HomeMy WebLinkAbout2025 11 20 Board of Trustee Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, NOVEMBER 20, 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
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 Minutes: Thursday, August 19, 2025 Board of Trustees Regular Meeting
2025 08 19 Board of Trustees Regular Meeting Minutes.pdf
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. Quarterly Investment Return Report from Mariner
2025-09-30 Winter Springs General (Quarterly Report).pdf
501. Update to the Investment Policy Statement
2025-11 Winter Springs IPS (Redline).pdf
2025-11 Winter Springs IPS (clean).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
PUBLIC NOTICE
2
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 | NOVEMBER 20, 2025 REGULAR
MEETING
TITLE
Approval of the Minutes: Thursday, August 19, 2025 Board of Trustees Regular
Meeting
SUMMARY
FUNDING SOURCE
RECOMMENDATION
Staff recommends the Board review the attached minutes and approve as presented.
4
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
AUGUST 19, 2025
(Rescheduled from
August 14, 2025)
CALL TO ORDER
Chairperson Marco Santoro called the Regular Meeting of Thursday, August 19, 2025, of the Board of Trustees to order at 5:32 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, present via telephone
Board Member Brandon Fair, present
Board Member David Withee, absent
City Clerk Christian Gowan, present
Also present:
Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida
Mr. Jack Evatt, Director, Institutional Advisory Services, Mariner
Ms. Holly Queen, Director, Finance Department
Mr. Brian Dunigan, Director, Operations Department
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 8, 2025 Board of Trustees Regular Meeting Minutes
"MOTION TO APPROVE ." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD
MEMBER FAIR. DISCUSSION.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE)
MOTION CARRIED 4-0.
PUBLIC HEARINGS AGENDA
400. Not Used
5
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 19, 2025
PAGE 2 OF 2
REGULAR AGENDA
500) Quarterly Investment Return Report from Mariner
Mr. West introduced Mr. Jack Evatt who would be attending upcoming meetings alongside Mr.
West who was in the process of retiring. Mr. West then presented the quarterly investment report, discussed the economic impact of tariffs and associated uncertainty, reviewed the Treasuries yield
curve, and discussed the bond market. Mr. West recommended that the Board close out their stake
in the Vanguard Short Term Bond Index Fund and transfer that to the PIMCO Diversified Income Fund. Additionally, Mr. West recommended taking $1 million from receipts and disbursements and
placing that in the previously mentioned PIMCO fund.
Mr. West noted previous discussion on asset allocations where the fund was overweight and nearing the policy limits. Mr. West recommended a two percent reduction in domestic equity to be
invested in the PIMCO Diversified Income Fund.
Discussion followed on remaining deposits expected this fiscal year, the run rate, and differing approaches seeking growth and balancing fiduciary responsibilities.
“MOTION TO CLOSE OUT THE VANGUARD SHORT TERM BOND INDEX FUND (VSCSX) AND PLACE
FUNDS IN THE PIMCO DIVERSIFIED INCOME FUND (PDIIX) AND ADDITIONALLY MOVE $1 MILLION
FROM RECEIPTS AND DISBURSEMENTS TO PDIIX.” DISCUSSION.
VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE)
MOTION CARRIED 4-0.
“MOTION TO MOVE $1.6 MILLION FROM VANGUARD TOTAL STOCK MARKET INDEX (VITSX) TO THE
PIMCO DIVERSIFIED INCOME FUND (PDIIX).” MOTION BY BOARD MEMBER FAIR. SECONDED BY
VICE-CHAIR FAREED. DISCUSSION.
VOTE: BLAKE (NAY); FAIR (AYE); FAREED (AYE); SANTORO (AYE)
MOTION CARRIED 3-1.
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 6:49 p.m.
RESPECTFULLY SUBMITTED:
___________________________________
CHRISTIAN D. GOWAN, MPA, CMC
CITY CLERK
NOTE: These Minutes were approved at the _________________________________ Board of Trustees Regular Meeting.
6
REGULAR AGENDA ITEM 500
BOARD OF TRUSTEES AGENDA | NOVEMBER 20, 2025 REGULAR
MEETING
TITLE
Quarterly Investment Return Report from Mariner
SUMMARY
N/A
FUNDING SOURCE
N/A
RECOMMENDATION
Mariner requests the Board accept the Quarterly Investment Return Report for the
period ending September 30, 2025.
7
<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="09/30/2025" Interval="3"
Description="Quarterly Report" />
Investment Performance Review
Period Ending September 30, 2025
Winter Springs General Employees General Plan
and Trust
8
3rd Quarter 2025 Market Environment
Page 19
The Market Environment
Executive Summary
As of September 30, 2025
The Economy
The US Federal Reserve (the Fed) decreased their policy rate by 0.25% to a
range of 4.00%-4.25% during their September 2025 meeting. The press release
from the Federal Open Market Committee (FOMC) stated that recent indicators
suggest economic growth moderated during the year as job gains have slowed.
The FOMC highlighted the downside risks in the labor markets while also
mentioning that inflation remains elevated, which suggests that the most recent
rate cut is in response to concerns about the health of the labor market.
Growth in the US labor market continued during the third quarter although at a
slower pace with US non-farm payrolls growing by just 22,000 in August.
Unemployment also continued to tick higher from 4.2% to 4.3% during the quarter.
The more recent trend of slowing growth in the labor market, coupled with the
large downward revisions for the trailing 12 months ended March 2025 have
introduced added uncertainty into markets and economic projections. With labor
market statistics as a key input into the FOMC’s target policy rate decisions,
weakening private sector employment contributed to a reduction in the policy rate
during the quarter.
Equity (Domestic and International)
Domestic equity results were broadly higher for the quarter. Growth stocks
dominated, and the exuberant information technology sector has grown to over
30% of the Russell 1000 index. Small-capitalization (cap) stocks outperformed
large-cap stocks for the quarter, a reversal of the recent trend in the domestic
equity market. Large-cap equity benchmarks continue to represent a heavy
concentration among a limited number of stocks. As of quarter-end, the top 10
stocks in the S&P 500 index comprised more than 35% of the index.
All international stock indexes advanced during the quarter despite a drag from
US dollar (USD) strength. International equities have experienced recent tailwinds
due to investor shifts from domestic markets and into international markets based
on greater economic uncertainty in the US and challenging trade relations
associated with US tariff policies.
Fixed Income
Fixed-income markets gained during the quarter, driven primarily by their coupons
and a decline in shorter term Treasury yields from the FOMC’s 0.25% policy rate
cut at the September 2025 meeting. While not directly impacted by the FOMC’s
actions, longer term yields fell slightly relative to where they began the quarter
after a short-lived “risk-off” trade unwound as the US government’s stance on
tariffs softened during the quarter. The yield on the bellwether 10-year Treasury
fell by just 0.05% during the quarter, closing September at a yield of 4.16%.
The US Corporate IG index was the best-performing US fixed-income index for
the quarter, posting a solid 2.6% return. The index received a boost from a
narrowing BAA option adjusted spread (OAS), which declined 0.11% during the
quarter, as well as its higher yield relative to other bond market segments. The
spread measure remained relatively stable throughout the quarter despite large
revisions in jobs numbers and the Fed signaling increased risks present in the job
market.
Despite USD strength during the quarter, global bonds underperformed domestic
bonds. The Bloomberg Global Aggregate ex-US fell -0.6% in USD terms, while the
Bloomberg US Aggregate index rose by 2.0%.
Market Themes
Market participants long-awaited Fed rate cuts finally came to fruition in
September with its first reduction since December of 2024. Markets still expect at
least one additional rate cut to come in October, with a greater than 95%
forecasted probability that the policy rate will be in the 3.50%-3.75% range (0.50%
lower) by year end. As we enter the fourth quarter of 2025, market participants are
already forecasting a high 90% probability of additional rate cuts in 2026.
Third quarter domestic equity performance showed a capitulation of large-cap
stocks versus smaller-cap stocks as the Russell 2000 outpaced larger-cap
indexes during the quarter. While its unknown if this trend will continue, the shift
was welcome relief for portfolios with exposure to the small cap segment of the
market which has lagged large-cap stocks persistently over the past several
quarters.
Page 210
The Market Environment
Major Market Index Performance
As of September 30, 2025
Equity markets surged during the third quarter with small cap stocks outpacing
all other asset classes in a trend reversal from the large-cap-dominated
market environment of the last several quarters. The Russell 2000 climbed a
strong 12.4%, lifted by the Fed’s interest rate actions, while the large cap S&P
500 posted a solid 8.1% due to similar factors. The Russell MidCap index,
which was the best-performing domestic equity index in the second quarter,
lagged other capitalization ranges as many high-flying technology stocks that
powered the index’s prior quarter results were reconstituted out of the mid-cap
index in June.
International equity markets continued to surge in USD terms despite the USD
strengthening relative to major world currencies. The emerging market
benchmark continued its strong year posting back-to-back quarters of double-
digit USD growth.
US investment-grade fixed income results were broadly higher during the
quarter. The corporate bond index led the way with a return of 2.6% for the
quarter, while the US Government index gained a smaller 1.5%. Returns were
driven by a small change at the front end of the yield curve and credit spreads
that finished the quarter at similar levels to where they began.
Equity markets continue to be resilient in the face of rising economic
uncertainty over the trailing year. Large-cap stocks led the way with the
Russell 1000 climbing 17.7% over the trailing year and the S&P 500 rising a
similar 17.6%. Despite strong results in recent quarters, the Russell MidCap
index and the small-cap Russell 2000 index lagged other market segments,
advancing by a lesser but still solid 11.1% and 10.8%, respectively, over the
trailing year.
International equity markets continued to perform well on a USD basis over
the trailing year. Emerging market indexes have led the way with the MSCI EM
returning 17.3%. The MSCI EAFE equity benchmark posted a strong but
slightly lower 15.0% return for the year.
Trailing one-year returns for fixed income indexes benefited from a strong first
quarter and stability in the credit markets over the trailing year. Returns were
positive across the major bond indexes with the Bloomberg US TIPS index
leading results with a return of 3.8% for the year closely followed by the
corporate investment grade index at 3.6%. The Bloomberg US Government
index lagged its peers returning a lower 2.1% over the same time period.
Source: Investment Metrics
1.1%
2.6%
2.4%
2.1%
1.5%
2.0%
10.6%
4.8%
6.9%
12.4%
5.3%
8.0%
8.2%
8.1%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
Quarter Performance
4.4%
3.6%
3.4%
3.8%
2.1%
2.9%
17.3%
15.0%
16.4%
10.8%
11.1%
17.7%
17.4%
17.6%
0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0%
3-Month T-Bill
Bloomberg Corp IG
Bloomberg MBS
Bloomberg US TIPS
Bloomberg US Govt
Bloomberg US Agg
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
1-Year Performance
Page 311
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of September 30, 2025
Domestic equity indexes appeared to discount much of the current economic
uncertainty and extended their strong performance in the third quarter. In a
reversal of more recent dynamics, small-cap stocks outpaced large-cap
stocks, with the Russell 2000 index beating the Russell 1000 index by 4.4%.
Growth stocks continued to outpace their value counterparts in the large cap
segment while small-cap value stocks narrowly outperformed small-cap
growth, a reversal from the previous quarter. The best-performing segment of
the market was small-cap value stocks,which returned 12.6% during the third
quarter, just 0.4% ahead of the small-cap growth index. Large-cap growth
stocks were also strong returning a slightly lower 10.4% for the period.
The weakest performing segment of the market was mid-cap growth which
posted a relatively mild 2.8% for the quarter. The largest performance disparity
between growth and value was in the large-cap segment where growth stocks
outpaced their value counterparts by 5.2%.
Full-year style index performance shows a large distribution in results between
the large cap core index’s return of 17.7% relative to the small- and mid-cap
segment returns of 11.1% and 10.8% respectively. The trailing one-year
results reflect the strong relative performance of large-cap stocks over the last
several quarters. Augmented by the capitulation of value stocks to growth
stocks, large-cap growth stocks were the best-performing investment style
during the period.
Like the large-cap growth indexes, the Russell MidCap Growth index has seen
increased concentration in the benchmark and was led by just a few high-
flying information technology stocks which have now been reconstituted out of
the index. Over the trailing year, the mid-cap growth index returned 22.0%,
making it the second-best-performing segment of the market for the period.
Despite dominating small-cap index style performance, the small-cap growth
index returned a lower 13.6% over the trailing year.
12.2%
12.4%
12.6%
2.8%
5.3%
6.2%
10.5%
8.0%
5.3%
10.4%
8.2%
5.6%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
Quarter Performance - Russell Style Series
13.6%
10.8%
7.9%
22.0%
11.1%
7.6%
25.5%
17.7%
9.4%
24.8%
17.4%
9.3%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
2000 Growth
2000 Index
2000 Value
MidCap Growth
MidCap Index
MidCap Value
1000 Growth
1000 Index
1000 Value
3000 Growth
3000 Index
3000 Value
1-Year Performance - Russell Style Series
Page 412
The Market Environment
GICS Sector Performance & (Sector Weight)
As of September 30, 2025
Source:Morningstar Direct
Economic sector performance within the large-cap Russell 1000 index was
broadly higher as 10 of the 11 economic sectors rose during the quarter.
The information technology sector led results for the quarter, advancing
13.0%. Communication services followed closely behind with a return of
11.8%. In contrast to most sectors’ strongly positive results, consumer
staples stocks were the only detractor, returning -2.6% for the quarter.
Trailing one-year results also show broad participation in the equity market’s
ascension with eight of the 11 economic sectors finishing with positive
performance. Of the eight sectors that advanced for the year, only the
energy sector failed to post a double-digit gain. Communication services
stocks dominated sector performance with a return of 36.1% over the trailing
year. Information technology and financials each advanced more than 20%
for the year while the health care, materials and real estate sectors each
declined.
Small-cap economic sector performance saw all 11 economic sectors
climbing during the quarter. Materials led sector performance with a return of
25.3%, followed by communication services at 17.1%. Eight of the 11
sectors saw double-digit gains during the quarter with consumer staples,
financials and real estate positive but lagging.
Trailing one-year small-cap results continued to showcase the robust
performance of the domestic equity markets. Eight of the 11 economic
sectors were up for the year in the small-cap index. The materials sector led
the way with a return of 26.1%, followed closely by the information
technology (25.9%) and industrials (24.5%) sectors. Energy (-2.6%), health
care (-0.8%), and real estate (-4.6%) all fell during the quarter, detracting
from the index’s strong overall return of 10.8%.
11.7%
-4.6%
26.1%
25.9%
24.5%
-0.8%
10.1%
-2.6%
5.6%
1.9%
11.9%
12.8%
7.0%
25.3%
16.2%
16.5%
13.9%
4.3%
15.8%
1.1%
11.2%
17.1%
-10.0% 0.0% 10.0% 20.0% 30.0%
Utilities (3.2%)
Real Estate (6.0%)
Materials (3.9%)
Info Technology (14.6%)
Industrials (17.5%)
Health Care (15.4%)
Financials (19.0%)
Energy (4.8%)
Consumer Staples (2.3%)
Consumer Disc (10.2%)
Comm Services (2.7%)
Russell 2000 Quarter 1-Year
12.1%
-2.3%
-2.0%
28.8%
14.8%
-6.8%
22.0%
6.3%
0.4%
18.8%
36.1%
7.8%
3.1%
5.4%
13.0%
5.3%
4.5%
3.5%
5.5%
-2.6%
8.8%
11.8%
-10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Utilities (2.3%)
Real Estate (2.3%)
Materials (2.2%)
Info Technology (31.8%)
Industrials (9.4%)
Health Care (9.1%)
Financials (14.3%)
Energy (3.0%)
Consumer Staples (5.2%)
Consumer Disc (10.7%)
Comm Services (9.7%)
Russell 1000 Quarter 1-Year
Page 513
The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of September 30, 2025
Source:Morningstar Direct
Top 10 Weighted Stocks
Sector1-Year
Return
1-Qtr
ReturnWeightRussell1000
Information Technology53.7%18.1%7.1%NVIDIA Corp
Information Technology21.3%4.3%6.2%Microsoft Corp
Information Technology9.8%24.2%6.1%Apple Inc
Consumer Discretionary17.8%0.1%3.4%Amazon.com Inc
Communication Services28.7%-0.4%2.6%Meta Platforms Inc Class A
Information Technology93.1%19.9%2.5%Broadcom Inc
Communication Services47.2%38.1%2.3%Alphabet Inc Class A
Consumer Discretionary70.0%40.0%2.0%Tesla Inc
Communication Services46.3%37.4%1.9%Alphabet Inc Class C
Financials9.2%3.5%1.5%Berkshire Hathaway Inc Class B
Top 10 Weighted Stocks
Sector1-Year
Return
1-Qtr
ReturnWeightRussell2000
Information Technology372.8%57.3%0.8%Credo Technology Group Holding Ltd
Industrials700.9%253.6%0.6%Bloom Energy Corp Class A
Industrials292.1%96.7%0.5%Kratos Defense & Security Solutions Inc
Information Technology603.7%43.1%0.5%IonQ Inc Class A
Information Technology54.2%23.7%0.5%Fabrinet
Materials172.7%111.7%0.4%Coeur Mining Inc
Utilities1279.9%99.4%0.4%Oklo Inc Class A Shares
Information Technology146.8%62.8%0.4%Rambus Inc
Health Care207.9%13.8%0.4%Hims & Hers Health Inc Ordinary
Industrials97.4%36.1%0.4%Nextracker Inc Ordinary Shares
Top 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell2000
Information Technology1312.6%538.4%0.0%Mercurity Fintech Holding Inc
Financials215.2%353.1%0.0%Better Home & Finance Holding Co
Health Care527.2%338.9%0.0%Kodiak Sciences Inc
Health Care43.3%283.4%0.0%Korro Bio Inc
Health Care231.3%270.0%0.1%Celcuity Inc
Industrials700.9%253.6%0.6%Bloom Energy Corp Class A
Materials354.2%200.0%0.0%American Battery Technology Co
Health Care86.0%199.1%0.0%Tourmaline Bio Inc
Real Estate108.5%192.5%0.0%Anywhere Real Estate Inc
Materials206.4%186.7%0.0%NioCorp Developments Ltd
Bottom 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell2000
IndustrialsN/A-92.4%0.0%Spirit Aviation Holdings Inc
Information Technology-61.7%-86.3%0.0%Neonode Inc
Health Care-59.0%-85.8%0.0%aTyr Pharma Inc
Consumer DiscretionaryN/A-69.9%0.0%ZSPACE Inc
Information Technology340.7%-61.6%0.0%Aeva Technologies Inc Ordinary Shares
Health Care-77.8%-58.7%0.0%Myomo Inc
Financials179.7%-55.6%0.0%Sezzle Inc
Health Care-73.8%-55.2%0.0%Agilon Health Inc
Health Care-61.8%-54.9%0.0%Replimune Group Inc
Energy-45.5%-52.3%0.0%ProFrac Holding Corp Ordinary Shares
Top 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell1000
Information TechnologyN/A147.4%0.0%SanDisk Corp Ordinary Shares
Information Technology273.7%116.5%0.0%Astera Labs Inc
Information Technology450.4%105.3%0.3%AppLovin Corp Ordinary Shares
Materials280.0%101.6%0.0%MP Materials Corp Ordinary Shares
Information Technology147.1%87.8%0.1%Western Digital Corp
Consumer Discretionary114.3%83.3%0.0%QuantumScape Corp Ordinary
Information Technology136.5%79.1%0.0%Ciena Corp
Consumer Discretionary59.0%74.7%0.0%Wayfair Inc Class A
Information Technology156.7%71.2%0.0%Lumentum Holdings Inc
Communication Services136.7%70.4%0.1%Warner Bros. Discovery Inc Ordinary
Bottom 10 Performing Stocks (by Quarter)
Sector1-Year
Return
1-Qtr
ReturnWeightRussell1000
Health Care-64.8%-42.8%0.0%Inspire Medical Systems Inc
Communication Services-41.3%-41.7%0.0%Iridium Communications Inc
Consumer Staples-40.1%-37.3%0.0%BellRing Brands Inc Class A
Information Technology-71.0%-36.8%0.0%Globant SA
Health Care-44.5%-35.8%0.0%Molina Healthcare Inc
Financials-37.1%-35.8%0.0%FactSet Research Systems Inc
Information Technology-48.1%-35.0%0.0%Gartner Inc
Health Care-52.6%-34.3%0.0%Centene Corp
Consumer Staples-1.5%-33.9%0.0%Sprouts Farmers Market Inc
Health Care-50.8%-33.9%0.0%Align Technology Inc
Page 614
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of September 30, 2025
Performance among headline international equity indexes was positive during
the quarter in USD terms. The USD advanced versus several major currencies
but exhibited some weakness that was captured in the USD versus LCL
returns of the MSCI EMEA and MSCI Latin America indexes. In the MSCI
EMEA and Latin America indexes, the USD declined relative to currencies in
the region while the USD rose relative to currencies in Europe and Asia. The
developed-market MSCI EAFE index returned a solid 4.8% in USD terms,
slightly lower than its 5.4% return in local currency (LCL) terms. The MSCI
ACWI ex-US index climbed 6.9% in USD terms, which was also lower than its
LCL performance of 7.9%.
The MSCI EM Asia index was the best-performing regional index for the
quarter on both counts, returning 13.2% in LCL terms and 10.9% in USD
terms. While none of the regional indexes contracted during the quarter, the
laggard performer in both USD and LCL currency terms was the MSCI Europe
& Middle East index which posted a more muted 3.6% return in USD and 3.9%
in LCL terms during the quarter.
International equity markets exuded broad strength across multiple regions in
the trailing one-year period. The prolonged weakening of the USD has boosted
dollar-denominated returns across many developed regions. The broad-based
MSCI ACWI ex US and MSCI EAFE indexes finished the year with double-digit
returns in both USD and LCL terms with the ACWI index outpacing on both
counts due to its emerging market component. Both developed market indexes
underperformed the MSCI Emerging Markets index with the benchmark
returning 17.3% in USD and 18.8% in LCL terms.
The strongest regional performance over the trailing year was the MSCI EMEA
index, which climbed 21.3% in LCL and 21.7% in USD terms. The indexes that
earned higher LCL than USD returns due to a locally strengthening currency
were the MSCI Pacific and EM Asia indexes, which saw excess returns of
3.8% and 2.2% in LCL versus USD results, respectively. All broad and
regional indexes were positive for the trailing 12 months in both USD and LCL
terms.
8.1%
13.2%
8.3%
12.2%
8.5%
3.9%
5.4%
6.1%
7.9%
10.2%
10.9%
9.1%
10.6%
7.1%
3.6%
4.8%
5.3%
6.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
World x US (22)
AC World x US (48)
Quarter Performance USD LOCAL
17.3%
18.6%
21.3%
18.8%
17.9%
10.7%
12.9%
14.6%
15.8%
20.4%
16.4%
21.7%
17.3%
14.1%
15.4%
15.0%
16.0%
16.4%
0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0%
EM Latin Amer (6)
EM Asia (9)
EM EMEA (11)
Emerging Mkt (26)
Pacific (5)
Europe & ME (16)
EAFE (21)
World x US (22)
AC World x US (48)
1-Year Performance USD Local Currency
Page 715
The Market Environment
US Dollar International Index Attribution & Country Detail
As of September 30, 2025
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE
27.2%1.5%4.9%Communication Services
4.7%6.1%10.2%Consumer Discretionary
-1.7%-1.3%7.5%Consumer Staples
5.0%4.7%3.2%Energy
33.7%7.8%24.7%Financials
-10.3%0.3%10.8%Health Care
22.4%5.4%19.4%Industrials
9.4%2.7%8.3%Information Technology
-6.6%4.9%5.6%Materials
3.1%3.3%1.9%Real Estate
12.1%0.6%3.4%Utilities
15.0%4.8%100.0%Total
1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS
29.2%9.6%6.3%Communication Services
7.0%10.4%10.7%Consumer Discretionary
-2.8%-1.0%6.2%Consumer Staples
3.8%4.3%4.5%Energy
25.4%5.5%24.9%Financials
-8.5%1.5%7.7%Health Care
19.1%4.6%14.7%Industrials
22.8%10.6%13.8%Information Technology
7.6%14.3%6.7%Materials
1.5%2.9%1.6%Real Estate
6.7%1.0%3.0%Utilities
16.4%6.9%100.0%Total
1- YearQuarterMSCI-ACWIxUSMSCI-EAFE
ReturnReturnWeightWeightCountry
14.0%7.2%13.7%22.3%Japan
13.6%5.1%9.0%14.7%United Kingdom
8.9%3.0%6.7%10.9%France
22.9%-1.1%6.1%9.9%Germany
5.6%1.4%5.7%9.3%Switzerland
-0.7%2.3%4.2%6.8%Australia
13.7%9.1%3.0%5.0%Netherlands
8.5%3.7%2.2%3.6%Sweden
42.4%12.6%2.2%3.6%Spain
31.6%7.9%2.0%3.2%Italy
14.1%7.9%1.3%2.1%Hong Kong
-36.8%-13.5%1.2%1.9%Denmark
29.6%7.2%1.1%1.8%Singapore
15.8%5.4%0.7%1.1%Finland
40.5%3.7%0.7%1.1%Israel
14.8%8.2%0.7%1.1%Belgium
20.3%0.3%0.4%0.6%Norway
16.7%1.5%0.3%0.5%Ireland
46.3%9.1%0.1%0.2%Austria
1.9%6.0%0.1%0.2%Portugal
-7.6%-1.0%0.1%0.2%New Zealand
15.0%4.8%61.3%100.0%Total EAFE Countries
21.9%9.2%8.3%Canada
16.0%5.3%69.6%Total Developed Countries
27.8%20.1%31.2%China
27.4%13.1%19.4%Taiwan
-12.2%-7.0%15.2%India
24.8%12.5%11.0%Korea
5.9%6.9%4.3%Brazil
33.2%19.5%3.5%South Africa
-2.6%5.0%3.3%Saudi Arabia
27.2%12.4%2.0%Mexico
27.0%1.5%1.4%United Arab Emirates
-4.6%4.8%1.2%Malaysia
-24.9%-3.2%1.1%Indonesia
-11.3%16.5%1.0%Thailand
29.5%-2.2%1.0%Poland
22.2%2.6%0.7%Kuwait
4.5%3.5%0.7%Qatar
62.0%11.6%0.6%Greece
-4.3%7.5%0.5%Turkey
24.3%5.0%0.5%Chile
-18.8%-8.2%0.4%Philippines
34.0%22.8%0.3%Peru
41.0%5.9%0.3%Hungary
55.3%6.9%0.2%Czech Republic
63.7%19.5%0.1%Colombia
21.0%24.8%0.1%Egypt
17.3%10.6%100.0%Total Emerging Countries
16.4%6.9%169.6%Total ACWIxUS Countries
1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt
33.0%19.0%10.5%Communication Services
10.2%18.5%13.6%Consumer Discretionary
-8.5%0.5%4.0%Consumer Staples
-8.7%-1.1%3.9%Energy
11.2%-0.2%22.2%Financials
5.3%10.2%3.5%Health Care
11.5%4.0%6.6%Industrials
31.9%16.4%25.5%Information Technology
15.7%22.9%6.5%Materials
-1.7%1.4%1.4%Real Estate
-7.9%1.2%2.3%Utilities
17.3%10.6%100.0%Total
Page 816
Source: Morningstar Direct; Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of September 30, 2025
Domestic fixed-income markets traded higher during the third quarter with
some help from the Fed lowering its policy rate 0.25% to a range of 4.00%-
4.25%. The US Corporate IG index posted the quarter’s strongest domestic
bond index performance with a return of 2.6%. The bellwether US
Aggregate index returned 2.0% for the quarter and international bonds, as
measured by the Global Agg ex US index, slid by -0.6% in USD terms.
Treasury yields remained relatively stable at the longer end of the yield
curve during the quarter with the benchmark 10-Year Treasury yield falling a
scant 0.08% from the previous quarter’s close. Relatively stable US
Treasury yields allowed coupon differences between bonds to drive much of
the remaining dispersion in domestic investment-grade indexes’ returns for
the quarter.
High yield bonds slightly underperformed investment grade issues due to
their lower duration. This overshadowed high yield bonds’ higher income
and a narrowing in the high yield option-adjusted spread (OAS). While
investment grade outperformed high yield during the quarter, lower quality
investment grade issues (as measured by the Baa index) outpaced higher
quality issues (AAA – A) as the former were aided by the longer duration
impact of spread compression.
Over the trailing one-year period, the Bloomberg US Aggregate Bond index
posted a 2.9% return. Its major sub-components also posted positive
performance over the trailing 12 months with the Bloomberg US Treasury
index advancing 2.1%, the US Mortgage index returning 3.4%, and the
Bloomberg US Corporate Investment Grade index rising 3.6%.
Performance across investment grade quality indexes was broadly higher
for the trailing one-year period. The AAA index posted a solid 3.8% return,
while the BAA index saw slightly better results with a return of 4.3%. High
yield bonds were the best performing US bond market segment for the year,
returning 7.4%. Performance for high yield bonds was spurred by largely
stable end-to-end credit spreads and higher coupon income.
The Bloomberg Global Aggregate ex-US index finished both the quarter and
the year with the weakest results across the major fixed income indexes.
Despite performance boost from a weakening USD, the Global Aggregate
ex-US index ended the year just 1.9% higher and finished behind the
domestic Aggregate Bond index return of 2.9%.
0.7%
-0.6%
1.8%
2.0%
2.8%
2.5%
1.8%
1.6%
2.1%
2.5%
2.6%
2.4%
1.5%
-1.0% 0.0% 1.0% 2.0% 3.0% 4.0%
Multiverse (6.2)
Global Agg x US (6.7)
Intermediate Agg (4.3)
Aggregate (6.0)
Baa (6.7)
A (6.8)
AA (5.8)
AAA (4.2)
U.S. TIPS (4.9)
U.S. High Yield (2.7)
U.S. Corporate IG (6.8)
U.S. Mortgage (5.7)
U.S. Treasury (5.8)
Quarter Performance
2.7%
1.9%
3.8%
2.9%
4.3%
3.4%
2.5%
3.8%
3.8%
7.4%
3.6%
3.4%
2.1%
0.0% 2.0% 4.0% 6.0% 8.0%
Multiverse (6.2)
Global Agg x US (6.7)
Intermediate Agg (4.3)
Aggregate (6.0)
Baa (6.7)
A (6.8)
AA (5.8)
AAA (4.2)
U.S. TIPS (4.9)
U.S. High Yield (2.7)
U.S. Corporate IG (6.8)
U.S. Mortgage (5.7)
U.S. Treasury (5.8)
1-Year Performance
Page 917
Source: US Department of Treasury, FRED (Federal Reserve of St.Louis)
The Market Environment
Market Rate & Yield Curve Comparison
As of September 30, 2025
The gray band across the graph illustrates the fed funds target rate range over
the trailing 12 months. The Federal Open Market Committee (FOMC) cut its
policy rate by 0.25% during the third quarter, lowering the fed funds rate to a
target range of 4.00%-4.25%. This marks the first meeting in 2025 that the
FOMC has changed its policy rates. The September 2025 FOMC press
release continued to emphasize economic data-dependent outcomes and the
continued reduction of its balance sheet. It also addressed new concerns on
softness in the labor market. The CME FedWatch tool, which forecasts the fed
funds rate based on fed fund futures pricing, showed a greater than 95%
probability of an additional 0.25% rate decrease at the FOMC meeting in
October at the time of this writing. Many market prognosticators continue to
express concern that leaving rates at elevated levels for an extended period,
coupled with softness in the labor market, could tip the US economy into a
recession. However, reducing the rate could worsen persistently elevated
inflation.
The yield of the US 10-year Treasury (blue line of the top chart) remained in a
narrow range during the quarter, finishing at 4.16%. While the point-to-point
level of the 10-year yield shows little change over the quarter, the path was
not linear. The benchmark yield was elevated in July, changed little in August,
and hit a low in mid-September before rising toward where it began the
quarter.
The red line in the top chart shows the option-adjusted spread (OAS) for BAA-
rated corporate bonds. This measure quantifies the additional yield premium
investors require to purchase and hold non-US Treasury issues with the
lowest investment grade rating. During the quarter, the yield spread narrowed
by 0.11%, finishing the quarter at a level of 0.97%. High yield OAS spreads
(represented by the yellow line in the top chart) narrowed by 0.16% during the
quarter from 2.96% to 2.80%. The finishing level of both the high yield and
BAA OAS spreads are now just a few basis points lower than where they
began the year.
The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters. At quarter-end, the curve exhibited a
more pronounced butterfly shape. Short-to-medium-term rates were lower
than at each of the previous four quarter ends, while the one-month and long-
term rates were little changed.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
1-Year Trailing Market Rates
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
3.00
3.50
4.00
4.50
5.00
5.50
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Treasury Yield Curve
12/31/2024 3/31/2025 6/30/2025 9/30/2025
Page 1018
The Market Environment
References
As of September 30, 2025
CME FedWatch Tool - CME Group
Effective 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)
The Fed - Meeting calendars and information
Federal Reserve Board - Monetary Policy
Global index lens – MSCI
U.S. Department of the Treasury
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 projected
March Fed meeting: Here's what changed in the new statement
Jobs report June 2025
Current Employment Statistics - CES (National) : U.S. Bureau of Labor Statistics
Latam assets may receive a trade-war boost, investors say | Reuters
Page 1119
Executive Summary
Policy Target In Policy Outside Policy
0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%
Receipt & Disbursement
$2,835,218.9 (3.4%)
Direct Real Estate
$2,983,509.9 (3.5%)
Non-Core Fixed Income
$9,375,168.9 (11.1%)
Broad Mkt Fixed Income
$12,902,058.2 (15.3%)
Foreign Equity Securities
$11,409,785.7 (13.5%)
Domestic Equity Securities
$44,769,633.4 (53.1%)
Asset Allocation Compliance
Asset
Allocation
$
Current
Allocation (%)
Minimum
Allocation (%)
Maximum
Allocation (%)
Target
Allocation (%)
Total Fund Portfolio 84,275,375 100.0 N/A N/A 100.0
Domestic Equity Securities 44,769,633 53.1 45.0 55.0 50.0
Foreign Equity Securities 11,409,786 13.5 10.0 20.0 15.0
Broad Mkt Fixed Income 12,902,058 15.3 10.0 30.0 15.0
Non-Core Fixed Income 9,375,169 11.1 0.0 20.0 10.0
Direct Real Estate 2,983,510 3.5 0.0 15.0 10.0
Receipt & Disbursement 2,835,219 3.4 0.0 5.0 0.0
Asset Allocation Compliance
Total Fund Portfolio
As of September 30, 2025
Page 12 20
Asset Allocation By Segment as of
June 30, 2025 : $80,216,790
Asset Allocation By Segment as of
September 30, 2025 : $84,275,375
Allocation
Segments Market Value Allocation
Domestic Equity 42,725,001 53.3¢
Foreign Equity 11,014,336 13.7¢
Broad Mkt Fixed Income 12,680,813 15.8¢
Non-Core Fixed Income 6,991,741 8.7¢
Real Estate 3,246,782 4.0¢
Cash Equivalent 3,558,117 4.4¢
Allocation
Segments Market Value Allocation
Domestic Equity 44,769,633 53.1¢
Foreign Equity 11,409,786 13.5¢
Broad Mkt Fixed Income 12,902,058 15.3¢
Non-Core Fixed Income 9,375,169 11.1¢
Real Estate 2,842,286 3.4¢
Cash Equivalent 2,976,443 3.5¢
Asset Allocation Summary
Total Fund
As of September 30, 2025
NONE
Page 13 21
Asset Allocation By Manager as of
Jun-2025 : $80,216,790
Asset Allocation By Manager as of
Sep-2025 : $84,275,375
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)42,725,001 53.3¢
Galliard Core Fixed Income 12,680,813 15.8¢
RBC Global (Voyageur)11,014,336 13.7¢
Receipt & Disbursement 3,483,992 4.3¢
Vanguard Short Term Bond Index (VSCSX)3,119,728 3.9¢
Intercontinental 2,737,353 3.4¢
PIMCO Diversified Income Fund Instl (PDIIX)2,089,537 2.6¢
Vanguard Inflation-Protected Secs (VAIPX)1,444,002 1.8¢
ARA Core Property Fund 583,555 0.7¢
Crescent Direct Lending II Fund 334,256 0.4¢
Crescent Direct Lending Fund 4,218 0.0¢
DFA World ex US Core Equity Inst l (DFWIX)-0.0¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)44,769,633 53.1¢
Galliard Core Fixed Income 12,902,058 15.3¢
DFA World ex US Core Equity Inst l (DFWIX)11,409,786 13.5¢
PIMCO Diversified Income Fund Instl (PDIIX)7,636,505 9.1¢
Receipt & Disbursement 2,835,219 3.4¢
Intercontinental 2,469,990 2.9¢
Vanguard Inflation-Protected Secs (VAIPX)1,458,293 1.7¢
ARA Core Property Fund 513,520 0.6¢
Crescent Direct Lending II Fund 276,608 0.3¢
Crescent Direct Lending Fund 3,763 0.0¢
RBC Global (Voyageur)-0.0¢
Vanguard Short Term Bond Index (VSCSX)-0.0¢
Asset Allocation Summary
Total Fund
As of September 30, 2025
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
Allo
cat
ion
(
%)
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 9/25
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To September 30, 2025
Page 15 23
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
52.0
60.0
68.0
76.0
84.0
Allocation
(%)
US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund Portfolio 53.12 (19)13.54 (61)9.06 (16)17.04 (84)0.33 (100)3.54 (85)3.36 (22)z
5th Percentile 62.88 24.45 13.24 69.92 32.54 11.77 8.21
1st Quartile 50.92 18.44 6.58 33.86 17.26 8.30 2.98
Median 41.67 14.97 4.79 24.91 9.31 6.18 1.47
3rd Quartile 31.29 11.26 3.06 19.46 4.86 4.46 0.72
95th Percentile 16.10 5.53 1.56 11.58 1.41 2.04 0.12
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of September 30, 2025
Page 16 24
Historical Asset Allocation by Portfolio
Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024
($)%($)%($)%($)%($)%
Total Equity 56,179,419 66.66 53,739,337 66.99 48,377,292 64.15 51,391,308 66.59 51,390,679 65.56
Domestic Equity Securities 44,769,633 53.12 42,725,001 53.26 38,609,224 51.20 40,567,140 52.57 39,528,851 50.43
Vanguard Total Stock Market (VITSX)44,769,633 53.12 42,725,001 53.26 38,609,224 51.20 40,567,140 52.57 39,528,851 50.43
Foreign Equity Securities 11,409,786 13.54 11,014,336 13.73 9,768,068 12.95 10,824,168 14.03 11,861,828 15.13
RBC Global (Voyageur)-0.00 11,014,336 13.73 9,768,068 12.95 10,824,168 14.03 11,861,828 15.13
DFA World ex US Core Equity Inst l (DFWIX)11,409,786 13.54 -0.00 -0.00 -0.00 -0.00
Total Fixed Income 22,277,227 26.43 19,672,554 24.52 19,399,982 25.72 16,449,033 21.31 16,735,281 21.35
Galliard Core Fixed Income 12,902,058 15.31 12,680,813 15.81 12,478,628 16.55 12,178,122 15.78 12,371,422 15.78
Vanguard Short Term Bond Index (VSCSX)-0.00 3,119,728 3.89 3,064,358 4.06 352,647 0.46 352,903 0.45
Vanguard Inflation-Protected Secs (VAIPX)1,458,293 1.73 1,444,002 1.80 1,434,023 1.90 1,380,684 1.79 1,410,030 1.80
PIMCO Diversified Income Fund Instl (PDIIX)7,636,505 9.06 2,089,537 2.60 2,033,382 2.70 1,992,503 2.58 2,006,202 2.56
Crescent Direct Lending Fund 3,763 0.00 4,218 0.01 7,215 0.01 9,060 0.01 43,282 0.06
Crescent Direct Lending II Fund 276,608 0.33 334,256 0.42 382,377 0.51 536,017 0.69 551,442 0.70
Direct Real Estate 2,983,510 3.54 3,320,908 4.14 4,367,866 5.79 4,682,795 6.07 4,764,025 6.08
ARA Core Property Fund 513,520 0.61 583,555 0.73 727,667 0.96 908,631 1.18 957,188 1.22
Intercontinental 2,469,990 2.93 2,737,353 3.41 3,640,199 4.83 3,774,164 4.89 3,806,837 4.86
Receipt & Disbursement 2,835,219 3.36 3,483,992 4.34 3,270,252 4.34 4,648,568 6.02 5,492,236 7.01
Total Fund Portfolio 84,275,375 100.00 80,216,790 100.00 75,415,392 100.00 77,171,704 100.00 78,382,221 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of September 30, 2025
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 44,769,633 79.69 11,409,786 20.31 --------56,179,419 66.66
Domestic Equity Securities 44,769,633 100.00 ----------44,769,633 53.12
Vanguard Total Stock Market (VITSX)44,769,633 100.00 ----------44,769,633 53.12
Foreign Equity Securities --11,409,786 100.00 --------11,409,786 13.54
RBC Global (Voyageur)-------------0.00
DFA World ex US Core Equity Inst l (DFWIX)--11,409,786 100.00 --------11,409,786 13.54
Total Fixed Income ----12,902,058 57.92 9,375,169 42.08 ----22,277,227 26.43
Galliard Core Fixed Income ----12,902,058 100.00 ------12,902,058 15.31
Vanguard Short Term Bond Index (VSCSX)-------------0.00
Vanguard Inflation-Protected Secs (VAIPX)------1,458,293 100.00 ----1,458,293 1.73
PIMCO Diversified Income Fund Instl (PDIIX)------7,636,505 100.00 ----7,636,505 9.06
Crescent Direct Lending Fund ------3,763 100.00 ----3,763 0.00
Crescent Direct Lending II Fund ------276,608 100.00 ----276,608 0.33
Direct Real Estate --------2,842,286 95.27 141,224 4.73 2,983,510 3.54
ARA Core Property Fund --------372,296 72.50 141,224 27.50 513,520 0.61
Intercontinental --------2,469,990 100.00 --2,469,990 2.93
Receipt & Disbursement ----------2,835,219 100.00 2,835,219 3.36
Total Fund Portfolio 44,769,633 53.12 11,409,786 13.54 12,902,058 15.31 9,375,169 11.12 2,842,286 3.37 2,976,443 3.53 84,275,375 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of September 30, 2025
Page 18 26
Schedule of Investable Assets
Total Fund Portfolio Net Cash Flow
$0.0
$9,000,000.0
$18,000,000.0
$27,000,000.0
$36,000,000.0
$45,000,000.0
$54,000,000.0
$63,000,000.0
$72,000,000.0
$81,000,000.0
$90,000,000.0
$99,000,000.0
$108,000,000.0
-$9,000,000.0
Market
Valu
e
7/07 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 10/24 9/25
$1 1 ,2 4 2 ,7 6 2 .0
$84,275,375.0
Schedule of Investable Assets
Periods Ending
Beginning
Market Value
$
Net
Cash Flow
$
Gain/Loss
$
Ending
Market Value
$
Aug-2007 To Sep-2025 16,259,673 -5,016,910 73,032,613 84,275,375
Schedule of Investable Assets
Total Fund Portfolio
August 1, 2007 To September 30, 2025
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)5.50 (11)12.09 (11)12.09 (11)16.16 (7)11.22 (4)9.50 (5)10.30 (2)7.16 (19)11/01/2000
Total Fund Policy 5.61 (9)12.82 (4)12.82 (4)15.95 (9)10.43 (10)9.48 (5)9.99 (5)6.87 (39)
Difference -0.11 -0.73 -0.73 0.21 0.78 0.01 0.31 0.29
All Public Plans-Total Fund Median 4.73 10.38 10.38 13.79 8.91 8.08 8.66 6.68
Total Fund (Gross)5.62 12.35 12.35 16.41 11.49 9.78 10.60 7.68 11/01/2000
Total Fund Policy 5.61 12.82 12.82 15.95 10.43 9.48 9.99 6.87
Difference 0.01 -0.47 -0.47 0.45 1.05 0.30 0.62 0.81
Total Equity 7.80 16.71 16.71 23.59 15.87 12.70 13.74 8.77 01/01/2001
Total Equity Policy 7.89 17.34 17.34 23.43 14.55 12.27 13.20 7.76
Difference -0.08 -0.63 -0.63 0.16 1.32 0.43 0.54 1.01
Domestic Equity Securities 8.59 (21)17.37 (41)17.37 (41)24.12 (52)16.64 (35)14.39 (39)15.23 (39)9.30 (36)11/01/2000
Domestic Equity Securities Policy 8.18 (28)17.41 (40)17.41 (40)24.12 (52)15.74 (51)13.71 (55)14.71 (54)8.20 (89)
Difference 0.42 -0.04 -0.04 0.00 0.89 0.67 0.52 1.10
IM U.S. Large Cap Core Equity (SA+CF) Median 7.21 15.88 15.88 24.16 15.75 14.04 14.85 9.05
Foreign Equity Securities 3.97 (80)13.41 (81)13.41 (81)21.61 (76)13.23 (62)6.94 (89)8.78 (62)6.86 (87)11/01/2000
Foreign Equity Securities Policy 6.89 (43)16.45 (65)16.45 (65)20.67 (81)10.26 (87)7.26 (86)8.00 (82)5.38 (100)
Difference -2.92 -3.04 -3.04 0.94 2.97 -0.31 0.78 1.48
IM International Large Cap Value Equity (SA+CF) Median 6.13 19.15 19.15 23.60 14.24 9.10 9.13 7.65
Total Fixed Income 1.76 4.36 4.36 6.45 2.41 3.71 3.69 4.54 11/01/2000
Total Fixed Policy 1.86 4.47 4.47 6.17 1.74 3.19 2.51 4.04
Difference -0.10 -0.11 -0.11 0.28 0.67 0.53 1.18 0.50
Broad Mkt Fixed Income 1.81 (33)4.49 (19)4.49 (19)5.91 (19)1.17 (37)2.99 (18)2.54 (23)4.04 (28)11/01/2000
Broad Mkt Fixed Income Policy 1.79 (35)3.82 (72)3.82 (72)5.14 (67)0.49 (90)2.27 (86)1.87 (86)3.78 (57)
Difference 0.02 0.66 0.66 0.76 0.68 0.71 0.67 0.26
IM U.S. Intermediate Duration (SA+CF) Median 1.66 4.03 4.03 5.27 0.99 2.65 2.19 3.91
Non-Core Fixed Income 1.68 4.42 4.42 7.32 3.71 4.29 7.03 7.18 10/01/2014
Non-Core Fixed Policy 1.97 5.43 5.43 7.70 3.62 4.20 4.15 3.88
Difference -0.28 -1.01 -1.01 -0.38 0.10 0.09 2.88 3.30
Direct Real Estate 1.07 (79)3.85 (77)3.85 (77)-7.54 (92)2.60 (78)3.43 (74)5.52 (65)5.11 (30)10/01/2007
NCREIF Fund Index-OEDC (EW)0.65 (95)3.80 (77)3.80 (77)-5.69 (79)3.57 (68)3.68 (70)5.27 (70)4.61 (65)
Difference 0.42 0.05 0.05 -1.85 -0.98 -0.24 0.26 0.51
IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 4.99
Comparative Performance Trailing Returns
Total Fund
As of September 30, 2025
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 September 30, 2025
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Domestic Equity Securities 8.59 17.37 17.37 24.12 16.64 14.39 15.23 9.30 11/01/2000
Domestic Equity Securities Policy 8.18 17.41 17.41 24.12 15.74 13.71 14.71 8.20
Difference 0.42 -0.04 -0.04 0.00 0.89 0.67 0.52 1.10
Vanguard Total Stock Market (VITSX)8.57 (12)17.35 (27)17.35 (27)24.09 (40)15.66 (43)13.65 (38)14.67 (30)14.05 (31)02/01/2013
Vanguard Total Stock Market Index Hybrid 8.24 (18)17.37 (26)17.37 (26)24.08 (40)15.66 (43)13.65 (38)14.67 (30)14.07 (30)
Difference 0.33 -0.02 -0.02 0.01 0.00 0.00 0.00 -0.01
Large Blend Median 7.28 15.59 15.59 23.43 15.37 13.17 14.00 13.54
Foreign Equity Securities 3.97 13.41 13.41 21.61 13.23 6.94 8.78 6.86 11/01/2000
Foreign Equity Securities Policy 6.89 16.45 16.45 20.67 10.26 7.26 8.00 5.38
Difference -2.92 -3.04 -3.04 0.94 2.97 -0.31 0.78 1.48
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/A N/A 09/30/2025
MSCI AC World ex USA (Net)6.89 (15)16.45 (48)16.45 (48)20.67 (59)10.26 (56)7.49 (57)8.23 (39)3.60 (25)
Difference N/A N/A N/A N/A N/A N/A N/A N/A
Foreign Large Blend Median 5.20 16.19 16.19 21.10 10.43 7.66 8.00 2.89
RBC Global (Voyageur)2.96 (91)12.31 (85)12.31 (85)21.22 (79)13.01 (66)6.80 (90)8.68 (67)5.60 (34)11/01/2007
MSCI EAFE (Net) Index 4.77 (70)14.99 (73)14.99 (73)21.70 (75)11.15 (81)7.71 (72)8.17 (77)3.65 (94)
Difference -1.80 -2.67 -2.67 -0.48 1.86 -0.92 0.51 1.95
MSCI EAFE Value Index (Net)7.39 (32)22.53 (26)22.53 (26)25.66 (31)15.66 (38)8.17 (60)8.16 (77)3.16 (97)
Difference -4.42 -10.22 -10.22 -4.44 -2.65 -1.38 0.52 2.44
IM International Large Cap Value Equity (SA+CF) Median 6.13 19.15 19.15 23.60 14.24 9.10 9.13 5.17
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 September 30, 2025
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income 1.76 4.36 4.36 6.45 2.41 3.71 3.69 4.54 11/01/2000
Total Fixed Policy 1.86 4.47 4.47 6.17 1.74 3.19 2.51 4.04
Difference -0.10 -0.11 -0.11 0.28 0.67 0.53 1.18 0.50
Galliard Core Fixed Income 1.81 (43)4.55 (32)4.55 (32)5.95 (29)1.25 (53)3.05 (40)2.56 (41)3.35 (64)10/01/2007
Bloomberg Intermed Aggregate Index 1.79 (45)3.82 (90)3.82 (90)5.14 (90)0.49 (98)2.27 (100)1.87 (100)2.95 (94)
Difference 0.02 0.73 0.73 0.80 0.76 0.77 0.69 0.40
IM U.S. Intermediate Duration (SA+CF) Median 1.75 4.34 4.34 5.64 1.29 2.93 2.48 3.46
Vanguard Inflation-Protected Secs (VAIPX)0.99 (99)3.42 (60)3.42 (60)5.01 (32)1.12 (52)3.16 (51)N/A 2.74 (50)01/01/2017
Bloomberg U.S. TIPS Index 2.10 (35)3.79 (37)3.79 (37)4.88 (36)1.42 (32)3.42 (23)3.01 (22)2.98 (21)
Difference -1.11 -0.37 -0.37 0.13 -0.30 -0.27 N/A -0.24
Inflation-Protected Bond Median 1.99 3.60 3.60 4.70 1.15 3.16 2.76 2.73
Vanguard Short Term Bond Index (VSCSX)2.13 (4)5.13 (16)5.13 (16)6.16 (20)2.19 (47)3.21 (19)2.70 (23)2.65 (20)01/01/2015
Blmbg. U.S. Corporate 1-5 Year Index 1.62 (17)5.06 (18)5.06 (18)6.22 (18)2.23 (43)3.30 (14)2.83 (16)2.78 (13)
Difference 0.52 0.07 0.07 -0.07 -0.05 -0.09 -0.12 -0.13
Short-Term Bond Median 1.37 4.54 4.54 5.43 2.14 2.70 2.24 2.17
PIMCO Diversified Income Fund Instl (PDIIX)3.30 (1)7.59 (4)7.59 (4)10.00 (8)2.84 (6)3.88 (5)N/A 3.77 (5)04/01/2018
Blmbg. Global Credit (Hedged)2.20 (7)4.82 (23)4.82 (23)7.77 (23)1.42 (22)3.26 (7)3.52 (5)3.11 (6)
Difference 1.09 2.77 2.77 2.24 1.42 0.62 N/A 0.66
Global Bond Median 0.92 3.24 3.24 6.02 -0.99 1.00 1.49 0.36
Direct Real Estate 1.07 3.85 3.85 -7.54 2.60 3.43 5.52 5.11 10/01/2007
NCREIF Fund Index-ODCE (EW)0.65 3.80 3.80 -5.69 3.57 3.68 5.27 4.61
Difference 0.42 0.05 0.05 -1.85 -0.98 -0.24 0.26 0.51
American Core Realty Fund 1.08 (73)4.45 (67)4.45 (67)-5.63 (78)3.71 (67)3.85 (67)5.18 (72)4.60 (68)10/01/2007
American Core Realty Policy 0.65 (95)3.80 (77)3.80 (77)-5.69 (79)3.57 (68)3.68 (70)5.27 (70)5.83 (20)
Difference 0.43 0.65 0.65 0.06 0.14 0.17 -0.09 -1.24
IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 4.99
Intercontinental 1.06 (79)3.72 (78)3.72 (78)-8.03 (95)2.30 (87)3.44 (74)5.99 (29)8.93 (38)10/01/2010
NCREIF Fund Index-OEDC (EW)0.65 (95)3.80 (77)3.80 (77)-5.69 (79)3.57 (68)3.68 (70)5.27 (70)8.05 (74)
Difference 0.41 -0.09 -0.09 -2.34 -1.27 -0.23 0.72 0.87
IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 8.78
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 -10.79 -49.12 2.27 6.55 5.29 6.95 10/14/2014
Crescent Direct Lending II Fund -2.19 -7.47 7.70 11.02 8.35 8.57 03/13/2018
Comparative Performance - IRR
As of September 30, 2025
Page 23 31
Financial Reconciliation Quarter to Date
Market Value
07/01/2025
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
09/30/2025
Total Equity 53,739,337 -1,521,465 ---78,535 -824 280,620 3,760,286 56,179,419
Domestic Equity Securities 42,725,001 -1,600,000 ----251,593 3,393,039 44,769,633
Vanguard Total Stock Market (VITSX)42,725,001 -1,600,000 ----251,593 3,393,039 44,769,633
Foreign Equity Securities 11,014,336 78,535 ---78,535 -824 29,027 367,246 11,409,786
RBC Global (Voyageur)11,014,336 -11,261,252 ---78,535 -824 29,027 297,248 -
DFA World ex US Core Equity Inst l (DFWIX)-11,339,787 -----69,999 11,409,786
Total Fixed Income 19,672,554 2,262,673 ---7,926 -67,608 282,318 22,277,227
Galliard Core Fixed Income 12,680,813 ----7,926 --229,171 12,902,058
Vanguard Short Term Bond Index (VSCSX)3,119,728 -3,186,320 ----23,094 43,498 -
Vanguard Inflation-Protected Secs (VAIPX)1,444,002 -----15,441 -1,150 1,458,293
PIMCO Diversified Income Fund Instl (PDIIX)2,089,537 5,500,000 ----29,073 17,895 7,636,505
Crescent Direct Lending Fund 4,218 -------455 3,763
Crescent Direct Lending II Fund 334,256 -51,007 ------6,641 276,608
Direct Real Estate 3,320,908 -363,139 ---5,830 -29,297 2,274 2,983,510
ARA Core Property Fund 583,555 -74,126 ---1,416 -1,416 4,091 513,520
Intercontinental 2,737,353 -289,013 ---4,414 -27,881 -1,817 2,469,990
Receipt & Disbursement 3,483,992 -378,068 1,020,501 -1,316,618 --32,730 58,143 -2,835,219
Total Fund Portfolio 80,216,790 -1,020,501 -1,316,618 -92,290 -33,554 435,668 4,044,877 84,275,375
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending September 30, 2025
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
09/30/2025
Total Equity 51,390,679 -3,168,240 ---131,761 -7,256 850,118 7,245,878 56,179,419
Domestic Equity Securities 39,528,851 -1,600,000 ----520,978 6,319,805 44,769,633
Vanguard Total Stock Market (VITSX)39,528,851 -1,600,000 ----520,978 6,319,805 44,769,633
Foreign Equity Securities 11,861,828 -1,568,240 ---131,761 -7,256 329,140 926,074 11,409,786
RBC Global (Voyageur)11,861,828 -12,908,027 ---131,761 -7,256 329,140 856,075 -
DFA World ex US Core Equity Inst l (DFWIX)-11,339,787 -----69,999 11,409,786
Total Fixed Income 16,735,281 4,735,686 ---31,068 -256,590 580,739 22,277,227
Galliard Core Fixed Income 12,371,422 ----31,068 -8 561,696 12,902,058
Vanguard Short Term Bond Index (VSCSX)352,903 -485,066 ----71,638 60,526 -
Vanguard Inflation-Protected Secs (VAIPX)1,410,030 -----71,521 -23,258 1,458,293
PIMCO Diversified Income Fund Instl (PDIIX)2,006,202 5,500,000 ----113,424 16,879 7,636,505
Crescent Direct Lending Fund 43,282 -35,424 ------4,095 3,763
Crescent Direct Lending II Fund 551,442 -243,824 ------31,010 276,608
Direct Real Estate 4,764,025 -1,889,953 ---29,817 -83,464 55,790 2,983,510
ARA Core Property Fund 957,188 -465,464 ---7,538 -23,136 6,197 513,520
Intercontinental 3,806,837 -1,424,489 ---22,279 -60,328 49,593 2,469,990
Receipt & Disbursement 5,492,236 323,761 2,311,161 -5,337,827 --144,339 192,004 -1,777 2,835,219
Total Fund Portfolio 78,382,221 1,254 2,311,161 -5,337,827 -192,645 -151,596 1,382,176 7,880,630 84,275,375
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2024 To September 30, 2025
Page 25 33
Comparative Performance Fiscal Year Returns
Oct-2024
To
Sep-2025
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
Total Fund (Net)12.09 (11)23.78 (14)12.98 (16)-14.02 (54)26.26 (5)7.92 (42)2.78 (85)11.28 (3)14.16 (10)11.15 (12)
Total Fund Policy 12.82 (4)22.55 (26)12.76 (19)-13.16 (45)21.33 (41)10.06 (15)4.31 (51)9.85 (11)12.90 (30)10.79 (17)
Difference -0.73 1.23 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.35
All Public Plans-Total Fund Median 10.38 19.97 10.70 -13.67 20.66 7.44 4.32 7.56 12.11 9.79
Total Fund (Gross)12.35 24.01 13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51
Total Fund Policy 12.82 22.55 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79
Difference -0.47 1.46 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.63 0.72
Total Equity 16.71 32.77 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20
Total Equity Policy 17.34 32.91 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13
Difference -0.63 -0.13 1.25 0.07 7.01 -2.04 -1.24 0.82 0.50 1.07
Domestic Equity Securities 17.37 (41)35.29 (51)20.41 (54)-17.47 (78)36.79 (16)15.35 (37)2.89 (53)17.88 (44)18.64 (58)15.21 (25)
Domestic Equity Securities Policy 17.41 (40)35.19 (53)20.46 (54)-17.63 (80)31.88 (40)15.00 (40)2.92 (52)17.58 (49)18.71 (57)14.96 (30)
Difference -0.04 0.10 -0.05 0.16 4.92 0.35 -0.02 0.30 -0.07 0.25
IM U.S. Large Cap Core Equity (SA+CF) Median 15.88 35.30 20.77 -14.80 30.89 13.17 3.16 17.47 19.06 13.33
Foreign Equity Securities 13.41 (81)24.32 (41)27.57 (58)-25.79 (77)39.45 (15)-9.19 (86)-5.36 (72)6.76 (3)22.69 (37)10.74 (27)
Foreign Equity Securities Policy 16.45 (65)25.35 (34)20.39 (89)-25.17 (75)23.92 (79)1.03 (25)-0.82 (27)3.25 (24)19.65 (56)7.06 (62)
Difference -3.04 -1.03 7.19 -0.62 15.54 -10.22 -4.54 3.51 3.04 3.69
IM International Large Cap Value Equity (SA+CF) Median 19.15 23.44 28.95 -22.60 31.55 -5.63 -3.30 1.36 20.98 8.36
Total Fixed Income 4.36 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93
Total Fixed Policy 4.47 10.58 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57
Difference -0.11 0.86 0.13 0.80 1.63 -0.28 0.60 3.34 3.34 1.36
Broad Mkt Fixed Income 4.49 (19)10.91 (24)2.50 (38)-10.50 (61)-0.30 (71)7.53 (8)7.81 (45)-0.21 (29)0.61 (44)4.21 (26)
Broad Mkt Fixed Income Policy 3.82 (72)10.39 (34)1.42 (80)-11.49 (82)-0.38 (73)5.66 (67)8.08 (25)-0.93 (80)0.25 (64)3.57 (53)
Difference 0.66 0.52 1.09 0.99 0.07 1.88 -0.28 0.72 0.36 0.64
IM U.S. Intermediate Duration (SA+CF) Median 4.03 9.84 2.26 -10.37 0.05 6.10 7.73 -0.61 0.46 3.62
Non-Core Fixed Income 4.42 12.54 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88
Non-Core Fixed Policy 5.43 10.84 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.35
Difference -1.01 1.70 -1.72 0.17 1.43 -3.53 3.92 11.47 9.02 8.53
Direct Real Estate 3.85 (77)-10.47 (86)-14.98 (80)26.35 (14)13.82 (71)3.40 (15)7.75 (27)10.25 (23)10.01 (15)11.44 (44)
NCREIF Fund Index-OEDC (EW)3.80 (77)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64)
Difference 0.05 -2.71 -2.58 3.59 -1.94 1.67 1.58 1.42 2.21 0.82
IM U.S. Open End Private Real Estate (SA+CF) Median 5.06 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14
Comparative Performance Fiscal Year Returns
Total Fund
As of September 30, 2025
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 September 30, 2025
Oct-2024
To
Sep-2025
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
Domestic Equity Securities 17.37 35.29 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21
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 25.53 (19)42.19 (41)27.72 (40)-22.59 (40)27.32 (51)37.53 (30)3.71 (52)26.30 (38)21.94 (39)13.76 (21)
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 20.33 40.59 25.73 -25.25 27.38 33.75 3.81 24.71 21.10 11.69
Vanguard Total Stock Market (VITSX)17.35 (27)35.26 (46)20.38 (51)-18.01 (74)32.10 (22)15.01 (32)2.89 (51)17.62 (30)18.64 (39)15.00 (22)
Vanguard Total Stock Market Index Hybrid 17.37 (26)35.23 (47)20.37 (52)-17.98 (73)32.11 (22)14.99 (33)2.92 (51)17.62 (30)18.64 (39)14.99 (22)
Difference -0.02 0.03 0.01 -0.02 0.00 0.02 -0.02 0.00 -0.01 0.00
Large Blend Median 15.59 34.94 20.44 -16.26 29.76 13.44 2.94 16.49 18.22 12.78
Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A 41.75 (17)N/A N/A N/A N/A N/A
Russell 1000 Value Index 9.44 (55)27.76 (46)14.44 (52)-11.36 (73)35.01 (45)-5.03 (55)4.00 (35)9.45 (62)15.12 (67)16.19 (21)
Difference N/A N/A N/A N/A 6.74 N/A N/A N/A N/A N/A
Large Value Median 9.88 27.35 14.62 -9.31 34.10 -4.53 2.58 10.70 16.70 13.21
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 Index 9.19 (58)29.71 (25)14.85 (48)-6.59 (21)32.53 (59)-3.34 (42)3.57 (41)13.59 (18)17.76 (35)16.33 (20)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Large Value Median 9.88 27.35 14.62 -9.31 34.10 -4.53 2.58 10.70 16.70 13.21
Foreign Equity Securities 13.41 24.32 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74
RBC Global (Voyageur)12.31 (85)24.32 (41)27.57 (58)-25.79 (77)39.45 (15)-9.19 (86)-5.36 (72)6.76 (3)22.69 (37)10.74 (27)
MSCI EAFE (Net) Index 14.99 (73)24.77 (37)25.65 (71)-25.13 (75)25.73 (75)0.49 (25)-1.34 (29)2.74 (30)19.10 (58)6.52 (69)
Difference -2.67 -0.45 1.93 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22
MSCI EAFE Value Index (Net)22.53 (26)23.14 (52)31.51 (36)-20.16 (26)30.66 (54)-11.93 (94)-4.92 (66)-0.36 (76)22.55 (38)3.52 (89)
Difference -10.22 1.18 -3.93 -5.63 8.79 2.74 -0.43 7.12 0.15 7.22
IM International Large Cap Value Equity (SA+CF) Median 19.15 23.44 28.95 -22.60 31.55 -5.63 -3.30 1.36 20.98 8.36
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
MSCI AC World ex USA (Net)16.45 (48)25.35 (35)20.39 (73)-25.17 (30)23.92 (55)3.00 (51)-1.23 (36)1.76 (42)19.61 (31)9.26 (24)
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Foreign Large Blend Median 16.19 24.63 23.18 -26.07 24.42 3.01 -2.13 1.40 18.55 6.55
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details.
Parenthesized number represents pertinent peer group ranking: 1-100, best to worst.
Page 27 35
Comparative Performance Fiscal Year Returns
Total Fund
As of September 30, 2025
Oct-2024
To
Sep-2025
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
Total Fixed Income 4.36 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93
Galliard Core Fixed Income 4.55 (32)10.84 (30)2.62 (46)-10.50 (70)-0.02 (71)6.85 (29)8.50 (18)-0.43 (59)0.44 (72)4.36 (28)
Bloomberg Intermed Aggregate Index 3.82 (90)10.39 (41)1.42 (90)-11.49 (87)-0.38 (88)5.66 (77)8.08 (47)-0.93 (95)0.25 (86)3.57 (72)
Difference 0.73 0.45 1.20 0.99 0.35 1.19 0.42 0.50 0.19 0.79
IM U.S. Intermediate Duration (SA+CF) Median 4.34 10.19 2.57 -10.04 0.30 6.44 8.04 -0.36 0.71 3.90
Galliard TIPS N/A N/A N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75
Blmbg. U.S. TIPS 1-10 Year 5.27 9.01 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83
Difference N/A N/A N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08
Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.83
FTSE World Government Bond Index 1.59 11.02 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71
Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A -8.88
PIMCO Diversified Income Fund Instl (PDIIX)7.59 (4)15.38 (2)7.23 (16)-17.61 (28)4.87 (6)3.63 (71)9.52 (4)N/A N/A N/A
Blmbg. Global Credit (Hedged)4.82 (23)13.42 (24)5.27 (21)-16.53 (26)2.72 (21)5.26 (48)10.83 (3)0.39 (9)3.04 (37)9.19 (41)
Difference 2.77 1.96 1.96 -1.07 2.16 -1.63 -1.30 N/A N/A N/A
Global Bond Median 3.24 12.18 3.06 -21.32 0.55 5.05 5.96 -2.16 1.50 8.52
Vanguard Inflation-Protected Secs (VAIPX)3.42 (60)9.98 (31)1.81 (27)-13.12 (89)5.09 (43)9.84 (37)7.03 (16)0.23 (43)N/A N/A
Bloomberg U.S. TIPS Index 3.79 (37)9.79 (39)1.25 (42)-11.57 (22)5.19 (40)10.08 (28)7.13 (11)0.41 (27)-0.73 (51)6.58 (29)
Difference -0.37 0.18 0.57 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A
Inflation-Protected Bond Median 3.60 9.64 1.08 -12.28 4.92 9.41 6.06 0.12 -0.70 5.98
Vanguard Short Term Bond Index (VSCSX)5.13 (16)9.66 (14)3.78 (42)-8.13 (82)1.37 (45)4.91 (18)6.71 (4)-0.14 (68)1.55 (33)3.40 (17)
Blmbg. U.S. Corporate 1-5 Year Index 5.06 (18)9.70 (13)4.00 (31)-8.06 (81)1.35 (45)5.21 (14)6.78 (4)0.11 (58)1.82 (24)3.33 (19)
Difference 0.07 -0.04 -0.22 -0.07 0.03 -0.30 -0.07 -0.24 -0.27 0.07
Short-Term Bond Median 4.54 8.27 3.52 -6.48 1.18 3.51 4.57 0.29 1.16 2.06
Direct Real Estate 3.85 -10.47 -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44
ARA Core Property Fund 4.45 (67)-8.01 (67)-12.54 (56)25.79 (16)13.51 (74)1.62 (49)6.81 (49)8.50 (59)7.52 (52)9.04 (87)
American Core Realty Policy 3.80 (77)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64)
Difference 0.65 -0.26 -0.14 3.03 -2.24 -0.12 0.64 -0.33 -0.29 -1.59
IM U.S. Open End Private Real Estate (SA+CF) Median 5.06 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14
Intercontinental 3.72 (78)-11.09 (91)-15.63 (86)26.50 (11)13.87 (69)4.41 (11)8.32 (19)11.40 (9)11.82 (6)13.30 (19)
NCREIF Fund Index-OEDC (EW)3.80 (77)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64)
Difference -0.09 -3.34 -3.23 3.73 -1.88 2.67 2.15 2.58 4.01 2.68
IM U.S. Open End Private Real Estate (SA+CF) Median 5.06 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14
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
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
20.00
23.00
R
etu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio 5.50 (16)12.09 (13)12.09 (13)17.79 (12)16.16 (13)7.74 (5)11.22 (2)z
Total Fund Policy 5.61 (12)12.82 (6)12.82 (6)17.58 (15)15.95 (14)7.87 (4)10.43 (7)z
Median 4.81 10.37 10.37 15.75 14.04 5.91 8.70
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
R
etu
r
n
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
Total Fund Portfolio 23.78 (17)12.98 (14)-14.02 (42)26.26 (4)7.92 (51)2.78 (81)z
Total Fund Policy 22.55 (34)12.76 (16)-13.16 (33)21.33 (33)10.06 (28)4.31 (40)z
Median 21.24 10.78 -14.88 20.07 7.98 4.00
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
Total Fund Portfolio 7.66 (18)-1.07 (80)-0.25 (20)5.31 (58)1.86 (8)5.82 (17)
Total Fund Policy 7.79 (14)-0.92 (76)0.02 (13)5.33 (57)1.92 (7)5.51 (25)
All Public Plans-Total Fund Median 6.68 -0.13 -0.95 5.45 1.16 4.86
As of September 30, 2025
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
0.0
5.0
10.0
15.0
20.0
25.0
To
ta
l
F
u
n
d
P
o
r
tfo
l
i
o
(%
)
0.0 5.0 10.0 15.0 20.0 25.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 20 (100%)0 (0%)0 (0%)0 (0%)z
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)z
13.30
14.00
14.70
15.40
16.10
16.80
R
etu
r
n
(%
)
8.94 9.00 9.06 9.12 9.18 9.24 9.30 9.36
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 16.16 9.28z
Total Fund Policy 15.95 9.01z
Median 14.04 9.06¾
8.20
9.02
9.84
10.66
11.48
12.30
R
etu
r
n
(%
)
10.4 10.6 10.8 11.0 11.2 11.4
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund Portfolio 11.22 11.17z
Total Fund Policy 10.43 10.66z
Median 8.70 10.52¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 0.84 101.71 102.42 -0.19 0.25 1.16 1.03 4.45
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.18 1.00 4.36
90 Day U.S. Treasury Bill 9.04 14.18 -19.09 4.81 -1.18 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.52 104.56 101.92 0.36 0.50 0.75 1.04 6.51
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.71 1.00 6.37
90 Day U.S. Treasury Bill 10.64 9.26 -8.83 2.93 -0.71 N/A 0.00 0.00
As of September 30, 2025
Performance Review (Net)
Total Fund Portfolio
NONE
Page 30 38
Peer Group Analysis - Large Blend
Comparative Performance
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
VG Total Stk Mkt (VITSX)8.57 (12)17.35 (27)17.35 (27)25.99 (35)24.09 (40)11.88 (50)15.66 (43)z
VG Total Stk Mkt IDX 8.24 (18)17.37 (26)17.37 (26)25.98 (35)24.08 (40)11.88 (50)15.66 (43)z
Median 7.28 15.59 15.59 25.01 23.43 11.88 15.37
-40.00
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
VG Total Stk Mkt (VITSX)17.35 (27)35.26 (46)20.38 (51)-18.01 (74)32.10 (22)z
VG Total Stk Mkt IDX 17.37 (26)35.23 (47)20.37 (52)-17.98 (73)32.11 (22)z
Median 15.59 34.94 20.44 -16.26 29.76
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
VG Total Stk Mkt (VITSX)10.66 (54)-4.83 (65)2.63 (22)6.55 (22)2.88 (60)10.00 (68)
Vanguard Total Stock Market Index Hybrid 11.00 (39)-4.82 (64)2.63 (22)6.18 (29)3.25 (51)10.01 (68)
Large Blend Median 10.79 -4.39 1.99 5.74 3.25 10.48
Performance Review
As of September 30, 2025
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
0.0
8.0
16.0
24.0
32.0
V
G
To
tal
S
tk
Mk
t
(V
I
TS
X
)
(%
)
0.0 8.0 16.0 24.0 32.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
VG Total Stk Mkt (VITSX)20 3 (15%)10 (50%)7 (35%)0 (0%)z
VG Total Stk Mkt IDX 20 3 (15%)10 (50%)7 (35%)0 (0%)z
23.40
23.70
24.00
24.30
R
etu
r
n
(%
)
13.37 13.44 13.51 13.58 13.65 13.72 13.79
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)24.09 13.70z
VG Total Stk Mkt IDX 24.08 13.72z
Median 23.43 13.42¾
15.30
15.40
15.50
15.60
15.70
15.80
R
etu
r
n
(%
)
15.60 15.70 15.80 15.90 16.00 16.10 16.20 16.30
Risk (Standard Deviation %)
Return Standard
Deviation
VG Total Stk Mkt (VITSX)15.66 16.13z
VG Total Stk Mkt IDX 15.66 16.14z
Median 15.37 15.75¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.39 100.01 100.00 0.05 0.01 1.31 1.00 6.86
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 1.31 1.00 6.86
90 Day U.S. Treasury Bill 13.75 9.53 -12.44 4.81 -1.31 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
VG Total Stk Mkt (VITSX)0.30 99.99 100.02 0.01 -0.02 0.81 1.00 9.62
VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.81 1.00 9.62
90 Day U.S. Treasury Bill 16.11 6.11 -5.88 2.93 -0.81 N/A 0.00 0.00
Performance Review
As of September 30, 2025
VG Total Stk Mkt (VITSX)
NONE
Page 32 40
Peer Group Analysis - Foreign Large Blend
Comparative Performance
-4.00
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
32.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/Az
MSCI AC World ex USA (Net)6.89 (15)16.45 (48)16.45 (48)20.82 (43)20.67 (59)7.09 (52)10.26 (56)z
Median 5.20 16.19 16.19 20.36 21.10 7.13 10.43
-50.00
-40.00
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
R
etu
r
n
Oct-2024
To
Sep-
2025
Oct-2023
To
Sep-
2024
Oct-2022
To
Sep-
2023
Oct-2021
To
Sep-
2022
Oct-2020
To
Sep-
2021
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/Az
MSCI AC World ex USA (Net)16.45 (48)25.35 (35)20.39 (73)-25.17 (30)23.92 (55)z
Median 16.19 24.63 23.18 -26.07 24.42
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A
MSCI AC World ex USA (Net)12.03 (39)5.23 (81)-7.60 (55)8.06 (29)0.96 (30)4.69 (66)
Foreign Large Blend Median 11.58 6.77 -7.50 7.16 0.10 5.33
Performance Review
As of September 30, 2025
DFA World ex US Core Equity Inst l (DFWIX)
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
No data found.0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
DFA World ex US Core Equity Inst l (DFWIX)0 0 0 0 0z
MSCI AC World ex USA (Net)20 0 (0%)5 (25%)15 (75%)0 (0%)z
20.40
20.60
20.80
21.00
21.20
R
etu
r
n
(%
)
12.81 13.02 13.23 13.44 13.65 13.86 14.07 14.28
Risk (Standard Deviation %)
Return Standard
Deviation
DFA World ex US Core Equity Inst l (DFWIX)N/A N/Az
MSCI AC World ex USA (Net)20.67 13.02z
Median 21.10 13.96¾
10.20
10.26
10.32
10.38
10.44
10.50
R
etu
r
n
(%
)
14.50 14.75 15.00 15.25 15.50 15.75 16.00 16.25
Risk (Standard Deviation %)
Return Standard
Deviation
DFA World ex US Core Equity Inst l (DFWIX)N/A N/Az
MSCI AC World ex USA (Net)10.26 14.89z
Median 10.43 15.98¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/A N/A
MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 1.16 1.00 5.96
90 Day U.S. Treasury Bill 13.06 9.38 -17.98 4.82 -1.16 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/A N/A
MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 0.54 1.00 8.79
90 Day U.S. Treasury Bill 14.83 6.60 -7.85 2.92 -0.54 N/A 0.01 0.00
Performance Review
As of September 30, 2025
DFA World ex US Core Equity Inst l (DFWIX)
NONE
Page 34 42
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core FX Inc 1.81 (43)4.55 (32)4.55 (32)7.65 (31)5.95 (29)1.57 (43)1.25 (53)z
Barclays Int Agg 1.79 (45)3.82 (90)3.82 (90)7.06 (66)5.14 (90)0.71 (96)0.49 (98)z
Median 1.75 4.34 4.34 7.29 5.64 1.48 1.29
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Galliard Core FX Inc 4.55 (32)10.84 (30)2.62 (46)-10.50 (70)-0.02 (71)z
Barclays Int Agg 3.82 (90)10.39 (41)1.42 (90)-11.49 (87)-0.38 (88)z
Median 4.34 10.19 2.57 -10.04 0.30
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
Galliard Core FX Inc 1.68 (52)2.53 (30)-1.50 (49)4.38 (32)0.79 (35)0.40 (29)
Barclays Int Agg Index 1.51 (87)2.61 (21)-2.07 (86)4.60 (24)0.46 (90)-0.42 (96)
IM U.S. Intermediate Duration (SA+CF) Median 1.69 2.46 -1.52 4.23 0.74 0.15
Performance Review
As of September 30, 2025
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
-8.0
-4.0
0.0
4.0
8.0
G
a
l
l
i
ar
d
C
o
r
e
F
X
I
n
c
(%
)
-8.0 -4.0 0.0 4.0 8.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core FX Inc 20 0 (0%)12 (60%)8 (40%)0 (0%)z
Barclays Int Agg 20 0 (0%)0 (0%)0 (0%)20 (100%)z
4.86
5.13
5.40
5.67
5.94
6.21
R
etu
r
n
(%
)
3.74 3.91 4.08 4.25 4.42 4.59 4.76 4.93 5.10
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 5.95 4.12z
Barclays Int Agg 5.14 4.91z
Median 5.64 4.05¾
0.30
0.60
0.90
1.20
1.50
R
etu
r
n
(%
)
4.00 4.20 4.40 4.60 4.80 5.00 5.20
Risk (Standard Deviation %)
Return Standard
Deviation
Galliard Core FX Inc 1.25 4.31z
Barclays Int Agg 0.49 4.94z
Median 1.29 4.20¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 0.93 94.00 72.04 1.59 0.79 0.29 0.84 1.99
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A 0.10 1.00 2.59
90 Day U.S. Treasury Bill 4.89 29.10 -37.96 4.75 -0.10 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core FX Inc 0.85 94.95 83.08 0.81 0.84 -0.39 0.87 2.86
Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.48 1.00 3.38
90 Day U.S. Treasury Bill 4.81 25.23 -18.67 2.95 0.48 N/A 0.04 0.00
Performance Review
As of September 30, 2025
Galliard Core FX Inc
NONE
Page 36 44
Peer Group Analysis - Inflation-Protected Bond
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Prot Secs 0.99 (99)3.42 (60)3.42 (60)6.65 (46)5.01 (32)0.15 (54)1.12 (52)z
Bloomberg U.S. TIPS Index 2.10 (35)3.79 (37)3.79 (37)6.75 (36)4.88 (36)0.50 (30)1.42 (32)z
Median 1.99 3.60 3.60 6.62 4.70 0.18 1.15
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Vanguard Infl-Prot Secs 3.42 (60)9.98 (31)1.81 (27)-13.12 (89)5.09 (43)z
Bloomberg U.S. TIPS Index 3.79 (37)9.79 (39)1.25 (42)-11.57 (22)5.19 (40)z
Median 3.60 9.64 1.08 -12.28 4.92
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
Vanguard Infl-Prot Secs 0.70 (22)3.86 (71)-2.08 (12)4.55 (17)-0.20 (97)-0.30 (76)
Bloomberg U.S. TIPS Index 0.48 (55)4.17 (34)-2.88 (38)4.12 (56)0.79 (46)-0.08 (52)
Inflation-Protected Bond Median 0.50 4.09 -2.93 4.13 0.78 -0.08
Performance Review
As of September 30, 2025
Vanguard Infl-Prot Secs
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
-8.0
-4.0
0.0
4.0
8.0
12.0
V
a
n
g
u
ar
d
I
n
fl
-P
r
o
t
S
ec
s
(%
)
-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
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
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 6 (30%)14 (70%)0 (0%)0 (0%)z
4.60
4.80
5.00
5.20
R
etu
r
n
(%
)
4.40 4.60 4.80 5.00 5.20 5.40
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs 5.01 5.22z
Bloomberg U.S. TIPS Index 4.88 4.67z
Median 4.70 4.73¾
1.00
1.20
1.40
1.60
R
etu
r
n
(%
)
5.51 5.80 6.09 6.38 6.67 6.96 7.25 7.54 7.83
Risk (Standard Deviation %)
Return Standard
Deviation
Vanguard Infl-Prot Secs 1.12 7.42z
Bloomberg U.S. TIPS Index 1.42 6.05z
Median 1.15 6.14¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.22 102.82 102.54 0.09 0.07 0.07 1.01 2.82
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.05 1.00 2.53
90 Day U.S. Treasury Bill 4.68 31.71 -34.60 4.78 -0.05 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-Prot Secs 2.52 106.21 110.36 -0.47 -0.08 -0.21 1.17 5.40
Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.22 1.00 4.39
90 Day U.S. Treasury Bill 6.03 20.60 -14.83 2.96 0.22 N/A 0.01 0.00
Performance Review
As of September 30, 2025
Vanguard Infl-Prot Secs
NONE
Page 38 46
Peer Group Analysis - Global Bond
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
17.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Div Inc Fd Instl 3.30 (1)7.59 (4)7.59 (4)11.41 (1)10.00 (8)2.34 (8)2.84 (6)z
Blmbg. Global Credit Hed 2.20 (7)4.82 (23)4.82 (23)9.04 (20)7.77 (23)1.10 (27)1.42 (22)z
Median 0.92 3.24 3.24 7.48 6.02 -1.18 -0.99
-44.00
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
PIMCO Div Inc Fd Instl 7.59 (4)15.38 (2)7.23 (16)-17.61 (28)4.87 (6)z
Blmbg. Global Credit Hed 4.82 (23)13.42 (24)5.27 (21)-16.53 (26)2.72 (21)z
Median 3.24 12.18 3.06 -21.32 0.55
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
PIMCO Div Inc Fd Instl 2.76 (87)2.05 (73)-0.68 (10)5.01 (77)0.57 (5)1.34 (4)
Blmbg. Global Credit (Hedged)2.17 (91)1.54 (82)-1.15 (14)4.93 (77)0.32 (11)0.40 (7)
Global Bond Median 5.10 2.94 -5.26 6.90 -1.05 -1.51
Performance Review
As of September 30, 2025
PIMCO Div Inc Fd Instl
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
Over Performance Under Performance
Earliest Date Latest Date
-10.0
-5.0
0.0
5.0
10.0
15.0
P
I
MC
O
D
i
v
I
n
c
F
d
I
n
stl
(%
)
-10.0 -5.0 0.0 5.0 10.0 15.0
Blmbg. Global Credit (Hedged) (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Div Inc Fd Instl 19 19 (100%)0 (0%)0 (0%)0 (0%)z
Blmbg. Global Credit Hed 20 18 (90%)2 (10%)0 (0%)0 (0%)z
4.00
6.00
8.00
10.00
12.00
R
etu
r
n
(%
)
5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 10.00 5.82z
Blmbg. Global Credit Hed 7.77 5.42z
Median 6.02 8.03¾
-2.00
0.00
2.00
4.00
R
etu
r
n
(%
)
5.85 6.24 6.63 7.02 7.41 7.80 8.19 8.58
Risk (Standard Deviation %)
Return Standard
Deviation
PIMCO Div Inc Fd Instl 2.84 7.10z
Blmbg. Global Credit Hed 1.42 6.21z
Median -0.99 8.27¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 1.22 114.34 89.90 1.71 1.71 0.87 1.05 2.39
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A 0.55 1.00 2.33
90 Day U.S. Treasury Bill 5.41 25.69 -40.87 4.75 -0.55 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Div Inc Fd Instl 1.71 119.55 104.18 1.27 0.85 0.02 1.12 4.71
Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.22 1.00 4.19
90 Day U.S. Treasury Bill 6.06 20.39 -14.85 2.93 0.22 N/A 0.03 0.00
Performance Review
As of September 30, 2025
PIMCO Div Inc Fd Instl
NONE
Page 40 48
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-16.00
-13.00
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
American Core RE 1.08 (73)4.45 (67)4.45 (67)-1.98 (73)-5.63 (78)1.40 (44)3.71 (67)z
American Core RE Policy 0.65 (95)3.80 (77)3.80 (77)-2.15 (79)-5.69 (79)0.74 (75)3.57 (68)z
Median 1.36 5.06 5.06 -0.02 -4.64 1.24 3.93
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
American Core RE 4.45 (67)-8.01 (67)-12.54 (56)25.79 (16)13.51 (74)z
American Core RE Policy 3.80 (77)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)z
Median 5.06 -6.22 -12.39 20.19 15.73
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
American Core RE 1.22 (61)1.11 (55)0.97 (55)0.25 (55)-0.18 (34)-2.22 (61)
American Core RE Policy 1.03 (71)1.03 (62)1.04 (50)0.13 (68)-0.63 (48)-2.19 (57)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.29 1.18 1.03 0.34 -0.68 -2.10
Performance Review
As of September 30, 2025
American Core RE
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
-16.0
-8.0
0.0
8.0
16.0
24.0
Am
e
r
i
ca
n
C
o
r
e
R
E
(%
)
-16.0 -8.0 0.0 8.0 16.0 24.0
American Core RE Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 1 (5%)10 (50%)8 (40%)1 (5%)z
American Core RE Policy 20 0 (0%)11 (55%)8 (40%)1 (5%)z
-5.95
-5.60
-5.25
-4.90
-4.55
-4.20
-3.85
R
etu
r
n
(%
)
4.30 4.40 4.50 4.60 4.70 4.80 4.90 5.00
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE -5.63 4.90z
American Core RE Policy -5.69 4.41z
Median -4.64 4.64¾
3.40
3.60
3.80
4.00
R
etu
r
n
(%
)
7.44 7.50 7.56 7.62 7.68 7.74 7.80 7.86
Risk (Standard Deviation %)
Return Standard
Deviation
American Core RE 3.71 7.81z
American Core RE Policy 3.57 7.54z
Median 3.93 7.65¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 0.78 119.45 102.37 0.52 0.11 -1.88 1.08 5.50
American Core RE Policy 0.00 100.00 100.00 0.00 N/A -2.05 1.00 5.14
90 Day U.S. Treasury Bill 5.06 282.99 -14.41 4.69 2.05 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 1.09 103.19 102.37 0.05 0.14 0.12 1.03 4.26
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.11 1.00 3.98
90 Day U.S. Treasury Bill 8.02 29.09 -14.41 3.13 -0.11 N/A -0.04 0.00
Performance Review
As of September 30, 2025
American Core RE
NONE
Page 42 50
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-16.00
-13.00
-10.00
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
R
e
tu
r
n
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Intercontinental 1.06 (79)3.72 (78)3.72 (78)-3.97 (95)-8.03 (95)-0.40 (94)2.30 (87)z
NCREIF Fund-OEDC-EW 0.65 (95)3.80 (77)3.80 (77)-2.15 (79)-5.69 (79)0.74 (75)3.57 (68)z
Median 1.36 5.06 5.06 -0.02 -4.64 1.24 3.93
-36.00
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
R
e
tu
r
n
Oct-2024
To
Sep-2025
Oct-2023
To
Sep-2024
Oct-2022
To
Sep-2023
Oct-2021
To
Sep-2022
Oct-2020
To
Sep-2021
Intercontinental 3.72 (78)-11.09 (91)-15.63 (86)26.50 (11)13.87 (69)z
NCREIF Fund-OEDC-EW 3.80 (77)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)z
Median 5.06 -6.22 -12.39 20.19 15.73
1 Qtr
Ending
Jun-2025
1 Qtr
Ending
Mar-2025
1 Qtr
Ending
Dec-2024
1 Qtr
Ending
Sep-2024
1 Qtr
Ending
Jun-2024
1 Qtr
Ending
Mar-2024
Intercontinental 1.23 (58)0.69 (72)0.68 (63)-0.99 (97)-0.09 (30)-3.73 (88)
NCREIF Fund Index-OEDC (EW)1.03 (71)1.03 (62)1.04 (50)0.13 (68)-0.63 (48)-2.19 (57)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.29 1.18 1.03 0.34 -0.68 -2.10
Performance Review
As of September 30, 2025
Intercontinental
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
-16.0
-8.0
0.0
8.0
16.0
24.0
I
n
ter
co
n
tin
e
n
tal
(%
)
-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
100.0R
etu
r
n
Pe
r
c
en
ti
l
e
R
a
n
k
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Intercontinental 20 9 (45%)1 (5%)5 (25%)5 (25%)z
NCREIF Fund-OEDC-EW 20 0 (0%)11 (55%)8 (40%)1 (5%)z
-10.00
-8.00
-6.00
-4.00
-2.00
R
etu
r
n
(%
)
4.32 4.59 4.86 5.13 5.40 5.67 5.94 6.21
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental -8.03 5.79z
NCREIF Fund-OEDC-EW -5.69 4.41z
Median -4.64 4.64¾
1.59
2.12
2.65
3.18
3.71
4.24
R
etu
r
n
(%
)
7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00
Risk (Standard Deviation %)
Return Standard
Deviation
Intercontinental 2.30 8.77z
NCREIF Fund-OEDC-EW 3.57 7.54z
Median 3.93 7.65¾
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.25 69.09 128.40 -1.07 -1.06 -2.21 1.23 6.98
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A -2.35 1.00 5.14
90 Day U.S. Treasury Bill 4.43 146.41 -39.86 4.76 2.35 N/A 0.00 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.71 100.68 128.40 -1.56 -0.42 -0.03 1.11 5.41
NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.10 1.00 3.98
90 Day U.S. Treasury Bill 8.43 15.88 -39.86 3.43 -0.10 N/A -0.11 0.00
Performance Review
As of September 30, 2025
Intercontinental
NONE
Page 44 52
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 09/30/2025 2014 Other 2,000,000 3,055,050 3,763 3,648,912 7.0 1.2 1.5
Crescent Direct Lending II Fund 09/30/2025 2017 Other 2,000,000 2,110,851 276,608 2,394,293 8.6 1.3 2.0
Private Equity Summary of Partnership
Crescent Direct Lending Fund
As of September 30, 2025
Page 45 53
Comparative Performance - IRR
1
Quarter
Ending
Jun-2025
1
Year
Ending
Jun-2025
2
Years
Ending
Jun-2025
3
Years
Ending
Jun-2025
4
Years
Ending
Jun-2025
5
Years
Ending
Jun-2025
Since
Inception
Ending
Jun-2025
Inception
Date
Crescent Direct Lending Fund -41.54 -12.85 12.97 2.59 4.71 5.66 6.95 10/14/2014
ICM/PME (Bloomberg Intermed Aggregate Index)1.51 10.48 3.86 0.54 -6.15 -3.53 1.61
Crescent Direct Lending II Fund -9.93 0.35 8.28 8.32 9.54 9.96 8.72 03/13/2018
ICM/PME (Bloomberg Intermed Aggregate Index)1.48 7.65 4.91 2.48 -1.65 -1.21 2.01
Winter Springs General Employees General Plan and Trust
Comparative Performance - IRR
As of September 30, 2025
Page 46 54
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:$3,763
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 7/24 9/25
Private Equity Fund Overview
Crescent Direct Lending Fund
As of September 30, 2025
Page 47 55
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:$2,394,293
Market Value:$276,608
Inception Date:03/13/2018
Inception IRR:8.6
TVPI:1.3
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$700,000.0
$1,400,000.0
$2,100,000.0
$2,800,000.0
-$700,000.0
3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 3/24 12/24 9/25
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of September 30, 2025
Page 48 56
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 Classic 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 Index 100.00
Benchmark History
Investment Policy Benchmarks
As of September 30, 2025
Page 49 57
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 September 30, 2025
Page 50 58
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
S&P UBS Leveraged Loan Index 100.00
Dec-2016
S&P UBS Leveraged Loan Index 50.00
Bloomberg U.S. TIPS Index 50.00
Mar-2018
S&P UBS 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 September 30, 2025
Page 51 59
Compliance Checklist
Total Fund
As of September 30, 2025Winter Springs GE
Total Fund Compliance:Yes No N/A
1. The Total Plan return equaled or exceeded the 7% actuarial earnings assumption over the trailing three and five year periods. **
2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.
3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
** ROR reduced to 7% from 7.5%.
Equity Compliance:Yes No N/A
1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.
2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.
3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.
4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.
5. The total equity allocation was less than 75% of the total plan assets at market.
6. Total foreign equity was less than 25% of the total plan assets at market.
Fixed Income Compliance:Yes No N/A
1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.
2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
3. All separately managed fixed income investments have a minimum rating of investment grade or higher.
Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A
1. Manager outperformed the index over the trailing three year period.
2. Manager outperformed the index over the trailing five year period.
3. Manager ranked within the top 40th percentile over the trailing three year period.
4. Manager ranked within the top 40th percentile over the trailing five year period.
5. Less than four consecutive quarters of under performance relative to the benchmark.
6. Three and five year down-market capture ratio less than the index.
* Inception = 9/30/2025
Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A
1. Manager outperformed the index over the trailing three year period.
2. Manager outperformed the index over the trailing five year period.
3. Manager ranked within the top 40th percentile over the trailing three year period.
4. Manager ranked within the top 40th percentile over the trailing five year period.
5. Less than four consecutive quarters of under performance relative to the benchmark.
6. Three and five year down-market capture ratio less than the index.
Cresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCO
Manager Compliance:Vanguard Total Galliard Vanguard TIPsDFWIX *
Page 5260
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.03 44,769,633 13,431 0.03 % of Assets
Domestic Equity Securities 0.03 44,769,633 13,431
DFA World ex US Core Equity Inst l (DFWIX)0.30 11,409,786 -
RBC Global (Voyageur)0.95 --0.95 % of Assets
Foreign Equity Securities 11,409,786 -
Galliard Core Fixed Income 0.25 12,902,058 32,255 0.25 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 1,458,293 1,458 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.07 --0.07 % of Assets
PIMCO Diversified Income Fund Instl (PDIIX)0.79 7,636,505 60,328 0.79 % of Assets
Crescent Direct Lending Fund 1.35 3,763 51 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 276,608 2,075 0.75 % of Assets
Total Fixed Income 0.43 22,277,227 96,167
Intercontinental 1.10 2,469,990 27,170 1.10 % of Assets
ARA Core Property Fund 1.10 513,520 5,649 1.10 % of Assets
Direct Real Estate 1.10 2,983,510 32,819
Receipt & Disbursement 2,835,219 -
Total Fund 0.17 84,275,375 142,417
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of September 30, 2025
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 53 61
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 September 30, 2025
Page 54 62
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 5563
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 or guarantee 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 or any investment advisory services.
Please note that Neuberger Berman (NB) owns a non-controlling minority stake in Mariner. Certain NB strategies may hold an allocation to the investment in Mariner. For specific impacted strategies,
please reach out to your investment consultant or Mariner Institutional at institutionalcompliance@mariner.com
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 COALITION GREENWICH BEST INVESTMENT CONSULTANT AWARD (formerly known as the Greenwich Quality Leader Award):
The awards are not indicative of any future performance. The 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, nor should it be construed as a current or past endorsement by any of our clients. No fee was paid to participate in this award survey.
The 2024-25 award was issued in February 2025, based on data from February to September of 2024. The 2023 award was issued in April 2024, based on data from Feb to November of 2023. The 2022 award was
issued in April 2023, based on data from Feb to November of 2022. The 2021 award was issued in April of 2022, based on data from July to October 2021. Data was collected via interviews conducted by Coalition
Greenwich. The 2024 and 2023 awards were issued to Mariner Institutional (formerly AndCo Consulting). The 2021 and 2022 awards were issued to AndCo, prior to becoming Mariner Institutional. The methodology:
For the 2024-25 Coalition Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and September 2024, Crisil Coalition Greenwich conducted
interviews with 699 individuals from 563 of the largest tax-exempt funds in the United States. For the 2023 Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants
– Between February and November 2023, Coalition Greenwich conducted interviews with 708 individuals from 575 of the largest tax-exempt funds in the United States. For the 2022 Greenwich Best Investment
Consultant 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. For the 2021 Greenwich Best Investment Consultant Award – Overall U.S. Investment Consulting – Midsize Consultants – Between July and October 2021, Coalition Greenwich
conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate, public, union, and endowment and foundation funds
with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers,
including qualitative assessments of those firms soliciting their business and detailed information on important market trends.
Page 5664
Access to a wealth of knowledge and solutions.
65
REGULAR AGENDA ITEM 501
BOARD OF TRUSTEES AGENDA | NOVEMBER 20, 2025 REGULAR
MEETING
TITLE
Update to the Investment Policy Statement
SUMMARY
Mariner has provided the attached update to the Investment Policy Statement to
achieve compliance with Florida Statutes §215.4725 stating the following:
"Direct investment in “Entities that Boycott Israel” identified in the periodic publication
by the State Board of Administration, in conjunction with the Department of
Management Services, is prohibited. Securities identified on the list must be divested
within twelve (12) months of the company’s initial appearance on the list. However, if
divestiture of business activities is accomplished and the company is subsequently
removed from the list, the manager can continue to hold that security."
FUNDING SOURCE
RECOMMENDATION
Mariner requests the Board recommend approval of the revised Investment Policy
Statement.
66
Adopted: November 2025August 2023 Page 1
CITY OF WINTER SPRINGS
(Plan Sponsor)
GENERAL EMPLOYEES’ RETIREMENT SYSTEM
Investment Policy Statement
I. PURPOSE OF INVESTMENT POLICY STATEMENT
The Pension Board of Trustees, as named fiduciaries, maintains that an important determinant of future
investment returns is the expression and periodic review of the Plan's investment objectives. To that end,
the Board has adopted this statement of Investment Policy and directs that it apply to all assets under their
control.
In fulfilling their fiduciary responsibility, the Board recognizes that the retirement system is an essential
vehicle for providing income benefits to retired participants or their beneficiaries. The Board also
recognizes that the obligations of the Plan are long-term and that investment policy should be made with a
view toward performance and return over a number of years. The general investment objective, then, is to
obtain a reasonable total rate of return - defined as interest and dividend income plus realized and unrealized
capital gains or losses - commensurate with the Prudent Investor Rule and any other applicable statute.
Reasonable consistency of return and protection of assets against the inroads of inflation are paramount.
However, the volatility of interest rates and securities markets make it necessary to judge results within the
context of several years rather than over short periods of two years or less.
The Board will employ professional Investment Management firms to invest the assets of the Plan. Within
the parameters allowed in this document, the Investment Managers shall have full discretion, including
security selection, sector weightings and investment style.
The Board, in performing their investment duties, shall comply with the fiduciary standards set forth in
Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1) (A) – (C). In case
of conflict with other provisions of law authorizing investments, the investment and fiduciary standards set
forth in this section shall prevail.
67
Adopted: November 2025August 2023 Page 2
68
Adopted: November 2025August 2023 Page 3
II. TARGET ALLOCATIONS
In order to provide for a diversified portfolio, the Board has engaged several Investment Management firms.
The manager’s are responsible for the assets and allocation of their mandate only and will be provided an
addendum to this policy with their specific performance objectives and investment criterea.
.
Asset Class Target Range Benchmark
Domestic Equity Securities 50% 45% - 55% Russell 3000
Foreign Equity Securities 15% 10% - 20% MSCI ACW xUS (net)
Composite Equity Portfolio 65% 55% - 70%
Broad Market Fixed Income 10% 10% - 35%
Bloomberg Barclays
U.S. Intermediate
Aggregate
Non - Core Fixed Income* 15% 0% - 20% Strategy Index**
Cash & Cash Equivalents 0% 0% - 5% Citigroup 3-mth U.S. T-
bill
Composite Fixed Income Portfolio 25% 15% - 35%
Direct Real Estate* 10% 0% - 15% NFI-ODCE (eqwt.)
Alternative* 0% 0% -10% Strategy Index**
Cash & Cash Equivalents 0% 0% - 5% Citigroup 3-mth U.S. T-
bill
*Benchmark will default to “broad market fixed income” if these portfolios are not funded. Targets and
ranges above are based on market value of total Plan assets.
**The “strategy index” for other assets is defined as the most appropriate index, combination of indices, or
absolute return target for the investment(s) in question.
The Trustees will monitor the aggregate asset allocation of the portfolio, and will rebalance to the target
asset allocation based on market conditions. If at the end of any calendar quarter, the allocation of an asset
class falls outside of its allowable range, barring extenuating circumstances such as pending cash flows or
allocation levels viewed as temporary, the asset allocation will be rebalanced into the allowable range. To
the extent possible, cash contributions into and withdrawals from the portfolio will be executed
proportionally based on the most current market values available. The Trustees do not intend to exercise
short-term changes to the target allocation.
III. INVESTMENT PERFORMANCE OBJECTIVES
The following performance measures will be used as objective criteria for evaluating the effectiveness of
the Investment Managers.
A. Total Portfolio Performance
1. The performance of the total portfolio will be measured for rolling three and five year
periods. The Target Index for the Plan is defined in the TARGET ASSET
ALLOCATION table included within this Policy.
2. On a relative basis, it is expected that the total portfolio performance will rank in the top 40th
percentile of the appropriate peer universe over three and five-year time periods.
69
Adopted: November 2025August 2023 Page 4
3. On an absolute basis, it is expected that total return of the combined portfolio will equal or exceed
the actuarial earnings assumption and equal or exceed the Consumer Price Index plus 3% over
three to five year periods.
B. Equity Performance
The combined equity portion of the portfolio, defined as common stocks and convertible bonds, is
expected to perform at a rate at least equal to the 77% Russell 3000 Index, 23% MSCI EAFE Index.
Individual components of the equity portfolio will be compared as outlined in Schedule A. All
portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over three and
five-year time periods.
C. Fixed Income Performance
The overall objective of the fixed income portion of the portfolio is to add stability, consistency and
safety to the total portfolio. The fixed income portion of the portfolio is expected to perform at a rate
at least equal to a blend of 60% Bloomberg Barclays Capital U.S. Intermediate Aggregate Bond
Index, a subset benchmark(s) of similarly investable securities may be applied, 40% Non-
Core Fixed Income **Strategy Index.. All portfolios are expected to rank in the top 40th percentile
of the appropriate peer universe over three and five-year time periods.
D. Non-Core Fixed Income Non-Core Fixed Income
Non-Core Fixed Income invests in various classes of fixed income securities oriented
towards credit. The role of this pool is to provide growth of capital and income generation,
utilizing strategies that fall within the range of traditional fixed income/credit
strategies. Some of these strategies may not be liquid allowing the Plan to take advantage
of illiquidity premiums available in these markets. Investments may include Global Fixed
Income, unconstrained bond strategies, structured credit securities, high yield corporate
bonds, direct lending strategies, opportunistic credit funds, and distressed debt
strategies. Eligible investments may include both rated and non-rated securities. Rated
securities may include those rated below investment grade. The portfolio is expected to
perform at a rate at least equal to a blended index comprised of **the Strategy Index
as defined in the Asset Allocation Table.
E. Real Estate Performance
The overall objective of the real estate portfolio of the portfolio, if utilized, is to add diversification
and another stable income stream to the total fund. The real estate portion of the total fund, defined as
core, open ended private real estate, is expected to perform at a rate at least equal to the NFI-ODCE
equal weight Index and rank in the top 50th percentile of the appropriate peer universe over three and
five-year time periods. Please also see attached addendums for performance objectives.
F. Alternatives
The overall objective of the alternative portion of the portfolio, if utilized, is to reduce the overall
volatility of the portfolio and improve potential absolute returns. This portion of the fund is expected
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to provide an absolute rate of return and will be benchmarked as outlined in the manager addendum
**strategy index.
IV. INVESTMENT GUIDELINES
A. Authorized Investments
Pursuant to the investment powers of the Board of Trustees set forth in the plan and trust
documents; and subject to governing Florida Statutes and the governing local ordinances of the
City of Winter Springs, the Board of Trustees sets forth the following investment guidelines and
limitations on investments:
1. Equities:
a. Traded on a national exchange.
b. Not more than 5% of the Plan’s assets, at the time of purchase, shall be invested in the
common stock, capital stock or convertible stock of any one issuing company, nor shall the
aggregate investment in any one issuing company exceed 5% of the outstanding capital stock
of the company.
2. Fixed Income:
a. All direct investment in fixed income securities shall have a minimum rating of investment
grade or higher as determined by at least one major credit rating service.
b. The value of bonds issued by any single corporation shall not exceed 3% of the total fund.
3. Money Market:
a. The money market fund or STIF provided by the Plan’s custodian.
b. Government paper backed by full faith & credit of the United States Government.
4. Real Estate:
a. Shall be limited to commingled funds. Investments must be independently appraised
annually.
5. Alternatives
a. Investments not described under any other asset class, may be utilized to reduce the overall
volatility of the portfolio and improve potential absolute returns. All alternative
investments shall be independently custodied and provide for transparency of investment.
6. Foreign Securities:
Limited to fully and easily negotiable securities, or commingled funds with investments in such
securities..
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7. Commingled Funds/Mutual Funds & Exchange Traded Funds:
Investments made by the Board may include commingled funds. For purposes of this
policy such funds may include, but are not limited to, mutual funds, commingled funds,
exchange-traded funds.
a. Such funds may be governed by separate policy which may include investments
not expressly permitted in this Investment Policy Statement. In the event of
investment by the Plan into a pooled fund, the Board will adopt the prospectus or
governing policy of that fund as the stated addendum to this Investment Policy
Statement.
b. The asset classification of the fund will be based upon its investment objective.
B. Trading Parameters
When feasible and appropriate, all securities shall be competitively bid. Except as otherwise required
by law, the most economically advantageous bid shall be selected. Commissions paid for purchase of
securities must meet the prevailing best-execution rates. The responsibility of monitoring best price
and execution of trades placed by each manager on behalf of the Plan will be governed by the Portfolio
Management Agreement between the Plan and the Investment Managers.
C. Limitations
1. Investments in corporate common stock and convertible bonds shall not exceed seventy-five
percent (75%) of the Fund assets at market.
2. Foreign securities shall not exceed twenty percent (25%) of the value at market of the Fund.
3. Alternative investments shall not exceed 15% of the value at market of the Fund
D. Absolute Restrictions
There will be no investment activity in the following:
1. Any investment prohibited by State of Federal Law.
2. Illiquid investments in excess of limitations as described in Chapter 215.47 (15), Florida
Statutes; 2019...
3. The Board and its Investment Managers shall comply with the applicable requirements of Chapter
2023-28, Laws of Florida, including Section 112.662, along with regulations adopted by the
Department of Management Services. The term “pecuniary factor” is defined as a factor that a
named fiduciary “prudently determines is expected to have a material effect on the risk or returns
of an investment based on appropriate investment horizons consistent with the investment
objectives and funding policy of the investment program. The term does not include the
consideration of the furtherance of any social, political, or ideological interests.” [ 112.662(1)]. In
selecting Investment Managers, only pecuniary factors may be considered and the interests of the
participants and beneficiaries of the system may not be subordinated to other objectives, including
sacrificing investment return or undertaking additional investment risk to promote any
nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent
assessment of its impact on risk or returns. [ 112.662(2)]. Only pecuniary factors may be
considered when voting proxies. [ 112.662(3)]
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V. COMMUNICATIONS
A. On a monthly basis, the custodian shall supply an accounting statement that will include a summary
of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis,
the Investment Managers shall provide a written report affirming compliance with the security
restrictions of Section IV above and a summary of common stock diversification and attendant
schedules.
B. In addition, the Investment Managers shall deliver each quarter a report detailing the Plan's
performance, adherence to the investment policy, forecast of the market and economy, portfolio
analysis and current assets of the Plan. Written reports shall be delivered to the Board within 30 days
of the end of the quarter. A copy of the written report shall be submitted to the person designated by
the City, and shall be available for public inspection. The Investment Managers will provide
immediate written and telephone notice to the Board of any significant market related or non-market
related event, specifically including, but not limited to, any deviation from the standards set forth in
Section IV above.
C. The Investment Managers will disclose any securities that do not comply with section IV in each
quarterly report.
D. If the Plan owns investments at the end of a calendar quarter that complied with section IV at the time
of purchase, which do not satisfy the applicable investment standard, then such investment shall be
disposed of at the earliest economically feasible opportunity in accordance with the prudent man
standard of care and no additional investment may be made. However an action plan outlining the
disposition strategy shall be provided to the Board immediately.
E. The Investment Consutlant shall evaluate and report on a quarterly basis the rate of return and relative
performance of the Plan.
F. The Board will meet quarterly to review the monitoring service's performance report. The Board will
meet with the investment manager and appropriate outside consultants to discuss performance results,
economic outlook, investment strategy and tactics and other pertinent matters affecting the Plan on a
periodic basis.
G. At least annually, the Board shall provide the Investment Managers with projected disbursement needs
of the Plan so that the investment portfolio can be structured in such a manner as to provide sufficient
liquidity to pay obligations as they come due. To this end the Investment Managers should, to the
extent possible, attempt to match investment maturities with known cash needs and anticipated cash-
flow requirements.
H. The Board shall timely comply with the reporting requirement of Section 112.662 by filing a
comprehensive report by December 15 of each odd-numbered year. [112.662(4)]. Investment managers
and the Board’ s Investment Consultant shall assist in the preparation of required reports and shall
annually confirm to the Board their compliance with Chapter 2023- 28.
VI. COMPLIANCE
A. It is the direction of the Board that the plan assets are held by a third party custodian, and that all
securities purchased by, and all collateral obtained by the plan shall be properly designated as Plan
assets. No withdrawal of assets, in whole or in part, shall be made from safekeeping except by an
authorized member of the Board or their designee. Securities transactions between a broker-dealer and
the custodian involving purchase or sale of securities by transfer of money or securities must be made
on a "delivery vs. payment" basis to insure that the custodian will have the security or money in hand
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at conclusion of the transaction. Provided that all approved vendors transacting repurchase agreements
perform as stated in any Master Repurchase Agreement.
B. At the direction of the Board operations of the Plan shall be reviewed by independent certified public
accountants as part of any financial audit periodically required. Compliance with the Board’s internal
controls shall be verified. These controls have been designed to prevent losses of assets that might
arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Board or
employees of the plan sponsor, to the extent possible.
C. Each member of the Board shall participate in a continuing education program relating to investments
and the Board’s responsibilities to the Plan. It is highly suggested that this education process begin
during each Trustee’s first term.
D. With each actuarial valuation, the Board shall determine the total expected annual rate of return for the
current year, for each of the next several years and for the long term thereafter. This determination
shall be filed promptly with the Department of Management Services, the plan’s sponsor and the
consulting actuary.
E. The proxy votes must be exercised for the exclusive benefit of the participants of the Plan. Each
Investment Manager shall provide the Board with a copy of their proxy voting policy for approval. On
a regular basis, at least annually, each manager shall report a record of their proxy vote.
F. Investments for which there is no generally recognized market or consistent accepted pricing
mechanism shall be valued at 50% cost. Assets without a fair market value shall be excluded from
determination of annual funding cost.
G. The Investment Consultant will provide Investment Managers for consideration based solely on
pecuniary factors as defined by Florida Statutes § 112.662.
H. If a Request for Proposals document is issued for Investment Manager services, the solicitation
document must include the following: The Board of Trustees may not request documentation of or
consider a vendor’ s social, political, or ideological interests when determining if the vendor is a
responsible vendor. Additionally, the Board of Trustees may not give preference to a vendor based on
vendor’ s social, political, or ideological interests.
I. The Board hereby adopts the provisions of Florida Statutes §215.4725 as regulating their investments.
Direct investment in “Entities that Boycott Israel” identified in the periodic publication by the State
Board of Administration, in conjunction with the Department of Management Services, is prohibited.
Securities identified on the list must be divested within twelve (12) months of the company’s initial
appearance on the list. However, if divestiture of business activities is accomplished and the company
is subsequently removed from the list, the manager can continue to hold that security.
VII. CRITERIA FOR INVESTMENT MANAGER REVIEW
The Board wishes to adopt standards by which judgments of the ongoing performance of a portfolio
manager may be made. If, at any time, any three of the following is breached, the portfolio manager will
be warned of the Board's serious concern for the Fund's continued safety and performance. If any five of
these are violated the consultant will recommend a manager search for that mandate.
▪ Four (4) consecutive quarters of relative under-performance verses the benchmark.
▪ Three (3) year trailing return below the top 40th percentile within the appropriate peer group and
under performance verses the benchmark.
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▪ Five (5) year trailing return below the top 40th percentile and under performance verses the
benchmark.
▪ Three (3) year downside volatility greater than the index (greater than 100), as measured by
down market capture ratio.
▪ Five (5) year downside volatility greater than the index (greater than 100), as measured by down
market capture ratio.
▪ Style consistency or purity drift from the mandate.
▪ Management turnover in portfolio team or senior management.
▪ Investment process change, including varying the index or benchmark.
▪ Failure to adhere to the IPS or other compliance issues.
▪ Investigation of the firm by the Securities and Exchange Commission (SEC).
▪ Significant asset flows into or out of the company.
▪ Merger or sale of firm.
▪ Fee increases outside of the competitive range.
▪ Servicing issues – key personnel stop servicing the account without proper notification.
▪ Failure to attain a 60% vote of confidence by the Board.
Nothing in this section shall limit or diminish the Board’s right to terminate the manager at any time for
any reason.
VIII. APPLICABLE CITY ORDINANCES
If, at any time, this document is found to be in conflict with the City Ordinances, the Ordinances shall
prevail.
IX. REVIEW AND AMENDMENTS
It is the Board’s intention to review this document periodically, but no less than 3 years, and to amend
this statement to reflect any changes in philosophy, objectives, or guidelines. In this regard, the Investment
Manager's interest in consistency in these matters is recognized and will be taken into account when changes
are being considered. If, at any time, the Investment Manager feels that the specific objectives defined
herein cannot be met, or the guidelines constrict performance, the Board should be notified in writing. By
initialing and continuing acceptance of this Investment Policy Statement, the Investment Managers concur
with the provisions of this document.
City of Winter Springs General Employees’ Retirement System
_______________________ __________
Chairperson, Board of Trustees Date
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Adopted: November 2025 Page 1
CITY OF WINTER SPRINGS
(Plan Sponsor)
GENERAL EMPLOYEES’ RETIREMENT SYSTEM
Investment Policy Statement
I. PURPOSE OF INVESTMENT POLICY STATEMENT
The Pension Board of Trustees, as named fiduciaries, maintains that an important determinant of future
investment returns is the expression and periodic review of the Plan's investment objectives. To that end,
the Board has adopted this statement of Investment Policy and directs that it apply to all assets under their
control.
In fulfilling their fiduciary responsibility, the Board recognizes that the retirement system is an essential
vehicle for providing income benefits to retired participants or their beneficiaries. The Board also
recognizes that the obligations of the Plan are long-term and that investment policy should be made with a
view toward performance and return over a number of years. The general investment objective, then, is to
obtain a reasonable total rate of return - defined as interest and dividend income plus realized and unrealized
capital gains or losses - commensurate with the Prudent Investor Rule and any other applicable statute.
Reasonable consistency of return and protection of assets against the inroads of inflation are paramount.
However, the volatility of interest rates and securities markets make it necessary to judge results within the
context of several years rather than over short periods of two years or less.
The Board will employ professional Investment Management firms to invest the assets of the Plan. Within
the parameters allowed in this document, the Investment Managers shall have full discretion, including
security selection, sector weightings and investment style.
The Board, in performing their investment duties, shall comply with the fiduciary standards set forth in
Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1) (A) – (C). In case
of conflict with other provisions of law authorizing investments, the investment and fiduciary standards set
forth in this section shall prevail.
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II. TARGET ALLOCATIONS
In order to provide for a diversified portfolio, the Board has engaged several Investment Management firms.
The manager’s are responsible for the assets and allocation of their mandate only and will be provided an
addendum to this policy with their specific performance objectives and investment criterea.
.
Asset Class Target Range Benchmark
Domestic Equity Securities 50% 45% - 55% Russell 3000
Foreign Equity Securities 15% 10% - 20% MSCI ACW xUS (net)
Composite Equity Portfolio 65% 55% - 70%
Broad Market Fixed Income 10% 10% - 35%
Bloomberg Barclays
U.S. Intermediate
Aggregate
Non - Core Fixed Income* 15% 0% - 20% Strategy Index**
Cash & Cash Equivalents 0% 0% - 5% Citigroup 3-mth U.S. T-
bill
Composite Fixed Income Portfolio 25% 15% - 35%
Direct Real Estate* 10% 0% - 15% NFI-ODCE (eqwt.)
Alternative* 0% 0% -10% Strategy Index**
*Benchmark will default to “broad market fixed income” if these portfolios are not funded. Targets and
ranges above are based on market value of total Plan assets.
**The “strategy index” for other assets is defined as the most appropriate index, combination of indices, or
absolute return target for the investment(s) in question.
The Trustees will monitor the aggregate asset allocation of the portfolio, and will rebalance to the target
asset allocation based on market conditions. If at the end of any calendar quarter, the allocation of an asset
class falls outside of its allowable range, barring extenuating circumstances such as pending cash flows or
allocation levels viewed as temporary, the asset allocation will be rebalanced into the allowable range. To
the extent possible, cash contributions into and withdrawals from the portfolio will be executed
proportionally based on the most current market values available. The Trustees do not intend to exercise
short-term changes to the target allocation.
III. INVESTMENT PERFORMANCE OBJECTIVES
The following performance measures will be used as objective criteria for evaluating the effectiveness of
the Investment Managers.
A. Total Portfolio Performance
1. The performance of the total portfolio will be measured for rolling three and five year
periods. The Target Index for the Plan is defined in the TARGET ASSET
ALLOCATION table included within this Policy.
2. On a relative basis, it is expected that the total portfolio performance will rank in the top 40th
percentile of the appropriate peer universe over three and five-year time periods.
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3. On an absolute basis, it is expected that total return of the combined portfolio will equal or exceed
the actuarial earnings assumption and equal or exceed the Consumer Price Index plus 3% over
three to five year periods.
B. Equity Performance
The combined equity portion of the portfolio, defined as common stocks and convertible bonds, is
expected to perform at a rate at least equal to the 77% Russell 3000 Index, 23% MSCI EAFE Index.
Individual components of the equity portfolio will be compared as outlined in Schedule A. All
portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over three and
five-year time periods.
C. Fixed Income Performance
The overall objective of the fixed income portion of the portfolio is to add stability, consistency and
safety to the total portfolio. The fixed income portion of the portfolio is expected to perform at a rate
at least equal to a blend of 60% Bloomberg Barclays Capital U.S. Intermediate Aggregate Bond
Index, a subset benchmark(s) of similarly investable securities may be applied, 40% Non-
Core Fixed Income **Strategy Index.. All portfolios are expected to rank in the top 40th percentile
of the appropriate peer universe over three and five-year time periods.
D. Non-Core Fixed Income Non-Core Fixed Income
Non-Core Fixed Income invests in various classes of fixed income securities oriented
towards credit. The role of this pool is to provide growth of capital and income generation,
utilizing strategies that fall within the range of traditional fixed income/credit
strategies. Some of these strategies may not be liquid allowing the Plan to take advantage
of illiquidity premiums available in these markets. Investments may include Global Fixed
Income, unconstrained bond strategies, structured credit securities, high yield corporate
bonds, direct lending strategies, opportunistic credit funds, and distressed debt
strategies. Eligible investments may include both rated and non-rated securities. Rated
securities may include those rated below investment grade. The portfolio is expected to
perform at a rate at least equal to a blended index comprised of **the Strategy Index
as defined in the Asset Allocation Table.
E. Real Estate Performance
The overall objective of the real estate portfolio of the portfolio, if utilized, is to add diversification
and another stable income stream to the total fund. The real estate portion of the total fund, defined as
core, open ended private real estate, is expected to perform at a rate at least equal to the NFI-ODCE
equal weight Index and rank in the top 50th percentile of the appropriate peer universe over three and
five-year time periods. Please also see attached addendums for performance objectives.
F. Alternatives
The overall objective of the alternative portion of the portfolio, if utilized, is to reduce the overall
volatility of the portfolio and improve potential absolute returns. This portion of the fund is expected
to provide an absolute rate of return and will be benchmarked as outlined in the manager addendum
**strategy index.
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IV. INVESTMENT GUIDELINES
A. Authorized Investments
Pursuant to the investment powers of the Board of Trustees set forth in the plan and trust
documents; and subject to governing Florida Statutes and the governing local ordinances of the
City of Winter Springs, the Board of Trustees sets forth the following investment guidelines and
limitations on investments:
1. Equities:
a. Traded on a national exchange.
b. Not more than 5% of the Plan’s assets, at the time of purchase, shall be invested in the
common stock, capital stock or convertible stock of any one issuing company, nor shall the
aggregate investment in any one issuing company exceed 5% of the outstanding capital stock
of the company.
2. Fixed Income:
a. All direct investment in fixed income securities shall have a minimum rating of investment
grade or higher as determined by at least one major credit rating service.
b. The value of bonds issued by any single corporation shall not exceed 3% of the total fund.
3. Money Market:
a. The money market fund or STIF provided by the Plan’s custodian.
b. Government paper backed by full faith & credit of the United States Government.
4. Real Estate:
a. Shall be limited to commingled funds. Investments must be independently appraised
annually.
5. Alternatives
a. Investments not described under any other asset class, may be utilized to reduce the overall
volatility of the portfolio and improve potential absolute returns. All alternative
investments shall be independently custodied and provide for transparency of investment.
6. Foreign Securities:
Limited to fully and easily negotiable securities, or commingled funds with investments in such
securities..
7. Commingled Funds/Mutual Funds & Exchange Traded Funds:
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Adopted: November 2025 Page 5
Investments made by the Board may include commingled funds. For purposes of this
policy such funds may include, but are not limited to, mutual funds, commingled funds,
exchange-traded funds.
a. Such funds may be governed by separate policy which may include investments
not expressly permitted in this Investment Policy Statement. In the event of
investment by the Plan into a pooled fund, the Board will adopt the prospectus or
governing policy of that fund as the stated addendum to this Investment Policy
Statement.
b. The asset classification of the fund will be based upon its investment objective.
B. Trading Parameters
When feasible and appropriate, all securities shall be competitively bid. Except as otherwise required
by law, the most economically advantageous bid shall be selected. Commissions paid for purchase of
securities must meet the prevailing best-execution rates. The responsibility of monitoring best price
and execution of trades placed by each manager on behalf of the Plan will be governed by the Portfolio
Management Agreement between the Plan and the Investment Managers.
C. Limitations
1. Investments in corporate common stock and convertible bonds shall not exceed seventy-five
percent (75%) of the Fund assets at market.
2. Foreign securities shall not exceed twenty percent (25%) of the value at market of the Fund.
3. Alternative investments shall not exceed 15% of the value at market of the Fund
D. Absolute Restrictions
There will be no investment activity in the following:
1. Any investment prohibited by State of Federal Law.
2. Illiquid investments in excess of limitations as described in Chapter 215.47 (15), Florida
Statutes; 2019...
3. The Board and its Investment Managers shall comply with the applicable requirements of Chapter
2023-28, Laws of Florida, including Section 112.662, along with regulations adopted by the
Department of Management Services. The term “pecuniary factor” is defined as a factor that a
named fiduciary “prudently determines is expected to have a material effect on the risk or returns
of an investment based on appropriate investment horizons consistent with the investment
objectives and funding policy of the investment program. The term does not include the
consideration of the furtherance of any social, political, or ideological interests.” [ 112.662(1)]. In
selecting Investment Managers, only pecuniary factors may be considered and the interests of the
participants and beneficiaries of the system may not be subordinated to other objectives, including
sacrificing investment return or undertaking additional investment risk to promote any
nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent
assessment of its impact on risk or returns. [ 112.662(2)]. Only pecuniary factors may be
considered when voting proxies. [ 112.662(3)]
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Adopted: November 2025 Page 6
V. COMMUNICATIONS
A. On a monthly basis, the custodian shall supply an accounting statement that will include a summary
of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis,
the Investment Managers shall provide a written report affirming compliance with the security
restrictions of Section IV above and a summary of common stock diversification and attendant
schedules.
B. In addition, the Investment Managers shall deliver each quarter a report detailing the Plan's
performance, adherence to the investment policy, forecast of the market and economy, portfolio
analysis and current assets of the Plan. Written reports shall be delivered to the Board within 30 days
of the end of the quarter. A copy of the written report shall be submitted to the person designated by
the City, and shall be available for public inspection. The Investment Managers will provide
immediate written and telephone notice to the Board of any significant market related or non-market
related event, specifically including, but not limited to, any deviation from the standards set forth in
Section IV above.
C. The Investment Managers will disclose any securities that do not comply with section IV in each
quarterly report.
D. If the Plan owns investments at the end of a calendar quarter that complied with section IV at the time
of purchase, which do not satisfy the applicable investment standard, then such investment shall be
disposed of at the earliest economically feasible opportunity in accordance with the prudent man
standard of care and no additional investment may be made. However an action plan outlining the
disposition strategy shall be provided to the Board immediately.
E. The Investment Consutlant shall evaluate and report on a quarterly basis the rate of return and relative
performance of the Plan.
F. The Board will meet quarterly to review the monitoring service's performance report. The Board will
meet with the investment manager and appropriate outside consultants to discuss performance results,
economic outlook, investment strategy and tactics and other pertinent matters affecting the Plan on a
periodic basis.
G. At least annually, the Board shall provide the Investment Managers with projected disbursement needs
of the Plan so that the investment portfolio can be structured in such a manner as to provide sufficient
liquidity to pay obligations as they come due. To this end the Investment Managers should, to the
extent possible, attempt to match investment maturities with known cash needs and anticipated cash-
flow requirements.
H. The Board shall timely comply with the reporting requirement of Section 112.662 by filing a
comprehensive report by December 15 of each odd-numbered year. [112.662(4)]. Investment managers
and the Board’ s Investment Consultant shall assist in the preparation of required reports and shall
annually confirm to the Board their compliance with Chapter 2023- 28.
VI. COMPLIANCE
A. It is the direction of the Board that the plan assets are held by a third party custodian, and that all
securities purchased by, and all collateral obtained by the plan shall be properly designated as Plan
assets. No withdrawal of assets, in whole or in part, shall be made from safekeeping except by an
authorized member of the Board or their designee. Securities transactions between a broker-dealer and
the custodian involving purchase or sale of securities by transfer of money or securities must be made
on a "delivery vs. payment" basis to insure that the custodian will have the security or money in hand
82
Adopted: November 2025 Page 7
at conclusion of the transaction. Provided that all approved vendors transacting repurchase agreements
perform as stated in any Master Repurchase Agreement.
B. At the direction of the Board operations of the Plan shall be reviewed by independent certified public
accountants as part of any financial audit periodically required. Compliance with the Board’s internal
controls shall be verified. These controls have been designed to prevent losses of assets that might
arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Board or
employees of the plan sponsor, to the extent possible.
C. Each member of the Board shall participate in a continuing education program relating to investments
and the Board’s responsibilities to the Plan. It is highly suggested that this education process begin
during each Trustee’s first term.
D. With each actuarial valuation, the Board shall determine the total expected annual rate of return for the
current year, for each of the next several years and for the long term thereafter. This determination
shall be filed promptly with the Department of Management Services, the plan’s sponsor and the
consulting actuary.
E. The proxy votes must be exercised for the exclusive benefit of the participants of the Plan. Each
Investment Manager shall provide the Board with a copy of their proxy voting policy for approval. On
a regular basis, at least annually, each manager shall report a record of their proxy vote.
F. Investments for which there is no generally recognized market or consistent accepted pricing
mechanism shall be valued at 50% cost. Assets without a fair market value shall be excluded from
determination of annual funding cost.
G. The Investment Consultant will provide Investment Managers for consideration based solely on
pecuniary factors as defined by Florida Statutes § 112.662.
H. If a Request for Proposals document is issued for Investment Manager services, the solicitation
document must include the following: The Board of Trustees may not request documentation of or
consider a vendor’ s social, political, or ideological interests when determining if the vendor is a
responsible vendor. Additionally, the Board of Trustees may not give preference to a vendor based on
vendor’ s social, political, or ideological interests.
I. The Board hereby adopts the provisions of Florida Statutes §215.4725 as regulating their investments.
Direct investment in “Entities that Boycott Israel” identified in the periodic publication by the State
Board of Administration, in conjunction with the Department of Management Services, is prohibited.
Securities identified on the list must be divested within twelve (12) months of the company’s initial
appearance on the list. However, if divestiture of business activities is accomplished and the company
is subsequently removed from the list, the manager can continue to hold that security.
VII. CRITERIA FOR INVESTMENT MANAGER REVIEW
The Board wishes to adopt standards by which judgments of the ongoing performance of a portfolio
manager may be made. If, at any time, any three of the following is breached, the portfolio manager will
be warned of the Board's serious concern for the Fund's continued safety and performance. If any five of
these are violated the consultant will recommend a manager search for that mandate.
Four (4) consecutive quarters of relative under-performance verses the benchmark.
Three (3) year trailing return below the top 40th percentile within the appropriate peer group and
under performance verses the benchmark.
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Adopted: November 2025 Page 8
Five (5) year trailing return below the top 40th percentile and under performance verses the
benchmark.
Three (3) year downside volatility greater than the index (greater than 100), as measured by
down market capture ratio.
Five (5) year downside volatility greater than the index (greater than 100), as measured by down
market capture ratio.
Style consistency or purity drift from the mandate.
Management turnover in portfolio team or senior management.
Investment process change, including varying the index or benchmark.
Failure to adhere to the IPS or other compliance issues.
Investigation of the firm by the Securities and Exchange Commission (SEC).
Significant asset flows into or out of the company.
Merger or sale of firm.
Fee increases outside of the competitive range.
Servicing issues – key personnel stop servicing the account without proper notification.
Failure to attain a 60% vote of confidence by the Board.
Nothing in this section shall limit or diminish the Board’s right to terminate the manager at any time for
any reason.
VIII. APPLICABLE CITY ORDINANCES
If, at any time, this document is found to be in conflict with the City Ordinances, the Ordinances shall
prevail.
IX. REVIEW AND AMENDMENTS
It is the Board’s intention to review this document periodically, but no less than 3 years, and to amend
this statement to reflect any changes in philosophy, objectives, or guidelines. In this regard, the Investment
Manager's interest in consistency in these matters is recognized and will be taken into account when changes
are being considered. If, at any time, the Investment Manager feels that the specific objectives defined
herein cannot be met, or the guidelines constrict performance, the Board should be notified in writing. By
initialing and continuing acceptance of this Investment Policy Statement, the Investment Managers concur
with the provisions of this document.
City of Winter Springs General Employees’ Retirement System
_______________________ __________
Chairperson, Board of Trustees Date
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