 3.96z
Barclays US Corp 1-5 Yr 1.99 3.89z
Median 1.78 3.08¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.30 98.84 98.47 -0.01 -0.01 -0.55 1.00 2.53
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.55 1.00 2.51
90 Day U.S. Treasury Bill 3.72 35.38 -29.24 3.77 0.55 N/A 0.07 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG ST Bond Index (VSCSX)0.28 98.76 100.04 -0.11 -0.28 -0.12 1.01 2.68
Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.10 1.00 2.59
90 Day U.S. Treasury Bill 3.85 24.46 -22.88 2.41 0.10 N/A 0.03 0.00
Performance Review
As of December 31, 2024
VG ST Bond Index (VSCSX)
NONE
Page 38 46
Peer Group Analysis - Inflation-Protected Bond
Comparative Performance
-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 -2.08 (14)-2.08 (14)1.86 (56)2.84 (44)-2.31 (38)-0.37 (39)1.80 (41)z
Bloomberg U.S. TIPS Index -2.88 (38)-2.88 (38)1.84 (57)2.86 (42)-2.30 (37)-0.29 (32)1.87 (33)z
Median -2.94 -2.94 1.88 2.73 -2.47 -0.52 1.68
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
ReturnOct-2023
To
Sep-2024
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
Vanguard Infl-Prot Secs 9.98 (35)1.81 (28)-13.12 (87)5.09 (46)9.84 (37)7.03 (18)z
Bloomberg U.S. TIPS Index 9.79 (43)1.25 (46)-11.57 (23)5.19 (42)10.08 (29)7.13 (14)z
Median 9.68 1.13 -12.27 4.95 9.36 6.14
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
Vanguard Infl-Prot Secs 4.55 (15)-0.20 (94)-0.30 (78)5.73 (11)-2.65 (60)-2.24 (80)
Bloomberg U.S. TIPS Index 4.12 (56)0.79 (46)-0.08 (56)4.71 (43)-2.60 (58)-1.42 (35)
Inflation-Protected Bond Median 4.14 0.78 -0.04 4.60 -2.48 -1.51
Performance Review
As of December 31, 2024
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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Prot Secs 20 1 (5%)12 (60%)7 (35%)0 (0%)z
Bloomberg U.S. TIPS Index 20 10 (50%)9 (45%)1 (5%)0 (0%)z
-2.52
-2.46
-2.40
-2.34
-2.28
-2.22
-2.16
Return (%)6.48 6.84 7.20 7.56 7.92 8.28 8.64 9.00 9.36
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs -2.31 8.94z
Bloomberg U.S. TIPS Index -2.30 7.14z
Median -2.47 7.28¾
1.61
1.68
1.75
1.82
1.89
1.96
Return (%)5.94 6.21 6.48 6.75 7.02 7.29 7.56 7.83
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs 1.80 7.55z
Bloomberg U.S. TIPS Index 1.87 6.27z
Median 1.68 6.41¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 3.09 115.75 111.61 0.52 0.04 -0.65 1.19 6.85
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.84 1.00 5.55
90 Day U.S. Treasury Bill 7.01 24.05 -15.39 3.94 0.84 N/A 0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.48 107.01 108.53 -0.27 0.01 -0.05 1.15 5.41
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.06 1.00 4.46
90 Day U.S. Treasury Bill 6.33 13.99 -14.08 2.47 0.06 N/A 0.00 0.00
Performance Review
As of December 31, 2024
Vanguard Infl-Prot Secs
NONE
Page 40 48
Peer Group Analysis - Global Bond
Comparative Performance
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Div Inc Fd Instl -0.68 (12)-0.68 (12)6.29 (2)8.33 (3)0.38 (14)0.40 (12)1.59 (6)z
Blmbg. Global Credit Hed -1.15 (15)-1.15 (15)4.47 (6)6.89 (3)-0.49 (23)-0.47 (18)1.08 (14)z
Median -5.27 -5.27 -1.43 2.42 -4.53 -4.75 -2.18
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
ReturnOct-2023
To
Sep-2024
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
PIMCO Div Inc Fd Instl 15.38 (2)7.23 (16)-17.61 (32)4.87 (6)3.63 (71)9.52 (4)z
Blmbg. Global Credit Hed 13.42 (21)5.27 (22)-16.53 (26)2.72 (19)5.26 (50)10.83 (3)z
Median 12.04 3.08 -21.11 0.53 5.16 5.90
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
PIMCO Div Inc Fd Instl 5.01 (78)0.57 (6)1.34 (4)7.81 (58)-1.07 (12)0.88 (8)
Blmbg. Global Credit (Hedged)4.93 (78)0.32 (10)0.40 (7)7.32 (68)-1.32 (16)0.28 (16)
Global Bond Median 6.90 -1.12 -1.60 8.25 -3.63 -1.42
Performance Review
As of December 31, 2024
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 Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Div Inc Fd Instl 16 16 (100%)0 (0%)0 (0%)0 (0%)z
Blmbg. Global Credit Hed 20 18 (90%)2 (10%)0 (0%)0 (0%)z
-6.00
-4.00
-2.00
0.00
2.00
Return (%)6.90 7.36 7.82 8.28 8.74 9.20 9.66 10.12 10.58
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 0.38 8.61z
Blmbg. Global Credit Hed -0.49 7.64z
Median -4.53 9.82¾
-4.00
-2.00
0.00
2.00
4.00
Return (%)7.00 7.28 7.56 7.84 8.12 8.40 8.68 8.96 9.24
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 1.59 8.36z
Blmbg. Global Credit Hed 1.08 7.33z
Median -2.18 8.82¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 1.85 112.97 104.06 0.97 0.51 -0.37 1.11 5.97
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.54 1.00 5.29
90 Day U.S. Treasury Bill 7.40 19.78 -15.69 3.90 0.54 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 2.07 111.46 106.55 0.44 0.28 -0.06 1.11 6.13
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.15 1.00 5.26
90 Day U.S. Treasury Bill 7.30 13.18 -12.39 2.45 0.15 N/A 0.01 0.00
Performance Review
As of December 31, 2024
PIMCO Div Inc Fd Instl
NONE
Page 42 50
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-24.00
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE 0.97 (50)0.97 (50)-1.21 (47)-7.32 (59)-2.07 (38)3.41 (52)3.04 (48)z
American Core RE Policy 1.03 (46)1.03 (46)-1.67 (65)-7.35 (62)-2.37 (53)3.43 (44)3.06 (47)z
Median 0.97 0.97 -1.35 -6.13 -2.28 3.42 2.99
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2023
To
Sep-2024
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
American Core RE -8.01 (65)-12.54 (54)25.79 (17)13.51 (75)1.62 (52)6.81 (49)z
American Core RE Policy -7.75 (63)-12.40 (48)22.76 (39)15.75 (50)1.74 (43)6.17 (69)z
Median -6.61 -12.47 20.46 15.73 1.62 6.80
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
American Core RE 0.25 (52)-0.18 (30)-2.22 (62)-5.99 (82)-2.22 (47)-2.22 (63)
American Core RE Policy 0.13 (66)-0.63 (45)-2.19 (57)-5.22 (70)-1.93 (42)-2.86 (70)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.26 -0.69 -2.10 -4.20 -2.37 -2.02
Performance Review
As of December 31, 2024
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
-6.0
0.0
6.0
12.0
18.0
American Core RE (%)-6.0 0.0 6.0 12.0 18.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 1 (5%)11 (55%)8 (40%)0 (0%)z
American Core RE Policy 20 0 (0%)11 (55%)9 (45%)0 (0%)z
-2.50
-2.40
-2.30
-2.20
-2.10
-2.00
-1.90
Return (%)7.20 7.40 7.60 7.80 8.00
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE -2.07 7.90z
American Core RE Policy -2.37 7.36z
Median -2.28 7.51¾
3.00
3.03
3.06
3.09
Return (%)7.49 7.56 7.63 7.70 7.77 7.84 7.91 7.98 8.05
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 3.04 7.88z
American Core RE Policy 3.06 7.60z
Median 2.99 7.92¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 0.89 110.39 102.37 0.48 0.39 -0.68 1.07 5.50
American Core RE Policy 0.00 100.00 100.00 0.00 N/A -0.77 1.00 5.14
90 Day U.S. Treasury Bill 7.69 57.63 -14.41 3.81 0.77 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 1.15 101.28 102.04 -0.08 0.01 0.11 1.03 4.30
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.11 1.00 4.02
90 Day U.S. Treasury Bill 8.03 23.56 -13.65 2.59 -0.11 N/A -0.04 0.00
Performance Review
As of December 31, 2024
American Core RE
NONE
Page 44 52
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-24.00
-20.00
-16.00
-12.00
-8.00
-4.00
0.00
4.00
8.00
12.00
16.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 0.68 (61)0.68 (61)-4.12 (85)-10.36 (89)-4.52 (83)2.01 (70)1.93 (68)z
NCREIF Fund-OEDC-EW 1.03 (46)1.03 (46)-1.67 (65)-7.35 (62)-2.37 (53)3.43 (44)3.06 (47)z
Median 0.97 0.97 -1.35 -6.13 -2.28 3.42 2.99
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnOct-2023
To
Sep-2024
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
Intercontinental -11.09 (91)-15.63 (85)26.50 (12)13.87 (70)4.41 (11)8.32 (16)z
NCREIF Fund-OEDC-EW -7.75 (63)-12.40 (48)22.76 (39)15.75 (50)1.74 (43)6.17 (69)z
Median -6.61 -12.47 20.46 15.73 1.62 6.80
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
1 Qtr
Ending
Dec-2023
1 Qtr
Ending
Sep-2023
1 Qtr
Ending
Jun-2023
Intercontinental -0.99 (97)-0.09 (26)-3.73 (91)-6.65 (85)-0.81 (16)-6.11 (97)
NCREIF Fund Index-OEDC (EW)0.13 (66)-0.63 (45)-2.19 (57)-5.22 (70)-1.93 (42)-2.86 (70)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.26 -0.69 -2.10 -4.20 -2.37 -2.02
Performance Review
As of December 31, 2024
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
-16.0
-8.0
0.0
8.0
16.0
24.0
Intercontinental (%)-16.0 -8.0 0.0 8.0 16.0 24.0
NCREIF Fund Index-OEDC (EW) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 12 (60%)1 (5%)4 (20%)3 (15%)z
NCREIF Fund-OEDC-EW 20 0 (0%)11 (55%)9 (45%)0 (0%)z
-4.38
-3.65
-2.92
-2.19
-1.46
-0.73
Return (%)7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental -4.52 8.60z
NCREIF Fund-OEDC-EW -2.37 7.36z
Median -2.28 7.51¾
1.60
2.00
2.40
2.80
3.20
3.60
Return (%)7.36 7.59 7.82 8.05 8.28 8.51 8.74 8.97 9.20
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 1.93 8.78z
NCREIF Fund-OEDC-EW 3.06 7.60z
Median 2.99 7.92¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 3.09 97.66 128.40 -1.89 -0.68 -0.87 1.09 6.98
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A -0.74 1.00 5.14
90 Day U.S. Treasury Bill 8.09 21.44 -39.86 3.69 0.74 N/A -0.10 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.79 99.17 121.16 -1.33 -0.36 -0.02 1.10 5.41
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.10 1.00 4.02
90 Day U.S. Treasury Bill 8.46 9.88 -37.68 2.83 -0.10 N/A -0.11 0.00
Performance Review
As of December 31, 2024
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 12/31/2024 2014 Other 2,000,000 3,055,050 9,060 3,648,912 7.0 1.2 1.9
Crescent Direct Lending II Fund 12/31/2024 2017 Other 2,000,000 2,110,851 536,017 2,179,086 9.4 1.3 2.1
Private Equity Summary of Partnership
Crescent Direct Lending Fund
As of December 31, 2024
Page 47 55
Comparative Performance - IRR
1
Quarter
Ending
Sep-2024
1
Year
Ending
Sep-2024
2
Years
Ending
Sep-2024
3
Years
Ending
Sep-2024
4
Years
Ending
Sep-2024
5
Years
Ending
Sep-2024
Since
Inception
Ending
Sep-2024
Inception
Date
Crescent Direct Lending Fund 4.02 15.70 3.19 3.36 6.75 4.43 6.99 10/14/2014
ICM/PME (Bloomberg Intermed Aggregate Index)4.60 9.21 5.98 -5.94 -3.95 0.07 1.67
Crescent Direct Lending II Fund 3.78 13.46 11.40 10.67 12.61 8.84 9.34 03/13/2018
ICM/PME (Bloomberg Intermed Aggregate Index)4.63 9.89 5.43 -1.83 -1.52 0.99 2.08
Winter Springs General Employees General Plan and Trust
Comparative Performance - IRR
As of December 31, 2024
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:$3,648,912
Market Value:$9,060
Inception Date:10/14/2014
Inception IRR:7.0
TVPI:1.2
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$1,100,000.0
$2,200,000.0
$3,300,000.0
$4,400,000.0
$5,500,000.0
-$1,100,000.0
10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 10/23 12/24
Private Equity Fund Overview
Crescent Direct Lending Fund
As of December 31, 2024
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:$2,179,086
Market Value:$536,017
Inception Date:03/13/2018
Inception IRR:9.4
TVPI:1.3
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 9/23 3/24 12/24
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of December 31, 2024
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
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
S&P UBS Leveraged Loan Index 4.00
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, 2024
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, 2024
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
Bloomberg U.S. TIPS Index 12.00
Blmbg. Global Credit (Hedged)12.00
S&P UBS Leveraged Loan Index 16.00
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
Bloomberg U.S. TIPS Index 30.00
Blmbg. Global Credit (Hedged)30.00
S&P UBS Leveraged Loan Index 40.00
Benchmark History
Investment Policy Benchmarks
As of December 31, 2024
Page 53 61
Compliance ChecklistTotal FundAs of December 31, 2024Winter Springs GETotal Fund Compliance:Yes No N/A1. 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/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.5. The total equity allocation was less than 75% of the total plan assets at market.6. Total foreign equity was less than 25% of the total plan assets at market.Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. All separately managed fixed income investments have a minimum rating of investment grade or higher.Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period.4. Manager ranked within the top 40th percentile over the trailing five year period.5. Less than four consecutive quarters of under performance relative to the benchmark.6. Three and five year down-market capture ratio less than the index. Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period.2. Manager outperformed the index over the trailing five year period.3. Manager ranked within the top 40th percentile over the trailing three year period.4. Manager ranked within the top 40th percentile over the trailing five year period.5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index. Cresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCOManager Compliance:Vanguard Total Galliard VG S-T Bond Vanguard TIPsRBC GlobalPage 5462
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 40,567,140 12,170 0.03 % of Assets
Domestic Equity Securities 0.03 40,567,140 12,170
RBC Global (Voyageur)0.95 10,824,168 102,830 0.95 % of Assets
Foreign Equity Securities 0.95 10,824,168 102,830
Galliard Core Fixed Income 0.25 12,178,122 30,445 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 1,380,684 1,381 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 352,647 247 0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,992,503 15,741 0.79 % of Assets
Crescent Direct Lending Fund 1.35 9,060 122 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 536,017 4,020 0.75 % of Assets
Total Fixed Income 0.32 16,449,033 51,956
Intercontinental 1.10 3,774,164 41,516 1.10 % of Assets
ARA Core Property Fund 1.10 908,631 9,995 1.10 % of Assets
Direct Real Estate 1.10 4,682,795 51,511
Receipt & Disbursement 4,648,568 -
Total Fund 0.28 77,171,704 218,467
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of December 31, 2024
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 Mariner Institutional (formerly 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, 2024
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
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional 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. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client.
Mariner Institutional 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. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a
reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation
for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional 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 index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
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
disseminated 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 Mariner Institutional’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 Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner
Institutional 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.
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