On the agenda: Cocoabeachfl Police and Fire Pension Board Meeting — data center (Aug 4)

Meeting Agenda
Tuesday, August 4, 2026
3:00 PM
REGULAR
Cocoa Beach City Hall
2 South Orlando Ave.
Cocoa Beach, Florida 32931
WELCOME
A. Roll Call
B. Public Comment
C. Minutes - May 2, 2026
D. Expenses Paid
1.

Police

Budget
2025/2026

Invoice

Amount

$109,200.00
Attorney

$10,000.00

6/15/2026

$987.60

Salem Trust

$15,000.00

7/22/2026

$3,260.48

Mariner

$26,500.00

7/1/2026

$6,625.00

Foster & Foster

$32,000.00

7/20/2026

$1,227.00

Admin Fee

$7,200.00

June, July, $1,800.00
August

Page 1 of 135

IME

$7,000.00

Travel and
Education

$5,000.00

,Alliant Liability
and Cyber
Insurance

$6,500.00

P.O. Resigned
Refund

$3,354.10

5/3/2026

P.O.
$6,410.55
Resigned/Refund

5/27/2026

P.O.
$495.25
Resigned/Refund

5/27/2026

Fire

Invoice

Amount

Budget
2025/2026
$109,200.00

Attorney

$10,000.00

6/15/2026

$987.60

Salem Trust

$15,000.00

7/22/2026

$3,431.35

Mariner

$26,500.00

7/1/2026

$6,625.00

Foster & Foster

$32,000.00

Admin Fee

$7,200.00

IME Fee

$7,000.00

Education/Travel

$5,000.00

June, July, $ 1,800.00
August

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Alliant Liability
and Cyber
Insurance

$6,500.00

FF Refund

$3,897.85

5/1/2026

FF Retired

$3,752.03

5/1/2026

E. Proposed Budget for Fiscal Year 2026-2027 for both Police and Fire
1.
F.

Proposed Budget

Mariner Quarterly Report - June 30, 2026 - Kerry Richardville
1.

CBFD Quarterly Mariner Report

2.

CBPD Quarterly Mariner Report

G. Attorney Report - David Robinson
H. Next Meeting December 1, 2026
I.

Adjourn

Note: more than one member of the City Commission may be in attendance at the meeting and
may participate in discussions.
Pursuant to 286.0105, Florida Statutes, the City hereby advises the public that if a person decides
to appeal any decision made by this Board, agency or meeting or hearing, he will need a record
of the proceedings, and that for such purpose, affected persons 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.
In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes,
persons with disabilities needing special accommodation to participate in this meeting should
contact the City Clerk at (321-868-3286), no later than 4:00 p.m., at least 48 hours prior to the
meeting.

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CBDoc

TenantId="2" EntityTypeId="3100" EntityId="18" DocumentTypeId="1" EffectiveDate="06/30/2026"

Cocoa Beach Firefighters' Retirement System
Investment Performance Review
Period Ending June 30, 2026
Preliminary

Page 5 of 135

2nd Quarter 2026 Market Environment

Page 1

Page 6 of 135

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)

Page 2

▪

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 megacap 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 7 of 135

The Market Environment
Major Market Index Performance
As of June 30, 2026

Quarter Performance
S&P 500

▪
▪

Small caps led domestic markets as participation broadened beyond megacap 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.

15.2%

Russell 3000

15.4%

Russell 1000

15.1%

Russell MidCap

13.8%

Russell 2000

21.5%

MSCI ACWxUS

14.5%

MSCI EAFE

10.8%

MSCI Emerg Mkts

24.1%

Bloomberg US Agg

0.7%

Bloomberg US Govt

0.3%

Bloomberg US TIPS
Bloomberg MBS

0.9%
0.6%

Bloomberg Corp IG

1.4%

3-Month T-Bill

0.9%

0.0%

2.5%

5.0%

7.5%

10.0% 12.5% 15.0% 17.5% 20.0% 22.5% 25.0%

1-Year Performance
S&P 500

▪

Emerging markets led returns, driven by AI-related semiconductor demand
across Asia.

22.3%

Russell 3000

22.8%

Russell 1000

22.0%

Russell MidCap

21.6%

Russell 2000

40.8%

▪

Small caps outpaced large caps as improving fundamentals attracted broader
investor interest.

▪

Developed international stocks generated solid gains despite more modest
Technology exposure.

MSCI Emerg Mkts

Corporate bonds outperformed Treasuries as credit spreads remained
historically tight with structured MBS outperforming over the full year.

Bloomberg US Govt

2.7%

Bloomberg US TIPS

3.4%

▪
▪

Treasury bills provided stability and income but trailed risk assets over the
period.

MSCI ACWxUS

27.7%

MSCI EAFE

Bloomberg US Agg

Bloomberg MBS

20.2%
43.5%
3.8%

5.2%

Bloomberg Corp IG

4.3%

3-Month T-Bill

3.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Source: Investment Metrics

Page 3

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The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2026

Quarter Performance - Russell Style Series
3000 Value

▪

Small-cap growth led domestic equities as AI-related enthusiasm expanded
beyond mega-cap Technology.

14.0%

3000 Index

15.4%

3000 Growth

17.1%

Improving market breadth supported stronger returns across mid- and smallcap companies.

1000 Value

▪

Growth outperformed value in every capitalization segment as Technology
leadership reaccelerated.

1000 Growth

▪

Large-cap stocks posted strong gains, though leadership broadened beyond
the largest Technology companies.

MidCap Value

13.4%

MidCap Index

13.8%

▪

▪

▪

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.

13.9%

1000 Index

15.1%
16.7%

MidCap Growth

14.5%

2000 Value

17.2%

2000 Index

21.5%

25.7%

2000 Growth
0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1-Year Performance - Russell Style Series
3000 Value

▪
▪

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.

27.8%

3000 Index

22.8%

3000 Growth

18.2%

1000 Value

27.1%

1000 Index

▪

Large-cap returns remained supported by resilient earnings and continued AIrelated investment.

1000 Growth

▪

Mid-cap value outperformed growth as industrial, financial, and cyclical sectors
strengthened.

MidCap Value

▪

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.

22.0%
17.7%

26.6%

MidCap Index

21.6%

MidCap Growth

6.2%

2000 Value

43.0%

2000 Index

40.8%

2000 Growth
0.0%

38.7%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Source: Investment Metrics

Page 4

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The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2026
Quarter

Russell 1000
▪

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.

Comm Services (10.3%)

8.3%

Consumer Disc (10.0%)

9.2%
8.2%

Energy (3.7%)

18.9%

5.0%

-13.0%

28.5%

Financials (12.3%)

4.2%

8.9%
9.1%

Health Care (8.9%)

20.5%
14.9%

Industrials (9.6%)

Energy was the quarter's weakest sector as oil prices retreated following
easing Middle East tensions, reducing earnings expectations after the earlier
price spike.

Info Technology (33.6%)

▪

Health Care recovered from first-quarter weakness but trailed Technology
over the past year.

Real Estate (2.2%)

▪

Over the trailing year, Technology, Industrials, and Energy remained
leadership sectors despite broader quarterly participation.

▪

0.5%

Consumer Staples (4.8%)

1.5%

Materials (2.2%)

28.8%
32.4%

20.3%

-0.5%

-18.4%

-8.4%

14.2%

1.6%

11.6%

21.6%

31.6%
Quarter

Russell 2000

▪
▪

▪
▪
▪

Comm Services (2.6%)

15.0%

Consumer Disc (8.4%)

16.4%
20.1%

Technology led small-cap gains as AI suppliers and infrastructure
companies attracted renewed investor demand.
Consumer Staples (1.7%)
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
expectations across the sector.

crude

prices

reduced

earnings

One-year returns show leadership extending beyond Technology,
highlighting stronger cyclical participation among smaller companies.

Energy (6.2%)

37.6%

8.8%
10.8%

Utilities (2.3%)

▪

1-Year

41.6%
1-Year

40.1%

10.2%
9.6%
-10.1%
45.9%
16.8%
22.5%
24.8%

Financials (16.5%)
Health Care (16.5%)

61.1%

27.9%

Industrials (18.6%)

53.0%
57.6%

Info Technology (16.3%)
3.0%

Materials (4.8%)

0.6%

Utilities (2.9%)
-18.0%

44.1%

18.4%

Real Estate (5.2%)

-8.0%

2.0%

66.5%

28.3%

14.5%

12.0%

22.0%

32.0%

42.0%

52.0%

62.0%

72.0%

Source: Morningstar Direct

Page 5

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The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2026
Top 10 Weighted Stocks

Top 10 Weighted Stocks

Russell 1000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 2000

Weight

NVIDIA Corp

6.7%

14.9%

26.8%

Information Technology

Moog Inc Class A

Apple Inc

6.0%

14.1%

41.6%

Information Technology

Hut 8 Corp

Microsoft Corp

4.0%

1.0%

-24.4%

Information Technology

Amazon.com Inc

3.3%

14.4%

8.6%

Alphabet Inc Class A

3.0%

24.4%

Broadcom Inc

2.5%

Alphabet Inc Class C

1-Qtr
Return

1-Year
Return

Sector

0.4%

45.0%

135.3%

Industrials

0.4%

146.1%

520.7%

Information Technology

Viasat Inc

0.4%

96.1%

515.1%

Information Technology

Consumer Discretionary

BrightSpring Health Services Inc

0.4%

63.7%

195.6%

Health Care

103.4%

Communication Services

Cytokinetics Inc

0.3%

29.3%

157.8%

Health Care

22.3%

38.0%

Information Technology

MaxLinear Inc

0.3%

636.2%

801.0%

Information Technology

2.4%

23.2%

99.8%

Communication Services

Argan Inc

0.3%

46.7%

264.2%

Industrials

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

UMB Financial Corp

0.3%

27.0%

37.7%

Financials

Meta Platforms Inc Class A

1.8%

-1.5%

-23.4%

Communication Services

JFrog Ltd Ordinary Shares

0.3%

93.7%

107.1%

Information Technology

Tesla Inc

1.8%

13.1%

32.4%

Consumer Discretionary

Riot Platforms Inc

0.3%

121.5%

142.3%

Information Technology

Top 10 Performing Stocks (by Quarter)

Top 10 Performing Stocks (by Quarter)
1-Year
Return

Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

1255.0%

86.4%

Health Care

636.2%

801.0%

Information Technology

0.0%

566.5%

410.2%

Information Technology

FuelCell Energy Inc

0.1%

452.3%

540.8%

Industrials

Information Technology

Backblaze Inc Class A

0.0%

359.7%

188.4%

Information Technology

Information Technology

Digital Turbine Inc

0.0%

347.9%

118.6%

Information Technology

0.0%

341.5%

494.8%

Communication Services

Russell 1000

Weight

1-Qtr
Return

Astera Labs Inc

0.1%

340.7%

434.2%

Information Technology

Agilon Health Inc

0.0%

SanDisk Corp Ordinary Shares

0.5%

257.9%

4913.7%

Information Technology

MaxLinear Inc

0.3%

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

Rackspace Technology Inc Ordinary

Intel Corp

0.9%

216.4%

523.3%

Information Technology

Marvell Technology Inc

0.4%

200.9%

285.9%

Credo Technology Group Holding Ltd

0.1%

189.7%

193.7%

Advanced Micro Devices Inc

1.4%

185.6%

309.4%

Information Technology

Entravision Communications Corp

Dell Technologies Inc Ordinary Shares

0.2%

163.7%

257.4%

Information Technology

Penguin Solutions Inc

0.1%

331.9%

283.7%

Information Technology

Flex Ltd

0.1%

147.6%

224.7%

Information Technology

Absci Corp

0.0%

286.3%

351.0%

Health Care

Western Digital Corp

0.3%

136.2%

900.8%

Information Technology

Bandwidth Inc Class A

0.1%

255.2%

298.1%

Communication Services

Bottom 10 Performing Stocks (by Quarter)

Bottom 10 Performing Stocks (by Quarter)
1-Year
Return

Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 1000

Weight

1-Qtr
Return

BitMine Immersion Technologies Inc

0.0%

-50.0%

-66.7%

Information Technology

GD Culture Group Ltd

0.0%

-99.7%

-99.8%

Communication Services

EPAM Systems Inc

0.0%

-41.4%

-55.1%

Information Technology

Sable Offshore Corp

0.0%

-81.4%

-86.0%

Energy

Intuit Inc

0.1%

-39.4%

-66.6%

Information Technology

Context Therapeutics Inc

0.0%

-78.9%

-15.5%

Health Care

Zoetis Inc Class A

0.0%

-38.9%

-53.2%

Health Care

ADC Therapeutics SA

0.0%

-71.5%

-60.1%

Health Care

Karman Holdings Inc

0.0%

-37.6%

-0.9%

Industrials

Verra Mobility Corp Class A

0.0%

-70.3%

-83.3%

Industrials

Westlake Corp

0.0%

-37.1%

-1.3%

Materials

Elicio Therapeutics Inc

0.0%

-63.4%

-49.4%

Health Care

Accenture PLC Class A

0.1%

-36.7%

-57.2%

Information Technology

Embecta Corp

0.0%

-63.0%

-65.0%

Health Care

Cognizant Technology Solutions Corp

0.0%

-36.5%

-49.4%

Information Technology

Compass Therapeutics Inc Ordinary

0.0%

-58.6%

-15.8%

Health Care

Insmed Inc

0.0%

-34.8%

5.9%

Health Care

LanzaTech Global Inc Ordinary Shares

0.0%

-57.4%

-74.9%

Industrials

Bullish

0.0%

-34.4%

0.0%

Financials

Brand Engagement Network Inc

0.0%

-54.9%

288.9%

Information Technology

Source: Morningstar Direct

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The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2026
USD

Quarter Performance
14.5%
15.1%

AC World x US (48)

▪

▪

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.

World x US (22)

10.2%
11.1%

EAFE (21)

10.8%
11.5%

Europe & ME (16)

10.8%
11.2%

Pacific (5)

10.9%
12.3%
24.1%
24.1%

Emerging Mkt (26)
2.3%
1.0%

EM EMEA (11)

30.2%
30.7%

EM Asia (9)
EM Latin Amer (6)

-3.6%
-5.1%

-8.0%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

▪
▪
▪
▪
▪

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.

32.0%

Local Currency

27.7%

AC World x US (48)

32.9%
21.0%

World x US (22)

25.7%
20.2%

EAFE (21)

24.9%
18.6%
21.4%

Europe & ME (16)

23.6%

Pacific (5)

32.6%
43.5%

Emerging Mkt (26)

50.2%
16.0%
14.3%

EM EMEA (11)

48.7%

EM Asia (9)

58.5%
31.7%

EM Latin Amer (6)
0.0%

27.0%

USD

1-Year Performance
▪

LOCAL

24.9%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Source: MSCI Global Index Monitor (Returns are Net)

Page 7

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The Market Environment
US Dollar International Index Attribution & Country Detail
As of June 30, 2026
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 - 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%

Country
Japan
United Kingdom
France
Switzerland
Germany
Australia
Netherlands
Spain
Sweden
Italy
Hong Kong
Denmark
Singapore
Finland
Belgium
Israel
Norway
Ireland
Austria
Portugal
New Zealand
Total EAFE Countries
Canada
Total Developed Countries
Taiwan
Korea
China
India
Brazil
South Africa
Saudi Arabia
Mexico
United Arab Emirates
Poland
Thailand
Malaysia
Kuwait
Greece
Qatar
Chile
Indonesia
Peru
Turkey
Hungary
Philippines
Colombia
Czech Republic
Egypt
Total Emerging Countries
Total ACWIxUS Countries

MSCI-EAFE
Weight
23.5%
14.3%
9.9%
9.6%
8.8%
6.5%
6.4%
4.0%
3.4%
3.3%
1.7%
1.7%
1.7%
1.2%
1.2%
1.2%
0.6%
0.4%
0.4%
0.2%
0.2%
100.0%

MSCI-ACWIxUS
Weight
13.8%
8.3%
5.8%
5.6%
5.1%
3.8%
3.7%
2.3%
2.0%
1.9%
1.0%
1.0%
1.0%
0.7%
0.7%
0.7%
0.3%
0.2%
0.2%
0.1%
0.1%
58.5%
8.1%
66.5%
9.2%
7.9%
6.4%
3.7%
1.3%
1.0%
0.8%
0.6%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
33.5%
100.0%

Quarter
Return
14.2%
4.1%
8.7%
12.2%
8.1%
5.1%
36.0%
15.1%
6.4%
14.5%
-6.2%
14.9%
10.0%
13.1%
17.3%
4.6%
-14.1%
13.1%
22.4%
1.2%
9.3%
10.8%
6.0%
10.2%
48.9%
87.6%
-6.6%
10.1%
-8.2%
-1.9%
-3.9%
3.0%
8.7%
9.0%
8.4%
-1.7%
1.2%
20.5%
-0.1%
2.5%
-26.2%
9.1%
3.3%
33.4%
4.5%
5.6%
3.3%
25.1%
24.1%
14.5%

1- Year
Return
29.1%
20.3%
9.6%
19.7%
0.3%
11.1%
58.5%
42.1%
12.7%
27.3%
10.5%
-10.1%
19.8%
38.8%
34.4%
18.3%
14.9%
18.2%
52.1%
20.7%
7.6%
20.2%
26.9%
21.0%
105.0%
213.8%
-4.9%
-12.8%
26.6%
30.2%
3.2%
32.3%
6.0%
26.3%
54.3%
15.9%
-1.9%
28.7%
-0.4%
32.2%
-40.7%
82.7%
22.5%
75.0%
-3.6%
81.0%
6.0%
69.1%
43.5%
27.7%

Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)

Page 8

Page 13 of 135

The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2026

Quarter Performance
U.S. Treasury (5.7)

▪

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.

0.3%

U.S. Mortgage (5.3)

0.6%

U.S. Corporate IG (6.7)

1.4%

U.S. High Yield (2.9)

2.5%

U.S. TIPS (4.8)

0.9%

AAA (4.0)

0.4%

AA (5.6)

0.4%

A (6.7)

1.3%

Baa (6.6)

1.7%

Aggregate (5.8)

0.7%

Intermediate Agg (4.1)

0.5%

Global Agg x US (6.5)

1.0%

Multiverse (6.1)

1.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1-Year Performance
▪

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.

U.S. Treasury (5.7)

2.7%

U.S. Mortgage (5.3)

5.2%

U.S. Corporate IG (6.7)

4.3%

U.S. High Yield (2.9)

5.9%

U.S. TIPS (4.8)

3.4%

AAA (4.0)

3.3%

AA (5.6)

3.6%

A (6.7)

4.3%

Baa (6.6)

▪
▪

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.

4.9%

Aggregate (5.8)

3.8%

Intermediate Agg (4.1)
Global Agg x US (6.5)

3.8%
-1.9%

Multiverse (6.1)
-2.7%

1.0%

-0.7%

1.3%

3.3%

5.3%

Source: Morningstar Direct; Bloomberg

Page 9

Page 14 of 135

The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2026

1-Year Trailing Market Rates
10.00
9.00

▪

Credit spreads narrowed as resilient earnings reduced concerns about
corporate defaults.

▪

High yield spreads tightened the most as recession fears continued to recede.

7.00

▪

Investment-grade spreads remained historically tight, reflecting healthy
corporate balance sheets.

6.00

▪

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.

Fed Funds Rate

BAA OAS

10yr Treasury

High Yield OAS

8.00

5.00
4.00
3.00
2.00
1.00
0.00

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

▪

Treasury yields moved higher
expectations for monetary easing.

as

stronger

economic

data

delayed

▪

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.

5.50

Treasury Yield Curve
9/30/2025

12/31/2025

3/31/2026

2 yr

5 yr

6/30/2026

5.00

4.50

4.00

3.50

3.00
1 mo

3 mo

6 mo

1 yr

3 yr

7 yr

10 yr

20 yr

30 yr

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

Page 10

Page 15 of 135

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

Page 16 of 135

Page Intentionally Left Blank

Page 12

Page 17 of 135

Schedule of Investable Assets
Total Fund
10 Years Ending June 30, 2026
Schedule of Investable Assets
$27,600,000

$25,300,000
$23,245,031

$23,000,000

$20,700,000

$18,400,000

Market Value

$16,100,000

$13,800,000

$11,500,000

$9,200,000

$8,831,133

$6,900,000

$4,600,000

$2,300,000

$0
6/16

12/16

6/17

Total Fund

12/17

6/18

12/18

6/19

12/19

6/20

12/20

6/21

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Net Cash Flow

Schedule of Investable Assets
Periods Ending
10 YR

Page 13

Beginning
Market Value
$
11,523,349

Net
Cash Flow
$
-2,692,216

Gain/Loss
$
14,413,897

Ending
Market Value
$
23,245,031

%Return
9.04

Page 18 of 135

Asset Allocation Summary
Total Fund
As of June 30, 2026
Asset Allocation By Segment as of
March 31, 2026 : $21,587,536

Asset Allocation By Segment as of
June 30, 2026 : $23,245,031

Allocation
Segments
¢ Domestic Equity
¢ International Equity
¢ Domestic Fixed Income
¢ Global Fixed Income
¢ Real Estate
¢ Cash Equivalent

Allocation
Market Value
10,930,632
3,969,400
3,645,327
882,518
1,955,758
203,900

Allocation
50.6
18.4
16.9
4.1
9.1
0.9

Segments
¢ Domestic Equity
¢ International Equity
¢ Domestic Fixed Income
¢ Global Fixed Income
¢ Real Estate
¢ Cash Equivalent

Market Value
12,245,671
4,124,521
3,673,519
904,337
2,101,260
195,722

Allocation
52.7
17.7
15.8
3.9
9.0
0.8

NONE
Page 14

Page 19 of 135

Asset Allocation Summary
Total Fund
As of June 30, 2026
Asset Allocation By Manager as of
Mar-2026 : $21,587,536

Asset Allocation By Manager as of
Jun-2026 : $23,245,031

Allocation
¢ Dodge & Cox (DODIX)
£
£ NYLI Winslow Large Cap Growth Class R6 (MLRSX)
¢
£ Vanguard Equity-Income (VEIRX)
¢
£ BrandywineGlobal Dyn LCV (DVAL)
¢
£ DFA Intl Value (DFIVX)
¢
£ ASB (Real Estate)
¢
£ EuroPacific Growth (RERGX)
¢
£ Touchstone Mid Cap Growth R6 (TFGRX)
¢
£ Vanguard Extended Market (VEXAX)
¢
£ PIMCO Global Bond (PGBIX)
¢
£ R&D Account
¢
£ Mavik Real Estate Special Opportunities VS2
¢

Allocation
Market Value
3,645,327
3,361,188
2,490,248
2,479,070
2,182,682
1,815,494
1,786,718
1,377,352
1,222,774
882,518
203,900
140,264

Allocation
16.9
15.6
11.5
11.5
10.1
8.4
8.3
6.4
5.7
4.1
0.9
0.6

¢ NYLI Winslow Large Cap Growth Class R6 (MLRSX)
£
£ Dodge & Cox (DODIX)
¢
£ Vanguard Equity-Income (VEIRX)
¢
£ BrandywineGlobal Dyn LCV (DVAL)
¢
£ DFA Intl Value (DFIVX)
¢
£ EuroPacific Growth (RERGX)
¢
£ ASB (Real Estate)
¢
£ Touchstone Mid Cap Growth R6 (TFGRX)
¢
£ Vanguard Extended Market (VEXAX)
¢
£ PIMCO Global Bond (PGBIX)
¢
£ Mavik Real Estate Special Opportunities VS2
¢
£ R&D Account
¢

Market Value
3,840,468
3,673,519
2,653,967
2,636,399
2,078,174
2,046,347
1,766,714
1,648,623
1,466,215
904,337
334,546
195,722

Allocation
16.5
15.8
11.4
11.3
8.9
8.8
7.6
7.1
6.3
3.9
1.4
0.8

NONE
Page 15

Page 20 of 135

Asset Allocation
Total Fund
As of June 30, 2026
Asset Allocation Attributes

Total Equity

Jun-2025
($)
%
13,745,751
68.21

Sep-2025
($)
%
14,436,792
68.96

Dec-2025
($)
%
15,250,711
68.82

Mar-2026
($)
%
14,900,032
69.02

Jun-2026
($)
%
16,370,193
70.42

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone MCG (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,480,069
3,701,516
1,401,964
1,133,893
2,184,549
2,058,146

52.00
18.37
6.96
5.63
10.84
10.21

10,923,359
3,820,385
1,449,384
1,234,884
2,243,525
2,175,181

52.18
18.25
6.92
5.90
10.72
10.39

11,349,358
3,831,102
1,407,832
1,238,342
2,418,835
2,453,248

51.22
17.29
6.35
5.59
10.92
11.07

10,930,632
3,361,188
1,377,352
1,222,774
2,479,070
2,490,248

50.63
15.57
6.38
5.66
11.48
11.54

12,245,671
3,840,468
1,648,623
1,466,215
2,636,399
2,653,967

52.68
16.52
7.09
6.31
11.34
11.42

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

3,265,683
1,582,467
1,683,215

16.20
7.85
8.35

3,513,433
1,681,762
1,831,670

16.78
8.03
8.75

3,901,353
1,838,930
2,062,423

17.61
8.30
9.31

3,969,400
1,786,718
2,182,682

18.39
8.28
10.11

4,124,521
2,046,347
2,078,174

17.74
8.80
8.94

Total Fixed Income

4,029,895

20.00

4,128,469

19.72

4,545,263

20.51

4,527,845

20.97

4,577,856

19.69

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,167,696
3,167,696

15.72
15.72

3,247,166
3,247,166

15.51
15.51

3,644,021
3,644,021

16.44
16.44

3,645,327
3,645,327

16.89
16.89

3,673,519
3,673,519

15.80
15.80

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

862,199
862,199

4.28
4.28

881,303
881,303

4.21
4.21

901,242
901,242

4.07
4.07

882,518
882,518

4.09
4.09

904,337
904,337

3.89
3.89

2,007,341
2,007,341
-

9.96
9.96
0.00

2,015,813
2,015,813
-

9.63
9.63
0.00

1,957,983
1,957,983
-

8.84
8.84
0.00

1,955,758
1,815,494
140,264

9.06
8.41
0.65

2,101,260
1,766,714
334,546

9.04
7.60
1.44

R&D Account

369,891

1.84

352,433

1.68

406,136

1.83

203,900

0.94

195,722

0.84

Total Fund

20,152,877

100.00

20,933,507

100.00

22,160,092

100.00

21,587,536

100.00

23,245,031

100.00

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 16

Page 21 of 135

Asset Allocation
Total Fund
5 Years Ending June 30, 2026
Historical Asset Allocation by Segment

96.0

88.0

80.0

72.0

Allocation (%)

64.0

56.0

48.0

40.0

32.0

24.0

16.0

8.0

0.0
6/21

9/21

12/21

Domestic Equity

Page 17

3/22

6/22

9/22

International Equity

12/22

3/23

6/23

9/23

Domestic Fixed Income

12/23

3/24

6/24

Global Fixed Income

9/24

12/24
Real Estate

3/25

6/25

9/25

12/25

3/26

6/26

Cash Equivalent

Page 22 of 135

Page Intentionally Left Blank

Page 18

Page 23 of 135

Asset Allocation Compliance
Total Fund
As of June 30, 2026
Allocation Summary

Total Domestic Equity

50.0%

Total International Equity

15.0%

Total Domestic Fixed Income

15.0%

Total Global Fixed Income

5.0%

Total Real Estate

15.0%

R&D Account

0.0%

0.0%

10.0%

20.0%

30.0%

40.0%

Policy

Target

50.0%
In Policy

60.0%

70.0%

80.0%

90.0%

Outside Policy

Asset Allocation Compliance

Total Fund
Total Domestic Equity
Total International Equity
Total Domestic Fixed Income
Total Global Fixed Income
Total Real Estate
R&D Account

Page 19

Asset
Allocation
$
23,245,031
12,245,671
4,124,521
3,673,519
904,337
2,101,260
195,722

Current
Allocation (%)

Target
Allocation (%)

Minimum
Allocation (%)

Maximum
Allocation (%)

Target Rebal.
($)

Differences
(%)

100.0
52.7
17.7
15.8
3.9
9.0
0.8

100.0
50.0
15.0
15.0
5.0
15.0
0.0

45.0
5.0
10.0
0.0
0.0
0.0

65.0
20.0
30.0
10.0
20.0
5.0

-623,156
-637,767
-186,764
257,914
1,385,495
-195,722

0.0
2.7
2.7
0.8
-1.1
-6.0
0.8

Page 24 of 135

Financial Reconciliation
Total Fund
1 Quarter Ending June 30, 2026
Financial Reconciliation Quarter to Date

Total Equity

Market Value
04/01/2026
14,900,032

Net
Transfers
-400,000

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,930,632
3,361,188
1,377,352
1,222,774
2,479,070
2,490,248

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
1,870,160

Market Value
06/30/2026
16,370,193

-

-

-200,000
-200,000
-

-

-

-

-

1,515,040
679,279
271,271
243,441
157,328
163,720

12,245,671
3,840,468
1,648,623
1,466,215
2,636,399
2,653,967

3,969,400
1,786,718
2,182,682

-200,000
-200,000

-

-

-

-

355,121
259,629
95,492

4,124,521
2,046,347
2,078,174

Total Fixed Income

4,527,845

-

-

-

-

-

50,011

4,577,856

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,645,327
3,645,327

-

-

-

-

-

28,192
28,192

3,673,519
3,673,519

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

882,518
882,518

-

-

-

-

-

21,819
21,819

904,337
904,337

1,955,758
1,815,494
140,264

117,479
-76,804
194,282

-

-

-4,428
-4,428
-

-

32,451
32,451
-

2,101,260
1,766,714
334,546

R&D Account

203,900

282,521

37,483

-311,922

-

-17,761

1,500

195,722

Total Fund

21,587,536

-

37,483

-311,922

-4,428

-17,761

1,954,122

23,245,031

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 20

Page 25 of 135

Financial Reconciliation
Total Fund
October 1, 2025 To June 30, 2026
Financial Reconciliation Fiscal Year to Date

Total Equity

Market Value
10/01/2025
14,436,792

Net
Transfers
112,100

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,923,359
3,820,385
1,449,384
1,234,884
2,243,525
2,175,181

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
1,821,301

Market Value
06/30/2026
16,370,193

-

-

158,980
-200,000
886
1,578
154,300
202,216

-

-

-

-

1,163,332
220,083
198,352
229,754
238,574
276,570

12,245,671
3,840,468
1,648,623
1,466,215
2,636,399
2,653,967

3,513,433
1,681,762
1,831,670

-46,880
78,120
-125,000

-

-

-

-

657,968
286,465
371,503

4,124,521
2,046,347
2,078,174

Total Fixed Income

4,128,469

354,166

-

-

-

-

95,221

4,577,856

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,247,166
3,247,166

353,120
353,120

-

-

-

-

73,233
73,233

3,673,519
3,673,519

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

881,303
881,303

1,046
1,046

-

-

-

-

21,989
21,989

904,337
904,337

2,015,813
2,015,813
-

-4,172
-304,172
300,000

-

-

-13,885
-13,885
-

-

103,503
68,957
34,546

2,101,260
1,766,714
334,546

R&D Account

352,433

-462,095

1,309,023

-943,121

-

-68,172

7,654

195,722

Total Fund

20,933,507

-

1,309,023

-943,121

-13,885

-68,172

2,027,679

23,245,031

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 21

Page 26 of 135

Comparative Performance
Total Fund
As of June 30, 2026
Comparative Performance Trailing Returns
QTR

FYTD
9.44
10.62

1 YR

Total Fund (Net)
Total Fund Policy

9.09
10.21

Total Fund (Gross)
Total Fund Policy
All Public Plans-Total Fund Median

9.11
10.21
8.83

Total Equity
Total Equity Policy

12.65
15.25

Total Domestic Equity
Russell 3000 Index
IM U.S. Core Equity (SA+CF) Median

13.93
15.43
15.58

(66)
(52)

10.40
13.53
15.91

(76)
(62)

15.07
22.81
23.59

NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Russell 1000 Growth Index
Large Growth Median

20.49
16.74
17.41

(32)
(55)

6.01
6.51
7.11

(60)
(55)

Touchstone Mid Cap Growth R6 (TFGRX)
Russell Midcap Growth Index
Mid-Cap Growth Median

19.70
14.55
17.75

(34)
(72)

13.68
3.30
8.17

Vanguard Extended Market (VEXAX)
S&P Completion Index
Mid-Cap Blend Median

19.91
19.79
14.27

(14)
(15)

BrandywineGlobal Dyn LCV (DVAL)
Russell 1000 Value Index
Large Value Median

6.35
13.84
10.26

Vanguard Equity-Income (VEIRX)
Russell 1000 Value Index
Large Value Median

6.57
13.84
10.26

5 YR

7 YR

4.82
7.92

11.70 (71)
13.68 (22)
12.62

4.95
7.92
6.70

17.51
20.23

7.71
11.66

(80)
(55)

16.85 (61)
20.35 (35)
18.26

7.77
12.30
10.93

9.41
17.71
15.78

(77)
(40)

N/A
22.58 (34)
20.93

N/A
13.71
10.45

(29)
(76)

17.52
6.17
11.71

(35)
(77)

17.25 (24)
15.61 (36)
14.01

8.11
6.03
3.85

(12)
(28)

12.52
11.60
10.22

(16)
(27)

14.11
13.04
12.01

18.58
18.41
17.13

(42)
(44)

29.14
28.91
22.84

(20)
(23)

19.73 (14)
19.54 (16)
15.16

6.73
6.58
8.61

(79)
(80)

12.39
12.25
11.54

(26)
(27)

12.62
12.49
11.10

(81)
(16)

10.06
20.66
14.85

(81)
(15)

13.03
27.09
20.89

(91)
(17)

12.18 (90)
17.78 (27)
15.94

7.39
11.17
10.47

(94)
(35)

11.14
12.10
11.82

(66)
(44)

N/A
11.52
11.45

(78)
(16)

12.03
20.66
14.85

(70)
(15)

18.40
27.09
20.89

(66)
(17)

15.97 (50)
17.78 (27)
15.94

11.28
11.17
10.47

(32)
(35)

12.10
12.10
11.82

(44)
(44)

N/A
11.52
11.45

9.51
10.62
9.74

(57)
(29)

12.36
15.18

13.95
16.76
15.29

(72)
(25)

18.01
24.27

8.04
10.11

10 YR

11.57
13.68

(43)
(18)

13.86
16.76

3 YR

(93)
(11)

8.18
10.11
8.89

8.91
10.06
(76)
(11)

12.09
14.38

(81)
(35)

(16)

12.42
15.51
13.94
N/A
18.80
15.82

9.04
10.06
8.82

5.87
7.06
(40)
(7)

(13)

13.33
15.06
13.69
N/A
18.58
16.33

Inception
Date
04/01/1999

6.13 (81)
7.06 (20)
6.54

04/01/1999

6.78
8.06

04/01/1999

7.19 (100)
8.83 (89)
10.29

04/01/1999

15.57 (59)
18.97 (36)
17.07

09/01/2024

(14)
(29)

10.34 (21)
10.15 (29)
9.48

02/01/2006

(17)
(18)

11.93 (16)
11.80 (21)
10.91

03/01/2013

10.84 (72)
12.14 (41)
11.81

11/01/2018

(48)

12.29 (38)
12.14 (41)
11.81

11/01/2018

(48)

12.80
13.98

(69)
(34)

Inception

(55)
(32)

(14)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal year ends September 30th.

Page 22

Page 27 of 135

Comparative Performance
Total Fund
As of June 30, 2026
QTR

FYTD

1 YR

3 YR

5 YR

7 YR

10 YR

Inception

Inception
Date
02/01/2006

Total International Equity
Total International Equity Policy
Foreign Large Blend Median

9.06
14.69
10.46

(68)
(10)

18.29
19.84
15.13

(31)
(19)

27.27
28.27
21.43

(21)
(13)

19.29 (20)
19.42 (18)
16.72

7.38
9.35
8.42

(67)
(28)

10.90
10.70
9.92

(28)
(31)

10.87
10.46
9.59

(14)
(22)

7.23 (8)
5.82 (42)
5.67

EuroPacific Growth (RERGX)
MSCI AC World ex USA
Foreign Large Blend Median

14.53
14.69
10.46

(12)
(10)

16.42
19.84
15.13

(39)
(19)

23.72
28.27
21.43

(36)
(13)

16.01 (62)
19.42 (18)
16.72

5.51
9.35
8.42

(92)
(28)

9.52
10.70
9.92

(62)
(31)

9.91
10.46
9.59

(37)
(22)

6.78 (18)
6.33 (26)
5.67

02/01/2006

DFA Intl Value (DFIVX)
MSCI EAFE Value
Foreign Large Value Median

4.37
7.84
7.27

(79)
(44)

19.77
18.86
17.70

(39)
(46)

30.34
27.75
24.96

(21)
(31)

22.31 (19)
22.34 (18)
19.69

N/A
13.95
11.57

24.12 (18)
23.87 (20)
20.82

06/01/2023

Total Fixed Income
Total Fixed Income Policy

1.10
0.72

5.56
3.98

1.70
-0.33

4.62
3.84

04/01/1999

Total Domestic Fixed Income
Total Fixed Income Policy
Intermediate Core Bond Median

0.77
0.72
0.69

(33)
(41)

2.17
1.30
1.64

(8)
(83)

4.74
3.00
3.69

(6)
(91)

5.25 (5)
3.98 (70)
4.16

1.34
-0.33
0.02

(3)
(80)

2.60
0.84
1.23

(1)
(83)

2.92
1.20
1.56

(2)
(80)

4.67 (1)
3.84 (44)
3.76

04/01/1999

Dodge & Cox (DODIX)
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

0.77
0.67
0.69

(33)
(58)

2.11
1.73
1.64

(9)
(35)

4.67
3.79
3.69

(6)
(39)

5.23 (5)
4.16 (50)
4.16

1.33
0.08
0.02

(3)
(41)

2.60
1.22
1.23

(1)
(53)

2.93
1.54
1.56

(2)
(51)

2.93 (1)
1.85 (48)
1.82

01/01/2015

Total Global Fixed Income
FTSE World Government Bond Index
Global Bond Median

2.47
0.68
1.45

(22)
(95)

2.49
-0.27
0.94

(13)
(66)

4.77
-0.11
1.79

(12)
(70)

6.53 (12)
2.50 (91)
4.09

3.05
-2.66
-1.28

(3)
(92)

1.52
-1.17
0.08

(25)
(88)

2.47
-0.52
0.92

(9)
(93)

1.76 (21)
-0.05 (87)
0.79

03/01/2013

PIMCO Global Bond (PGBIX)
Bloomberg Global Agg Index (Hedged)
Global Bond Median

2.47
1.30
1.45

(22)
(59)

2.49
1.94
0.94

(13)
(26)

4.77
3.17
1.79

(12)
(29)

6.53 (12)
4.50 (40)
4.09

3.05
0.88
-1.28

(3)
(33)

N/A
1.49
0.08

3.05 (3)
0.65 (36)
-0.69

10/01/2020

ASB (Real Estate)
NCREIF Fund Index-ODCE (EW)
IM U.S. Open End Private Real Estate (SA+CF) Median

1.87
1.50
1.64

(24)
(64)

3.88
3.67
4.29

(69)
(71)

5.04
4.35
5.74

(76)
(83)

-6.61 (100)
-0.89 (80)
0.29

-2.65
2.69
3.21

(95)
(74)

-0.77
3.53
3.99

2.18 (88)
5.46 (73)
6.08

07/01/2015

2.24
1.30

4.74
3.00

(13)

N/A
12.04
11.12

(31)

2.48
0.84

N/A
11.15
9.75

(19)

2.90
1.20

(28)

(94)
(78)

N/A
1.92
0.92

1.28
4.81
5.42

(27)

(90)
(75)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal year ends September 30th.

Page 23

Page 28 of 135

Comparative Performance
Total Fund
As of June 30, 2026
Comparative Performance Fiscal Year Returns

Total Fund (Net)
Total Fund Policy

Oct-2024
To
Sep-2025
12.26
12.46

Oct-2023
To
Sep-2024
17.08
21.87

Oct-2022
To
Sep-2023
7.38
11.32

Oct-2021
To
Sep-2022
-18.04
-13.45

Oct-2020
To
Sep-2021
21.08
20.37

Oct-2019
To
Sep-2020
12.09
10.53

Oct-2018
To
Sep-2019
4.03
4.82

Total Fund (Gross)
Total Fund Policy
All Public Plans-Total Fund Median

12.38
12.46
10.47

17.23
21.87
21.25

7.57
11.32
10.78

-17.91 (82)
-13.45 (36)
-14.90

21.21
20.37
19.98

12.24
10.53
7.91

4.15
4.82
4.01

Total Equity
Total Equity Policy

16.27
17.51

-26.71
-19.42

31.27
30.03

Total Domestic Equity
Russell 3000 Index
IM U.S. Core Equity (SA+CF) Median

14.91
17.41
11.68

Allspring Growth R6 (SGRHX)
Russell 1000 Growth Index
Large Growth Median

N/A
25.53
21.47

NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Russell 1000 Growth Index
Large Growth Median

19.98
25.53
21.47

Touchstone Mid Cap Growth R6 (TFGRX)
Russell Midcap Growth Index
Mid-Cap Growth Median

(10)
(9)

(82)
(42)

29.11
32.87

(34)
(23)

31.07
35.19
29.66

(90)
(42)

18.21
20.74

(46)
(29)

(34)
(46)

(7)
(23)

16.22
12.06

(45)
(28)

3.47
2.04

16.41
20.46
17.39

(55)
(33)

-24.66 (92)
-17.63 (63)
-16.14

33.34
31.88
36.80

(59)
(65)

16.57
15.00
6.79

(19)
(26)

4.10
2.92
0.31

(27)
(34)

(81)
(27)

-38.17 (90)
-22.59 (22)
-27.60

28.13
27.32
26.25

(29)
(39)

37.19
37.53
33.91

(37)
(35)

4.59
3.71
1.83

(24)
(30)

N/A
-22.59 (22)
-27.60

N/A
27.32
26.25

N/A
42.19
40.46

(38)

19.78
27.72
24.73

(60)
(19)

N/A
42.19
40.46

(38)

N/A
27.72
24.73

21.43
22.02
11.57

(18)
(16)

23.14
29.33
25.85

(69)
(28)

17.33
17.47
14.16

(19)
(19)

-27.29 (32)
-29.50 (47)
-29.79

32.67
30.45
30.23

(30)
(47)

18.70
23.23
24.74

(75)
(56)

7.84
5.20
2.96

(15)
(33)

Vanguard Extended Market (VEXAX)
S&P Completion Index
Mid-Cap Blend Median

16.46
16.43
6.76

(6)
(7)

28.56
28.25
26.99

(34)
(38)

14.48
14.28
14.15

(45)
(49)

-29.55 (100)
-29.62 (100)
-15.87

42.31
42.19
38.49

(32)
(34)

12.98
12.94
-1.18

(6)
(7)

-3.80
-3.96
0.03

(78)
(79)

BrandywineGlobal Dyn LCV (DVAL)
Russell 1000 Value Index
Large Value Median

5.34
9.44
9.93

(89)
(55)

23.70
27.76
27.50

(83)
(47)

15.16
14.44
14.63

(44)
(52)

-13.03 (84)
-11.36 (73)
-9.34

41.75
35.01
34.01

(16)
(44)

1.66
-5.03
-4.32

(17)
(56)

N/A
4.00
2.70

(36)

Vanguard Equity-Income (VEIRX)
Russell 1000 Value Index
Large Value Median

12.36
9.44
9.93

(22)
(55)

26.43
27.76
27.50

(63)
(47)

12.66
14.44
14.63

(68)
(52)

-4.58 (7)
-11.36 (73)
-9.34

30.77
35.01
34.01

(67)
(44)

-2.77
-5.03
-4.32

(40)
(56)

N/A
4.00
2.70

(36)

(19)

(27)

(39)

N/A
37.53
33.91

(35)

N/A
3.71
1.83

(30)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal year ends September 30th.

Page 24

Page 29 of 135

Comparative Performance
Total Fund
As of June 30, 2026
Oct-2024
To
Sep-2025

Oct-2023
To
Sep-2024

Oct-2022
To
Sep-2023

Total International Equity
Total International Equity Policy
Foreign Large Blend Median

20.53
17.14
16.15

(15)
(40)

22.77
25.96
24.63

(70)
(27)

24.37
21.02
23.19

(39)
(66)

EuroPacific Growth (RERGX)
MSCI AC World ex USA
Foreign Large Blend Median

14.79
17.14
16.15

(67)
(40)

24.71
25.96
24.63

(50)
(27)

19.64
21.02
23.19

(78)
(66)

DFA Intl Value (DFIVX)
MSCI EAFE Value
Foreign Large Value Median

25.97
23.40
20.68

(16)
(33)

20.98
24.00
22.31

(70)
(25)

N/A
32.46
27.96

Oct-2020
To
Sep-2021

Oct-2019
To
Sep-2020

Oct-2018
To
Sep-2019

-32.85 (98)
-24.79 (25)
-26.05

24.76
24.45
24.33

(46)
(49)

14.97
3.45
2.96

(7)
(47)

1.14
-0.72
-2.10

(16)
(29)

-32.85 (98)
-24.79 (25)
-26.05

24.76
24.45
24.33

(46)
(49)

14.97
3.45
2.96

(7)
(47)

1.14
-0.72
-2.10

(16)
(29)

N/A
-19.62 (23)
-22.32

N/A
31.43
28.82

Total Fixed Income
Total Fixed Income Policy

4.20
2.77

-12.46
-16.12

2.02
-1.38

Total Domestic Fixed Income
Total Fixed Income Policy
Intermediate Core Bond Median

3.39
2.77
2.85

(18)
(58)

13.52
11.68
11.69

(4)
(52)

3.11
1.05
0.61

(2)
(26)

-13.63 (14)
-16.12 (85)
-14.98

1.95
-1.38
-0.20

(7)
(94)

7.65
6.95
6.83

(24)
(46)

9.10
9.86
9.77

(75)
(46)

Dodge & Cox (DODIX)
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

3.39
2.88
2.85

(18)
(47)

13.53
11.57
11.69

(4)
(59)

3.11
0.64
0.61

(2)
(48)

-13.63 (14)
-14.60 (31)
-14.98

1.99
-0.90
-0.20

(7)
(75)

7.70
6.98
6.83

(23)
(45)

9.16
10.30
9.77

(74)
(22)

Total Global Fixed Income
FTSE World Government Bond Index
Global Bond Median

6.86
1.59
3.11

(9)
(95)

11.07
11.02
12.28

(72)
(72)

3.78
1.04
2.89

(37)
(90)

-8.05 (7)
-22.14 (57)
-21.61

2.41
-3.33
0.49

(21)
(94)

-3.34
6.77
5.15

(96)
(14)

1.16
8.13
5.91

(92)
(14)

PIMCO Global Bond (PGBIX)
Bloomberg Global Agg Index (Hedged)
Global Bond Median

6.86
3.06
3.11

(9)
(52)

11.07
10.63
12.28

(72)
(77)

3.78
2.10
2.89

(37)
(67)

-8.05 (7)
-12.05 (9)
-21.61

2.41
-0.56
0.49

(21)
(77)

N/A
4.14
5.15

ASB (Real Estate)
NCREIF Fund Index-ODCE (EW)
IM U.S. Open End Private Real Estate (SA+CF) Median

3.97
3.80
5.05

(69)
(70)

-21.52
-7.75
-6.22

(98)
(65)

-18.28
-12.40
-12.39

(94)
(51)

19.96 (55)
22.76 (37)
20.19

11.76
15.75
15.73

(81)
(50)

2.59
1.74
1.58

12.90
11.68

(25)

3.28
1.05

Oct-2021
To
Sep-2022

(36)

N/A
-11.45
-5.66

(83)

5.75
6.95

N/A
-4.31
-5.30

(38)

7.78
9.86

(61)

(24)
(40)

N/A
10.65
5.91

4.41
6.17
6.80

(4)

(79)
(68)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal year ends September 30th.

Page 25

Page 30 of 135

Page Intentionally Left Blank

Page 26

Page 31 of 135

Cocoa Beach Firefighters' Retirement System
Private Managers - Comparative Performance - IRR
As of June 30, 2026
Comparative Performance - IRR

Mavik Real Estate Special Opportunities VS2

Page 27

QTR

1 YR

3 YR

5 YR

Inception

0.00

N/A

N/A

N/A

18.28

Inception
Date
03/04/2026

Page 32 of 135

Strategy Review
Total Fund | Total Fund Policy
As of June 30, 2026
Peer Group Analysis - All Public Plans-Total Fund

Peer Group Analysis - All Public Plans-Total Fund

23.0

38.0
32.0

20.0

26.0
17.0
20.0
14.0
14.0

Return

Return

11.0

8.0

8.0

2.0
-4.0

5.0
-10.0
2.0
-16.0
-1.0

-22.0

-4.0

-28.0

QTR
˜ Investment 9.11 (32)
10.21 (12)
˜ Index
Median

FYTD
9.51 (55)
10.62 (28)

1 YR
13.95 (68)
16.76 (23)

2 YR
13.53 (45)
14.55 (16)

3 YR
11.70 (65)
13.68 (21)

4 YR
10.59 (71)
12.67 (21)

5 YR
4.95 (91)
7.92 (14)

9.73

15.04

13.25

12.59

11.59

6.92

8.52

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
17.23 (74)
7.57 (88) -17.91 (89) 21.21 (44) 12.24 (5)
4.15 (55)
˜ Investment 12.38 (8)
12.46 (7)
21.87 (31) 11.32 (38) -13.45 (45) 20.37 (56) 10.53 (13)
4.82 (34)
˜ Index
Median

10.31

19.85

10.59

-14.04

20.75

7.55

4.31

Comparative Performance
Investment
Index
Median

Page 28

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

-1.43
-1.88
-0.70

1.82
2.29
2.08

4.06
5.55
4.64

8.74
7.87
6.34

-0.51
-0.86
0.29

-0.18
-0.37
-0.97

(82)
(93)

(69)
(33)

(73)
(12)

(2)
(7)

(79)
(88)

(18)
(24)

Page 33 of 135

Strategy Review
Total Fund | Total Fund Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

11.70
13.68
4.64

8.91
8.86
0.22

0.78
0.99
N/A

Investment
Index
.

Up
Market
Capture
93.16
100.00
15.96

Up
Quarters
7
8
12

Down
Market
Capture
105.06
100.00
-17.46

Down
Quarters
5
4
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

4.95
7.92
3.52

10.44
10.74
0.55

0.19
0.45
N/A

Investment
Index
.

Up
Market
Capture
87.86
100.00
11.94

Down
Market
Capture
103.32
100.00
-9.03

Up
Quarters
11
13
20

Down
Quarters
9
7
N/A

Risk and Return 5 Years

14.4

10.0

R etu r n (% )

R etu r n (% )

13.6

12.8

8.0

6.0
12.0

11.2

4.0
8.8

8.9

9.0

10.3

10.4

10.5

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund

10.8

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

10.7

5 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
2 (10%)

Median-75
Count
7 (35%)

75-95
Count
9 (45%)

20

8 (40%)

11 (55%)

1 (5%)

0 (0%)

Total Period

Page 29

10.6

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
5 (25%)

25-Median
Count
2 (10%)

Median-75
Count
4 (20%)

75-95
Count
9 (45%)

20

19 (95%)

1 (5%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 34 of 135

Strategy Review
Total Domestic Equity | Russell 3000 Index
As of June 30, 2026
Peer Group Analysis - IM U.S. Core Equity (SA+CF)

60.0

80.0

52.0

65.0

44.0

50.0

36.0

35.0

28.0

20.0

Return

Return

Peer Group Analysis - IM U.S. Core Equity (SA+CF)

20.0

5.0

12.0

-10.0

4.0

-25.0

-4.0

-40.0

-12.0

-55.0

QTR
˜ Investment 13.93 (64)
15.43 (52)
˜ Index
Median

15.66

FYTD
10.40 (76)
13.53 (59)

1 YR
15.07 (79)
22.81 (51)

2 YR
15.83 (64)
18.99 (40)

3 YR
16.85 (52)
20.35 (28)

4 YR
16.59 (50)
20.00 (25)

5 YR
7.77 (73)
12.30 (29)

15.55

22.82

17.67

17.09

16.56

10.12

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
4.10 (23)
˜ Investment 14.91 (30) 31.07 (41) 16.41 (51) -24.66 (91) 33.34 (57) 16.57 (15)
17.41 (18) 35.19 (24) 20.46 (27) -17.63 (58) 31.88 (62) 15.00 (22)
2.92 (31)
˜ Index
Median

10.60

28.74

16.48

-16.60

35.86

5.96

-0.14

Comparative Performance
Investment
Index
Median

Page 30

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

-3.69
-3.96
-1.54

0.61
2.40
2.08

4.23
8.18
6.56

12.64
10.99
8.62

-4.46
-4.72
-5.35

2.44
2.63
0.78

(67)
(70)

(78)
(41)

(80)
(29)

(14)
(27)

(37)
(42)

(26)
(23)

Page 35 of 135

Strategy Review
Total Domestic Equity | Russell 3000 Index
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.85
20.35
4.64

13.48
13.20
0.22

0.89
1.14
N/A

Investment
Index
.

Up
Market
Capture
91.57
100.00
9.82

Up
Quarters
8
9
12

Down
Market
Capture
103.94
100.00
-15.01

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

7.77
12.30
3.52

16.03
15.94
0.55

0.33
0.60
N/A

Investment
Index
.

Up
Market
Capture
88.92
100.00
7.59

Up
Quarters
12
13
20

Down
Market
Capture
104.85
100.00
-7.06

Down
Quarters
8
7
N/A

Risk and Return 5 Years

22.0

14.0

R etu r n (% )

R etu r n (% )

12.0
20.0

10.0

18.0
8.0

16.0

6.0
13.1

13.2

13.3

13.4

13.5

13.6

15.9

16.0

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. IM U.S. Core Equity (SA+CF)

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

Index

5 Years Rolling Percentile Ranking vs. IM U.S. Core Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
1 (5%)

25-Median
Count
6 (30%)

Median-75
Count
7 (35%)

75-95
Count
6 (30%)

20

6 (30%)

12 (60%)

2 (10%)

0 (0%)

Total Period

Page 31

16.1

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
3 (15%)

25-Median
Count
5 (25%)

Median-75
Count
12 (60%)

75-95
Count
0 (0%)

20

9 (45%)

11 (55%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 36 of 135

Strategy Review
NYLI Winslow Large Cap Growth Class R6 (MLRSX) | Russell 1000 Growth Index
As of June 30, 2026
Peer Group Analysis - Large Growth

50.0

95.0

44.0

80.0

38.0

65.0

32.0

50.0

26.0

35.0

20.0

20.0

Return

Return

Peer Group Analysis - Large Growth

14.0

5.0

8.0

-10.0

2.0

-25.0

-4.0

-40.0

-10.0

-55.0

-16.0

-70.0

QTR
˜ Investment 20.49 (32)
16.74 (55)
˜ Index
Median

17.41

FYTD
6.01 (60)
6.51 (55)

1 YR
9.41 (77)
17.71 (40)

2 YR
N/A
17.46 (36)

3 YR
N/A
22.58 (34)

4 YR
N/A
23.69 (26)

5 YR
N/A
13.71 (16)

7.11

15.78

15.55

20.93

22.08

10.45

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
N/A
N/A
˜ Investment 19.98 (60)
25.53 (19) 42.19 (38) 27.72 (27) -22.59 (22) 27.32 (39) 37.53 (35)
3.71 (30)
˜ Index
Median

21.47

40.46

24.73

-27.60

26.25

33.91

1.83

Comparative Performance
Investment
Index
Median

Page 32

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

-12.27
-9.78
-9.48

0.28
1.12
0.90

3.21
10.51
7.60

20.63
17.84
17.75

-8.11
-9.97
-9.29

4.88
7.07
5.26

(91)
(59)

(62)
(45)

(91)
(17)

(19)
(48)

(32)
(61)

(56)
(24)

Page 37 of 135

Strategy Review
NYLI Winslow Large Cap Growth Class R6 (MLRSX) | Russell 1000 Growth Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

N/A
22.58
4.64

N/A
16.21
0.22

N/A
1.07
N/A

Up
Market
Capture
N/A
100.00
8.06

Up
Quarters
N/A
9
12

Down
Market
Capture
N/A
100.00
-12.19

Down
Quarters
N/A
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

N/A
13.71
3.52

N/A
19.15
0.55

N/A
0.59
N/A

N/A
14
20

Down
Market
Capture
N/A
100.00
-5.93

Down
Quarters
N/A
6
N/A

R etu r n (% )

R etu r n (% )

13.8

22.5

13.7
16.2

16.3

19.1

19.2

Risk (Standard Deviation %)
Investment

19.3

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Growth

Index

5 Years Rolling Percentile Ranking vs. Large Growth
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

Risk and Return 5 Years

22.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

0

5-25
Count
0

20

15 (75%)

Total Period

Page 33

Up
Market
Capture
N/A
100.00
6.20

9/23

3/24

25-Median
Count
0
5 (25%)

9/24

3/25

Median-75
Count
0
0 (0%)

9/25

6/26

75-95
Count
0
0 (0%)

9/21

3/22

3/23

0

5-25
Count
0

20

19 (95%)

Total Period
¾ Investment
¾ Index

9/22

9/23

3/24

9/24

3/25

25-Median
Count
0

Median-75
Count
0

1 (5%)

0 (0%)

9/25

6/26

75-95
Count
0
0 (0%)

Page 38 of 135

Strategy Review
Touchstone Mid Cap Growth R6 (TFGRX) | Russell Midcap Growth Index
As of June 30, 2026
Peer Group Analysis - Mid-Cap Growth

44.0

80.0

38.0

65.0

32.0

50.0

26.0

35.0

20.0

20.0
Return

Return

Peer Group Analysis - Mid-Cap Growth

14.0

5.0

8.0

-10.0

2.0

-25.0

-4.0

-40.0

-10.0

-55.0

-16.0

-70.0

QTR
˜ Investment 19.70 (34)
14.55 (72)
˜ Index
Median

FYTD
13.68 (29)
3.30 (76)

1 YR
17.52 (35)
6.17 (77)

2 YR
21.09 (20)
15.89 (43)

3 YR
17.25 (24)
15.61 (36)

4 YR
17.94 (22)
17.44 (28)

5 YR
8.11 (12)
6.03 (28)

8.17

11.71

14.15

14.01

15.12

3.85

17.75

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
7.84 (15)
˜ Investment 21.43 (18) 23.14 (69) 17.33 (19) -27.29 (32) 32.67 (30) 18.70 (75)
22.02 (16) 29.33 (28) 17.47 (19) -29.50 (47) 30.45 (47) 23.23 (56)
5.20 (33)
˜ Index
Median

11.57

25.85

14.16

-29.79

30.23

24.74

2.96

Comparative Performance
Investment
Index
Median

Page 34

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

-2.16
-6.35
-5.36

-2.93
-3.70
-2.92

3.38
2.78
3.24

20.58
18.20
14.36

-9.43
-7.12
-8.87

7.55
8.14
3.31

(19)
(64)

(51)
(68)

(48)
(59)

(18)
(32)

(66)
(27)

(19)
(14)

Page 39 of 135

Strategy Review
Touchstone Mid Cap Growth R6 (TFGRX) | Russell Midcap Growth Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

17.25
15.61
4.64

18.61
17.54
0.22

0.71
0.66
N/A

Up
Market
Capture
103.42
100.00
8.62

Up
Quarters
7
7
12

Down
Market
Capture
96.96
100.00
-10.29

Down
Quarters
5
5
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

8.11
6.03
3.52

19.82
19.66
0.55

0.32
0.22
N/A

12
11
20

Down
Market
Capture
96.29
100.00
-5.76

Down
Quarters
8
9
N/A

R etu r n (% )

8.0

16.8

16.2

7.2

6.4

15.6

15.0

5.6
17.1

17.4

17.7

18.0

18.3

18.6

18.9

19.6

19.7

Risk (Standard Deviation %)
Investment

19.8

19.9

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Mid-Cap Growth

Index

5 Years Rolling Percentile Ranking vs. Mid-Cap Growth
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

8.8

17.4

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
11 (55%)

25-Median
Count
7 (35%)

Median-75
Count
2 (10%)

75-95
Count
0 (0%)

20

7 (35%)

9 (45%)

4 (20%)

0 (0%)

Total Period

Page 35

Up
Market
Capture
103.65
100.00
6.86

Risk and Return 5 Years

18.0

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
12 (60%)

25-Median
Count
8 (40%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

8 (40%)

11 (55%)

1 (5%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 40 of 135

Strategy Review
Vanguard Extended Market (VEXAX) | S&P Completion Index
As of June 30, 2026
Peer Group Analysis - Mid-Cap Blend

Peer Group Analysis - Mid-Cap Blend

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

QTR
˜ Investment 19.91 (14)
19.79 (15)
˜ Index
Median

14.27

FYTD
18.58 (42)
18.41 (44)

1 YR
29.14 (20)
28.91 (23)

2 YR
22.18 (16)
22.06 (17)

3 YR
19.73 (14)
19.54 (16)

4 YR
18.58 (11)
18.39 (13)

5 YR
6.73 (79)
6.58 (80)

17.13

22.84

16.58

15.16

15.20

8.61

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
28.56 (34) 14.48 (45) -29.55 (100) 42.31 (32) 12.98 (6)
-3.80 (78)
˜ Investment 16.46 (6)
16.43 (7)
28.25 (38) 14.28 (49) -29.62 (100) 42.19 (34) 12.94 (7)
-3.96 (79)
˜ Index
Median

6.76

26.99

14.15

-15.87

38.49

-1.18

0.03

Comparative Performance
Investment
Index
Median

Page 36

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

-1.26
-1.28
0.86

0.15
0.13
1.22

8.91
8.87
5.19

12.16
12.16
7.00

-8.93
-8.95
-4.59

4.69
4.72
-0.37

(74)
(75)

(70)
(71)

(9)
(9)

(9)
(10)

(98)
(99)

(3)
(2)

Page 41 of 135

Strategy Review
Vanguard Extended Market (VEXAX) | S&P Completion Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.73
19.54
4.64

18.16
18.12
0.22

0.84
0.83
N/A

Up
Market
Capture
100.37
100.00
7.89

Up
Quarters
8
8
12

Down
Market
Capture
99.84
100.00
-9.62

Down
Quarters
4
4
N/A

Standard
Deviation

Sharpe
Ratio

6.73
6.58
3.52

19.89
19.86
0.55

0.25
0.25
N/A

19.8

6.8

19.7

6.7

19.6

12
12
20

Down
Market
Capture
99.83
100.00
-5.80

Down
Quarters
8
8
N/A

6.5
18.1

18.2

19.7

19.8

Risk (Standard Deviation %)
Investment

19.9

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Mid-Cap Blend

Index

5 Years Rolling Percentile Ranking vs. Mid-Cap Blend
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

6.6

19.5

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
7 (35%)

25-Median
Count
1 (5%)

Median-75
Count
2 (10%)

75-95
Count
10 (50%)

20

7 (35%)

1 (5%)

1 (5%)

11 (55%)

Total Period

Page 37

Up
Market
Capture
100.34
100.00
6.48

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
2 (10%)

Median-75
Count
9 (45%)

75-95
Count
7 (35%)

20

2 (10%)

2 (10%)

8 (40%)

8 (40%)

Total Period
¾ Investment
¾ Index

9/22

Page 42 of 135

Strategy Review
BrandywineGlobal Dyn LCV (DVAL) | Russell 1000 Value Index
As of June 30, 2026
Peer Group Analysis - Large Value

Peer Group Analysis - Large Value

40.0

60.0

36.0

50.0

32.0
40.0
28.0
30.0
24.0

Return

Return

20.0

16.0

20.0

10.0

12.0
0.0
8.0
-10.0
4.0
-20.0

0.0
-4.0

-30.0

QTR
˜ Investment 6.35 (81)
13.84 (16)
˜ Index
Median

10.26

FYTD
10.06 (81)
20.66 (15)

1 YR
13.03 (91)
27.09 (17)

2 YR
12.13 (90)
20.21 (14)

3 YR
12.18 (90)
17.78 (27)

4 YR
12.03 (85)
16.19 (30)

5 YR
7.39 (94)
11.17 (35)

14.85

20.89

16.59

15.94

14.82

10.47

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.66 (17)
N/A
˜ Investment 5.34 (89) 23.70 (83) 15.16 (44) -13.03 (84) 41.75 (16)
9.44 (55) 27.76 (47) 14.44 (52) -11.36 (73) 35.01 (44) -5.03 (56)
4.00 (36)
˜ Index
Median

9.93

27.50

14.63

-9.34

34.01

-4.32

2.70

Comparative Performance
Investment
Index
Median

Page 38

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

2.49
2.10
1.08

0.98
3.81
3.23

2.70
5.33
5.26

4.66
3.79
4.23

0.17
2.14
1.57

-2.16
-1.98
-1.75

(31)
(35)

(89)
(38)

(95)
(48)

(42)
(58)

(76)
(40)

(64)
(57)

Page 43 of 135

Strategy Review
BrandywineGlobal Dyn LCV (DVAL) | Russell 1000 Value Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

12.18
17.78
4.64

11.64
12.47
0.22

0.66
1.02
N/A

Up
Market
Capture
81.06
100.00
11.31

Down
Market
Capture
96.54
100.00
-11.64

Up
Quarters
9
9
12

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

7.39
11.17
3.52

14.97
14.80
0.55

0.32
0.56
N/A

Up
Market
Capture
88.59
100.00
8.09

Down
Market
Capture
101.50
100.00
-7.19

Up
Quarters
13
13
20

Down
Quarters
7
7
N/A

Risk and Return 5 Years

20.0

12.0

R etu r n (% )

R etu r n (% )

18.0

16.0

14.0

10.0

8.0
12.0

10.0

6.0
11.2

11.4

11.6

11.8

12.0

12.2

12.4

12.6

12.8

14.7

14.8

14.9

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Value

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

15.1

5 Years Rolling Percentile Ranking vs. Large Value

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
6 (32%)

25-Median
Count
2 (11%)

Median-75
Count
2 (11%)

75-95
Count
9 (47%)

20

0 (0%)

4 (20%)

16 (80%)

0 (0%)

Total Period

Page 39

15.0

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

11

5-25
Count
1 (9%)

25-Median
Count
4 (36%)

Median-75
Count
3 (27%)

75-95
Count
3 (27%)

20

0 (0%)

1 (5%)

19 (95%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 44 of 135

Strategy Review
Vanguard Equity-Income (VEIRX) | Russell 1000 Value Index
As of June 30, 2026
Peer Group Analysis - Large Value

Peer Group Analysis - Large Value

40.0

60.0

36.0

50.0

32.0
40.0
28.0
30.0
24.0

Return

Return

20.0

16.0

20.0

10.0

12.0
0.0
8.0
-10.0
4.0
-20.0

0.0
-4.0

-30.0

QTR
˜ Investment 6.57 (78)
13.84 (16)
˜ Index
Median

10.26

FYTD
12.03 (70)
20.66 (15)

1 YR
18.40 (66)
27.09 (17)

2 YR
16.78 (47)
20.21 (14)

3 YR
15.97 (50)
17.78 (27)

4 YR
14.15 (59)
16.19 (30)

5 YR
11.28 (32)
11.17 (35)

14.85

20.89

16.59

15.94

14.82

10.47

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
30.77 (67) -2.77 (40)
N/A
˜ Investment 12.36 (22) 26.43 (63) 12.66 (68) -4.58 (7)
9.44 (55) 27.76 (47) 14.44 (52) -11.36 (73) 35.01 (44) -5.03 (56)
4.00 (36)
˜ Index
Median

9.93

27.50

14.63

-9.34

34.01

-4.32

2.70

Comparative Performance
Investment
Index
Median

Page 40

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

1.51
2.10
1.08

3.56
3.81
3.23

5.69
5.33
5.26

4.22
3.79
4.23

2.77
2.14
1.57

-0.74
-1.98
-1.75

(44)
(35)

(44)
(38)

(38)
(48)

(51)
(58)

(27)
(40)

(29)
(57)

Page 45 of 135

Strategy Review
Vanguard Equity-Income (VEIRX) | Russell 1000 Value Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

15.97
17.78
4.64

10.86
12.47
0.22

1.01
1.02
N/A

Up
Market
Capture
86.47
100.00
11.31

Up
Quarters
9
9
12

Down
Market
Capture
81.33
100.00
-11.64

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

11.28
11.17
3.52

13.39
14.80
0.55

0.61
0.56
N/A

Up
Market
Capture
90.81
100.00
8.09

13.8

14.1

Down
Market
Capture
84.88
100.00
-7.19

Up
Quarters
13
13
20

Down
Quarters
7
7
N/A

Risk and Return 5 Years

18.2

11.3

R etu r n (% )

R etu r n (% )

17.5

16.8

11.2

16.1

15.4

11.1
10.4

10.8

11.2

11.6

12.0

12.4

12.8

12.9

13.2

13.5

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Value

15.0

15.3

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

14.7

5 Years Rolling Percentile Ranking vs. Large Value

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
3 (16%)

25-Median
Count
11 (58%)

Median-75
Count
5 (26%)

75-95
Count
0 (0%)

20

0 (0%)

4 (20%)

16 (80%)

0 (0%)

Total Period

Page 41

14.4

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

11

5-25
Count
1 (9%)

25-Median
Count
9 (82%)

Median-75
Count
1 (9%)

75-95
Count
0 (0%)

20

0 (0%)

1 (5%)

19 (95%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 46 of 135

Strategy Review
Total International Equity | Total International Equity Policy
As of June 30, 2026
Peer Group Analysis - Foreign Large Blend

Peer Group Analysis - Foreign Large Blend

36.0

50.0

32.0

40.0

30.0

28.0

20.0
24.0
10.0
Return

Return

20.0

0.0

16.0
-10.0
12.0
-20.0
8.0

-30.0

4.0

-40.0

0.0

-50.0

QTR
˜ Investment 9.06 (68)
14.69 (10)
˜ Index
Median

10.46

FYTD
18.29 (31)
19.84 (19)

1 YR
27.27 (21)
28.27 (13)

2 YR
23.00 (21)
23.22 (18)

3 YR
19.29 (20)
19.42 (18)

4 YR
18.53 (20)
17.87 (27)

5 YR
7.37 (67)
9.35 (28)

15.13

21.43

19.66

16.72

16.65

8.42

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.14 (16)
˜ Investment 20.53 (15) 22.77 (70) 24.37 (39) -32.87 (98) 24.76 (46) 14.97 (7)
17.14 (40) 25.96 (27) 21.02 (66) -24.79 (25) 24.45 (49)
3.45 (47) -0.72 (29)
˜ Index
Median

16.15

24.63

23.19

-26.05

24.33

2.96

-2.10

Comparative Performance
Investment
Index
Median

Page 42

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

1.74
-0.60
0.84

6.60
5.11
4.36

7.59
7.03
5.10

11.88
12.30
11.59

7.06
5.36
6.77

-6.47
-7.50
-7.50

(23)
(70)

(5)
(27)

(8)
(12)

(43)
(35)

(44)
(80)

(21)
(51)

Page 47 of 135

Strategy Review
Total International Equity | Total International Equity Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.29
19.42
4.64

12.18
13.70
0.22

1.14
1.04
N/A

Investment
Index
.

Up
Market
Capture
95.83
100.00
9.20

Down
Market
Capture
91.64
100.00
-15.74

Up
Quarters
9
9
12

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

7.37
9.35
3.52

15.89
15.42
0.55

0.31
0.44
N/A

Investment
Index
.

Up
Market
Capture
101.15
100.00
7.74

Up
Quarters
12
13
20

Down
Market
Capture
112.28
100.00
-8.15

Down
Quarters
8
7
N/A

Risk and Return 5 Years

19.5

10.4

19.4

R etu r n (% )

R etu r n (% )

9.6

8.8

8.0

19.3
7.2

19.2

6.4
11.7

12.0

12.3

12.6

12.9

13.2

13.5

13.8

14.1

15.3

15.4

15.5

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Blend

15.9

16.0

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

15.8

5 Years Rolling Percentile Ranking vs. Foreign Large Blend

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
6 (30%)

25-Median
Count
4 (20%)

Median-75
Count
3 (15%)

75-95
Count
7 (35%)

20

1 (5%)

10 (50%)

9 (45%)

0 (0%)

Total Period

Page 43

15.7

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
6 (30%)

25-Median
Count
8 (40%)

Median-75
Count
5 (25%)

75-95
Count
1 (5%)

20

0 (0%)

16 (80%)

4 (20%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 48 of 135

Strategy Review
EuroPacific Growth (RERGX) | MSCI AC World ex USA
As of June 30, 2026
Peer Group Analysis - Foreign Large Growth

Peer Group Analysis - Foreign Large Growth

50.0

65.0

44.0

50.0

38.0
35.0
32.0
20.0
26.0

Return

Return

20.0

14.0

5.0

-10.0

8.0
-25.0
2.0
-40.0
-4.0
-55.0

-10.0
-16.0

-70.0

QTR
˜ Investment 14.53 (45)
14.69 (43)
˜ Index
Median

14.40

FYTD
16.42 (20)
19.84 (9)

1 YR
23.72 (11)
28.27 (9)

2 YR
18.69 (21)
23.22 (11)

3 YR
16.01 (21)
19.42 (12)

4 YR
15.96 (26)
17.87 (14)

5 YR
5.51 (36)
9.35 (6)

10.39

12.63

13.78

12.45

13.50

4.64

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.14 (44)
˜ Investment 14.79 (18) 24.71 (66) 19.64 (38) -32.85 (48) 24.76 (21) 14.97 (66)
17.14 (15) 25.96 (54) 21.02 (29) -24.79 (6)
24.45 (24)
3.45 (99) -0.72 (67)
˜ Index
Median

10.45

26.22

18.71

-32.98

20.46

17.26

0.82

Comparative Performance
Investment
Index
Median

Page 44

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

-2.84
-0.60
-3.72

4.62
5.11
1.32

6.27
7.03
2.39

13.22
12.30
13.01

2.62
5.36
2.35

-7.03
-7.50
-7.32

(37)
(14)

(3)
(2)

(6)
(4)

(46)
(65)

(45)
(17)

(40)
(54)

Page 49 of 135

Strategy Review
EuroPacific Growth (RERGX) | MSCI AC World ex USA
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.01
19.42
4.64

13.65
13.70
0.22

0.83
1.04
N/A

Up
Market
Capture
95.26
100.00
9.20

Up
Quarters
8
9
12

Down
Market
Capture
113.52
100.00
-15.74

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

5.51
9.35
3.52

16.44
15.42
0.55

0.20
0.44
N/A

Up
Market
Capture
100.05
100.00
7.74

11
13
20

Down
Market
Capture
120.42
100.00
-8.15

16.2

16.5

Up
Quarters

Down
Quarters
9
7
N/A

Risk and Return 5 Years

22.0

10.0

R etu r n (% )

R etu r n (% )

20.0

18.0

8.0

6.0
16.0

14.0

4.0
13.6

13.7

13.8

15.0

15.3

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Growth

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

16.8

5 Years Rolling Percentile Ranking vs. Foreign Large Growth

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
3 (15%)

25-Median
Count
9 (45%)

Median-75
Count
8 (40%)

75-95
Count
0 (0%)

20

12 (60%)

4 (20%)

2 (10%)

2 (10%)

Total Period

Page 45

15.9
Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
11 (55%)

Median-75
Count
9 (45%)

75-95
Count
0 (0%)

20

6 (30%)

4 (20%)

7 (35%)

3 (15%)

Total Period
¾ Investment
¾ Index

9/22

Page 50 of 135

Strategy Review
DFA Intl Value (DFIVX) | MSCI EAFE Value
As of June 30, 2026
Peer Group Analysis - Foreign Large Value

Peer Group Analysis - Foreign Large Value

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

˜ Investment
˜ Index
Median

QTR
4.37 (79)
7.84 (44)

FYTD
19.77 (39)
18.86 (46)

1 YR
30.34 (21)
27.75 (31)

2 YR
26.93 (20)
26.43 (24)

3 YR
22.31 (19)
22.34 (18)

4 YR
N/A
21.30 (17)

5 YR
N/A
13.95 (13)

7.27

17.70

24.96

23.72

19.69

18.76

11.57

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
N/A
˜ Investment 25.97 (16) 20.98 (70)
23.40 (33) 24.00 (25) 32.46 (25) -19.62 (23) 31.43 (36) -11.45 (83) -4.31 (38)
˜ Index
Median

20.68

22.31

27.96

-22.32

28.82

-5.66

-5.30

Comparative Performance
Investment
Index
Median

Page 46

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

5.83
2.15
3.01

8.44
7.90
6.60

8.82
7.48
6.31

10.66
10.53
11.36

11.20
11.77
9.96

-5.93
-7.06
-7.31

(16)
(63)

(15)
(22)

(9)
(26)

(61)
(63)

(35)
(27)

(20)
(47)

Page 51 of 135

Strategy Review
DFA Intl Value (DFIVX) | MSCI EAFE Value
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

22.31
22.34
4.64

12.02
12.42
0.22

1.37
1.33
N/A

Up
Market
Capture
100.93
100.00
10.09

Up
Quarters
10
11
12

Down
Market
Capture
103.86
100.00
-15.34

Down
Quarters
2
1
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

N/A
13.95
3.52

N/A
14.79
0.55

N/A
0.73
N/A

N/A
16
20

Down
Market
Capture
N/A
100.00
-8.37

Down
Quarters
N/A
4
N/A

R etu r n (% )

22.4

13.9
11.9

12.0

12.1

12.2

12.3

12.4

12.5

14.7

14.8

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Value

Index

5 Years Rolling Percentile Ranking vs. Foreign Large Value
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

14.0

22.3

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

1

5-25
Count
1 (100%)

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

12 (60%)

3 (15%)

3 (15%)

2 (10%)

Total Period

Page 47

Up
Market
Capture
N/A
100.00
7.95

Risk and Return 5 Years

22.5

R etu r n (% )

Return

9/21

3/22

Total Period
¾ Investment
¾ Index

0
20

9/22

3/23

5-25
Count
0
6 (30%)

9/23

3/24

25-Median
Count
0
10 (50%)

9/24

3/25

Median-75
Count
0
3 (15%)

9/25

6/26

75-95
Count
0
1 (5%)

Page 52 of 135

Strategy Review
Total Fixed Income | Total Fixed Income Policy
As of June 30, 2026
Peer Group Analysis - Intermediate Core Bond

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
1.10 (7)
0.72 (41)

FYTD
2.24 (7)
1.30 (83)

1 YR
4.74 (6)
3.00 (91)

2 YR
5.77 (5)
4.87 (47)

3 YR
5.56 (4)
3.98 (70)

4 YR
4.64 (1)
2.70 (68)

5 YR
1.65 (2)
-0.33 (80)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
12.90 (6)
3.28 (2) -12.70 (10)
2.02 (7)
5.75 (83)
7.78 (90)
˜ Investment 4.20 (4)
2.77 (58) 11.68 (52)
1.05 (26) -16.12 (85) -1.38 (94)
6.95 (46)
9.86 (46)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 48

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

-0.38
-0.30
-0.08

1.51
0.89
0.99

2.45
1.67
2.02

1.55
2.03
1.23

2.81
2.75
2.70

-2.58
-3.57
-3.04

(94)
(88)

(2)
(77)

(6)
(92)

(10)
(1)

(26)
(40)

(14)
(96)

Page 53 of 135

Strategy Review
Total Fixed Income | Total Fixed Income Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

5.56
3.98
4.64

5.31
5.65
0.22

0.19
-0.08
N/A

Investment
Index
.

Up
Market
Capture
104.22
100.00
30.21

Up
Quarters
8
7
12

Down
Market
Capture
81.12
100.00
-27.67

Down
Quarters
4
5
N/A

Standard
Deviation

Sharpe
Ratio

1.65
-0.33
3.52

5.81
6.61
0.55

-0.29
-0.55
N/A

Investment
Index
.

6.0

2.4

5.4

1.6

4.8

4.2

12
9
20

Down
Market
Capture
76.09
100.00
-15.57

Down
Quarters
8
11
N/A

0.8

-0.8
5.2

5.3

5.4

5.5

5.6

5.7

5.8

5.6

5.8

6.0

Risk (Standard Deviation %)
Investment

6.2

6.4

6.6

6.8

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.0

3.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
17 (85%)

25-Median
Count
1 (5%)

Median-75
Count
2 (10%)

75-95
Count
0 (0%)

20

0 (0%)

1 (5%)

6 (30%)

13 (65%)

Total Period

Page 49

Up
Market
Capture
97.54
100.00
23.57

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
18 (90%)

25-Median
Count
2 (10%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

0 (0%)

0 (0%)

2 (10%)

18 (90%)

Total Period
¾ Investment
¾ Index

9/22

Page 54 of 135

Strategy Review
Dodge & Cox (DODIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Peer Group Analysis - Intermediate Core Bond

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
0.77 (33)
0.67 (58)

FYTD
2.11 (9)
1.73 (35)

1 YR
4.67 (6)
3.79 (39)

2 YR
5.58 (7)
4.93 (39)

3 YR
5.23 (5)
4.16 (50)

4 YR
4.36 (2)
2.86 (53)

5 YR
1.33 (3)
0.08 (41)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
3.11 (2) -13.63 (14)
1.99 (7)
7.70 (23)
9.16 (74)
˜ Investment 3.39 (18) 13.53 (4)
2.88 (47) 11.57 (59)
0.64 (48) -14.60 (31) -0.90 (75)
6.98 (45) 10.30 (22)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 50

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

0.04
-0.05
-0.08

1.29
1.10
0.99

2.51
2.03
2.02

1.42
1.21
1.23

2.87
2.78
2.70

-3.33
-3.06
-3.04

(23)
(43)

(5)
(23)

(5)
(48)

(19)
(54)

(18)
(30)

(87)
(53)

Page 55 of 135

Strategy Review
Dodge & Cox (DODIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

5.23
4.16
4.64

5.83
5.48
0.22

0.13
-0.06
N/A

Up
Market
Capture
110.14
100.00
29.50

Up
Quarters
9
8
12

Down
Market
Capture
98.57
100.00
-32.11

Down
Quarters
3
4
N/A

Standard
Deviation

Sharpe
Ratio

1.33
0.08
3.52

6.42
6.32
0.55

-0.31
-0.51
N/A

5.6

2.0

5.2

1.5

4.8

4.4

4.0

13
12
20

Down
Market
Capture
91.26
100.00
-17.61

Down
Quarters
7
8
N/A

1.0

0.5

-0.5
5.4

5.5

5.6

5.7

5.8

5.9

6.3

6.4

Risk (Standard Deviation %)
Investment

6.5

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.0

3.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period

Page 51

Up
Market
Capture
105.98
100.00
23.16

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

8 (40%)

1 (5%)

9/21

3/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

9 (45%)

0 (0%)

Page 56 of 135

Strategy Review
PIMCO Global Bond (PGBIX) | Bloomberg Global Agg Index (Hedged)
As of June 30, 2026
Peer Group Analysis - Global Bond

Peer Group Analysis - Global Bond

12.0

26.0

10.0

20.0

14.0

8.0

8.0
6.0
2.0
Return

Return

4.0

-4.0

2.0
-10.0
0.0
-16.0
-2.0

-22.0

-4.0

-28.0

-6.0

-34.0

˜ Investment
˜ Index
Median

QTR
2.47 (22)
1.30 (59)

FYTD
2.49 (13)
1.94 (26)

1 YR
4.77 (12)
3.17 (29)

2 YR
6.33 (22)
4.65 (63)

3 YR
6.53 (12)
4.50 (40)

4 YR
5.46 (19)
3.49 (41)

5 YR
3.05 (3)
0.88 (33)

1.45

0.94

1.79

5.20

4.09

2.87

-1.28

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
11.07 (72)
3.78 (37) -8.05 (7)
2.41 (21)
N/A
N/A
˜ Investment 6.86 (9)
3.06 (52) 10.63 (77)
2.10 (67) -12.05 (9)
-0.56 (77)
4.14 (61) 10.65 (4)
˜ Index
Median

3.11

12.28

2.89

-21.61

0.49

5.15

5.91

Comparative Performance
Investment
Index
Median

Page 52

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

-2.08
-0.15
-1.58

2.14
0.78
0.33

2.22
1.21
0.90

2.04
1.61
5.13

2.58
1.17
2.98

-0.13
-0.95
-5.29

(77)
(5)

(11)
(23)

(6)
(36)

(93)
(97)

(68)
(88)

(2)
(12)

Page 57 of 135

Strategy Review
PIMCO Global Bond (PGBIX) | Bloomberg Global Agg Index (Hedged)
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

6.53
4.50
4.64

4.09
3.97
0.22

0.46
-0.01
N/A

Up
Market
Capture
112.30
100.00
36.41

Up
Quarters
9
9
12

Down
Market
Capture
70.84
100.00
-50.93

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

3.05
0.88
3.52

4.16
4.86
0.55

-0.09
-0.53
N/A

4.6

4.8

Down
Quarters
7
6
N/A

3.2

R etu r n (% )

5.6

4.8

2.4

1.6

0.8

4.0

0.0
3.9

4.0

4.1

4.2

3.8

4.0

4.2

Risk (Standard Deviation %)
Investment

4.4

5.0

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Global Bond

Index

5 Years Rolling Percentile Ranking vs. Global Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

13
14
20

Down
Market
Capture
60.76
100.00
-24.03

Up
Quarters

4.0

6.4

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

12

5-25
Count
11 (92%)

25-Median
Count
1 (8%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

9 (45%)

10 (50%)

0 (0%)

1 (5%)

Total Period

Page 53

Up
Market
Capture
95.89
100.00
28.09

Risk and Return 5 Years

7.2

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

4

5-25
Count
4 (100%)

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

12 (60%)

8 (40%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 58 of 135

Strategy Review
ASB (Real Estate) | NCREIF Fund Index-ODCE (EW)
As of June 30, 2026
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

14.0

44.0

11.0

36.0

28.0

8.0

20.0
5.0
12.0
Return

Return

2.0

4.0

-1.0
-4.0
-4.0
-12.0
-7.0

-20.0

-10.0

-28.0

-13.0

-36.0

˜ Investment
˜ Index
Median

QTR
1.87 (24)
1.50 (64)

FYTD
3.88 (69)
3.67 (71)

1 YR
5.04 (76)
4.35 (83)

2 YR
3.41 (90)
3.80 (89)

3 YR
-6.61 (100)
-0.89 (80)

4 YR
-8.26 (96)
-3.20 (88)

5 YR
-2.65 (95)
2.69 (74)

1.64

4.29

5.74

5.23

0.29

-2.32

3.21

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
2.59 (24)
4.41 (79)
˜ Investment 3.97 (69) -21.52 (98) -18.28 (94) 19.96 (55) 11.76 (81)
3.80 (70) -7.75 (65) -12.40 (51) 22.76 (37) 15.75 (50)
1.74 (40)
6.17 (68)
˜ Index
Median

5.05

-6.22

-12.39

20.19

15.73

1.58

6.80

Comparative Performance
Investment
Index
Median

Page 54

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

1.16
1.16
1.28

0.80
0.97
1.13

1.11
0.65
1.28

1.76
1.03
1.30

1.01
1.03
1.18

0.04
1.04
1.03

(66)
(66)

(64)
(59)

(63)
(86)

(34)
(75)

(64)
(63)

(89)
(50)

Page 59 of 135

Strategy Review
ASB (Real Estate) | NCREIF Fund Index-ODCE (EW)
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

-6.61
-0.89
4.64

7.83
3.83
0.22

-1.39
-1.36
N/A

Up
Market
Capture
90.14
100.00
157.82

Up
Quarters
7
8
12

Down
Market
Capture
263.79
100.00
-17.88

Down
Quarters
5
4
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

-2.65
2.69
3.52

9.04
7.44
0.55

-0.62
-0.07
N/A

12
13
20

Down
Market
Capture
199.84
100.00
-14.41

Down
Quarters
8
7
N/A

R etu r n (% )

2.0

-2.0

-4.0

0.0

-2.0

-6.0

-8.0

-4.0
2.8

3.5

4.2

4.9

5.6

6.3

7.0

7.7

8.4

9.1

6.9

7.2

7.5

Risk (Standard Deviation %)
Investment

7.8

8.1

8.4

8.7

9.0

9.3

9.6

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF)

Index

5 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF)
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

4.0

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

11 (55%)

8 (40%)

1 (5%)

Total Period

Page 55

Up
Market
Capture
86.02
100.00
40.10

Risk and Return 5 Years

2.0

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

14 (70%)

6 (30%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 60 of 135

Private Equity Fund Overview
Mavik Real Estate Special Opportunities VS2
As of June 30, 2026
Fund Information
Type of Fund:
Opportunistic
Vintage Year:
2024
Strategy Type:
Special Situations
Management Fee:
1.5%, on invested capital
Size of Fund ($):
515,000,000
Preferred Return:
8.0%
General Partner:
Mavik Capital Management
Final Close:
04/01/2025
Investment Strategy: The Fund’s primary investment objective is to originate commercial real estate credit investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans, high-yield
mortgages or loans in real estate special situations including rescue financings,preferred equity investments, bridge loans, restructurings and bankruptcies, e.g., debtor-inpossession loans
(collectively, “CRE Credit Instruments”). The Fund may also opportunistically acquire performing and non-performing CRE Credit Instruments and make real estate adjacent investments.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$1,000,000
Capital Invested:
$300,000
Total Contributions:
$300,000
Remaining Capital Commitment: $700,000

$450,000.0

Capital Returned
Ex-Recallable:
Total Distributions:
Market Value:

-

$270,000.0

$334,546

$180,000.0

Inception Date:
Inception IRR:
TVPI:

03/04/2026
18.3
1.1

$360,000.0

$90,000.0

$0.0

-$90,000.0
3/26
Net Asset Value

Distribution

6/26
Contributions

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 56

Page 61 of 135

Page 57

City of Cocoa Beach Firefighters' Retirement System
Compliance Checklist
As of June 30, 2026
Total Fund Compliance

Yes

The total plan return equaled or exceeded the 7.40% actuarial earnings assumption over the trailing three year period.



No

The total plan return equaled or exceeded the 7.40% actuarial earnings assumption over the trailing five year period.



The total plan return equaled or exceeded the total plan benchmark over the trailing three year period.



The total plan return equaled or exceeded the total plan benchmark over the trailing five year period.



The total plan return ranked within the top 40th percentile of its peer group over the trailing three year period.



The total plan return ranked within the top 40th percentile of its peer group over the trailing five year period.



Equity Compliance

Yes

No

N/A

N/A



The total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.
The total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.



The total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.



The total equity allocation was less than 70% of the total plan assets at market.



Total foreign equity was less than 25% of the total plan assets at market.



Fixed Income Compliance

Yes

The total domestic fixed income returns meet or exceed the benchmark over the trailing three year period.



The total domestic fixed income returns meet or exceed the benchmark over the trailing five year period.



The total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period.



The total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period.



No

N/A

Page 62 of 135

Page 58

City of Cocoa Beach Firefighters' Retirement System
Compliance Checklist
As of June 30, 2026

Winslow

Manager Compliance:
Yes

No

Touchstone
N/A

Yes

Manager outperformed the index over the trailing three and five year periods.





Manager ranked within the top 40th percentile over trailing three and five year periods.





N/A

Yes

No

N/A

Brandywine
Yes




No

Vanguard EI

N/A

Yes

























Five-year down-market capture ratio less than the index.







Manager reports compliance with PFIA.



Manager Compliance:

Europacific
Yes

No

DFA

N/A





Yes

No



No

N/A



Pimco
Yes

No

ASB
N/A

Yes

No

Manager outperformed the index over the trailing three and five year periods.









Manager ranked within the top 40th percentile over trailing three and five year periods.











Less than four consecutive quarters of under performance relative to the benchmark.









Three-year down-market capture ratio less than the index.









Five-year down-market capture ratio less than the index.









Manager reports compliance with PFIA.



Yes









N/A




Dodge & Cox
N/A

No



Three-year down-market capture ratio less than the index.

Less than four consecutive quarters of under performance relative to the benchmark.



No

Vanguard Ext

N/A







Page 63 of 135

Comparative Performance
As of June 30, 2026
Comparative Performance
NYLI Winslow Large Cap Growth Class R6
Russell 1000 Growth Index
Large Growth Median

QTR
20.49
16.74
17.41

1 YR
9.41
17.71
15.78

3 YR
21.49
22.58
20.93

5 YR
11.40
13.71
10.45

7 YR
16.39
18.80
15.82

10 YR
17.49
18.58
16.33

15 YR
14.94
16.47
14.45

Touchstone Mid Cap Growth R6
Russell Midcap Growth Index
Mid-Cap Growth Median

19.70
14.55
17.75

17.52
6.17
11.71

17.25
15.61
14.01

8.13
6.03
3.85

12.50
11.60
10.22

13.99
13.04
12.01

12.01
12.01
10.99

Vanguard Extended Market Index Admiral
Russell Midcap Index
Mid-Cap Blend Median

19.91
13.83
14.27

29.15
21.63
22.84

19.73
16.51
15.16

6.73
8.50
8.61

12.39
11.93
11.54

12.62
12.00
11.10

11.54
11.63
10.71

BrandywineGLOBAL Dyn US Lrg Cap Val ETF
Russell 1000 Value Index
Large Value Median

6.22
13.84
10.26

12.93
27.09
20.89

12.19
17.78
15.94

7.38
11.17
10.47

11.14
12.10
11.82

11.50
11.52
11.45

11.94
11.46
10.89

Vanguard Equity-Income Adm
S&P 500 Index
Large Value Median

6.57
15.20
10.26

18.39
22.33
20.89

15.97
20.61
15.94

11.28
13.41
10.47

12.10
16.08
11.82

11.78
15.51
11.45

12.10
14.36
10.89

American Funds EUPAC R-6
MSCI AC World ex USA
Foreign Large Blend Median

14.53
14.69
10.46

23.72
28.27
21.43

16.01
19.42
16.72

5.51
9.35
8.42

9.52
10.70
9.92

9.91
10.46
9.59

7.38
7.06
6.75

DFA International Value I
MSCI EAFE Value
Foreign Large Value Median

4.37
7.84
7.27

30.34
27.75
24.96

22.31
22.34
19.69

14.73
13.95
11.57

13.18
12.04
11.12

12.00
11.15
9.75

7.43
7.52
6.88

Dodge & Cox Income I
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

0.77
0.67
0.69

4.67
3.79
3.69

5.23
4.16
4.16

1.33
0.08
0.02

2.60
1.22
1.23

2.93
1.54
1.56

3.28
2.28
2.27

PIMCO Global Bond Opps (USD-Hdg) Instl
Bloomberg Global Agg Index (Hedged)
Global Bond Median

2.47
1.30
1.45

4.77
3.17
1.79

6.53
4.50
4.09

3.05
0.88
-1.28

3.44
1.49
0.08

3.33
1.92
0.92

4.19
2.86
1.14

ASB Employee Benefit Real Estate Fund
NCREIF Classic Property Index
IM U.S. Open End Private Real Estate (SA+CF) Median

N/A
1.24
1.64

N/A
4.86
5.74

N/A
1.07
0.29

N/A
3.21
3.21

N/A
3.72
3.99

N/A
4.66
5.42

N/A
6.90
8.07

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.

Page 59

Page 64 of 135

Cocoa Beach Firefighters' Retirement System
Fee Analysis
As of June 30, 2026
Estimated
Annual Fee
(%)

Market Value
($)

Estimated
Annual Fee
($)

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
Vanguard Equity-Income (VEIRX)
BrandywineGlobal Dyn LCV (DVAL)

0.46
0.64
0.79
0.05
0.18
0.49

12,245,671
3,840,468
1,648,623
1,466,215
2,653,967
2,636,399

56,032
24,579
13,024
733
4,777
12,918

0.64 % of Assets
0.79 % of Assets
0.05 % of Assets
0.18 % of Assets
0.49 % of Assets

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

0.37
0.46
0.28

4,124,521
2,046,347
2,078,174

15,232
9,413
5,819

0.46 % of Assets
0.28 % of Assets

Total Domestic Fixed Income
Dodge & Cox (DODIX)

0.41
0.41

3,673,519
3,673,519

15,061
15,061

0.41 % of Assets

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

0.56
0.56

904,337
904,337

5,064
5,064

0.56 % of Assets

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

1.00
1.00
1.00

2,101,260
1,766,714
334,546

21,013
17,667
3,345

1.00 % of Assets
1.00 % of Assets

195,722

-

23,245,031

112,402

R&D Account
Total Fund

0.48

Fee Schedule

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 60

Page 65 of 135

Disclosures
Total Fund
As of June 30, 2026

·

All returns prior to 4/1/2008 provided by Merrill Lynch.

·

Mutual Fund Returns are Net of Fees.

·

Individual manager and allocation reports use actual client returns. The individual product reviews use reported mutual fund returns provided by the Lipper database. Differences in performance may occur due
to flows into and out of the portfolios.

·

Total Fund Policy = 50% Russell 3000, 15% MSCI AC World ex USA, and 35% Barclays Aggregate Index.

·

Europacific Growth Fund changed from R5 shares to R6 shares in July 2010.

Page 61

Page 66 of 135

Benchmark History
Investment Policy Benchmarks
As of June 30, 2026
Total Fund Policy

Total Equity Policy

Allocation Mandate

Allocation Mandate

Weight (%)

Jan-1979
BofA Merrill Lynch Domestic Master Bond Index
Russell 3000 Index
MSCI EAFE Index

Jan-1970
Russell 3000 Index
MSCI EAFE Index

85.00
15.00

Jul-2010
Russell 3000 Index
MSCI AC World ex USA

75.00
25.00

Jul-2010
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
Dec-2015
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
FTSE World Government Bond Index
NCREIF Fund Index-ODCE (EW)
Mar-2022
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
Total
Int'l Equity
Bloomberg
GlobalPolicy
Aggregate
Allocation
Mandate
NCREIF Fund
Index-ODCE (EW)
Jan-1970
MSCI EAFE Index
Jul-2010
MSCI AC World ex USA

Page 62

Total Fixed Income Policy
Weight (%)

Allocation Mandate

Weight (%)

100.00

Jan-1976
BofA Merrill Lynch Domestic Master Bond Index

100.00

100.00

Jul-2010
Blmbg. U.S. Aggregate Index

100.00

Dec-2015
Blmbg. U.S. Aggregate Index
FTSE World Government Bond Index

80.00
20.00

Mar-2022
Blmbg. U.S. Aggregate Index
Bloomberg Global Aggregate

75.00
25.00

Page 67 of 135

Report Statistics
Definitions and Descriptions
Active Return
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
Distributed to Paid In (DPI)
Down Market Capture

- 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.
- 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.
- 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
Information Ratio
Public Market Equivalent (PME)
R-Squared
Return
Sharpe Ratio
Standard Deviation
Total Value to Paid In (TVPI)

- A measure of the standard deviation of a portfolio's performance relative to the risk free return.
- 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.
- 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.
- 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.
- Compounded rate of return for the period.
- 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.
- 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.
- 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

Page 63

- Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period.

- The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 68 of 135

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 [email protected]
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 taxexempt 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 64

Page 69 of 135

Access is everything.

1

Page 70 of 135

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Cocoa Beach Police Officers' Retirement System
Investment Performance Review
Period Ending June 30, 2026
Preliminary

Page 71 of 135

2nd Quarter 2026 Market Environment

Page 1

Page 72 of 135

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)

Page 2

▪

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 megacap 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 73 of 135

The Market Environment
Major Market Index Performance
As of June 30, 2026

Quarter Performance
S&P 500

▪
▪

Small caps led domestic markets as participation broadened beyond megacap 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.

15.2%

Russell 3000

15.4%

Russell 1000

15.1%

Russell MidCap

13.8%

Russell 2000

21.5%

MSCI ACWxUS

14.5%

MSCI EAFE

10.8%

MSCI Emerg Mkts

24.1%

Bloomberg US Agg

0.7%

Bloomberg US Govt

0.3%

Bloomberg US TIPS
Bloomberg MBS

0.9%
0.6%

Bloomberg Corp IG

1.4%

3-Month T-Bill

0.9%

0.0%

2.5%

5.0%

7.5%

10.0% 12.5% 15.0% 17.5% 20.0% 22.5% 25.0%

1-Year Performance
S&P 500

▪

Emerging markets led returns, driven by AI-related semiconductor demand
across Asia.

22.3%

Russell 3000

22.8%

Russell 1000

22.0%

Russell MidCap

21.6%

Russell 2000

40.8%

▪

Small caps outpaced large caps as improving fundamentals attracted broader
investor interest.

▪

Developed international stocks generated solid gains despite more modest
Technology exposure.

MSCI Emerg Mkts

Corporate bonds outperformed Treasuries as credit spreads remained
historically tight with structured MBS outperforming over the full year.

Bloomberg US Govt

2.7%

Bloomberg US TIPS

3.4%

▪
▪

Treasury bills provided stability and income but trailed risk assets over the
period.

MSCI ACWxUS

27.7%

MSCI EAFE

Bloomberg US Agg

Bloomberg MBS

20.2%
43.5%
3.8%

5.2%

Bloomberg Corp IG

4.3%

3-Month T-Bill

3.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Source: Investment Metrics

Page 3

Page 74 of 135

The Market Environment
Domestic Equity Style Index Performance
As of June 30, 2026

Quarter Performance - Russell Style Series
3000 Value

▪

Small-cap growth led domestic equities as AI-related enthusiasm expanded
beyond mega-cap Technology.

14.0%

3000 Index

15.4%

3000 Growth

17.1%

Improving market breadth supported stronger returns across mid- and smallcap companies.

1000 Value

▪

Growth outperformed value in every capitalization segment as Technology
leadership reaccelerated.

1000 Growth

▪

Large-cap stocks posted strong gains, though leadership broadened beyond
the largest Technology companies.

MidCap Value

13.4%

MidCap Index

13.8%

▪

▪

▪

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.

13.9%

1000 Index

15.1%
16.7%

MidCap Growth

14.5%

2000 Value

17.2%

2000 Index

21.5%

25.7%

2000 Growth
0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1-Year Performance - Russell Style Series
3000 Value

▪
▪

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.

27.8%

3000 Index

22.8%

3000 Growth

18.2%

1000 Value

27.1%

1000 Index

▪

Large-cap returns remained supported by resilient earnings and continued AIrelated investment.

1000 Growth

▪

Mid-cap value outperformed growth as industrial, financial, and cyclical sectors
strengthened.

MidCap Value

▪

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.

22.0%
17.7%

26.6%

MidCap Index

21.6%

MidCap Growth

6.2%

2000 Value

43.0%

2000 Index

40.8%

2000 Growth
0.0%

38.7%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Source: Investment Metrics

Page 4

Page 75 of 135

The Market Environment
GICS Sector Performance & (Sector Weight)
As of June 30, 2026
Quarter

Russell 1000
▪

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.

Comm Services (10.3%)

8.3%

Consumer Disc (10.0%)

9.2%
8.2%

Energy (3.7%)

18.9%

5.0%

-13.0%

28.5%

Financials (12.3%)

4.2%

8.9%
9.1%

Health Care (8.9%)

20.5%
14.9%

Industrials (9.6%)

Energy was the quarter's weakest sector as oil prices retreated following
easing Middle East tensions, reducing earnings expectations after the earlier
price spike.

Info Technology (33.6%)

▪

Health Care recovered from first-quarter weakness but trailed Technology
over the past year.

Real Estate (2.2%)

▪

Over the trailing year, Technology, Industrials, and Energy remained
leadership sectors despite broader quarterly participation.

▪

0.5%

Consumer Staples (4.8%)

1.5%

Materials (2.2%)

28.8%
32.4%

20.3%

-0.5%

-18.4%

-8.4%

14.2%

1.6%

11.6%

21.6%

31.6%
Quarter

Russell 2000

▪
▪

▪
▪
▪

Comm Services (2.6%)

15.0%

Consumer Disc (8.4%)

16.4%
20.1%

Technology led small-cap gains as AI suppliers and infrastructure
companies attracted renewed investor demand.
Consumer Staples (1.7%)
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
expectations across the sector.

crude

prices

reduced

earnings

One-year returns show leadership extending beyond Technology,
highlighting stronger cyclical participation among smaller companies.

Energy (6.2%)

37.6%

8.8%
10.8%

Utilities (2.3%)

▪

1-Year

41.6%
1-Year

40.1%

10.2%
9.6%
-10.1%
45.9%
16.8%
22.5%
24.8%

Financials (16.5%)
Health Care (16.5%)

61.1%

27.9%

Industrials (18.6%)

53.0%
57.6%

Info Technology (16.3%)
3.0%

Materials (4.8%)

0.6%

Utilities (2.9%)
-18.0%

44.1%

18.4%

Real Estate (5.2%)

-8.0%

2.0%

66.5%

28.3%

14.5%

12.0%

22.0%

32.0%

42.0%

52.0%

62.0%

72.0%

Source: Morningstar Direct

Page 5

Page 76 of 135

The Market Environment
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of June 30, 2026
Top 10 Weighted Stocks

Top 10 Weighted Stocks

Russell 1000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 2000

Weight

NVIDIA Corp

6.7%

14.9%

26.8%

Information Technology

Moog Inc Class A

Apple Inc

6.0%

14.1%

41.6%

Information Technology

Hut 8 Corp

Microsoft Corp

4.0%

1.0%

-24.4%

Information Technology

Amazon.com Inc

3.3%

14.4%

8.6%

Alphabet Inc Class A

3.0%

24.4%

Broadcom Inc

2.5%

Alphabet Inc Class C

1-Qtr
Return

1-Year
Return

Sector

0.4%

45.0%

135.3%

Industrials

0.4%

146.1%

520.7%

Information Technology

Viasat Inc

0.4%

96.1%

515.1%

Information Technology

Consumer Discretionary

BrightSpring Health Services Inc

0.4%

63.7%

195.6%

Health Care

103.4%

Communication Services

Cytokinetics Inc

0.3%

29.3%

157.8%

Health Care

22.3%

38.0%

Information Technology

MaxLinear Inc

0.3%

636.2%

801.0%

Information Technology

2.4%

23.2%

99.8%

Communication Services

Argan Inc

0.3%

46.7%

264.2%

Industrials

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

UMB Financial Corp

0.3%

27.0%

37.7%

Financials

Meta Platforms Inc Class A

1.8%

-1.5%

-23.4%

Communication Services

JFrog Ltd Ordinary Shares

0.3%

93.7%

107.1%

Information Technology

Tesla Inc

1.8%

13.1%

32.4%

Consumer Discretionary

Riot Platforms Inc

0.3%

121.5%

142.3%

Information Technology

Top 10 Performing Stocks (by Quarter)

Top 10 Performing Stocks (by Quarter)
1-Year
Return

Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

1255.0%

86.4%

Health Care

636.2%

801.0%

Information Technology

0.0%

566.5%

410.2%

Information Technology

FuelCell Energy Inc

0.1%

452.3%

540.8%

Industrials

Information Technology

Backblaze Inc Class A

0.0%

359.7%

188.4%

Information Technology

Information Technology

Digital Turbine Inc

0.0%

347.9%

118.6%

Information Technology

0.0%

341.5%

494.8%

Communication Services

Russell 1000

Weight

1-Qtr
Return

Astera Labs Inc

0.1%

340.7%

434.2%

Information Technology

Agilon Health Inc

0.0%

SanDisk Corp Ordinary Shares

0.5%

257.9%

4913.7%

Information Technology

MaxLinear Inc

0.3%

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

Rackspace Technology Inc Ordinary

Intel Corp

0.9%

216.4%

523.3%

Information Technology

Marvell Technology Inc

0.4%

200.9%

285.9%

Credo Technology Group Holding Ltd

0.1%

189.7%

193.7%

Advanced Micro Devices Inc

1.4%

185.6%

309.4%

Information Technology

Entravision Communications Corp

Dell Technologies Inc Ordinary Shares

0.2%

163.7%

257.4%

Information Technology

Penguin Solutions Inc

0.1%

331.9%

283.7%

Information Technology

Flex Ltd

0.1%

147.6%

224.7%

Information Technology

Absci Corp

0.0%

286.3%

351.0%

Health Care

Western Digital Corp

0.3%

136.2%

900.8%

Information Technology

Bandwidth Inc Class A

0.1%

255.2%

298.1%

Communication Services

Bottom 10 Performing Stocks (by Quarter)

Bottom 10 Performing Stocks (by Quarter)
1-Year
Return

Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 1000

Weight

1-Qtr
Return

BitMine Immersion Technologies Inc

0.0%

-50.0%

-66.7%

Information Technology

GD Culture Group Ltd

0.0%

-99.7%

-99.8%

Communication Services

EPAM Systems Inc

0.0%

-41.4%

-55.1%

Information Technology

Sable Offshore Corp

0.0%

-81.4%

-86.0%

Energy

Intuit Inc

0.1%

-39.4%

-66.6%

Information Technology

Context Therapeutics Inc

0.0%

-78.9%

-15.5%

Health Care

Zoetis Inc Class A

0.0%

-38.9%

-53.2%

Health Care

ADC Therapeutics SA

0.0%

-71.5%

-60.1%

Health Care

Karman Holdings Inc

0.0%

-37.6%

-0.9%

Industrials

Verra Mobility Corp Class A

0.0%

-70.3%

-83.3%

Industrials

Westlake Corp

0.0%

-37.1%

-1.3%

Materials

Elicio Therapeutics Inc

0.0%

-63.4%

-49.4%

Health Care

Accenture PLC Class A

0.1%

-36.7%

-57.2%

Information Technology

Embecta Corp

0.0%

-63.0%

-65.0%

Health Care

Cognizant Technology Solutions Corp

0.0%

-36.5%

-49.4%

Information Technology

Compass Therapeutics Inc Ordinary

0.0%

-58.6%

-15.8%

Health Care

Insmed Inc

0.0%

-34.8%

5.9%

Health Care

LanzaTech Global Inc Ordinary Shares

0.0%

-57.4%

-74.9%

Industrials

Bullish

0.0%

-34.4%

0.0%

Financials

Brand Engagement Network Inc

0.0%

-54.9%

288.9%

Information Technology

Source: Morningstar Direct

Page 6

Page 77 of 135

The Market Environment
International and Regional Market Index Performance (Country Count)
As of June 30, 2026
USD

Quarter Performance
14.5%
15.1%

AC World x US (48)

▪

▪

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.

World x US (22)

10.2%
11.1%

EAFE (21)

10.8%
11.5%

Europe & ME (16)

10.8%
11.2%

Pacific (5)

10.9%
12.3%
24.1%
24.1%

Emerging Mkt (26)
2.3%
1.0%

EM EMEA (11)

30.2%
30.7%

EM Asia (9)
EM Latin Amer (6)

-3.6%
-5.1%

-8.0%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

▪
▪
▪
▪
▪

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.

32.0%

Local Currency

27.7%

AC World x US (48)

32.9%
21.0%

World x US (22)

25.7%
20.2%

EAFE (21)

24.9%
18.6%
21.4%

Europe & ME (16)

23.6%

Pacific (5)

32.6%
43.5%

Emerging Mkt (26)

50.2%
16.0%
14.3%

EM EMEA (11)

48.7%

EM Asia (9)

58.5%
31.7%

EM Latin Amer (6)
0.0%

27.0%

USD

1-Year Performance
▪

LOCAL

24.9%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Source: MSCI Global Index Monitor (Returns are Net)

Page 7

Page 78 of 135

The Market Environment
US Dollar International Index Attribution & Country Detail
As of June 30, 2026
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 - 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%

Country
Japan
United Kingdom
France
Switzerland
Germany
Australia
Netherlands
Spain
Sweden
Italy
Hong Kong
Denmark
Singapore
Finland
Belgium
Israel
Norway
Ireland
Austria
Portugal
New Zealand
Total EAFE Countries
Canada
Total Developed Countries
Taiwan
Korea
China
India
Brazil
South Africa
Saudi Arabia
Mexico
United Arab Emirates
Poland
Thailand
Malaysia
Kuwait
Greece
Qatar
Chile
Indonesia
Peru
Turkey
Hungary
Philippines
Colombia
Czech Republic
Egypt
Total Emerging Countries
Total ACWIxUS Countries

MSCI-EAFE
Weight
23.5%
14.3%
9.9%
9.6%
8.8%
6.5%
6.4%
4.0%
3.4%
3.3%
1.7%
1.7%
1.7%
1.2%
1.2%
1.2%
0.6%
0.4%
0.4%
0.2%
0.2%
100.0%

MSCI-ACWIxUS
Weight
13.8%
8.3%
5.8%
5.6%
5.1%
3.8%
3.7%
2.3%
2.0%
1.9%
1.0%
1.0%
1.0%
0.7%
0.7%
0.7%
0.3%
0.2%
0.2%
0.1%
0.1%
58.5%
8.1%
66.5%
9.2%
7.9%
6.4%
3.7%
1.3%
1.0%
0.8%
0.6%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
33.5%
100.0%

Quarter
Return
14.2%
4.1%
8.7%
12.2%
8.1%
5.1%
36.0%
15.1%
6.4%
14.5%
-6.2%
14.9%
10.0%
13.1%
17.3%
4.6%
-14.1%
13.1%
22.4%
1.2%
9.3%
10.8%
6.0%
10.2%
48.9%
87.6%
-6.6%
10.1%
-8.2%
-1.9%
-3.9%
3.0%
8.7%
9.0%
8.4%
-1.7%
1.2%
20.5%
-0.1%
2.5%
-26.2%
9.1%
3.3%
33.4%
4.5%
5.6%
3.3%
25.1%
24.1%
14.5%

1- Year
Return
29.1%
20.3%
9.6%
19.7%
0.3%
11.1%
58.5%
42.1%
12.7%
27.3%
10.5%
-10.1%
19.8%
38.8%
34.4%
18.3%
14.9%
18.2%
52.1%
20.7%
7.6%
20.2%
26.9%
21.0%
105.0%
213.8%
-4.9%
-12.8%
26.6%
30.2%
3.2%
32.3%
6.0%
26.3%
54.3%
15.9%
-1.9%
28.7%
-0.4%
32.2%
-40.7%
82.7%
22.5%
75.0%
-3.6%
81.0%
6.0%
69.1%
43.5%
27.7%

Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)

Page 8

Page 79 of 135

The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of June 30, 2026

Quarter Performance
U.S. Treasury (5.7)

▪

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.

0.3%

U.S. Mortgage (5.3)

0.6%

U.S. Corporate IG (6.7)

1.4%

U.S. High Yield (2.9)

2.5%

U.S. TIPS (4.8)

0.9%

AAA (4.0)

0.4%

AA (5.6)

0.4%

A (6.7)

1.3%

Baa (6.6)

1.7%

Aggregate (5.8)

0.7%

Intermediate Agg (4.1)

0.5%

Global Agg x US (6.5)

1.0%

Multiverse (6.1)

1.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1-Year Performance
▪

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.

U.S. Treasury (5.7)

2.7%

U.S. Mortgage (5.3)

5.2%

U.S. Corporate IG (6.7)

4.3%

U.S. High Yield (2.9)

5.9%

U.S. TIPS (4.8)

3.4%

AAA (4.0)

3.3%

AA (5.6)

3.6%

A (6.7)

4.3%

Baa (6.6)

▪
▪

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.

4.9%

Aggregate (5.8)

3.8%

Intermediate Agg (4.1)
Global Agg x US (6.5)

3.8%
-1.9%

Multiverse (6.1)
-2.7%

1.0%

-0.7%

1.3%

3.3%

5.3%

Source: Morningstar Direct; Bloomberg

Page 9

Page 80 of 135

The Market Environment
Market Rate & Yield Curve Comparison
As of June 30, 2026

1-Year Trailing Market Rates
10.00
9.00

▪

Credit spreads narrowed as resilient earnings reduced concerns about
corporate defaults.

▪

High yield spreads tightened the most as recession fears continued to recede.

7.00

▪

Investment-grade spreads remained historically tight, reflecting healthy
corporate balance sheets.

6.00

▪

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.

Fed Funds Rate

BAA OAS

10yr Treasury

High Yield OAS

8.00

5.00
4.00
3.00
2.00
1.00
0.00

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

▪

Treasury yields moved higher
expectations for monetary easing.

as

stronger

economic

data

delayed

▪

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.

5.50

Treasury Yield Curve
9/30/2025

12/31/2025

3/31/2026

2 yr

5 yr

6/30/2026

5.00

4.50

4.00

3.50

3.00
1 mo

3 mo

6 mo

1 yr

3 yr

7 yr

10 yr

20 yr

30 yr

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

Page 10

Page 81 of 135

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

Page 82 of 135

Page Intentionally Left Blank

Page 12

Page 83 of 135

Schedule of Investable Assets
Total Fund
10 Years Ending June 30, 2026
Schedule of Investable Assets
$27,600,000

$25,300,000

$23,000,000

$22,190,757

$20,700,000

$18,400,000

Market Value

$16,100,000

$13,800,000

$11,500,000

$9,200,000
$7,989,854

$6,900,000

$4,600,000

$2,300,000

$0
6/16

12/16

6/17

Total Fund

12/17

6/18

12/18

6/19

12/19

6/20

12/20

6/21

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Net Cash Flow

Schedule of Investable Assets
Periods Ending
10 YR

Page 13

Beginning
Market Value
$
11,365,492

Net
Cash Flow
$
-3,375,638

Gain/Loss
$
14,200,903

Ending
Market Value
$
22,190,757

%Return
8.99

Page 84 of 135

Asset Allocation Summary
Total Fund
As of June 30, 2026
Asset Allocation By Segment as of
March 31, 2026 : $20,754,958

Asset Allocation By Segment as of
June 30, 2026 : $22,190,757

Allocation
Segments
¢ Domestic Equity
¢ International Equity
¢ Domestic Fixed Income
¢ Global Fixed Income
¢ Real Estate
¢ Cash Equivalent

Allocation
Market Value
10,657,736
3,570,211
3,523,967
885,015
1,955,758
162,271

Allocation
51.4
17.2
17.0
4.3
9.4
0.8

Segments
¢ Domestic Equity
¢ International Equity
¢ Domestic Fixed Income
¢ Global Fixed Income
¢ Real Estate
¢ Cash Equivalent

Market Value
11,655,103
3,692,805
3,551,221
906,895
2,101,260
283,474

Allocation
52.5
16.6
16.0
4.1
9.5
1.3

NONE
Page 14

Page 85 of 135

Asset Allocation Summary
Total Fund
As of June 30, 2026
Asset Allocation By Manager as of
Mar-2026 : $20,754,958

Asset Allocation By Manager as of
Jun-2026 : $22,190,757

Allocation
¢ Dodge & Cox (DODIX)
£
£ NYLI Winslow Large Cap Growth Class R6 (MLRSX)
¢
£ Vanguard Equity-Income (VEIRX)
¢
£ BrandywineGlobal Dyn LCV (DVAL)
¢
£ DFA Intl Value (DFIVX)
¢
£ ASB (Real Estate)
¢
£ EuroPacific Growth (RERGX)
¢
£ Touchstone Mid Cap Growth R6 (TFGRX)
¢
£ Vanguard Extended Market (VEXAX)
¢
£ PIMCO Global Bond (PGBIX)
¢
£ R&D Account
¢
£ Mavik Real Estate Special Opportunities VS2
¢

Allocation
Market Value
3,523,967
3,074,048
2,591,471
2,357,601
1,931,946
1,815,494
1,638,266
1,457,480
1,177,136
885,015
162,271
140,264

Allocation
17.0
14.8
12.5
11.4
9.3
8.7
7.9
7.0
5.7
4.3
0.8
0.7

¢ Dodge & Cox (DODIX)
£
£ NYLI Winslow Large Cap Growth Class R6 (MLRSX)
¢
£ Vanguard Equity-Income (VEIRX)
¢
£ BrandywineGlobal Dyn LCV (DVAL)
¢
£ EuroPacific Growth (RERGX)
¢
£ DFA Intl Value (DFIVX)
¢
£ ASB (Real Estate)
¢
£ Touchstone Mid Cap Growth R6 (TFGRX)
¢
£ Vanguard Extended Market (VEXAX)
¢
£ PIMCO Global Bond (PGBIX)
¢
£ Mavik Real Estate Special Opportunities VS2
¢
£ R&D Account
¢

Market Value
3,551,221
3,230,013
2,761,846
2,507,220
1,876,323
1,816,482
1,766,714
1,744,532
1,411,492
906,895
334,546
283,474

Allocation
16.0
14.6
12.4
11.3
8.5
8.2
8.0
7.9
6.4
4.1
1.5
1.3

NONE
Page 15

Page 86 of 135

Asset Allocation
Total Fund
As of June 30, 2026
Asset Allocation Attributes

Total Equity

Jun-2025
($)
%
13,387,729
67.70

Sep-2025
($)
%
14,059,630
68.88

Dec-2025
($)
%
14,550,599
68.15

Mar-2026
($)
%
14,227,948
68.55

Jun-2026
($)
%
15,347,908
69.16

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,324,143
3,385,303
1,484,445
1,092,946
2,142,160
2,219,290

52.21
17.12
7.51
5.53
10.83
11.22

10,764,441
3,494,017
1,534,655
1,190,290
2,199,992
2,345,488

52.74
17.12
7.52
5.83
10.78
11.49

11,038,958
3,503,818
1,489,733
1,192,124
2,300,317
2,552,967

51.70
16.41
6.98
5.58
10.77
11.96

10,657,736
3,074,048
1,457,480
1,177,136
2,357,601
2,591,471

51.35
14.81
7.02
5.67
11.36
12.49

11,655,103
3,230,013
1,744,532
1,411,492
2,507,220
2,761,846

52.52
14.56
7.86
6.36
11.30
12.45

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

3,063,586
1,516,574
1,547,012

15.49
7.67
7.82

3,295,189
1,611,734
1,683,454

16.14
7.90
8.25

3,511,640
1,686,139
1,825,501

16.45
7.90
8.55

3,570,211
1,638,266
1,931,946

17.20
7.89
9.31

3,692,805
1,876,323
1,816,482

16.64
8.46
8.19

Total Fixed Income

3,946,908

19.96

4,043,390

19.81

4,426,496

20.73

4,408,982

21.24

4,458,116

20.09

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,081,266
3,081,266

15.58
15.58

3,158,567
3,158,567

15.47
15.47

3,522,705
3,522,705

16.50
16.50

3,523,967
3,523,967

16.98
16.98

3,551,221
3,551,221

16.00
16.00

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

865,642
865,642

4.38
4.38

884,823
884,823

4.33
4.33

903,792
903,792

4.23
4.23

885,015
885,015

4.26
4.26

906,895
906,895

4.09
4.09

2,007,341
2,007,341
-

10.15
10.15
0.00

2,015,813
2,015,813
-

9.88
9.88
0.00

1,957,983
1,957,983
-

9.17
9.17
0.00

1,955,758
1,815,494
140,264

9.42
8.75
0.68

2,101,260
1,766,714
334,546

9.47
7.96
1.51

R&D Account

433,910

2.19

293,477

1.44

416,669

1.95

162,271

0.78

283,474

1.28

Total Fund

19,775,889

100.00

20,412,310

100.00

21,351,747

100.00

20,754,958

100.00

22,190,757

100.00

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 16

Page 87 of 135

Asset Allocation
Total Fund
5 Years Ending June 30, 2026
Historical Asset Allocation by Segment

96.0

88.0

80.0

72.0

Allocation (%)

64.0

56.0

48.0

40.0

32.0

24.0

16.0

8.0

0.0
6/21

9/21

12/21

Domestic Equity

Page 17

3/22

6/22

9/22

International Equity

12/22

3/23

6/23

9/23

Domestic Fixed Income

12/23

3/24

6/24

Global Fixed Income

9/24

12/24
Real Estate

3/25

6/25

9/25

12/25

3/26

6/26

Cash Equivalent

Page 88 of 135

Page Intentionally Left Blank

Page 18

Page 89 of 135

Asset Allocation Compliance
Total Fund
As of June 30, 2026
Allocation Summary

Total Domestic Equity

50.0%

Total International Equity

15.0%

Total Domestic Fixed Income

15.0%

Total Global Fixed Income

5.0%

Total Real Estate

15.0%

R&D Account

0.0%

0.0%

10.0%

20.0%

30.0%

40.0%

Policy

Target

50.0%
In Policy

60.0%

70.0%

80.0%

90.0%

Outside Policy

Asset Allocation Compliance

Total Fund
Total Domestic Equity
Total International Equity
Total Domestic Fixed Income
Total Global Fixed Income
Total Real Estate
R&D Account

Page 19

Asset
Allocation
$
22,190,757
11,655,103
3,692,805
3,551,221
906,895
2,101,260
283,474

Current
Allocation (%)

Target
Allocation (%)

Minimum
Allocation (%)

Maximum
Allocation (%)

Target Rebal.
($)

Differences
(%)

100.0
52.5
16.6
16.0
4.1
9.5
1.3

100.0
50.0
15.0
15.0
5.0
15.0
0.0

45.0
5.0
10.0
0.0
0.0
0.0

65.0
20.0
30.0
10.0
20.0
5.0

-559,724
-364,192
-222,607
202,643
1,227,354
-283,474

0.0
2.5
1.6
1.0
-0.9
-5.5
1.3

Page 90 of 135

Financial Reconciliation
Total Fund
1 Quarter Ending June 30, 2026
Financial Reconciliation Quarter to Date

Total Equity

Market Value
04/01/2026
14,227,948

Net
Transfers
-650,000

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,657,736
3,074,048
1,457,480
1,177,136
2,357,601
2,591,471

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
1,769,960

Market Value
06/30/2026
15,347,908

-

-

-450,000
-450,000
-

-

-

-

-

1,447,366
605,965
287,052
234,355
149,620
170,375

11,655,103
3,230,013
1,744,532
1,411,492
2,507,220
2,761,846

3,570,211
1,638,266
1,931,946

-200,000
-200,000

-

-

-

-

322,594
238,057
84,537

3,692,805
1,876,323
1,816,482

Total Fixed Income

4,408,982

-

-

-

-

-

49,134

4,458,116

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,523,967
3,523,967

-

-

-

-

-

27,253
27,253

3,551,221
3,551,221

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

885,015
885,015

-

-

-

-

-

21,881
21,881

906,895
906,895

1,955,758
1,815,494
140,264

117,479
-76,804
194,282

-

-

-4,428
-4,428
-

-

32,451
32,451
-

2,101,260
1,766,714
334,546

R&D Account

162,271

532,521

40,455

-435,458

-

-18,281

1,966

283,474

Total Fund

20,754,958

-

40,455

-435,458

-4,428

-18,281

1,853,511

22,190,757

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 20

Page 91 of 135

Financial Reconciliation
Total Fund
October 1, 2025 To June 30, 2026
Financial Reconciliation Fiscal Year to Date

Total Equity

Market Value
10/01/2025
14,059,630

Net
Transfers
-445,738

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
Vanguard Extended Market (VEXAX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)

10,764,441
3,494,017
1,534,655
1,190,290
2,199,992
2,345,488

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
1,734,016

Market Value
06/30/2026
15,347,908

-

-

-245,738
-450,000
79,262
125,000

-

-

-

-

1,136,399
185,996
209,877
221,202
227,966
291,357

11,655,103
3,230,013
1,744,532
1,411,492
2,507,220
2,761,846

3,295,189
1,611,734
1,683,454

-200,000
-200,000

-

-

-

-

597,617
264,589
333,028

3,692,805
1,876,323
1,816,482

Total Fixed Income

4,043,390

322,000

-

-

-

-

92,726

4,458,116

Total Domestic Fixed Income
Dodge & Cox (DODIX)

3,158,567
3,158,567

322,000
322,000

-

-

-

-

70,653
70,653

3,551,221
3,551,221

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

884,823
884,823

-

-

-

-

-

22,072
22,072

906,895
906,895

2,015,813
2,015,813
-

-4,172
-304,172
300,000

-

-

-13,885
-13,885
-

-

103,503
68,957
34,546

2,101,260
1,766,714
334,546

R&D Account

293,477

127,909

1,106,879

-1,202,729

-

-49,183

7,121

283,474

Total Fund

20,412,310

-

1,106,879

-1,202,729

-13,885

-49,183

1,937,365

22,190,757

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

Page 21

Page 92 of 135

Comparative Performance
Total Fund
As of June 30, 2026
Comparative Performance Trailing Returns
QTR

FYTD
9.37
10.62

1 YR

Total Fund (Net)
Total Fund Policy

8.99
10.21

Total Fund (Gross)
Total Fund Policy
All Public Plans-Total Fund Median

9.01
10.21
8.81

Total Equity
Total Equity Policy

12.62
15.25

Total Domestic Equity
Russell 3000 Index
IM U.S. Core Equity (SA+CF) Median

13.77
15.43
15.58

(67)
(52)

10.56
13.53
15.91

(75)
(62)

15.27
22.81
23.59

NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Russell 1000 Growth Index
Large Growth Median

20.49
16.74
17.41

(32)
(55)

6.01
6.51
7.11

(60)
(55)

Touchstone Mid Cap Growth R6 (TFGRX)
Russell Midcap Growth Index
Mid-Cap Growth Median

19.70
14.55
17.75

(34)
(72)

13.68
3.30
8.17

Vanguard Extended Market (VEXAX)
S&P Completion Index
Mid-Cap Blend Median

19.91
19.79
14.27

(14)
(15)

BrandywineGlobal Dyn LCV (DVAL)
Russell 1000 Value Index
Large Value Median

6.35
13.84
10.26

Vanguard Equity-Income (VEIRX)
Russell 1000 Value Index
Large Value Median

6.57
13.84
10.26

5 YR

7 YR

4.70
7.92

11.42 (73)
13.68 (21)
12.58

4.84
7.92
6.66

17.39
20.23

7.63
11.66

(79)
(55)

16.76 (62)
20.35 (35)
18.26

7.72
12.30
10.93

9.41
17.71
15.78

(77)
(40)

N/A
22.58 (34)
20.93

N/A
13.71
10.45

(29)
(76)

17.52
6.17
11.71

(35)
(77)

17.25 (24)
15.61 (36)
14.01

8.11
6.03
3.85

(12)
(28)

12.52
11.60
10.22

(16)
(27)

14.10
13.04
12.01

18.58
18.41
17.13

(42)
(44)

29.15
28.91
22.84

(20)
(23)

19.73 (14)
19.54 (16)
15.16

6.73
6.58
8.61

(79)
(80)

12.39
12.25
11.54

(25)
(27)

12.62
12.49
11.10

(81)
(16)

10.07
20.66
14.85

(80)
(15)

13.04
27.09
20.89

(91)
(17)

12.19 (90)
17.78 (27)
15.94

7.39
11.17
10.47

(94)
(35)

11.14
12.10
11.82

(66)
(44)

N/A
11.52
11.45

(78)
(16)

12.03
20.66
14.85

(70)
(15)

18.40
27.09
20.89

(66)
(17)

15.97 (50)
17.78 (27)
15.94

11.28
11.17
10.47

(32)
(35)

12.10
12.10
11.82

(44)
(44)

N/A
11.52
11.45

9.44
10.62
9.73

(58)
(31)

12.37
15.18

13.87
16.76
15.21

(70)
(25)

18.01
24.27

8.00
10.11

10 YR

11.29
13.68

(46)
(19)

13.77
16.76

3 YR

(93)
(11)

8.14
10.11
8.89

8.85
10.06
(76)
(11)

12.08
14.38

(81)
(35)

(16)

12.46
15.51
13.94
N/A
18.80
15.82

8.99
10.06
8.80

5.72
7.06
(43)
(8)

(13)

13.36
15.06
13.69
N/A
18.58
16.33

Inception
Date
04/01/1999

5.97 (92)
7.06 (15)
6.47

04/01/1999

6.49
8.06

04/01/1999

6.93 (100)
8.83 (89)
10.29

04/01/1999

15.57 (59)
18.97 (36)
17.07

09/01/2024

(14)
(29)

10.34 (21)
10.15 (29)
9.48

02/01/2006

(17)
(18)

11.93 (16)
11.80 (21)
10.91

03/01/2013

10.84 (72)
12.14 (41)
11.81

11/01/2018

(48)

12.29 (38)
12.14 (41)
11.81

11/01/2018

(48)

12.80
13.98

(69)
(34)

Inception

(55)
(32)

(14)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages. Fiscal Year ends September 30th.

Page 22

Page 93 of 135

Comparative Performance
Total Fund
As of June 30, 2026
QTR

FYTD

1 YR

3 YR

5 YR

7 YR

10 YR

Inception

Inception
Date
02/01/2006

Total International Equity
Total International Equity Policy
Foreign Large Blend Median

9.17
14.69
10.46

(65)
(10)

18.28
19.84
15.13

(31)
(19)

27.22
28.27
21.43

(21)
(13)

19.28 (20)
19.42 (18)
16.72

7.36
9.35
8.42

(67)
(28)

10.89
10.70
9.92

(28)
(31)

10.86
10.46
9.59

(14)
(22)

7.23 (8)
5.82 (42)
5.67

EuroPacific Growth (RERGX)
MSCI AC World ex USA
Foreign Large Blend Median

14.53
14.69
10.46

(12)
(10)

16.42
19.84
15.13

(39)
(19)

23.72
28.27
21.43

(36)
(13)

16.01 (62)
19.42 (18)
16.72

5.51
9.35
8.42

(92)
(28)

9.52
10.70
9.92

(62)
(31)

9.91
10.46
9.59

(37)
(22)

6.79 (18)
6.33 (26)
5.67

02/01/2006

DFA Intl Value (DFIVX)
MSCI EAFE Value
Foreign Large Value Median

4.37
7.84
7.27

(79)
(44)

19.77
18.86
17.70

(39)
(46)

30.34
27.75
24.96

(21)
(31)

22.31 (19)
22.34 (18)
19.69

N/A
13.95
11.57

24.12 (18)
23.87 (20)
20.82

06/01/2023

Total Fixed Income
Total Fixed Income Policy

1.11
0.72

5.54
3.98

1.67
-0.33

4.55
3.84

04/01/1999

Total Domestic Fixed Income
Total Fixed Income Policy
Intermediate Core Bond Median

0.77
0.72
0.69

(33)
(41)

2.15
1.30
1.64

(8)
(83)

4.72
3.00
3.69

(6)
(91)

5.25 (5)
3.98 (70)
4.16

1.33
-0.33
0.02

(3)
(80)

2.59
0.84
1.23

(1)
(83)

2.92
1.20
1.56

(2)
(80)

4.48 (1)
3.07 (58)
3.13

06/01/2007

Dodge & Cox (DODIX)
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

0.77
0.67
0.69

(33)
(58)

2.11
1.73
1.64

(9)
(35)

4.67
3.79
3.69

(6)
(39)

5.23 (5)
4.16 (50)
4.16

1.33
0.08
0.02

(3)
(41)

2.60
1.22
1.23

(1)
(53)

2.93
1.54
1.56

(2)
(51)

2.93 (1)
1.85 (48)
1.82

01/01/2015

Total Global Fixed Income
FTSE World Government Bond Index
Global Bond Median

2.47
0.68
1.45

(22)
(95)

2.49
-0.27
0.94

(13)
(66)

4.77
-0.11
1.79

(12)
(70)

6.53 (12)
2.50 (91)
4.09

3.05
-2.66
-1.28

(3)
(92)

1.52
-1.17
0.08

(25)
(88)

2.46
-0.52
0.92

(9)
(93)

1.76 (21)
-0.05 (87)
0.79

03/01/2013

PIMCO Global Bond (PGBIX)
Bloomberg Global Agg Index (Hedged)
Global Bond Median

2.47
1.30
1.45

(22)
(59)

2.49
1.94
0.94

(13)
(26)

4.77
3.17
1.79

(12)
(29)

6.53 (12)
4.50 (40)
4.09

3.05
0.88
-1.28

(3)
(33)

N/A
1.49
0.08

3.05 (3)
0.65 (36)
-0.69

10/01/2020

ASB (Real Estate)
NCREIF Fund Index-ODCE (EW)
IM U.S. Open End Private Real Estate (SA+CF) Median

1.87
1.50
1.64

(24)
(64)

3.88
3.67
4.29

(69)
(71)

5.04
4.35
5.74

(76)
(83)

-6.61 (100)
-0.89 (80)
0.29

-2.65
2.69
3.21

(95)
(74)

-0.77
3.53
3.99

2.17 (88)
5.46 (73)
6.08

07/01/2015

2.24
1.30

4.74
3.00

(13)

N/A
12.04
11.12

(31)

2.44
0.84

N/A
11.15
9.75

(19)

2.87
1.20

(28)

(94)
(78)

N/A
1.92
0.92

1.27
4.81
5.42

(27)

(90)
(75)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages. Fiscal Year ends September 30th.

Page 23

Page 94 of 135

Comparative Performance
Total Fund
As of June 30, 2026
Comparative Performance Fiscal Year Returns

Total Fund (Net)
Total Fund Policy

Oct-2024
To
Sep-2025
12.09
12.46

Oct-2023
To
Sep-2024
16.49
21.87

Oct-2022
To
Sep-2023
7.05
11.32

Oct-2021
To
Sep-2022
-17.70
-13.45

Oct-2020
To
Sep-2021
21.09
20.37

Oct-2019
To
Sep-2020
12.59
10.53

Oct-2018
To
Sep-2019
3.94
4.82

Total Fund (Gross)
Total Fund Policy
All Public Plans-Total Fund Median

12.20
12.46
10.47

16.63
21.87
21.25

7.24
11.32
10.78

-17.57 (78)
-13.45 (36)
-14.90

21.22
20.37
19.98

12.73
10.53
7.91

4.05
4.82
4.01

Total Equity
Total Equity Policy

16.13
17.51

-26.71
-19.42

31.36
30.03

Total Domestic Equity
Russell 3000 Index
IM U.S. Core Equity (SA+CF) Median

14.80
17.41
11.68

Allspring Growth R6 (SGRHX)
Russell 1000 Growth Index
Large Growth Median

N/A
25.53
21.47

NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Russell 1000 Growth Index
Large Growth Median

19.98
25.53
21.47

American Growth Fund (RGAFX)
Russell 1000 Growth Index
Large Growth Median

(13)
(9)

(85)
(42)

28.74
32.87

(34)
(23)

30.58
35.19
29.66

(92)
(42)

18.15
20.74

(48)
(29)

(34)
(46)

(4)
(23)

16.73
12.06

(49)
(28)

3.32
2.04

16.35
20.46
17.39

(55)
(33)

-24.64 (92)
-17.63 (63)
-16.14

33.55
31.88
36.80

(59)
(65)

17.23
15.00
6.79

(16)
(26)

3.94
2.92
0.31

(28)
(34)

(81)
(27)

-38.17 (90)
-22.59 (22)
-27.60

28.13
27.32
26.25

(29)
(39)

37.19
37.53
33.91

(37)
(35)

4.59
3.71
1.83

(24)
(30)

N/A
-22.59 (22)
-27.60

N/A
27.32
26.25

N/A
42.19
40.46

(38)

19.78
27.72
24.73

(60)
(19)

N/A
42.19
40.46

(38)

N/A
27.72
24.73

23.54
25.53
21.47

(32)
(19)

40.87
42.19
40.46

(47)
(38)

23.03
27.72
24.73

(63)
(27)

-27.62 (51)
-22.59 (22)
-27.60

30.37
27.32
26.25

(14)
(39)

32.49
37.53
33.91

(57)
(35)

-1.98
3.71
1.83

(83)
(30)

Touchstone Mid Cap Growth R6 (TFGRX)
Russell Midcap Growth Index
Mid-Cap Growth Median

21.43
22.02
11.57

(18)
(16)

23.14
29.33
25.85

(69)
(28)

17.33
17.47
14.16

(19)
(19)

-27.29 (32)
-29.50 (47)
-29.79

32.67
30.45
30.23

(30)
(47)

18.70
23.23
24.74

(75)
(56)

7.84
5.20
2.96

(15)
(33)

Vanguard Extended Market (VEXAX)
S&P Completion Index
Mid-Cap Blend Median

16.46
16.43
6.76

(6)
(7)

28.56
28.25
26.99

(34)
(38)

14.48
14.28
14.15

(45)
(49)

-29.55 (100)
-29.62 (100)
-15.87

42.31
42.19
38.49

(32)
(34)

12.98
12.94
-1.18

(6)
(7)

-3.80
-3.96
0.03

(78)
(79)

BrandywineGlobal Dyn LCV (DVAL)
Russell 1000 Value Index
Large Value Median

5.34
9.44
9.93

(89)
(55)

23.70
27.76
27.50

(83)
(47)

15.15
14.44
14.63

(44)
(52)

-13.03 (84)
-11.36 (73)
-9.34

41.75
35.01
34.01

(16)
(44)

1.66
-5.03
-4.32

(17)
(56)

N/A
4.00
2.70

(36)

Vanguard Equity-Income (VEIRX)
Russell 1000 Value Index
Large Value Median

12.36
9.44
9.93

(22)
(55)

26.43
27.76
27.50

(63)
(47)

12.65
14.44
14.63

(68)
(52)

-4.58 (7)
-11.36 (73)
-9.34

30.77
35.01
34.01

(67)
(44)

-2.77
-5.03
-4.32

(40)
(56)

N/A
4.00
2.70

(36)

(19)

(27)

(39)

N/A
37.53
33.91

(35)

N/A
3.71
1.83

(30)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal Year ends September 30th.

Page 24

Page 95 of 135

Comparative Performance
Total Fund
As of June 30, 2026

Total International Equity
Total International Equity Policy
Foreign Large Blend Median

Oct-2024
To
Sep-2025
20.48 (15)
17.14 (40)
16.15

Oct-2023
To
Sep-2024
22.72 (70)
25.96 (27)
24.63

Oct-2022
To
Sep-2023
24.43 (38)
21.02 (66)
23.19

Oct-2021
To
Sep-2022
-32.87 (98)
-24.79 (25)
-26.05

Oct-2020
To
Sep-2021
24.76 (46)
24.45 (49)
24.33

Oct-2019
To
Sep-2020
14.97 (7)
3.45 (47)
2.96

Oct-2018
To
Sep-2019
1.14 (16)
-0.72 (29)
-2.10

EuroPacific Growth (RERGX)
MSCI AC World ex USA
Foreign Large Blend Median

14.79
17.14
16.15

(67)
(40)

24.71
25.96
24.63

(50)
(27)

19.64
21.02
23.19

-32.85 (98)
-24.79 (25)
-26.05

24.76
24.45
24.33

14.97
3.45
2.96

1.14
-0.72
-2.10

DFA Intl Value (DFIVX)
MSCI EAFE Value
Foreign Large Value Median

25.97
23.40
20.68

(16)
(33)

20.98
24.00
22.31

(70)
(25)

N/A
32.46
27.96

N/A
-19.62 (23)
-22.32

N/A
31.43
28.82

Total Fixed Income
Total Fixed Income Policy

4.15
2.77

-12.42
-16.12

2.01
-1.38

Total Domestic Fixed Income
Total Fixed Income Policy
Intermediate Core Bond Median

3.39
2.77
2.85

(18)
(58)

13.54
11.68
11.69

(4)
(52)

3.11
1.05
0.61

(2)
(26)

-13.63 (14)
-16.12 (85)
-14.98

1.94
-1.38
-0.20

(7)
(94)

7.63
6.95
6.83

(24)
(46)

9.11
9.86
9.77

(75)
(46)

Dodge & Cox (DODIX)
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

3.39
2.88
2.85

(18)
(47)

13.53
11.57
11.69

(4)
(59)

3.11
0.64
0.61

(2)
(48)

-13.63 (14)
-14.60 (31)
-14.98

1.98
-0.90
-0.20

(7)
(75)

7.70
6.98
6.83

(23)
(45)

9.12
10.30
9.77

(75)
(22)

Total Global Fixed Income
FTSE World Government Bond Index
Global Bond Median

6.86
1.59
3.11

(9)
(95)

11.07
11.02
12.28

(72)
(72)

3.78
1.04
2.89

(37)
(90)

-8.05 (7)
-22.14 (57)
-21.61

2.41
-3.33
0.49

(21)
(94)

-3.34
6.77
5.15

(96)
(14)

1.16
8.13
5.91

(92)
(14)

Templeton Global Bond (FBNRX)
FTSE World Government Bond Index
Global Bond Median

N/A
1.59
3.11

N/A
-22.14 (57)
-21.61

N/A
-3.33
0.49

(92)
(14)

PIMCO Global Bond (PGBIX)
Bloomberg Global Agg Index (Hedged)
Global Bond Median

6.86
3.06
3.11

(9)
(52)

11.07
10.63
12.28

(72)
(77)

3.78
2.10
2.89

(37)
(67)

-8.05 (7)
-12.05 (9)
-21.61

2.41
-0.56
0.49

ASB (Real Estate)
NCREIF Fund Index-ODCE (EW)
IM U.S. Open End Private Real Estate (SA+CF) Median

3.97
3.80
5.05

(69)
(70)

-21.52
-7.75
-6.22

(98)
(65)

-18.28
-12.40
-12.39

(94)
(51)

19.96 (55)
22.76 (37)
20.19

11.76
15.75
15.73

12.93
11.68

(95)

N/A
11.02
12.28

(78)
(66)

(25)

3.12
1.05

(72)

N/A
1.04
2.89

(90)

(46)
(49)

(36)

N/A
-11.45
-5.66

(7)
(47)

(83)

5.66
6.95

N/A
-4.31
-5.30

(38)

7.82
9.86

N/A
6.77
5.15

(14)

1.16
8.13
5.91

(21)
(77)

N/A
4.14
5.15

(61)

N/A
10.65
5.91

(81)
(50)

2.59
1.74
1.58

(94)

(16)
(29)

(24)
(40)

4.36
6.17
6.80

(4)

(79)
(68)

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Fiscal Year ends September 30th.

Page 25

Page 96 of 135

Page Intentionally Left Blank

Page 26

Page 97 of 135

Cocoa Beach Police Officers' Retirement System
Private Managers - Comparative Performance - IRR
As of June 30, 2026
Comparative Performance - IRR

Mavik Real Estate Special Opportunities VS2

Page 27

QTR

1 YR

3 YR

5 YR

Inception

0.00

N/A

N/A

N/A

18.28

Inception
Date
03/04/2026

Page 98 of 135

Strategy Review
Total Fund | Total Fund Policy
As of June 30, 2026
Peer Group Analysis - All Public Plans-Total Fund

Peer Group Analysis - All Public Plans-Total Fund

23.0

38.0
32.0

20.0

26.0
17.0
20.0
14.0
14.0

Return

Return

11.0

8.0

8.0

2.0
-4.0

5.0
-10.0
2.0
-16.0
-1.0

-22.0

-4.0

-28.0

QTR
˜ Investment 9.01 (36)
10.21 (13)
˜ Index
Median

FYTD
9.44 (57)
10.62 (30)

1 YR
13.87 (67)
16.76 (25)

2 YR
13.47 (49)
14.55 (17)

3 YR
11.42 (70)
13.68 (24)

4 YR
10.35 (75)
12.67 (23)

5 YR
4.84 (91)
7.92 (15)

9.75

15.25

13.34

12.74

11.84

6.88

8.66

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
16.63 (78)
7.24 (89) -17.57 (86) 21.22 (44) 12.73 (3)
4.05 (58)
˜ Investment 12.20 (9)
12.46 (7)
21.87 (31) 11.32 (38) -13.45 (45) 20.37 (56) 10.53 (13)
4.82 (34)
˜ Index
Median

10.31

19.85

10.59

-14.04

20.75

7.55

4.31

Comparative Performance
Investment
Index
Median

Page 28

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

-1.36
-1.88
-0.69

1.78
2.29
2.08

4.05
5.55
4.64

8.55
7.87
6.34

-0.47
-0.86
0.29

-0.19
-0.37
-0.97

(79)
(93)

(70)
(33)

(74)
(12)

(2)
(7)

(79)
(88)

(18)
(24)

Page 99 of 135

Strategy Review
Total Fund | Total Fund Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

11.42
13.68
4.64

8.84
8.86
0.22

0.76
0.99
N/A

Investment
Index
.

Up
Market
Capture
91.64
100.00
15.96

Up
Quarters
7
8
12

Down
Market
Capture
104.32
100.00
-17.46

Down
Quarters
5
4
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

4.84
7.92
3.52

10.32
10.74
0.55

0.18
0.45
N/A

Investment
Index
.

Up
Market
Capture
86.53
100.00
11.94

Up
Quarters
12
13
20

Down
Market
Capture
102.13
100.00
-9.03

Down
Quarters
8
7
N/A

Risk and Return 5 Years

14.4

10.0

R etu r n (% )

R etu r n (% )

13.6

12.8

12.0

8.0

6.0
11.2

10.4

4.0
8.8

8.9

10.2

10.3

10.4

10.5

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund

10.8

10.9

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

10.7

5 Years Rolling Percentile Ranking vs. All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
2 (10%)

Median-75
Count
4 (20%)

75-95
Count
12 (60%)

20

8 (40%)

11 (55%)

1 (5%)

0 (0%)

Total Period

Page 29

10.6

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
6 (30%)

25-Median
Count
1 (5%)

Median-75
Count
4 (20%)

75-95
Count
9 (45%)

20

19 (95%)

1 (5%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 100 of 135

Strategy Review
Total Domestic Equity | Russell 3000 Index
As of June 30, 2026
Peer Group Analysis - IM U.S. Core Equity (SA+CF)

Peer Group Analysis - IM U.S. Core Equity (SA+CF)

60.0

80.0

52.0

65.0

44.0
50.0
36.0
35.0

Return

Return

28.0

20.0

20.0
5.0
12.0
-10.0
4.0

-25.0

-4.0

-12.0

-40.0

QTR
˜ Investment 13.77 (67)
15.43 (52)
˜ Index
Median

15.58

FYTD
10.56 (75)
13.53 (62)

1 YR
15.27 (79)
22.81 (55)

2 YR
16.00 (68)
18.99 (44)

3 YR
16.76 (62)
20.35 (35)

4 YR
16.49 (59)
20.00 (31)

5 YR
7.72 (81)
12.30 (35)

15.91

23.59

18.45

18.26

17.52

10.93

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
3.94 (28)
˜ Investment 14.80 (34) 30.58 (48) 16.35 (55) -24.64 (92) 33.55 (59) 17.23 (16)
17.41 (23) 35.19 (29) 20.46 (33) -17.63 (63) 31.88 (65) 15.00 (26)
2.92 (34)
˜ Index
Median

11.68

29.66

17.39

-16.14

36.80

6.79

0.31

Comparative Performance
Investment
Index
Median

Page 30

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

-3.45
-3.96
-1.43

0.65
2.40
2.26

4.26
8.18
6.79

12.36
10.99
8.86

-4.28
-4.72
-5.31

2.37
2.63
1.05

(65)
(70)

(78)
(47)

(82)
(31)

(16)
(29)

(37)
(43)

(32)
(26)

Page 101 of 135

Strategy Review
Total Domestic Equity | Russell 3000 Index
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.76
20.35
4.64

13.38
13.20
0.22

0.89
1.14
N/A

Investment
Index
.

Up
Market
Capture
90.93
100.00
9.82

Down
Market
Capture
102.99
100.00
-15.01

Up
Quarters
8
9
12

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

7.72
12.30
3.52

15.95
15.94
0.55

0.33
0.60
N/A

Investment
Index
.

Up
Market
Capture
88.47
100.00
7.59

Up
Quarters
12
13
20

Down
Market
Capture
104.40
100.00
-7.06

Down
Quarters
8
7
N/A

Risk and Return 5 Years

22.0

14.0

R etu r n (% )

R etu r n (% )

12.0
20.0

10.0

18.0
8.0

16.0

6.0
13.1

13.2

13.3

13.4

13.5

15.9

16.0

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. IM U.S. Core Equity (SA+CF)

5 Years Rolling Percentile Ranking vs. IM U.S. Core Equity (SA+CF)
0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
1 (5%)

25-Median
Count
5 (25%)

Median-75
Count
6 (30%)

75-95
Count
8 (40%)

20

2 (10%)

13 (65%)

5 (25%)

0 (0%)

Total Period

Page 31

Index

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
5 (25%)

Median-75
Count
10 (50%)

75-95
Count
3 (15%)

20

0 (0%)

20 (100%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 102 of 135

Strategy Review
NYLI Winslow Large Cap Growth Class R6 (MLRSX) | Russell 1000 Growth Index
As of June 30, 2026
Peer Group Analysis - Large Growth

50.0

95.0

44.0

80.0

38.0

65.0

32.0

50.0

26.0

35.0

20.0

20.0

Return

Return

Peer Group Analysis - Large Growth

14.0

5.0

8.0

-10.0

2.0

-25.0

-4.0

-40.0

-10.0

-55.0

-16.0

-70.0

QTR
˜ Investment 20.49 (32)
16.74 (55)
˜ Index
Median

17.41

FYTD
6.01 (60)
6.51 (55)

1 YR
9.41 (77)
17.71 (40)

2 YR
N/A
17.46 (36)

3 YR
N/A
22.58 (34)

4 YR
N/A
23.69 (26)

5 YR
N/A
13.71 (16)

7.11

15.78

15.55

20.93

22.08

10.45

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
N/A
N/A
˜ Investment 19.98 (60)
25.53 (19) 42.19 (38) 27.72 (27) -22.59 (22) 27.32 (39) 37.53 (35)
3.71 (30)
˜ Index
Median

21.47

40.46

24.73

-27.60

26.25

33.91

1.83

Comparative Performance
Investment
Index
Median

Page 32

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

-12.27
-9.78
-9.48

0.28
1.12
0.90

3.21
10.51
7.60

20.63
17.84
17.75

-8.11
-9.97
-9.29

4.88
7.07
5.26

(91)
(59)

(62)
(45)

(91)
(17)

(19)
(48)

(32)
(61)

(56)
(24)

Page 103 of 135

Strategy Review
NYLI Winslow Large Cap Growth Class R6 (MLRSX) | Russell 1000 Growth Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

N/A
22.58
4.64

N/A
16.21
0.22

N/A
1.07
N/A

Up
Market
Capture
N/A
100.00
8.06

Up
Quarters
N/A
9
12

Down
Market
Capture
N/A
100.00
-12.19

Down
Quarters
N/A
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

N/A
13.71
3.52

N/A
19.15
0.55

N/A
0.59
N/A

N/A
14
20

Down
Market
Capture
N/A
100.00
-5.93

Down
Quarters
N/A
6
N/A

R etu r n (% )

R etu r n (% )

13.8

22.5

13.7
16.2

16.3

19.1

19.2

Risk (Standard Deviation %)
Investment

19.3

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Growth

Index

5 Years Rolling Percentile Ranking vs. Large Growth
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

Risk and Return 5 Years

22.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

0

5-25
Count
0

20

15 (75%)

Total Period

Page 33

Up
Market
Capture
N/A
100.00
6.20

9/23

3/24

25-Median
Count
0
5 (25%)

9/24

3/25

Median-75
Count
0
0 (0%)

9/25

6/26

75-95
Count
0
0 (0%)

9/21

3/22

3/23

0

5-25
Count
0

20

19 (95%)

Total Period
¾ Investment
¾ Index

9/22

9/23

3/24

9/24

3/25

25-Median
Count
0

Median-75
Count
0

1 (5%)

0 (0%)

9/25

6/26

75-95
Count
0
0 (0%)

Page 104 of 135

Strategy Review
Touchstone Mid Cap Growth R6 (TFGRX) | Russell Midcap Growth Index
As of June 30, 2026
Peer Group Analysis - Mid-Cap Growth

44.0

80.0

38.0

65.0

32.0

50.0

26.0

35.0

20.0

20.0
Return

Return

Peer Group Analysis - Mid-Cap Growth

14.0

5.0

8.0

-10.0

2.0

-25.0

-4.0

-40.0

-10.0

-55.0

-16.0

-70.0

QTR
˜ Investment 19.70 (34)
14.55 (72)
˜ Index
Median

FYTD
13.68 (29)
3.30 (76)

1 YR
17.52 (35)
6.17 (77)

2 YR
21.09 (20)
15.89 (43)

3 YR
17.25 (24)
15.61 (36)

4 YR
17.94 (22)
17.44 (28)

5 YR
8.11 (12)
6.03 (28)

8.17

11.71

14.15

14.01

15.12

3.85

17.75

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
7.84 (15)
˜ Investment 21.43 (18) 23.14 (69) 17.33 (19) -27.29 (32) 32.67 (30) 18.70 (75)
22.02 (16) 29.33 (28) 17.47 (19) -29.50 (47) 30.45 (47) 23.23 (56)
5.20 (33)
˜ Index
Median

11.57

25.85

14.16

-29.79

30.23

24.74

2.96

Comparative Performance
Investment
Index
Median

Page 34

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

-2.16
-6.35
-5.36

-2.93
-3.70
-2.92

3.38
2.78
3.24

20.58
18.20
14.36

-9.43
-7.12
-8.87

7.55
8.14
3.31

(19)
(64)

(51)
(68)

(48)
(59)

(18)
(32)

(66)
(27)

(19)
(14)

Page 105 of 135

Strategy Review
Touchstone Mid Cap Growth R6 (TFGRX) | Russell Midcap Growth Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

17.25
15.61
4.64

18.61
17.54
0.22

0.71
0.66
N/A

Up
Market
Capture
103.42
100.00
8.62

Up
Quarters
7
7
12

Down
Market
Capture
96.96
100.00
-10.29

Down
Quarters
5
5
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

8.11
6.03
3.52

19.82
19.66
0.55

0.32
0.22
N/A

12
11
20

Down
Market
Capture
96.29
100.00
-5.76

Down
Quarters
8
9
N/A

R etu r n (% )

8.0

16.8

16.2

7.2

6.4

15.6

15.0

5.6
17.1

17.4

17.7

18.0

18.3

18.6

18.9

19.6

19.7

Risk (Standard Deviation %)
Investment

19.8

19.9

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Mid-Cap Growth

Index

5 Years Rolling Percentile Ranking vs. Mid-Cap Growth
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

8.8

17.4

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
11 (55%)

25-Median
Count
7 (35%)

Median-75
Count
2 (10%)

75-95
Count
0 (0%)

20

7 (35%)

9 (45%)

4 (20%)

0 (0%)

Total Period

Page 35

Up
Market
Capture
103.65
100.00
6.86

Risk and Return 5 Years

18.0

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
12 (60%)

25-Median
Count
8 (40%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

8 (40%)

11 (55%)

1 (5%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 106 of 135

Strategy Review
Vanguard Extended Market (VEXAX) | S&P Completion Index
As of June 30, 2026
Peer Group Analysis - Mid-Cap Blend

Peer Group Analysis - Mid-Cap Blend

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

QTR
˜ Investment 19.91 (14)
19.79 (15)
˜ Index
Median

14.27

FYTD
18.58 (42)
18.41 (44)

1 YR
29.15 (20)
28.91 (23)

2 YR
22.18 (16)
22.06 (17)

3 YR
19.73 (14)
19.54 (16)

4 YR
18.58 (11)
18.39 (13)

5 YR
6.73 (79)
6.58 (80)

17.13

22.84

16.58

15.16

15.20

8.61

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
28.56 (34) 14.48 (45) -29.55 (100) 42.31 (32) 12.98 (6)
-3.80 (78)
˜ Investment 16.46 (6)
16.43 (7)
28.25 (38) 14.28 (49) -29.62 (100) 42.19 (34) 12.94 (7)
-3.96 (79)
˜ Index
Median

6.76

26.99

14.15

-15.87

38.49

-1.18

0.03

Comparative Performance
Investment
Index
Median

Page 36

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

-1.26
-1.28
0.86

0.15
0.13
1.22

8.91
8.87
5.19

12.16
12.16
7.00

-8.93
-8.95
-4.59

4.69
4.72
-0.37

(74)
(75)

(69)
(71)

(9)
(9)

(9)
(10)

(98)
(99)

(3)
(2)

Page 107 of 135

Strategy Review
Vanguard Extended Market (VEXAX) | S&P Completion Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.73
19.54
4.64

18.16
18.12
0.22

0.84
0.83
N/A

Up
Market
Capture
100.37
100.00
7.89

Up
Quarters
8
8
12

Down
Market
Capture
99.84
100.00
-9.62

Down
Quarters
4
4
N/A

Standard
Deviation

Sharpe
Ratio

6.73
6.58
3.52

19.89
19.86
0.55

0.25
0.25
N/A

19.8

6.8

19.7

6.7

19.6

12
12
20

Down
Market
Capture
99.83
100.00
-5.80

Down
Quarters
8
8
N/A

6.5
18.1

18.2

19.7

19.8

Risk (Standard Deviation %)
Investment

19.9

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Mid-Cap Blend

Index

5 Years Rolling Percentile Ranking vs. Mid-Cap Blend
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

6.6

19.5

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
7 (35%)

25-Median
Count
1 (5%)

Median-75
Count
2 (10%)

75-95
Count
10 (50%)

20

7 (35%)

1 (5%)

1 (5%)

11 (55%)

Total Period

Page 37

Up
Market
Capture
100.34
100.00
6.48

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
2 (10%)

Median-75
Count
9 (45%)

75-95
Count
7 (35%)

20

2 (10%)

2 (10%)

8 (40%)

8 (40%)

Total Period
¾ Investment
¾ Index

9/22

Page 108 of 135

Strategy Review
BrandywineGlobal Dyn LCV (DVAL) | Russell 1000 Value Index
As of June 30, 2026
Peer Group Analysis - Large Value

Peer Group Analysis - Large Value

40.0

60.0

36.0

50.0

32.0
40.0
28.0
30.0
24.0

Return

Return

20.0

16.0

20.0

10.0

12.0
0.0
8.0
-10.0
4.0
-20.0

0.0
-4.0

-30.0

QTR
˜ Investment 6.35 (81)
13.84 (16)
˜ Index
Median

10.26

FYTD
10.07 (80)
20.66 (15)

1 YR
13.04 (91)
27.09 (17)

2 YR
12.14 (90)
20.21 (14)

3 YR
12.19 (90)
17.78 (27)

4 YR
12.03 (85)
16.19 (30)

5 YR
7.39 (94)
11.17 (35)

14.85

20.89

16.59

15.94

14.82

10.47

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.66 (17)
N/A
˜ Investment 5.34 (89) 23.70 (83) 15.15 (44) -13.03 (84) 41.75 (16)
9.44 (55) 27.76 (47) 14.44 (52) -11.36 (73) 35.01 (44) -5.03 (56)
4.00 (36)
˜ Index
Median

9.93

27.50

14.63

-9.34

34.01

-4.32

2.70

Comparative Performance
Investment
Index
Median

Page 38

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

2.49
2.10
1.08

0.99
3.81
3.23

2.70
5.33
5.26

4.66
3.79
4.23

0.17
2.14
1.57

-2.16
-1.98
-1.75

(31)
(35)

(89)
(38)

(95)
(48)

(42)
(58)

(76)
(40)

(64)
(57)

Page 109 of 135

Strategy Review
BrandywineGlobal Dyn LCV (DVAL) | Russell 1000 Value Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

12.19
17.78
4.64

11.64
12.47
0.22

0.66
1.02
N/A

Up
Market
Capture
81.07
100.00
11.31

Down
Market
Capture
96.54
100.00
-11.64

Up
Quarters
9
9
12

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

7.39
11.17
3.52

14.97
14.80
0.55

0.32
0.56
N/A

Up
Market
Capture
88.59
100.00
8.09

Down
Market
Capture
101.50
100.00
-7.19

Up
Quarters
13
13
20

Down
Quarters
7
7
N/A

Risk and Return 5 Years

20.0

12.0

R etu r n (% )

R etu r n (% )

18.0

16.0

14.0

10.0

8.0
12.0

10.0

6.0
11.2

11.4

11.6

11.8

12.0

12.2

12.4

12.6

12.8

14.7

14.8

14.9

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Value

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

15.1

5 Years Rolling Percentile Ranking vs. Large Value

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
6 (32%)

25-Median
Count
2 (11%)

Median-75
Count
2 (11%)

75-95
Count
9 (47%)

20

0 (0%)

4 (20%)

16 (80%)

0 (0%)

Total Period

Page 39

15.0

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

11

5-25
Count
1 (9%)

25-Median
Count
4 (36%)

Median-75
Count
3 (27%)

75-95
Count
3 (27%)

20

0 (0%)

1 (5%)

19 (95%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 110 of 135

Strategy Review
Vanguard Equity-Income (VEIRX) | Russell 1000 Value Index
As of June 30, 2026
Peer Group Analysis - Large Value

Peer Group Analysis - Large Value

40.0

60.0

36.0

50.0

32.0
40.0
28.0
30.0
24.0

Return

Return

20.0

16.0

20.0

10.0

12.0
0.0
8.0
-10.0
4.0
-20.0

0.0
-4.0

-30.0

QTR
˜ Investment 6.57 (78)
13.84 (16)
˜ Index
Median

10.26

FYTD
12.03 (70)
20.66 (15)

1 YR
18.40 (66)
27.09 (17)

2 YR
16.78 (47)
20.21 (14)

3 YR
15.97 (50)
17.78 (27)

4 YR
14.15 (59)
16.19 (30)

5 YR
11.28 (32)
11.17 (35)

14.85

20.89

16.59

15.94

14.82

10.47

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
30.77 (67) -2.77 (40)
N/A
˜ Investment 12.36 (22) 26.43 (63) 12.65 (68) -4.58 (7)
9.44 (55) 27.76 (47) 14.44 (52) -11.36 (73) 35.01 (44) -5.03 (56)
4.00 (36)
˜ Index
Median

9.93

27.50

14.63

-9.34

34.01

-4.32

2.70

Comparative Performance
Investment
Index
Median

Page 40

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

1.51
2.10
1.08

3.56
3.81
3.23

5.69
5.33
5.26

4.22
3.79
4.23

2.77
2.14
1.57

-0.74
-1.98
-1.75

(44)
(35)

(44)
(38)

(38)
(48)

(51)
(58)

(27)
(40)

(29)
(57)

Page 111 of 135

Strategy Review
Vanguard Equity-Income (VEIRX) | Russell 1000 Value Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

15.97
17.78
4.64

10.86
12.47
0.22

1.01
1.02
N/A

Up
Market
Capture
86.47
100.00
11.31

Up
Quarters
9
9
12

Down
Market
Capture
81.33
100.00
-11.64

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

11.28
11.17
3.52

13.39
14.80
0.55

0.61
0.56
N/A

Up
Market
Capture
90.81
100.00
8.09

13.8

14.1

Down
Market
Capture
84.88
100.00
-7.19

Up
Quarters
13
13
20

Down
Quarters
7
7
N/A

Risk and Return 5 Years

18.2

11.3

R etu r n (% )

R etu r n (% )

17.5

16.8

11.2

16.1

15.4

11.1
10.4

10.8

11.2

11.6

12.0

12.4

12.8

12.9

13.2

13.5

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Value

15.0

15.3

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

14.7

5 Years Rolling Percentile Ranking vs. Large Value

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
3 (16%)

25-Median
Count
11 (58%)

Median-75
Count
5 (26%)

75-95
Count
0 (0%)

20

0 (0%)

4 (20%)

16 (80%)

0 (0%)

Total Period

Page 41

14.4

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

11

5-25
Count
1 (9%)

25-Median
Count
9 (82%)

Median-75
Count
1 (9%)

75-95
Count
0 (0%)

20

0 (0%)

1 (5%)

19 (95%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 112 of 135

Strategy Review
Total International Equity | Total International Equity Policy
As of June 30, 2026
Peer Group Analysis - Foreign Large Blend

40.0

50.0

36.0

40.0

32.0

30.0

28.0

20.0

24.0

10.0
Return

Return

Peer Group Analysis - Foreign Large Blend

20.0

0.0

16.0

-10.0

12.0

-20.0

8.0

-30.0

4.0

-40.0

0.0

-50.0

QTR
˜ Investment 9.17 (68)
14.69 (13)
˜ Index
Median

10.71

FYTD
18.28 (36)
19.84 (24)

1 YR
27.22 (26)
28.27 (21)

2 YR
22.97 (30)
23.22 (27)

3 YR
19.28 (27)
19.42 (26)

4 YR
18.52 (29)
17.87 (41)

5 YR
7.36 (84)
9.35 (43)

15.67

22.28

20.67

17.81

17.36

9.17

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.14 (21)
˜ Investment 20.48 (19) 22.72 (86) 24.43 (48) -32.87 (98) 24.76 (54) 14.97 (9)
17.14 (49) 25.96 (38) 21.02 (74) -24.79 (29) 24.45 (57)
3.45 (52) -0.72 (38)
˜ Index
Median

16.96

25.36

24.24

-25.42

25.11

3.63

-1.37

Comparative Performance
Investment
Index
Median

Page 42

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

1.67
-0.60
1.04

6.57
5.11
4.54

7.56
7.03
5.30

11.89
12.30
11.74

7.04
5.36
7.01

-6.47
-7.50
-7.34

(31)
(71)

(6)
(30)

(10)
(16)

(47)
(37)

(50)
(83)

(23)
(56)

Page 113 of 135

Strategy Review
Total International Equity | Total International Equity Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.28
19.42
4.64

12.19
13.70
0.22

1.14
1.04
N/A

Investment
Index
.

Up
Market
Capture
95.87
100.00
9.20

Down
Market
Capture
91.77
100.00
-15.74

Up
Quarters
9
9
12

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

7.36
9.35
3.52

15.90
15.42
0.55

0.31
0.44
N/A

Investment
Index
.

Up
Market
Capture
101.19
100.00
7.74

Up
Quarters
12
13
20

Down
Market
Capture
112.39
100.00
-8.15

Down
Quarters
8
7
N/A

Risk and Return 5 Years

19.5

10.4

19.4

R etu r n (% )

R etu r n (% )

9.6

8.8

8.0

19.3
7.2

19.2

6.4
11.7

12.0

12.3

12.6

12.9

13.2

13.5

13.8

14.1

15.3

15.4

15.5

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Blend

15.9

16.0

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

15.8

5 Years Rolling Percentile Ranking vs. Foreign Large Blend

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
4 (20%)

25-Median
Count
4 (20%)

Median-75
Count
3 (15%)

75-95
Count
9 (45%)

20

0 (0%)

3 (15%)

13 (65%)

4 (20%)

Total Period

Page 43

15.7

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
3 (15%)

Median-75
Count
10 (50%)

75-95
Count
5 (25%)

20

0 (0%)

1 (5%)

15 (75%)

4 (20%)

Total Period
¾ Investment
¾ Index

9/22

Page 114 of 135

Strategy Review
EuroPacific Growth (RERGX) | MSCI AC World ex USA
As of June 30, 2026
Peer Group Analysis - Foreign Large Growth

Peer Group Analysis - Foreign Large Growth

50.0

65.0

44.0

50.0

38.0
35.0
32.0
20.0
26.0

Return

Return

20.0

14.0

5.0

-10.0

8.0
-25.0
2.0
-40.0
-4.0
-55.0

-10.0
-16.0

-70.0

QTR
˜ Investment 14.53 (45)
14.69 (43)
˜ Index
Median

14.40

FYTD
16.42 (20)
19.84 (9)

1 YR
23.72 (11)
28.27 (9)

2 YR
18.69 (21)
23.22 (11)

3 YR
16.01 (21)
19.42 (12)

4 YR
15.96 (26)
17.87 (14)

5 YR
5.51 (36)
9.35 (6)

10.39

12.63

13.78

12.45

13.50

4.64

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.14 (44)
˜ Investment 14.79 (18) 24.71 (66) 19.64 (38) -32.85 (48) 24.76 (21) 14.97 (66)
17.14 (15) 25.96 (54) 21.02 (29) -24.79 (6)
24.45 (24)
3.45 (99) -0.72 (67)
˜ Index
Median

10.45

26.22

18.71

-32.98

20.46

17.26

0.82

Comparative Performance
Investment
Index
Median

Page 44

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

-2.84
-0.60
-3.72

4.62
5.11
1.32

6.27
7.03
2.39

13.22
12.30
13.01

2.62
5.36
2.35

-7.03
-7.50
-7.32

(37)
(14)

(3)
(2)

(6)
(4)

(46)
(65)

(45)
(17)

(40)
(54)

Page 115 of 135

Strategy Review
EuroPacific Growth (RERGX) | MSCI AC World ex USA
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.01
19.42
4.64

13.65
13.70
0.22

0.83
1.04
N/A

Up
Market
Capture
95.26
100.00
9.20

Up
Quarters
8
9
12

Down
Market
Capture
113.52
100.00
-15.74

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

5.51
9.35
3.52

16.44
15.42
0.55

0.20
0.44
N/A

Up
Market
Capture
100.05
100.00
7.74

11
13
20

Down
Market
Capture
120.42
100.00
-8.15

16.2

16.5

Up
Quarters

Down
Quarters
9
7
N/A

Risk and Return 5 Years

22.0

10.0

R etu r n (% )

R etu r n (% )

20.0

18.0

8.0

6.0
16.0

14.0

4.0
13.6

13.7

13.8

15.0

15.3

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Growth

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

16.8

5 Years Rolling Percentile Ranking vs. Foreign Large Growth

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
3 (15%)

25-Median
Count
9 (45%)

Median-75
Count
8 (40%)

75-95
Count
0 (0%)

20

12 (60%)

4 (20%)

2 (10%)

2 (10%)

Total Period

Page 45

15.9
Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
11 (55%)

Median-75
Count
9 (45%)

75-95
Count
0 (0%)

20

6 (30%)

4 (20%)

7 (35%)

3 (15%)

Total Period
¾ Investment
¾ Index

9/22

Page 116 of 135

Strategy Review
DFA Intl Value (DFIVX) | MSCI EAFE Value
As of June 30, 2026
Peer Group Analysis - Foreign Large Value

Peer Group Analysis - Foreign Large Value

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

˜ Investment
˜ Index
Median

QTR
4.37 (79)
7.84 (44)

FYTD
19.77 (39)
18.86 (46)

1 YR
30.34 (21)
27.75 (31)

2 YR
26.93 (20)
26.43 (24)

3 YR
22.31 (19)
22.34 (18)

4 YR
N/A
21.30 (17)

5 YR
N/A
13.95 (13)

7.27

17.70

24.96

23.72

19.69

18.76

11.57

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
N/A
˜ Investment 25.97 (16) 20.98 (70)
23.40 (33) 24.00 (25) 32.46 (25) -19.62 (23) 31.43 (36) -11.45 (83) -4.31 (38)
˜ Index
Median

20.68

22.31

27.96

-22.32

28.82

-5.66

-5.30

Comparative Performance
Investment
Index
Median

Page 46

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

5.83
2.15
3.01

8.44
7.90
6.60

8.82
7.48
6.31

10.66
10.53
11.36

11.20
11.77
9.96

-5.93
-7.06
-7.31

(16)
(63)

(15)
(22)

(9)
(26)

(61)
(63)

(35)
(27)

(20)
(47)

Page 117 of 135

Strategy Review
DFA Intl Value (DFIVX) | MSCI EAFE Value
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

22.31
22.34
4.64

12.02
12.42
0.22

1.37
1.33
N/A

Up
Market
Capture
100.93
100.00
10.09

Up
Quarters
10
11
12

Down
Market
Capture
103.86
100.00
-15.34

Down
Quarters
2
1
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

N/A
13.95
3.52

N/A
14.79
0.55

N/A
0.73
N/A

N/A
16
20

Down
Market
Capture
N/A
100.00
-8.37

Down
Quarters
N/A
4
N/A

R etu r n (% )

22.4

13.9
11.9

12.0

12.1

12.2

12.3

12.4

12.5

14.7

14.8

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Value

Index

5 Years Rolling Percentile Ranking vs. Foreign Large Value
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

14.0

22.3

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

1

5-25
Count
1 (100%)

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

12 (60%)

3 (15%)

3 (15%)

2 (10%)

Total Period

Page 47

Up
Market
Capture
N/A
100.00
7.95

Risk and Return 5 Years

22.5

R etu r n (% )

Return

9/21

3/22

Total Period
¾ Investment
¾ Index

0
20

9/22

3/23

5-25
Count
0
6 (30%)

9/23

3/24

25-Median
Count
0
10 (50%)

9/24

3/25

Median-75
Count
0
3 (15%)

9/25

6/26

75-95
Count
0
1 (5%)

Page 118 of 135

Strategy Review
Total Fixed Income (Composite) | Total Fixed Income Policy
As of June 30, 2026
Peer Group Analysis - Intermediate Core Bond

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
1.11 (7)
0.72 (41)

FYTD
2.24 (7)
1.30 (83)

1 YR
4.74 (6)
3.00 (91)

2 YR
5.76 (5)
4.87 (47)

3 YR
5.54 (4)
3.98 (70)

4 YR
4.60 (1)
2.70 (68)

5 YR
1.67 (2)
-0.33 (80)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
12.93 (6)
3.12 (2) -12.42 (8)
2.01 (7)
5.66 (85)
7.82 (90)
˜ Investment 4.15 (5)
2.77 (58) 11.68 (52)
1.05 (26) -16.12 (85) -1.38 (94)
6.95 (46)
9.86 (46)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 48

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

-0.40
-0.30
-0.08

1.51
0.89
0.99

2.44
1.67
2.02

1.52
2.03
1.23

2.81
2.75
2.70

-2.59
-3.57
-3.04

(95)
(88)

(2)
(77)

(6)
(92)

(12)
(1)

(26)
(40)

(14)
(96)

Page 119 of 135

Strategy Review
Total Fixed Income (Composite) | Total Fixed Income Policy
As of June 30, 2026
Historical Statistics 3 Years

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

5.54
3.98
4.64

5.34
5.65
0.22

0.19
-0.08
N/A

Investment
Index
.

Up
Market
Capture
104.51
100.00
30.21

Up
Quarters
8
7
12

Down
Market
Capture
81.92
100.00
-27.67

Down
Quarters
4
5
N/A

Standard
Deviation

Sharpe
Ratio

1.67
-0.33
3.52

5.80
6.61
0.55

-0.29
-0.55
N/A

Investment
Index
.

6.0

2.4

5.4

1.6

4.8

4.2

12
9
20

Down
Market
Capture
75.96
100.00
-15.57

Down
Quarters
8
11
N/A

0.8

-0.8
5.2

5.3

5.4

5.5

5.6

5.7

5.8

5.6

5.8

6.0

Risk (Standard Deviation %)
Investment

6.2

6.4

6.6

6.8

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.0

3.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
17 (85%)

25-Median
Count
1 (5%)

Median-75
Count
2 (10%)

75-95
Count
0 (0%)

20

0 (0%)

1 (5%)

6 (30%)

13 (65%)

Total Period

Page 49

Up
Market
Capture
97.70
100.00
23.57

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
18 (90%)

25-Median
Count
2 (10%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

0 (0%)

0 (0%)

2 (10%)

18 (90%)

Total Period
¾ Investment
¾ Index

9/22

Page 120 of 135

Strategy Review
Dodge & Cox (DODIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Peer Group Analysis - Intermediate Core Bond

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
0.77 (33)
0.67 (58)

FYTD
2.11 (9)
1.73 (35)

1 YR
4.67 (6)
3.79 (39)

2 YR
5.58 (7)
4.93 (39)

3 YR
5.23 (5)
4.16 (50)

4 YR
4.37 (2)
2.86 (53)

5 YR
1.33 (3)
0.08 (41)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
3.11 (2) -13.63 (14)
1.98 (7)
7.70 (23)
9.12 (75)
˜ Investment 3.39 (18) 13.53 (4)
2.88 (47) 11.57 (59)
0.64 (48) -14.60 (31) -0.90 (75)
6.98 (45) 10.30 (22)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 50

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

0.04
-0.05
-0.08

1.29
1.10
0.99

2.51
2.03
2.02

1.42
1.21
1.23

2.87
2.78
2.70

-3.33
-3.06
-3.04

(23)
(43)

(5)
(23)

(5)
(48)

(19)
(54)

(18)
(30)

(87)
(53)

Page 121 of 135

Strategy Review
Dodge & Cox (DODIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

5.23
4.16
4.64

5.83
5.48
0.22

0.13
-0.06
N/A

Up
Market
Capture
110.14
100.00
29.50

Up
Quarters
9
8
12

Down
Market
Capture
98.56
100.00
-32.11

Down
Quarters
3
4
N/A

Standard
Deviation

Sharpe
Ratio

1.33
0.08
3.52

6.42
6.32
0.55

-0.31
-0.51
N/A

5.6

2.0

5.2

1.5

4.8

4.4

4.0

13
12
20

Down
Market
Capture
91.26
100.00
-17.61

Down
Quarters
7
8
N/A

1.0

0.5

-0.5
5.4

5.5

5.6

5.7

5.8

5.9

6.3

6.4

Risk (Standard Deviation %)
Investment

6.5

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.0

3.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period

Page 51

Up
Market
Capture
105.98
100.00
23.16

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

8 (40%)

1 (5%)

9/21

3/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

9 (45%)

0 (0%)

Page 122 of 135

Strategy Review
PIMCO Global Bond (PGBIX) | Bloomberg Global Agg Index (Hedged)
As of June 30, 2026
Peer Group Analysis - Global Bond

Peer Group Analysis - Global Bond

12.0

26.0

10.0

20.0

14.0

8.0

8.0
6.0
2.0
Return

Return

4.0

-4.0

2.0
-10.0
0.0
-16.0
-2.0

-22.0

-4.0

-28.0

-6.0

-34.0

˜ Investment
˜ Index
Median

QTR
2.47 (22)
1.30 (59)

FYTD
2.49 (13)
1.94 (26)

1 YR
4.77 (12)
3.17 (29)

2 YR
6.33 (22)
4.65 (63)

3 YR
6.53 (12)
4.50 (40)

4 YR
5.46 (19)
3.49 (41)

5 YR
3.05 (3)
0.88 (33)

1.45

0.94

1.79

5.20

4.09

2.87

-1.28

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
11.07 (72)
3.78 (37) -8.05 (7)
2.41 (21)
N/A
N/A
˜ Investment 6.86 (9)
3.06 (52) 10.63 (77)
2.10 (67) -12.05 (9)
-0.56 (77)
4.14 (61) 10.65 (4)
˜ Index
Median

3.11

12.28

2.89

-21.61

0.49

5.15

5.91

Comparative Performance
Investment
Index
Median

Page 52

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

-2.08
-0.15
-1.58

2.14
0.78
0.33

2.22
1.21
0.90

2.04
1.61
5.13

2.58
1.17
2.98

-0.13
-0.95
-5.29

(77)
(5)

(11)
(23)

(6)
(36)

(93)
(97)

(68)
(88)

(2)
(12)

Page 123 of 135

Strategy Review
PIMCO Global Bond (PGBIX) | Bloomberg Global Agg Index (Hedged)
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

6.53
4.50
4.64

4.09
3.97
0.22

0.46
-0.01
N/A

Up
Market
Capture
112.30
100.00
36.41

Up
Quarters
9
9
12

Down
Market
Capture
70.84
100.00
-50.93

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

3.05
0.88
3.52

4.16
4.86
0.55

-0.09
-0.53
N/A

4.6

4.8

Down
Quarters
7
6
N/A

3.2

R etu r n (% )

5.6

4.8

2.4

1.6

0.8

4.0

0.0
3.9

4.0

4.1

4.2

3.8

4.0

4.2

Risk (Standard Deviation %)
Investment

4.4

5.0

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Global Bond

Index

5 Years Rolling Percentile Ranking vs. Global Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

13
14
20

Down
Market
Capture
60.76
100.00
-24.03

Up
Quarters

4.0

6.4

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

12

5-25
Count
11 (92%)

25-Median
Count
1 (8%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

9 (45%)

10 (50%)

0 (0%)

1 (5%)

Total Period

Page 53

Up
Market
Capture
95.89
100.00
28.09

Risk and Return 5 Years

7.2

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

4

5-25
Count
4 (100%)

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

12 (60%)

8 (40%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 124 of 135

Strategy Review
ASB (Real Estate) | NCREIF Fund Index-ODCE (EW)
As of June 30, 2026
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

14.0

44.0

11.0

36.0

28.0

8.0

20.0
5.0
12.0
Return

Return

2.0

4.0

-1.0
-4.0
-4.0
-12.0
-7.0

-20.0

-10.0

-28.0

-13.0

-36.0

˜ Investment
˜ Index
Median

QTR
1.87 (24)
1.50 (64)

FYTD
3.88 (69)
3.67 (71)

1 YR
5.04 (76)
4.35 (83)

2 YR
3.41 (90)
3.80 (89)

3 YR
-6.61 (100)
-0.89 (80)

4 YR
-8.26 (96)
-3.20 (88)

5 YR
-2.65 (95)
2.69 (74)

1.64

4.29

5.74

5.23

0.29

-2.32

3.21

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
2.59 (24)
4.36 (79)
˜ Investment 3.97 (69) -21.52 (98) -18.28 (94) 19.96 (55) 11.76 (81)
3.80 (70) -7.75 (65) -12.40 (51) 22.76 (37) 15.75 (50)
1.74 (40)
6.17 (68)
˜ Index
Median

5.05

-6.22

-12.39

20.19

15.73

1.58

6.80

Comparative Performance
Investment
Index
Median

Page 54

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

1.16
1.16
1.28

0.80
0.97
1.13

1.11
0.65
1.28

1.76
1.03
1.30

1.01
1.03
1.18

0.04
1.04
1.03

(66)
(66)

(64)
(59)

(63)
(86)

(34)
(75)

(64)
(63)

(89)
(50)

Page 125 of 135

Strategy Review
ASB (Real Estate) | NCREIF Fund Index-ODCE (EW)
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

-6.61
-0.89
4.64

7.83
3.83
0.22

-1.39
-1.36
N/A

Up
Market
Capture
90.14
100.00
157.82

Up
Quarters
7
8
12

Down
Market
Capture
263.79
100.00
-17.88

Down
Quarters
5
4
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

-2.65
2.69
3.52

9.04
7.44
0.55

-0.62
-0.07
N/A

12
13
20

Down
Market
Capture
199.84
100.00
-14.41

Down
Quarters
8
7
N/A

R etu r n (% )

2.0

-2.0

-4.0

0.0

-2.0

-6.0

-8.0

-4.0
2.8

3.5

4.2

4.9

5.6

6.3

7.0

7.7

8.4

9.1

6.9

7.2

7.5

Risk (Standard Deviation %)
Investment

7.8

8.1

8.4

8.7

9.0

9.3

9.6

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF)

Index

5 Years Rolling Percentile Ranking vs. IM U.S. Open End Private Real Estate (SA+CF)
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

4.0

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

11 (55%)

8 (40%)

1 (5%)

Total Period

Page 55

Up
Market
Capture
86.02
100.00
40.10

Risk and Return 5 Years

2.0

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

14 (70%)

6 (30%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Page 126 of 135

Private Equity Fund Overview
Mavik Real Estate Special Opportunities VS2
As of June 30, 2026
Fund Information
Type of Fund:
Opportunistic
Vintage Year:
2024
Strategy Type:
Special Situations
Management Fee:
1.5%, on invested capital
Size of Fund ($):
515,000,000
Preferred Return:
8.0%
General Partner:
Mavik Capital Management
Final Close:
04/01/2025
Investment Strategy: The Fund’s primary investment objective is to originate commercial real estate credit investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans, high-yield
mortgages or loans in real estate special situations including rescue financings,preferred equity investments, bridge loans, restructurings and bankruptcies, e.g., debtor-inpossession loans
(collectively, “CRE Credit Instruments”). The Fund may also opportunistically acquire performing and non-performing CRE Credit Instruments and make real estate adjacent investments.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$1,000,000
Capital Invested:
$300,000
Total Contributions:
$300,000
Remaining Capital Commitment: $700,000

$450,000.0

Capital Returned
Ex-Recallable:
Total Distributions:
Market Value:

-

$270,000.0

$334,546

$180,000.0

Inception Date:
Inception IRR:
TVPI:

03/04/2026
18.3
1.1

$360,000.0

$90,000.0

$0.0

-$90,000.0
3/26
Net Asset Value

Distribution

6/26
Contributions

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 56

Page 127 of 135

Page 57

City of Cocoa Beach Police Officers' Retirement System
Compliance Checklist
As of June 30, 2026
Total Fund Compliance

Yes

The total plan return equaled or exceeded the 7.40% actuarial earnings assumption over the trailing three year period.



No

The total plan return equaled or exceeded the 7.40% actuarial earnings assumption over the trailing five year period.



The total plan return equaled or exceeded the total plan benchmark over the trailing three year period.



The total plan return equaled or exceeded the total plan benchmark over the trailing five year period.



The total plan return ranked within the top 40th percentile of its peer group over the trailing three year period.



The total plan return ranked within the top 40th percentile of its peer group over the trailing five year period.



Equity Compliance

Yes

No

The total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.



The total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.



N/A

N/A



The total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.
The total equity allocation was less than 70% of the total plan assets at market.



Total foreign equity was less than 25% of the total plan assets at market.



Fixed Income Compliance

Yes

The total domestic fixed income returns meet or exceed the benchmark over the trailing three year period.



The total domestic fixed income returns meet or exceed the benchmark over the trailing five year period.



The total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period.



The total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period.



No

N/A

Page 128 of 135

Page 58

City of Cocoa Beach Police Officers' Retirement System
Compliance Checklist
As of June 30, 2026

Winslow

Manager Compliance:
Yes

No

Touchstone
N/A

Yes

No

N/A

Brandywine
Yes

No

Vanguard EI

N/A

Yes

Manager outperformed the index over the trailing three and five year periods.











Manager ranked within the top 40th percentile over trailing three and five year periods.











N/A

Yes









Three-year down-market capture ratio less than the index.











Five-year down-market capture ratio less than the index.







Manager reports compliance with PFIA.



Less than four consecutive quarters of under performance relative to the benchmark.

Manager Compliance:



No

Vanguard Ext



EuroPacific
Yes

No

DFA

N/A



Yes

No



No

N/A



PIMCO
Yes

No

ASB
N/A

Yes

No

Manager outperformed the index over the trailing three and five year periods.









Manager ranked within the top 40th percentile over trailing three and five year periods.











Less than four consecutive quarters of under performance relative to the benchmark.









Three-year down-market capture ratio less than the index.









Five-year down-market capture ratio less than the index.









Manager reports compliance with PFIA.



Yes









N/A




Dodge & Cox
N/A

No

N/A







Page 129 of 135

Comparative Performance
As of June 30, 2026
Comparative Performance
NYLI Winslow Large Cap Growth Class R6
Russell 1000 Growth Index
Large Growth Median

QTR
20.49
16.74
17.41

1 YR
9.41
17.71
15.78

3 YR
21.49
22.58
20.93

5 YR
11.40
13.71
10.45

7 YR
16.39
18.80
15.82

10 YR
17.49
18.58
16.33

15 YR
14.94
16.47
14.45

Touchstone Mid Cap Growth R6
Russell Midcap Growth Index
Mid-Cap Growth Median

19.70
14.55
17.75

17.52
6.17
11.71

17.25
15.61
14.01

8.13
6.03
3.85

12.50
11.60
10.22

13.99
13.04
12.01

12.01
12.01
10.99

Vanguard Extended Market Index Admiral
Russell Midcap Index
Mid-Cap Blend Median

19.91
13.83
14.27

29.15
21.63
22.84

19.73
16.51
15.16

6.73
8.50
8.61

12.39
11.93
11.54

12.62
12.00
11.10

11.54
11.63
10.71

BrandywineGLOBAL Dyn US Lrg Cap Val ETF
Russell 1000 Value Index
Large Value Median

6.22
13.84
10.26

12.93
27.09
20.89

12.19
17.78
15.94

7.38
11.17
10.47

11.14
12.10
11.82

11.50
11.52
11.45

11.94
11.46
10.89

Vanguard Equity-Income Adm
S&P 500 Index
Large Value Median

6.57
15.20
10.26

18.39
22.33
20.89

15.97
20.61
15.94

11.28
13.41
10.47

12.10
16.08
11.82

11.78
15.51
11.45

12.10
14.36
10.89

American Funds EUPAC R-6
MSCI AC World ex USA
Foreign Large Blend Median

14.53
14.69
10.46

23.72
28.27
21.43

16.01
19.42
16.72

5.51
9.35
8.42

9.52
10.70
9.92

9.91
10.46
9.59

7.38
7.06
6.75

DFA International Value I
MSCI EAFE Value
Foreign Large Value Median

4.37
7.84
7.27

30.34
27.75
24.96

22.31
22.34
19.69

14.73
13.95
11.57

13.18
12.04
11.12

12.00
11.15
9.75

7.43
7.52
6.88

Dodge & Cox Income I
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

0.77
0.67
0.69

4.67
3.79
3.69

5.23
4.16
4.16

1.33
0.08
0.02

2.60
1.22
1.23

2.93
1.54
1.56

3.28
2.28
2.27

PIMCO Global Bond Opps (USD-Hdg) Instl
Bloomberg Global Agg Index (Hedged)
Global Bond Median

2.47
1.30
1.45

4.77
3.17
1.79

6.53
4.50
4.09

3.05
0.88
-1.28

3.44
1.49
0.08

3.33
1.92
0.92

4.19
2.86
1.14

ASB Employee Benefit Real Estate Fund
NCREIF Classic Property Index
IM U.S. Open End Private Real Estate (SA+CF) Median

N/A
N/A
1.64

N/A
N/A
5.74

N/A
N/A
0.29

N/A
N/A
3.21

N/A
N/A
3.99

N/A
N/A
5.42

N/A
N/A
8.07

Returns for periods greater than one year are annualized.
Returns are expressed as percentages.

Page 59

Page 130 of 135

Cocoa Beach Police Officers' Retirement System
Fee Analysis
As of June 30, 2026
Estimated
Annual Fee
(%)

Market Value
($)

Estimated
Annual Fee
($)

Total Domestic Equity
NYLI Winslow Large Cap Growth Class R6 (MLRSX)
Touchstone Mid Cap Growth R6 (TFGRX)
BrandywineGlobal Dyn LCV (DVAL)
Vanguard Equity-Income (VEIRX)
Vanguard Extended Market (VEXAX)

0.45
0.64
0.79
0.49
0.18
0.05

11,655,103
3,230,013
1,744,532
2,507,220
2,761,846
1,411,492

52,416
20,672
13,782
12,285
4,971
706

0.64 % of Assets
0.79 % of Assets
0.49 % of Assets
0.18 % of Assets
0.05 % of Assets

Total International Equity
EuroPacific Growth (RERGX)
DFA Intl Value (DFIVX)

0.37
0.46
0.28

3,692,805
1,876,323
1,816,482

13,717
8,631
5,086

0.46 % of Assets
0.28 % of Assets

Total Domestic Fixed Income
Dodge & Cox (DODIX)

0.41
0.41

3,551,221
3,551,221

14,560
14,560

0.41 % of Assets

Total Global Fixed Income
PIMCO Global Bond (PGBIX)

0.56
0.56

906,895
906,895

5,079
5,079

0.56 % of Assets

Total Real Estate
ASB (Real Estate)
Mavik Real Estate Special Opportunities VS2

1.00
1.00
1.00

2,101,260
1,766,714
334,546

21,013
17,667
3,345

1.00 % of Assets
1.00 % of Assets

283,474

-

22,190,757

106,785

R&D Account
Total Fund

0.48

Fee Schedule

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 60

Page 131 of 135

Investment Policy Benchmarks and Disclosures
As of June 30,2026
Total Fund Policy
Allocation Mandate
Jan-1979
Russell 3000 Index
MSCI EAFE Index
BofA Merrill Lynch Domestic Master Bond Index

·

All returns prior to 4/1/2008 provided by Merrill Lynch.

·

Mutual Fund Returns are Net of Fees.

·

Jul-2010
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index

·

Individual manager and allocation reports use actual client returns. The individual product
reviews use reported mutual fund returns provided by the Lipper database. Differences in
performance may occur due to cash flows into and out of the portfolios.
Europacific Growth Fund changed from R5 shares to R6 shares in July 2010.

Dec-2015
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
FTSE World Government Bond Index
NCREIF Fund Index-ODCE (EW)
Mar-2022
Russell 3000 Index
Total Equity Policy
MSCI AC World ex USA
Allocation
Blmbg. U.S.Mandate
Aggregate Index
Jan-1979
Bloomberg Global Aggregate
Russell
NCREIF3000
FundIndex
Index-ODCE (EW)
MSCI EAFE Index
Jul-2010
Russell 3000 Index
MSCI AC World ex USA

Page 61

Total Fixed Income Policy
Weight (%)
85.00
15.00

75.00
25.00

Allocation Mandate

Weight (%)

Jan-1976
BofA Merrill Lynch Domestic Master Bond Index

100.00

Jul-2010
Blmbg. U.S. Aggregate Index

100.00

Dec-2015
Blmbg. U.S. Aggregate Index
FTSE World Government Bond Index

80.00
20.00

Mar-2022
Blmbg. U.S. Aggregate Index
Bloomberg Global Aggregate

75.00
25.00

Page 132 of 135

Report Statistics
Definitions and Descriptions
Active Return
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
Distributed to Paid In (DPI)
Down Market Capture

- 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.
- 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.
- 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
Information Ratio
Public Market Equivalent (PME)
R-Squared
Return
Sharpe Ratio
Standard Deviation
Total Value to Paid In (TVPI)

- A measure of the standard deviation of a portfolio's performance relative to the risk free return.
- 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.
- 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.
- 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.
- Compounded rate of return for the period.
- 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.
- 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.
- 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

Page 62

- Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period.

- The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 133 of 135

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 [email protected]
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 taxexempt 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 63

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Access is everything.

1

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