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HomeMy WebLinkAbout2026 08 13 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, AUGUST 13, 2026 - 5:30 PM CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1 CALL TO ORDER Roll Call Invocation Pledge of Allegiance Agenda Changes AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. CONSENT AGENDA 300. Approval of the Minutes: Thursday, May 14, 2026 Board of Trustees Regular Meeting 2026 05 14 BOT Regular Meeting Minutes.pdf PUBLIC HEARINGS AGENDA Pursuant to F.S. § 286.0115, if the mayor or any city commissioner receives and/or sends ex parte communications regarding any application filed with the city, the mayor or any city commissioner must publicly disclose such communications before or during the hearing at which a vote is taken on the quasi-judicial matter, so that persons who have opinions contrary to those expressed in the ex parte communications are given a reasonable opportunity to refute or respond to the communications. 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report and Asset Allocation Analysis from Mariner 2026-06-30_Winter_Springs_General__QTRLY_Report_.pdf REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT 2 PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. "If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based" - per Section 286.0105 Florida Statutes. 3 CONSENT AGENDA ITEM 300 BOARD OF TRUSTEES AGENDA | AUGUST 13, 2026 REGULAR MEETING TITLE Approval of the Minutes: Thursday, May 14, 2026 Board of Trustees Regular Meeting SUMMARY FUNDING SOURCE RECOMMENDATION Staff recommends the Board review and approve the Thursday, May 14, 2026 Board of Trustees Regular Meeting minutes as presented. 4 BOARD OF TRUSTEES REGULAR MEETING MINUTES MAY 14, 2026 CITY HALL – COMMISSION CHAMBERS CITY OF WINTER SPRINGS, FLORIDA CALL TO ORDER City Clerk Christian Gowan called the Regular Meeting of Thursday, May 14, 2026, 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 via telephone Board Member Brandon Fair, present Board Member Karl Furno, present City Clerk Christian Gowan, present Also present: Mr. Jack Evatt, Director of Institutional Advisory Services, Mariner Ms. Shelly Jones, Consultant, Gabriel, Roeder, Smith & Company Mr. Kevin Sweet, City Manager Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Administrative Services and Operations Department Chair Santoro held a moment of silence and then led the Pledge of Allegiance. No changes were noted for the agenda and the agenda was adopted. 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, April 9, 2025 Board of Trustees Regular Meeting Minutes No discussion. 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 14, 2026 PAGE 2 OF 4 MOTION TO APPROVE THE MINUTES. MOTION BY BOARD MEMBER FAIR. SECONDED BY VICE CHAIR FAREED. VOTE: BLAKE (AYE); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 5-0. PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500) Quarterly Investment Return Report and Asset Allocation Analysis from Mariner Investment Advisor Jack Evatt presented the quarterly investment performance review for the period ending March 31, 2026, and an accompanying asset allocation analysis. He noted that much of the quarter-end data had been superseded by subsequent market events, with the fund recovering from a low of $82.8 million at March 31 to approximately $89.9 million as of the day prior to the meeting. Mr. Evatt noted that domestic equity had risen to approximately 56% of the portfolio as of the day prior, exceeding the Investment Policy Statement's maximum target of 55%. He recommended transferring $5,000,000 from the Vanguard Total Stock Market fund to the Galliard Core Fixed Income Fund to return domestic equity weighting to its 50% target. Discussion followed on inflation risk, interest rate uncertainty, and the value of voluntary rebalancing over a market-forced reduction. Mr. Evatt also presented the asset allocation analysis, which modeled five hypothetical portfolio mixes illustrating the effect of various combinations of equity, fixed income, core real estate, direct lending, and bank loans on expected return, standard deviation, and Sharpe ratio. The Board agreed that this was the beginning of a longer discussion regarding investment policy targets and asset class selection, with no motion on allocation changes sought at this meeting. MOTION TO TRANSFER FIVE MILLION DOLLARS ($5,000,000.00) FROM THE VANGUARD TOTAL STOCK MARKET FUND TO THE GALLIARD CORE FIXED INCOME FUND. MOTION BY BOARD MEMBER FAIR. SECONDED BY VICE CHAIR FAREED. DISCUSSION. VOTE: BLAKE (NAY); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 4-1. 501) GRS Actuarial Valuation Report of the Defined Benefit Plan – October 1, 2025 Actuary Shelly Jones of Gabriel, Roeder, Smith & Company presented the October 1, 2025 actuarial valuation of the defined benefit plan. She reported a strong year overall, with investment returns significantly exceeding the 6.75% assumption, a declining unfunded actuarial accrued liability (from $7.3 million to $5.9 million), and an improved actuarial funded ratio of 92.8% on a smoothed basis. The plan's required minimum contribution decreased to $1,070,408, or 24.7% of payroll, with the city's share at $853,726 (19.7% of payroll)—noted as low relative to peers given the inclusion of sworn officers. 6 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 14, 2026 PAGE 3 OF 4 Ms. Jones further commented on updates to the mortality assumption pursuant to Florida Statute to align with the Florida Retirement System tables and noted the plan holds $7.6 million in total deferred actuarial gains, providing a buffer in the anticipated volatile fiscal year 2026 environment. Long-term investment performance has outpaced the assumed rate by a substantial margin over three, five, and ten years. Ms. Jones asked that the Board accept the report and noted that, upon approval, GRS would submit the required 140 data items and the valuation report to the State of Florida within the statutory 60-day compliance window. MOTION TO ACCEPT THE GRS ACTUARIAL VALUATION REPORT OF THE DEFINED BENEFIT PLAN AS OD OCTOBER 1, 2025. MOTION BY BOARD MEMBER FAIR. SECONDED BY VICE CHAIR FAREED. DISCUSSION VOTE: BLAKE (AYE); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 5-0. 502) Updated Actuarial Projection Study as of October 1, 2025 City Manager Kevin Sweet presented the updated actuarial projection study, prepared by GRS, outlining proposed pension plan design changes intended to improve the city's competitiveness with neighboring Seminole County agencies and the Florida Retirement System. He described approximately twelve months of internal analysis and discussions with law enforcement leadership preceding the proposal. City Manager Sweet noted the city's recommended scenario (Scenario 7) combined four individual changes: (1) increasing the maximum accrued benefit cap from 90% to 99% of average final compensation, achieved by extending the accrual period from 30 to 33 years at the existing 3% multiplier; (2) increasing pensionable overtime from 150 to 300 hours annually; (3) adding a normal retirement eligibility provision allowing unreduced retirement upon completion of 30 years of service regardless of age; and (4) establishing a Deferred Retirement Option Program (DROP) with a maximum participation period of 3 years, a 4% fixed annual interest credit, and eligibility at age 55 with 15 years of service or upon normal retirement. City Manager Sweet confirmed that all proposed changes are prospective only and would not retroactively alter any existing benefit for current retirees or active members. It was further noted that the corresponding increase in unfunded actuarial accrued liability under Scenario 7 was approximately $1.4 million, moving from $7.3 million to $8.7 million, while the city's required contribution as a percentage of payroll remained manageable and the city intends to continue budgeting at 30% of payroll in FY27. Board Member Blake advised that the Board of Trustees should exercise care not to endorse or recommend a specific plan design to the City Commission, as benefit design is solely a policy matter within the Commission's authority. He noted that the board's appropriate role is to confirm it has received and understood the proposed changes and that it could administer the trust under any scenario the Commission may adopt. City Manager Sweet concurred with that characterization. Chair Santoro and Board Member Blake both acknowledged the value of the city administration bringing the study before the board for informational purposes. MOTION THAT THE BOARD OF TRUSTEES ACCEPT THE SPECIAL ACTUARIAL PROJECTION STUDY OUTLINING THE COST PROVISIONS WITH RESPECT TO SEVERAL NEW BENEFIT SCENARIOS, AND THAT THE BOARD NOTIFY THE COMMISSION THAT IT WOULD BE ABLE TO SUPPORT AND MANAGE THE TRUST UNDER ANY OF THOSE SCENARIOS THE COMMISSION MAY ELECT TO EMPLOY. MOTION BY 7 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 14, 2026 PAGE 4 OF 4 BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 5-0. PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the meeting at 7:23p.m. RESPECTFULLY SUBMITTED: ___________________________________ CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK NOTE: These Minutes were approved at the August 13, 2026 Board of Trustees Regular Meeting. 8 REGULAR AGENDA ITEM 500 BOARD OF TRUSTEES AGENDA | AUGUST 13, 2026 REGULAR MEETING TITLE Quarterly Investment Return Report and Asset Allocation Analysis from Mariner SUMMARY FUNDING SOURCE RECOMMENDATION Mariner requests the Board accept the Quarterly Investment Report for the period ending June 30, 2026 9 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="06/30/2026" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2026 Winter Springs General Employees General Plan and Trust 10 2nd Quarter 2026 Market Environment Page 1 11 The Market Environment Executive Summary As of June 30, 2026 The Economy ▪Economic growth remained resilient despite restrictive monetary policy and geopolitical uncertainty,supported by healthy labor markets,continued business investment,and steady consumer spending.Corporate capital expenditures, particularly those tied to artificial intelligence infrastructure,continued to provide an important source of economic momentum. ▪Inflation temporarily accelerated as higher energy prices flowed through headline inflation measures,prompting the Federal Reserve to maintain a cautious policy stance.While policymakers left interest rates unchanged during the quarter,expectations shifted toward higher-for-longer rates as markets reassessed the path of monetary policy. ▪Looking ahead,easing oil prices and moderating inflation pressures should provide a more constructive backdrop,although the pace of economic growth will likely depend on continued business investment,labor market stability,and the Federal Reserve's ability to balance inflation control with sustaining economic expansion. Equity (Domestic and International) ▪Global equity markets posted strong gains as geopolitical concerns eased, corporate earnings remained resilient,and investor enthusiasm surrounding artificial intelligence fueled another leg higher in risk assets.U.S.equities recovered quickly from first-quarter volatility and finished the quarter near record highs. ▪Technology remained the market leader,driven by semiconductor manufacturers and companies supporting AI infrastructure,while improving market breadth allowed small-and mid-cap stocks,Industrials,and Financials to participate more meaningfully in the rally.International equities also advanced, with emerging markets benefiting from significant exposure to semiconductor production and AI supply chains. ▪While AI continues to drive market leadership,improving participation across sectors and company sizes is a constructive development for diversified portfolios.Continued earnings growth and expanding leadership beyond mega- cap Technology could provide a healthier foundation for equity returns going forward. Fixed Income ▪Bond markets generated modest positive returns despite higher Treasury yields and evolving interest rate expectations.Strong corporate fundamentals supported investment-grade and high-yield credit,allowing corporate bonds to outperform comparable government securities. ▪Interest rate volatility remained elevated as markets weighed persistent inflation against easing energy prices and changing Federal Reserve expectations.Although policymakers maintained current policy rates,investors increasingly priced in the possibility that interest rates could remain elevated for longer. ▪Higher bond yields continue to improve the outlook for fixed income investors by providing more attractive income opportunities and restoring bonds'role as an important source of diversification within balanced portfolios,even if near-term rate volatility persists. Market Themes ▪Artificial intelligence remained the dominant investment theme,with continued spending on semiconductors,data centers,electrical infrastructure,and cloud computing supporting earnings growth across Technology,Industrials, Utilities,and Materials.Corporate investment plans suggest the AI buildout remains in its early stages. ▪Market leadership broadened as improving economic confidence and attractive valuations supported stronger performance among small-and mid-cap companies alongside continued strength in Technology.Meanwhile,declining oil prices and easing geopolitical tensions helped reduce one of the market's largest near-term risks. ▪Investors will continue focusing on several key themes through the remainder of the year,including the sustainability of AI-driven earnings growth,the trajectory of inflation and Federal Reserve policy,and whether broader market participation continues alongside elevated equity valuations. Page 2 12 The Market Environment Major Market Index Performance As of June 30, 2026 ▪Small caps led domestic markets as participation broadened beyond mega- cap Technology. ▪Emerging markets benefited from semiconductor strength and continued AI infrastructure spending. ▪Developed international equities advanced but trailed emerging markets due to lower Technology exposure. ▪Investment-grade bonds posted modest gains despite rising Treasury yields and policy uncertainty. ▪Cash and government debt lagged as investors favored equities and credit over defensive positioning. ▪Emerging markets led returns,driven by AI-related semiconductor demand across Asia. ▪Small caps outpaced large caps as improving fundamentals attracted broader investor interest. ▪Developed international stocks generated solid gains despite more modest Technology exposure. ▪Corporate bonds outperformed Treasuries as credit spreads remained historically tight with structured MBS outperforming over the full year. ▪Treasury bills provided stability and income but trailed risk assets over the period. Source: Investment Metrics 0.9% 1.4% 0.6% 0.9% 0.3% 0.7% 24.1% 10.8% 14.5% 21.5% 13.8% 15.1% 15.4% 15.2% 0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 3.9% 4.3% 5.2% 3.4% 2.7% 3.8% 43.5% 20.2% 27.7% 40.8% 21.6% 22.0% 22.8% 22.3% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3 13 Source:Investment Metrics The Market Environment Domestic Equity Style Index Performance As of June 30,2026 ▪Small-cap growth led domestic equities as AI-related enthusiasm expanded beyond mega-cap Technology. ▪Improving market breadth supported stronger returns across mid-and small- cap companies. ▪Growth outperformed value in every capitalization segment as Technology leadership reaccelerated. ▪Large-cap stocks posted strong gains,though leadership broadened beyond the largest Technology companies. ▪Investor optimism surrounding capital spending and economic resilience favored cyclical sectors over defensives which benefitted growth at the relative expense of value. ▪Broad participation across styles and market capitalizations reflected improving confidence in the economic outlook. ▪Small-cap value outperformed as improving fundamentals narrowed the performance gap with large-cap stocks. ▪Value stocks generally outpaced growth over the year despite Technology's strong quarterly rebound. ▪Large-cap returns remained supported by resilient earnings and continued AI- related investment. ▪Mid-cap value outperformed growth as industrial,financial,and cyclical sectors strengthened. ▪Smaller companies benefited from improving domestic growth expectations and attractive relative valuations. ▪The sharp quarterly recovery in growth stocks narrowed,but did not eliminate, value's one-year leadership. 25.7% 21.5% 17.2% 14.5% 13.8% 13.4% 16.7% 15.1% 13.9% 17.1% 15.4% 14.0% 0.0%5.0%10.0%15.0%20.0%25.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series 38.7% 40.8% 43.0% 6.2% 21.6% 26.6% 17.7% 22.0% 27.1% 18.2% 22.8% 27.8% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series Page 4 14 The Market Environment GICS Sector Performance &(Sector Weight) As of June 30,2026 Source:Morningstar Direct ▪Technology dominated quarterly returns as AI infrastructure spending accelerated across semiconductors and hardware. ▪Industrials benefited from expanding capital investment and improving manufacturing activity. ▪Financials underperformed despite healthy credit conditions,reflecting investors'preference for sectors with stronger earnings growth tied to AI and capital spending. ▪Energy was the quarter's weakest sector as oil prices retreated following easing Middle East tensions,reducing earnings expectations after the earlier price spike. ▪Health Care recovered from first-quarter weakness but trailed Technology over the past year. ▪Over the trailing year,Technology,Industrials,and Energy remained leadership sectors despite broader quarterly participation. ▪Technology led small-cap gains as AI suppliers and infrastructure companies attracted renewed investor demand. ▪Industrials outperformed on improving domestic growth expectations and increased business investment. ▪Health Care posted strong quarterly gains but remained volatile across the trailing year. ▪Financials advanced as improving economic confidence supported regional banks and lenders. ▪Energy underperformed as falling crude prices reduced earnings expectations across the sector. ▪One-year returns show leadership extending beyond Technology, highlighting stronger cyclical participation among smaller companies. 14.2% 10.8% 20.3% 37.6% 28.8% 20.5% 4.2% 28.5% 5.0% 8.2% 18.9% -0.5% 8.8% 1.5% 32.4% 14.9% 9.1% 8.9% -13.0% 0.5% 9.2% 8.3% -18.4%-8.4%1.6%11.6%21.6%31.6%41.6% Utilities (2.3%) Real Estate (2.2%) Materials (2.2%) Info Technology (33.6%) Industrials (9.6%) Health Care (8.9%) Financials (12.3%) Energy (3.7%) Consumer Staples (4.8%) Consumer Disc (10.0%) Comm Services (10.3%) Russell 1000 Quarter 1-Year 14.5% 28.3% 44.1% 66.5% 53.0% 61.1% 22.5% 45.9% 9.6% 20.1% 40.1% 0.6% 18.4% 3.0% 57.6% 27.9% 24.8% 16.8% -10.1% 10.2% 16.4% 15.0% -18.0%-8.0%2.0%12.0%22.0%32.0%42.0%52.0%62.0%72.0% Utilities (2.9%) Real Estate (5.2%) Materials (4.8%) Info Technology (16.3%) Industrials (18.6%) Health Care (16.5%) Financials (16.5%) Energy (6.2%) Consumer Staples (1.7%) Consumer Disc (8.4%) Comm Services (2.6%) Russell 2000 Quarter 1-Year Page 5 15 The Market Environment Top 10 Index Weights &Quarterly Performance for the Russell 1000 & 2000 As of June 30,2026 Source:Morningstar Direct Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector NVIDIA Corp 6.7%14.9%26.8%Information Technology Apple Inc 6.0%14.1%41.6%Information Technology Microsoft Corp 4.0%1.0%-24.4%Information Technology Amazon.com Inc 3.3%14.4%8.6%Consumer Discretionary Alphabet Inc Class A 3.0%24.4%103.4%Communication Services Broadcom Inc 2.5%22.3%38.0%Information Technology Alphabet Inc Class C 2.4%23.2%99.8%Communication Services Micron Technology Inc 1.9%241.7%838.8%Information Technology Meta Platforms Inc Class A 1.8%-1.5%-23.4%Communication Services Tesla Inc 1.8%13.1%32.4%Consumer Discretionary Top 10 Weighted Stocks Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Moog Inc Class A 0.4%45.0%135.3%Industrials Hut 8 Corp 0.4%146.1%520.7%Information Technology Viasat Inc 0.4%96.1%515.1%Information Technology BrightSpring Health Services Inc 0.4%63.7%195.6%Health Care Cytokinetics Inc 0.3%29.3%157.8%Health Care MaxLinear Inc 0.3%636.2%801.0%Information Technology Argan Inc 0.3%46.7%264.2%Industrials UMB Financial Corp 0.3%27.0%37.7%Financials JFrog Ltd Ordinary Shares 0.3%93.7%107.1%Information Technology Riot Platforms Inc 0.3%121.5%142.3%Information Technology Top 10 Performing Stocks (by Quarter) Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Agilon Health Inc 0.0%1255.0%86.4%Health Care MaxLinear Inc 0.3%636.2%801.0%Information Technology Rackspace Technology Inc Ordinary 0.0%566.5%410.2%Information Technology FuelCell Energy Inc 0.1%452.3%540.8%Industrials Backblaze Inc Class A 0.0%359.7%188.4%Information Technology Digital Turbine Inc 0.0%347.9%118.6%Information Technology Entravision Communications Corp 0.0%341.5%494.8%Communication Services Penguin Solutions Inc 0.1%331.9%283.7%Information Technology Absci Corp 0.0%286.3%351.0%Health Care Bandwidth Inc Class A 0.1%255.2%298.1%Communication Services Bottom 10 Performing Stocks (by Quarter) Russell 2000 Weight 1-Qtr Return 1-Year Return Sector GD Culture Group Ltd 0.0%-99.7%-99.8%Communication Services Sable Offshore Corp 0.0%-81.4%-86.0%Energy Context Therapeutics Inc 0.0%-78.9%-15.5%Health Care ADC Therapeutics SA 0.0%-71.5%-60.1%Health Care Verra Mobility Corp Class A 0.0%-70.3%-83.3%Industrials Elicio Therapeutics Inc 0.0%-63.4%-49.4%Health Care Embecta Corp 0.0%-63.0%-65.0%Health Care Compass Therapeutics Inc Ordinary 0.0%-58.6%-15.8%Health Care LanzaTech Global Inc Ordinary Shares 0.0%-57.4%-74.9%Industrials Brand Engagement Network Inc 0.0%-54.9%288.9%Information Technology Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Astera Labs Inc 0.1%340.7%434.2%Information Technology SanDisk Corp Ordinary Shares 0.5%257.9%4913.7%Information Technology Micron Technology Inc 1.9%241.7%838.8%Information Technology Intel Corp 0.9%216.4%523.3%Information Technology Marvell Technology Inc 0.4%200.9%285.9%Information Technology Credo Technology Group Holding Ltd 0.1%189.7%193.7%Information Technology Advanced Micro Devices Inc 1.4%185.6%309.4%Information Technology Dell Technologies Inc Ordinary Shares 0.2%163.7%257.4%Information Technology Flex Ltd 0.1%147.6%224.7%Information Technology Western Digital Corp 0.3%136.2%900.8%Information Technology Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector BitMine Immersion Technologies Inc 0.0%-50.0%-66.7%Information Technology EPAM Systems Inc 0.0%-41.4%-55.1%Information Technology Intuit Inc 0.1%-39.4%-66.6%Information Technology Zoetis Inc Class A 0.0%-38.9%-53.2%Health Care Karman Holdings Inc 0.0%-37.6%-0.9%Industrials Westlake Corp 0.0%-37.1%-1.3%Materials Accenture PLC Class A 0.1%-36.7%-57.2%Information Technology Cognizant Technology Solutions Corp 0.0%-36.5%-49.4%Information Technology Insmed Inc 0.0%-34.8%5.9%Health Care Bullish 0.0%-34.4%0.0%Financials Page 6 16 Source:MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of June 30,2026 ▪Emerging markets led global returns as AI-driven semiconductor demand boosted Asian Technology exporters.This,however,was specific to the Asian region as the EMEA and Latin American regions were flat or negative. ▪Emerging Asia significantly outperformed other regions,led by Taiwan and South Korea's chip manufacturers. ▪Developed international markets posted solid gains as easing geopolitical risks improved investor sentiment. ▪European equities benefited from resilient Financials and Industrials despite modest economic growth. ▪Pacific markets advanced on strong Japanese equities were supported by improving corporate earnings and governance reforms. ▪Latin America lagged as weaker commodity prices offset improving global risk appetite. ▪Emerging markets outperformed developed regions,driven by sustained AI investment and Technology leadership. ▪Emerging Asia remained the strongest region as semiconductor exports fueled earnings growth. ▪Developed international markets produced solid returns despite lower Technology exposure than emerging markets. ▪Japanese equities benefited from improving profitability,shareholder reforms, and a supportive economic backdrop. ▪European markets advanced as Financials,Industrials,and improving business confidence supported returns. ▪Commodity-oriented emerging regions generally trailed Technology-driven markets as AI remained the dominant investment theme. -5.1% 30.7% 1.0% 24.1% 12.3% 11.2% 11.5% 11.1% 15.1% -3.6% 30.2% 2.3% 24.1% 10.9% 10.8% 10.8% 10.2% 14.5% -8.0%-3.0%2.0%7.0%12.0%17.0%22.0%27.0%32.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) World x US (22) AC World x US (48) Quarter Performance USD LOCAL 24.9% 58.5% 14.3% 50.2% 32.6% 21.4% 24.9% 25.7% 32.9% 31.7% 48.7% 16.0% 43.5% 23.6% 18.6% 20.2% 21.0% 27.7% 0.0%10.0%20.0%30.0%40.0%50.0%60.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) World x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 17 The Market Environment US Dollar International Index Attribution &Country Detail As of June 30,2026 Source:Morningstar Direct,MSCI Global Index Monitor (Returns are Net in USD) MSCI -EAFE Sector Weight Quarter Return 1-Year Return Communication Services 3.8%-1.3%-9.9% Consumer Discretionary 8.2%8.1%-0.3% Consumer Staples 6.7%5.3%5.0% Energy 3.3%-17.2%29.6% Financials 25.1%14.0%28.1% Health Care 10.4%2.6%10.0% Industrials 18.9%8.8%18.3% Information Technology 12.1%55.0%63.7% Materials 6.0%6.6%29.2% Real Estate 1.6%1.1%4.0% Utilities 3.9%1.1%25.1% Total 100.0%10.8%20.2% MSCI -ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 4.3%-2.8%-9.7% Consumer Discretionary 7.5%1.4%-5.0% Consumer Staples 5.1%3.9%3.0% Energy 4.3%-12.3%24.6% Financials 24.2%13.2%24.8% Health Care 6.9%2.4%8.6% Industrials 14.1%10.2%19.2% Information Technology 22.9%64.1%111.4% Materials 6.4%-1.1%31.2% Real Estate 1.3%2.7%1.1% Utilities 3.1%0.9%21.0% Total 100.0%14.5%27.7% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 23.5%13.8%14.2%29.1% United Kingdom 14.3%8.3%4.1%20.3% France 9.9%5.8%8.7%9.6% Switzerland 9.6%5.6%12.2%19.7% Germany 8.8%5.1%8.1%0.3% Australia 6.5%3.8%5.1%11.1% Netherlands 6.4%3.7%36.0%58.5% Spain 4.0%2.3%15.1%42.1% Sweden 3.4%2.0%6.4%12.7% Italy 3.3%1.9%14.5%27.3% Hong Kong 1.7%1.0%-6.2%10.5% Denmark 1.7%1.0%14.9%-10.1% Singapore 1.7%1.0%10.0%19.8% Finland 1.2%0.7%13.1%38.8% Belgium 1.2%0.7%17.3%34.4% Israel 1.2%0.7%4.6%18.3% Norway 0.6%0.3%-14.1%14.9% Ireland 0.4%0.2%13.1%18.2% Austria 0.4%0.2%22.4%52.1% Portugal 0.2%0.1%1.2%20.7% New Zealand 0.2%0.1%9.3%7.6% Total EAFE Countries 100.0%58.5%10.8%20.2% Canada 8.1%6.0%26.9% Total Developed Countries 66.5%10.2%21.0% Taiwan 9.2%48.9%105.0% Korea 7.9%87.6%213.8% China 6.4%-6.6%-4.9% India 3.7%10.1%-12.8% Brazil 1.3%-8.2%26.6% South Africa 1.0%-1.9%30.2% Saudi Arabia 0.8%-3.9%3.2% Mexico 0.6%3.0%32.3% United Arab Emirates 0.4%8.7%6.0% Poland 0.3%9.0%26.3% Thailand 0.3%8.4%54.3% Malaysia 0.3%-1.7%15.9% Kuwait 0.2%1.2%-1.9% Greece 0.2%20.5%28.7% Qatar 0.2%-0.1%-0.4% Chile 0.2%2.5%32.2% Indonesia 0.1%-26.2%-40.7% Peru 0.1%9.1%82.7% Turkey 0.1%3.3%22.5% Hungary 0.1%33.4%75.0% Philippines 0.1%4.5%-3.6% Colombia 0.1%5.6%81.0% Czech Republic 0.0%3.3%6.0% Egypt 0.0%25.1%69.1% Total Emerging Countries 33.5%24.1%43.5% Total ACWIxUS Countries 100.0%14.5%27.7% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 6.0%-3.9%-9.1% Consumer Discretionary 7.2%-10.1%-14.2% Consumer Staples 2.7%-2.0%-7.1% Energy 3.1%-9.9%7.0% Financials 18.4%6.7%9.5% Health Care 2.4%1.1%-0.1% Industrials 6.8%18.2%32.8% Information Technology 45.3%73.3%162.6% Materials 5.4%-5.4%32.6% Real Estate 1.0%7.7%-5.3% Utilities 1.9%-0.8%7.8% Total 100.0%24.1%43.5% Page 8 18 Source:Morningstar Direct; Bloomberg The Market Environment Domestic Bond Sector &Broad/Global Bond Market Performance (Duration) As of June 30,2026 ▪High yield bonds led fixed income as improving risk sentiment compressed credit spreads. ▪Corporate bonds outperformed Treasuries on resilient earnings and healthy balance sheets. ▪Baa-rated corporates led higher-quality credit as resilient earnings and healthy balance sheets reduced perceived default risk. ▪Inflation-protected securities benefited from elevated inflation but lagged spread sectors. ▪Global bonds were supported by improving credit conditions despite rising sovereign yields. ▪Government bonds trailed as higher interest rates pressured longer-duration securities. ▪Credit-sensitive sectors outperformed as recession concerns eased and default expectations remained low. ▪High yield benefited from attractive income and resilient corporate fundamentals. ▪Investment-grade corporates generated solid returns through stable credit quality and higher starting yields. ▪Mortgage-backed securities recovered as elevated yields improved income potential. ▪Treasury returns remained constrained by higher policy rates and persistent inflation uncertainty. ▪Elevated bond yields continue to improve long-term income opportunities across diversified fixed income portfolios. 1.0% 1.0% 0.5% 0.7% 1.7% 1.3% 0.4% 0.4% 0.9% 2.5% 1.4% 0.6% 0.3% 0.0%0.5%1.0%1.5%2.0%2.5% Multiverse (6.1) Global Agg x US (6.5) Intermediate Agg (4.1) Aggregate (5.8) Baa (6.6) A (6.7) AA (5.6) AAA (4.0) U.S. TIPS (4.8) U.S. High Yield (2.9) U.S. Corporate IG (6.7) U.S. Mortgage (5.3) U.S. Treasury (5.7) Quarter Performance 1.0% -1.9% 3.8% 3.8% 4.9% 4.3% 3.6% 3.3% 3.4% 5.9% 4.3% 5.2% 2.7% -2.7%-0.7%1.3%3.3%5.3% Multiverse (6.1) Global Agg x US (6.5) Intermediate Agg (4.1) Aggregate (5.8) Baa (6.6) A (6.7) AA (5.6) AAA (4.0) U.S. TIPS (4.8) U.S. High Yield (2.9) U.S. Corporate IG (6.7) U.S. Mortgage (5.3) U.S. Treasury (5.7) 1-Year Performance Page 9 19 Source:US Department of Treasury,FRED (Federal Reserve of St.Louis) The Market Environment Market Rate &Yield Curve Comparison As of June 30,2026 ▪Credit spreads narrowed as resilient earnings reduced concerns about corporate defaults. ▪High yield spreads tightened the most as recession fears continued to recede. ▪Investment-grade spreads remained historically tight,reflecting healthy corporate balance sheets. ▪The Federal Reserve maintained a restrictive policy stance as inflation remained above target. ▪Markets shifted from expecting rate cuts toward pricing a higher-for-longer policy environment. ▪Credit markets remained constructive as economic growth continued despite elevated borrowing costs. ▪Treasury yields moved higher as stronger economic data delayed expectations for monetary easing. ▪Stronger economic growth and a higher-for-longer Federal Reserve outlook pushed intermediate-and long-term Treasury yields higher. ▪The front end of the curve remained anchored by the Federal Reserve's restrictive policy stance. ▪Longer-term yields reflected resilient growth expectations and increased Treasury supply. ▪The yield curve remained relatively flat as investors balanced inflation risks against slowing growth. ▪Elevated yields continue providing more attractive income opportunities than investors have seen in years. 3.00 3.50 4.00 4.50 5.00 5.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 9/30/2025 12/31/2025 3/31/2026 6/30/2026 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 10 20 The Market Environment References As of June 30,2026 Global Index lens –MSCI Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) Daily Treasury Yield Curve -Data Chart Center (treasury.gov) ICE BofA BBB US Corporate Index Option-Adjusted Spread (BAMLC0A4CBBB) | FRED | St. Louis Fed (stlouisfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org) Page 11 21 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Receipt & Disbursement $1,066,917.5 (1.2%) Direct Real Estate $1,872,948.8 (2.1%) Non-Core Fixed Income $9,734,814.5 (10.8%) Broad Mkt Fixed Income $18,156,429.9 (20.1%) Foreign Equity Securities $13,514,026.8 (15.0%) Domestic Equity Securities $45,898,147.3 (50.9%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Total Fund Portfolio 90,243,285 100.0 100.0 N/A N/A Domestic Equity Securities 45,898,147 50.9 50.0 45.0 55.0 Foreign Equity Securities 13,514,027 15.0 15.0 10.0 20.0 Broad Mkt Fixed Income 18,156,430 20.1 10.0 10.0 35.0 Non-Core Fixed Income 9,734,814 10.8 15.0 0.0 20.0 Direct Real Estate 1,872,949 2.1 10.0 0.0 15.0 Receipt & Disbursement 1,066,917 1.2 0.0 0.0 5.0 Asset Allocation Compliance Total Fund Portfolio As of June 30, 2026 Page 12 22 March 31, 2026 : $82,824,861 June 30, 2026 : $90,243,285 Asset Allocation by Segment Segments Market Value Allocation Domestic Equity 44,043,756 53.2¢ Foreign Equity 12,271,871 14.8¢ Broad Mkt Fixed Income 13,089,607 15.8¢ Non-Core Fixed Income 9,446,345 11.4¢ Real Estate 2,239,161 2.7¢ Cash Equivalent 1,734,120 2.1¢ Asset Allocation by Segment Segments Market Value Allocation Domestic Equity 45,898,147 50.9¢ Foreign Equity 13,514,027 15.0¢ Broad Mkt Fixed Income 18,156,430 20.1¢ Non-Core Fixed Income 9,697,910 10.7¢ Real Estate 1,801,795 2.0¢ Cash Equivalent 1,174,975 1.3¢ Asset Allocation by Segment Total Fund Portfolio As of June 30, 2026 Page 13 23 Mar-2026 : $82,824,861 Jun-2026 : $90,243,285 Allocation Market Value ($) Allocation (%) Vanguard Total Stock Market (VITSX)44,043,756 53.2¢£ DFA World ex US Core Equity Inst l (DFWIX)12,271,871 14.8¢£ Galliard Core Fixed Income 13,089,607 15.8¢£ Crescent Direct Lending II Fund 241,568 0.3¢£ Vanguard Inflation-Protected Secs (VAIPX)1,480,622 1.8¢£ PIMCO Diversified Income Fund Instl (PDIIX)7,760,481 9.4¢£ Intercontinental 2,098,878 2.5¢£ ARA Core Property Fund 248,188 0.3¢£ Receipt & Disbursement 1,589,890 1.9¢£ Allocation Market Value ($) Allocation (%) Vanguard Total Stock Market (VITSX)45,898,147 50.9¢£ DFA World ex US Core Equity Inst l (DFWIX)13,514,027 15.0¢£ Galliard Core Fixed Income 18,156,430 20.1¢£ Crescent Direct Lending II Fund 235,056 0.3¢£ Vanguard Inflation-Protected Secs (VAIPX)1,493,429 1.7¢£ PIMCO Diversified Income Fund Instl (PDIIX)8,006,329 8.9¢£ Intercontinental 1,731,263 1.9¢£ ARA Core Property Fund 141,686 0.2¢£ Receipt & Disbursement 1,066,917 1.2¢£ Asset Allocation Total Fund As of June 30, 2026 Page 14 24 Historical Asset Allocation by Segment Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Allo cat ion ( %) 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 3/24 12/24 9/25 6/26 Historical Asset Allocation by Segment Total Fund October 1, 2007 To June 30, 2026 Page 15 25 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allo cat io n ( %) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Portfolio 50.86 (25)14.98 (50)8.87 (17)21.77 (67)0.26 (100)2.08 (93)1.18 (54)˜ 5th Percentile 60.61 24.34 12.40 64.64 31.15 10.87 8.84 1st Quartile 50.71 18.17 5.89 33.41 15.27 7.30 2.63 Median 42.06 14.97 4.64 25.34 9.13 5.34 1.35 3rd Quartile 32.18 11.46 3.23 19.53 4.99 3.95 0.60 95th Percentile 17.02 5.37 1.23 12.60 1.86 1.44 0.06 Plan Sponsor TF Asset Allocation Total Fund As of June 30, 2026 Page 16 26 Historical Asset Allocation by Portfolio Jun-2026 Mar-2026 Dec-2025 Sep-2025 Jun-2025 ($)%($)%($)%($)%($)% Total Equity 59,412,174 65.84 56,315,628 67.99 57,804,388 67.81 56,179,419 66.63 53,739,337 66.99 Domestic Equity Securities 45,898,147 50.86 44,043,756 53.18 45,862,189 53.80 44,769,633 53.10 42,725,001 53.26 Vanguard Total Stock Market (VITSX)45,898,147 50.86 44,043,756 53.18 45,862,189 53.80 44,769,633 53.10 42,725,001 53.26 Foreign Equity Securities 13,514,027 14.98 12,271,871 14.82 11,942,199 14.01 11,409,786 13.53 11,014,336 13.73 RBC Global (Voyageur)-0.00 -0.00 -0.00 -0.00 11,014,336 13.73 DFA World ex US Core Equity Inst l (DFWIX)13,514,027 14.98 12,271,871 14.82 11,942,199 14.01 11,409,786 13.53 -0.00 Total Fixed Income 27,891,244 30.91 22,572,278 27.25 22,627,403 26.54 22,314,737 26.47 19,672,554 24.52 Galliard Core Fixed Income 18,156,430 20.12 13,089,607 15.80 13,049,960 15.31 12,902,058 15.30 12,680,813 15.81 Vanguard Short Term Bond Index (VSCSX)-0.00 -0.00 -0.00 -0.00 3,119,728 3.89 Vanguard Inflation-Protected Secs (VAIPX)1,493,429 1.65 1,480,622 1.79 1,475,483 1.73 1,474,100 1.75 1,444,002 1.80 PIMCO Diversified Income Fund Instl (PDIIX)8,006,329 8.87 7,760,481 9.37 7,833,951 9.19 7,658,208 9.08 2,089,537 2.60 Crescent Direct Lending Fund -0.00 -0.00 1,504 0.00 3,763 0.00 4,218 0.01 Crescent Direct Lending II Fund 235,056 0.26 241,568 0.29 266,505 0.31 276,608 0.33 334,256 0.42 Direct Real Estate 1,872,949 2.08 2,347,066 2.83 2,586,368 3.03 2,983,510 3.54 3,320,908 4.14 ARA Core Property Fund 141,686 0.16 248,188 0.30 374,388 0.44 513,520 0.61 583,555 0.73 Intercontinental 1,731,263 1.92 2,098,878 2.53 2,211,980 2.59 2,469,990 2.93 2,737,353 3.41 Receipt & Disbursement 1,066,917 1.18 1,589,890 1.92 2,224,587 2.61 2,835,219 3.36 3,483,992 4.34 Total Fund Portfolio 90,243,285 100.00 82,824,861 100.00 85,242,746 100.00 84,312,885 100.00 80,216,790 100.00 Asset Allocation Asset Allocation History By Portfolio As of June 30, 2026 Page 17 27 Historical Asset Allocation by Portfolio Domestic Equity Foreign Equity Broad Mkt Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Equity 45,898,147 77.25 13,514,027 22.75 --------59,412,174 65.84 Domestic Equity Securities 45,898,147 100.00 ----------45,898,147 50.86 Vanguard Total Stock Market (VITSX)45,898,147 100.00 ----------45,898,147 50.86 Foreign Equity Securities --13,514,027 100.00 --------13,514,027 14.98 DFA World ex US Core Equity Inst l (DFWIX)--13,514,027 100.00 --------13,514,027 14.98 Total Fixed Income ----18,156,430 65.10 9,697,910 34.77 --36,904 0.13 27,891,244 30.91 Galliard Core Fixed Income ----18,156,430 100.00 ------18,156,430 20.12 Vanguard Inflation-Protected Secs (VAIPX)------1,493,429 100.00 ----1,493,429 1.65 PIMCO Diversified Income Fund Instl (PDIIX)------7,969,425 99.54 --36,904 0.46 8,006,329 8.87 Crescent Direct Lending II Fund ------235,056 100.00 ----235,056 0.26 Direct Real Estate --------1,801,795 96.20 71,154 3.80 1,872,949 2.08 ARA Core Property Fund --------70,532 49.78 71,154 50.22 141,686 0.16 Intercontinental --------1,731,263 100.00 --1,731,263 1.92 Receipt & Disbursement ----------1,066,917 100.00 1,066,917 1.18 Total Fund Portfolio 45,898,147 50.86 13,514,027 14.98 18,156,430 20.12 9,697,910 10.75 1,801,795 2.00 1,174,975 1.30 90,243,285 100.00 Asset Allocation Asset Allocation History By Portfolio As of June 30, 2026 Page 18 28 Schedule of Investable Assets Total Fund Portfolio Net Cash Flow $0 $10,900,000 $21,800,000 $32,700,000 $43,600,000 $54,500,000 $65,400,000 $76,300,000 $87,200,000 $98,100,000 $109,000,000 $119,900,000 -$10,900,000 Market Valu e 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 7/22 4/23 1/24 10/24 7/25 6/26 $8 ,2 2 4 ,6 0 6 $90,243,285 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Jun-2026 16,259,673 -8,035,066 82,018,678 90,243,285 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To June 30, 2026 Page 19 29 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)10.25 (12)10.80 (25)16.95 (20)14.53 (7)8.41 (5)10.78 (2)10.74 (2)7.38 (13)11/01/2000 Total Fund Policy 10.19 (12)10.66 (28)16.87 (22)14.24 (9)8.49 (4)10.56 (3)10.35 (4)7.09 (33) Difference 0.06 0.15 0.08 0.29 -0.08 0.22 0.38 0.29 All Public Plans-Total Fund Median 8.52 9.73 15.04 12.59 6.92 9.07 8.99 6.77 Total Fund (Gross)10.27 10.85 17.14 14.72 8.65 11.04 11.02 7.88 11/01/2000 Total Fund Policy 10.19 10.66 16.87 14.24 8.49 10.56 10.35 7.09 Difference 0.08 0.20 0.27 0.48 0.16 0.48 0.66 0.80 Total Equity 14.45 14.72 23.68 19.92 11.72 14.83 14.47 9.09 01/01/2001 Total Equity Policy 15.22 14.96 24.02 20.10 11.58 14.30 13.93 8.11 Difference -0.77 -0.23 -0.34 -0.18 0.14 0.53 0.54 0.98 Domestic Equity Securities 15.65 (33)13.78 (33)23.55 (28)20.44 (47)12.39 (56)16.22 (44)15.59 (43)9.57 (33)11/01/2000 Domestic Equity Securities Policy 15.43 (36)13.53 (40)22.81 (36)20.35 (49)12.30 (57)15.51 (57)15.06 (55)8.49 (89) Difference 0.22 0.25 0.74 0.09 0.08 0.71 0.53 1.08 IM U.S. Large Cap Core Equity (SA+CF) Median 14.49 12.65 21.38 20.04 12.74 15.97 15.30 9.39 Foreign Equity Securities 10.12 (40)18.44 (34)23.14 (52)17.88 (60)9.29 (69)10.03 (74)10.85 (45)7.36 (69)11/01/2000 Foreign Equity Securities Policy 14.49 (17)19.43 (31)27.66 (31)18.82 (51)8.79 (72)9.98 (75)9.88 (61)5.95 (97) Difference -4.37 -0.98 -4.51 -0.94 0.50 0.05 0.97 1.41 IM International Large Cap Value Equity (SA+CF) Median 9.11 16.06 23.36 18.87 11.20 11.61 10.56 7.74 Total Fixed Income 1.46 2.72 4.71 5.92 2.43 3.13 3.55 4.53 11/01/2000 Total Fixed Policy 0.94 2.06 3.96 5.26 1.83 2.55 2.39 4.00 Difference 0.52 0.65 0.75 0.66 0.59 0.58 1.16 0.52 Broad Mkt Fixed Income 0.57 (44)2.16 (19)4.01 (19)5.48 (15)1.67 (22)2.39 (19)2.38 (20)4.01 (25)11/01/2000 Broad Mkt Fixed Income Policy 0.47 (66)1.94 (33)3.76 (31)4.66 (67)0.97 (86)1.62 (88)1.74 (83)3.75 (59) Difference 0.10 0.22 0.25 0.82 0.70 0.77 0.64 0.26 IM U.S. Intermediate Duration (SA+CF) Median 0.54 1.79 3.44 4.80 1.30 2.00 2.03 3.85 Non-Core Fixed Income 2.67 3.47 5.70 6.75 3.44 3.72 6.47 7.06 10/01/2014 Non-Core Fixed Policy 1.63 2.23 4.24 6.16 3.12 3.77 4.15 3.82 Difference 1.04 1.24 1.45 0.59 0.31 -0.05 2.32 3.23 Direct Real Estate 1.48 (65)2.81 (84)3.90 (84)-1.86 (94)1.68 (82)3.05 (79)4.99 (71)5.06 (51)10/01/2007 NCREIF Fund Index-OEDC (EW)1.49 (65)3.66 (71)4.34 (83)-0.89 (80)2.69 (74)3.53 (78)4.81 (75)4.62 (67) Difference -0.01 -0.85 -0.44 -0.97 -1.01 -0.48 0.17 0.44 IM U.S. Open End Private Real Estate (SA+CF) Median 1.64 4.29 5.74 0.29 3.21 3.99 5.42 5.07 Comparative Performance Trailing Returns Total Fund As of June 30, 2026 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 20 30 Comparative Performance Trailing Returns Total Fund As of June 30, 2026 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities 15.65 13.78 23.55 20.44 12.39 16.22 15.59 9.57 11/01/2000 Domestic Equity Securities Policy 15.43 13.53 22.81 20.35 12.30 15.51 15.06 8.49 Difference 0.22 0.25 0.74 0.09 0.08 0.71 0.53 1.08 Vanguard Total Stock Market (VITSX)15.65 (27)13.78 (27)23.53 (21)20.43 (30)12.24 (46)15.47 (39)15.04 (31)14.31 (28)02/01/2013 Vanguard Total Stock Market Index Hybrid 15.59 (28)13.73 (27)23.10 (23)20.40 (31)12.24 (46)15.47 (39)15.04 (32)14.32 (27) Difference 0.06 0.05 0.43 0.02 0.01 0.00 0.00 -0.01 Large Blend Median 14.61 12.27 20.53 19.33 12.02 14.99 14.42 13.73 Foreign Equity Securities 10.12 18.44 23.14 17.88 9.29 10.03 10.85 7.36 11/01/2000 Foreign Equity Securities Policy 14.49 19.43 27.66 18.82 8.79 9.98 9.88 5.95 Difference -4.37 -0.98 -4.51 -0.94 0.50 0.05 0.97 1.41 DFA World ex US Core Equity Inst l (DFWIX)10.12 (55)18.44 (30)N/A N/A N/A N/A N/A N/A 09/30/2025 MSCI AC World ex USA (Net)14.49 (13)19.43 (21)27.66 (17)18.82 (26)8.79 (43)10.16 (43)9.93 (36)23.73 (21) Difference -4.37 -0.98 N/A N/A N/A N/A N/A N/A Foreign Large Blend Median 10.46 15.13 21.43 16.72 8.42 9.92 9.59 18.76 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 21 31 Comparative Performance Trailing Returns Total Fund As of June 30, 2026 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income 1.46 2.72 4.71 5.92 2.43 3.13 3.55 4.53 11/01/2000 Total Fixed Policy 0.94 2.06 3.96 5.26 1.83 2.55 2.39 4.00 Difference 0.52 0.65 0.75 0.66 0.59 0.58 1.16 0.52 Galliard Core Fixed Income 0.57 (65)2.16 (35)4.01 (36)5.48 (24)1.69 (43)2.37 (45)2.37 (46)3.33 (64)10/01/2007 Bloomberg Intermed Aggregate Index 0.47 (83)1.94 (64)3.76 (52)4.66 (91)0.97 (96)1.62 (99)1.74 (99)2.94 (95) Difference 0.10 0.22 0.25 0.82 0.72 0.75 0.63 0.39 IM U.S. Intermediate Duration (SA+CF) Median 0.63 2.04 3.79 5.12 1.59 2.32 2.32 3.44 Vanguard Inflation-Protected Secs (VAIPX)0.86 (38)1.31 (20)3.42 (21)4.28 (22)1.14 (20)2.71 (29)N/A 2.78 (32)01/01/2017 Bloomberg U.S. TIPS Index 0.89 (30)1.29 (23)3.42 (21)3.98 (32)1.01 (26)2.79 (24)2.58 (26)2.88 (20) Difference -0.03 0.02 0.00 0.30 0.13 -0.08 N/A -0.10 Inflation-Protected Bond Median 0.83 1.08 3.11 3.83 0.69 2.54 2.36 2.62 PIMCO Diversified Income Fund Instl (PDIIX)3.17 (8)4.55 (3)7.69 (1)8.58 (1)2.74 (3)3.33 (3)N/A 3.94 (3)04/01/2018 Blmbg. Global Credit (Hedged)2.09 (35)2.69 (11)4.95 (8)6.40 (13)1.43 (22)2.48 (6)3.13 (2)3.16 (3) Difference 1.08 1.86 2.74 2.18 1.31 0.85 N/A 0.79 Global Bond Median 1.45 0.94 1.79 4.09 -1.28 0.08 0.92 0.25 Direct Real Estate 1.48 2.81 3.90 -1.86 1.68 3.05 4.99 5.06 10/01/2007 NCREIF Fund Index-ODCE (EW)1.49 3.66 4.34 -0.89 2.69 3.53 4.81 4.62 Difference -0.01 -0.85 -0.44 -0.97 -1.01 -0.48 0.17 0.44 American Core Realty Fund 1.28 (77)3.22 (77)4.34 (83)-1.02 (82)2.88 (72)3.55 (77)4.79 (75)4.58 (71)10/01/2007 American Core Realty Policy 1.50 (64)3.67 (71)4.35 (83)-0.89 (80)2.69 (74)3.53 (78)4.81 (75)5.80 (22) Difference -0.22 -0.45 -0.01 -0.13 0.19 0.02 -0.02 -1.21 IM U.S. Open End Private Real Estate (SA+CF) Median 1.64 4.29 5.74 0.29 3.21 3.99 5.42 5.07 Intercontinental 1.50 (64)2.72 (84)3.81 (85)-2.06 (94)1.37 (84)3.03 (80)5.35 (56)8.67 (45)10/01/2010 NCREIF Fund Index-OEDC (EW)1.49 (65)3.66 (71)4.34 (83)-0.89 (80)2.69 (74)3.53 (78)4.81 (75)7.90 (79) Difference 0.00 -0.94 -0.53 -1.17 -1.32 -0.50 0.54 0.77 IM U.S. Open End Private Real Estate (SA+CF) Median 1.64 4.29 5.74 0.29 3.21 3.99 5.42 8.63 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 22 32 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending II Fund -2.70 -16.73 3.76 7.57 7.34 7.95 03/13/2018 Comparative Performance - IRR As of June 30, 2026 Private investment returns are reported on a lag using the best available data at time of reporting. Valuations are recorded in the month they are received, therefore returns may not tie back to managers’ reported IRR. Page 23 33 Financial Reconciliation Quarter to Date Market Value 04/01/2026 Net Transfers Contributions Distributions Management Fees Other Expenses Return On Investment Market Value 06/30/2026 Total Equity 56,315,628 -5,000,000 ----8,096,547 59,412,174 Domestic Equity Securities 44,043,756 -5,000,000 ----6,854,391 45,898,147 Vanguard Total Stock Market (VITSX)44,043,756 -5,000,000 ----6,854,391 45,898,147 Foreign Equity Securities 12,271,871 -----1,242,155 13,514,027 DFA World ex US Core Equity Inst l (DFWIX)12,271,871 -----1,242,155 13,514,027 Total Fixed Income 22,572,278 5,000,000 ---9,067 -389 328,422 27,891,244 Galliard Core Fixed Income 13,089,607 5,000,000 ---8,181 -75,004 18,156,430 Vanguard Inflation-Protected Secs (VAIPX)1,480,622 -----12,807 1,493,429 PIMCO Diversified Income Fund Instl (PDIIX)7,760,481 -----245,849 8,006,329 Crescent Direct Lending II Fund 241,568 ----886 -389 -5,237 235,056 Direct Real Estate 2,347,066 -498,029 ---3,459 -27,371 1,872,949 ARA Core Property Fund 248,188 -107,904 ---391 -1,793 141,686 Intercontinental 2,098,878 -390,124 ---3,068 -25,577 1,731,263 Receipt & Disbursement 1,589,890 498,029 324,483 -1,337,216 --19,953 11,685 1,066,917 Total Fund Portfolio 82,824,861 -324,483 -1,337,216 -12,526 -20,342 8,464,025 90,243,285 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending June 30, 2026 Page 24 34 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2025 Net Transfers Contributions Distributions Management Fees Other Expenses Return On Investment Market Value 06/30/2026 Total Equity 56,179,419 -5,000,000 ----8,232,755 59,412,174 Domestic Equity Securities 44,769,633 -5,000,000 ----6,128,514 45,898,147 Vanguard Total Stock Market (VITSX)44,769,633 -5,000,000 ----6,128,514 45,898,147 Foreign Equity Securities 11,409,786 -----2,104,241 13,514,027 DFA World ex US Core Equity Inst l (DFWIX)11,409,786 -----2,104,241 13,514,027 Total Fixed Income 22,314,737 5,000,000 ---26,293 -2,747 605,548 27,891,244 Galliard Core Fixed Income 12,902,058 5,000,000 ---24,401 -278,773 18,156,430 Vanguard Inflation-Protected Secs (VAIPX)1,474,100 -----19,329 1,493,429 PIMCO Diversified Income Fund Instl (PDIIX)7,658,208 -----348,122 8,006,329 Crescent Direct Lending Fund 3,763 -----1,946 -1,817 - Crescent Direct Lending II Fund 276,608 ----1,892 -801 -38,859 235,056 Direct Real Estate 2,983,510 -1,156,068 ---12,857 -58,364 1,872,949 ARA Core Property Fund 513,520 -377,283 ---2,108 -7,556 141,686 Intercontinental 2,469,990 -778,786 ---10,749 -50,808 1,731,263 Receipt & Disbursement 2,835,219 1,156,068 1,168,291 -4,104,459 --40,091 51,889 1,066,917 Total Fund Portfolio 84,312,885 -1,168,291 -4,104,459 -39,150 -42,838 8,948,556 90,243,285 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2025 To June 30, 2026 Page 25 35 Comparative Performance Fiscal Year Returns Oct-2024 To Sep-2025 Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Total Fund (Net)12.14 (10)23.78 (14)12.98 (17)-14.02 (52)26.26 (5)7.92 (42)2.78 (86)11.28 (2)14.16 (10)11.15 (11) Total Fund Policy 12.82 (5)22.55 (26)12.76 (19)-13.16 (44)21.33 (40)10.06 (15)4.31 (51)9.85 (10)12.90 (29)10.79 (16) Difference -0.68 1.23 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.35 All Public Plans-Total Fund Median 10.31 19.97 10.73 -13.78 20.59 7.41 4.33 7.50 12.02 9.76 Total Fund (Gross)12.40 24.01 13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 Total Fund Policy 12.82 22.55 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 Difference -0.42 1.46 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.63 0.72 Total Equity 16.71 32.77 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 Total Equity Policy 17.34 32.91 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 Difference -0.63 -0.13 1.25 0.07 7.01 -2.04 -1.24 0.82 0.50 1.07 Domestic Equity Securities 17.37 (40)35.29 (50)20.41 (54)-17.47 (79)36.79 (16)15.35 (38)2.89 (53)17.88 (46)18.64 (58)15.21 (25) Domestic Equity Securities Policy 17.41 (40)35.19 (52)20.46 (54)-17.63 (81)31.88 (38)15.00 (41)2.92 (52)17.58 (49)18.71 (57)14.96 (29) Difference -0.04 0.10 -0.05 0.16 4.92 0.35 -0.02 0.30 -0.07 0.25 IM U.S. Large Cap Core Equity (SA+CF) Median 15.79 35.25 20.83 -14.70 30.76 12.96 3.16 17.44 19.10 13.22 Foreign Equity Securities 13.41 (82)24.32 (42)27.57 (58)-25.79 (77)39.45 (15)-9.19 (85)-5.36 (72)6.76 (3)22.69 (36)10.74 (26) Foreign Equity Securities Policy 16.45 (65)25.35 (36)20.39 (89)-25.17 (75)23.92 (79)1.03 (25)-0.82 (27)3.25 (24)19.65 (55)7.06 (62) Difference -3.04 -1.03 7.19 -0.62 15.54 -10.22 -4.54 3.51 3.04 3.69 IM International Large Cap Value Equity (SA+CF) Median 18.93 23.61 28.95 -22.68 31.27 -5.63 -3.26 1.35 20.82 8.36 Total Fixed Income 4.55 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 Total Fixed Policy 4.47 10.58 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 Difference 0.08 0.86 0.13 0.80 1.63 -0.28 0.60 3.34 3.34 1.36 Broad Mkt Fixed Income 4.49 (19)10.91 (24)2.50 (37)-10.50 (61)-0.30 (71)7.53 (8)7.81 (45)-0.21 (29)0.61 (44)4.21 (26) Broad Mkt Fixed Income Policy 3.82 (73)10.39 (34)1.42 (80)-11.49 (82)-0.38 (73)5.66 (67)8.08 (25)-0.93 (80)0.25 (65)3.57 (53) Difference 0.66 0.52 1.09 0.99 0.07 1.88 -0.28 0.72 0.36 0.64 IM U.S. Intermediate Duration (SA+CF) Median 4.03 9.84 2.26 -10.35 0.09 6.11 7.73 -0.61 0.45 3.62 Non-Core Fixed Income 4.90 12.54 5.17 -9.42 7.18 0.92 10.83 14.15 13.06 13.88 Non-Core Fixed Policy 5.43 10.84 6.89 -9.59 5.75 4.45 6.91 2.69 4.05 5.35 Difference -0.53 1.70 -1.72 0.17 1.43 -3.53 3.92 11.47 9.02 8.53 Direct Real Estate 3.85 (70)-10.47 (86)-14.98 (80)26.35 (14)13.82 (71)3.40 (15)7.75 (27)10.25 (23)10.01 (15)11.44 (44) NCREIF Fund Index-OEDC (EW)3.80 (70)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64) Difference 0.04 -2.71 -2.58 3.59 -1.94 1.67 1.58 1.42 2.21 0.82 IM U.S. Open End Private Real Estate (SA+CF) Median 5.05 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14 Comparative Performance Fiscal Year Returns Total Fund As of June 30, 2026 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 26 36 Comparative Performance Fiscal Year Returns Total Fund As of June 30, 2026 Oct-2024 To Sep-2025 Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Domestic Equity Securities 17.37 35.29 20.41 -17.47 36.79 15.35 2.89 17.88 18.64 15.21 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 25.53 (17)42.19 (43)27.72 (41)-22.59 (39)27.32 (50)37.53 (31)3.71 (50)26.30 (39)21.94 (40)13.76 (20) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Growth Equity (SA+CF) Median 20.97 41.08 25.75 -25.53 27.30 33.94 3.68 24.81 21.19 11.63 Vanguard Total Stock Market (VITSX)17.35 (27)35.26 (47)20.38 (52)-18.01 (74)32.10 (22)15.01 (32)2.89 (51)17.62 (30)18.64 (38)15.00 (22) Vanguard Total Stock Market Index Hybrid 17.37 (27)35.23 (47)20.37 (52)-17.98 (73)32.11 (22)14.99 (33)2.92 (50)17.62 (30)18.64 (38)14.99 (22) Difference -0.02 0.03 0.01 -0.02 0.00 0.02 -0.02 0.00 -0.01 0.00 Large Blend Median 15.67 34.98 20.47 -16.25 29.76 13.45 2.91 16.50 18.21 12.78 Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A 41.75 (16)N/A N/A N/A N/A N/A Russell 1000 Value Index 9.44 (55)27.76 (47)14.44 (52)-11.36 (73)35.01 (44)-5.03 (56)4.00 (36)9.45 (63)15.12 (67)16.19 (21) Difference N/A N/A N/A N/A 6.74 N/A N/A N/A N/A N/A Large Value Median 9.93 27.50 14.63 -9.34 34.01 -4.32 2.70 10.69 16.70 13.24 Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Morningstar U.S. Large Cap Value Index 9.19 (59)29.71 (25)14.85 (48)-6.59 (21)32.53 (59)-3.34 (43)3.57 (42)13.59 (19)17.76 (35)16.33 (20) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Large Value Median 9.93 27.50 14.63 -9.34 34.01 -4.32 2.70 10.69 16.70 13.24 Foreign Equity Securities 13.41 24.32 27.57 -25.79 39.45 -9.19 -5.36 6.76 22.69 10.74 RBC Global (Voyageur)12.31 (86)24.32 (42)27.57 (58)-25.79 (77)39.45 (15)-9.19 (85)-5.36 (72)6.76 (3)22.69 (36)10.74 (26) MSCI EAFE (Net) Index 14.99 (75)24.77 (39)25.65 (71)-25.13 (75)25.73 (75)0.49 (26)-1.34 (29)2.74 (30)19.10 (57)6.52 (70) Difference -2.67 -0.45 1.93 -0.66 13.72 -9.68 -4.02 4.02 3.59 4.22 MSCI EAFE Value Index (Net)22.53 (26)23.14 (54)31.51 (35)-20.16 (25)30.66 (53)-11.93 (94)-4.92 (67)-0.36 (76)22.55 (37)3.52 (89) Difference -10.22 1.18 -3.93 -5.63 8.79 2.74 -0.43 7.12 0.15 7.22 IM International Large Cap Value Equity (SA+CF) Median 18.93 23.61 28.95 -22.68 31.27 -5.63 -3.26 1.35 20.82 8.36 DFA World ex US Core Equity Inst l (DFWIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A MSCI AC World ex USA (Net)16.45 (48)25.35 (35)20.39 (73)-25.17 (30)23.92 (54)3.00 (50)-1.23 (36)1.76 (43)19.61 (31)9.26 (25) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Foreign Large Blend Median 16.15 24.63 23.19 -26.05 24.33 2.96 -2.10 1.43 18.55 6.60 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 27 37 Comparative Performance Fiscal Year Returns Total Fund As of June 30, 2026 Oct-2024 To Sep-2025 Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Total Fixed Income 4.55 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 Galliard Core Fixed Income 4.55 (31)10.84 (30)2.62 (46)-10.50 (70)-0.02 (72)6.85 (29)8.50 (18)-0.43 (60)0.44 (72)4.36 (28) Bloomberg Intermed Aggregate Index 3.82 (89)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 (73) Difference 0.73 0.45 1.20 0.99 0.35 1.19 0.42 0.50 0.19 0.79 IM U.S. Intermediate Duration (SA+CF) Median 4.32 10.19 2.57 -10.04 0.32 6.45 8.04 -0.36 0.71 3.90 Galliard TIPS N/A N/A N/A N/A N/A 7.46 5.76 0.39 -0.23 4.75 Blmbg. U.S. TIPS 1-10 Year 5.27 9.01 2.11 -7.44 5.75 7.75 5.75 0.33 -0.14 4.83 Difference N/A N/A N/A N/A N/A -0.29 0.01 0.06 -0.09 -0.08 Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.83 FTSE World Government Bond Index 1.59 11.02 1.04 -22.14 -3.33 6.77 8.13 -1.54 -2.69 9.71 Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A -8.88 PIMCO Diversified Income Fund Instl (PDIIX)7.28 (5)15.38 (2)7.23 (17)-17.61 (25)4.87 (4)3.63 (73)9.52 (4)N/A N/A N/A Blmbg. Global Credit (Hedged)4.82 (19)13.42 (25)5.27 (21)-16.53 (23)2.72 (19)5.26 (49)10.83 (3)0.39 (6)3.04 (36)9.19 (42) Difference 2.47 1.96 1.96 -1.07 2.16 -1.63 -1.30 N/A N/A N/A Global Bond Median 3.11 12.28 2.89 -21.61 0.49 5.15 5.91 -2.19 1.32 8.53 Vanguard Inflation-Protected Secs (VAIPX)4.54 (17)9.98 (30)1.81 (25)-13.12 (88)5.09 (42)9.84 (38)7.03 (16)0.23 (43)N/A N/A Bloomberg U.S. TIPS Index 3.79 (35)9.79 (38)1.25 (40)-11.57 (20)5.19 (39)10.08 (28)7.13 (11)0.41 (26)-0.73 (51)6.58 (28) Difference 0.75 0.18 0.57 -1.55 -0.10 -0.24 -0.10 -0.18 N/A N/A Inflation-Protected Bond Median 3.58 9.63 1.05 -12.29 4.92 9.44 6.06 0.09 -0.72 5.97 Vanguard Short Term Bond Index (VSCSX)5.13 (17)9.66 (13)3.78 (42)-8.13 (83)1.37 (45)4.91 (17)6.71 (4)-0.14 (68)1.55 (34)3.40 (18) Blmbg. U.S. Corporate 1-5 Year Index 5.06 (18)9.70 (12)4.00 (32)-8.06 (81)1.35 (45)5.21 (14)6.78 (3)0.11 (58)1.82 (25)3.33 (20) Difference 0.07 -0.04 -0.22 -0.07 0.03 -0.30 -0.07 -0.24 -0.27 0.07 Short-Term Bond Median 4.56 8.24 3.55 -6.44 1.17 3.48 4.57 0.28 1.16 2.08 Direct Real Estate 3.85 -10.47 -14.98 26.35 13.82 3.40 7.75 10.25 10.01 11.44 ARA Core Property Fund 4.45 (62)-8.01 (67)-12.54 (56)25.79 (16)13.51 (74)1.62 (49)6.81 (49)8.50 (59)7.52 (52)9.04 (87) American Core Realty Policy 3.80 (70)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64) Difference 0.65 -0.26 -0.14 3.03 -2.24 -0.12 0.64 -0.33 -0.29 -1.59 IM U.S. Open End Private Real Estate (SA+CF) Median 5.05 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14 Intercontinental 3.72 (71)-11.09 (91)-15.63 (86)26.50 (11)13.87 (69)4.41 (11)8.32 (19)11.40 (9)11.82 (6)13.30 (19) NCREIF Fund Index-OEDC (EW)3.80 (70)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)8.82 (54)7.81 (48)10.62 (64) Difference -0.09 -3.34 -3.23 3.73 -1.88 2.67 2.15 2.58 4.01 2.68 IM U.S. Open End Private Real Estate (SA+CF) Median 5.05 -6.22 -12.39 20.19 15.73 1.58 6.80 8.88 7.65 11.14 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 28 38 Peer Group Analysis - All Public Plans-Total Fund 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 10.25 (18)10.80 (27)16.95 (22)14.39 (18)14.53 (9)13.48 (11)8.41 (4)˜ Index 10.19 (19)10.66 (28)16.87 (23)14.67 (13)14.24 (12)13.36 (12)8.49 (4)˜ Median 8.83 9.74 15.29 13.31 12.62 11.82 6.70 Peer Group Analysis - All Public Plans-Total Fund -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 12.14 (13)23.78 (16)12.98 (14)-14.02 (39)26.26 (4)7.92 (54)2.78 (82)˜ Index 12.82 (6)22.55 (33)12.76 (16)-13.16 (31)21.33 (33)10.06 (31)4.31 (41)˜ Median 10.47 21.18 10.73 -15.12 20.11 8.25 4.02 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment -1.80 (83)2.34 (23)5.55 (15)7.66 (17)-1.07 (82)-0.25 (19) Index -1.88 (84)2.35 (23)5.61 (13)7.79 (13)-0.92 (77)0.02 (13) Median -1.18 2.04 4.86 6.67 -0.03 -0.97 Strategy Review Total Fund Portfolio | Total Fund Policy As of June 30, 2026 Page 29 39 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 8.41 10.83 0.49 101.42 13 102.94 7 Index 8.49 10.58 0.50 100.00 14 100.00 6 .3.52 0.55 N/A 11.91 20 -9.39 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 14.53 9.01 1.06 102.93 8 104.64 4 Index 14.24 8.68 1.06 100.00 9 100.00 3 .4.64 0.22 N/A 15.86 12 -18.38 N/A Risk and Return 3 Years Investment Index 14.0 14.2 14.4 14.6 R e tu r n (% ) 8.6 8.7 8.8 8.9 9.0 9.1 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 8.3 8.4 8.5 8.6 R e tu r n (% ) 10.5 10.6 10.7 10.8 10.9 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ 5 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Strategy Review Total Fund Portfolio | Total Fund Policy As of June 30, 2026 Page 30 40 Peer Group Analysis - Large Blend -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 15.65 (27)13.78 (27)23.53 (21)19.27 (17)20.43 (30)20.05 (33)12.24 (46)˜ Index 15.59 (28)13.73 (27)23.10 (23)19.05 (20)20.40 (31)20.04 (34)12.24 (46)˜ Median 14.61 12.27 20.53 17.25 19.33 19.13 12.02 Peer Group Analysis - Large Blend -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 17.35 (27)35.26 (47)20.38 (52)-18.01 (74)32.10 (22)15.01 (32)2.89 (51)˜ Index 17.37 (27)35.23 (47)20.37 (52)-17.98 (73)32.11 (22)14.99 (33)2.92 (50)˜ Median 15.67 34.98 20.47 -16.25 29.76 13.45 2.91 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment -3.96 (39)2.44 (49)8.57 (11)10.66 (55)-4.83 (65)2.63 (22) Index -3.96 (39)2.45 (49)8.24 (17)11.00 (39)-4.82 (64)2.63 (22) Median -4.37 2.42 7.31 10.80 -4.39 2.06 Strategy Review Vanguard Total Stock Market (VITSX) | Vanguard Total Stock Market Index Hybrid As of June 30, 2026 Page 31 41 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 12.24 15.97 0.59 99.98 13 99.94 7 Index 12.24 15.98 0.59 100.00 13 100.00 7 .3.52 0.55 N/A 7.58 20 -7.02 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 20.43 13.23 1.14 99.99 9 99.82 3 Index 20.40 13.26 1.13 100.00 9 100.00 3 .4.64 0.22 N/A 9.78 12 -14.93 N/A Risk and Return 3 Years Investment Index 20.4 20.5 R e tu r n (% ) 13.2 13.3 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 12.2 12.3 R e tu r n (% ) 15.9 16.0 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. Large Blend 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)13 (65%)7 (35%)0 (0%)¾ Index 20 0 (0%)13 (65%)7 (35%)0 (0%)¾ 5 Years Rolling Percentile Ranking vs. Large Blend 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 1 (5%)18 (90%)1 (5%)0 (0%)¾ Index 20 1 (5%)18 (90%)1 (5%)0 (0%)¾ Strategy Review Vanguard Total Stock Market (VITSX) | Vanguard Total Stock Market Index Hybrid As of June 30, 2026 Page 32 42 Peer Group Analysis - Foreign Large Blend 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 10.12 (55)18.44 (30)N/A N/A N/A N/A N/A˜ Index 14.49 (13)19.43 (21)27.66 (17)22.59 (25)18.82 (26)17.26 (34)8.79 (43)˜ Median 10.46 15.13 21.43 19.66 16.72 16.65 8.42 Peer Group Analysis - Foreign Large Blend -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment N/A N/A N/A N/A N/A N/A N/A˜ Index 16.45 (48)25.35 (35)20.39 (73)-25.17 (30)23.92 (54)3.00 (50)-1.23 (36)˜ Median 16.15 24.63 23.19 -26.05 24.33 2.96 -2.10 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment 2.76 (11)4.67 (37)N/A N/A N/A N/A Index -0.71 (71)5.05 (28)6.89 (15)12.03 (39)5.23 (81)-7.60 (55) Median 0.84 4.36 5.10 11.59 6.77 -7.50 Strategy Review DFA World ex US Core Equity Inst l (DFWIX) | MSCI AC World ex USA (Net) As of June 30, 2026 Page 33 43 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 8.79 15.43 0.40 100.00 13 100.00 7 .3.52 0.55 N/A 7.83 20 -8.05 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment N/A N/A N/A N/A N/A N/A N/A Index 18.82 13.70 1.00 100.00 9 100.00 3 .4.64 0.22 N/A 9.30 12 -15.49 N/A Risk and Return 3 Years Investment Index 18.8 18.9 19.0 R e tu r n (% ) 13.6 13.7 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 8.7 8.8 R e tu r n (% ) 15.4 15.5 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 0 (0%)5 (25%)15 (75%)0 (0%)¾ 5 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 0 0 0 0 0¾ Index 20 0 (0%)5 (25%)15 (75%)0 (0%)¾ Strategy Review DFA World ex US Core Equity Inst l (DFWIX) | MSCI AC World ex USA (Net) As of June 30, 2026 Page 34 44 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 8.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.57 (65)2.16 (35)4.01 (36)5.59 (26)5.48 (24)4.16 (32)1.69 (43)˜ Index 0.47 (83)1.94 (64)3.76 (52)5.22 (68)4.66 (91)3.32 (94)0.97 (96)˜ Median 0.63 2.04 3.79 5.32 5.12 3.95 1.59 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 4.55 (31)10.84 (30)2.62 (46)-10.50 (70)-0.02 (72)6.85 (29)8.50 (18)˜ Index 3.82 (89)10.39 (41)1.42 (90)-11.49 (87)-0.38 (88)5.66 (77)8.08 (47)˜ Median 4.32 10.19 2.57 -10.04 0.32 6.45 8.04 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment 0.37 (14)1.21 (63)1.81 (40)1.68 (52)2.53 (30)-1.50 (49) Index 0.11 (55)1.35 (22)1.79 (43)1.51 (87)2.61 (21)-2.07 (86) Median 0.12 1.24 1.73 1.69 2.45 -1.52 Strategy Review Galliard Core Fixed Income | Bloomberg Intermed Aggregate Index As of June 30, 2026 Page 35 45 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 1.69 4.34 -0.41 93.67 13 81.61 7 Index 0.97 4.99 -0.49 100.00 12 100.00 8 .3.52 0.55 N/A 30.42 20 -19.75 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 5.48 3.53 0.25 96.27 10 71.09 2 Index 4.66 4.23 0.03 100.00 9 100.00 3 .4.64 0.22 N/A 38.57 12 -35.95 N/A Risk and Return 3 Years Investment Index 4.4 4.8 5.2 5.6 6.0 R e tu r n (% ) 3.4 3.6 3.8 4.0 4.2 4.4 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 0.6 0.9 1.2 1.5 1.8 2.1 R e tu r n (% ) 4.0 4.2 4.4 4.6 4.8 5.0 5.2 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. IM U.S. Intermediate Duration (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 2 (10%)10 (50%)8 (40%)0 (0%)¾ Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾ 5 Years Rolling Percentile Ranking vs. IM U.S. Intermediate Duration (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)10 (50%)10 (50%)0 (0%)¾ Index 20 0 (0%)0 (0%)0 (0%)20 (100%)¾ Strategy Review Galliard Core Fixed Income | Bloomberg Intermed Aggregate Index As of June 30, 2026 Page 36 46 Peer Group Analysis - Inflation-Protected Bond -1.9 -1.0 -0.1 0.8 1.7 2.6 3.5 4.4 5.3 6.2 7.1 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 0.86 (38)1.31 (20)3.42 (21)5.23 (9)4.28 (22)3.11 (17)1.14 (20)˜ Index 0.89 (30)1.29 (23)3.42 (21)4.62 (26)3.98 (32)2.61 (34)1.01 (26)˜ Median 0.83 1.08 3.11 4.43 3.83 2.40 0.69 Peer Group Analysis - Inflation-Protected Bond -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 4.54 (17)9.98 (30)1.81 (25)-13.12 (88)5.09 (42)9.84 (38)7.03 (16)˜ Index 3.79 (35)9.79 (38)1.25 (40)-11.57 (20)5.19 (39)10.08 (28)7.13 (11)˜ Median 3.58 9.63 1.05 -12.29 4.92 9.44 6.06 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment 0.35 (33)0.09 (28)2.08 (34)0.70 (20)3.86 (73)-2.08 (10) Index 0.26 (44)0.13 (22)2.10 (34)0.48 (54)4.17 (35)-2.88 (37) Median 0.19 -0.04 1.99 0.50 4.10 -2.94 Strategy Review Vanguard Inflation-Protected Secs (VAIPX) | Bloomberg U.S. TIPS Index As of June 30, 2026 Page 37 47 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 1.14 7.36 -0.28 111.54 12 110.39 8 Index 1.01 5.99 -0.38 100.00 13 100.00 7 .3.52 0.55 N/A 25.82 20 -17.39 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 4.28 4.37 -0.06 99.17 8 91.20 4 Index 3.98 4.16 -0.13 100.00 9 100.00 3 .4.64 0.22 N/A 38.37 12 -34.43 N/A Risk and Return 3 Years Investment Index 3.8 4.0 4.2 4.4 R e tu r n (% ) 4.1 4.2 4.3 4.4 4.5 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 0.9 1.0 1.1 1.2 R e tu r n (% ) 5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.5 7.8 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. Inflation-Protected Bond 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 3 (15%)11 (55%)6 (30%)0 (0%)¾ Index 20 4 (20%)16 (80%)0 (0%)0 (0%)¾ 5 Years Rolling Percentile Ranking vs. Inflation-Protected Bond 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 19 1 (5%)14 (74%)4 (21%)0 (0%)¾ Index 20 13 (65%)7 (35%)0 (0%)0 (0%)¾ Strategy Review Vanguard Inflation-Protected Secs (VAIPX) | Bloomberg U.S. TIPS Index As of June 30, 2026 Page 38 48 Peer Group Analysis - Global Bond -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 3.17 (8)4.55 (3)7.69 (1)8.53 (6)8.58 (1)7.84 (3)2.74 (3)˜ Index 2.09 (35)2.69 (11)4.95 (8)6.27 (22)6.40 (13)5.44 (19)1.43 (22)˜ Median 1.45 0.94 1.79 5.20 4.09 2.87 -1.28 Peer Group Analysis - Global Bond -34.0 -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 7.28 (5)15.38 (2)7.23 (17)-17.61 (25)4.87 (4)3.63 (73)9.52 (4)˜ Index 4.82 (19)13.42 (25)5.27 (21)-16.53 (23)2.72 (19)5.26 (49)10.83 (3)˜ Median 3.11 12.28 2.89 -21.61 0.49 5.15 5.91 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment -0.94 (31)2.29 (10)3.01 (1)2.76 (88)2.05 (77)-0.68 (9) Index -0.53 (19)1.13 (15)2.20 (6)2.17 (93)1.54 (86)-1.15 (12) Median -1.58 0.33 0.90 5.13 2.98 -5.29 Strategy Review PIMCO Diversified Income Fund Instl (PDIIX) | Blmbg. Global Credit (Hedged) As of June 30, 2026 Page 39 49 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 2.74 7.03 -0.07 119.95 14 105.90 6 Index 1.43 6.17 -0.31 100.00 13 100.00 7 .3.52 0.55 N/A 26.01 20 -15.84 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 8.58 5.00 0.77 121.34 9 101.01 3 Index 6.40 4.56 0.39 100.00 9 100.00 3 .4.64 0.22 N/A 32.57 12 -38.43 N/A Risk and Return 3 Years Investment Index 5.6 6.4 7.2 8.0 8.8 9.6 R e tu r n (% ) 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 1.0 1.5 2.0 2.5 3.0 3.5 R e tu r n (% ) 6.0 6.2 6.4 6.6 6.8 7.0 7.2 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. Global Bond 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 18 (90%)2 (10%)0 (0%)0 (0%)¾ 5 Years Rolling Percentile Ranking vs. Global Bond 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 14 14 (100%)0 (0%)0 (0%)0 (0%)¾ Index 20 20 (100%)0 (0%)0 (0%)0 (0%)¾ Strategy Review PIMCO Diversified Income Fund Instl (PDIIX) | Blmbg. Global Credit (Hedged) As of June 30, 2026 Page 40 50 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -13.0 -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 1.28 (77)3.22 (77)4.34 (83)3.97 (88)-1.02 (82)-3.09 (88)2.88 (72)˜ Index 1.50 (64)3.67 (71)4.35 (83)3.80 (89)-0.89 (80)-3.20 (88)2.69 (74)˜ Median 1.64 4.29 5.74 5.23 0.29 -2.32 3.21 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 4.45 (62)-8.01 (67)-12.54 (56)25.79 (16)13.51 (74)1.62 (49)6.81 (49)˜ Index 3.80 (70)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)˜ Median 5.05 -6.22 -12.39 20.19 15.73 1.58 6.80 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment 1.07 (69)0.84 (63)1.08 (66)1.22 (65)1.11 (57)0.97 (55) Index 1.16 (66)0.97 (59)0.65 (86)1.03 (75)1.03 (63)1.04 (50) Median 1.28 1.13 1.28 1.30 1.18 1.03 Strategy Review ARA Core Property Fund | American Core Realty Policy As of June 30, 2026 Page 41 51 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 2.88 7.77 -0.04 104.34 13 102.37 7 Index 2.69 7.44 -0.07 100.00 13 100.00 7 .3.52 0.55 N/A 40.10 20 -14.41 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment -1.02 4.24 -1.26 104.18 8 106.52 4 Index -0.89 3.83 -1.36 100.00 8 100.00 4 .4.64 0.22 N/A 157.82 12 -17.88 N/A Risk and Return 3 Years Investment Index -1.1 -1.0 -0.9 -0.8 R e tu r n (% ) 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 2.6 2.7 2.8 2.9 3.0 R e tu r n (% ) 7.3 7.4 7.5 7.6 7.7 7.8 7.9 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 1 (5%)10 (50%)8 (40%)1 (5%)¾ Index 20 0 (0%)11 (55%)8 (40%)1 (5%)¾ 5 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 0 (0%)13 (65%)7 (35%)0 (0%)¾ Index 20 0 (0%)14 (70%)6 (30%)0 (0%)¾ Strategy Review ARA Core Property Fund | American Core Realty Policy As of June 30, 2026 Page 42 52 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -13.0 -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Retu rn QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Investment 1.50 (64)2.72 (84)3.81 (85)2.71 (92)-2.06 (94)-5.07 (94)1.37 (84)˜ Index 1.49 (65)3.66 (71)4.34 (83)3.80 (89)-0.89 (80)-3.20 (88)2.69 (74)˜ Median 1.64 4.29 5.74 5.23 0.29 -2.32 3.21 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Retu rn Oct-2024 to Sep-2025 Oct-2023 to Sep-2024 Oct-2022 to Sep-2023 Oct-2021 to Sep-2022 Oct-2020 to Sep-2021 Oct-2019 to Sep-2020 Oct-2018 to Sep-2019 Investment 3.72 (71)-11.09 (91)-15.63 (86)26.50 (11)13.87 (69)4.41 (11)8.32 (19)˜ Index 3.80 (70)-7.75 (65)-12.40 (51)22.76 (37)15.75 (50)1.74 (40)6.17 (68)˜ Median 5.05 -6.22 -12.39 20.19 15.73 1.58 6.80 Comparative Performance 1 Qtr Ending Mar-2026 1 Qtr Ending Dec-2025 1 Qtr Ending Sep-2025 1 Qtr Ending Jun-2025 1 Qtr Ending Mar-2025 1 Qtr Ending Dec-2024 Investment 1.06 (73)0.15 (94)1.06 (70)1.23 (62)0.69 (73)0.68 (63) Index 1.16 (66)0.97 (59)0.65 (86)1.03 (75)1.03 (63)1.04 (50) Median 1.28 1.13 1.28 1.30 1.18 1.03 Strategy Review Intercontinental | NCREIF Fund Index-ODCE (EW) As of June 30, 2026 Page 43 53 Historical Statistics 5 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment 1.37 8.57 -0.19 99.93 12 128.40 8 Index 2.69 7.35 -0.07 100.00 13 100.00 7 .3.52 0.93 N/A 25.28 20 -39.86 N/A Historical Statistics 3 Years Return Standard Deviation Sharpe Ratio Up Market Capture Up Quarters Down Market Capture Down Quarters Investment -2.06 4.61 -1.34 71.73 7 113.20 5 Index -0.89 3.82 -1.31 100.00 8 100.00 4 .4.64 0.36 N/A 111.81 12 -53.18 N/A Risk and Return 3 Years Investment Index -2.5 -2.0 -1.5 -1.0 -0.5 0.0 R e tu r n (% ) 3.4 3.6 3.8 4.0 4.2 4.4 4.6 4.8 Risk (Standard Deviation %) Risk and Return 5 Years Investment Index 1.0 1.5 2.0 2.5 3.0 R e tu r n (% ) 7.0 7.2 7.4 7.6 7.8 8.0 8.2 8.4 8.6 8.8 9.0 Risk (Standard Deviation %) 3 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 6 (30%)1 (5%)5 (25%)8 (40%)¾ Index 20 0 (0%)11 (55%)8 (40%)1 (5%)¾ 5 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF) 0.0 25.0 50.0 75.0 100.0 R e tu r n P e r c en ti l e R a n k 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 6/26 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Investment 20 8 (40%)3 (15%)8 (40%)1 (5%)¾ Index 20 0 (0%)14 (70%)6 (30%)0 (0%)¾ Strategy Review Intercontinental | NCREIF Fund Index-ODCE (EW) As of June 30, 2026 Page 44 54 Private Equity Summary of Partnership Partnerships Valuation Date Vintage Year Investment Strategy Capital Commitment $ Drawn Down $ Market Value $ Distributed $ IRR (%) TVPI Multiple ICM/PME Crescent Direct Lending II Fund 06/30/2026 2017 Other 2,000,000 2,110,851 235,056 2,394,293 7.9 1.2 1.9 Private Equity Summary of Partnership As of June 30, 2026 Page 45 55 Comparative Performance - IRR 1 Quarter Ending Mar-2026 1 Year Ending Mar-2026 2 Years Ending Mar-2026 3 Years Ending Mar-2026 4 Years Ending Mar-2026 5 Years Ending Mar-2026 Since Inception Ending Mar-2026 Inception Date Crescent Direct Lending II Fund -9.36 -23.39 0.42 4.94 6.05 8.40 8.07 03/13/2018 ICM/PME (Bloomberg Intermed Aggregate Index)0.11 4.78 5.46 3.78 0.91 -1.27 1.95 Winter Springs General Employees General Plan and Trust Comparative Performance - IRR As of June 30, 2026 Page 46 56 Fund Information Type of Fund:Direct Vintage Year:2014 Strategy Type:Other Management Fee:1.35% of invested equity capital Size of Fund ($):-Preferred Return:7.00% Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd. Final Close:9/5/2015 expected Number of Funds: Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$3,055,050 Management Fees:$70,322 Expenses:$203,423 Interest:- Total Contributions:$3,055,050 Remaining Capital Commitment:$182,930 Total Distributions:$3,648,912 Market Value:- Inception Date:10/14/2014 Inception IRR:N/A TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $1,100,000.0 $2,200,000.0 $3,300,000.0 $4,400,000.0 $5,500,000.0 -$1,100,000.0 10/14 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 10/25 6/26 Private Equity Fund Overview Crescent Direct Lending Fund As of June 30, 2026 Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid. Page 47 57 Fund Information Type of Fund:Direct Vintage Year:2017 Strategy Type:Other Management Fee:.75% Size of Fund ($):1,500,000,000 Preferred Return:7.00% Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC Final Close:Number of Funds: Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$2,110,851 Management Fees:$16,605 Expenses:$19,342 Interest:- Total Contributions:$2,110,851 Remaining Capital Commitment:$1,160,843 Total Distributions:$2,394,293 Market Value:$235,056 Inception Date:03/13/2018 Inception IRR:7.9 TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $700,000.0 $1,400,000.0 $2,100,000.0 $2,800,000.0 -$700,000.0 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 3/24 12/24 9/25 6/26 Private Equity Fund Overview Crescent Direct Lending II Fund As of June 30, 2026 Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid. Page 48 58 Total Fund Policy Allocation Mandate Weight (%) Jan-1976 S&P 500 Index 65.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 5.00 Oct-2003 S&P 500 Index 60.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 10.00 Sep-2006 S&P 500 Index 60.00 Bloomberg Intermed Aggregate Index 40.00 Oct-2009 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 25.00 MSCI EAFE Index 15.00 Bloomberg U.S. TIPS Index 5.00 NCREIF Property Index 5.00 Oct-2010 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 20.00 MSCI EAFE Index 15.00 Bloomberg U.S. TIPS Index 5.00 NCREIF Fund Index-ODCE (EW)10.00 Sep-2020 Russell 3000 Index 50.00 MSCI AC World ex USA (Net)15.00 Bloomberg Intermed Aggregate Index 15.00 Blmbg. U.S. TIPS 1-5 Year 3.00 Blmbg. Global Credit (Hedged)3.00 NCREIF Fund Index-ODCE (EW)10.00 S&P UBS Leveraged Loan Index 4.00 American Core Realty Policy Allocation Mandate Weight (%) Oct-2007 NCREIF Classic Property Index 100.00 Oct-2010 NCREIF Fund Index-ODCE (EW)100.00 Vanguard Total Stock Market Policy Allocation Mandate Weight (%) Jun-2003 MSCI US Broad Market Index 100.00 Feb-2013 Morningstar U.S. Total Market Index 100.00 Benchmark History Investment Policy Benchmarks As of June 30, 2026 Page 49 59 Total Equity Policy Allocation Mandate Weight (%) Jan-1970 S&P 500 Index 90.00 MSCI EAFE Index 10.00 Oct-2003 S&P 500 Index 85.00 MSCI EAFE Index 15.00 Sep-2006 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 77.00 MSCI EAFE Index 23.00 Sep-2020 Russell 3000 Index 77.00 MSCI AC World ex USA (Net)23.00 Domestic Equity Securities Policy Allocation Mandate Weight (%) Jan-1926 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 100.00 Foreign Equity Policy Allocation Mandate Weight (%) Nov-2000 MSCI EAFE Index 100.00 Sep-2020 MSCI AC World ex USA (Net)100.00 Benchmark History Investment Policy Benchmarks As of June 30, 2026 Page 50 60 Total Fixed Policy Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Intermed Aggregate Index 100.00 Sep-2020 Bloomberg Intermed Aggregate Index 60.00 Bloomberg U.S. TIPS Index 12.00 Blmbg. Global Credit (Hedged)12.00 S&P UBS Leveraged Loan Index 16.00 Broad Mkt Fixed Income Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Intermed Aggregate Index 100.00 Non-Core Fixed Policy Allocation Mandate Weight (%) Oct-2014 S&P UBS Leveraged Loan Index 100.00 Dec-2016 S&P UBS Leveraged Loan Index 50.00 Bloomberg U.S. TIPS Index 50.00 Mar-2018 S&P UBS Leveraged Loan Index 41.00 Bloomberg U.S. TIPS Index 20.00 Blmbg. Global Credit (Hedged)39.00 Sep-2020 Bloomberg U.S. TIPS Index 30.00 Blmbg. Global Credit (Hedged)30.00 S&P UBS Leveraged Loan Index 40.00 Benchmark History Investment Policy Benchmarks As of June 30, 2026 Page 51 61 Compliance Checklist Total Fund Total Fund Compliance Yes No N/A 1. The Total Plan return equaled or exceeded the 7% actuarial earnings assumption over the trailing three and five year periods. ** 2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods. 3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ** ROR reduced to 7% from 7.5%. Equity Compliance Yes No N/A 1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods. 2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods. 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 5. The total equity allocation was less than 75% of the total plan assets at market. 6. Total foreign equity was less than 25% of the total plan assets at market. Fixed Income Compliance Yes No N/A 1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods. 2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods. 3. All separately managed fixed income investments have a minimum rating of investment grade or higher. As of June 30, 2026 Page 5262 Compliance Checklist Total Fund Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period.   5. Less than four consecutive quarters of under performance relative to the benchmark. 6. Three and five year down-market capture ratio less than the index.  * Inception = 9/30/2025 Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period.  2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period.  4. Manager ranked within the top 40th percentile over the trailing five year period.  5. Less than four consecutive quarters of under performance relative to the benchmark.  6. Three and five year down-market capture ratio less than the index. Manager Compliance:Vanguard Total DFWIX * Galliard Manager Compliance:American RE Intercontinental Crescent II As of June 30, 2026 Vanguard TIPs PIMCO Page 5363 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.03 45,898,147 13,769 0.03 % of Assets Domestic Equity Securities 0.03 45,898,147 13,769 DFA World ex US Core Equity Inst l (DFWIX)0.30 13,514,027 40,542 0.30 % of Assets Foreign Equity Securities 0.30 13,514,027 40,542 Galliard Core Fixed Income 0.25 18,156,430 45,391 0.25 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 1,493,429 1,493 0.10 % of Assets PIMCO Diversified Income Fund Instl (PDIIX)0.79 8,006,329 63,250 0.79 % of Assets Crescent Direct Lending II Fund 0.75 235,056 1,763 0.75 % of Assets Total Fixed Income 0.40 27,891,244 111,897 Intercontinental 1.10 1,731,263 19,044 1.10 % of Assets ARA Core Property Fund 1.10 141,686 1,559 1.10 % of Assets Direct Real Estate 1.10 1,872,949 20,602 Receipt & Disbursement 1,066,917 - Total Fund 0.21 90,243,285 186,811 Winter Springs General Employees General Plan and Trust Fee Analysis As of June 30, 2026 Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 54 64 Disclosures Neither Mariner Institutional (formerly AndCo), nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. Disclosures Total Fund As of June 30, 2026 Page 55 65 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 5666 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 5767 1 Access is everything. 68