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Home My WebLink About2025 08 19 Board of Trustees Regular Meeting Agenda Packet.pdfBOARD OF TRUSTEES REGULAR MEETING AGENDA TUESDAY, AUGUST 19, 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 from the Thursday, May 8, 2025 Board of Trustees Regular Meeting 2025 05 08 BOT Regular Meeting Minutes.pdf PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report from Mariner 2025-06-30 Winter Springs General (Quarterly Report).pdf REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. 2 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 | AUGUST 19, 2025 REGULAR MEETING TITLE Approval of the Minutes from the Thursday, May 8, 2025 Board of Trustees Regular Meeting SUMMARY FUNDING SOURCE RECOMMENDATION Staff recommends the Board review and approve the minutes from the Thursday, May 8, 2025 Board of Trustees Regular Meeting as presented 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 8, 2025 CALL TO ORDER Chairperson Marco Santoro called the Regular Meeting of Thursday, May 8, 2025, of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Marco Santoro, present Vice-Chairperson Arif Fareed, present Board Member Michael Blake, present Board Member Brandon Fair, present Board Member David Withee, present City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida Ms. Shelly Jones, Gabriel, Roeder, Smith 7 Company (GRS), One East Broward Boulevard, Suite 500, Fort Lauderdale, Florida 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, February 13, 2025 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE WITH CORRECTION TO ATTENDANCE." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. PUBLIC HEARINGS AGENDA 400. Not Used 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 08, 2025 PAGE 2 OF 3 REGULAR AGENDA 500) GRS Actuarial Valuation Report of the Defined Benefit Plan – October 1, 2024 Ms. Shelly Jones from Gabriel Roeder Smith (GRS) presented the actuarial valuation as of October 1, 2024 and reviewed the minimum contribution, the member and city contributions, noted the funded ration had increased from 88.3% to 90.8%, and further noted a market value return of 23.74% (smoothed value return of 9.38%) primarily due to strong asset returns. Ms. Jones noted that no changes were made to the assumptions or plan structure but advised that the Florida Retirement System had updated mortality assumptions which would be factored into the next valuation and may increase liabilities for plan members. Brief discussion followed on de-risking strategies and where these were being pursued. “MOTION TO ACCEPT THE VALUATION WITH THANKS TO GRS.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. 501) Quarterly Investment Return Report from Mariner Mr. West presented the quarterly investment report, noted fiscal year-to-date fund performance was down 1 -1.5% with a recovery expected in April, discussed the economic impact of tariffs and uncertainty, noted previous action taken to reallocate $1.7 million from the RBC International Equity Fund to Vanguard short-term bond funds, and announced that current asset allocation remained in line with targets. “MOVE TO ACCEPT THE INVESTMENT REPORT.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. Mr. West presented an analysis of potential replacements for the RBC International Fund, focusing on three candidates: Dimensional Fund Advisors (DFA), T Rowe Price, and Transamerica. Mr. West noted that T. Rowe Price had recently undergone a portfolio manager change which raised some concerns and highlighted DFA’s 96% down market capture. Discussion followed on potential Collective Investment Trust (CIT) options that might offer lower fees, special pricing that may be available based on the amount invested, and the potential of indexing the international equity allocation. “MOTION TO REPLACE RBC INTERNATIONAL FUND WITH THE DIMENSIONAL FUND ADVISORS (DFA) INTERNATIONAL EQUITY FUND WITH THE CAVEAT THAT MR. WEST SHOULD EXPLORE POTENTIAL LOWER-COST COLLECTIVE INVESTMENT TRUST (CIT) OPTIONS BEFORE FINALIZING THE TRANSACTION.” MOTION BY BOARD MEMBER FAIR. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); WITHEE (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 5-0. 6 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 08, 2025 PAGE 3 OF 3 REPORTS PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. NOTE: These Minutes were approved at the _ Board of Trustees Regular Meeting. ADJOURNMENT Chairperson Santoro adjourned the Regular Meeting at 6:40 p.m. RESPECTFULLY SUBMITTED: CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK 7 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="06/30/2025" Interval="3"Description="Quarterly Report" /><CCBDBoc TeTnantId="""2"2 EntityTyTyTyyypypypypypeId="333310110"EEntitittyIyIyyyd=”1”1190900""""""DocucmentnttTyTyTyypepepepIdI=="1"1"111 EfffecectiiveveDatet="==0600/3/0//202555""InIntetervala=""="3"ppppppppppppppppQQQQyypppDeDeDeDeDDeDDDscscscsciririiiriptptpptptppppppppppppppppiioiioion=n=n=n=nnn=n""Q"Q"QQQQQQQQQQuauauarttrtrterererllylylyyyRRRepepepppppororor"t"t"t"ttt/////////>>>Investment Performance ReviewPeriod Ending June 30, 2025Winter Springs General Employees General Planand Trust8 1Mariner Institutional (formerly AndCo Consulting)once again received the Coalition Greenwich Best Investment Consultant Award for 2024-25. They also received the award for 2023, 2022, and 2021. This award recognizes quality leaders in institutional investment consulting services. The rankings are based on interviews with individuals from hundreds of the largest tax-exempt funds in the United States.*Mariner Institutional1ONE YEAR LATERA year ago, when AndCo joined Mariner to form Mariner Institutional, we committed to continue providing a high level of service while expanding corporate support to provide additional solutions for our clients. In the past year, we’ve attained:• A client retention rate of 99% through March 2025*• An employee retention rate of 99% through March 2025• Expanded resources via multiple support teams, including finance, accounting, research, compliance, technology and marketing*retention rate reflective of acquisition date through March 2025Page 19 FOR INVESTMENT PROFESSIONAL AND PLAN SPONSOR USE ONLY.Core ServicesMARINER INSTITUTIONALMariner’s Institutional core services can be implemented within a non-discretionary or discretionary framework, depending on client needs and preferences. These services are designed to provide leadership guidance, strategy, and oversight to any institutional pool of assets.Traditional Plan Services• Investment Policy Development• Asset Allocation and LiabilityModeling Analysis• Manager Research and Selection• Service Provider Search and Selection• Performance Measurementand Reporting•Client-Specific Research• Investment and Governance Education• Economic Commentary and Overview• Trustee EducationDefined Contribution Plan Services• Investment Policy Development•Fund Lineup Selection• Performance Measurementand Reporting•Fee Benchmarking• Recordkeeper Search and Review• Regulatory and Governance Education•Fiduciary Resource for StrategicDecision-Making• Financial Wellness• Participant EducationPage 210 2nd Quarter 2025 Market EnvironmentPage 411 The Market Environment Executive SummaryAs of June 30, 2025The EconomyThe US Federal Reserve (the Fed) held policy rates steady at a range of 4.25%-4.50% during the quarter. The press release from the June Federal Open MarketCommittee (FOMC) indicated new risks present in the economy since their pressrelease in March. While the FOMC maintains that economic data appears healthy,there has been an increased emphasis on the US trade balance and its effects onthe committee’s dual mandate of maximum employment and stable prices. Thecommittee mentioned that while uncertainty regarding the economic outlook hasdiminished, it remains elevated. The committee’s deletion of the phrase “[Theunemployment rate] has stabilized at a low level…” shows possible concern forthe labor market for the remainder of the year.Growth in the US labor market continued during the second quarter. US non-farmpayrolls grew by 147,000 in June, in line with the previous month’s revised total of139,000, and well above the 110,000 projected for the month. Unemployment fellslightly from 4.2% to 4.1%. With labor market statistics as a key input into theFOMC’s target policy rate decision, persistent strength in private sectoremployment has contributed to a reduction in the pace and magnitude of policyrate decreases so far during the year.Equity (Domestic and International)Domestic equity results were broadly higher for the quarter and the dominance ofgrowth stocks resumed. Large capitalization (cap) stocks outperformed small capstocks for the quarter. Other pockets of the domestic equity market also exudedstrength with the Russell MidCap Growth Index returning a strong 18.2% for thequarter. Large-cap equity benchmarks continue to represent a heavyconcentration among a limited number of stocks. As of quarter-end, the top 10stocks in the S&P 500 Index comprised more than 35% of the index.All international stock indexes advanced during the quarter and their domesticperformance was boosted further by the impact of a declining US dollar (USD).International equities have experienced recent tailwinds due to investor shifts fromdomestic markets and into international markets based on greater economicuncertainty in the US and challenging trade relations associated with US tariffpolicies.Fixed IncomeFixed-income markets gained during the quarter, driven primarily by their couponsand a relatively stable yield curve. Shorter term Treasury yields remained stabledue to the FOMC leaving rates unchanged during their May and June meetings.While not directly impacted by the FOMC’s actions, longer term yields alsofinished largely in line with where they began the quarter after a short-lived “risk-off” trade unwound as the current White House Administration’s stance on tariffssoftened during the quarter. The yield on the bellwether 10-year Treasury rose byjust 0.01% during the quarter, closing June at a yield of 4.24%.The US High Yield Index was the best-performing US fixed-income index for thequarter, posting a solid 3.5% return. The index received a boost from a narrowinghigh yield option adjusted spread (OAS), which declined 0.59% during the quarter,as well as receiving a boost from their higher coupon rates. While the spreadnarrowed for the quarter, the high yield OAS actually widened from 3.55% to apeak of 4.61% during a relatively short time frame in early April, before narrowingas the quarter’s early tension and uncertainty eased.Global bonds outpaced domestic bonds due to the continued weakening of the USdollar (USD). The Bloomberg Global Aggregate ex-US climbed 7.3% in USDterms, while the Bloomberg US Aggregate index rose just 1.2%.Market ThemesWeakness in the USD during the quarter led to relative strength in internationalequity and fixed income markets as many major non-US currencies appreciated.Volatility in the financial markets increased early in the quarter amid uncertaintyabout US economic growth and US tariff policies. Ultimately these concernssubsided as the quarter drew on while the potential impact of US tariffs andforeign retaliation receded. The economic and geopolitical situation continues toevolve and the associated uncertainty will likely continue to weigh on globaleconomic growth and capital markets.Tensions in the Middle East drew the ire of market participants, mainly in theenergy sector, as the Israel/Iran conflict escalated further. Tensions seemed tosubside by early July, but events in the region can change quickly.Page 512 The Market Environment Major Market Index Performance As of June 30, 2025The volatility that characterized the performance of many broad domesticequity benchmarks during the first quarter subsided, leading to double-digitresults for the broad- and large-cap indexes. While mid- and small-capequities lagged larger domestic indexes, the Russell MidCap Index and theRussell 2000 Index both posted solid returns of 8.5% for the quarter.International equity markets continued to surge in USD terms as the USDweakened relative to major world currencies. Both the developed market andemerging market benchmarks returned more than 10% for the quarter.US investment-grade fixed income results were positive but muted with nomajor index posting a return of more than 2% during the quarter. Thecorporatebondindexledthewaywithareturnof1.8%forthequarter,whilethe TIPS index gained a smaller 0.5%. The muted returns were driven by astable yield curve and credit spreads that finished the quarter at similar levelsto where they began.Equity markets continue to exhibit resilience over the trailing year. Large-capstocks led the way with the Russell 1000 climbing 15.7% over the trailing yearand the S&P 500 rising 15.2%. The Russell MidCap Index managed to keeppace with the large-cap indexes while small-cap stocks, as measured by theRussell 2000 Index, lagged other market segments rising by a smaller but stillsolid 7.7% over the trailing year.International equity markets continued to perform well on a USD basis, helpedby a persistently weakening dollar over the trailing year. Developed marketindexes led the way with the MSCI ACWIxUS and the MSCI EAFE indexesboth returning 17.7%. The MSCI Emerging Market equity benchmark returneda slightly lower, but strong absolute return of 15.3%.Trailing one-year returns for fixed income indexes benefited from a strong firstquarter. Returns were positive across the major bond indexes with theBloomberg Corporate IG Index leading results with a return of 6.9% for theyear. The Bloomberg US Govt Index lagged its peers, returning 5.3% over thesame time period.Source: Investment Metrics1.1%1.8%1.1%0.5%0.9%1.2%12.0%11.8%12.0%8.5%8.5%11.1%11.0%10.9%-1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0%3-Month T-BillBloomberg Corp IGBloomberg MBSBloomberg US TIPSBloomberg US GovtBloomberg US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500Quarter Performance4.7%6.9%6.5%5.8%5.3%6.1%15.3%17.7%17.7%7.7%15.2%15.7%15.3%15.2%-1.0% 4.0% 9.0% 14.0% 19.0%3-Month T-BillBloomberg Corp IGBloomberg MBSBloomberg US TIPSBloomberg US GovtBloomberg US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 5001-Year PerformancePage 613 Source: Investment MetricsThe Market Environment Domestic Equity Style Index PerformanceAs of June 30, 2025After a rough start to the 2025 calendar year, domestic equities bounced backmeaningfully during the quarter, shaking off economic and geopoliticaluncertainties. Large-cap stocks outpaced small-cap stocks for the thirdconsecutive quarter, returning 11.1% and 8.5%, respectively.Growth stocks dominated their value counterparts across all capitalizations, areversal from the previous quarter. The best performing segment of the marketwas mid-cap growth stocks, which returned 18.2% during the second quarter.Large-cap growth stocks were also strong returning a slightly lower 17.8% forthe period. The weakest performing segment of the market was large-capvalue which posted a return of 3.8% for the quarter. The biggest performancedisparity between growth and value was in the large-cap segment wheregrowth stocks outpaced their value counterparts by 14.0%.Full-year style index performance shows a tight dispersion among the broad-,large-, and mid-cap core index results with the small-cap core index laggingduring the same period.The trailing one-year results also tell a slightly different story relative to theprevailing narrative over the last several quarters. While large-cap stocks haveoutperformed many other capitalization segments, augmented by thecapitulation of value stocks to growth stocks, mid-cap growth stocks were thebest performing category during the period. Like the large-cap growth indexes,the Russell MidCap Growth Index has seen increased concentration in thebenchmark and was led by just a few high-flying information technologystocks. Over the trailing year, the information technology sector alonecontributed 40% of the index’s total return during the period with eight stockssoaring over 100% during the trailing year.12.0%8.5%5.0%18.2%8.5%5.3%17.8%11.1%3.8%17.6%11.0%3.8%-1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series9.7%7.7%5.5%26.5%15.2%11.5%17.2%15.7%13.7%16.9%15.3%13.3%-1.0% 4.0% 9.0% 14.0% 19.0% 24.0% 29.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 714 The Market Environment GICS Sector Performance & (Sector Weight)As of June 30, 2025Source:Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward lookingperformance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.Economic sector performance within the large-cap Russell 1000 index waslargely higher as eight of the 11 economic sectors rose during the quarter.The Information Technology sector led results for the quarter, advancing23.6%. Communication Services followed closely behind with a return of19.1%. The Industrials and Consumer Discretionary sectors also manageddouble-digit returns for the quarter. In contrast to some sectors’ strong,positive results, the Energy, Health Care, and Real Estate sectors postednegative returns for the quarter.Trailing one-year results revealed broad participation in the equity market’sascension with nine of the 11 economic sectors finishing with positiveperformance. Of the nine sectors that advanced for the year, only theMaterials sector failed to post a double-digit gain. Financial stocksdominated sector performance with a return of 30.1% over the trailing yearwith elevated rates and stable credit conditions helping to boost the sectoroverall. Healthcare performance was the most negative over the same timeperiod, falling by -5.2%.Small-cap economic sector performance was more mixed than in the large-cap segment but seven of the 11 economic sectors climbed during thequarter. Information Technology led sector performance with a return of21.0%, followed by Industrials at 15.4% and Materials at 13.1%. The foureconomic sectors that declined during the quarter were each down by lessthan -2.0%.Trailing one-year small-cap results continue to show the robust performanceof the domestic equity markets, although to a lesser degree than in thelarge-cap index results. Eight of the 11 economic sectors were up for theyear in the small-cap index, with the Financials return of 21.8% leading theway. Performance struggles within the Energy sector affected small-capstocks far greater as the sector fell by -23.6% and is by far the worstperformer in the index. The Health Care sector also struggled, finishing thetrailing 12 months at -4.7%.10.4%5.1%9.0%9.7%15.6%-4.7%21.8%-23.6%9.5%-0.1%13.0%-1.5%-1.9%13.1%21.0%15.4%2.6%6.6%-1.0%-0.6%9.6%9.5%-28.4% -18.4% -8.4% 1.6% 11.6% 21.6%Utilities (3.2%)Real Estate (6.2%)Materials (3.9%)Info Technology (12.7%)Industrials (17.7%)Health Care (16.6%)Financials (19.6%)Energy (4.7%)Consumer Staples (3.3%)Consumer Disc (9.3%)Comm Services (2.6%)Russell 2000Quarter1-Year23.8%11.2%2.1%16.1%21.2%-5.2%30.1%-2.0%11.9%18.1%24.3%4.2%-0.5%3.1%23.6%13.5%-6.3%6.7%-7.7%1.3%11.6%19.1%-11.0% -1.0% 9.0% 19.0% 29.0%Utilities (2.4%)Real Estate (2.5%)Materials (2.3%)Info Technology (29.1%)Industrials (9.4%)Health Care (10.5%)Financials (14.9%)Energy (3.3%)Consumer Staples (5.9%)Consumer Disc (10.5%)Comm Services (9.2%)Russell 1000Quarter1-YearPage 815 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of June 30, 2025Source:Morningstar DirectTop 10 Weighted StocksSector1-Year Return1-QtrReturnWeightRussell 1000Information Technology27.9%45.8%6.5%NVIDIA CorpInformation Technology12.1%32.7%6.4%Microsoft CorpInformation Technology-2.1%-7.5%5.3%Apple IncConsumer Discretionary13.5%15.3%3.7%Amazon.com IncCommunication Services46.9%28.2%2.8%Meta Platforms Inc Class AInformation Technology73.6%65.0%2.2%Broadcom IncCommunication Services-2.8%14.1%1.8%Alphabet Inc Class AFinancials19.4%-8.8%1.6%Berkshire Hathaway Inc Class BConsumer Discretionary60.5%22.6%1.6%Tesla IncCommunication Services-2.8%13.7%1.5%Alphabet Inc Class CTop 10 Weighted StocksSector1-YearReturn1-QtrReturnWeightRussell 2000Information Technology189.9%130.6%0.5%Credo Technology Group Holding LtdInformation Technology20.4%49.2%0.4%FabrinetInformation Technology511.2%94.7%0.4%IonQ Inc Class AHealth Care146.9%68.7%0.4%Hims & Hers Health IncHealth Care21.5%18.5%0.4%HealthEquity IncHealth Care24.9%19.3%0.3%Ensign Group IncIndustrials17.7%43.1%0.3%Fluor CorpHealth Care18.9%44.8%0.3%Blueprint Medicines CorpIndustrials56.4%139.1%0.3%AeroVironment IncConsumer Discretionary149.1%21.0%0.3%Brinker International IncTop 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell 2000Information Technology1399.6%439.9%0.0%Aeva Technologies Inc Ordinary SharesFinancials1119.1%413.8%0.1%Sezzle IncHealth Care-40.3%273.7%0.0%Tango Therapeutics IncInformation Technology1213.4%267.3%0.0%TSS IncCommunication Services705.2%258.4%0.0%The Arena Group Holdings IncFinancials67.1%239.6%0.0%PaySign IncFinancials785.8%224.7%0.1%Dave IncInformation Technology66.7%219.5%0.0%Navitas Semiconductor Corp Class AInformation Technology1133.8%213.0%0.0%Neonode IncConsumer Discretionary340.6%210.8%0.0%ThredUp Inc Ordinary Shares - Class ABottom 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell 2000Information Technology-98.3%-87.0%0.0%Wolfspeed IncCommunication ServicesN/A-81.9%0.0%Newsmax Inc Class B SharesHealth Care-73.8%-70.4%0.0%INmune Bio IncFinancials-69.9%-65.9%0.0%Compass Diversified HoldingsHealth Care-26.1%-63.5%0.0%Omeros CorpConsumer Staples-78.0%-63.4%0.0%The Hain Celestial Group IncHealth Care-88.6%-63.3%0.0%Rocket Pharmaceuticals IncHealth Care-59.2%-61.5%0.0%Pulmonx Corp Ordinary SharesEnergy-84.8%-60.0%0.0%New Fortress Energy Inc Class AConsumer DiscretionaryN/A-56.0%0.0%ZSPACE IncTop 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell 1000Financials312.3%125.0%0.1%Robinhood Markets IncIndustrials61.7%122.7%0.0%Avis Budget Group IncCommunication Services302.5%105.5%0.0%AST SpaceMobile Inc Ordinary SharesFinancials57.7%103.5%0.1%Coinbase Global Inc Ordinary SharesIndustrials645.2%100.1%0.0%Rocket Lab USA IncConsumer Staples-40.9%98.2%0.0%e.l.f. Beauty IncCommunication Services182.7%80.5%0.1%Roblox Corp Ordinary SharesIndustrials48.5%77.9%0.1%Vertiv Holdings Co Class AConsumer Discretionary20.4%75.1%0.0%Five Below IncInformation Technology136.4%73.8%0.1%Cloudflare IncBottom 10 Performing Stocks (by Quarter)Sector1-YearReturn1-QtrReturnWeightRussell 1000Health Care-89.2%-73.2%0.0%Sarepta Therapeutics IncHealth Care-37.6%-40.0%0.5%UnitedHealth Group IncInformation Technology-60.2%-36.1%0.0%Enphase Energy IncHealth Care125.9%-35.7%0.0%Corcept Therapeutics IncHealth Care-50.7%-34.8%0.0%Organon & Co Ordinary SharesMaterials-51.3%-32.5%0.0%Huntsman CorpIndustrials-39.6%-29.0%0.0%ManpowerGroup IncReal Estate6.9%-27.2%0.0%Medical Properties Trust IncHealth Care-66.4%-25.2%0.0%Acadia Healthcare Co IncReal EstateN/A-24.9%0.0%Lineage Inc REITPage 916 Source: MSCI Global Index Monitor (Returns are Net)The Market Environment International and Regional Market Index Performance (Country Count)As of June 30, 2025Performance among headline international equity indexes in USD terms waspositive and broadly higher than local currency (LCL) returns during thequarter. The USD’s weakness relative to many major currencies continued torepresent a substantial tailwind for the USD performance of non-USbenchmark returns. The developed-market MSCI EAFE Index returned a solid4.8% in LCL terms and an amplified 11.8% in USD terms. The MSCI ACWI ex-US Index climbed 6.0% in LCL terms with USD returns doubling the LCL resultto 12.0% for the quarter.The MSCI EM Latin America Index was the best performing regional index forthe quarter on both counts, returning 9.8% in LCL terms and 15.2% in USDterms. While none of the regional indexes contracted during the quarter, thelaggard performer in LCL currency terms was the MSCI Europe & Middle Eastindex which posted a more subtle 3.1% return while the laggard in USD termswas the MSCI EMEA index which still advanced a solid 7.6% during thequarter.International equity markets exuded broad strength across multiple regions inthe trailing one-year period. The prolonged weakening of the USD has boosteddomestic investor returns across many regions except for the MSCI EM LatinAmerica index. The broad-based MSCI ACWI ex US and MSCI EAFE indexesfinished the year roughly in line with each other returning 17.7% in USD terms.In LCL teams, the MSCI ACWI ex US Index was the stronger of the twobenchmarks returning 10.8% versus a LCL return of 8.0% for the MSCI EAFEIndex. Both developed market indexes outperformed the MSCI EmergingMarkets Index on a USD basis for the year, but emerging marketsoutperformed on a LCL basis, receiving less of a performance boost than thedeveloped market indexes from USD depreciation.The strongest local market performance over the trailing year was the MSCIEMEA Index, which climbed 17.8% in LCL terms and 19.5% in USD terms.The index that received the largest boost from a weakening USD was theMSCI Europe & Middle East Index which saw more than a 10% performancedifferential between its LCL and USD results. All broad and regional indexeswere positive for the trailing 12 months in both USD and LCL terms with eachsingle-digit LCL return morphing into a double-digit result in USD teams.9.8%8.2%5.3%7.9%8.3%3.1%4.8%5.2%6.0%15.2%12.4%7.6%12.0%12.3%11.5%11.8%12.0%12.0%-1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0%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 PerformanceUSDLOCAL13.4%12.2%17.8%12.9%7.7%8.3%8.0%9.9%10.8%13.4%14.9%19.5%15.3%15.5%18.8%17.7%18.7%17.7%-1.0% 2.0% 5.0% 8.0% 11.0% 14.0% 17.0% 20.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)World x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyPage 1017 The Market Environment US Dollar International Index Attribution & Country DetailAs of June 30, 2025Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance representsbackward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE41.9%20.5%5.5%Communication Services5.1%5.5%9.8%Consumer Discretionary12.7%7.7%8.0%Consumer Staples-2.0%-1.6%3.2%Energy41.2%13.7%23.8%Financials-5.0%2.9%11.3%Health Care28.9%17.8%19.0%Industrials4.8%19.0%8.5%Information Technology0.4%8.0%5.6%Materials20.1%16.8%1.9%Real Estate31.5%16.7%3.5%Utilities17.7%11.8%100.0%Total1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS35.7%15.0%6.4%Communication Services9.6%2.6%10.1%Consumer Discretionary10.8%7.5%6.7%Consumer Staples0.4%2.5%4.6%Energy36.1%14.1%25.1%Financials-2.7%3.5%8.0%Health Care25.6%18.1%14.8%Industrials10.3%21.8%13.3%Information Technology4.7%8.5%6.2%Materials18.6%13.6%1.7%Real Estate22.9%13.7%3.2%Utilities17.7%12.0%100.0%Total1- YearQuarterMSCI-ACWIxUSMSCI-EAFEReturnReturnWeightWeightCountry13.9%11.4%13.7%21.8%Japan20.0%8.7%9.2%14.6%United Kingdom16.4%9.3%7.0%11.1%France40.3%16.3%6.5%10.4%Germany15.4%7.5%6.0%9.6%Switzerland10.7%15.1%4.3%6.9%Australia0.8%18.3%3.0%4.7%Netherlands15.5%10.4%2.3%3.6%Sweden47.6%16.9%2.1%3.3%Spain37.1%15.4%2.0%3.1%Italy-33.5%7.5%1.4%2.3%Denmark35.7%15.8%1.3%2.0%Hong Kong46.0%9.9%1.1%1.7%Singapore22.7%15.3%0.7%1.1%Finland23.7%10.3%0.6%1.0%Belgium53.6%22.1%0.6%1.0%Israel27.1%9.1%0.4%0.6%Norway34.5%16.7%0.3%0.5%Ireland51.7%21.9%0.1%0.2%Austria-0.5%9.9%0.1%0.2%New Zealand7.5%23.8%0.1%0.2%Portugal17.7%11.8%62.7%100.0%Total EAFE Countries27.0%14.2%8.1%Canada18.7%12.0%70.7%Total Developed Countries33.8%2.0%8.3%China14.4%26.1%5.5%Taiwan0.9%9.2%5.3%India6.2%32.7%3.1%Korea11.6%13.3%1.3%Brazil0.1%-5.1%1.0%Saudi Arabia32.0%13.6%0.9%South Africa13.1%20.5%0.6%Mexico47.3%15.2%0.5%United Arab Emirates12.6%6.7%0.4%Malaysia29.3%15.8%0.3%Poland-6.7%8.0%0.3%Indonesia0.5%0.4%0.3%Thailand26.4%8.2%0.2%Kuwait15.1%5.5%0.2%Qatar65.7%29.6%0.2%Greece-20.7%2.9%0.2%Turkey9.6%5.3%0.1%Philippines27.7%10.5%0.1%Chile48.3%21.0%0.1%Hungary22.7%18.8%0.1%Peru58.7%16.3%0.1%Czech Republic48.3%12.4%0.0%Colombia12.7%4.9%0.0%Egypt15.3%12.0%29.2%Total Emerging Countries17.7%12.0%100.0%Total ACWIxUS Countries1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt30.7%9.2%9.8%Communication Services17.6%-2.7%12.7%Consumer Discretionary3.1%5.7%4.5%Consumer Staples-7.2%6.3%4.3%Energy25.8%13.4%24.5%Financials18.2%7.9%3.3%Health Care16.4%21.8%6.9%Industrials11.6%24.3%24.1%Information Technology0.8%7.4%5.8%Materials15.0%6.2%1.6%Real Estate1.8%7.1%2.6%Utilities15.3%12.0%100.0%TotalPage 1118 Source: Morningstar Direct; BloombergThe Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of June 30, 2025Domestic fixed-income markets traded higher during the second quarterwhile the Fed held its benchmark rate steady in a target range of 4.25%-4.50%. The US High Yield Index posted the quarter’s strongest domesticbond index performance with a return of 3.5%. The bellwether USAggregate Index returned 1.2% for the quarter and international bonds, asmeasured by the Global Agg ex US Index, returned a much stronger 7.3%in USD terms, helped by a weakening dollar.Treasury yields remained relatively stable across the yield curve during thequarter with the benchmark 10-Year Treasury yield rising by a scant 0.01%from the previous quarter’s close. Relatively stable US Treasury yieldsallowed coupon differences between bonds to drive much of the remainingdispersion in domestic investment-grade indexes’ returns for the quarter.High yield bonds outperformed investment grade issues given their higherincome component and the high yield OAS spread narrowing during thequarter which returned the measure to a similar level at which it began theyear.Over the trailing one-year period, the Bloomberg US Aggregate Bond Indexposted a solid 6.1% return. The benchmark's sub-components also postedpositive performance over the trailing 12 months with the Bloomberg USTreasury advancing 5.3%, the US Mortgage Index returning 6.5%, and theBloomberg US Corporate Investment Grade Index rising 6.9%. US TIPS,which are excluded from the Bloomberg US Aggregate Bond Index,returned 5.8% for the trailing year.Performance across investment grade sub-indexes was broadly higher forthe trailing one-year period. The AAA index posted a solid 6.6% return,while the AA index returned a slightly lower 5.8% for the year. The A andBAA indexes saw slightly better results with returns of 6.7% and 7.3%,respectively. High yield bonds were the best performing US bond marketsegment for the year, returning 10.3%. Performance for high yield bondswas spurred by largely stable end-to-end credit spreads and higher couponincome.The Bloomberg Global Aggregate ex-US Index finished both the quarter andthe year with the strongest results across the major fixed income indexes asweakness in the USD pushed international index returns higher. The GlobalAggregate ex-US Index ended the year 11.2% higher, with the domesticbond market index falling short of the international benchmark’sperformance by 5.1%.4.6%7.3%1.5%1.2%2.0%1.8%1.0%1.6%0.5%3.5%1.8%1.1%0.9%-1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%Multiverse (6.3)Global Agg x US (6.9)Intermediate Agg (4.4)Aggregate (6.0)Baa (6.7)A (6.7)AA (5.9)AAA (4.2)U.S. TIPS (4.9)U.S. High Yield (2.7)U.S. Corporate IG (6.8)U.S. Mortgage (5.9)U.S. Treasury (5.8)Quarter Performance 9.1%11.2%6.7%6.1%7.3%6.7%5.8%6.6%5.8%10.3%6.9%6.5%5.3%-1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0%Multiverse (6.3)Global Agg x US (6.9)Intermediate Agg (4.4)Aggregate (6.0)Baa (6.7)A (6.7)AA (5.9)AAA (4.2)U.S. TIPS (4.9)U.S. High Yield (2.7)U.S. Corporate IG (6.8)U.S. Mortgage (5.9)U.S. Treasury (5.8)1-Year PerformancePage 1219 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market Environment Market Rate & Yield Curve ComparisonAs of June 30, 2025The gray band across the graph illustrates the fed funds target rate range overthe trailing 12 months. No action was taken by the Federal Open MarketCommittee (FOMC) during the second quarter, so the fed funds rate remainedin a target range of 4.25%-4.50%. This marks the fourth consecutive meetingthe FOMC has taken no action on its policy rates. The June 2025 FOMC pressrelease continued to emphasize economic data-dependent outcomes andreduction of their balance sheet. The CME FedWatch tool, which forecasts theFed Funds rate based on fed fund futures pricing, showed a greater than 95%probability of no rate decrease at the FOMC meeting in July at the time of thiswriting. Many market watchers continue to express concern that leaving ratesat their current elevated level for an extended period, coupled with slowereconomic growth and persistently elevated inflation, could tip the US economyinto a recession.The yield on the US 10-year Treasury (blue line of the top chart) remained in afairly narrow yield range during the quarter, finishing at 4.24%. While the point-in-time level of the 10-year yield shows no change over the quarter, the pathwas not as straightforward. The benchmark yield rose throughout April andMay as economic uncertainty unfolded and briefly eclipsed 4.50%, reaching ashigh as 4.58% before falling during most of the month of June to end thequarter near where it began.The red line in the top chart shows the option-adjusted spread (OAS) for BAA-rated corporate bonds. This measure quantifies the additional yield premiuminvestors require to purchase and hold non-US Treasury issues with thelowest investment grade rating. During the quarter, the yield spreadexperienced a slight narrowing of 0.12%, finishing the quarter with a spread of1.08%. High yield OAS spreads (represented by the yellow line in the topchart) fell by 0.59% during the quarter from 3.55% to 2.96%. The finishingvalue of both the high yield and BAA OAS spreads are nearly identical towhere they began the year. Similar to the path of the 10-Year Treasury yield,the path of point-to-point stability was non-linear. The high yield OAS spreadhad a volatile quarter as it rose sharply in April, up to 4.61% from 3.55%, thengradually fell the rest of the quarter.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. At quarter-end, the curve exhibited amore pronounced positive butterfly shape with medium term rates lower andshort/long term rates higher, but relatively unchanged from the prior quarter.0.001.002.003.004.005.006.007.008.009.0010.00Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25Feb-25 Mar-25 Apr-25 May-25 Jun-251-Year Trailing Market RatesFed Funds RateBAA OAS10yr TreasuryHigh Yield OAS2.503.003.504.004.505.005.506.006.507.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve9/30/202412/31/20243/31/20256/30/2025Page 1320 The Market EnvironmentReferencesAs of June 30, 2025CME FedWatch Tool - CME GroupEffective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)The Fed - Meeting calendars and informationFederal Reserve Board - Monetary PolicyGlobal index lens – MSCIU.S. Department of the Treasury10-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 projectedMarch Fed meeting: Here's what changed in the new statementJobs report June 2025Current Employment Statistics - CES (National) : U.S. Bureau of Labor StatisticsLatam assets may receive a trade-war boost, investors say | ReutersPage 1421 Executive SummaryPolicyTargetIn PolicyOutside Policy0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% 72.0%Receipt & Disbursement$3,483,991.5 (4.3%)Direct Real Estate$3,320,907.7 (4.1%)Non-Core Fixed Income$6,991,741.4 (8.7%)Broad Mkt Fixed Income$12,680,812.9 (15.8%)Foreign Equity Securities$11,014,336.0 (13.7%)Domestic Equity Securities$42,725,001.0 (53.3%)Asset Allocation ComplianceAssetAllocation$CurrentAllocation (%)MinimumAllocation (%)MaximumAllocation (%)TargetAllocation (%)Total Fund Portfolio 80,216,790 100.0 N/A N/A 100.0Domestic Equity Securities 42,725,001 53.3 45.0 55.0 50.0Foreign Equity Securities 11,014,336 13.7 10.0 20.0 15.0Broad Mkt Fixed Income 12,680,813 15.8 10.0 30.0 15.0Non-Core Fixed Income 6,991,741 8.7 0.0 20.0 10.0Direct Real Estate 3,320,908 4.1 0.0 15.0 10.0Receipt & Disbursement 3,483,992 4.3 0.0 5.0 0.0Asset Allocation ComplianceTotal Fund PortfolioAs of June 30, 2025Page 1522 Asset Allocation By Segment as ofMarch 31, 2025 : $75,415,392Asset Allocation By Segment as ofJune 30, 2025 : $80,216,790AllocationSegments Market Value AllocationDomestic Equity 38,609,224 51.2Foreign Equity 9,768,068 13.0Broad Mkt Fixed Income 12,478,628 16.5Non-Core Fixed Income 6,921,354 9.2Real Estate 4,218,329 5.6Cash Equivalent 3,419,789 4.5AllocationSegments Market Value AllocationDomestic 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Asset Allocation SummaryTotal FundAs of June 30, 2025NONEPage 1623 Asset Allocation By Manager as ofMar-2025 : $75,415,392Asset Allocation By Manager as ofJun-2025 : $80,216,790AllocationMarket Value AllocationVanguard Total Stock Market (VITSX) 38,609,224 51.2Galliard Core Fixed Income 12,478,628 16.5RBC Global (Voyageur) 9,768,068 13.0Intercontinental 3,640,199 4.8Receipt & Disbursement 3,270,252 4.3Vanguard Short Term Bond Index (VSCSX) 3,064,358 4.1PIMCO Diversified Income Fund Instl (PDIIX) 2,033,382 2.7Vanguard Inflation-Protected Secs (VAIPX) 1,434,023 1.9ARA Core Property Fund 727,667 1.0Crescent Direct Lending II Fund 382,377 0.5Crescent Direct Lending Fund 7,215 0.0AllocationMarket Value AllocationVanguard 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Asset Allocation SummaryTotal FundAs of June 30, 2025NONEPage 1724 Historical Asset Allocation by SegmentDomestic EquityForeign EquityBroad Mkt Fixed IncomeGlobal Fixed IncomeNon-Core Fixed IncomeReal EstateCash Equivalent0.010.020.030.040.050.060.070.080.090.0100.0Allocation (%)9/076/083/0912/099/106/113/1212/129/136/143/1512/159/166/173/1812/189/196/203/2112/219/226/233/246/25Historical Asset Allocation by SegmentTotal FundOctober 1, 2007 To June 30, 2025Page 1825 -12.0-4.04.012.020.028.036.044.052.060.068.076.0Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & EquivalentsTotal Fund Portfolio 53.26 (21) 13.73 (60) 2.60 (76) 21.50 (65) 0.42 (100) 4.14 (80) 4.34 (14)5th Percentile 61.02 24.10 23.58 63.17 30.99 12.36 8.651st Quartile 51.78 18.27 6.84 32.89 16.43 8.48 2.96Median 42.37 14.93 4.39 24.28 8.65 6.25 1.513rd Quartile 32.28 11.40 2.61 19.22 4.46 4.62 0.7995th Percentile 16.79 5.77 1.25 10.87 1.42 2.09 0.13Plan Sponsor TF Asset AllocationTotal Fund Portfolio Vs. All Public Plans-Total FundAs of June 30, 2025Page 1926 Historical Asset Allocation by PortfolioJun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024($)%($)%($)%($)%($)%Total Equity53,739,33766.9948,377,29264.1551,391,30866.5951,390,67965.5652,128,54569.17Domestic Equity Securities42,725,00153.2638,609,22451.2040,567,14052.5739,528,85150.4340,941,26454.33Vanguard Total Stock Market (VITSX) 42,725,001 53.26 38,609,224 51.20 40,567,140 52.57 39,528,851 50.43 40,941,264 54.33Foreign Equity Securities11,014,33613.739,768,06812.9510,824,16814.0311,861,82815.1311,187,28114.85RBC Global (Voyageur) 11,014,336 13.73 9,768,068 12.95 10,824,168 14.03 11,861,828 15.13 11,187,281 14.85Total Fixed Income19,672,55424.5219,399,98225.7216,449,03321.3116,735,28121.3516,324,86921.66Galliard Core Fixed Income 12,680,813 15.81 12,478,628 16.55 12,178,122 15.78 12,371,422 15.78 11,859,223 15.74Vanguard Short Term Bond Index (VSCSX) 3,119,728 3.89 3,064,358 4.06 352,647 0.46 352,903 0.45 339,987 0.45Vanguard Inflation-Protected Secs (VAIPX) 1,444,002 1.80 1,434,023 1.90 1,380,684 1.79 1,410,030 1.80 1,348,660 1.79PIMCO Diversified Income Fund Instl (PDIIX) 2,089,537 2.60 2,033,382 2.70 1,992,503 2.58 2,006,202 2.56 1,910,491 2.54Crescent Direct Lending Fund 4,218 0.01 7,215 0.01 9,060 0.01 43,282 0.06 41,611 0.06Crescent Direct Lending II Fund 334,256 0.42 382,377 0.51 536,017 0.69 551,442 0.70 824,897 1.09Direct Real Estate3,320,9084.144,367,8665.794,682,7956.074,764,0256.084,867,4306.46ARA Core Property Fund 583,555 0.73 727,667 0.96 908,631 1.18 957,188 1.22 1,015,864 1.35Intercontinental 2,737,353 3.41 3,640,199 4.83 3,774,164 4.89 3,806,837 4.86 3,851,566 5.11Receipt & Disbursement 3,483,992 4.34 3,270,252 4.34 4,648,568 6.02 5,492,236 7.01 2,036,822 2.70Total Fund Portfolio80,216,790100.0075,415,392100.0077,171,704100.0078,382,221100.0075,357,666100.00Asset AllocationAsset Allocation History By PortfolioAs of June 30, 2025Page 2027 Historical Asset Allocation by PortfolioDomestic Equity Foreign EquityBroad Mkt FixedIncomeNon-Core FixedIncomeReal Estate Cash Equivalent Total Fund($) % ($) % ($) % ($) % ($) % ($) % ($) %Total Equity42,725,00179.5011,014,33620.50--------53,739,33766.99Domestic Equity Securities42,725,001100.00----------42,725,00153.26Vanguard Total Stock Market (VITSX)42,725,001 100.00 - - - - - - - - - -42,725,001 53.26Foreign Equity Securities--11,014,336100.00--------11,014,33613.73RBC Global (Voyageur) - - 11,014,336 100.00 - - - - - - - - 11,014,336 13.73Total Fixed Income----12,680,81364.466,991,74135.54----19,672,55424.52Galliard Core Fixed Income - - - - 12,680,813 100.00 - - - - - - 12,680,813 15.81Vanguard Short Term Bond Index (VSCSX) - - - - - - 3,119,728 100.00 - - - - 3,119,728 3.89Vanguard Inflation-Protected Secs (VAIPX) - - - - - - 1,444,002 100.00 - - - - 1,444,002 1.80PIMCO Diversified Income Fund Instl (PDIIX) - - - - - - 2,089,537 100.00 - - - - 2,089,537 2.60Crescent Direct Lending Fund - - - - - - 4,218 100.00 - - - - 4,218 0.01Crescent Direct Lending II Fund - - - - - - 334,256 100.00 - - - - 334,256 0.42Direct Real Estate--------3,246,78297.7774,1262.233,320,9084.14ARA Core Property Fund - - - - - - - - 509,429 87.30 74,126 12.70 583,555 0.73Intercontinental - - - - - - - - 2,737,353 100.00 - - 2,737,353 3.41Receipt & Disbursement - - - - - - - - - - 3,483,992 100.00 3,483,992 4.34Total Fund Portfolio42,725,00153.2611,014,33613.7312,680,81315.816,991,7418.723,246,7824.053,558,1174.4480,216,790100.00Asset AllocationAsset Allocation History By PortfolioAs of June 30, 2025Page 2128 Schedule of Investable AssetsTotal Fund PortfolioNet Cash Flow$0.0$8,100,000.0$16,200,000.0$24,300,000.0$32,400,000.0$40,500,000.0$48,600,000.0$56,700,000.0$64,800,000.0$72,900,000.0$81,000,000.0$89,100,000.0$97,200,000.0-$8,100,000.0Market Value7/074/081/0910/097/104/111/1210/127/134/141/1510/157/164/171/1810/187/194/201/2110/217/224/231/2410/246/25$11,664,723.2$80,216,790.4Schedule of Investable AssetsPeriods EndingBeginningMarket Value$NetCash Flow$Gain/Loss$EndingMarket Value$Aug-2007 To Jun-2025 16,259,673 -4,594,949 68,552,067 80,216,790Schedule of Investable AssetsTotal Fund PortfolioAugust 1, 2007 To June 30, 2025Page 2229 Comparative Performance Trailling ReturnsQTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR InceptionInceptionDateTotal Fund (Net)7.66(13)6.24(18)11.88(27)12.35(8)11.30(3)9.29(5)9.18(2)7.00(16)11/01/2000 Total Fund Policy 7.79 (10) 6.82 (5) 12.51 (11) 12.22 (10) 10.46 (11) 9.24 (6) 8.87 (6) 6.71 (39) Difference -0.13 -0.58 -0.63 0.13 0.84 0.06 0.31 0.30 All Public Plans-Total Fund Median 6.43 5.28 11.09 10.27 9.00 7.74 7.48 6.49Total Fund (Gross)7.686.3712.0412.5511.559.589.487.5211/01/2000 Total Fund Policy 7.79 6.82 12.51 12.22 10.46 9.24 8.87 6.71 Difference -0.11 -0.45 -0.47 0.33 1.10 0.34 0.61 0.82Total Equity11.098.2615.2018.0215.9712.3811.968.5301/01/2001 Total Equity Policy 11.25 8.76 16.00 18.01 14.62 11.96 11.42 7.51 Difference -0.16 -0.51 -0.80 0.01 1.35 0.42 0.54 1.02Domestic Equity Securities 10.66 (57) 8.09 (52) 15.17 (37) 18.80 (56) 16.84 (38) 14.16 (45) 13.43 (45) 9.04 (37) 11/01/2000 Domestic Equity Securities Policy 10.99 (50) 8.54 (46) 15.30 (34) 19.08 (53) 15.96 (55) 13.55 (58) 12.96 (60) 7.94 (92) Difference -0.33 -0.45 -0.12 -0.28 0.87 0.61 0.47 1.09 IM U.S. Large Cap Core Equity (SA+CF) Median 10.94 8.31 14.31 19.37 16.39 14.03 13.26 8.79Foreign Equity Securities 12.78 (27) 9.08 (75) 15.68 (81) 15.43 (65) 13.11 (57) 6.58 (77) 7.20 (55) 6.77 (75) 11/01/2000 Foreign Equity Securities Policy 12.03 (37) 8.94 (76) 17.72 (76) 13.99 (83) 9.86 (90) 6.45 (80) 6.14 (82) 5.15 (99) Difference 0.75 0.14 -2.04 1.44 3.25 0.13 1.06 1.62 IM International Large Cap Value Equity (SA+CF) Median 10.88 11.64 22.08 16.47 13.43 8.07 7.24 7.18Total Fixed Income1.502.567.104.842.313.593.504.5211/01/2000 Total Fixed Policy 1.60 2.56 6.85 4.38 1.47 2.93 2.43 4.01 Difference -0.10 -0.01 0.25 0.46 0.84 0.66 1.07 0.51Broad Mkt Fixed Income 1.68 (31) 2.63 (30) 7.13 (17) 4.17 (23) 1.15 (31) 2.73 (24) 2.43 (23) 4.01 (30) 11/01/2000 Broad Mkt Fixed Income Policy 1.51 (73) 2.00 (79) 6.69 (47) 3.17 (81) 0.23 (90) 2.03 (87) 1.80 (86) 3.75 (57) Difference 0.17 0.63 0.44 1.00 0.91 0.69 0.63 0.26 IM U.S. Intermediate Duration (SA+CF) Median 1.63 2.39 6.66 3.68 0.87 2.48 2.11 3.87Non-Core Fixed Income 1.17 2.70 7.35 5.82 3.28 4.45 7.08 7.18 10/01/2014 Non-Core Fixed Policy 1.73 3.40 7.06 6.21 3.83 4.06 3.82 3.78 Difference -0.56 -0.70 0.29 -0.38 -0.55 0.39 3.26 3.40Direct Real Estate1.23(72)2.75(72)1.99(88)-7.37(87)2.49(75)3.63(74)5.78(59)5.12(33)10/01/2007 NCREIF Fund Index-OEDC (EW) 1.04 (91) 3.14 (69) 3.27 (80) -5.59 (73) 3.56 (58) 3.89 (64) 5.58 (62) 4.63 (65) Difference 0.19 -0.39 -1.28 -1.78 -1.07 -0.26 0.20 0.49 IM U.S. Open End Private Real Estate (SA+CF) Median 1.55 3.60 5.16 -4.87 3.79 4.21 5.94 4.96Comparative Performance Trailing ReturnsTotal FundAs of June 30, 2025Returns 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 2330 Comparative Performance Trailing ReturnsTotal FundAs of June 30, 2025QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR InceptionInceptionDateDomestic Equity Securities10.668.0915.1718.8016.8414.1613.439.0411/01/2000 Domestic Equity Securities Policy 10.99 8.54 15.30 19.08 15.96 13.55 12.96 7.94 Difference -0.33 -0.45 -0.12 -0.28 0.87 0.61 0.47 1.09Vanguard Total Stock Market (VITSX) 10.66 (55) 8.09 (47) 15.16 (23) 18.91 (44) 15.79 (47) 13.43 (42) 12.87 (35) 13.60 (34) 02/01/2013 Vanguard Total Stock Market Index Hybrid 11.00 (37) 8.43 (38) 15.13 (24) 19.03 (41) 15.87 (45) 13.48 (40) 12.91 (33) 13.64 (32) Difference -0.34 -0.35 0.03 -0.12 -0.08 -0.05 -0.04 -0.04 Large Blend Median 10.80 7.73 13.65 18.51 15.63 13.09 12.38 13.17Foreign Equity Securities12.789.0815.6815.4313.116.587.206.7711/01/2000 Foreign Equity Securities Policy 12.03 8.94 17.72 13.99 9.86 6.45 6.14 5.15 Difference 0.75 0.14 -2.04 1.44 3.25 0.13 1.06 1.62RBC Global (Voyageur) 12.78 (27) 9.08 (75) 15.68 (81) 15.43 (65) 13.11 (57) 6.58 (77) 7.20 (55) 5.50 (29) 11/01/2007 MSCI EAFE (Net) Index 11.78 (42) 9.76 (68) 17.73 (76) 15.97 (60) 11.16 (79) 7.21 (68) 6.51 (78) 3.43 (89) Difference 1.01 -0.68 -2.05 -0.54 1.95 -0.62 0.69 2.08 MSCI EAFE Value Index (Net) 10.11 (71) 14.10 (26) 24.24 (30) 18.38 (27) 14.29 (39) 7.26 (68) 6.05 (83) 2.79 (98) Difference 2.67 -5.02 -8.56 -2.95 -1.18 -0.67 1.14 2.71 IM International Large Cap Value Equity (SA+CF) Median 10.88 11.64 22.08 16.47 13.43 8.07 7.24 4.73Returns 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 2431 Comparative Performance Trailing ReturnsTotal FundAs of June 30, 2025QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR InceptionInceptionDateTotal Fixed Income1.502.567.104.842.313.593.504.5211/01/2000 Total Fixed Policy 1.60 2.56 6.85 4.38 1.47 2.93 2.43 4.01 Difference -0.10 -0.01 0.25 0.46 0.84 0.66 1.07 0.51Galliard Core Fixed Income 1.68 (53) 2.69 (43) 7.19 (22) 4.21 (36) 1.11 (54) 2.83 (39) 2.48 (40) 3.30 (63) 10/01/2007 Bloomberg Intermed Aggregate Index 1.51 (87) 2.00 (89) 6.69 (76) 3.17 (94) 0.23 (98) 2.03 (98) 1.80 (100) 2.89 (92) Difference 0.17 0.69 0.50 1.04 0.87 0.79 0.68 0.40 IM U.S. Intermediate Duration (SA+CF) Median 1.69 2.64 6.95 3.96 1.13 2.74 2.39 3.40Vanguard Inflation-Protected Secs (VAIPX) 0.70 (29) 2.41 (17) 7.07 (7) 3.01 (20) 1.52 (48) 2.89 (39) N/A 2.70 (37) 01/01/2017 Bloomberg U.S. TIPS Index 0.48 (59) 1.65 (46) 5.84 (50) 2.34 (45) 1.61 (42) 2.99 (28) 2.67 (22) 2.81 (26) Difference 0.22 0.76 1.23 0.67 -0.08 -0.10 N/A -0.11 Inflation-Protected Bond Median 0.52 1.64 5.84 2.23 1.44 2.77 2.44 2.60Vanguard Short Term Bond Index (VSCSX) 1.81 (12) 2.93 (66) 6.84 (22) 4.71 (38) 1.94 (55) 3.00 (20) 2.55 (21) 2.50 (23) 01/01/2015 Blmbg. U.S. Corporate 1-5 Year Index 1.80 (12) 3.38 (29) 7.26 (8) 4.97 (26) 2.09 (47) 3.16 (12) 2.72 (12) 2.69 (12) Difference 0.00 -0.45 -0.42 -0.26 -0.15 -0.17 -0.17 -0.19 Short-Term Bond Median 1.49 3.13 6.37 4.44 2.02 2.55 2.12 2.08PIMCO Diversified Income Fund Instl (PDIIX) 2.76 (87) 4.15 (18) 9.37 (42) 7.89 (8) 2.73 (5) 3.70 (5) N/A 3.44 (5) 04/01/2018 Blmbg. Global Credit (Hedged) 2.17 (91) 2.56 (42) 7.62 (81) 5.60 (23) 1.37 (25) 3.08 (6) 3.26 (3) 2.91 (5) Difference 0.59 1.59 1.76 2.29 1.35 0.62 N/A 0.53 Global Bond Median 5.09 2.28 9.12 3.56 -0.44 0.71 1.26 0.11Direct Real Estate1.232.751.99-7.372.493.635.785.1210/01/2007 NCREIF Fund Index-Open End Diversified Core (EW) 1.04 3.14 3.27 -5.59 3.56 3.89 5.58 4.63 Difference 0.19 -0.39 -1.28 -1.78 -1.07 -0.26 0.20 0.49American Core Realty Fund 1.22 (76) 3.34 (67) 3.60 (73) -5.45 (73) 3.46 (60) 4.01 (60) 5.41 (71) 4.60 (72) 10/01/2007 American Core Realty Policy 1.04 (91) 3.14 (69) 3.27 (80) -5.59 (73) 3.56 (58) 3.89 (64) 5.58 (62) 5.88 (15) Difference 0.18 0.20 0.32 0.14 -0.10 0.12 -0.17 -1.28 IM U.S. Open End Private Real Estate (SA+CF) Median 1.55 3.60 5.16 -4.87 3.79 4.21 5.94 4.96Intercontinental 1.23 (71) 2.62 (73) 1.61 (94) -7.86 (89) 2.27 (80) 3.65 (73) 6.26 (16) 9.01 (30) 10/01/2010 NCREIF Fund Index-OEDC (EW) 1.04 (91) 3.14 (69) 3.27 (80) -5.59 (73) 3.56 (58) 3.89 (64) 5.58 (62) 8.15 (66) Difference 0.19 -0.52 -1.66 -2.27 -1.29 -0.23 0.68 0.86 IM U.S. Open End Private Real Estate (SA+CF) Median 1.55 3.60 5.16 -4.87 3.79 4.21 5.94 8.76Returns 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 2532 Comparative Performance - IRRQTR 1 YR 3 YR 5 YR 7 YR InceptionInceptionDateCrescent Direct Lending Fund -41.54 -12.85 2.59 5.66 5.63 6.95 10/14/2014Crescent Direct Lending II Fund -9.93 0.35 8.32 9.96 8.58 8.72 03/13/2018Comparative Performance - IRRAs of June 30, 2025Page 2633 Financial Reconciliation Quarter to DateMarket Value04/01/2025NetTransfersContributions DistributionsManagementFeesOtherExpensesIncomeApprec./Deprec.Market Value06/30/2025Total Equity48,377,292-----2,053150,0625,214,03653,739,337Domestic Equity Securities38,609,224------4,115,77742,725,001Vanguard Total Stock Market (VITSX) 38,609,224 - - - - - - 4,115,777 42,725,001Foreign Equity Securities9,768,068-----2,053150,0621,098,25811,014,336RBC Global (Voyageur) 9,768,068 - - - - -2,053 150,062 1,098,258 11,014,336Total Fixed Income19,399,982-10,560---7,799-81,427209,50419,672,554Galliard Core Fixed Income 12,478,628 - - - -7,799 - - 209,984 12,680,813Vanguard Short Term Bond Index (VSCSX) 3,064,358 - - - - - 33,728 21,643 3,119,728Vanguard Inflation-Protected Secs (VAIPX) 1,434,023 - - - - - 19,200 -9,220 1,444,002PIMCO Diversified Income Fund Instl (PDIIX) 2,033,382 - - - - - 28,500 27,655 2,089,537Crescent Direct Lending Fund 7,215 - - - - - - -2,997 4,218Crescent Direct Lending II Fund 382,377 -10,560 - - - - - -37,561 334,256Direct Real Estate4,367,866-1,080,933---6,436-37,9272,4843,320,908ARA Core Property Fund 727,667 -149,537 - - -1,609 - 5,480 1,554 583,555Intercontinental 3,640,199 -931,396 - - -4,827 - 32,447 930 2,737,353Receipt & Disbursement 3,270,252 1,091,493 523,507 -1,406,614 - -28,251 35,389 -1,784 3,483,992Total Fund Portfolio75,415,392-523,507-1,406,614-14,235-30,305304,8065,424,24080,216,790Financial Reconciliation Quarter to DateTotal Fund1 Quarter Ending June 30, 2025Page 2734 Financial Reconciliation Fiscal Year to DateMarket Value10/01/2024NetTransfersContributions DistributionsManagementFeesOtherExpensesIncomeApprec./Deprec.Market Value06/30/2025Total Equity51,390,679-1,646,774---53,226-6,433569,4983,485,59353,739,337Domestic Equity Securities39,528,851-----269,3852,926,76542,725,001Vanguard Total Stock Market (VITSX) 39,528,851 - - - - - 269,385 2,926,765 42,725,001Foreign Equity Securities11,861,828-1,646,774---53,226-6,433300,113558,82711,014,336RBC Global (Voyageur) 11,861,828 -1,646,774 - - -53,226 -6,433 300,113 558,827 11,014,336Total Fixed Income16,735,2812,473,013---23,143-188,982298,42119,672,554Galliard Core Fixed Income 12,371,422 - - - -23,143 - 8 332,526 12,680,813Vanguard Short Term Bond Index (VSCSX) 352,903 2,701,254 - - - - 48,544 17,028 3,119,728Vanguard Inflation-Protected Secs (VAIPX) 1,410,030 - - - - - 56,080 -22,108 1,444,002PIMCO Diversified Income Fund Instl (PDIIX) 2,006,202 - - - - - 84,351 -1,016 2,089,537Crescent Direct Lending Fund 43,282 -35,424 - - - - - -3,640 4,218Crescent Direct Lending II Fund 551,442 -192,817 - - - - - -24,369 334,256Direct Real Estate4,764,025-1,526,815---23,986-54,16753,5163,320,908ARA Core Property Fund 957,188 -391,338 - - -6,121 - 21,720 2,106 583,555Intercontinental 3,806,837 -1,135,476 - - -17,865 - 32,447 51,410 2,737,353Receipt & Disbursement 5,492,236 701,830 1,290,660 -4,021,208 - -111,609 133,860 -1,777 3,483,992Total Fund Portfolio78,382,2211,2541,290,660-4,021,208-100,355-118,042946,5073,835,75380,216,790Financial Reconciliation Fiscal Year to DateTotal FundOctober 1, 2024 To June 30, 2025Page 2835 Comparative Performance Fiscal Year ReturnsOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Oct-2017ToSep-2018Oct-2016ToSep-2017Oct-2015ToSep-2016Oct-2014ToSep-2015Total Fund (Net)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)0.33(24) Total Fund Policy 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) 0.59 (18) Difference 1.23 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.35 -0.26 All Public Plans-Total Fund Median 19.96 10.69 -13.66 20.70 7.42 4.31 7.59 12.15 9.79 -0.74Total Fund (Gross)24.0113.22-13.6626.488.163.1611.6314.5211.510.63 Total Fund Policy 22.55 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 0.59 Difference 1.46 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.63 0.72 0.05Total Equity32.7721.83-19.3037.069.650.8515.0119.5014.20-1.52 Total Equity Policy 32.91 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 Difference -0.13 1.25 0.07 7.01 -2.04 -1.24 0.82 0.50 1.07 0.76Domestic Equity Securities 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) -0.59 (65) Domestic Equity Securities Policy 35.19 (53) 20.46 (54) -17.63 (80) 31.88 (40) 15.00 (41) 2.92 (52) 17.58 (50) 18.71 (57) 14.96 (30) -0.49 (62) Difference 0.10 -0.05 0.16 4.92 0.35 -0.02 0.30 -0.07 0.25 -0.10 IM U.S. Large Cap Core Equity (SA+CF) Median 35.30 20.79 -14.84 30.91 13.28 3.16 17.48 19.06 13.26 0.10Foreign Equity Securities 24.32 (42) 27.57 (56) -25.79 (75) 39.45 (15) -9.19 (86) -5.36 (73) 6.76 (4) 22.69 (36) 10.74 (28) -4.36 (20) Foreign Equity Securities Policy 25.35 (36) 20.39 (87) -25.17 (73) 23.92 (79) 1.03 (26) -0.82 (29) 3.25 (24) 19.65 (55) 7.06 (63) -8.27 (41) Difference -1.03 7.19 -0.62 15.54 -10.22 -4.54 3.51 3.04 3.69 3.91 IM International Large Cap Value Equity (SA+CF) Median 23.59 28.80 -22.70 31.27 -5.61 -3.18 1.35 20.82 8.41 -9.22Total Fixed Income11.443.71-9.923.665.448.692.413.594.931.40 Total Fixed Policy 10.58 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 Difference 0.86 0.13 0.80 1.63 -0.28 0.60 3.34 3.34 1.36 -1.55Broad Mkt Fixed Income 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) 2.31 (52) Broad Mkt Fixed Income Policy 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) 2.95 (13) Difference 0.52 1.09 0.99 0.07 1.88 -0.28 0.72 0.36 0.64 -0.64 IM U.S. Intermediate Duration (SA+CF) Median 9.84 2.26 -10.37 0.05 6.10 7.73 -0.61 0.46 3.62 2.35Non-Core Fixed Income 12.54 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 8.65 Non-Core Fixed Policy 10.84 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.35 1.23 Difference 1.70 -1.72 0.17 1.43 -3.53 3.92 11.47 9.02 8.53 7.42Direct Real Estate-10.47(86)-14.98(79)26.35(14)13.82(73)3.40(16)7.75(28)10.25(24)10.01(16)11.44(45)14.27(57) NCREIF Fund Index-OEDC (EW) -7.75 (64) -12.40 (49) 22.76 (38) 15.75 (52) 1.74 (41) 6.17 (70) 8.82 (56) 7.81 (50) 10.62 (66) 14.71 (55) Difference -2.71 -2.58 3.59 -1.94 1.67 1.58 1.42 2.21 0.82 -0.44 IM U.S. Open End Private Real Estate (SA+CF) Median -6.43 -12.43 20.33 15.91 1.62 6.80 8.93 7.78 11.16 15.08Comparative Performance Fiscal Year ReturnsTotal FundAs of June 30, 2025Returns 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 2936 Comparative Performance Fiscal Year ReturnsTotal FundAs of June 30, 2025Oct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Oct-2017ToSep-2018Oct-2016ToSep-2017Oct-2015ToSep-2016Oct-2014ToSep-2015Domestic Equity Securities35.2920.41-17.4736.7915.352.8917.8818.6415.21-0.59Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 42.19 (41) 27.72 (40) -22.59 (40) 27.32 (50) 37.53 (30) 3.71 (52) 26.30 (38) 21.94 (39) 13.76 (21) 3.17 (58) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Growth Equity (SA+CF) Median 40.40 25.66 -25.01 27.29 33.75 3.81 24.74 21.08 11.84 3.89Vanguard Total Stock Market (VITSX) 35.26 (47) 20.38 (52) -18.01 (75) 32.10 (21) 15.01 (31) 2.89 (53) 17.62 (29) 18.64 (38) 15.00 (23) -0.59 (29) Vanguard Total Stock Market Index Hybrid 35.23 (47) 20.37 (52) -17.98 (74) 32.11 (21) 14.99 (31) 2.92 (52) 17.62 (29) 18.64 (38) 14.99 (24) -0.55 (28) Difference 0.03 0.01 -0.02 0.00 0.02 -0.02 0.00 -0.01 0.00 -0.04 Large Blend Median 34.97 20.47 -16.16 29.69 13.58 3.10 16.58 18.24 13.16 -1.29Brandywine GLBL Dynamic (LMBGX) N/A N/A N/A 41.75 (18) N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 27.76 (45) 14.44 (51) -11.36 (73) 35.01 (46) -5.03 (54) 4.00 (34) 9.45 (61) 15.12 (66) 16.19 (21) -4.42 (51) Difference N/A N/A N/A 6.74 N/A N/A N/A N/A N/A N/A Large Value Median 27.18 14.51 -9.39 34.38 -4.67 2.52 10.57 16.73 13.28 -4.39Vanguard Value Index Fund (VIVIX) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A CRSP U.S. Large Cap Value TR Index 29.71 (24) 14.85 (47) -6.59 (21) 32.53 (61) -3.34 (40) 3.57 (39) 13.59 (17) 17.76 (36) 16.33 (21) -2.94 (28) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Large Value Median 27.18 14.51 -9.39 34.38 -4.67 2.52 10.57 16.73 13.28 -4.39Foreign Equity Securities24.3227.57-25.7939.45-9.19-5.366.7622.6910.74-4.36RBC Global (Voyageur) 24.32 (42) 27.57 (56) -25.79 (75) 39.45 (15) -9.19 (86) -5.36 (73) 6.76 (4) 22.69 (36) 10.74 (28) -4.36 (20) MSCI EAFE (Net) Index 24.77 (38) 25.65 (69) -25.13 (73) 25.73 (75) 0.49 (27) -1.34 (31) 2.74 (30) 19.10 (57) 6.52 (70) -8.66 (44) Difference -0.45 1.93 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 4.30 MSCI EAFE Value Index (Net) 23.14 (53) 31.51 (35) -20.16 (25) 30.66 (53) -11.93 (94) -4.92 (67) -0.36 (76) 22.55 (37) 3.52 (89) -12.60 (81) Difference 1.18 -3.93 -5.63 8.79 2.74 -0.43 7.12 0.15 7.22 8.24 IM International Large Cap Value Equity (SA+CF) Median 23.59 28.80 -22.70 31.27 -5.61 -3.18 1.35 20.82 8.41 -9.22Returns 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 3037 Comparative Performance Fiscal Year ReturnsTotal FundAs of June 30, 2025Oct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Oct-2017ToSep-2018Oct-2016ToSep-2017Oct-2015ToSep-2016Oct-2014ToSep-2015Total Fixed Income11.443.71-9.923.665.448.692.413.594.931.40Galliard Core Fixed Income 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) 3.04 (25) Bloomberg Intermed Aggregate Index 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) 2.95 (31) Difference 0.45 1.20 0.99 0.35 1.19 0.42 0.50 0.19 0.79 0.09 IM U.S. Intermediate Duration (SA+CF) Median 10.19 2.57 -10.04 0.30 6.44 8.04 -0.36 0.71 3.90 2.65Galliard TIPS N/A N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 Blmbg. U.S. TIPS 1-10 Year 9.01 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 Difference N/A N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 0.44Templeton Global Bond Fund (FBNRX) N/A N/A N/A N/A N/A N/A N/A N/A 0.83 -7.63 FTSE World Government Bond Index 11.02 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 Difference N/A N/A N/A N/A N/A N/A N/A N/A -8.88 -3.80PIMCO Diversified Income Fund Instl (PDIIX) 15.38 (2) 7.23 (16) -17.61 (31) 4.87 (6) 3.63 (71) 9.52 (4) N/A N/A N/A N/A Blmbg. Global Credit (Hedged) 13.42 (21) 5.27 (21) -16.53 (26) 2.72 (19) 5.26 (50) 10.83 (3) 0.39 (8) 3.04 (36) 9.19 (39) 0.86 (3) Difference 1.96 1.96 -1.07 2.16 -1.63 -1.30 N/A N/A N/A N/A Global Bond Median 12.06 3.05 -21.16 0.49 5.15 5.90 -2.11 1.28 8.46 -5.11Vanguard Inflation-Protected Secs (VAIPX) 9.98 (35) 1.81 (28) -13.12 (87) 5.09 (46) 9.84 (37) 7.03 (18) 0.23 (45) N/A N/A N/A Bloomberg U.S. TIPS Index 9.79 (43) 1.25 (46) -11.57 (23) 5.19 (42) 10.08 (29) 7.13 (14) 0.41 (29) -0.73 (55) 6.58 (32) -0.83 (14) Difference 0.18 0.57 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A N/A Inflation-Protected Bond Median 9.68 1.13 -12.27 4.95 9.36 6.14 0.17 -0.61 6.05 -1.85Vanguard Short Term Bond Index (VSCSX) 9.66 (14) 3.78 (41) -8.13 (81) 1.37 (44) 4.91 (18) 6.71 (5) -0.14 (67) 1.55 (34) 3.40 (17) N/A Blmbg. U.S. Corporate 1-5 Year Index 9.70 (13) 4.00 (31) -8.06 (79) 1.35 (45) 5.21 (15) 6.78 (5) 0.11 (58) 1.82 (24) 3.33 (18) 1.98 (8) Difference -0.04 -0.22 -0.07 0.03 -0.30 -0.07 -0.24 -0.27 0.07 N/A Short-Term Bond Median 8.27 3.49 -6.50 1.17 3.54 4.58 0.29 1.16 2.08 0.76Direct Real Estate-10.47-14.9826.3513.823.407.7510.2510.0111.4414.27ARA Core Property Fund -8.01 (66) -12.54 (55) 25.79 (17) 13.51 (76) 1.62 (50) 6.81 (50) 8.50 (61) 7.52 (53) 9.04 (90) 13.98 (58) American Core Realty Policy -7.75 (64) -12.40 (49) 22.76 (38) 15.75 (52) 1.74 (41) 6.17 (70) 8.82 (56) 7.81 (50) 10.62 (66) 14.71 (55) Difference -0.26 -0.14 3.03 -2.24 -0.12 0.64 -0.33 -0.29 -1.59 -0.72 IM U.S. Open End Private Real Estate (SA+CF) Median -6.43 -12.43 20.33 15.91 1.62 6.80 8.93 7.78 11.16 15.08Intercontinental -11.09 (91) -15.63 (85) 26.50 (12) 13.87 (71) 4.41 (11) 8.32 (19) 11.40 (9) 11.82 (6) 13.30 (19) 13.96 (58) NCREIF Fund Index-OEDC (EW) -7.75 (64) -12.40 (49) 22.76 (38) 15.75 (52) 1.74 (41) 6.17 (70) 8.82 (56) 7.81 (50) 10.62 (66) 14.71 (55) Difference -3.34 -3.23 3.73 -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 IM U.S. Open End Private Real Estate (SA+CF) Median -6.43 -12.43 20.33 15.91 1.62 6.80 8.93 7.78 11.16 15.08Returns 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 3138 Plan Sponsor Peer Group Analysis - All Public Plans-Total FundComparative Performance0.002.004.006.008.0010.0012.0014.0016.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRTotal Fund Portfolio 7.66 (21) 6.24 (16) 11.88 (23) 13.34 (10) 12.35 (12) 6.37 (3) 11.30 (2)Total Fund Policy 7.79 (17) 6.82 (6) 12.51 (11) 12.95 (13) 12.22 (14) 6.49 (3) 10.46 (6)Median 6.73 5.22 11.11 11.33 10.60 4.73 8.81-28.00-20.00-12.00-4.004.0012.0020.0028.0036.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Total Fund Portfolio 23.78 (17) 12.98 (14)-14.02 (42) 26.26 (4) 7.92 (51) 2.78 (81)Total Fund Policy 22.55 (34) 12.76 (16)-13.16 (33) 21.33 (33) 10.06 (28) 4.31 (39)Median 21.23 10.78-14.87 20.07 7.92 3.991 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023Total Fund Portfolio-1.07(80)-0.25(20)5.31(58)1.86(8)5.82(17)9.04(33) Total Fund Policy -0.92 (76) 0.02 (13) 5.33 (57) 1.92 (7) 5.51 (25) 8.20 (50) All Public Plans-Total Fund Median -0.13 -0.95 5.45 1.16 4.86 8.18As of June 30, 2025Performance Review (Net)Total Fund PortfolioNONEPage 3239 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date0.05.010.015.020.025.0Total Fund Portfolio (%)0.05.010.015.020.0 25.0Total Fund Policy (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountTotal Fund Portfolio 20 18 (90%) 2 (10%) 0 (0%) 0 (0%)Total Fund Policy 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)10.2610.8311.4011.9712.5413.11Return (%)10.5310.6210.7110.8010.8910.9811.07 11.16Risk (Standard Deviation %)ReturnStandardDeviationTotal Fund Portfolio 12.35 11.02Total Fund Policy 12.22 10.68Median 10.60 10.658.209.029.8410.6611.4812.30Return (%)10.410.610.811.011.211.4 11.6Risk (Standard Deviation %)ReturnStandardDeviationTotal Fund Portfolio 11.30 11.41Total Fund Policy 10.46 10.89Median 8.81 10.76TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskTotal Fund Portfolio 0.83 102.06 103.01 -0.21 0.18 0.71 1.03 6.30Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.72 1.00 6.1190 D U S T Bill 10 70 12 64 14 63 4 57 0 72 N/A 0 00000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskTotal Fund Portfolio 1.51 104.80 102.00 0.41 0.55 0.76 1.04 6.58 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.72 1.00 6.4410 89810852274072N/A000000As of June 30, 2025Performance Review (Net)Total Fund PortfolioNONEPage 3340 Peer Group Analysis - Large BlendComparative Performance-4.000.004.008.0012.0016.0020.0024.0028.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRVG Total Stk Mkt (VITSX) 10.66 (55) 8.09 (47) 15.16 (23) 18.91 (46) 18.91 (44) 9.58 (58) 15.79 (47)VG Total Stk Mkt IDX 11.00 (37) 8.43 (38) 15.13 (24) 19.08 (43) 19.03 (41) 9.67 (56) 15.87 (45)Median 10.80 7.73 13.65 18.63 18.51 9.90 15.63-40.00-30.00-20.00-10.000.0010.0020.0030.0040.0050.0060.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019VG Total Stk Mkt (VITSX)35.26 (47)20.38 (52)18.01 (75)32.10 (21)15.01 (31) 2.89 (53)VG Total Stk Mkt IDX35.23 (47)20.37 (52)17.98 (74)32.11 (21)14.99 (31) 2.92 (52)Median34.9720.4716.1629.6913.58 3.101 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023VG Total Stk Mkt (VITSX) -4.83 (66) 2.63 (20) 6.55 (21) 2.88 (61) 10.00 (68) 12.17 (25) Vanguard Total Stock Market Index Hybrid -4.82 (66) 2.63 (20) 6.18 (29) 3.25 (51) 10.01 (68) 12.14 (27) Large Blend Median -4.39 2.06 5.76 3.26 10.47 11.65Performance ReviewAs of June 30, 2025VG Total Stk Mkt (VITSX)Page 3441 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date0.08.016.024.032.0GTotal Stk Mkt (VITSX) (%0.08.016.024.0 32.0Vanguard Total Stock Market Index Hybrid (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountVG Total Stk Mkt (VITSX) 20 4 (20%) 8 (40%) 8 (40%) 0 (0%)VG Total Stk Mkt IDX 20 4 (20%) 8 (40%) 8 (40%) 0 (0%)18.4018.6018.8019.0019.20Return (%)15.4015.6015.8016.00 16.20Risk (Standard Deviation %)ReturnStandardDeviationVG Total Stk Mkt (VITSX) 18.91 16.01VG Total Stk Mkt IDX 19.03 16.03Median 18.51 15.5815.5215.6015.6815.7615.8415.92Return (%)16.0016.1016.2016.3016.4016.5016.60 16.70Risk (Standard Deviation %)ReturnStandardDeviationVG Total Stk Mkt (VITSX) 15.79 16.56VG Total Stk Mkt IDX 15.87 16.57Median 15.63 16.16TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVG Total Stk Mkt (VITSX) 0.34 99.70 100.01 -0.07 -0.31 0.89 1.00 8.97VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.90 1.00 8.9790 D U S T Bill 16 05 8 42 9 88 4 57 0 90 N/A 0 00 0 00TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVG Total Stk Mkt (VITSX) 0.27 99.80 100.02 -0.05 -0.26 0.81 1.00 9.75VG Total Stk Mkt IDX 0.00 100.00 100.00 0.00 N/A 0.81 1.00 9.7590 D U S T Bill 16 56 5 31 5 65 2 74 0 81 N/A 0 00 0 00Performance ReviewAs of June 30, 2025VG Total Stk Mkt (VITSX)NONEPage 3542 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)Comparative Performance-5.000.005.0010.0015.0020.0025.0030.0035.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRRBC Global 12.78 (28) 9.08 (75) 15.68 (81) 15.33 (59) 15.43 (65) 6.07 (74) 13.11 (58)MSCI EAFE (Net) 11.78 (43) 9.76 (68) 17.73 (76) 14.59 (65) 15.97 (60) 6.42 (73) 11.16 (79)Median 10.94 11.64 22.08 16.46 16.47 8.17 13.45-55.00-40.00-25.00-10.005.0020.0035.0050.0065.0080.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019RBC Global 24.32 (42) 27.57 (56)-25.79 (75) 39.45 (15) -9.19 (86) -5.36 (73)MSCI EAFE (Net) 24.77 (38) 25.65 (69)-25.13 (73) 25.73 (75) 0.49 (27) -1.34 (31)Median 23.59 28.80-22.70 31.27 -5.61 -3.181 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023RBC Global 5.97 (74) -8.73 (74) 6.05 (86) 0.52 (44) 4.06 (48) 12.08 (5) MSCI EAFE (Net) Index 6.86 (67) -8.11 (57) 7.26 (73) -0.42 (69) 5.78 (24) 10.42 (21) IM International Large Cap Value Equity (SA+CF) Median 9.04 -7.83 8.63 0.38 3.96 8.90Performance ReviewAs of June 30, 2025RBC GlobalNONEPage 3643 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-8.00.08.016.024.0RBC Global (%)-8.00.08.016.0 24.0MSCI EAFE (Net) Index (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountRBC Global 20 0 (0%) 6 (30%) 11 (55%) 3 (15%)MSCI EAFE (Net) 20 0 (0%) 7 (35%) 7 (35%) 6 (30%)14.9615.3015.6415.9816.3216.66Return (%)15.0015.2015.4015.60 15.80Risk (Standard Deviation %)ReturnStandardDeviationRBC Global 15.43 15.60MSCI EAFE (Net) 15.97 15.15Median 16.47 15.2410.5011.2512.0012.7513.5014.25Return (%)15.1815.6416.1016.5617.0217.4817.94 18.40Risk (Standard Deviation %)ReturnStandardDeviationRBC Global 13.11 17.89MSCI EAFE (Net) 11.16 15.90Median 13.45 16.26TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskRBC Global 3.43 95.28 92.86 -0.47 -0.12 0.72 1.00 8.87MSCI EAFE (Net) 0.00 100.00 100.00 0.00 N/A 0.76 1.00 8.5590 D U S T Bill 15 16 9 24 10 82 4 56 0 76 N/A 0 00000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskRBC Global 5.25 104.35 95.05 1.14 0.39 0.63 1.08 9.67MSCI EAFE (Net) 0.00 100.00 100.00 0.00 N/A 0.58 1.00 9.2690 D U S T Bill 15 86 6 13 5 89 2 72 0 58 N/A 0 00000Performance ReviewAs of June 30, 2025RBC GlobalNONEPage 3744 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)Comparative Performance-2.000.002.004.006.008.0010.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRGalliard Core FX Inc 1.68 (53) 2.69 (43) 7.19 (22) 6.22 (25) 4.21 (36) 1.12 (47) 1.11 (54)Barclays Int Agg 1.51 (88) 2.00 (89) 6.69 (76) 5.11 (92) 3.17 (94) 0.28 (97) 0.23 (98)Median 1.69 2.64 6.96 5.82 3.95 1.07 1.13-20.00-15.00-10.00-5.000.005.0010.0015.0020.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Galliard Core FX Inc 10.84 (30) 2.62 (46)-10.50 (70) -0.02 (71) 6.85 (29) 8.50 (18)Barclays Int Agg 10.39 (41) 1.42 (90)-11.49 (87) -0.38 (88) 5.66 (77) 8.08 (47)Median 10.19 2.57-10.04 0.30 6.44 8.041 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023Galliard Core FX Inc 2.53 (29) -1.50 (49) 4.38 (32) 0.79 (35) 0.40 (29) 4.93 (39) Barclays Int Agg Index 2.61 (20) -2.07 (86) 4.60 (24) 0.46 (90) -0.42 (96) 5.50 (25) IM U.S. Intermediate Duration (SA+CF) Median 2.45 -1.52 4.23 0.74 0.15 4.72Performance ReviewAs of June 30, 2025Galliard Core FX IncNONEPage 3845 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceEarliest DateLatest Date-6.0-3.00.03.06.09.0Galliard Core FX Inc (%)-6.0-3.00.03.06.0 9.0Barclays Int Agg Index (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountGalliard Core FX Inc 20 1 (5%) 11 (55%) 8 (40%) 0 (0%)Barclays Int Agg 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)2.803.153.503.854.204.55Return (%)4.404.604.805.005.205.405.605.80 6.00Risk (Standard Deviation %)ReturnStandardDeviationGalliard Core FX Inc 4.21 4.79Barclays Int Agg 3.17 5.68Median 3.95 4.650.000.300.600.901.201.50Return (%)4.004.204.404.604.805.00 5.20Risk (Standard Deviation %)ReturnStandardDeviationGalliard Core FX Inc 1.11 4.29Barclays Int Agg 0.23 4.90Median 1.13 4.17TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskGalliard Core FX Inc 1.03 93.31 75.58 1.50 0.93 -0.05 0.84 2.85Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.21 1.00 3.5890D US T Bill 564 2666 2733 453 021 N/A 001000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskGalliard Core FX Inc 0.86 96.51 82.99 0.89 0.98 -0.37 0.87 2.86Barclays Int Agg 0.00 100.00 100.00 0.00 N/A -0.50 1.00 3.3890D US T Bill 478 2419 1772 275 050 N/A 003000Performance ReviewAs of June 30, 2025Galliard Core FX IncPage 3946 Peer Group Analysis - Short-Term BondComparative Performance-2.000.002.004.006.008.0010.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRVG ST Bond Index (VSCSX) 1.81 (12) 2.93 (66) 6.84 (22) 6.32 (36) 4.71 (38) 1.87 (57) 1.94 (55)Barclays US Corp 1-5 Yr 1.80 (12) 3.38 (29) 7.26 (8) 6.63 (20) 4.97 (26) 2.07 (41) 2.09 (47)Median 1.49 3.13 6.37 6.02 4.44 1.95 2.02-16.00-12.00-8.00-4.000.004.008.0012.0016.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019VG ST Bond Index (VSCSX) 9.66 (14) 3.78 (41)-8.13 (81) 1.37 (44) 4.91 (18) 6.71 (5)Barclays US Corp 1-5 Yr 9.70 (13) 4.00 (31)-8.06 (79) 1.35 (45) 5.21 (15) 6.78 (5)Median 8.27 3.49-6.50 1.17 3.54 4.581 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023VG ST Bond Index (VSCSX) 1.54 (74) -0.43 (76) 3.80 (10) 0.98 (58) 0.22 (90) 4.39 (8) Barclays US Corp 1-5 Yr Index 1.96 (22) -0.40 (75) 3.75 (12) 0.96 (63) 0.60 (68) 4.12 (12) Short-Term Bond Median 1.64 0.04 3.06 1.02 0.75 3.13Performance ReviewAs of June 30, 2025VG ST Bond Index (VSCSX)NONEPage 4047 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-3.00.03.06.0ST Bond Index (VSCSX)-3.00.03.0 6.0Barclays US Corp 1-5 Yr Index (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountVG ST Bond Index (VSCSX) 20 6 (30%) 5 (25%) 9 (45%) 0 (0%)Barclays US Corp 1-5 Yr 20 7 (35%) 8 (40%) 5 (25%) 0 (0%)4.204.404.604.805.005.20Return (%)2.202.402.602.803.003.203.40 3.60Risk (Standard Deviation %)ReturnStandardDeviationVG ST Bond Index (VSCSX) 4.71 3.43Barclays US Corp 1-5 Yr 4.97 3.39Median 4.44 2.401.861.921.982.042.102.16Return (%)2.402.562.722.883.043.20 3.36Risk (Standard Deviation %)ReturnStandardDeviationVG ST Bond Index (VSCSX) 1.94 3.20Barclays US Corp 1-5 Yr 2.09 3.18Median 2.02 2.38TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVG ST Bond Index (VSCSX) 0.33 97.22 101.05 -0.28 -0.75 0.06 1.01 1.83Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A 0.14 1.00 1.8190D US T Bill 335 3950 5122 446 014 N/A 002000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVG ST Bond Index (VSCSX) 0.26 97.64 100.63 -0.15 -0.57 -0.25 1.00 1.99Barclays US Corp 1-5 Yr 0.00 100.00 100.00 0.00 N/A -0.20 1.00 1.9790D US T Bill 302 3390 2630 261 020 N/A 007000Performance ReviewAs of June 30, 2025VG ST Bond Index (VSCSX)Page 4148 Peer Group Analysis - Inflation-Protected BondComparative Performance-6.00-4.00-2.000.002.004.006.008.0010.0012.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRVanguard Infl-Prot Secs 0.70 (29) 2.41 (17) 7.07 (7) 4.71 (30) 3.01 (20) 0.58 (25) 1.52 (48)Bloomberg U.S. TIPS Index 0.48 (59) 1.65 (46) 5.84 (50) 4.26 (46) 2.34 (45) 0.42 (35) 1.61 (42)Median 0.52 1.64 5.84 4.20 2.23 0.21 1.44-25.00-20.00-15.00-10.00-5.000.005.0010.0015.0020.0025.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Vanguard Infl-Prot Secs 9.98 (35) 1.81 (28)13.12 (87) 5.09 (46) 9.84 (37) 7.03 (18)Bloomberg U.S. TIPS Index 9.79 (43) 1.25 (46)11.57 (23) 5.19 (42)10.08 (29) 7.13 (14)Median 9.68 1.1312.27 4.95 9.36 6.141 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023Vanguard Infl-Prot Secs 3.86 (68) -2.08 (14) 4.55 (15) -0.20 (94) -0.30 (78) 5.73 (11) Bloomberg U.S. TIPS Index 4.17 (34) -2.88 (38) 4.12 (56) 0.79 (46) -0.08 (56) 4.71 (43) Inflation-Protected Bond Median 4.07 -2.94 4.14 0.78 -0.04 4.60Performance ReviewAs of June 30, 2025Vanguard Infl-Prot SecsNONEPage 4249 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-8.0-4.00.04.08.012.0nguard Infl-Prot Secs (-8.0-4.00.04.08.0 12.0Bloomberg U.S. TIPS Index (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountVanguard Infl-Prot Secs 20 1 (5%) 12 (60%) 7 (35%) 0 (0%)Bloomberg U.S. TIPS Index 20 8 (40%) 11 (55%) 1 (5%) 0 (0%)2.082.342.602.863.123.38Return (%)6.306.606.907.207.507.808.108.40 8.70Risk (Standard Deviation %)ReturnStandardDeviationVanguard Infl-Prot Secs 3.01 8.23Bloomberg U.S. TIPS Index 2.34 6.76Median 2.23 6.871.381.441.501.561.621.68Return (%)5.675.946.216.486.757.027.297.56 7.83Risk (Standard Deviation %)ReturnStandardDeviationVanguard Infl-Prot Secs 1.52 7.46Bloomberg U.S. TIPS Index 1.61 6.11Median 1.44 6.22TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVanguard Infl-Prot Secs 2.70 113.80 108.46 0.35 0.28 -0.14 1.16 5.75Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.28 1.00 4.8390D US T Bill 676 2611 2263 455 028 N/A 000 000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskVanguard Infl-Prot Secs 2.47 108.29 110.14 -0.28 0.00 -0.13 1.16 5.39Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A -0.15 1.00 4.3990D US T Bill 612 1775 1472 276 015 N/A 000 000Performance ReviewAs of June 30, 2025Vanguard Infl-Prot SecsNONEPage 4350 Peer Group Analysis - Global BondComparative Performance-7.00-4.00-1.002.005.008.0011.0014.0017.0020.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRPIMCO Div Inc Fd Instl 2.76 (87) 4.15 (18) 9.37 (42) 9.03 (2) 7.89 (8) 1.54 (12) 2.73 (5)Blmbg. Global Credit Hed 2.17 (91) 2.56 (42) 7.62 (81) 7.14 (19) 5.60 (23) 0.57 (23) 1.37 (25)Median 5.09 2.28 9.12 5.33 3.56 -1.81 -0.44-36.00-28.00-20.00-12.00-4.004.0012.0020.0028.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019PIMCO Div Inc Fd Instl15.38 (2) 7.23 (16)17.61 (31) 4.87 (6) 3.63 (71) 9.52 (4)Blmbg. Global Credit Hed13.42 (21) 5.27 (21)16.53 (26) 2.72 (19) 5.26 (50)10.83 (3)Median12.06 3.0521.16 0.49 5.15 5.901 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023PIMCO Div Inc Fd Instl 2.05 (77) -0.68 (10) 5.01 (79) 0.57 (4) 1.34 (3) 7.81 (59) Blmbg. Global Credit (Hedged) 1.54 (85) -1.15 (13) 4.93 (79) 0.32 (9) 0.40 (6) 7.32 (69) Global Bond Median 3.02 -5.28 6.91 -1.19 -1.62 8.43Performance ReviewAs of June 30, 2025PIMCO Div Inc Fd InstlPage 4451 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-8.0-4.00.04.08.012.0MCO Div Inc Fd Instl (%-8.0-4.00.04.08.0 12.0Blmbg. Global Credit (Hedged) (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountPIMCO Div Inc Fd Instl 18 18 (100%) 0 (0%) 0 (0%) 0 (0%)Blmbg. Global Credit Hed 20 18 (90%) 2 (10%) 0 (0%) 0 (0%)2.004.006.008.0010.00Return (%)6.116.587.057.527.998.468.939.40 9.87Risk (Standard Deviation %)ReturnStandardDeviationPIMCO Div Inc Fd Instl 7.89 7.07Blmbg. Global Credit Hed 5.60 6.60Median 3.56 9.06-1.500.001.503.004.50Return (%)5.606.006.406.807.207.608.008.40 8.80Risk (Standard Deviation %)ReturnStandardDeviationPIMCO Div Inc Fd Instl 2.73 7.19Blmbg. Global Credit Hed 1.37 6.29Median -0.44 8.37TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskPIMCO Div Inc Fd Instl 1.31 113.80 91.94 1.89 1.67 0.48 1.05 3.75Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A 0.18 1.00 3.7890D US T Bill 657 2205 2797 453 018 N/A 001000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskPIMCO Div Inc Fd Instl 1.76 117.95 103.22 1.22 0.79 0.03 1.11 4.73Blmbg. Global Credit Hed 0.00 100.00 100.00 0.00 N/A -0.19 1.00 4.1990D US T Bill 616 1790 1467 272 019 N/A 003000Performance ReviewAs of June 30, 2025PIMCO Div Inc Fd InstlNONEPage 4552 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Comparative Performance-20.00-16.00-12.00-8.00-4.000.004.008.0012.0016.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRAmerican Core RE 1.22 (76) 3.34 (67) 3.60 (73) -3.59 (78) -5.45 (73) 2.52 (51) 3.46 (60)American Core RE Policy 1.04 (91) 3.14 (69) 3.27 (80) -3.40 (71) -5.59 (73) 2.28 (64) 3.56 (58)Median 1.55 3.60 5.16 -2.34 -4.87 2.52 3.79-36.00-28.00-20.00-12.00-4.004.0012.0020.0028.0036.0044.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019American Core RE -8.01 (66)12.54 (55)25.79 (17)13.51 (76) 1.62 (50) 6.81 (50)American Core RE Policy -7.75 (64)12.40 (49)22.76 (38)15.75 (52) 1.74 (41) 6.17 (70)Median -6.4312.4320.3315.91 1.62 6.801 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023American Core RE 1.11 (57) 0.97 (57) 0.25 (54) -0.18 (32) -2.22 (60) -5.99 (82) American Core RE Policy 1.03 (64) 1.04 (52) 0.13 (67) -0.63 (46) -2.19 (56) -5.22 (71) IM U.S. Open End Private Real Estate (SA+CF) Median 1.18 1.07 0.28 -0.69 -2.11 -4.10Performance ReviewAs of June 30, 2025American Core RENONEPage 4653 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-16.0-8.00.08.016.024.0American Core RE (%)-16.0-8.00.08.016.0 24.0American Core RE Policy (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountAmerican Core RE 20 1 (5%) 11 (55%) 8 (40%) 0 (0%)American Core RE Policy 20 0 (0%) 12 (60%) 8 (40%) 0 (0%)-6.00-5.70-5.40-5.10-4.80-4.50-4.20Return (%)4.204.404.604.805.00 5.20Risk (Standard Deviation %)ReturnStandardDeviationAmerican Core RE -5.45 5.00American Core RE Policy -5.59 4.46Median -4.87 4.713.403.603.804.00Return (%)7.427.497.567.637.707.777.84 7.91Risk (Standard Deviation %)ReturnStandardDeviationAmerican Core RE 3.46 7.82American Core RE Policy 3.56 7.54Median 3.79 7.50TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskAmerican Core RE 0.84 124.12 102.37 0.63 0.20 -1.78 1.08 5.50American Core RE Policy 0.00 100.00 100.00 0.00 N/A -1.97 1.00 5.1490 D U S T Bill 5 12 246 71 14 41 4 45 1 97 N/A 0 02 0 00TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskAmerican Core RE 1.12 100.31 102.37 -0.17 -0.07 0.12 1.03 4.26American Core RE Policy 0.00 100.00 100.00 0.00 N/A 0.13 1.00 3.9890D US T Bill 802 2656 1441 292 013 N/A 004 000Performance ReviewAs of June 30, 2025American Core RENONEPage 4754 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Comparative Performance-20.00-16.00-12.00-8.00-4.000.004.008.0012.0016.00ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YRIntercontinental 1.23 (71) 2.62 (73) 1.61 (94) -4.87 (84) -7.86 (89) 0.77 (81) 2.27 (80)NCREIF Fund-OEDC-EW 1.04 (91) 3.14 (69) 3.27 (80) -3.40 (71) -5.59 (73) 2.28 (64) 3.56 (58)Median 1.55 3.60 5.16 -2.34 -4.87 2.52 3.79-36.00-28.00-20.00-12.00-4.004.0012.0020.0028.0036.0044.00ReturnOct-2023ToSep-2024Oct-2022ToSep-2023Oct-2021ToSep-2022Oct-2020ToSep-2021Oct-2019ToSep-2020Oct-2018ToSep-2019Intercontinental11.09 (91)15.63 (85)26.50 (12)13.87 (71) 4.41 (11) 8.32 (19)NCREIF Fund-OEDC-EW -7.75 (64)12.40 (49)22.76 (38)15.75 (52) 1.74 (41) 6.17 (70)Median -6.4312.4320.3315.91 1.62 6.801 QtrEndingMar-20251 QtrEndingDec-20241 QtrEndingSep-20241 QtrEndingJun-20241 QtrEndingMar-20241 QtrEndingDec-2023Intercontinental 0.69 (74) 0.68 (65) -0.99 (97) -0.09 (28) -3.73 (88) -6.65 (85) NCREIF Fund Index-OEDC (EW) 1.03 (64) 1.04 (52) 0.13 (67) -0.63 (46) -2.19 (56) -5.22 (71) IM U.S. Open End Private Real Estate (SA+CF) Median 1.18 1.07 0.28 -0.69 -2.11 -4.10Performance ReviewAs of June 30, 2025IntercontinentalNONEPage 4855 Peer Group Scattergram - 3 Years3 Yr Rolling Under/Over Performance - 5 YearsPeer Group Scattergram - 5 Years3 Yr Rolling Percentile Ranking - 5 YearsHistorical Statistics - 3 YearsHistorical Statistics - 5 YearsOver PerformanceUnder PerformanceEarliest DateLatest Date-16.0-8.00.08.016.024.0Interco ntin ental (%)-16.0-8.00.08.016.0 24.0NCREIF Fund Index-OEDC (EW) (%)OverPerformanceUnderPerformance0.025.050.075.0100.0Return Percentile Rank9/203/219/213/229/223/239/233/249/246/25Total Period5-25Count25-MedianCountMedian-75Count75-95CountIntercontinental 20 10 (50%) 1 (5%) 5 (25%) 4 (20%)NCREIF Fund-OEDC-EW 20 0 (0%) 12 (60%) 8 (40%) 0 (0%)-8.82-7.84-6.86-5.88-4.90-3.92-2.94Return (%)4.064.354.644.935.225.515.806.09 6.38Risk (Standard Deviation %)ReturnStandardDeviationIntercontinental -7.86 5.89NCREIF Fund-OEDC-EW -5.59 4.46Median -4.87 4.712.002.503.003.504.004.50Return (%)7.257.507.758.008.258.508.75 9.00Risk (Standard Deviation %)ReturnStandardDeviationIntercontinental 2.27 8.77NCREIF Fund-OEDC-EW 3.56 7.54Median 3.79 7.50TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskIntercontinental 2.29 76.57 128.40 -0.98 -1.01 -2.05 1.24 6.98NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A -2.19 1.00 5.1490 D U S T Bill 4 61 120 53 39 86 4 41 2 19 N/A 0 03000TrackingErrorUpMarketCaptureDownMarketCaptureAlphaInformationRatioSharpeRatioBetaDownsideRiskIntercontinental 2.71 100.43 128.40 -1.58 -0.43 -0.01 1.11 5.41NCREIF Fund-OEDC-EW 0.00 100.00 100.00 0.00 N/A 0.12 1.00 3.9890D US T Bill 843 1331 3986 321 012 N/A 011000Performance ReviewAs of June 30, 2025IntercontinentalNONEPage 4956 Private Equity Summary of PartnershipPartnershipsValuationDateVintageYearInvestmentStrategyCapitalCommitment$DrawnDown$MarketValue$Distributed$IRR(%)TVPIMultipleICM/PMECrescent Direct Lending Fund 06/30/2025 2014 Other 2,000,000 3,055,050 4,218 3,648,912 7.0 1.2 1.6Crescent Direct Lending II Fund 06/30/2025 2017 Other 2,000,000 2,110,851 334,256 2,343,286 8.7 1.3 2.0Private Equity Summary of PartnershipCrescent Direct Lending FundAs of June 30, 2025Page 5057 Comparative Performance - IRR1QuarterEndingMar-20251YearEndingMar-20252YearsEndingMar-20253YearsEndingMar-20254YearsEndingMar-20255YearsEndingMar-2025SinceInceptionEndingMar-2025InceptionDateCrescent Direct Lending Fund -20.36 30.24 14.50 3.89 4.61 6.22 6.98 10/14/2014 ICM/PME (Bloomberg Intermed Aggregate Index) 2.61 2.47 2.48 -2.86 -4.21 -1.67 1.69Crescent Direct Lending II Fund 0.00 14.37 11.49 10.09 11.11 10.84 9.24 03/13/2018 ICM/PME (Bloomberg Intermed Aggregate Index) 2.63 5.79 3.62 0.65 -1.15 -0.06 2.04Winter Springs General Employees General Plan and TrustComparative Performance - IRRAs of June 30, 2025Page 5158 Fund InformationType of Fund:DirectVintage Year:2014Strategy Type:OtherManagement Fee:1.35% of invested equity capitalSize of Fund:-Preferred Return:7.00%Inception:09/05/2014General Partner:CDL Levered General Partner, Ltd.Final Close:9/5/2015 expectedNumber 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 toenhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage.Cash Flow SummaryCapital Committed:$2,000,000Capital Invested:$3,055,050Management Fees:$70,322Expenses:$203,423Interest:-Total Contributions:$3,055,050Remaining Capital Commitment:$182,930Total Distributions:$3,648,912Market Value:$4,218Inception Date:10/14/2014Inception IRR:7.0TVPI:1.2Cash Flow AnalysisNet Asset ValueDistributionContributions$0.0$1,100,000.0$2,200,000.0$3,300,000.0$4,400,000.0$5,500,000.0-$1,100,000.010/147/154/161/1710/177/184/191/2010/207/214/221/2310/237/246/25Private Equity Fund OverviewCrescent Direct Lending FundAs of June 30, 2025Page 5259 Fund InformationType of Fund:DirectVintage Year:2017Strategy Type:OtherManagement Fee:.75%Size of Fund:1,500,000,000Preferred Return:7.00%Inception:09/27/2017General Partner:Crescent Direct Lending II GP, LLCFinal 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 lienloans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms.Cash Flow SummaryCapital Committed:$2,000,000Capital Invested:$2,110,851Management Fees:$16,605Expenses:$19,342Interest:-Total Contributions:$2,110,851Remaining Capital Commitment:$1,160,843Total Distributions:$2,343,286Market Value:$334,256Inception Date:03/13/2018Inception IRR:8.7TVPI:1.3Cash Flow AnalysisNet Asset ValueDistributionContributions$0.0$700,000.0$1,400,000.0$2,100,000.0$2,800,000.0-$700,000.03/189/183/199/193/209/203/219/213/229/223/239/233/249/246/25Private Equity Fund OverviewCrescent Direct Lending II FundAs of June 30, 2025Page 5360 Total Fund PolicyAllocation Mandate Weight (%)Jan-1976S&P 500 Index 65.00Blmbg. U.S. Aggregate Index 30.00MSCI EAFE Index 5.00Oct-2003S&P 500 Index 60.00Blmbg. U.S. Aggregate Index 30.00MSCI EAFE Index 10.00Sep-2006S&P 500 Index 60.00Bloomberg Intermed Aggregate Index 40.00Oct-2009Russell 3000 Index 50.00Bloomberg Intermed Aggregate Index 25.00MSCI EAFE Index 15.00Bloomberg U.S. TIPS Index 5.00NCREIF Property Index 5.00Oct-2010Russell 3000 Index 50.00Bloomberg Intermed Aggregate Index 20.00MSCI EAFE Index 15.00Bloomberg U.S. TIPS Index 5.00NCREIF Fund Index-Open End Diversified Core (EW) 10.00Sep-2020Russell 3000 Index 50.00MSCI AC World ex USA (Net) 15.00Bloomberg Intermed Aggregate Index 15.00Blmbg. U.S. TIPS 1-5 Year 3.00Blmbg. Global Credit (Hedged) 3.00NCREIF Fund Index-Open End Diversified Core (EW) 10.00S&P UBS Leveraged Loan Index 4.00American Core Realty PolicyAllocation Mandate Weight (%)Oct-2007NCREIF Property Index 100.00Oct-2010NCREIF Fund Index-Open End Diversified Core (EW) 100.00Vanguard Total Stock Market PolicyAllocation Mandate Weight (%)Jun-2003MSCI US Broad Market Index 100.00Feb-2013CRSP U.S. Total Market TR Index 100.00Benchmark HistoryInvestment Policy BenchmarksAs of June 30, 2025Page 5461 Total Equity PolicyAllocation Mandate Weight (%)Jan-1970S&P 500 Index 90.00MSCI EAFE Index 10.00Oct-2003S&P 500 Index 85.00MSCI EAFE Index 15.00Sep-2006S&P 500 Index 100.00Oct-2009Russell 3000 Index 77.00MSCI EAFE Index 23.00Sep-2020Russell 3000 Index 77.00MSCI AC World ex USA (Net) 23.00Domestic Equity Securities PolicyAllocation Mandate Weight (%)Jan-1926S&P 500 Index 100.00Oct-2009Russell 3000 Index 100.00Foreign Equity PolicyAllocation Mandate Weight (%)Nov-2000MSCI EAFE Index 100.00Sep-2020MSCI AC World ex USA (Net) 100.00Benchmark HistoryInvestment Policy BenchmarksAs of June 30, 2025Page 5562 Total Fixed PolicyAllocation Mandate Weight (%)Nov-2000Blmbg. U.S. Aggregate Index 100.00Sep-2006Bloomberg Intermed Aggregate Index 100.00Sep-2020Bloomberg Intermed Aggregate Index 60.00Bloomberg U.S. TIPS Index 12.00Blmbg. Global Credit (Hedged) 12.00S&P UBS Leveraged Loan Index 16.00Broad Mkt Fixed IncomeAllocation Mandate Weight (%)Nov-2000Blmbg. U.S. Aggregate Index 100.00Sep-2006Bloomberg Intermed Aggregate Index 100.00Non-Core Fixed PolicyAllocation Mandate Weight (%)Oct-2014S&P UBS Leveraged Loan Index 100.00Dec-2016S&P UBS Leveraged Loan Index 50.00Bloomberg U.S. TIPS Index 50.00Mar-2018S&P UBS Leveraged Loan Index 41.00Bloomberg U.S. TIPS Index 20.00Blmbg. Global Credit (Hedged) 39.00Sep-2020Bloomberg U.S. TIPS Index 30.00Blmbg. Global Credit (Hedged) 30.00S&P UBS Leveraged Loan Index 40.00Benchmark HistoryInvestment Policy BenchmarksAs of June 30, 2025Page 5663 Compliance Checklist Total FundAs of June 30, 2025Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7% actuarial earnings assumption over the trailing three and five year periods. **92. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.93. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.9 ** ROR reduced to 7% from 7.5%.Equity Compliance:Yes No N/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.92. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.93. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.94. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.95. The total equity allocation was less than 75% of the total plan assets at market.96. Total foreign equity was less than 25% of the total plan assets at market.9Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.92. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.93. All separately managed fixed income investments have a minimum rating of investment grade or higher.9Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period.999 992. Manager outperformed the index over the trailing five year period.99 9 9 93. Manager ranked within the top 40th percentile over the trailing three year period.999994. Manager ranked within the top 40th percentile over the trailing five year period.999995. Less than four consecutive quarters of under performance relative to the benchmark.999996. Three and five year down-market capture ratio less than the index.99 9 9 9Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period.999992. Manager outperformed the index over the trailing five year period.999993. Manager ranked within the top 40th percentile over the trailing three year period.999994. Manager ranked within the top 40th percentile over the trailing five year period.999995. Less than four consecutive quarters of under performance relative to the benchmark.999 996. Three and five year down-market capture ratio less than the index.9 9999Manager Compliance:Vanguard Total Galliard VG S-T Bond Vanguard TIPsRBC GlobalCresecent IIAmerican RE IntercontinentalManager Compliance:Crescent PIMCOPage 5764 EstimatedAnnual Fee(%)Market Value($)EstimatedAnnual Fee($)Fee ScheduleVanguard Total Stock Market (VITSX) 0.03 42,725,001 12,818 0.03 % of AssetsDomestic Equity Securities0.0342,725,00112,818RBC Global (Voyageur) 0.95 11,014,336 104,636 0.95 % of AssetsForeign Equity Securities0.9511,014,336104,636Galliard Core Fixed Income 0.25 12,680,813 31,702 0.25 % of AssetsVanguard Inflation-Protected Secs (VAIPX) 0.10 1,444,002 1,444 0.10 % of AssetsVanguard Short Term Bond Index (VSCSX) 0.07 3,119,728 2,184 0.07 % of AssetsPIMCO Diversified Income Fund Instl (PDIIX) 0.79 2,089,537 16,507 0.79 % of AssetsCrescent Direct Lending Fund 1.35 4,218 57 1.35 % of AssetsCrescent Direct Lending II Fund 0.75 334,256 2,507 0.75 % of AssetsTotal Fixed Income0.2819,672,55454,401Intercontinental 1.10 2,737,353 30,111 1.10 % of AssetsARA Core Property Fund 1.10 583,555 6,419 1.10 % of AssetsDirect Real Estate1.103,320,90836,530Receipt & Disbursement3,483,992 -Total Fund0.2680,216,790208,385Winter Springs General Employees General Plan and TrustFee AnalysisAs of June 30, 2025Fee 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 5865 DisclosuresNeither Mariner Institutional (formerly AndCo), nor any covered associates have made political contributions to any official associated with the Winter Springs GeneralEmployees General Plan and Trust, in excess of the permitted amount.DisclosuresTotal FundAs of June 30, 2025Page 5966 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 6067 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 6168 Accessto a wealth of knowledge and solutions.69