The Docket · Government Meeting · DKT-2026-000740

On the agenda: Abingtonpa Pension Plan Committee Meeting — Data Center (Aug 20)

Past ⚠ Agenda Watch August, California · Thursday, August 20, 2026 — 3 weeks ago

About this record

The published agenda for this August 20 meeting contains: "Data Center", "datacenter", "data center". The meeting has passed; the record and its outcome live here permanently.

WhenThursday, August 20, 2026
Check the agenda document for the meeting time.

WhereAugust, California

BodyPension Plan Committee Meeting

Money$93,785,508 was at stake

On the record“Data Center”“datacenter”“data center”

The agenda, word for word

Government public record — the full text of the published document, archived August 14, 2026. Gold highlighting of key terms is ours, not the original’s. Read the original document ↗

111 pages · scroll to read

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ABINGTON TOWNSHIP
August 20, 2026

Pension Plan Committee
Meeting

1
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TOWNSHIP OF ABINGTON
______________________________
PENSION PLAN COMMITTEE MEETING
AGENDA
AUGUST 20, 2026
6:00 PM
There are three ways for the public to participate in the meeting: online, by phone, or inperson
viewing room. Residents can access the meeting online, by a computer, iPad, iPhone or Android
at https://us06web.zoom.us/j/86991207387. This link will enable residents to hear the meeting
and see presentations. There will be no video capabilities. Residents, who are unable to join
online, can listen to the meeting by calling 1-929-436-2866 and entering the meeting ID number
869-9120-7387 when prompted. Residents, who are unable to join online or by phone, can watch
the meeting in a viewing room at the Abington Township Board Room located at 1176 Old York
Road, Abington, PA 19001, 2nd Floor. This will allow residents to see, hear, and participate in
the meeting.

CALL TO ORDER
CONSIDER APPROVAL OF MINUTES
1.

Consider a motion to approve Pension Committee Meeting minutes from May 21,
2026.

UNFINISHED BUSINESS
NEW BUSINESS
1.

Second Quarter 2026 Pension Investment Performance Review (Donald Grant, PFM)

Second Quarter 2026 OPEB Trust Investment Performance Review (Donald Grant,
PFM)

PUBLIC COMMENT
ADJOURNMENT

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Pension Committee Meeting

May 21, 2026

The stated meeting of the Pension Committee of the Board of Commissioners of the Township of
Abington was held on Thursday, May 21, 2026 via webinar and the Township Administration
Building, Abington, PA, with Commissioner Spiegelman presiding.
CALL TO ORDER:

6:03 p.m.

PRESENT:

Committee Members: Commissioners Spiegelman,
Winegrad, Browne
Employee Representative:
Finance Director:

Others:

Andre Berry
Jeannette Hermann

Donald Grant, PFM
Janet Werner, Vice President, Wells Fargo Institutional
Retirement and Trust

CONSIDER APPROVAL OF MINUTES
Commissioner Spiegelman made a MOTION, seconded by Commissioner Winegrad to approve
the minutes from the Pension Committee Meeting of February 25, 2026.
MOTION was ADOPTED 4-0.
UNFINISHED BUSINESS: None.
NEW BUSINESS:
First Quarter 2026 Pension Investment Performance Review:
Mr. Grant reported that the Russell 3000 was down for the quarter -3.96% due to the war in Iran
and the close of the Strait of Hormuz. Small caps were up 0.89% but muted across large cap
space. International equities were down -0.71%, international markets were down about 17 basis
points for the first quarter and up 17.51% in the second quarter, YTD 17.32%. Bloomberg U.S.
Aggregate was flat in the first quarter and sold off more in the second quarter down -0.47% due
to inflation.
We are seeing an increase in inflation as well as increased price pressures in the core sectors. In
April, PPI numbers were 6%, energy 4.4%, so these numbers pushed interest rates up on a longer
end of the yield curve, which has not been beneficial for bond prices in the past few weeks.
1

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Unemployment is hovering at 4.3%, but the labor market has been vacillating month-to-month.
In April, the labor market created about 115,000 jobs, in March, it was revised to about 7,000
and created about 185,000 jobs. GDP figures for the first quarter came in at 2% and we are
seeing consumers still spending; however, how they spend versus how they feel about the
economy is diverse as an increase in gas prices amp up financial market volatility.
Due to the war in Iran, stocks sold off at or below their five-year averages, so investors saw that
as an opportunity to buy and drive market prices up to about 17.32%. Overall, stock market
prices follow earnings growth. This quarter’s earnings for large cap stocks came in at 27% year
over year, but these earnings come from the top ten tech names of the S&P 500.
The U.S. Treasury Yield Curve in the past has not really moved, but we are seeing movement
again with inflation. This type of inflation is supply driven and the meeting minutes from the last
Fed meeting indicate the potential need to raise interest rates if inflation expectations start to rise,
so we are keeping a close eye on it.
Monetary Policy and economic growth are neutral; inflation is negative; financial conditions
tightened; consumer spending is neutral; labor market is slightly negative; corporate
fundamentals are strong; valuations are neutral and political/policy risks are negative.
What would move the U.S towards any type of global recession is the continued closure of the
Strait of Hormuz, which will be supply driven by inflation then switching over to demand driven
increased prices, and interest rates would begin to go up. There is a lot of uncertainty built into
what is going on right now, and from a labor market perspective, we are in a no hire, no fire
stage. If the Strait of Hormuz remains closed through the summer, there will be global recession.
Abington Township Police Pension Plan:
Asset Allocation & Performance as of March 31, 2026 totaled $93,785,508 returning -1.74% for
the quarter, same as YTD. The plan has exposure to IShares Russell 2000 ETF in the amount of
$2,060,632, and earlier this year, we discussed putting an overweight onto small caps and they
performed well, but given the volatility and rising interest rates, it is difficult for small
companies to help finance operations, so we took that trade off, and now we are neutral in small
caps within the portfolio.
We are keeping a close eye on two managers: WCM Focused International Equity who did not
have a good 12 months, and Aristotle International Equity also had a tough 12 months. No
decision has been made yet, but it is possible that we will make a move in that space.
Cashflows were reviewed by the Pension Committee.

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Abington Township Non-Uniformed Pension Plan:
Asset Allocation & Performance as of March 31, 2026 totaled $72,955,949 returning -1.72% for
the quarter, same YTD. Cashflows were reviewed by the Pension Committee.
Commissioner Spiegelman asked when decision time comes regarding the two managers being
reviewed, will the Pension Committee be informed?
Mr. Grant replied the decision will be made in a week or two, and we will send a client alert
when the change is made.
First Quarter 2026 OPEB Trust Investment Performance Review:
Asset Allocation & Performance as of March 31, 2026 totaled $30,416,581 returning -1.72% for
the quarter, same YTD. Cashflows were reviewed by the Pension Committee.
PUBLIC COMMENT: None.
ADJOURNMENT:

6:50 p.m.

Respectfully submitted,
Liz Vile, Recording Secretary

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Abington Township Police and Non-Uniformed Trust

Investment Performance Review
For the Quarter Ended June 30, 2026

Client Management Team
Donald Grant, Director

PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc.
1735 Market Street
43rd Floor
Philadelphia, PA 19103

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Financial Markets & Investment Strategy Review

1 111
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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY

Index Name
DOMESTIC EQUITY
S&P 500
Russell 3000
Russell 1000 Growth
Russell 1000
Russell 1000 Value
Russell Midcap Growth
Russell Midcap
Russell Midcap Value
Russell 2000 Growth
Russell 2000
Russell 2000 Value
INTERNATIONAL EQUITY
MSCI EAFE
MSCI AC World
MSCI AC World ex USA
MSCI AC World ex USA Small Cap
MSCI EM (Emerging Markets)
LISTED REAL ASSETS
FTSE NAREIT All Equity REITs
FTSE Global Core Infrastructure 50/50
Bloomberg Commodity
FIXED INCOME
Bloomberg U.S. Aggregate
Bloomberg U.S. Government/Credit
Bloomberg U.S. Intermediate Government/Credit
Bloomberg U.S. Treasury (1-3 Y)
ICE BofA U.S. High Yield
Bloomberg Global Aggregate
CASH EQUIVALENT
Bloomberg 3 Month T-Bill

QTD

YTD

One Year

Three Year

Five Year

Seven Year

Ten Year

15.20%
15.44%
16.74%
15.14%
13.87%
14.55%
13.83%
13.40%
25.71%
21.49%
17.19%

10.21%
10.88%
5.33%
10.33%
16.26%
7.27%
15.30%
17.58%
22.18%
22.57%
22.99%

22.32%
22.82%
17.71%
22.02%
27.12%
6.17%
21.63%
26.62%
38.74%
40.78%
43.01%

20.61%
20.36%
22.58%
20.47%
17.79%
15.61%
16.51%
16.51%
18.44%
18.60%
18.73%

13.41%
12.31%
13.71%
12.66%
11.17%
6.03%
8.50%
9.48%
5.57%
6.98%
8.23%

16.08%
15.51%
18.80%
15.79%
12.10%
11.60%
11.93%
11.35%
10.82%
11.34%
11.36%

15.51%
15.06%
18.58%
15.30%
11.52%
13.04%
12.00%
10.63%
11.97%
11.62%
10.89%

10.82%
14.93%
14.49%
9.62%
24.05%

9.44%
11.25%
13.68%
9.10%
23.85%

20.23%
23.67%
27.66%
19.83%
43.51%

16.44%
19.70%
18.82%
16.42%
23.03%

9.05%
10.98%
8.79%
6.30%
7.20%

9.90%
13.28%
10.16%
9.68%
9.82%

9.66%
12.78%
9.93%
9.10%
10.07%

10.73%
2.33%
-8.08%

14.90%
10.66%
14.36%

15.43%
15.78%
25.46%

10.06%
12.24%
11.69%

3.71%
7.65%
9.37%

5.86%
6.71%
9.46%

5.88%
7.47%
5.83%

0.67%
0.70%
0.43%
0.37%
2.45%
0.87%

0.62%
0.49%
0.40%
0.64%
1.89%
-0.21%

3.79%
3.32%
3.14%
2.92%
5.74%
0.62%

4.16%
3.97%
4.68%
4.38%
8.79%
3.41%

0.08%
-0.10%
1.22%
1.90%
4.13%
-1.55%

1.22%
1.25%
1.89%
1.95%
4.92%
-0.15%

1.54%
1.59%
1.92%
1.75%
5.70%
0.38%

0.90%

1.77%

3.89%

4.69%

3.58%

2.80%

2.38%

Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.

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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
THE ECONOMY

1,900

1,800
4%

U.S. labor-market conditions remained broadly stable in Q2. The three-month average
gain in non-farm payrolls rose to 111k jobs, though hiring momentum slowed as the
quarter progressed. The moderation appeared industry-specific rather than indicative of
broad labor-market weakness. While the unemployment rate ticked down to 4.2%, laborforce participation also fell, suggesting slower labor-force growth, rather than stronger
employment gains, was the primary driver of the decline.

1,750
2%

1,700

0%
Jun-21

Jun-23

Jun-24

1,650
Jun-26

Jun-25

Unemployment Rate (Left)

Source: Bloomberg.

U.S. GDP Growth

U.S. Inflation Rate
Seasonally Adjusted (SA)

10%

8%
7%
6%
5%
4%
3%
2%
1%

5%
4%
2.5%
2.0% 2.0%
2.1%
1.9%

3%
2%

0.5%

1%
0%
-1%

Jun-23
Core CPI

Source: Bureau of Labor Statistics.

Jun-24

Jun-25
CPI

2021

2022

2023

2024

2025

2026

-2%
Q3

0%
Jun-22

Jun-22

Monthly Average Continued Claims (Insured Unemployment) (Right)

Inflation accelerated in the second quarter, as headline Consumer Price Index inflation
(CPI) rose 4.2% year-over-year (YoY) in May, up from 3.3% at the end of the first quarter.
Energy prices were the key driver, rising 23.5% YoY, while core CPI rose a more moderate
2.9%. Producer Price Index (PPI) inflation rose 6.5% YoY, the highest rate since late 2022.
Core PPI (ex. food, energy and trade services), increased 5.1%, suggesting that inflation
pressures broadened across the economy rather than being confined to the energy sector.

Thousands

1,850

•

U.S. Unemployment and Monthly Average Continued Claims

QoQ% Change, SA, Annualized

•

U.S. real gross domestic product (GDP) grew at a seasonally adjusted annualized rate of
2.1% in the first quarter, up from 0.5% in Q4 2025. While personal consumption growth
was 0.5%, its weakest pace since 2022, private domestic investment grew 7.9%. It was
largely supported by business investment in information processing equipment and
software IP, underscoring the impact of AI-related spending. Government spending was
up also 4.4%, recovering from a 5.6% contraction, as activity resumed following the end of
the government shutdown.

YoY% Change

•

2027

Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate forecasted estimates.

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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
WHAT WE’RE WATCHING

•

The Federal Reserve (Fed) held its target rate at 3.75% through Q2. The Federal
Open Market Committee meeting delivered a more hawkish message, removing
language suggesting an easing bias, while the updated dot plot shifted from implying
a 2026 rate cut to a potential rate hike. Outside the U.S., the European Central Bank
hiked rates for the first time since 2023, citing energy inflation across the Eurozone.
The Bank of Japan also raised interest rates, marking the highest rate in 31 years,
citing concerns that energy related price pass-through could push consumer inflation
above the 2% target.
Consumer sentiment recovered from its May low but finished below its March level,
with the University of Michigan Survey of Consumers, at 49.5 in June. Manufacturing
and services indicators were also in expansionary territory at quarter-end, with the ISM
U.S. PMI surveys reporting of 53.3 and 54.0, respectively.
The conflict with Iran and the disrupted Middle Eastern oil supplies have been major
market drags since the effective closure of the Strait of Hormuz. Energy alone drove
more than 60% of May’s headline inflation, however an interim peace deal brokered in
June prompted a sharp pullback in oil prices. The Brent Crude spot price fell to near
pre-conflict levels at quarter end. Shipping transit through the Strait has begun also to
pick up, though it remains less than half the pre-war average. Any renewed disruption
could have an impact on inflation and economic growth.

U.S. ISM Manufacturing & Services PMI
58
56
54
52
Expansionary
50
Contractionary
48
46
Jun-22

Jun-23

Jun-24
Manufacturing

Jun-25

Jun-26

Services

Source: Bloomberg.

University of Michigan Consumer Sentiment

Global Central Bank Rates
6%

80
Index Value (1996=100)

•

3%
2%

1%
50

0%
-1%

40
30
Jun-22

Source: Bloomberg.

Jun-22

Jun-23

Jun-24

Jun-25

Jun-26

Jun-23

Fed Target Rate
ECB Target Rate

Jun-24

Jun-25

Jun-26

BOJ Target Rate
Bank of England Target Rate

Source: Bloomberg.

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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
DOMESTIC EQUITY
•

•

Domestic equity markets advanced sharply in the second quarter of 2026.
The S&P 500 Index returned 15.2% for the quarter and 10.2% year to date,
while the Russell 3000 Index returned 15.4% for the quarter and 10.9% year
to date.
Within the S&P 500, nine of the 11 sectors posted positive returns.
Information Technology led performance, returning 31.8%. Industrials also
posted strong gains, returning 14.9%. The weakest sector was Energy, which
declined 13.4%, followed by Utilities with a near-flat return of -0.5%.
Small-cap stocks outperformed mid-and-large caps during the quarter,
with the Russell 2000 Index returning 21.5%, while Russell 1000 Index
returned 15.4% and Russell Midcap Index returned 13.8%. Growth stocks
outpaced value stocks across all capitalizations, with small caps in particular
seeing wider dispersion, as the growth benchmark outperformed the value
benchmark by more than 8% for the quarter. This trend reversed in the
last month of the quarter, with leadership rotating toward value across all
capitalizations, and large cap growth seeing negative returns for the month of
June.
According to FactSet Earnings Insight (as of July 2, 2026), the expected Q2
2026 earnings growth is 23.3% YoY, up from 18.8% at the start of the quarter.
If this estimate holds, it would mark the second consecutive quarter of
earnings growth above 20% and the seventh straight quarter of double-digit
earnings growth. Revenue growth is projected to be 12.2%, the strongest
pace since Q2 2022, while S&P 500 net profit margins are expected to
remain robust at 14.2%, near record levels. Looking ahead, analysts forecast
earnings growth of 24.1% for full-year 2026, supported by continued strength
in technology and energy-related earnings.
At quarter end, the S&P 500’s adjusted positive forward price-to-earnings
ratio stood at 23.1, roughly in line with its five-year average of 23.1. The
Russell 2000 Index, which represents small-cap stocks, posted an adjusted
positive forward price-to-earnings ratio was 21.0, above its five-year average
of 17.5.

S&P 500 Index Performance by Sector
Periods Ended June 30, 2026
50%
40%
30%
20%
10%
0%
-10%
-20%

Consumer
Disc.

Consumer
Staples

Energy

Financials

H'lthcare

Industrials

Info. Tech

Materials

Real Estate

Telecom

Utilities

QTD

9.3%

0.3%

-13.4%

9.0%

8.8%

14.9%

31.8%

2.0%

8.5%

8.3%

-0.5%

YTD

-0.8%

8.0%

19.7%

-1.3%

3.5%

20.2%

19.8%

12.0%

11.5%

0.8%

7.7%

1 Year

9.5%

5.5%

29.0%

3.9%

19.9%

27.1%

37.5%

16.7%

11.1%

21.1%

14.2%

Source: Bloomberg.
P/E Ratios of Major U.S. Stock Indices*
30
28
26
24
22
20
18
16
14
12
10
Jul-21

Jul-22
S&P 500
Russell 2000

Jul-23

Jul-24

Jul-25
S&P 500 5-Year Average
Russell 2000 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
INTERNATIONAL EQUITY
•

•

International equity markets also posted strong gains in the second quarter.
The MSCI AC World ex USA Index returned 14.5% for the quarter and 13.7%
year to date. Developed ex-U.S. markets, represented by the MSCI EAFE
Index, returned 10.8% for the quarter and 9.4% year to date. Emerging
markets, represented by the MSCI Emerging Markets Index, returned 24.1%
for the quarter and 23.8% year-to-date.
Among the five largest-weighted countries in the MSCI EAFE Index, the MSCI
Japan (+14.2%) and MSCI Switzerland (+12.2%) indices outperformed the
broader index, while MSCI France (+8.7%), and MSCI Germany (+8.1%), and
MSCI United Kingdom (+4.1%) indices underperformed.
Within emerging markets (EM), MSCI Korea (+87.6%) and MSCI Taiwan
(+48.9%) outperformed the MSCI Emerging Markets index, while MSCI China
(-6.6%) and MSCI Brazil (-8.23%) returned negative for the quarter.
International sector level performance was uneven, with three of the 11
sectors posting negative returns. The leading sector, Information Technology,
returned 64.1% for the quarter. Financials returned 13.2% for the quarter,
while Energy declined 12.3%, reversing strong gains earlier in the year.
Value and growth stocks both posted positive returns outside the U.S. The
MSCI ACWI ex U.S. Growth Index returned 17.0% for the quarter, while the
MSCI ACWI ex U.S. Value Index returned 12.2%. Within emerging markets,
growth (MSCI EM Growth) returned 26.0%, ahead of value (MSCI EM Value)
at 20.7%.
International equity valuations finished the quarter above recent averages
for developed markets and near longer-term averages for emerging markets.
The MSCI EAFE adjusted positive forward P/E ratio stood at 17.1 versus a
five-year average of 15.3, while the MSCI Emerging Markets adjusted positive
forward P/E ratio was 12.8 versus a five-year average of 12.9.

MSCI ACWI ex-U.S. Sectors
Periods Ended June 30, 2026
120%
100%
80%
60%
40%
20%
0%
-20%

Consumer
Disc.

Consumer
Staples

Energy

Financials

Healthcare

Industrials

Info Tech

Materials

Real Estate

Telecom

QTD

1.4%

3.8%

-12.3%

13.2%

2.4%

10.2%

64.1%

-1.1%

2.7%

-2.8%

0.9%

YTD

-12.1%

0.8%

12.7%

9.1%

-0.8%

10.0%

71.6%

4.2%

-1.8%

-12.0%

10.2%

1 Year

-5.0%

3.0%

24.6%

24.8%

8.6%

19.2%

111.4%

31.2%

1.1%

-9.7%

20.9%

Utilities

Source: Bloomberg.

P/E Ratios of MSCI Equity Indices*
20
18
16
14
12
10
8
Jun-21

Jun-22
MSCI EAFE
MSCI Emerging Markets

Jun-23

Jun-24

Jun-25

Jun-26

MSCI EAFE 5-Year Average
MSCI Emerging Markets 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

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For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
FIXED INCOME
•

•

The U.S. bond market, as represented by the Bloomberg U.S.
Aggregate Index, returned 0.7% in the second quarter of 2026 and
0.6% year to date. Intermediate government/credit bonds returned
0.4% for the quarter, while short-term Treasury bonds, represented by
the Bloomberg U.S. Treasury 1-3 Year Index, returned 0.4%.
The Bloomberg U.S. Treasury Index returned 0.3% in the second
quarter as treasury yields moved modestly upwards. While the
Fed held rates steady, treasury yields moved higher as investors
reassessed the potential rate path. The 2-year Treasury yield rose
from 3.8% at the end of March to 4.2% at quarter end, while the 10year Treasury yield rose from 4.3% to 4.5%. The 30-year Treasury
yield stayed near flat, rising 4 basis points to 5.0%. As of the quarter
end, the market has priced in a 50% probability of a rate-hike at the
September meeting.
Credit markets generated positive returns during the quarter. The
Bloomberg U.S. Corporate Index returned 1.4%, while the ICE BofA
U.S. High Yield Index returned 2.5%. Investment-grade spreads
narrowed to 74 basis points (bps) from 89 bps at the end of March,
nearing the year-to-date tights of 71 bps set in January. High-yield
spreads also narrowed to 270bps from 317bps. Both sit well below
their long-term averages.

U.S. Treasury Yield Curve

5.0%

5%
4.2%

4.2%

4.5%

2%
6/30/2025
3/31/2026

6/30/2026
0%

3-mo

2-yr

5-yr

30-yr

10-yr

Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended June 30, 2026
8%
7%
6%
5%
4%
3%
2%
1%
0%

Blmbg U.S.
Aggregate

Blmbg U.S.
Treasury

Blmbg U.S.
MBS

Blmbg U.S.
Corporate

ICE BofA U.S.
HY

QTD

0.7%

0.3%

0.6%

1.4%

2.5%

YTD

0.6%

0.3%

1.0%

0.9%

1.9%

1 Year

3.8%

2.7%

5.2%

4.3%

5.7%

Source: Bloomberg.

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Page 15 of 111

For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
LISTED REAL ASSETS
•

•

Real estate investment trusts (REITs), as measured by the FTSE NAREIT All
Equity REITs Index, returned 10.7% for the quarter and 14.9% year-to-date. Within
listed real estate, Office and Lodging/Resorts were the strongest subsectors,
returning 34.7% and 36.3%, respectively. The weakest sectors were Data Centers
(+7.5%) and Industrial (+5.7%).
Performance of listed infrastructure lagged broader global equities as represented
by the FTSE Global Core Infrastructure 50/50 Index, returning 2.3% in the second
quarter and 10.7% year to date. The exposure to U.S. midstream energy was
a drag for the quarter as energy prices fell in anticipation of a resolution in Iran,
while listed infrastructure benefited from global exposure to utilities and transport.

ALTERNATIVES
•

•

Within private real assets, private real estate, as measured by the NCREIF
Property Index, gained 1.2% in the fourth quarter of 2025. This was primarily
driven by income return as capital return (price change less any capital
expenditures) was flat for the quarter. Eight of the property sectors produced
positive total returns. Senior housing continued to lead with a return of 3.3%, up
from 2.9% during the third quarter.
According to PitchBook, private infrastructure funds posted returns of 0.5% in the
fourth quarter of 2025. Within infrastructure, datacenter demand continued to drive
fundraising in Q1 2026. Infrastructure and real estate funds investing exclusively
in datacenters and telecom infrastructure collectively raised $26 billion in 2025.
Private debt, as measured by the Cliffwater Direct Lending Index, continued to
see steady performance, reporting a 2.1% return for the fourth quarter. Income
remained high, delivering a 2.4% return in the fourth quarter. Realized losses
remain substantially below their long-term historical average, while unrealized
losses increased slightly, signaling a modest pickup in future credit losses.
According to PitchBook, private equity funds returned 3.8% in the fourth quarter
of 2025 and have generated an annualized return of 14.2% for the five years.
The slowing of private equity fundraising activity extended into Q1 2026, with the
strategy’s rolling 12-month fundraising figure falling for an eighth consecutive
quarter.

Listed Real Estate Returns by Sector
70%
60%
50%
40%
30%
20%
10%
0%

Lodging/
Resorts

Healthcare

SelfStorage

9.5%

36.3%

14.1%

15.4%

7.5%

16.4%

42.8%

20.2%

20.8%

33.2%

57.9%

39.9%

8.7%

25.6%

Industrial

Office

Retail

Residential Diversified

QTD

5.7%

34.7%

12.3%

14.7%

YTD

8.4%

12.4%

19.5%

7.5%

1 Year

27.6%

4.6%

26.9%

1.2%

22.9%

Data
Centers

Source: Bloomberg.
Returns for Private Capital Assets
Periods Ended December 31, 2025*
12%
10%
8%
6%
4%
2%
0%
Private Real Estate

Private
Infrastructure

Private Debt

Private Equity

QTD

1.2%

0.5%

2.1%

3.8%

YTD

4.9%

7.5%

9.3%

9.2%

1 Year

4.9%

7.5%

9.3%

9.2%

Source: NCREIF, PitchBook, Cliffwater.
*The most recent period for which all performance data is available.

Page 151.7
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Page 16 of 111

For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Factors to Consider Over the Next 6-12 Months

Current outlook

Outlook one quarter ago

Stance Unfavorable
to Risk Assets

Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

Stance Favorable to
Risk Assets

Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within this
material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution (June 30, 2026) and are subject to
change. Information is obtained from sources generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness, or suitability.

Page 161.8
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Page 17 of 111

QUARTERLY MARKET SUMMARY

For the Quarter Ended June 30, 2026
Multi-Asset Class Management

Long Term Strategic Approach
Private Approach
Capital/Alternatives
Long-TermtoStrategic
to Private Capital/Alternatives
Sub Asset Class

Long Term Strategic View

Private Equity

Provide attractive returns
with lower correlations to
public market equities due to
their ability to invest in earlystage growth companies or
ability to turnaround a
struggling firm

Private Debt

Real Assets
Real Estate
Infrastructure

Diversifying Assets
Hedge Funds

Recent Trends (as of 2026 Q2)
• Exit activity continues to improve, supported by recovering M&A and IPO markets,
though still below peak 2021 levels
• GP led continuation vehicles and secondary transactions remain important liquidity
solutions amid longer hold periods
• Fundraising remains challenging, but investment activity has stabilized as sponsors
deploy significant dry powder
• Venture capital activity remains concentrated in AI-related businesses, particularly
semiconductors, LLMs, and automation applications

Provides higher returns than
the public market debt due to
the ability to customize terms
and floating rate structure of
most notes

• Private credit continues to gain market share as banks reduce lending exposure and
borrowers seek flexible capital solutions
• Yields remain attractive versus public credit markets despite ongoing spread
compression and increased competition among lenders
• Fundraising remains resilient, concentrated in direct lending, while deal activity has
moderated from recent peaks
• Credit selection remains critical as default rates trend higher and performance
dispersion increases across borrowers

Provides exposure to inflation
sensitive assets that typically
generate returns from a
combination of capital
appreciation and income
generation

• Real Estate: Transaction activity continues to recover as price discovery improves;
industrial and residential sectors remain more resilient than office properties.
Refinancing needs and elevated office stress continue to create opportunities
• Infrastructure: Structural demand remains strong, supported by electrification,
renewable energy investment, and power grid modernization, while data center
expansion and rising electricity demand continue to support long term opportunities

Expected to lower the
volatility and correlation within
portfolios while providing
access to esoteric strategies

• Hedge funds continue to benefit from higher interest rates, supporting carry-oriented
and relative value strategies, while elevated market volatility are creating favorable
environment
• Macro, relative value, and equity long/short strategies are best positioned
• Diversification benefits have improved as correlations remain low

The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. at the time of distribution
(June 30, 2026) and are subject to change.

Page 171.9
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Page 18 of 111

For the Quarter Ended June 30, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Investment Strategy Overview
Asset Class

Our Q3 2026 Investment Outlook

U.S. Equities
Large-Caps
Small-Caps

Non-U.S. Equities
Developed Markets
Emerging Markets

Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Current outlook

Outlook one quarter ago

Comments
• The U.S.-Iran conflict has largely been resolved following the signing of an
MoU, though some uncertainty remains and could affect energy prices
and the inflation outlook, thereby impacting risk assets.
• Underlying fundamentals remain supportive of positive equity returns,
with corporate earnings expected to grow at a high double-digit pace.
• Equity market broadening and strong earnings growth led us to modestly
overweight domestic small caps in Q1, prior to the U.S.-Iran conflict. The
subsequent recovery in valuations led us to close the overweight position
and realign portfolios with strategic targets.
• Several major central banks outside the U.S. have begun raising rates in
response to near-term inflation pressures. At the same time, relatively
attractive valuations and strong earnings growth provide a cushion
against rising inflation expectations.
• Emerging markets have been strong performers this year, driven by a rally
in semiconductor-related companies, particularly in Korea and Taiwan.
Earnings and profit margin estimates for EM equities continue to improve,
while valuations remain attractive. However, a concentrated return
profile, potential Fed rate hikes, and geopolitical uncertainty lead us to
maintain an equal-weight allocation.
• The Fed remains on hold, with its June projections signaling a more
hawkish stance. Future rate decisions will be dependent on inflation
moving closer to 2%, as energy-related pressures ease. Increased
uncertainty around the rate path is expected to weigh on risk assets.
• Absolute yield levels remain attractive, while credit spreads are near
historical lows. Returns are expected to be driven primarily by yield/carry
rather than price appreciation. Strong profit margins, continued issuance,
ongoing share buybacks, and active M&A activity point to a healthy
corporate environment that remains supportive of credit spreads.
• We remain neutral across both duration and credit sectors.
• Listed REITs recovered more strongly than listed infrastructure in Q2 as
the economic resilience narrative gained traction. However, the longduration and rate-sensitive nature of both asset classes leads us to
maintain a neutral stance.
• In addition to providing diversified sources of return, improving sentiment
around AI continues to support data center and utility buildout, creating a
favorable tailwind for listed real assets.
Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution
(June 30, 2026) and are subject to change.

1.10
Page 18
of 111

Page 19 of 111

QUARTERLY MARKET SUMMARY

For the Quarter Ended June 30, 2026
Multi-Asset Class Management

Sources
FactSet
Bloomberg
NCREIF
PitchBook
Cliffwater
U.S. Bureau of Economic Analysis (BEA)
University of Michigan
WTO in partnership with AXSMarine

Disclosures
Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no
liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales
charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower
than the performance shown.
The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to
change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date
of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein
is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its
accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory
services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank
N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Further distribution is not permitted without prior written consent.

1.11
Page 19
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Page 20 of 111

Plan Performance Summary - Police

2 111
Page 20 of

Page 21 of 111

Abington Township Police Pension Plan
Asset Allocation & Performance

TOTAL FUND
Blended Benchmark - Police
Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 39.9%
Russell 1000 Index
Lazard US Equity Enhanced - 24.7% (^)
Russell 1000 Index
Aristotle Atlantic Core Equity - 15.1% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 14.9% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.7% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.5%
Russell 2000 Value Index

As of June 30, 2026
Allocation
Market
Value
%
($)
102,444,247
100.00
43,426,879
43,426,879

42.39
42.39
0.00
0.00
0.00
0.00
0.00
0.00

9.86
9.96

Year
To
Date
7.94
8.04

15.98
17.13

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026
13.58
6.64
9.11
14.31
7.33
9.17

15.44
15.43
15.08
15.13
N/A
15.13
14.57
15.13
13.21
15.13
36.53
25.71
19.74
17.19

10.36
10.86
10.04
10.32
N/A
10.32
9.88
10.32
7.56
10.32
30.67
22.18
20.98
22.99

22.36
22.81
21.67
22.01
N/A
22.01
21.92
22.01
21.10
22.01
N/A
38.74
36.87
43.01

19.01
20.35
20.52
20.47
N/A
20.47
21.76
20.38
N/A
20.47
N/A
18.44
21.52
18.73

1
Quarter

1
Year

11.14
12.30
12.70
12.66
N/A
12.66
N/A
12.32
N/A
12.66
N/A
5.57
11.92
8.23

N/A
14.68
14.95
14.92
N/A
14.92
N/A
14.69
N/A
14.92
N/A
11.20
14.05
10.97

Since
Inception

Inception
Date

7.51
7.55

07/01/2004

13.73
14.60
19.74
19.84
N/A
N/A
11.72
11.70
14.64
15.64
30.53
20.61
35.73
40.52

06/01/2018
06/01/2024
07/01/2026
11/01/2021
12/01/2024
12/01/2025
08/01/2025

Returns are net of mutual fund fees and are expressed as percentages.
PFM Asset Management took over management of the portfolio in mid-December 2015.Historical performance prior to 2016 not attributable to PFM.
Blended Benchmark: See historical hybrid composition page for details.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers of the
First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund and First American Multi-Manager Fixed-Income Fund.

Page 212.1
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Page 22 of 111

Abington Township Police Pension Plan
Asset Allocation & Performance

International Equity
First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)
WCM Focused International Equity - 15.1% (^)
MSCI AC World ex USA (Net)
Ninety One Int'l Dynamic Equity - 14.9% (^)
MSCI AC World ex USA (Net)
Acadian Non-U.S. Equity - 7.6% (^)
MSCI EAFE (net)
Schwab International Equity ETF - 40.4%
MSCI EAFE (net)
Schwab Emerging Markets Equity ETF - 12.9%
MSCI EM (net)
Pzena Emerging Markets Value - 4.2% (^)
Driehaus Emerging Markets Growth - 4.4%
MSCI EM (net)

As of June 30, 2026
Allocation
Market
Value
%
($)
23,590,846
23.03
23,590,846
23.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1
Quarter

Year
To
Date

1
Year

12.39
14.49
18.28
14.49
11.91
14.49
12.94
10.82
14.77
10.82
11.93
24.05
-0.45
24.67
24.05

13.29
13.68
17.54
13.68
11.36
13.68
11.23
9.44
15.06
9.44
9.27
23.85
N/A
29.38
23.85

22.17
27.66
13.97
27.66
18.67
27.66
24.19
20.23
29.35
20.23
22.93
43.51
N/A
49.77
43.51

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026
17.52
18.82
17.16
18.82
18.67
18.82
21.99
16.44
19.39
16.44
16.98
23.03
N/A
23.84
23.03

7.06
8.79
7.24
8.79
N/A
8.79
11.38
9.05
10.32
9.05
4.80
7.20
N/A
7.72
7.20

N/A
9.33
N/A
9.33
N/A
9.33
N/A
8.71
9.80
8.71
8.81
10.22
N/A
11.50
10.22

Since
Inception

Inception
Date

7.83
8.66
12.61
10.42
9.46
10.89
12.34
9.55
22.01
16.92
19.87
30.25
-8.04
18.04
13.77

06/01/2018
12/01/2019
12/01/2021
01/01/2020
09/01/2024
09/01/2024
02/01/2026
02/01/2026

Page 222.2
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Page 23 of 111

Abington Township Police Pension Plan
Asset Allocation & Performance

Fixed Income
First American Multi-Manager Fixed Income Fund
Blmbg. U.S. Aggregate
PGIM Core Fixed - 35.7% (^)
TIAA Core Fixed - 35.9% (^)
Blmbg. U.S. Aggregate
USBAM Core Fixed - 9.9% (^)
Blmbg. U.S. Aggregate
iShares Core U.S. Aggregate Bond ETF - 5.4%
Blmbg. U.S. Aggregate
iShares 10-20 Year Treasury Bond ETF - 1.4%
ICE U.S. Treasury 10-20 Year Bond Index
PineBridge IG Credit - 4.9% (^)
Blmbg. U.S. Credit Index
Brown Bros. Harriman Structured - 6.5% (^)
ICE BofA ABS Fxd & Flting Rate AA-BBB Idx
Cash Equivalent
Allspring Government MM

As of June 30, 2026
Allocation
Market
Value
%
($)
32,822,919
32.04
32,822,919
32.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,603,602
2,603,602

2.54
2.54

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026

1
Quarter

Year
To
Date

1
Year

0.76
0.67
0.84
1.12
0.67
0.60
0.67
0.67
0.67
0.78
0.81
1.44
1.33
1.08
1.08

0.74
0.62
0.87
1.21
0.62
0.73
0.62
0.71
0.62
0.59
0.64
0.95
0.85
1.73
1.63

3.98
3.79
4.43
4.98
3.79
N/A
3.79
3.80
3.79
3.18
3.30
4.62
4.34
4.06
4.42

4.75
4.16
5.02
5.26
4.16
N/A
4.16
4.16
4.16
0.98
1.05
5.76
5.19
7.07
6.62

0.51
0.08
0.53
0.58
0.08
N/A
0.08
0.09
0.08
-4.08
-4.06
0.49
0.38
4.15
3.25

0.88

1.77

3.83

4.59

3.50

Since
Inception

Inception
Date

N/A
1.97
N/A
N/A
1.97
N/A
1.97
1.94
1.97
-0.04
N/A
N/A
3.08
N/A
3.53

2.38
1.99
2.59
2.77
1.99
1.23
1.09
0.28
0.28
2.72
2.81
3.83
2.88
4.13
3.52

06/01/2018

2.14

2.29

10/01/2016

06/01/2018
06/01/2018
11/01/2025
05/01/2021
03/01/2024
06/01/2018
06/01/2018

Page 232.3
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Page 24 of 111

Abington Township Police Pension Plan
Comparative Performance
TOTAL FUND
Blended Benchmark - Police
Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 39.9%
Lazard US Equity Enhanced - 24.7% (^)
Russell 1000 Index
Aristotle Atlantic Core Equity - 15.1% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 14.9% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.7% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.5%
Russell 2000 Value Index
International Equity
First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)
WCM Focused International Equity - 15.1% (^)
Ninety One Int'l Dynamic Equity - 14.9% (^)
MSCI AC World ex USA (Net)
Acadian Non-U.S. Equity - 7.6% (^)
Schwab International Equity ETF - 40.4%
MSCI EAFE (net)
Schwab Emerging Markets Equity ETF - 12.9%
MSCI EM (net)
Pzena Emerging Markets Value - 4.2% (^)
Driehaus Emerging Markets Growth - 4.4%
MSCI EM (net)

As of June 30, 2026
2025
15.76
17.04

2024
11.09
11.39

2023
14.75
16.25

2022
-17.19
-16.02

2021
14.34
11.59

16.92
17.15
17.42
N/A
17.37
19.50
17.37
18.43
17.37
N/A
13.01
6.29
12.59

21.53
23.81
24.90
N/A
24.51
27.91
24.26
N/A
24.51
N/A
15.15
22.08
8.05

22.05
25.96
26.86
N/A
26.53
23.37
25.96
N/A
26.53
N/A
18.66
20.06
14.65

-18.97
-19.21
-19.44
N/A
-19.13
-21.43
-19.21
N/A
-19.13
N/A
-26.36
-4.64
-14.48

26.28
25.66
26.74
N/A
26.45
N/A
25.66
N/A
26.45
N/A
2.83
40.37
28.27

29.51
32.39
22.28
31.31
32.39
35.11
34.47
31.22
25.85
33.57
N/A
30.22
33.57

5.41
5.53
9.11
9.21
5.53
10.43
3.46
3.82
11.59
7.50
N/A
7.69
7.50

14.63
15.62
18.14
13.61
15.62
15.37
18.28
18.24
7.96
9.83
N/A
11.45
9.83

-20.79
-16.00
-28.14
-19.77
-16.00
-12.37
-14.90
-14.45
-17.10
-20.09
N/A
-22.35
-20.09

9.38
7.82
18.78
N/A
7.82
14.31
11.42
11.26
-0.72
-2.54
N/A
-1.69
-2.54

Page 242.4
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Page 25 of 111

Abington Township Police Pension Plan
Comparative Performance
Fixed Income
First American Multi-Manager Fixed Income Fund
Blmbg. U.S. Aggregate
PGIM Core Fixed - 35.7% (^)
TIAA Core Fixed - 35.9% (^)
USBAM Core Fixed - 9.9% (^)
iShares Core U.S. Aggregate Bond ETF - 5.4%
Blmbg. U.S. Aggregate
iShares 10-20 Year Treasury Bond ETF - 1.4%
ICE U.S. Treasury 10-20 Year Bond Index
PineBridge IG Credit - 4.9% (^)
Blmbg. U.S. Credit Index
Brown Bros. Harriman Structured - 6.5% (^)
ICE BofA ABS Fxd & Flting Rate AA-BBB Idx
Cash Equivalent
Allspring Government MM

As of June 30, 2026
2025

2024

2023

2022

2021

7.04
7.30
7.82
8.13
N/A
7.19
7.30
6.39
6.53
8.17
7.83
6.26
6.22

2.57
1.25
2.33
2.82
N/A
1.37
1.25
-4.00
-3.98
2.61
2.03
8.26
7.29

6.70
5.53
6.70
6.35
N/A
5.59
5.53
3.97
3.32
8.40
8.18
7.90
8.23

-13.06
-13.01
-13.76
-14.23
N/A
-13.06
-13.01
-25.44
-25.20
-15.83
-15.26
-3.87
-6.33

-0.85
-1.55
-0.98
-0.64
N/A
-1.67
-1.55
-5.33
-5.00
0.02
-1.08
3.01
1.77

4.18

5.15

4.98

1.47

0.01

Page 252.5
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Page 26 of 111

Abington Township Police Pension Plan
Account Reconciliation

As of June 30, 2026

QTR

TOTAL FUND

Market Value
As of
04/01/2026

Net Flows

Return On
Investment

Market Value
As of
06/30/2026

93,785,508

(503,496)

9,162,235

102,444,247

Market Value
As of
01/01/2026

Net Flows

Return On
Investment

Market Value
As of
06/30/2026

95,805,003

(909,455)

7,548,699

102,444,247

Market Value
As of
07/01/2025

Net Flows

Return On
Investment

Market Value
As of
06/30/2026

90,416,335

(2,179,434)

14,207,346

102,444,247

YTD

TOTAL FUND

1 Year

TOTAL FUND

Page 262.6
of 111

Page 27 of 111

Abington Township Police Pension Plan
Asset Allocation Summary

TOTAL FUND
Domestic Equity
International Equity
Other Growth
Fixed Income
Other Income
Real Return
Cash Equivalent

Asset
Allocation
(%)
100.0
42.4
23.0
0.0
32.0
0.0
0.0
2.5

Domestic Equity
$43,426,879.4
International Equity
$23,590,846.1
Other Growth
$0.0
Fixed Income
$32,822,919.1
Other Income
$0.0
Real Return
$0.0
Cash Equivalent
$2,603,602.3
-30.0 %

As of June 30, 2026

Target
Allocation
(%)
100.0
42.0
23.0
0.0
35.0
0.0
0.0
0.0

Minimum
Allocation
(%)
N/A
22.0
3.0
0.0
15.0
0.0
0.0
0.0

Target Allocation

0.0
0.4
0.0
0.0
-3.0
0.0
0.0
2.5

23.0%
23.0%

0.0%
0.0%
0.0%
0.0%

-15.0 %

Differences
(%)

42.0%
42.4%

0.4%

-3.0 %

Maximum
Allocation
(%)
N/A
62.0
43.0
20.0
55.0
20.0
20.0
20.0

35.0%
32.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2.5%
2.5%

0.0%
Actual Allocation

15.0%

30.0%

45.0%

60.0%

Allocation Differences

Page 272.7
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Page 28 of 111

Abington Township Police Pension Plan
Historical Hybrid Composition

Allocation Mandate
Jul-2004
IPS Target Policy*

As of June 30, 2026

Weight (%)
100.0

Jan-2016
Russell 3000 Index
MSCI AC World ex USA (Net)
Blmbg. U.S. Aggregate

41.0
19.0
40.0

Apr-2016
Russell 3000 Index
MSCI AC World ex USA (Net)
Blmbg. U.S. Aggregate

42.0
23.0
35.0

* Returns supplied by prior advisor. (30% S&P 500, 11% S&P Completion, 19% MSCI AC World ex US (net), 40% Barclays Capital Aggregate. History includes
past investment policy allocations.)

Page 282.8
of 111

Page 29 of 111

Plan Performance Summary - Non-Uniformed

3 111
Page 29 of

Page 30 of 111

Abington Township Non-Uniformed Pension Plan
Asset Allocation & Performance

TOTAL FUND
Blended Benchmark - Non-Uniformed
Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 39.9%
Russell 1000 Index
Lazard US Equity Enhanced - 24.7% (^)
Russell 1000 Index
Aristotle Atlantic Core Equity - 15.1% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 14.9% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.7% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.5%
Russell 2000 Value Index

As of June 30, 2026

Allocation
Market
Value
%
($)
79,344,256
100.00
33,794,338
33,794,338

42.59
42.59
0.00
0.00
0.00
0.00
0.00
0.00

9.76
9.96

Year
To
Date
7.88
8.04

15.90
17.13

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026
13.64
6.67
9.13
14.31
7.33
9.17

15.44
15.43
15.08
15.13
N/A
15.13
14.57
15.13
13.21
15.13
36.53
25.71
19.74
17.19

10.36
10.86
10.04
10.32
N/A
10.32
9.88
10.32
7.56
10.32
30.67
22.18
20.98
22.99

22.36
22.81
21.67
22.01
N/A
22.01
21.92
22.01
21.10
22.01
N/A
38.74
36.87
43.01

19.01
20.35
20.52
20.47
N/A
20.47
21.76
20.38
N/A
20.47
N/A
18.44
21.52
18.73

1
Quarter

1
Year

11.14
12.30
12.70
12.66
N/A
12.66
N/A
12.32
N/A
12.66
N/A
5.57
11.92
8.23

N/A
14.68
14.95
14.92
N/A
14.92
N/A
14.69
N/A
14.92
N/A
11.20
14.05
10.97

Since
Inception

Inception
Date

6.92
7.40

07/01/2004

13.73
14.60
19.74
19.84
N/A
N/A
11.72
11.70
14.64
15.64
30.53
20.61
35.73
40.52

06/01/2018
06/01/2024
07/01/2026
11/01/2021
12/01/2024
12/01/2025
08/01/2025

Page 303.1
of 111

Page 31 of 111

Abington Township Non-Uniformed Pension Plan
Asset Allocation & Performance

As of June 30, 2026

Allocation
Market
Value
%
($)
18,365,632
23.15
18,365,632
23.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1
Quarter

Year
To
Date

1
Year

12.39
14.49
18.28
14.49
11.91
14.49
12.94
10.82
14.77
10.82
11.93
24.05
-0.45
24.67
24.05

13.29
13.68
17.54
13.68
11.36
13.68
11.23
9.44
15.06
9.44
9.27
23.85
N/A
29.38
23.85

22.17
27.66
13.97
27.66
18.67
27.66
24.19
20.23
29.35
20.23
22.93
43.51
N/A
49.77
43.51

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026
17.52
18.82
17.16
18.82
18.67
18.82
21.99
16.44
19.39
16.44
16.98
23.03
N/A
23.84
23.03

7.06
8.79
7.24
8.79
N/A
8.79
11.38
9.05
10.32
9.05
4.80
7.20
N/A
7.72
7.20

N/A
9.33
N/A
9.33
N/A
9.33
N/A
8.71
9.80
8.71
8.81
10.22
N/A
11.50
10.22

Since
Inception

Inception
Date

7.83
8.66
12.61
10.42
9.46
10.89
12.34
9.55
22.01
16.92
19.87
30.25
-8.04
18.04
13.77

06/01/2018
12/01/2019
12/01/2021
01/01/2020
09/01/2024
09/01/2024
02/01/2026
02/01/2026

Page 313.2
of 111

Page 32 of 111

Abington Township Non-Uniformed Pension Plan
Asset Allocation & Performance

As of June 30, 2026

Allocation
Market
Value
%
($)
25,545,791
32.20
25,545,791
32.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,638,495
1,638,495

2.07
2.07

Performance(%)
Jan-2016
3
5
To
Years
Years
Jun-2026

1
Quarter

Year
To
Date

1
Year

0.76
0.67
0.84
1.12
0.67
0.60
0.67
0.67
0.67
0.78
0.81
1.44
1.33
1.08
1.08

0.74
0.62
0.87
1.21
0.62
0.73
0.62
0.71
0.62
0.59
0.64
0.95
0.85
1.73
1.63

3.98
3.79
4.43
4.98
3.79
N/A
3.79
3.80
3.79
3.18
3.30
4.62
4.34
4.06
4.42

4.75
4.16
5.02
5.26
4.16
N/A
4.16
4.16
4.16
0.98
1.05
5.76
5.19
7.07
6.62

0.51
0.08
0.53
0.58
0.08
N/A
0.08
0.09
0.08
-4.08
-4.06
0.49
0.38
4.15
3.25

0.88

1.77

3.83

4.59

3.50

Since
Inception

Inception
Date

N/A
1.97
N/A
N/A
1.97
N/A
1.97
1.94
1.97
-0.04
N/A
N/A
3.08
N/A
3.53

2.38
1.99
2.59
2.77
1.99
1.23
1.09
0.28
0.28
2.72
2.81
3.83
2.88
4.13
3.52

06/01/2018

2.14

2.29

10/01/2016

06/01/2018
06/01/2018
11/01/2025
05/01/2021
03/01/2024
06/01/2018
06/01/2018

Page 323.3
of 111

Page 33 of 111

Abington Township Non-Uniformed Pension Plan
Comparative Performance
TOTAL FUND
Blended Benchmark - Non-Uniformed
Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 39.9%
Lazard US Equity Enhanced - 24.7% (^)
Russell 1000 Index
Aristotle Atlantic Core Equity - 15.1% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 14.9% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.7% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.5%
Russell 2000 Value Index
International Equity
First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)
WCM Focused International Equity - 15.1% (^)
Ninety One Int'l Dynamic Equity - 14.9% (^)
MSCI AC World ex USA (Net)
Acadian Non-U.S. Equity - 7.6% (^)
Schwab International Equity ETF - 40.4%
MSCI EAFE (net)
Schwab Emerging Markets Equity ETF - 12.9%
MSCI EM (net)
Pzena Emerging Markets Value - 4.2% (^)
Driehaus Emerging Markets Growth - 4.4%
MSCI EM (net)

As of June 30, 2026
2025
15.82
17.04

2024
11.17
11.39

2023
14.84
16.25

2022
-17.23
-16.02

2021
14.40
11.59