The Docket · Government Meeting · DKT-2026-000993

On the agenda: Placer County meeting — Hyperscale (Mar 25)

Past ⚠ Agenda Watch Placer County, California · Wednesday, March 25, 2026 — 6 months ago

About this record

The published agenda for this March 25 meeting contains: "Hyperscale", "hyperscale", "data center". The meeting has passed; the record and its outcome live here permanently.

WhenWednesday, March 25, 2026
Check the agenda document for the meeting time.

WherePlacer County, California

Money$150,000 was at stake

On the record“Hyperscale”“hyperscale”“data center”

The agenda, word for word

Government public record — the full text of the published document, archived August 18, 2026. Gold highlighting of key terms is ours, not the original’s. Read the original document ↗

152 pages · scroll to read

Page 1 of 152

COMMITTEE:
Andrew Sisk, Auditor Controller
Tristan Butcher, Treasurer/Tax Collector
Daniel Vick, County Executive Officer Representative
Joe Ambrosini, Human Resources Director (Chair)
Lisa Doty, PPEO Representative
Travis Thornsberry, DSA Representative
Matt Bartholomew, Retiree Representative
VACANT, Alternate Retiree Representative
`

DEFERRED COMPENSATION COMMITTEE
March 25, 2026 | 1:30PM
REGULAR MEETING AGENDA

Placer County is committed to ensuring that persons with disabilities are provided the resources to participate fully in its public meetings.
If you are hearing impaired, we have listening devices available. If you require additional disability-related modifications or
accommodations, including auxiliary aids or services, please contact the Clerk. If requested, the agenda shall be provided in
appropriate alternative formats to persons with disabilities. All requests must be in writing and must be received by the Executive
Secretary five business days prior to the scheduled meeting for which you are requesting accommodation. Requests received after
such time will be accommodated only if time permits.

The Deferred Compensation Committee meeting is open to in-person attendance at the Human
Resources Department, 1st Floor Conference Room, 145 Fulweiler Avenue, Suite 200, Auburn, CA
95603. Citizens may also submit public comment in written form to the Committee Clerk. All
public comment received prior to 8:00AM the day of the meeting will be provided to Committee
members electronically or in written form. Emails received by the Clerk after 8:00AM the morning
of the meeting will become part of the official record and retained by the Clerk but will not be
disseminated to the Committee prior to the Committee’s action.
OPEN SESSION
Call to Order | 1:30 PM
Oath of Office | Jason Farren
Administered by Renju Jacob, Supervising Deputy County Counsel
Roll Call | Ronnie Smith
Public Comment:
Persons may address the Committee on items not on this agenda. Please limit comments to 3
minutes per person since the time allocated for Public Comment is 15 minutes. If all comments
cannot be heard within the 15-minute time limit, the Public Comment period will be taken up at
the end of the regular session. The Committee is not permitted to take any action on items
addressed under Public Comment.
1. Approval of Agenda | Regular Meeting, March 25, 2026
2. Approval of Minutes | Regular Meeting, December 17, 2025
CLOSED SESSION
Pursuant to the cited authority (all references to the Government Code), the deferred
Compensation Committee will hold a closed session to discuss the following listed item(s). A
report of any action taken will be presented prior to adjournment.
GOVERNMENT CODE §54957 – CYBERSECURITY
Receive a Presentation with Lincoln Financial

Page 2 of 152

Deferred Compensation Committee | Regular Meeting
March 25, 2026
Page 2

OPEN SESSION
3. Lincoln Financial Quarterly Program Update
Presenters: Ashley Campbell, Stephanie Rotenberger, Chad Parilla, Anne Cappel (Lincoln
Financial)
Receive a Quarterly Plan and Performance Review, Communication and Education Strategy
Update.
4. Fiduciary Consulting Group Quarterly Program Update
Presenters: Vincent Gallindo (Fiduciary Consulting Group)
Adopt the revised Deferred Compensation Committee Investment Policy Statement.
5. Committee Member Comments
6. Adjournment to the next Regularly Scheduled Meeting
2026 Regular Meeting Schedule
Fourth Wednesday Quarterly at 1:30 PM, except where potential holiday conflicts exist.
Wednesday, June 24, 2026 – 1:30PM
Wednesday, September 23, 2026 – 1:30PM
Wednesday, December 16, 2026 - 1:30PM (adjusted due to Christmas holiday)
Location
Human Resources Department,
1st Floor Conference Room
145 Fulweiler Avenue, Suite 200
Auburn, CA 95603

Page 3 of 152

COMMITTEE:
Andrew Sisk, Auditor Controller
Tristan Butcher, Treasurer/Tax Collector
Daniel Vick, County Executive Officer Designee
Joe Ambrosini, Human Resources Director (Chair)
Lisa Doty, PPEO Representative
Travis Thornsberry, DSA Representative
Matt Bartholomew, Retiree Representative
VACANT, Alternate Retiree Representative
`

DEFERRED COMPENSATION COMMITTEE
December 17, 2025 | 1:30PM
REGULAR MEETING MINUTES

The Deferred Compensation Committee meeting is open to in-person attendance at the Human
Resources Department, 1st Floor Conference Room, 145 Fulweiler Avenue, Suite 200, Auburn, CA
95603. Citizens may also submit public comment in written form to the Committee Clerk. All
public comment received prior to 8:00AM the day of the meeting will be provided to Committee
members electronically or in written form. Emails received by the Clerk after 8:00AM the morning
of the meeting will become part of the official record and retained by the Clerk but will not be
disseminated to the Committee prior to the Committee’s action.
OPEN SESSION
Call to Order | 1:30 PM
Roll Call | Ronnie Smith
Members Present | Butcher, Vick, Ambrosini, Doty, Thornsberry, Batholomew
Members Absent: Sisk (arrived late)
Staff Present | Renju Jacob, Nicole Lopez, Wendy Brodnick, Chris Barton, Amy Pearson, Ronnie
Smith
Public Comment:
Persons may address the Committee on items not on this agenda. Please limit comments to 3
minutes per person since the time allocated for Public Comment is 15 minutes. If all comments
cannot be heard within the 15-minute time limit, the Public Comment period will be taken up at
the end of the regular session. The Committee is not permitted to take any action on items
addressed under Public Comment.
1. Approval of Agenda | Regular Meeting, December 17, 2025
Motion: Butcher / Vick / Unanimous 6:0
Ayes:
, Butcher, Vick, Ambrosini, Doty, Thornsberry, Bartholomew
Absent: Sisk
No public comment
2. Approval of Minutes | Regular Meeting, September 24, 2025
Motion: Butcher / Doty / Approved 5:0:1
Ayes: Butcher, Vick, Ambrosini, Doty, Bartholomew
Abstained: Thornsberry

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Deferred Compensation Committee | Regular Meeting
December 17, 2025
Page 2

Absent: Sisk
No public comment
3. 2026 Calendar
Approve the 2026 calendar.
Motion: Doty / Butcher / Unanimous 6:0
Ayes:
Butcher, Vick, Ambrosini, Doty, Thornsberry, Bartholomew
Absent: Sisk
No public comment
4. Lincoln Financial Quarterly Program Update
Presenters: Ashley Campbell, Stephanie Rotenberger, Chad Parilla (Lincoln Financial)
Receive a Quarterly Plan and Performance Review, Communication and Education Strategy
Update.
The Committee received a report on the second quarter service level guarantee, noting two
failures. Processing accuracy was 98.6% due to one rollover (money-in) error; all impacted
participants were made whole. Timeliness was 98.3%, with one distribution processed on the
second business day due to increased volume following the Juneteenth holiday closure.
An update on SECURE Act 2.0 was provided. It was discussed that the high-income threshold
has increased to $150,000 in FICA wages. Beginning in 2026, individuals earning $150,000 or
more in 2025 will be required to make catch-up contributions on a Roth basis. This applies to
participants age 50+ and those eligible for enhanced catch-up (ages 60–63). It was noted that
this will be administered through payroll, with coordination ongoing with Workday, and that
Lincoln will support monitoring and employee communications. The County will identify
impacted employees in January 2026.
The Committee reviewed third quarter plan statistics. Total combined assets for the 457 and
401(k) plans were approximately $333.9 million, reflecting an increase of approximately $15
million from the prior quarter. Employee rollovers into the plan totaled approximately $2.4 million,
significantly higher than the prior quarter, attributed to increased employee engagement and
education. Demographic data was also presented.
For the 457 plan, assets totaled approximately $135 million with 869 active contributors and 166
distributions. For the 401(k) plan, assets totaled approximately $198 million with 1,251 active
contributors, 190 distributions, 15 new loans, and 151 outstanding loans; one loan default was
reported due to employee separation.
It was noted that target date funds remain the primary investment option across both plans,
with consistent contribution trends and continued utilization of stable value funds among
participants nearing or in retirement. Lincoln will continue to support implementation efforts and
enhance future reporting materials.
The Committee received an update on third quarter participant engagement and education
efforts. It was reported that 122 one-on-one meetings were conducted, along with new hire
orientations, a lunch-and-learn session, an annual account review campaign, and distribution
of quarterly statements and financial wellness newsletters.

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Deferred Compensation Committee | Regular Meeting
December 17, 2025
Page 3

It was discussed that participant engagement has increased significantly, with strong demand
for both on-site and virtual meetings, particularly following targeted outreach and benefit fairs.
Increased interest was noted among employees nearing retirement. Due to high demand,
additional support staff was added, and one-on-one engagement has more than doubled
compared to the prior year.
The Committee reviewed web utilization metrics, noting stable or improved participation,
including increases in email addresses and beneficiary designations. It was noted that
beneficiary participation remains an area of focus, with continued efforts to improve
awareness.
An overview of the financial wellness program indicated growing use of the Wellness Path tool,
with participant behaviors generally in line with or better than benchmarks. It was noted that
emergency savings and insurance preparedness remain lower areas of performance.
The Committee also reviewed communication efforts, noting that most 2025 initiatives have
been completed and planning for 2026 is underway, with a continued focus on targeted
education and financial wellness.
Mr. Ambrosini went on record to note that Mr. Sisk had joined the meeting early during item 1.
5. Fiduciary Consulting Group Quarterly Program Update
Presenter: Vincent Gallindo (Fiduciary Consulting Group)
Receive a Quarterly Performance Report.
The Committee received a quarterly performance report from Fiduciary Consulting Group. The
consultant introduced their role and provided an overview of market conditions, noting strong
investment returns in 2025 despite signs of economic softening, including slowing consumer
spending, rising credit usage, and modest increases in inflation and unemployment. It was
noted that market performance has been supported by lower interest rates and strong equity
performance in both U.S. and international markets.
The Committee reviewed plan performance for the 457 and 401(k) plans, with total assets
approaching $350 million. Overall performance was positive, and the plans were reported to be
in good condition. Most investment options are performing as expected; however, two actively
managed funds were identified as underperforming relative to benchmarks and peers over a
five-year period and may warrant further review.
Plan fees, including investment, advisory, and recordkeeping costs, were also reviewed. It was
noted that fees are reasonable but remain an important fiduciary focus, with continued
monitoring for cost efficiency.
An initial investment menu review was presented, identifying several potential fund changes
and lower-cost alternatives. Proposed updates are expected to reduce overall investment
expenses, with estimated annual savings to participants. The Committee expressed
appreciation for the analysis and level of detail provided.
6. Self-Directed Brokerage Accounts

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Deferred Compensation Committee | Regular Meeting
December 17, 2025
Page 4

Presenters: Nicole Lopez (Assistant Director of Human Resources), Vincent Galindo (Fiduciary
Consulting Group)
Receive a report and provide direction.
Motion: Bartholomew / Butcher / Unanimous 7:0
Ayes:
Sisk, Butcher, Vick, Ambrosini, Doty, Thornsberry, Bartholomew
No comment
The Committee received a report on self-directed brokerage accounts (SDBAs) and potential
expansion of investment options. It was discussed that participants have expressed interest in
broader investment access, including exchange-traded funds (ETFs). Staff, in coordination
with the consultant and recordkeeper, evaluated options and recommended expanding the
SDBA to allow a wider range of investments, including mutual funds, equities, bonds, and ETFs,
while excluding limited partnerships and securities issuing K-1s due to administrative
complexity. It was noted that expanding access aligns with industry trends and maintains
fiduciary protections, as participants assume responsibility for investment decisions within the
brokerage account. Following discussion, the Committee approved expanding SDBA
investment options as recommended.
7. Plan Account Expense Fund
Presenter: Vincent Galindo (Fiduciary Consulting Group)
Receive a report and take action regarding the establishment of a Plan Account Expense
Fund.
Motion: Vick / Thornsberry / Unanimous 7:0
Ayes:
Sisk, Butcher, Vick, Ambrosini, Doty, Thornsberry, Bartholomew
No comment
The Committee then considered the plan account expense fund and the use of fee savings
resulting from reduced advisory costs. It was explained that the fee reduction creates an option
to either pass savings on to participants or retain a portion in a plan expense account to cover
administrative costs such as training, plan administration, and related expenses. It was noted that
maintaining such a fund would require additional administrative oversight. Following discussion,
the Committee approved passing the fee savings through to participants rather than retaining
the additional funds.
8. Committee Member Comments
The meeting concluded with no additional Committee member comments.
9. Adjournment to the next Regularly Scheduled Meeting | TIME: 3:09
The meeting was adjourned to the next regularly scheduled meeting.
2026 Regular Meeting Schedule
Fourth Wednesday Quarterly at 1:30 PM, except where potential holiday conflicts exist.
Wednesday, March 25, 2026 - 1:30PM

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Deferred Compensation Committee | Regular Meeting
December 17, 2025
Page 5

Wednesday, June 24, 2026 - 1:30PM
Wednesday, September 23, 2026 - 1:30PM
Wednesday, December 16, 2026 - 1:30PM (adjusted due to Holiday)
Location
Human Resources Department,
1st Floor Conference Room
145 Fulweiler Avenue, Suite 200
Auburn, CA 95603

Page 8 of 152

County of Placer
Plan Review as of: December 31, 2025
Meeting Date: March 25, 2026

Insurance products issued by:
The Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
LCN-6402119-021424

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Experience personal support from your team

Ashley Campbell
Senior Relationship
Manager

LCN-6402119-021424

Marcella Klosterman Stephanie Rotenberger
Account Manager

Communication Consultant

Plan sponsor use only.

Chad Parilla

Retirement Consultant

Matt Goodman
Executive Sponsor

Page 10 of 152

Agenda

01
02
03
04

LCN-6402119-021424

Lincoln Updates
Mandatory SECURE 2.0 Update
Plan Statistics & Demographics
Communication & Education

Plan sponsor use only.

Page 11 of 152

Lincoln update

LCN-6402119-021424

Plan sponsor use only.

Page 12 of 152

Service-level guarantees
For Retirement
County of Placer

As of 9/30/2025

Standard

Service benchmark

Actual Performance

Pass/Fail

100% accuracy

98.8%

Fail

100% accuracy

100%

Pass

Proposed fees placed at risk

Processing accuracy
Payroll contributions
Contract exchange/rollover
Enrollment
New loan issuance
Withdrawals and distributions
(includes hardship)
Participant statement accuracy

$1,000 quarterly if the standard
is not met with 99% of
transactions
$1,000 quarterly if standard is
not met 99% of the time

Timeliness
Conversion timeliness

Participant statement mailing
Investment of funds received
(includes payroll contributions
and contract exchange/rollover)

We will guarantee that we will go live within 3
business days of receipt of all data in good
order.
100% of statements mailed within 10 business
days after quarter end.

no volume

$5,000 per implementation

100%

Pass

Processed same day money received if received
before 4:00 p.m. ET and all associated data is in
good order.

100%

Pass

Processed within 2 business days
following confirmation that it is in good
order.

100%

Pass

Mailed next business day following
transaction settlement.

100%

Pass

$1,000 quarterly if standard is
not met 99% of the time
$1,000 quarterly if the standard
is not met with 99% of
transactions

Enrollment
New loan issuance
Withdrawals and distributions
(includes hardship)
Participant
confirmation statement
mailing

$1,000 quarterly if the standard
is not met with 99% of
transactions
$1,000 quarterly if the standard
is not met with 99% of
transactions
5

Page 13 of 152

Service-level guarantees
For Retirement
County of Placer

As of 9/30/2025

Standard

Service benchmark

Actual Performance

Pass/Fail

Proposed fees placed at risk

Customer service
C S R hours of availability

8:00 a.m. - 8:00 p.m. ET, Monday through
Friday pursuant to the NYSE schedule.

Call abandon rate

<3%

0.0%

Pass

$1,000 quarterly

First call resolution

95%

100%

Pass

$1,000 quarterly

Call answering speed

85% within 20 seconds

93.3%

Pass

$1,000 quarterly

IVR availability

99% excluding regularly scheduled maintenance.

100%

Pass

$1,000 quarterly

Internet availability

99% excluding regularly scheduled maintenance.

100%

Pass

$1,000 quarterly

Pass

$1,000 quarterly

Compliance and Reporting
Quarterly plan report

Quarterly plan reviews within 45 days after
quarter end- 100% of the time.

Complete

Pass

$1,000 quarterly

Annual audit kit

10 business days after request is received.

Complete

Pass

$5,000 annually

Form 5500

Within 6 months of plan year-end and upon receipt
of all applicable information in good order.

Complete

$5,000 annually

Nondiscrimination testing

Within 6 weeks of receiving plan year-end
information in good order.

Complete

$5,000 annually

Total penalty will not exceed 10% of annual recordkeeping fees each calendar year.

Page 14 of 152

2025 Service level guarantee
Quarter

Pass/Fail

Results

1st Quarter

• Fail

Processing Accuracy 97.8%:
• Transactions: 89
• Total Misses: 2
• Category: Distribution sent in error, state tax
error.
Timeliness Accuracy: 98.6%
• Transactions: 70
• Total Misses: 1
• Category: processed 1 distribution on day 3.

2nd Quarter

• Fail

Processing Accuracy 98.6%:
• Transactions: 69
• Total Misses: 1
• Category: Rollover/Money In processing error.
Timeliness Accuracy: 98.3%
• Transactions: 60
• Total Misses: 1
• Category: processed 1 distribution on day 3
due to Juneteenth Holiday with high volume.

LCN-6402119-021424

Plan sponsor use only.

Page 15 of 152

2025 Service level guarantee
Quarter

Pass/Fail

Results

3rd Quarter

• Fail

Processing Accuracy 98.8%:
• Transactions: 84
• Total Misses: 1
• Category: Duplicate rollover into Lincoln,
keyed twice.

LCN-6402119-021424

Plan sponsor use only.

Page 16 of 152

SECURE 2.0 Act
§603 Roth Catch-up for High Earners
• Effective January 1, 2026, highly paid individuals (HPIs) must make
catch-up contributions as Roth.
• This is a lookback determination, which means status for 2026 will be
based on the Federal Insurance Contributions Act (FICA) wages in 2025.
• An individual that made $150,000 or more in FICA wages in 2025, is
considered an HPI for 2026.
• This is a payroll functionality. Lincoln will work closely with Placer
County payroll to ensure compliance in 4Q 2025 - 1Q 2026.

LCN-6402119-021424

Plan sponsor use only.

Page 17 of 152

Plan statistics and
demographics
Executive Summary
Deferred Compensation Plan PLC-001 457(b) &
Retirement Accumulation Plan PLC-002 401(k)

LCN-6402119-021424

Plan sponsor use only.

Page 18 of 152

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Participation by Age Range

Age Range

% Participation by
Age Range

Less than 25

53.3%

25 - 29.99

43.2%

30 - 34.99

48.6%

35 - 39.99

54.0%

40 - 44.99

58.8%

45 - 49.99

64.8%

50 - 54.99

67.6%

55 - 59.99

71.2%

60 - 64.99

59.9%

65 and Older

46.2%

LCN-6402119-021424

Plan sponsor use only.

Page 20 of 152

Participation by Department

Department
Air Pollution Control District Department
Assessor Department
Auditor-Controller Department
Child Support Services Department
Clerk-Recorder-Registrar Department
Community Development Resource Agency Department
County Counsel Department
County Executive Office
Department of Agriculture Parks and Natural Resources
Department of General Services
Department of Public Works
District Attorney Department
Health and Human Services Department
Human Resources Department
Information Technology Department
Library Department
Local Agency Formation Commission Department
Probation Department
Sheriffs Office
Treasurer-Tax Collector Department
Western Placer Waste Management Authority

LCN-6402119-021424

% Participation by
Department
58.8%
75.3%
65.5%
35.1%
62.0%
62.0%
69.2%
64.9%
62.2%
57.1%
60.9%
64.1%
53.8%
65.5%
67.0%
24.1%
100.0%
64.2%
57.5%
62.8%
63.2%

Plan sponsor use only.

Page 21 of 152

Participation by Labor Unit

% Participation by Labor Unit
90.0%
80.0%

Labor Unit

% Participation by Labor Unit

70.0%

BOS

40.0%

60.0%

CONF

56.3%

DDAA

60.9%

50.0%

DSA

59.3%

LEMA

59.3%

MNGT

79.7%

PPEO

54.6%

PPOA

66.1%

UNCL

66.7%

LCN-6402119-021424

40.0%
30.0%
20.0%
10.0%
0.0%

BOS

CONF

Plan sponsor use only.

DDAA

DSA

LEMA

MNGT

PPEO

PPOA

UNCL

Page 22 of 152

Participation by Annual Salary

% Participation by Annual Salary Range
90.0%

Annual Salary Range

% Participation

80.0%

$0 to $49.9K

28.0%

$50Kto $59.9K

35.1%

$60Kto $69.9K

44.8%

$70Kto $79.9K

53.9%

50.0%

$80Kto $89.9K

57.5%

40.0%

$90Kto $99.9K

61.2%

$100Kto $109.9K

62.7%

$110Kto $119.9K

64.2%

$120Kto $129.9K

65.9%

$130Kto $139.9K

72.8%

$140Kto $149.9K

68.3%

$150Kor More

79.8%

LCN-6402119-021424

70.0%
60.0%

30.0%
20.0%
10.0%
0.0%

$0 to $50Kto $60Kto $70Kto $80Kto $90Kto $100Kto $110Kto $120Kto $130Kto $140Kto $150Kor
$49.9K $59.9K $69.9K $79.9K $89.9K $99.9K $109.9K $119.9K $129.9K $139.9K $149.9K More

Plan sponsor use only.

Page 23 of 152

Plan statistics and
demographics
Deferred Compensation Plan 457(b) PLC-001

LCN-6402119-021424

Plan sponsor use only.

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Plan statistics and
demographics
Retirement Accumulation Plan 401(k) PLC-002

LCN-6402119-021424

Plan sponsor use only.

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County of Placer
Communication &
Education update 4Q-2025
Stephanie Rotenberger, Sr. Communication Consultant
March 25, 2026
Not a deposit
Not FDIC-insured
Not insured by any federal
government agency
Not guaranteed by any bank
or savings association
May go down in value

Insurance products issued by:
The Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York

Page 38 of 152

Agenda

1. 4Q-2025 Activity summary
2. Retirement Consultant update
3. Web utilization by plan
4. Financial Wellness
5. 2025 & 2026 Communication &
Education strategies

Page 39 of 152

4Q-2025 Activity Summary
Virtual/In Person

Digital

373 RC meetings in 2025
18 Group meetings in 2025

Cybersecurity email and flyer

Lunch & Learn – October 22nd
Managing Healthcare Expenses in Retirement
12 attended (plus HR team)

National Retirement Security Month email (October)

New hire orientation meetings

Web registration & E-delivery campaign (November)
2026 IRS limits flyer
2026 Roth Mandatory catch-up flyer

Page 40 of 152

Retirement Consultant update
December 31, 2025

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Web Utilization (457(b) Plan)
December 31, 2025
Active Participants
Web Registration
Active Participants
Email address on file
Participants with a beneficiary
on file
Participants with enabled biometrics
Web Engagement:
Total logins = 1,655
Unique logins = 290

762
78.4%
780
80.3%
363
37.4%
149
19.6%
Top Pages:
My investments = 463
My Target = 244
Forms = 118
34

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Web Utilization (401(k) Plan)
December 31, 2025
Active Participants
Web Registration
Active Participants
Email address on file
Participants with a beneficiary
on file
Participants with enabled biometrics
Web Engagement:
Total logins = 2,145
Unique logins = 404

1,246
76.5%
1,275
78.3%
558
34.3%
183
14.7%
Top Pages:
My investments = 463
My Target = 326
My Info = 121
35

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WellnessPATH® Workforce Snapshot
vs Benchmarks

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WellnessPATH® Marketplace update
Topics of interest

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2025 communication and education campaign calendar
First quarter

Second quarter

Third quarter

Fourth quarter

Annual review (45 days prior to birthday), Separated from Service, WellnessPATH® engagement
Quarterly: Wellness Connections e-newsletter, webinars, quarterly statements
9 Enrollment campaign – 2
emails and flyer (Januarycompleted)
9 Financial Wellness flyer
9 Asset Consolidation campaign*
9 Black History Month
special program

9 Beneficiary flyer

9 Account Review campaign*

9 Cybersecurity flyer and email

9 Beneficiary campaign and
online overlay*

9 Quarterly Lunch & Learn –
Managing Debt (July 16)

9 National Retirement Security
Month (NRSM) campaign*

9 Quarterly Lunch & Learn –
Demystifying Social Security
(May 7 – 16 attendees)

9 National Hispanic Heritage
Month (NHHM) program

9 Quarterly Lunch & Learn –
Managing Healthcare
Expenses in Retirement
(October 22)

9 Roth/Save More campaign
(June)

9 Web Registration and eDelivery
campaign*
9 IRS 2026 limits flyer
9 2026 Roth mandatory catch-up
flyer

*Core campaigns
38
© 2026 Lincoln National Corporation

Page 46 of 152

2026 communication and education campaign calendar
First quarter

Second quarter

Third quarter

Fourth quarter

Welcome journey, annual review, separated from service, WellnessPATH® engagement, Marketplace engagement
Quarterly: Milestones e-Newsletter, webinars, statements
9 New year Wellness campaign*
9 Brokerage expanded offer
communication (targeted to those
active in the brokerage option)
9 Quarterly new hire email
9 Asset consolidation campaign*
9 Tax season campaign including
webinar on February 5*

Lunch & Learn (April 22 – Take
Charge of Uncertainty)
Quarterly new hire enrollment email
Beneficiary / trust & will campaign*
Save More communication (targeted
–age-based (20-34; 35-49; 50+)

Lunch & Learn (July 15 – Asset
Allocation, Diversification, and
Rebalancing)
Quarterly new hire enrollment email
Web registration / eDelivery
campaign*

National Retirement Security Month/
Cybersecurity campaign*
Lunch & Learn (October 14 –
Managing Healthcare Expenses in
Retirement)
Quarterly new hire enrollment email
2027 IRS limits flyer

9 Lunch & Learn (February 11 –
Budgeting)
9 Generational learning flyers

*Core campaigns

Lincoln Alliance campaign calendar flyer
© 2026 Lincoln National Corporation

Page 47 of 152

DISCLOSURES
The mutual fund-based programs include services provided by Lincoln Retirement Services Company, LLC and Lincoln Financial Group Trust
Company, Inc. with wholesale marketing and distribution services provided by Lincoln Financial Distributors, Inc. (LFD), a wholesale broker-dealer
(member FINRA). All entities listed are affiliates of Lincoln Financial Group, the marketing name for Lincoln National Corporation. Unaffiliated
broker-dealers also may provide services to customers. Account values are subject to fluctuation, including loss of principal.
Lincoln Financial affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax,
accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.
This material is provided by The Lincoln National Life Insurance Company, Fort Wayne, IN, and, in New York, Lincoln Life & Annuity Company of
New York, Syracuse, NY, and their applicable affiliates (collectively referred to as “Lincoln”). This material is intended for general use with the
public. Lincoln does not provide investment advice, and this material is not intended to provide investment advice. The Lincoln National Life
Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Lincoln has financial interests that are
served by the sale of Lincoln programs, products, and services.
Retirement consultants are Lincoln Financial employees and registered representatives of Simplicity Investments, Member FINRA/SIPC, 475
Springfield Ave, Summit, NJ, 07901, 303-797-9080. Retirement consultants do not provide tax or legal advice.
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Page 49 of 152

Fiduciary Consulting Group

Placer County
457 Deferred Compensation and 401(k) Plans

December 31, 2025 Performance Report

For institutional use only, not for public distribution. Fiduciary Consulting Group is a separate business unit within Morgan Stanley Institutional Investment Advisors LLC.

Page 50 of 152

Table Of Contents
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8

Market Overview
Plan Overview
Plan Review - 457 Deferred Compensation Plan
Plan Review - 401(k) Plan
Fund Review
Fee Review - 457 Deferred Compensation Plan
Fee Review - 401(k) Plan
Fund Attributions

Page 51 of 152

Section 1 | Market Overview

Page 52 of 152

Q4 2025 | Economic Review
GDP

The U.S. economy expanded 4.3% on an annualized basis in the third quarter of 2025, according to the U.S.
Bureau of Economic Analysis. Third quarter growth was broad-based, as strong consumer spending was
further supported by an increase in exports, higher levels of government spending, and continued business
investment in AI-related initiatives.

JOBS

Labor market conditions remained in flux over the fourth quarter. The government shutdown led to increased
volatility heading into year-end, while the availability of employment data was also impacted. December’s
unemployment rate of 4.4%, coupled with rising underemployment rates and softening wage growth, reaffirms
generally weaker labor market conditions relative to the beginning of the year.

FED POLICY

In the fourth quarter, the Fed lowered interest rates, electing at its December meeting to reduce the Federal
Funds Rate by a quarter of a point (current range: 3.50%-3.75%). Fed officials currently anticipate cutting
interest rates 1-2 times over the course of calendar year 2026.

INFLATION

Measures of inflation stabilized somewhat over the fourth quarter (December CPI-U: 2.6%), as rising energy
prices were offset by declining growth in food and services costs.

Q3 2025 GDP

4.3%

December Inflation Rate

vs. 2.7%

10-year quarterly average
(annualized)

2.6%

vs. 3.1%

10-year quarterly average
(annualized)

December Unemployment Rate

4.4%

vs. 4.6%

10-year quarterly average
(annualized)

1. Source: Federal Reserve Bank of St. Louis, Bureau of Labor Statistics, Bloomberg, and the Bureau of Economic Analysis.
2. Data as of December 31, 2025, unless otherwise noted.
3. Inflation measured as CPI-U (Consumer Price Index – All Urban Consumers). CRC 5130524 01/2026

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Q4 2025 | Global Financial Markets
Performance Review


Despite increased volatility coming off the back of strong second and third quarter performance and amidst a government shutdown,
domestic equity markets ended the fourth quarter with positive returns.



Fixed income markets also ended the year positively, as higher income levels and relatively stable yields contributed to performance.



International equity markets capped 2025 with a strong fourth quarter and posted their best calendar year return since 2009,
following the Global Financial Crisis.



Persistent headwinds in the global real estate industry led to underperformance from the sector over the quarter and year.
INDEX
Capital Preservation
(US 3-Month T-Bill Index)
U.S. Fixed Income
(Bloomberg US Agg Bond Index)
International Fixed Income
(Bloomberg Global Agg Ex USD Bond Index)
U.S. Large Cap Equity
(S&P 500 Index)
U.S. Small Cap Equity
(Russell 2000 Index)
International Equity
(MSCI ACWI Ex USA Index)
Global Real Estate
(FTSE EPRA/NAREIT Developed Index)

3- Month

Year-to-Date

12-Month

3-Year*

5-Year*

0.97

4.29

4.99

3.41

1.10

7.30

4.66

(0.36)

(0.47)

8.85

3.29

(3.59)

2.66

17.88

23.01

14.42

2.19

12.81

13.73

6.09

5.05

32.39

17.33

7.91

(0.73)

9.58

6.65

2.76

1. Source: Morningstar Direct. Data as of December 31, 2025.
2. *Annualized returns. Past performance is no guarantee of future results. CRC 5130524 01/2026

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Q4 2025 | Domestic Equity Market Highlights
U.S. Equity Markets
U.S. equity markets posted a third consecutive quarter of
growth (S&P 500 Index 2.7%). Smaller capitalization
companies also advanced (Russell 2000 Index 2.2%), as
investors were buoyed by macroeconomic results and
accommodative fiscal and monetary policy.



Market gains were broad based, with 9 of 11 sectors
experiencing positive returns over the past three months.



Healthcare companies led the market higher as leadership
expanded beyond technology stocks (Healthcare 11.7%).



8.0
6.0
4.0

Growth (%)



Figure 1. Equity Market Growth

2.0
0.0
-2.0
-4.0

Rate sensitive sectors (Real Estates -2.9%; Utilities -1.4%)
underperformed amidst a backup in yields towards the end
of the quarter.

-6.0
Oct-25

Nov-25
S&P 500 Index

Index

Healthcare
Communication Services
Financials
Energy
Information Technology
Materials
Industrials
Consumer Discretionary
Consumer Staples
Utilities
Real Estate
0.0

Russell 2000 Index

Figure 3. U.S. Equity Indices, Trailing Performance

Figure 2. S&P 500 Sector Returns

-5.0

Dec-25

5.0

10.0

QTR

1 yr.

3 yrs.

5 yrs.

S&P 500

2.7%

17.9%

23.0%

14.4%

10 yrs.
14.8%

Russell 1000 Value

3.8%

15.9%

13.9%

11.3%

10.5%

Russell 1000 Growth

1.1%

18.6%

31.2%

15.3%

18.1%

Russell Mid Cap

0.2%

10.6%

14.4%

8.7%

11.0%

Russell Mid Cap Value

1.4%

11.0%

12.3%

9.8%

Russell Mid Cap Growth

-3.7%

8.7%

18.6%

6.6%

12.5%

Russell 2000

2.2%

12.8%

13.7%

6.1%

9.6%

Russell 2000 Value

3.3%

12.6%

11.7%

8.9%

9.3%

Russell 2000 Growth

1.2%

13.0%

15.6%

3.2%

9.6%

Russell 3000

2.4%

17.1%

22.2%

13.1%

14.3%

DJ US Select REIT

-0.8%

3.7%

8.5%

6.7%

4.8%

15.0

1. Source: Morningstar Direct. Data as of December 31, 2025. Quarterly returns (%) listed above. Past performance is no guarantee of future results. CRC 5130524 01/2026

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Q4 2025 | International Equity Market Highlights
Figure 4. Int’l Equity Indices, Trailing Performance

International Equity Markets






Index (US$)

International equity markets ended 2025 with a fourth consecutive
quarterly gain (MSCI ACWI ex USA Index 5.1%).
Over the last three months, returns were relatively balanced
across both developed (MSCI EAFE 4.9%) and emerging markets
(MSCI EM 4.7%).
Despite buoyant global equity markets, Chinese equities (MSCI
China -7.4%) struggled amidst a sputtering domestic economy.
While the US dollar was relatively stable over the fourth quarter, it
experienced its worst calendar year in nearly a decade as
concerns over the trajectory of US debt weighed on market
participants.

Figure 5. Foreign Currency Returns Against US Dollar

QTR

1 yr.

3 yrs.

5 yrs.

10 yrs.

MSCI ACWI ex-US

5.1%

32.4%

17.3%

7.9%

8.4%

MSCI EAFE

4.9%

31.2%

17.2%

8.9%

8.2%

Europe

6.2%

35.4%

18.2%

10.3%

8.5%

United Kingdom

7.0%

35.1%

18.4%

13.3%

7.8%

Germany

2.6%

36.3%

22.7%

8.6%

7.6%

France

3.4%

28.4%

13.9%

8.9%

9.0%

Pacific

2.2%

23.3%

15.0%

6.3%

7.5%

Japan

3.2%

24.6%

17.5%

6.6%

7.6%

Hong Kong

2.2%

34.8%

4.8%

1.0%

4.7%

Australia

-1.0%

14.7%

10.1%

6.7%

8.1%

Canada

7.7%

36.5%

20.8%

14.1%

12.0%

MSCI EM

4.7%

33.6%

16.4%

4.2%

8.4%

MSCI EM Latin America

8.2%

54.8%

14.8%

8.7%

8.8%

MSCI EM Asia

4.5%

32.1%

16.8%

3.6%

8.9%

MSCI EM Eur/Mid East

-0.2%

17.7%

11.2%

1.9%

4.7%

MSCI ACWI Value ex-US

7.6%

39.5%

20.2%

11.9%

8.7%

MSCI ACWI Growth ex-US

2.6%

25.7%

14.6%

4.0%

7.9%

MSCI ACWI Sm Cap ex-US

3.0%

29.3%

15.6%

6.9%

8.1%

15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
British Pound

Canadian Dollar
Quarter

Euro
1 Year

Japanese Yen

Mexican Peso

3 Year (Cumulative)

1. Source: Morningstar Direct, Bloomberg. Data as of December 31, 2025. Past performance is no guarantee of future results. CRC 5130524 01/2026

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Q4 2025 | Global Fixed Income
Figure 6. Key Fixed Income Indicators

Global Fixed Income

1 Yr Ago

3 Yr Ago

U.S. Federal Funds Eff. Rate

3.6%

5.2%

4.3%

U.S. 10-Year Treasury Yield

4.2%

4.6%

3.9%

Fixed income sectors with less interest rate sensitivity (e.g.
mortgage bonds, high yield bonds, etc.) outperformed over the
quarter, while longer-dated bonds generally struggled.

U.S. 30-Year Treasury Yield

4.8%

4.0%

AA Corporate Spread

49 bp

48 bp

77 bp

International bond market returns were disparate, as emerging
market issuers performed strongly, while developed issuers,
particularly in Asian markets, continued to underperform.

BB Corporate Spread

169 bp

186 bp

308 bp

CCC/Below Corporate Spread

885 bp

746 bp

1170bp

10-Year Breakeven Inflation

2.3%

Figure 7. Fixed Income Indices, Trailing Performance
1.0%

4.2%

4.9%

3.3%

Bloomberg US Aggregate

1.1%

7.3%

4.7%

-0.4%

Bloomberg Short US Treasury

1.0%

4.3%

4.9%

Bloomberg Int. US Treasury

1.2%

6.5%

4.4%

0.6%

Bloomberg Long US Treasury

0.0%

5.6%

0.6%

-7.2%

Bloomberg US TIPS

0.1%

7.0%

4.2%

1.1%

Bloomberg US Credit

0.9%

7.8%

6.0%

0.0%

Bloomberg US Mortgage-Backed

1.7%

8.6%

4.9%

0.1%

Bloomberg US High Yield

1.3%

8.6%

10.1%

4.5%

Bloomberg Global

0.2%

8.2%

4.0%

-2.1%

Bloomberg International

-0.5%

8.8%

3.3%

-3.6%

Bloomberg Emerging Market

2.4%

11.1%

8.9%

1.5%

4.7%

4.50%

3.1%

4.2%
3.9%

4.00%

3.9%
3.7%
3.6% 3.6%
3.6%

3.50% 3.5%

3.7%

4.2%

3.9%

3.7%

3.6%

3.5%

Sep-25

Dec-25

3.00%

1. Source: Morningstar Direct, Bloomberg, Federal Reserve Bank of St. Louis. Data as of December 31, 2025. CRC 5130524 01/2026

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30YR

90-Day T-Bill

5.00%

20YR

5 yrs.

10YR

3 yrs.

7YR

1 yr.

5YR

QTR

3YR

Index

Figure 8. U.S. Treasury Yield Curve

2YR



Current

1YR



Index

Bond markets advanced over the fourth quarter of the year
(Bloomberg US Aggregate 1.1%), as accommodative monetary
policy and higher starting yields largely offset a steepening of the
Treasury yield curve.

3 Mo



Page 57 of 152

Q4 2025 | Long-Term Stock Market Returns
Figure 9. S&P 500 Index (Long-Term Rolling Returns)
Rolling 10-Year Total Return; Price Return Shown for Years Prior to 1946)

25.0

Return (%)

20.0
+1 Std. Dev.

15.0
10.0
5.0

-1 Std. Dev.

0.0
-5.0
-10.0
1940

1950

1960

1970

1980

1990

2000

2010

2020

Strong market performance over calendar year 2025 continued to push longer-term trailing returns for the S&P 500
Index above its historical average (14.8% vs. 10.3%).
Source: Morningstar Direct. Data as of December 31, 2025. CRC 5130524 01/2026

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Q4 2025 | Domestic v. International Equity Performance
Figure 10. MSCI USA v. MSCI ACWI ex-USA
Relative Calendar Year Performance (1990 to 2025)
40%

Domestic Outperformance

Relative Performance

30%
20%
10%
0%
-10%
-15%

-20%

International Outperformance

-30%
1990

1995

2000

2005

2010

2015

2020

2025

Despite advancing 17% in 2025, the MSCI USA trailed the MSCI ACWI ex-USA by its largest margin since 2009, as
attractive valuations abroad, a relatively weak US dollar, and uncertainty regarding domestic economic policy
contributed to a broad rotation into international equities. Prior to 2025, domestic equities had outperformed
international counterparts in twelve of the last fifteen calendar years.
1. Relative performance for each calendar year calculated by subtracting the MSCI ACWI ex-USA return from that of the MSCI USA. Positive values denote domestic outperformance, while negative values denote international outperformance.
2. Source: Morgan Stanley Wealth Management GIO, Bloomberg. CRC 5130524 01/2026

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Q4 2025 | Economic Recovery Distribution
Figure 12. Share of Financial Assets by Wealth Percentile

7,000

100

3.0%

36%

8,000

35%

2.9%

5,000
4,000

3,000

Top 1% Share

6,000

S&P 500

University of Michigan
Consumer Sentiment Index

120

34%
2.8%
33%
2.7%
32%

2,000
20
0

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24

University of Michigan Consumer Sentiment Index

2.6%

31%

1,000
0

30%

Dec-25

Dec-19

Dec-20

Dec-21

Dec-22

Top 1%

S&P 500

Bottom 50 Share

Figure 11. Consumer Sentiment v. S&P 500

Dec-23

Dec-24

2.5%

Dec-25

Bottom 50%

While the S&P 500 concluded 2025 near record highs, consumers ended the year with widespread pessimism about
personal finances, as well as current and future economic conditions. At the same time, the gap between financial
asset ownership between the Top 1% and Bottom 50% continued to widen, suggesting the asset-driven economic
recovery has been disproportionately top-heavy.
1. In the context of the Federal Reserve’s Distributional Financial Accounts (DFAs), financial assets typically encompass liquid or investment-oriented holdings, including but not limited to: corporate equities (stocks), mutual fund shares, bonds
and other debt securities, cash and deposits, and other financial claims (e.g., life insurance reserves, pension entitlements, etc.).
2. Source: Federal Reserve Economic Data. CRC 5130524 01/2026

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Q4 2025 | Capital Expenditures & AI Adoption
Figure 13. Capital Expenditure (as % of GDP)

Figure 14. AI Adoption Rate (U.S. Businesses w/ >250 Employees)

Late 1990s Tech Boom (1996 to 2003) v. Present

November 2023 to November 2025

2.0%

25%

20%

1.5%

15%
1.0%
10%
0.5%

0.0%

0%
2023

1996/ 1997/ 1998/ 1999/ 2000/ 2001/ 2002/ 2003/
2021 2022 2023 2024 2025 2026 2027 2028
Telecom Companies (Late 1990s Tech Boom)
Hyperscaler Companies (Present)

2024
Actual Adoption

2025
Expected Adoption

Current capital expenditure by hyperscaler companies has outpaced those of telecommunication companies in the
late 1990s, with spending among the former expected to account for 1.7% of GDP in 2027. Meanwhile, adoption of
artificial intelligence among medium-sized and larger U.S. businesses has consistently lagged expectations, with only
13% of firms currently incorporating it into the production of goods and services.
1. Hyperscaler companies refer to firms that operate large-scale cloud computing infrastructure, providing highly scalable computing, storage, and networking resources through extensive, globally distributed data centers. Some of the largest
operators within the industry include Amazon, Alphabet, Microsoft, Meta, and Oracle.
2. Source: Morgan Stanley Wealth Management GIO, Apollo Global Management, BCA Research, U.S. Census Bureau. CRC 5130524 01/2026

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Page 61 of 152

Q4 2025 | Historical Market Returns
2010

2011

2012

Small Cap
26.9%

Core Real
Estate
15.0

Emerging
Markets
18.2%

Mid Cap
25.5%

TIPS
13.6%

Emerging
Markets
18.9%

2013

2014

2015

2016

2017

2018

Small Cap
38.8%

Large Cap
13.7%

Core Real
Estate
14.0%

Small Cap
21.3%

Emerging
Markets
37.3%

Core Real
Estate
7.4%

2019

2020

2021

2022

Large Cap
31.5%

Small Cap
20.0%

Large Cap
28.7%

Commod.
16.1%

Mid Cap
17.3%

Mid Cap
34.8%

Mid Cap
13.2%

Large Cap
1.4%

High Yield
17.1%

Intl
27.2%

Cash
1.7%

Mid Cap
30.5%

Large Cap
18.4%

Commod.
27.1%

US Bonds
7.8%

Intl
16.8%

Large Cap
32.4%

Core Real
Estate
11.4%

US Bonds
0.6%

Mid Cap
13.8%

Large Cap
21.8%

US Bonds
0.0%

Small Cap
25.5%

Emerging
Markets
18.3%

Commod.
16.8%

Global
Bonds 5.6%

Small Cap
16.4%

Intl
15.3%

US Bonds
6.0%

Cash
0.0%

Large Cap
12.0%

Mid Cap
18.5%

Global
Bonds
-1.2%

Intl
21.5%

Core Real
Estate
15.3%

High Yield
5.0%

Large Cap
16.0%

Global
Balanced
14.5%

Small Cap
4.9%

TIPS
-1.4%

Commod.
11.8%

Global
Balanced
15.9%

TIPS
-1.3%

High Yield
15.1%

Large Cap
2.1%

High Yield
15.8%

Core Real
Estate
13.0%

TIPS
3.6%

Global
Balanced
-1.5%

Emerging
Markets
11.2%

Small Cap
14.7%

Large Cap
15.1%

Cash
0.1%

Global
Balanced
11.1%

High Yield
7.4%

Global
Balanced
3.2%

Mid Cap
-2.4%

Core Real
Estate
7.8%

Intl
11.2%

Global
Balanced
-1.0%

Core Real
Estate
9.8%

Cash
0.1%

High Yield
2.5%

Global
Bonds
-3.2%

Global
Balanced
9.4%

Mid Cap
-1.6%

TIPS
7.0%

US Bonds
-2.0%

Global
Bonds
0.6%

US Bonds
6.5%

Small Cap
-4.2%

Global
Bonds
4.3%

Global
Bonds
-2.6%

TIPS
6.3%

Commod.
-13.3%

US Bonds
4.2%

Global
Bonds 5.5%

Intl
-13.7%

Cash
0.2%

Emerging
Markets
-18.4%

2023

2024

2025

4Q25

Large Cap
26.3%

Large Cap
25.0%

Emerging
Markets
33.6%

Commod.
5.9%

Core Real
Estate
6.5%

Mid Cap
17.2%

Mid Cap
15.3%

Intl
32.4%

Intl
5.1%

Mid Cap
22.6%

Cash
2.1%

Small Cap
16.9%

Small Cap
11.5%

Large Cap
17.9%

Emerging
Markets
4.7%

Mid Cap
17.1%

Core Real
Estate
21.1%

High Yield
-11.2%

Global
Balanced
16.4%

Global
Balanced
10.6%

Commod.
15.8%

Large Cap
2.7%

Global
Balanced
18.9%

Global
Balanced
13.9%

Small Cap
14.8%

TIPS
-11.9%

Intl
15.6%

High Yield
8.2%

Global
Balanced
15.7%

Small Cap
2.2%

High Yield
-2.1%

Emerging
Markets
18.4%

TIPS
11.0%

Global
Balanced
10.9%

US Bonds
-13.0%

High Yield
13.5%

Emerging
Markets
7.5%

Small Cap
12.8%

Global
Balanced
2.0%

High Yield
7.5%

Large Cap
-4.4%

High Yield
14.3%

Intl
10.7%

Intl
7.8%

Intl
-16.0%

Emerging
Markets
9.8%

Intl
5.5%

Mid Cap
10.6%

High Yield
1.3%

Global
Balanced
5.4%

Global
Bonds
7.4%

Global
Balanced
-5.3%

US Bonds
8.7%

Global
Bonds
9.2%

TIPS
6.0%

Global
Bonds
-16.3%

Global
Bonds
5.7%

Commod.
5.4%

High Yield
8.6%

US Bonds
1.1%

Small Cap
-4.4%

TIPS
4.7%

Core Real
Estate
6.7%

Mid Cap
-9.1%

TIPS
8.4%

US Bonds
7.5%

High Yield
5.3%

Global
Balanced
-16.4%

US Bonds
5.5%

Cash
5.2%

Global
Bonds
8.2%

Cash
1.0%

Cash
0.0%

High Yield
-4.5%

Intl
4.5%

US Bonds
3.5%

Small Cap
-11.0%

Commod.
7.7%

High Yield
7.1%

Cash
0.1%

Mid Cap
-17.3%

Cash
5.3%

TIPS
1.8%

US Bonds
7.3%

Core Real
Estate
0.7%

Emerging
Markets
-2.6%

Emerging
Markets
-2.2%

Intl
-5.7%

US Bonds
2.7%

TIPS
3.0%

Commod.
-11.3%

Global
Bonds
6.8%

Cash
0.4%

US Bonds
-1.5%

Large Cap
-18.1%

TIPS
3.9%

US Bonds
1.3%

TIPS
7.0%

Global
Bonds
0.2%

Cash
0.1%

TIPS
-8.6%

Intl
-3.9%

Emerging
Markets
-14.9%

Global
Bonds
2.1%

Commod.
1.7%

Intl
-14.2%

Core Real
Estate
4.4%

Core Real
Estate
0.4%

Emerging
Markets
-2.5%

Emerging
Markets
-20.1%

Commod.
-7.9%

Global
Bonds
-1.7%

Cash
4.2%

Mid Cap
0.2%

Commod.
-1.1%

Commod.
-9.5%

Commod.
-17.0%

Commod.
-24.6%

Cash
0.3%

Cash
0.7%

Emerging
Markets
-14.6%

Cash
2.3%

Commod.
-3.1%

Global
Bonds
-4.7%

Small Cap
-20.4%

Core Real
Estate
-12.7%

Core Real
Estate
-2.3%

Core Real
Estate
2.9%

TIPS
0.1%

1. Source: Morningstar Direct. Data as of December 31, 2025. Global Balanced is composed of 60% MSCI World Stock Index, 35% Bloomberg Global Aggregate Bond Index, and 5% US 90-Day T-Bills. CRC 5130524 01/2026

FIDUCIARY CONSULTING GROUP

CONFIDENTIAL AND NOT FOR DISTRIBUTION

Page 62 of 152

Section 2 | Plan Overview

Page 63 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Overview
As of December 31, 2025

Market Value: $342,133,759

Fiduciary Consulting Group Contact
Vincent Galindo
Executive Director
[email protected]

Loans
0.55%
SDBA
0.73%
Specialty
0.20%
Asset Allocation
47.40%

Plan Notes
Fund:

The fund changes previously discussed are taking place soon. Lower
cost options recently became available which caused a slight delay in
implementation.

Governance:

Fiduciary Consulting Group will propose updates to the formal
governance documents over the next few quarters.

Vendor Mgmt:

A new Lincoln Relationship Manager will take over.

Fixed Income
12.79%

Large Cap
30.09%

Mid Cap
2.88%
Small Cap
2.47%
International
2.91%

Fund Notes
Fund Name

Fund Assets ($)

Allocation (%)

Invesco Diversified Dividend R6

3Q25

Watch Status

Quantitative

Reasoning

Trailing Benchmark and Peer Group for 5 year period.

Quarter Notes

Scheduled for replacement.

7,531,836

2.20

MFS Growth R6

3Q25

Quantitative

Trailing Benchmark and Peer Group for 5 year period.

Scheduled for replacement.

13,383,656

3.91

Recommendation

Page 64 of 152

Section 3 | Plan Review - 457 Deferred Compensation Plan

Page 65 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Cash Flow Summary
Beg Value (%)
of the Plan

Beg Value
$

Cash Flow
(+/-)

Gain/Loss

End Value (%)
of the Plan

End Value
$

Fixed Income

13.83

18,701,957

1,365

151,429

13.64

18,854,752

Large Cap

31.88

43,108,545

(894,646)

910,193

31.19

43,124,093

Mid Cap

3.91

5,289,873

(81,209)

(43,704)

3.74

5,164,960

Small Cap

3.26

4,407,576

(33,347)

178,812

3.29

4,553,042

International

2.93

3,964,237

(65,436)

218,795

2.98

4,117,596

Asset Allocation

42.75

57,806,062

978,420

1,543,553

43.63

60,328,034

Specialty

0.21

289,848

(47,702)

(6,910)

0.17

235,236

SDBA

1.22

1,647,064

196,019

35,859

1.36

1,878,942

Total

100.00

135,215,163

53,464

2,988,028

100.00

138,256,655

Plan Returns
2.54
2.21
2.01

1.48

1 Quarter
Total

40 Equity/60 Fixed

60 Equity/40 Fixed

80 Equity/20 Fixed

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly).
17

Page 66 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Asset-ID
Fixed Income
Lincoln Stable Value

Beg Balance $

Cash Flow
(+/-)

Gain/Loss

End Balance $

End Alloc %

18,701,957

1,365

151,429

18,854,752

13.64

16,291,485

65,443

118,467

16,475,395

11.92

307

7,195

592,254

0.43

Participants

Federated Government Ultrashort Duration R6

FGULX

583,304

1,754

Vanguard Inflation Protected Secs I

VIPIX

118,595

(20,037)

218

98,777

0.07

PIMCO Income Instl

PIMIX

555,193

(22,292)

13,888

546,788

0.40

Baird Aggregate Bond Inst

BAGIX

1,153,380

(23,504)

11,662

1,141,538

0.83

133

43,108,545

(894,646)

910,193

43,124,093

31.19

Large Cap
Vanguard 500 Index Adm

VFIAX

32,951,066

(781,870)

870,521

33,039,717

23.90

480

Invesco Diversified Dividend R6

LCEFX

2,758,422

(47,993)

90,866

2,801,295

2.03

132

MFS Growth R6

MFEKX

7,399,057

(64,783)

(51,193)

7,283,081

5.27

177

5,289,873

(81,209)

(43,704)

5,164,960

3.74

5,289,873

(81,209)

(43,704)

5,164,960

3.74

228

Mid Cap
Vanguard Mid Cap Index Adm

VIMAX

Small Cap

4,407,576

(33,347)

178,812

4,553,042

3.29

DFA US Small Cap Value I

DFSVX

2,888,859

(21,649)

96,794

2,964,004

2.14

132

PGIM Jennison Small Company R6

PJSQX

1,518,718

(11,698)

82,019

1,589,038

1.15

3,964,237

(65,436)

218,795

4,117,596

2.98

International
American Funds New World R6

RNWGX

427,029

39,989

18,516

485,535

0.35

American Funds Intl Gr&Inc R6

RIGGX

2,380,310

(47,491)

135,602

2,468,420

1.79

156

Vanguard Developed Markets Index Adm

VTMGX

1,156,899

(57,934)

64,677

1,163,642

0.84

57,806,062

978,420

1,543,553

60,328,034

43.63

Asset Allocation
American Funds American Balanced R6

RLBGX

4,662,981

(62,026)

181,720

4,782,674

3.46

148

Vanguard Target Retirement Income

VTINX

1,648,289

66,420

26,495

1,741,203

1.26

Vanguard Target Retirement 2020

VTWNX

2,458,725

81,265

41,330

2,581,320

1.87

Vanguard Target Retirement 2025

VTTVX

5,499,332

18,100

110,231

5,627,662

4.07

122

Vanguard Target Retirement 2030

VTHRX

7,453,750

228,506

174,199

7,856,455

5.68

174

Vanguard Target Retirement 2035

VTTHX

9,868,264

(2,071)

244,665

10,110,858

7.31

245

Vanguard Target Retirement 2040

VFORX

9,695,356

100,289

263,197

10,058,842

7.28

221

Vanguard Target Retirement 2045

VTIVX

6,217,880

150,834

180,626

6,549,340

4.74

209

Page 67 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Asset-ID

Beg Balance $

Cash Flow
(+/-)

Gain/Loss

End Balance $

End Alloc %

Participants

Vanguard Target Retirement 2050

VFIFX

4,505,952

61,566

138,892

4,706,410

3.40

160

Vanguard Target Retirement 2055

VFFVX

3,639,498

169,789

113,803

3,923,090

2.84

148

Vanguard Target Retirement 2060

VTTSX

1,761,208

101,165

55,432

1,917,805

1.39

Vanguard Target Retirement 2065

VLXVX

325,257

51,477

10,674

387,408

0.28

Vanguard Target Retirement 2070

VSVNX

69,572

13,105

2,290

84,967

0.06

289,848

(47,702)

(6,910)

235,236

0.17

289,848

(47,702)

(6,910)

235,236

0.17

1,647,064

196,019

35,859

1,878,942

1.36

1,647,064

196,019

35,859

1,878,942

1.36

135,215,163

53,464

2,988,028

138,256,655

100.00

Specialty
Vanguard Real Estate Index Adm
SDBA
Schwab Self Directed Brokerage Account
Total

VGSLX

Page 68 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Asset Allocation
Sep-2025

Dec-2025

Ending
Market Value $

Ending
Market Value %

Ending
Market Value $

Ending
Market Value %

Fixed Income

18,701,957

13.83

18,854,752

13.64

Large Cap

43,108,545

31.88

43,124,093

31.19

Mid Cap

5,289,873

3.91

5,164,960

3.74

Small Cap

4,407,576

3.26

4,553,042

3.29

International

3,964,237

2.93

4,117,596

2.98

Asset Allocation

57,806,062

42.75

60,328,034

43.63

Specialty

289,848

0.21

235,236

0.17

SDBA

1,647,064

1.22

1,878,942

1.36

Total

135,215,163

100.00

138,256,655

100.00

Cash Flow Summary
Sep-2025

Dec-2025

Participants

1,517

1,524

Calculated Return (%)

5.67

2.21

Cash Flow (+/-) $

(557,503)

53,464

Market Adjustment $

7,279,783

2,988,028

Fee Summary
Sep-2025

Dec-2025

Current %

Est Asset $

Current %

Est Asset $

Record Keeper Fees

0.030

40,565

0.030

41,477

Advisor Fees

0.050

67,608

0.030

41,477

Weighted Investment Fees

0.168

227,764

0.168

231,705

Page 69 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Historical Asset Allocation
100.0%

Fixed Income

80.0%

Large Cap
Mid Cap

60.0%

Small Cap
International

40.0%

Asset Allocation
Specialty

20.0%

SDBA

0.0%
Sep-2025

Dec-2025

Sep-2025

Dec-2025

Ending
Market Value $

Ending
Value %

Ending
Market Value $

Ending
Value %

Fixed Income

18,701,957

13.8

18,854,752

13.6

Large Cap

43,108,545

31.9

43,124,093

31.2

Mid Cap

5,289,873

3.9

5,164,960

3.7

Small Cap

4,407,576

3.3

4,553,042

3.3

International

3,964,237

2.9

4,117,596

3.0

Asset Allocation

57,806,062

42.8

60,328,034

43.6

289,848

0.2

235,236

0.2

SDBA

1,647,064

1.2

1,878,942

1.4

Total

135,215,163

100.0

138,256,655

100.0

Specialty

Page 70 of 152

Placer County | 457 Deferred Compensation Plan

Plan Review
As of December 31, 2025

Plan Value Over Time
174,300,000

149,400,000
138,256,655

135,215,163

124,500,000

99,600,000

74,700,000

49,800,000

24,900,000

0
Jul-2025 To Sep-2025

Beginning Market Value $

Oct-2025 To Dec-2025

Jul-2025 To Sep-2025

Oct-2025 To Dec-2025

128,492,884

135,215,163

Cash Flow (+/-) $

(557,503)

53,464

Market Adjustment $

7,279,783

2,988,028

Ending Market Value $

135,215,163

138,256,655

Participants

1,517

1,524

Average Participant Balance $

89,133

90,720

Page 71 of 152

Section 4 | Plan Review - 401(k) Plan

Page 72 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Cash Flow Summary
Beg Value (%)
of the Plan

Beg Value
$

Cash Flow
(+/-)

Gain/Loss

End Value (%)
of the Plan

End Value
$

Fixed Income

12.58

24,747,819

(48,767)

209,544

12.33

24,908,596

Large Cap

29.82

58,655,808

(219,622)

1,373,656

29.61

59,809,842

Mid Cap

2.40

4,715,549

(2,967)

(38,678)

2.31

4,673,904

Small Cap

1.89

3,724,529

(4,612)

165,582

1.92

3,885,498

International

2.72

5,351,916

189,547

305,879

2.89

5,847,342

Asset Allocation

50.04

98,410,353

847,876

2,569,027

50.41

101,827,256

Specialty

0.23

449,967

10,580

(10,984)

0.22

449,562

SDBA

0.31

614,281

11,804

(20,596)

0.30

605,489

Total

100.00

196,670,222

783,838

4,553,431

100.00

202,007,490

Plan Returns
2.54
2.32
2.01

1.48

1 Quarter
Total

40 Equity/60 Fixed

60 Equity/40 Fixed

80 Equity/20 Fixed

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly).
24

Page 73 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Asset-ID
Fixed Income
Lincoln Stable Value

Beg Balance $

Cash Flow
(+/-)

Gain/Loss

End Balance $

End Alloc %

24,747,819

(48,767)

209,544

24,908,596

12.22

19,606,037

(143,652)

142,567

19,604,952

9.62

446

15,684

1,289,156

0.63

Participants

Federated Government Ultrashort Duration R6

FGULX

1,272,234

1,238

Vanguard Inflation Protected Secs I

VIPIX

314,076

21,730

205

336,011

0.16

PIMCO Income Instl

PIMIX

929,581

51,716

24,331

1,005,628

0.49

Baird Aggregate Bond Inst

BAGIX

2,625,890

20,201

26,757

2,672,848

1.31

244

58,655,808

(219,622)

1,373,656

59,809,842

29.34

Large Cap
Vanguard 500 Index Adm

VFIAX

48,000,367

(284,401)

1,262,759

48,978,725

24.02

648

Invesco Diversified Dividend R6

LCEFX

4,594,941

(18,122)

153,722

4,730,541

2.32

191

MFS Growth R6

MFEKX

6,060,499

82,901

(42,825)

6,100,576

2.99

192

4,715,549

(2,967)

(38,678)

4,673,904

2.29

4,715,549

(2,967)

(38,678)

4,673,904

2.29

248

Mid Cap
Vanguard Mid Cap Index Adm

VIMAX

Small Cap

3,724,529

(4,612)

165,582

3,885,498

1.91

DFA US Small Cap Value I

DFSVX

1,798,821

(11,551)

60,792

1,848,062

0.91

115

PGIM Jennison Small Company R6

PJSQX

1,925,708

6,939

104,790

2,037,437

1.00

130

5,351,916

189,547

305,879

5,847,342

2.87

International
American Funds New World R6

RNWGX

556,279

11,448

23,623

591,350

0.29

American Funds Intl Gr&Inc R6

RIGGX

3,095,141

5,222

179,011

3,279,373

1.61

209

Vanguard Developed Markets Index Adm

VTMGX

1,700,496

172,878

103,246

1,976,619

0.97

129

98,410,353

847,876

2,569,027

101,827,256

49.95

185

Asset Allocation
American Funds American Balanced R6

RLBGX

5,146,373

(50,609)

200,440

5,296,203

2.60

Vanguard Target Retirement Income

VTINX

2,650,999

245,906

43,431

2,940,336

1.44

Vanguard Target Retirement 2020

VTWNX

3,985,722

149,212

67,442

4,202,376

2.06

118

Vanguard Target Retirement 2025

VTTVX

8,078,193

109,449

163,773

8,351,415

4.10

198

Vanguard Target Retirement 2030

VTHRX

15,318,132

(1,388,468)

329,345

14,259,010

6.99

331

Vanguard Target Retirement 2035

VTTHX

19,359,056

366,594

485,231

20,210,881

9.91

412

Vanguard Target Retirement 2040

VFORX

15,836,514

353,084

432,745

16,622,342

8.15

402

Vanguard Target Retirement 2045

VTIVX

11,108,597

653,965

325,610

12,088,172

5.93

398

Page 74 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Asset-ID

Beg Balance $

Cash Flow
(+/-)

Gain/Loss

End Balance $

End Alloc %

Participants

Vanguard Target Retirement 2050

VFIFX

8,479,734

224,468

261,328

8,965,530

4.40

335

Vanguard Target Retirement 2055

VFFVX

5,304,355

136,624

163,920

5,604,899

2.75

258

Vanguard Target Retirement 2060

VTTSX

2,516,789

(8,507)

76,033

2,584,316

1.27

155

Vanguard Target Retirement 2065

VLXVX

552,043

50,393

17,513

619,948

0.30

Vanguard Target Retirement 2070

VSVNX

73,845

5,764

2,217

81,827

0.04

449,967

10,580

(10,984)

449,562

0.22

449,967

10,580

(10,984)

449,562

0.22

614,281

11,804

(20,596)

605,489

0.30

614,281

11,804

(20,596)

605,489

0.30

1,998,913

(162,094)

32,796

1,869,614

0.92

1,998,913

(162,094)

32,796

1,869,614

0.92

198,669,134

621,744

4,586,226

203,877,104

100.00

Specialty
Vanguard Real Estate Index Adm
SDBA
Schwab Self Directed Brokerage Account
Loans
Participant Loans
Total

VGSLX

Page 75 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Asset Allocation
Sep-2025

Dec-2025

Ending
Market Value $

Ending
Market Value %

Ending
Market Value $

Ending
Market Value %

Fixed Income

24,747,819

12.58

24,908,596

12.33

Large Cap

58,655,808

29.82

59,809,842

29.61

Mid Cap

4,715,549

2.40

4,673,904

2.31

Small Cap

3,724,529

1.89

3,885,498

1.92

International

5,351,916

2.72

5,847,342

2.89

Asset Allocation

98,410,353

50.04

101,827,256

50.41

Specialty

449,967

0.23

449,562

0.22

SDBA

614,281

0.31

605,489

0.30

Total

196,670,222

100.00

202,007,490

100.00

Cash Flow Summary
Sep-2025

Dec-2025

Participants

2,473

2,490

Calculated Return (%)

5.71

2.32

Cash Flow (+/-) $

(1,280,231)

783,838

Market Adjustment $

10,684,816

4,553,431

Fee Summary
Sep-2025

Dec-2025

Current %

Est Asset $

Current %

Est Asset $

Record Keeper Fees

0.030

59,001

0.030

60,602

Advisor Fees

0.050

98,335

0.030

60,602

Weighted Investment Fees

0.150

294,796

0.149

301,830

Page 76 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Historical Asset Allocation
100.0%
Fixed Income
Large Cap

80.0%

Mid Cap
Small Cap

60.0%

International
Asset Allocation

40.0%

Specialty
SDBA

20.0%

Loans

0.0%
Sep-2025

Dec-2025

Sep-2025

Dec-2025

Ending
Market Value $

Ending
Value %

Ending
Market Value $

Ending
Value %

Fixed Income

24,747,819

12.5

24,908,596

12.2

Large Cap

58,655,808

29.5

59,809,842

29.3

Mid Cap

4,715,549

2.4

4,673,904

2.3

Small Cap

3,724,529

1.9

3,885,498

1.9

International

5,351,916

2.7

5,847,342

2.9

Asset Allocation

98,410,353

49.5

101,827,256

49.9

Specialty

449,967

0.2

449,562

0.2

SDBA

614,281

0.3

605,489

0.3

Loans

1,998,913

1.0

1,869,614

0.9

Total

198,669,134

100.0

203,877,104

100.0

Page 77 of 152

Placer County | 401(k) Plan

Plan Review
As of December 31, 2025

Plan Value Over Time
258,300,000

221,400,000
202,007,490

196,670,222

184,500,000

147,600,000

110,700,000

73,800,000

36,900,000

0
Jul-2025 To Sep-2025

Oct-2025 To Dec-2025

Jul-2025 To Sep-2025

Oct-2025 To Dec-2025

Beginning Market Value $

187,265,637

196,670,222

Cash Flow (+/-) $

(1,280,231)

783,838

Market Adjustment $

10,684,816

4,553,431

Ending Market Value $

196,670,222

202,007,490

Participants

2,473

2,490

Average Participant Balance $

79,527

81,128

Page 78 of 152

Section 5 | Fund Review

Page 79 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Manager Scorecard
As of December 31, 2025

Fund Name

Asset-ID Expense Ratio

Lincoln Stable Value

5 Year Return
Difference

0.40

5 Year
Watch Status
Percentile Rank

Qualitative
Factors

Quantitative Factors

Federated Government Ultrashort Duration R6

FGULX

0.24

0.13

PIMCO Income Instl

PIMIX

0.54

4.26

Baird Aggregate Bond Inst

BAGIX

0.30

0.24

Invesco Diversified Dividend R6

LCEFX

0.47

-0.23

3Q25

MFS Growth R6

MFEKX

0.49

-3.84

DFA US Small Cap Value I

DFSVX

0.31

4.88

PGIM Jennison Small Company R6

PJSQX

0.69

4.52

American Funds New World R6

RNWGX

0.57

1.42

American Funds Intl Gr&Inc R6

RIGGX

0.53

0.82

Fund Name

Asset-ID

Expense Ratio

5 Year Return
Difference

5 Year
Percentile Rank

Vanguard Inflation Protected Secs I

VIPIX

0.07

-0.07

Qualitative
Factors

Vanguard 500 Index Adm

VFIAX

0.04

-0.05

Vanguard Mid Cap Index Adm

VIMAX

0.05

-0.02

Vanguard Developed Markets Index Adm

VTMGX

0.05

1.21

Vanguard Real Estate Index Adm

VGSLX

0.13

-0.13

Watch Status

Quantitative Factors

Page 80 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Manager Scorecard
As of December 31, 2025

Qualitative
Factors

Quantitative
Factors

-0.17

0.08

-0.21

VTTVX

0.08

-0.27

VTHRX

0.08

-0.28

Fund Name

Asset-ID

Expense Ratio

5 Year Return
Difference

American Funds American Balanced R6

RLBGX

0.25

1.43

Vanguard Target Retirement Income

VTINX

0.08

Vanguard Target Retirement 2020

VTWNX

Vanguard Target Retirement 2025
Vanguard Target Retirement 2030

5 Year
Percentile Rank

Watch Status

Vanguard Target Retirement 2035

VTTHX

0.08

-0.26

Vanguard Target Retirement 2040

VFORX

0.08

-0.25

Vanguard Target Retirement 2045

VTIVX

0.08

-0.25

Vanguard Target Retirement 2050

VFIFX

0.08

-0.29

Vanguard Target Retirement 2055

VFFVX

0.08

-0.29

Vanguard Target Retirement 2060

VTTSX

0.08

-0.29

Vanguard Target Retirement 2065

VLXVX

0.08

-0.27

Vanguard Target Retirement 2070

VSVNX

0.08

Page 81 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance Review
Performance (%)
Lincoln Stable Value

QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

0.72

2.91

US T-Bill CMT 5 Year

0.90

3.92

4.04

3.18

2.45

4.13

4.07

3.00

0.85

0.54

1.96

+/- Index

(0.18)

(1.01)

(1.21)

1.23

5.11

5.30

3.25

2.32

5.68

5.13

0.45

0.06

1.39

2.16

IM U.S. GIC/Stable Value (SA+CF) Rank
Federated Government Ultrashort Duration R6
Blmbg. U.S. Short-term Government/Corporate Index

1.05

4.46

4.99

3.12

2.34

5.31

5.19

0.69

0.10

1.31

2.69

+/- Index

0.18

0.65

0.32

0.13

(0.02)

0.36

(0.06)

(0.24)

(0.04)

0.08

(0.53)

Vanguard Inflation Protected Secs I

0.14

6.98

4.21

1.06

3.01

1.86

3.85

(11.90)

5.72

11.05

8.18

Blmbg. U.S. TIPS Index

0.13

7.01

4.23

1.12

3.09

1.84

3.90

(11.85)

5.96

10.99

8.43

+/- Index

0.01

(0.03)

(0.02)

(0.07)

(0.08)

0.03

(0.05)

(0.06)

(0.24)

0.06

(0.25)

PIMCO Income Instl

2.54

11.04

8.57

3.89

5.09

5.42

9.32

(7.81)

2.61

5.80

8.05

Blmbg. U.S. Aggregate Index

1.10

7.30

4.66

(0.36)

2.01

1.25

5.53

(13.01)

(1.55)

7.51

8.72

+/- Index

1.44

3.74

3.90

4.26

3.08

4.17

3.79

5.20

4.15

(1.71)

(0.67)

Multisector Bond Rank

Baird Aggregate Bond Inst

1.01

7.36

5.19

(0.13)

2.43

1.85

6.43

(13.35)

(1.46)

8.63

9.48

Blmbg. U.S. Aggregate Index

1.10

7.30

4.66

(0.36)

2.01

1.25

5.53

(13.01)

(1.55)

7.51

8.72

+/- Index

(0.09)

0.06

0.52

0.24

0.42

0.60

0.90

(0.34)

0.09

1.12

0.76

Vanguard 500 Index Adm

2.64

17.83

22.96

14.38

14.78

24.97

26.24

(18.15)

28.66

18.37

31.46

S&P 500 Index

2.66

17.88

23.01

14.42

14.82

25.02

26.29

(18.11)

28.71

18.40

31.49

+/- Index

(0.01)

(0.05)

(0.04)

(0.05)

(0.04)

(0.03)

Ultrashort Bond Rank

Inflation-Protected Bond Rank

Intermediate Core Bond Rank

Large Blend Rank

Page 82 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance (%)
QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

Invesco Diversified Dividend R6

3.35

15.95

12.82

11.09

9.44

13.48

9.15

(1.31)

19.38

0.55

25.58

Russell 1000 Value Index

3.81

15.91

13.90

11.33

10.53

14.37

11.46

(7.54)

25.16

2.80

26.54

+/- Index

(0.46)

0.04

(1.07)

(0.23)

(1.09)

(0.89)

(2.31)

6.23

(5.78)

(2.25)

(0.96)

Large Value Rank
MFS Growth R6

(0.69)

12.41

26.38

11.48

15.73

31.79

36.25

(31.08)

23.76

31.74

37.81

Russell 1000 Growth Index

1.12

18.56

31.15

15.32

18.13

33.36

42.68

(29.14)

27.60

38.49

36.39

+/- Index

(1.82)

(6.15)

(4.77)

(3.84)

(2.39)

(1.57)

(6.43)

(1.94)

(3.84)

(6.76)

1.42

Vanguard Mid Cap Index Adm

(0.82)

11.67

14.27

8.60

10.91

15.22

15.98

(18.71)

24.51

18.24

31.03

Vanguard Spliced Mid Cap Index

(0.82)

11.70

14.30

8.62

10.94

15.25

15.98

(18.68)

24.52

18.24

31.09

+/- Index

(0.01)

(0.04)

(0.02)

(0.03)

0.00

(0.02)

(0.01)

0.00

(0.06)

Mid-Cap Blend Rank

DFA US Small Cap Value I

3.37

8.38

12.19

13.76

10.38

9.57

18.91

(3.52)

39.84

2.23

18.12

Russell 2000 Value Index

3.26

12.59

11.73

8.88

9.27

8.05

14.65

(14.48)

28.27

4.63

22.39

+/- Index

0.12

(4.21)

0.46

4.88

1.12

1.52

4.26

10.97

11.57

(2.40)

(4.27)

PGIM Jennison Small Company R6

5.44

7.39

11.16

7.70

10.97

14.18

12.02

(18.57)

29.54

27.72

28.99

Russell 2000 Growth Index

1.22

13.01

15.59

3.18

9.57

15.15

18.66

(26.36)

2.83

34.63

28.48

+/- Index

4.22

(5.62)

(4.42)

4.52

1.39

(0.98)

(6.63)

7.79

26.70

(6.91)

0.51

American Funds New World R6

4.25

28.60

16.90

5.62

9.92

6.88

16.22

(21.75)

5.13

25.30

28.03

MSCI Emerging Markets (Net)

4.73

33.57

16.40

4.20

8.42

7.50

9.83

(20.09)

(2.54)

18.31

18.42

+/- Index

(0.48)

(4.97)

0.50

1.42

1.51

(0.62)

6.40

(1.66)

7.67

6.99

9.61

Large Growth Rank

Small Value Rank

Small Growth Rank

Diversified Emerging Mkts Rank

Page 83 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance (%)
QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

American Funds Intl Gr&Inc R6

5.78

35.53

17.60

8.73

8.86

3.68

15.72

(15.16)

10.12

8.20

27.54

MSCI AC World ex USA (Net)

5.05

32.39

17.33

7.91

8.41

5.53

15.62

(16.00)

7.82

10.65

21.51

+/- Index

0.73

3.14

0.26

0.82

0.44

(1.85)

0.11

0.84

2.30

(2.45)

6.03

Foreign Large Blend Rank
Vanguard Developed Markets Index Adm

5.74

35.17

17.91

9.11

8.71

3.04

17.67

(15.32)

11.43

10.26

22.05

MSCI AC World ex USA (Net)

5.05

32.39

17.33

7.91

8.41

5.53

15.62

(16.00)

7.82

10.65

21.51

+/- Index

0.68

2.79

0.57

1.21

0.30

(2.49)

2.06

0.68

3.60

(0.39)

0.53

American Funds American Balanced R6

3.92

18.85

16.16

9.92

10.14

15.30

14.37

(11.83)

16.11

11.22

19.55

US Balanced Index

2.03

13.73

15.51

8.49

9.85

15.13

17.71

(15.91)

15.96

15.37

22.11

+/- Index

1.88

5.13

0.65

1.43

0.29

0.17

(3.34)

4.08

0.16

(4.15)

(2.55)

1.55

11.31

9.52

3.82

5.33

6.58

10.74

(12.74)

5.25

10.02

13.16

Foreign Large Blend Rank

Moderate Allocation Rank
Vanguard Target Retirement Income
Vanguard Target Income Composite Index

1.61

11.37

9.62

3.99

5.53

6.74

10.80

(12.44)

5.44

10.70

13.41

+/- Index

(0.06)

(0.07)

(0.10)

(0.17)

(0.20)

(0.17)

(0.06)

(0.30)

(0.19)

(0.69)

(0.25)

Morningstar Lifetime Mod Incm TR USD

1.60

11.91

9.77

4.55

5.82

7.38

10.07

(12.24)

7.62

10.56

13.27

+/- Index

(0.05)

(0.60)

(0.25)

(0.73)

(0.49)

(0.81)

0.67

(0.50)

(2.37)

(0.54)

(0.11)

Target-Date Retirement Rank
Vanguard Target Retirement 2020

1.63

12.15

10.78

4.77

6.87

7.75

12.51

(14.15)

8.17

12.04

17.63

Vanguard Target 2020 Composite Index

1.74

12.22

10.91

4.98

7.13

7.91

12.65

(13.77)

8.43

12.85

17.87

+/- Index

(0.11)

(0.07)

(0.12)

(0.21)

(0.25)

(0.16)

(0.14)

(0.38)

(0.26)

(0.81)

(0.24)

Morningstar Lifetime Mod 2020 TR USD

1.69

12.93

10.55

4.16

6.65

7.50

11.31

(16.77)

9.04

13.32

17.73

+/- Index

(0.06)

(0.78)

0.23

0.61

0.22

0.25

1.20

2.62

(0.87)

(1.28)

(0.10)

Target-Date 2020 Rank

Page 84 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance (%)
QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

Vanguard Target Retirement 2025

2.00

14.60

12.84

5.90

7.87

9.44

14.55

(15.55)

9.80

13.30

19.63

Vanguard Target 2025 Composite Index

2.13

14.65

12.98

6.17

8.17

9.63

14.74

(15.02)

10.09

14.19

19.93

+/- Index

(0.13)

(0.05)

(0.14)

(0.27)

(0.30)

(0.19)

(0.53)

(0.30)

(0.89)

(0.30)

Morningstar Lifetime Mod 2025 TR USD

1.79

13.72

11.26

4.56

7.19

7.97

12.15

(17.58)

10.10

13.67

19.36

+/- Index

0.20

0.88

1.58

1.35

0.69

1.47

2.40

2.03

(0.30)

(0.37)

0.26

Vanguard Target Retirement 2030

2.30

16.24

14.27

6.83

8.66

10.64

16.03

(16.27)

11.38

14.10

21.07

Vanguard Target 2030 Composite Index

2.43

16.28

14.42

7.11

8.96

10.82

16.26

(15.71)

11.66

14.98

21.34

+/- Index

(0.13)

(0.04)

(0.15)

(0.28)

(0.30)

(0.19)

(0.23)

(0.56)

(0.28)

(0.87)

(0.27)

Morningstar Lifetime Mod 2030 TR USD

1.95

14.79

12.29

5.35

7.93

8.83

13.33

(17.94)

11.69

13.69

21.24

+/- Index

0.35

1.45

1.98

1.48

0.72

1.81

2.70

1.67

(0.31)

0.41

(0.17)

Vanguard Target Retirement 2035

2.49

17.54

15.46

7.71

9.40

11.78

17.14

(16.62)

12.96

14.79

22.44

Vanguard Target 2035 Composite Index

2.62

17.54

15.59

7.97

9.70

11.90

17.43

(16.10)

13.24

15.67

22.76

Target-Date 2025 Rank

Target-Date 2030 Rank

+/- Index

(0.13)

0.00

(0.13)

(0.26)

(0.30)

(0.12)

(0.29)

(0.52)

(0.28)

(0.88)

(0.32)

Morningstar Lifetime Mod 2035 TR USD

2.20

16.27

13.73

6.57

8.83

10.18

14.84

(17.75)

13.63

13.38

23.04

+/- Index

0.30

1.27

1.73

1.14

0.56

1.61

2.30

1.13

(0.67)

1.41

(0.60)

2.69

18.76

16.63

8.57

10.13

12.88

18.34

(16.98)

14.56

15.47

23.86

Target-Date 2035 Rank
Vanguard Target Retirement 2040
Vanguard Target 2040 Composite Index

2.81

18.77

16.76

8.82

10.42

12.99

18.60

(16.51)

14.84

16.31

24.19

+/- Index

(0.12)

(0.02)

(0.13)

(0.25)

(0.29)

(0.11)

(0.26)

(0.47)

(0.28)

(0.84)

(0.33)

Morningstar Lifetime Mod 2040 TR USD

2.50

18.00

15.32

7.89

9.67

11.70

16.34

(17.37)

15.35

13.09

24.35

+/- Index

0.19

0.75

1.31

0.69

0.46

1.18

2.00

0.39

(0.80)

2.38

(0.49)

Target-Date 2040 Rank

Page 85 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance (%)
QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

Vanguard Target Retirement 2045

2.87

19.99

17.76

9.41

10.74

13.91

19.48

(17.36)

16.16

16.30

24.94

Vanguard Target 2045 Composite Index

3.00

20.00

17.92

9.66

11.03

14.08

19.77

(16.93)

16.45

17.02

25.37

+/- Index

(0.14)

(0.01)

(0.15)

(0.25)

(0.29)

(0.17)

(0.29)

(0.43)

(0.29)

(0.73)

(0.43)

Morningstar Lifetime Mod 2045 TR USD

2.78

19.54

16.56

8.85

10.22

12.86

17.39

(17.06)

16.36

12.95

24.97

+/- Index

0.08

0.46

1.20

0.56

0.52

1.05

2.10

(0.29)

(0.20)

3.35

(0.03)

Vanguard Target Retirement 2050

3.05

21.41

18.70

9.95

11.02

14.64

20.17

(17.46)

16.41

16.39

24.98

Vanguard Target 2050 Composite Index

3.19

21.47

18.92

10.24

11.34

14.92

20.48

(17.07)

16.75

17.17

25.37

+/- Index

(0.14)

(0.06)

(0.22)

(0.29)

(0.31)

(0.28)

(0.31)

(0.39)

(0.34)

(0.78)

(0.39)

Morningstar Lifetime Mod 2050 TR USD

2.97

20.52

17.20

9.30

10.45

13.36

17.85

(16.91)

16.60

12.91

25.09

+/- Index

0.08

0.89

1.50

0.65

0.57

1.28

2.32

(0.55)

(0.19)

3.48

(0.10)

Vanguard Target Retirement 2055

3.06

21.43

18.71

9.96

11.02

14.64

20.16

(17.46)

16.44

16.32

24.98

Vanguard Target 2055 Composite Index

3.21

21.49

18.93

10.25

11.34

14.92

20.48

(17.07)

16.75

17.17

25.37

Target-Date 2045 Rank

Target-Date 2050 Rank

+/- Index

(0.14)

(0.06)

(0.22)

(0.29)

(0.32)

(0.28)

(0.32)

(0.39)

(0.31)

(0.85)

(0.40)

Morningstar Lifetime Mod 2055 TR USD

3.05

20.96

17.36

9.36

10.48

13.33

17.90

(16.93)

16.50

12.91

25.05

+/- Index

0.01

0.47

1.35

0.60

0.54

1.31

2.26

(0.53)

(0.06)

3.41

(0.07)

3.06

21.42

18.71

9.96

11.02

14.63

20.18

(17.46)

16.44

16.32

24.96

Target-Date 2055 Rank
Vanguard Target Retirement 2060
Vanguard Target 2060 Composite Index

3.21

21.49

18.93

10.25

11.34

14.92

20.48

(17.07)

16.75

17.17

25.37

+/- Index

(0.15)

(0.08)

(0.22)

(0.29)

(0.32)

(0.29)

(0.30)

(0.39)

(0.31)

(0.85)

(0.42)

Morningstar Lifetime Mod 2060 TR USD

3.09

21.15

17.34

9.31

10.43

13.15

17.86

(16.98)

16.33

12.89

24.96

+/- Index

(0.03)

0.26

1.36

0.65

0.58

1.48

2.32

(0.48)

0.12

3.43

0.00

Target-Date 2060 Rank

Page 86 of 152

Placer County | 457 Deferred Compensation and 401(k) Plans

Plan Review
As of December 31, 2025

Performance (%)
QTR

YTD

1 Yr

3 Yr

5 Yr

10 Yr

2024

2023

2022

2021

2020

2019

Vanguard Target Retirement 2065

3.07

21.43

18.70

9.98

14.62

20.15

(17.39)

16.46

16.17

24.96

Vanguard Target 2065 Composite Index

3.21

21.49

18.93

10.25

14.92

20.48

(17.07)

16.75

17.17

25.37

+/- Index

(0.14)

(0.06)

(0.23)

(0.27)

(0.31)

(0.33)

(0.32)

(0.30)

(1.00)

(0.41)

Morningstar Lifetime Mod 2065 TR USD

3.11

21.29

17.28

9.22

10.30

12.92

17.78

(17.00)

16.10

12.88

24.74

+/- Index

(0.04)

0.14

1.42

0.75

1.70

2.37

(0.39)

0.35

3.29

0.22

Vanguard Target Retirement 2070

3.07

21.42

18.71

14.59

20.24

Vanguard Target 2070 Composite Index

3.21

21.49

18.93

14.92

20.48

+/- Index

(0.13)

(0.07)

(0.21)

(0.33)

(0.23)

Morningstar Lifetime Mod 2070 TR USD

3.14

21.25

18.38

9.71

11.26

14.07

19.95

(18.21)

17.17

16.99

26.11

+/- Index

(0.07)

0.17

0.33

0.52

0.30

Vanguard Real Estate Index Adm

(2.41)

3.19

6.58

4.64

5.14

4.92

11.81

(26.20)

40.40

(4.65)

28.94

Vanguard Spliced Real Estate Index

(2.39)

3.31

6.71

4.76

5.26

5.05

11.96

(26.12)

40.56

(4.55)

29.03

+/- Index

(0.02)

(0.11)

(0.13)

(0.11)

(0.13)

(0.15)

(0.08)

(0.16)

(0.10)

(0.09)

Target-Date 2065+ Rank

Real Estate Rank

Page 87 of 152

Section 6 | Fee Review - 457 Deferred Compensation Plan

Page 88 of 152

Placer County | 457 Deferred Compensation Plan

Plan Fee Analysis
As of December 31, 2025

Annualized Plan Cost
0.318%

0.265%

0.212%
Record Keeper Fees
Advisor Fees

0.171%

0.159%

0.170%

Weighted Investment Fees

0.106%

0.050%

0.053%

0.030%

Sep-2025

Dec-2025

0.000%

Sep-2025
(%)

Dec-2025
(%)

Total Plan Fees

0.251

0.230

Record Keeper Fees

0.030

Advisor Fees

0.050

0.030

Weighted Investment Fees

0.171

0.170

Page 89 of 152

Placer County | 457 Deferred Compensation Plan

Plan Fee Analysis
As of December 31, 2025

Asset-ID
Lincoln Stable Value

Market Value
As of 12/31/2025
$

Net
Expense Ratio
(%)

Net
Estimated Expense
$

16,475,395

0.400

65,902

Federated Government Ultrashort Duration R6

FGULX

592,254

0.240

1,421

Vanguard Inflation Protected Secs I

VIPIX

98,777

0.070

PIMCO Income Instl

PIMIX

546,788

0.540

2,953

Baird Aggregate Bond Inst

BAGIX

1,141,538

0.300

3,425

Vanguard 500 Index Adm

VFIAX

33,039,717

0.040

13,216

Invesco Diversified Dividend R6

LCEFX

2,801,295

0.470

13,166

MFS Growth R6

MFEKX

7,283,081

0.490

35,687

Vanguard Mid Cap Index Adm

VIMAX

5,164,960

0.050

2,582

DFA US Small Cap Value I

DFSVX

2,964,004

0.310

9,188

PGIM Jennison Small Company R6

PJSQX

1,589,038

0.690

10,964

American Funds New World R6

RNWGX

485,535

0.570

2,768

American Funds Intl Gr&Inc R6

RIGGX

2,468,420

0.530

13,083

Vanguard Developed Markets Index Adm

VTMGX

1,163,642

0.050

582

American Funds American Balanced R6

RLBGX

4,782,674

0.250

11,957

Vanguard Target Retirement Income

VTINX

1,741,203

0.080

1,393

Vanguard Target Retirement 2020

VTWNX

2,581,320

0.080

2,065

Vanguard Target Retirement 2025

VTTVX

5,627,662

0.080

4,502

Vanguard Target Retirement 2030

VTHRX

7,856,455

0.080

6,285

Vanguard Target Retirement 2035

VTTHX

10,110,858

0.080

8,089

Vanguard Target Retirement 2040

VFORX

10,058,842

0.080

8,047

Vanguard Target Retirement 2045

VTIVX

6,549,340

0.080

5,239

Vanguard Target Retirement 2050

VFIFX

4,706,410

0.080

3,765

Vanguard Target Retirement 2055

VFFVX

3,923,090

0.080

3,138

Vanguard Target Retirement 2060

VTTSX

1,917,805

0.080

1,534

Vanguard Target Retirement 2065

VLXVX

387,408

0.080

310

Vanguard Target Retirement 2070

VSVNX

84,967

0.080

Vanguard Real Estate Index Adm

VGSLX

235,236

0.130

306

136,377,713

0.170

231,705

Total
41

Page 90 of 152

Placer County | 457 Deferred Compensation Plan

Plan Fee Analysis
As of December 31, 2025

Plan Administration Cost (0.06%)
Rate
(%)

Annualized Charge
$

Quarterly Charge
$

Annual Per Participant Charge
$

Record Keeper Fees

0.030

40,913

10,228

Advisor Fees

0.030

40,913

10,228

All participants are charged an asset-based fee of 0.06% annually. Lincoln Financial Group fees are 0.03% and Fiduciary Consulting Group fees are 0.03% and is displayed above as record keeper fees and
advisor fees.

Page 91 of 152

Section 7 | Fee Review - 401(k) Plan

Page 92 of 152

Placer County | 401(k) Plan

Plan Fee Analysis
As of December 31, 2025

Annualized Plan Cost
0.294%

0.245%

0.196%
Record Keeper Fees
Advisor Fees

0.150%

0.147%

0.150%

Weighted Investment Fees

0.098%

0.050%

0.049%

0.030%

Sep-2025

Dec-2025

0.000%

Sep-2025
(%)

Dec-2025
(%)

Total Plan Fees

0.230

0.210

Record Keeper Fees

0.030

Advisor Fees

0.050

0.030

Weighted Investment Fees

0.150

Page 93 of 152

Placer County | 401(k) Plan

Plan Fee Analysis
As of December 31, 2025

Asset-ID
Lincoln Stable Value

Market Value
As of 12/31/2025
$

Net
Expense Ratio
(%)

Net
Estimated Expense
$

19,604,952

0.400

78,420

Federated Government Ultrashort Duration R6

FGULX

1,289,156

0.240

3,094

Vanguard Inflation Protected Secs I

VIPIX

336,011

0.070

235

PIMCO Income Instl

PIMIX

1,005,628

0.540

5,430

Baird Aggregate Bond Inst

BAGIX

2,672,848

0.300

8,019

Vanguard 500 Index Adm

VFIAX

48,978,725

0.040

19,591

Invesco Diversified Dividend R6

LCEFX

4,730,541

0.470

22,234

MFS Growth R6

MFEKX

6,100,576

0.490

29,893

Vanguard Mid Cap Index Adm

VIMAX

4,673,904

0.050

2,337

DFA US Small Cap Value I

DFSVX

1,848,062

0.310

5,729

PGIM Jennison Small Company R6

PJSQX

2,037,437

0.690

14,058

American Funds New World R6

RNWGX

591,350

0.570

3,371

American Funds Intl Gr&Inc R6

RIGGX

3,279,373

0.530

17,381

Vanguard Developed Markets Index Adm

VTMGX

1,976,619

0.050

988

American Funds American Balanced R6

RLBGX

5,296,203

0.250

13,241

Vanguard Target Retirement Income

VTINX

2,940,336

0.080

2,352

Vanguard Target Retirement 2020

VTWNX

4,202,376

0.080

3,362

Vanguard Target Retirement 2025

VTTVX

8,351,415

0.080

6,681

Vanguard Target Retirement 2030

VTHRX

14,259,010

0.080

11,407

Vanguard Target Retirement 2035

VTTHX

20,210,881

0.080

16,169

Vanguard Target Retirement 2040

VFORX

16,622,342

0.080

13,298

Vanguard Target Retirement 2045

VTIVX

12,088,172

0.080

9,671

Vanguard Target Retirement 2050

VFIFX

8,965,530

0.080

7,172

Vanguard Target Retirement 2055

VFFVX

5,604,899

0.080

4,484

Vanguard Target Retirement 2060

VTTSX

2,584,316

0.080

2,067

Vanguard Target Retirement 2065

VLXVX

619,948

0.080

496

Vanguard Target Retirement 2070

VSVNX

81,827

0.080

Vanguard Real Estate Index Adm

VGSLX

449,562

0.130

584

201,402,001

0.150

301,830

Total
45

Page 94 of 152

Placer County | 401(k) Plan

Plan Fee Analysis
As of December 31, 2025

Plan Administration Cost (0.06%)
Rate
(%)

Annualized Charge
$

Quarterly Charge
$

Annual Per Participant Charge
$

Record Keeper Fees

0.030

60,421

15,105

Advisor Fees

0.030

60,421

15,105

Page 95 of 152

Section 8 | Fund Attributions

Page 96 of 152

Federated Hermes Govt Ultrashort R6

As of December 31, 2025
Peer Group: Ultrashort Bond

Benchmark: Blmbg. U.S. Short-term Government/Corporate Index
Fund Investment Policy

Fund Information
Federated Hermes Govt Ultrashort R6

Portfolio Manager

Hill,S/O'Connell,L

PM Tenure

28 Years 5 Months

Fund Style

Ultrashort Bond

Fund Family

The investment seeks current income.
The fund's overall strategy is to invest in a portfolio of U.S. government securities and U.S. government agency securities (including mortgage-backed
securities issued or guaranteed by U.S. government-sponsored enterprises (GSEs)) with an overall dollar-weighted average duration of one year or less.
Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Within the one-year duration constraint, the Adviser will
seek to lengthen or shorten portfolio duration based on its interest rate outlook.

Federated

Ticker

FGULX

Fund Inception

03/29/2016

Fund Assets

$2,304 Million

Net Expense(%)

0.24 %

Median Expense(%)

Trailing Performance

0.35

Fund Characteristics As of 12/31/2025
Avg. Coupon

4.85 %

Avg. Effective Maturity

2.97 Years

Avg. Effective Duration

0.76 Years

Avg. Credit Quality

AAA

Yield To Maturity

4.28 %

SEC Yield

QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

1.23

5.11

5.30

3.25

2.83

2.32

2.50

0.24

08/01/1997

Benchmark

1.05

4.46

4.99

3.12

2.80

2.34

Excess

0.18

0.65

0.32

0.13

0.03

-0.02

Calendar Year Performance
2024

2023

2022

2021

2020

2019

2018

Manager

5.68

5.13

0.45

0.06

1.39

2.16

1.90

Benchmark

5.31

5.19

0.69

0.10

1.31

2.69

1.99

Excess

0.36

-0.06

-0.24

-0.04

0.08

-0.53

-0.09

Quality Allocation As of 12/31/2025
Fund Information

AAA

2023

2022

2021

2020

2019

2018

2017

1,003 Million

659 Million

1,085 Million

1,029 Million

1,130 Million

856 Million

751 Million

128 Million

142 Million

113 Million

70 Million

96 Million

33 Million

12 Million

193

202

221

247

223

194

202

Fund Information

Fund Assets (all share classes)

BBB

Portfolio Assets

Total Number of Holdings

B
Below B
Not Rated
0.0%
Fund

50.0%

100.0%

150.0%

Peer Avg

Data Source Morningstar

Page 97 of 152

Federated Hermes Govt Ultrashort R6

As of December 31, 2025
Peer Group: Ultrashort Bond

Benchmark: Blmbg. U.S. Short-term Government/Corporate Index
Maturity Distribution As of 12/31/2025

Asset Allocation As of 12/31/2025

Under 1 Year
1 to 3 Years
3 to 5 Years

36.1%

5 to 7 Years
7 to 10 Years
10 to 15 Years

63.9%

15 to 20 Years
20 to 30 Years
Over 30 Years
0.0%
Fund

20.0%

40.0%

60.0%

80.0%

Peer Avg

Fixed Income Sector Allocation As of 12/31/2025

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Fixed Income Regional Allocation As of 12/31/2025

Government
Gov.-Related
Muni-Taxable
Muni-Tax Adv.
Bank Loan
Convertible
Corp. Bond
Preferred
Agency MBS
Non-Agency MBS
CMBS
Covered Bond
ABS
Cash Equiv
Swaps
Futures/Forwards
Options/Warrants

United States
Canada
Latin America
United Kingdom
Eurozone
Europe Ex Euro
Europe Emerging
Africa
Middle East
Japan
Australasia
Asia Developed
Asia Emerging
Not Classified

0.0%
Fund

US Stock

15.0%

30.0%

45.0%

60.0%

0.0%

75.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 98 of 152

Vanguard Inflation-Protected Secs I

As of December 31, 2025
Peer Group: Inflation-Protected Bond

Benchmark: Blmbg. U.S. TIPS Index
Fund Investment Policy

Fund Information
Vanguard Inflation-Protected Secs I

Portfolio Manager

Madziyire,J

PM Tenure

4 Years 1 Month

Fund Style

Inflation-Protected Bond

Fund Family

Vanguard

Ticker

VIPIX

Fund Inception

The investment seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.
The fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and
corporations. It may invest in bonds of any maturity; however, its dollar-weighted average maturity is generally expected to be in the range of 7 to 20
years. At a minimum, all bonds purchased by the fund will be rated investment-grade or, if unrated, will be considered by the advisor to be
investment-grade.

12/12/2003

Fund Assets

$27,657 Million

Net Expense(%)

0.07 %

Median Expense(%)

0.65

Fund Characteristics As of 12/31/2025
Avg. Coupon

1.29 %

Avg. Effective Maturity

7.1 Years

Avg. Effective Duration

6.41 Years

Avg. Credit Quality

AAA

Yield To Maturity

3.85 %

SEC Yield

1.61 %

Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date
07/01/2000

Manager

0.14

6.98

4.21

1.06

3.43

3.01

4.58

0.07

Benchmark

0.13

7.01

4.23

1.12

3.50

3.09

4.68

Excess

0.01

-0.03

-0.02

-0.07

-0.08

-0.11

Calendar Year Performance
Manager

2024

2023

2022

2021

2020

2019

2018

1.86

3.85

-11.90

5.72

11.05

8.18

-1.40

Benchmark

1.84

3.90

-11.85

5.96

10.99

8.43

-1.26

Excess

0.03

-0.05

-0.06

-0.24

0.06

-0.25

-0.14

Quality Allocation As of 12/31/2025
Fund Information

AAA
AA

2023

2022

2021

2020

2019

2018

2017

Fund Information

Fund Assets (all share classes)

27,811 Million

32,100 Million

40,459 Million

34,697 Million

28,840 Million

27,041 Million

27,656 Million

BBB

Portfolio Assets

11,369 Million

12,033 Million

14,253 Million

12,423 Million

10,629 Million

9,838 Million

9,675 Million

Total Number of Holdings

B
Below B
Not Rated
0.0%
Fund

50.0%

100.0%

150.0%

Peer Avg

Data Source Morningstar

Page 99 of 152

Vanguard Inflation-Protected Secs I

As of December 31, 2025
Peer Group: Inflation-Protected Bond

Benchmark: Blmbg. U.S. TIPS Index
Maturity Distribution As of 12/31/2025

Asset Allocation As of 12/31/2025

Under 1 Year

0.0%

1 to 3 Years
3 to 5 Years
5 to 7 Years
7 to 10 Years
10 to 15 Years
15 to 20 Years
20 to 30 Years

100.0%

Over 30 Years
0.0%
Fund

10.0%

20.0%

30.0%

40.0%

50.0%

Peer Avg

Fixed Income Sector Allocation As of 12/31/2025

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Fixed Income Regional Allocation As of 12/31/2025

Government
Gov.-Related
Muni-Taxable
Muni-Tax Adv.
Bank Loan
Convertible
Corp. Bond
Preferred
Agency MBS
Non-Agency MBS
CMBS
Covered Bond
ABS
Cash Equiv
Swaps
Futures/Forwards
Options/Warrants

United States
Canada
Latin America
United Kingdom
Eurozone
Europe Ex Euro
Europe Emerging
Africa
Middle East
Japan
Australasia
Asia Developed
Asia Emerging
Not Classified

0.0%
Fund

US Stock

50.0%

100.0%

0.0%

150.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 100 of 152

PIMCO Income Instl

As of December 31, 2025
Peer Group: Multisector Bond

Benchmark: Blmbg. U.S. Aggregate Index
Fund Investment Policy

Fund Information
PIMCO Income Instl

Portfolio Manager

The investment seeks to maximize current income; long-term capital appreciation is a secondary objective.
The fund invests at least 65% of its total assets in a multi-sector portfolio of Fixed Income Instruments of varying maturities, which may be represented
by forwards or derivatives such as options, futures contracts or swap agreements. It may invest up to 50% of its total assets in high yield securities
rated below investment grade by Moody's, S&P or Fitch, or if unrated, as determined by PIMCO.

Anderson,J/Ivascyn,D/Murata,A

PM Tenure

18 Years 9 Months

Fund Style

Multisector Bond

Fund Family

PIMCO

Ticker

PIMIX

Fund Inception

03/30/2007

Fund Assets

$229,473 Million

Net Expense(%)

0.54 %

Median Expense(%)

Trailing Performance

0.86

Fund Characteristics As of 12/31/2025
Avg. Coupon

5.03 %

Avg. Effective Maturity

7.35 Years

Avg. Effective Duration

4.95 Years

Avg. Credit Quality

BBB

Yield To Maturity

6.65 %

SEC Yield

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

8.57

3.89

4.75

5.09

6.94

0.54

04/01/2007

4.66

-0.36

1.99

2.01

3.16

3.90

4.26

2.76

3.08

3.78

QTD

YTD

1 Year

3 Years

Manager

2.54

11.04

Benchmark

1.10

7.30

Excess

1.44

3.74

Calendar Year Performance
2024

2023

2022

2021

2020

2019

2018

Manager

5.42

9.32

-7.81

2.61

5.80

8.05

0.58

Benchmark

1.25

5.53

-13.01

-1.55

7.51

8.72

0.01

Excess

4.17

3.79

5.20

4.15

-1.71

-0.67

0.57

2018

2017

Quality Allocation As of 12/31/2025
Fund Information

AAA

2023

2022

2021

2020

2019

Fund Information

Fund Assets (all share classes)

147,029 Million 120,843 Million 124,158 Million 136,893 Million 114,295 Million 121,773 Million 112,419 Million

BBB

Portfolio Assets

87,602 Million

71,245 Million

71,391 Million

75,765 Million

59,275 Million

63,556 Million

52,904 Million

Total Number of Holdings

9129

8003

8096

7709

7410

7195

6614

B
Below B
Not Rated
0.0%
Fund

20.0%

40.0%

60.0%

80.0%

Peer Avg

Data Source Morningstar

Page 101 of 152

PIMCO Income Instl

As of December 31, 2025
Peer Group: Multisector Bond

Benchmark: Blmbg. U.S. Aggregate Index
Maturity Distribution As of 12/31/2025

Asset Allocation As of 12/31/2025

Under 1 Year

0.0%
0.0%
-51.3 %

1 to 3 Years
3 to 5 Years

0.4%
0.1%

5 to 7 Years
-0.3 %

7 to 10 Years

118.9%

10 to 15 Years

32.1%

15 to 20 Years
20 to 30 Years
Over 30 Years
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

Peer Avg

Fixed Income Sector Allocation As of 12/31/2025

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Fixed Income Regional Allocation As of 12/31/2025

Government
Gov.-Related
Muni-Taxable
Muni-Tax Adv.
Bank Loan
Convertible
Corp. Bond
Preferred
Agency MBS
Non-Agency MBS
CMBS
Covered Bond
ABS
Cash Equiv
Swaps
Futures/Forwards
Options/Warrants

United States
Canada
Latin America
United Kingdom
Eurozone
Europe Ex Euro
Europe Emerging
Africa
Middle East
Japan
Australasia
Asia Developed
Asia Emerging
Not Classified

0.0%
Fund

US Stock

8.0%

16.0%

24.0%

0.0%

32.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 102 of 152

Baird Aggregate Bond Inst

As of December 31, 2025
Peer Group: Intermediate Core Bond

Benchmark: Blmbg. U.S. Aggregate Index
Fund Investment Policy

Fund Information
Baird Aggregate Bond Inst

Portfolio Manager

Team Managed

PM Tenure

25 Years 3 Months

Fund Style

Intermediate Core Bond

Fund Family

Baird

Ticker

BAGIX

Fund Inception

The investment seeks an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Bloomberg U.S.
Aggregate Index.
The fund normally invests at least 80% of its net assets in the following types of U.S. dollar-denominated debt obligations: U.S. government and other
public-sector entities; asset-backed and mortgage-backed obligations of U.S. and foreign issuers; corporate debt of U.S. and foreign issuers.

09/29/2000

Fund Assets

$56,384 Million

Net Expense(%)

0.30 %

Median Expense(%)

0.52

Fund Characteristics As of 12/31/2025
Avg. Coupon

3.89 %

Avg. Effective Maturity

7.88 Years

Avg. Effective Duration

5.98 Years

Avg. Credit Quality

Yield To Maturity

4.52 %

SEC Yield

4.11 %

Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

1.01

7.36

5.19

-0.13

2.41

2.43

4.36

0.30

10/01/2000

Benchmark

1.10

7.30

4.66

-0.36

1.99

2.01

3.90

Excess

-0.09

0.06

0.52

0.24

0.43

0.42

0.46

Calendar Year Performance
Manager

2024

2023

2022

2021

2020

2019

2018

1.85

6.43

-13.35

-1.46

8.63

9.48

-0.30

Benchmark

1.25

5.53

-13.01

-1.55

7.51

8.72

0.01

Excess

0.60

0.90

-0.34

0.09

1.12

0.76

-0.31

Quality Allocation As of 12/31/2025
Fund Information

AAA
AA

2023

2022

2021

2020

2019

2018

2017

Fund Information

Fund Assets (all share classes)

45,287 Million

37,478 Million

37,273 Million

34,442 Million

23,982 Million

18,799 Million

15,422 Million

BBB

Portfolio Assets

44,315 Million

36,612 Million

36,459 Million

33,451 Million

23,162 Million

18,103 Million

14,590 Million

Total Number of Holdings

1757

1584

1521

1455

1193

1101

1076

B
Below B
Not Rated
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

Peer Avg

Data Source Morningstar

Page 103 of 152

Baird Aggregate Bond Inst

As of December 31, 2025
Peer Group: Intermediate Core Bond

Benchmark: Blmbg. U.S. Aggregate Index
Maturity Distribution As of 12/31/2025

Asset Allocation As of 12/31/2025

Under 1 Year

2.2%
13.6%

1 to 3 Years
3 to 5 Years
5 to 7 Years
7 to 10 Years
10 to 15 Years
15 to 20 Years

84.3%

20 to 30 Years
Over 30 Years
0.0%
Fund

10.0%

20.0%

30.0%

40.0%

50.0%

Peer Avg

Fixed Income Sector Allocation As of 12/31/2025

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Fixed Income Regional Allocation As of 12/31/2025

Government
Gov.-Related
Muni-Taxable
Muni-Tax Adv.
Bank Loan
Convertible
Corp. Bond
Preferred
Agency MBS
Non-Agency MBS
CMBS
Covered Bond
ABS
Cash Equiv
Swaps
Futures/Forwards
Options/Warrants

United States
Canada
Latin America
United Kingdom
Eurozone
Europe Ex Euro
Europe Emerging
Africa
Middle East
Japan
Australasia
Asia Developed
Asia Emerging
Not Classified

0.0%
Fund

US Stock

10.0%

20.0%

30.0%

40.0%

0.0%

50.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 104 of 152

Vanguard 500 Index Admiral

As of December 31, 2025
Peer Group: Large Blend

Benchmark: S&P 500 Index
Fund Investment Policy

Fund Information

The investment seeks to track the performance of the Standard &
Poor‘s 500 Index that measures the investment return of largecapitalization stocks.
The fund employs an indexing investment approach designed to
track the performance of the Standard & Poor's 500 Index, a
widely recognized benchmark of U.S. stock market performance
that is dominated by the stocks of large U.S. companies. The
advisor attempts to replicate the target index by investing all, or
substantially all, of its assets in the stocks that make up the index,
holding each stock in approximately the same proportion as its
weighting in the index. The fund is non-diversified.

Fund Characteristics As of 12/31/2025

Fund Family :

Vanguard

Portfolio Manager : Birkett,N/Denis,A/Louie,M

Ticker :

VFIAX

PM Tenure :

8 Years 1 Month

Inception Date :

11/13/2000

Fund Style :

Large Blend

Fund Assets :

$1,512,902 Million

Median Expense :

0.75%

Portfolio Assets :

$631,466 Million

Portfolio Turnover : 2%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

2.64

17.83

22.96

14.38

17.25

14.78

11.66

0.04

09/01/1976

Benchmark

2.66

17.88

23.01

14.42

17.29

14.82

11.85

Excess

-0.01

-0.05

-0.04

-0.19

Calendar Year Performance

Total Securities

518

2024

2023

2022

2021

2020

2019

2018

Avg. Market Cap

$460,996 Million

Manager

24.97

26.24

-18.15

28.66

18.37

31.46

-4.43

P/E

22.44

Benchmark

25.02

26.29

-18.11

28.71

18.40

31.49

-4.38

P/B

4.59

Excess

-0.05

-0.04

-0.03

-0.04

Div. Yield

1.24%

Trailing Returns vs Peers
40.0

Top Ten Securities As of 12/31/2025

Return

30.0
20.0
10.0

NVIDIA Corp

7.7 %

Apple Inc

6.9 %

0.0

Microsoft Corp

6.1 %

Amazon.com Inc

3.8 %

-10.0

Alphabet Inc Class A

3.1 %

Broadcom Inc

2.8 %

Alphabet Inc Class C

2.5 %

Meta Platforms Inc Class A

2.5 %

Tesla Inc

2.2 %

Berkshire Hathaway Inc Class B

1.6 %

Total

Data Source Morningstar

39.1 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.64 (34)

17.83 (26)

22.96 (24)

14.38 (21)

14.78 (12)

Benchmark

2.66 (33)

17.88 (24)

23.01 (23)

14.42 (19)

14.82 (10)
15.24

5th Percentile

4.97

23.35

25.00

15.89

1st Quartile

3.06

17.83

22.91

14.17

14.35

Median

2.42

16.43

21.48

13.09

13.60

3rd Quartile

1.51

13.41

18.00

11.51

12.57

95th Percentile

-0.76

7.33

11.94

8.41

10.49

Population

1,380

1,334

1,253

1,175

1,014

Page 105 of 152

Vanguard 500 Index Admiral

As of December 31, 2025
Peer Group: Large Blend

Benchmark: S&P 500 Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.2%
0.2%
0.5%

0.9%
18.0%

45.7%

35.4%

Giant

99.1%

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

8.0%

16.0%

24.0%

32.0%

40.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 106 of 152

Invesco Diversified Dividend R6

As of December 31, 2025
Peer Group: Large Value

Benchmark: Russell 1000 Value Index
Fund Investment Policy

Fund Information

The investment seeks long-term growth of capital and,
secondarily, current income.
The fund will invest, under normal circumstances, at least 80% of
its net assets (plus any borrowings for investment purposes) in
common stocks of companies which pay dividends, and in other
instruments that have economic characteristics similar to such
securities. The fund may invest up to 25% of its net assets in
securities of foreign issuers.

Fund Characteristics As of 12/31/2025

Fund Family :

Invesco

Portfolio Manager : Team Managed

Ticker :

LCEFX

PM Tenure :

9 Years 10 Months

Inception Date :

09/24/2012

Fund Style :

Large Value

Fund Assets :

$10,964 Million

Median Expense :

0.82%

Portfolio Assets :

$2,315 Million

Portfolio Turnover : 56%
Trailing Performance

10 Years

Since Inception

Expense
Ratio

Inception
Date

11.46

9.44

8.38

0.47

01/01/2002

12.10

10.53

8.30

-0.64

-1.09

0.08

QTD

YTD

1 Year

3 Years

5 Years

7 Years

Manager

3.35

15.95

12.82

11.09

Benchmark

3.81

15.91

13.90

11.33

Excess

-0.46

0.04

-1.07

-0.23

Calendar Year Performance

Total Securities

2024

2023

2022

2021

2020

2019

2018

Avg. Market Cap

$173,841 Million

Manager

13.48

9.15

-1.31

19.38

0.55

25.58

-7.45

P/E

19.04

Benchmark

14.37

11.46

-7.54

25.16

2.80

26.54

-8.27

P/B

2.96

Excess

-0.89

-2.31

6.23

-5.78

-2.25

-0.96

0.82

Div. Yield

2.12%

Trailing Returns vs Peers
28.0

Top Ten Securities As of 12/31/2025

Return

20.0
12.0
4.0

JPMorgan Chase & Co

3.5 %

Alphabet Inc Class A

3.0 %

-4.0

Bank of America Corp

2.9 %

Johnson & Johnson

2.6 %

-12.0

Wells Fargo & Co

2.5 %

Lowe's Companies Inc

2.4 %

Chevron Corp

2.3 %

Cisco Systems Inc

2.3 %

Microsoft Corp

2.0 %

Walmart Inc

2.0 %

Total

Data Source Morningstar

25.5 %

QTD

YTD

1 Year

3 Years

5 Years

¢ Manager

3.35 (49)

15.95 (43)

12.82 (61)

11.09 (64)

9.44 (82)

Benchmark

3.81 (38)

15.91 (44)

13.90 (46)

11.33 (59)

10.53 (55)

5th Percentile

6.69

22.38

19.34

14.87

13.13

1st Quartile

4.45

17.26

15.44

12.92

11.50

Median

3.25

15.48

13.64

11.74

10.64

3rd Quartile

2.15

12.91

11.52

10.46

9.77

95th Percentile

-0.17

7.39

8.37

8.05

8.31

Population

1,146

1,131

1,094

1,041

968

10 Years

Page 107 of 152

Invesco Diversified Dividend R6

As of December 31, 2025
Peer Group: Large Value

Benchmark: Russell 1000 Value Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

1.1%
5.2%

0.6%
17.5%

21.3%

93.7%
60.7%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 108 of 152

MFS Growth R6

As of December 31, 2025
Peer Group: Large Growth

Benchmark: Russell 1000 Growth Index
Fund Investment Policy

Fund Information

The investment seeks capital appreciation.
The fund normally invests the fund’s assets primarily in equity
securities. Equity securities include common stocks and other
securities that represent an ownership interest (or right to acquire
an ownership interest) in a company or other issuer. The adviser
focuses on investing the fund's assets in the stocks of companies
the advisor believes to have above average earnings growth
potential compared to other companies (growth companies). The
fund is non-diversified.

Fund Characteristics As of 12/31/2025

Fund Family :

MFS

Portfolio Manager : Dittmer,T/Fischman,E/Mak,B

Ticker :

MFEKX

PM Tenure :

23 Years 8 Months

Inception Date :

08/26/2011

Fund Style :

Large Growth

Fund Assets :

$40,096 Million

Median Expense :

0.90%

Portfolio Assets :

$16,205 Million

Portfolio Turnover : 36%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

-0.69

12.41

26.38

11.48

17.68

15.73

11.65

0.49

01/01/1987

Benchmark

1.12

18.56

31.15

15.32

21.25

18.13

11.84

Excess

-1.82

-6.15

-4.77

-3.84

-3.57

-2.39

-0.19

Calendar Year Performance

Total Securities

2024

2023

2022

2021

2020

2019

Avg. Market Cap

$775,677 Million

Manager

31.79

36.25

-31.08

23.76

31.74

37.81

2.68

P/E

27.96

Benchmark

33.36

42.68

-29.14

27.60

38.49

36.39

-1.51

P/B

8.50

Excess

-1.57

-6.43

-1.94

-3.84

-6.76

1.42

4.20

Div. Yield

0.52%

2018

Trailing Returns vs Peers
50.0

Top Ten Securities As of 12/31/2025

Return

35.0
20.0
5.0

NVIDIA Corp

14.0 %

Microsoft Corp

12.3 %

-10.0

Alphabet Inc Class A

8.2 %

Amazon.com Inc

6.8 %

-25.0

Apple Inc

6.8 %

Mastercard Inc Class A

3.4 %

Meta Platforms Inc Class A

3.2 %

Broadcom Inc

2.9 %

Amphenol Corp Class A

1.8 %

GE Vernova Inc

1.7 %

Total

Data Source Morningstar

61.3 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

-0.69 (74)

12.41 (77)

26.38 (64)

11.48 (51)

15.73 (41)

Benchmark

1.12 (45)

18.56 (24)

31.15 (26)

15.32 (7)

18.13 (8)

5th Percentile

3.68

24.31

37.15

15.70

18.79

1st Quartile

1.91

18.47

31.20

13.29

16.35

Median

0.89

15.64

28.28

11.50

15.42

3rd Quartile

-0.84

12.58

23.67

9.61

14.19

95th Percentile

-4.07

6.54

15.74

3.93

11.94

Population

1,102

1,084

1,041

987

900

Page 109 of 152

MFS Growth R6

As of December 31, 2025
Peer Group: Large Growth

Benchmark: Russell 1000 Growth Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.5%
2.3%

12.7%

26.9%
60.4%

97.2%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 110 of 152

Vanguard Mid Cap Index Adm

As of December 31, 2025
Peer Group: Mid-Cap Blend

Benchmark: Vanguard Spliced Mid Cap Index
Fund Investment Policy

Fund Information

The investment seeks to track the performance of the CRSP US
Mid Cap Index that measures the investment return of midcapitalization stocks.
The fund employs an indexing investment approach designed to
track the performance of the CRSP US Mid Cap Index, a broadly
diversified index of stocks of mid-size U.S. companies. The advisor
attempts to replicate the target index by investing all, or
substantially all, of its assets in the stocks that make up the index,
holding each stock in approximately the same proportion as its
weighting in the index.

Fund Characteristics As of 12/31/2025

Fund Family :

Vanguard

Portfolio Manager : Choi,A/Narzikul,K

Ticker :

VIMAX

PM Tenure :

2 Years 4 Months

Inception Date :

11/12/2001

Fund Style :

Mid-Cap Blend

Fund Assets :

$210,340 Million

Median Expense :

0.86%

Portfolio Assets :

$69,030 Million

Portfolio Turnover : 16%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

-0.81

11.72

14.33

8.65

12.97

10.97

10.24

0.05

06/01/1998

Benchmark

-0.82

11.70

14.30

8.62

12.94

10.94

10.06

Excess

0.01

0.02

0.03

0.18

Calendar Year Performance

Total Securities

299

2024

2023

2022

2021

2020

2019

2018

Avg. Market Cap

$41,452 Million

Manager

15.28

16.03

-18.67

24.57

18.30

31.10

-9.18

P/E

17.50

Benchmark

15.25

15.98

-18.68

24.52

18.24

31.09

-9.22

P/B

2.74

Excess

0.03

0.05

0.02

0.05

0.06

0.01

0.04

Div. Yield

1.70%

Trailing Returns vs Peers
28.0

Top Ten Securities As of 12/31/2025

Return

20.0
12.0
4.0

Constellation Energy Corp

1.2 %

Newmont Corp

1.2 %

-4.0

Robinhood Markets Inc Class A

1.0 %

CRH PLC

0.9 %

-12.0

Howmet Aerospace Inc

0.9 %

DoorDash Inc Ordinary Shares -

0.9 %

General Motors Co

0.8 %

TransDigm Group Inc

0.8 %

Cummins Inc

0.8 %

Royal Caribbean Group

0.7 %

Total

9.2 %

Data Source Morningstar

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

-0.81 (79)

11.72 (23)

14.33 (24)

8.65 (49)

10.97 (19)

Benchmark

-0.82 (79)

11.70 (23)

14.30 (25)

8.62 (51)

10.94 (20)

5th Percentile

5.32

17.98

18.71

12.00

11.82

1st Quartile

2.24

11.42

14.27

9.64

10.83

Median

1.27

8.00

12.37

8.62

10.16

3rd Quartile

-0.28

5.50

10.86

7.17

9.18

95th Percentile

-3.56

-2.53

6.98

5.03

7.43

Population

429

420

378

351

300

Page 111 of 152

Vanguard Mid Cap Index Adm

As of December 31, 2025
Peer Group: Mid-Cap Blend

Benchmark: Vanguard Spliced Mid Cap Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.1%

0.4%
0.3%
1.6%

0.7%
7.2%

97.7%
92.0%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 112 of 152

DFA US Small Cap Value I

As of December 31, 2025
Peer Group: Small Value

Benchmark: Russell 2000 Value Index
Fund Investment Policy

Fund Information

The investment seeks to achieve long-term capital appreciation.
The fund normally will invest at least 80% of its net assets in
securities of small cap U.S. companies. It may purchase or sell
futures contracts and options on futures contracts for U.S. equity
securities and indices, to increase or decrease equity market
exposure based on actual or expected cash inflows to or outflows
from the Portfolio.

Fund Family :

Dimensional Fund Advisors

Portfolio Manager : Fogdall,J/Leblond,M/Schneider,J

Ticker :

DFSVX

PM Tenure :

13 Years 10 Months

Inception Date :

03/02/1993

Fund Style :

Small Value

Fund Assets :

$18,042 Million

Median Expense :

1.09%

Portfolio Assets :

$18,042 Million

Portfolio Turnover : 12%
Trailing Performance
QTD

Fund Characteristics As of 12/31/2025

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date
04/01/1993

Manager

3.37

8.38

12.19

13.76

12.64

10.38

11.20

0.31

Benchmark

3.26

12.59

11.73

8.88

10.09

9.27

9.57

Excess

0.12

-4.21

0.46

4.88

2.56

1.12

1.63

Calendar Year Performance

Total Securities

1,015

2024

2023

2022

2021

2020

2019

2018

Avg. Market Cap

$3,939 Million

Manager

9.57

18.91

-3.52

39.84

2.23

18.12

-15.13

P/E

11.18

Benchmark

8.05

14.65

-14.48

28.27

4.63

22.39

-12.86

P/B

1.09

Excess

1.52

4.26

10.97

11.57

-2.40

-4.27

-2.26

Div. Yield

2.17%

Trailing Returns vs Peers
20.0

Top Ten Securities As of 12/31/2025

Return

12.0
4.0

Future on E-mini S&P 500 Futures

0.9 %

Elanco Animal Health Inc

0.9 %

-4.0

Alcoa Corp

0.8 %

Invesco Ltd

0.8 %

-12.0

BorgWarner Inc

0.8 %

Jazz Pharmaceuticals PLC

0.7 %

Comerica Inc

0.7 %

Webster Financial Corp

0.7 %

HF Sinclair Corp

0.7 %

Amkor Technology Inc

0.7 %

Total

7.6 %

Data Source Morningstar

QTD

YTD

¢ Manager

3.37 (23)

Benchmark

3.26 (25)

1 Year

3 Years

5 Years

10 Years

8.38 (35)

12.19 (23)

13.76 (6)

10.38 (12)

12.59 (13)

11.73 (29)

8.88 (58)

9.27 (36)

5th Percentile

4.89

14.59

16.18

13.91

11.75

1st Quartile

3.19

9.70

12.00

10.93

9.73

Median

1.82

6.76

10.43

9.32

8.84

3rd Quartile

0.76

2.37

8.36

7.60

7.95

95th Percentile

-1.06

-2.80

5.33

5.74

6.61

Population

487

484

472

456

420

Page 113 of 152

DFA US Small Cap Value I

As of December 31, 2025
Peer Group: Small Value

Benchmark: Russell 2000 Value Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

1.0%
1.8%

0.4%
0.8%
2.6%
36.8%

59.3%
97.3%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 114 of 152

PGIM Jennison Small Company R6

As of December 31, 2025
Peer Group: Small Growth

Benchmark: Russell 2000 Growth Index
Fund Investment Policy

Fund Information

The investment seeks capital growth.
The fund normally invests at least 80% of its investable assets in
equity and equity-related securities of small, less well-known
companies that the subadviser believes are relatively undervalued.
In deciding which stocks to buy, the subadviser uses a blend of
both value and growth styles. The subadviser currently considers
small companies to be those with a market capitalization less than
the largest market capitalization of the Russell 2500 Index at the
time of investment.

Fund Characteristics As of 12/31/2025

Fund Family :

PGIM

Portfolio Manager : Shapiro,J/Swiatek,J

Ticker :

PJSQX

PM Tenure :

12 Years 1 Month

Inception Date :

11/29/2010

Fund Style :

Small Growth

Fund Assets :

$3,436 Million

Median Expense :

1.14%

Portfolio Assets :

$2,319 Million

Portfolio Turnover : 62%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date
12/01/1980

Manager

5.44

7.39

11.16

7.70

13.24

10.97

10.43

0.69

Benchmark

1.22

13.01

15.59

3.18

10.59

9.57

7.89

Excess

4.22

-5.62

-4.42

4.52

2.65

1.39

2.54

Calendar Year Performance

Total Securities

126

2024

2023

2022

2021

2020

2019

2018

Avg. Market Cap

$6,127 Million

Manager

14.18

12.02

-18.57

29.54

27.72

28.99

-13.07

P/E

13.65

Benchmark

15.15

18.66

-26.36

2.83

34.63

28.48

-9.31

P/B

2.19

Excess

-0.98

-6.63

7.79

26.70

-6.91

0.51

-3.76

Div. Yield

1.16%

Trailing Returns vs Peers
35.0

Return

20.0

Top Ten Securities As of 12/31/2025

5.0

Eldorado Gold Corp

3.4 %

Ralph Lauren Corp Class A

2.6 %

-10.0

Tower Semiconductor Ltd

2.2 %

Prudential Govt Money Mkt Fd

2.1 %

-25.0

Markel Group Inc

2.0 %

Idacorp Inc

1.9 %

Arcutis Biotherapeutics Inc Or

1.9 %

NiSource Inc

1.9 %

Lattice Semiconductor Corp

1.8 %

Gulfport Energy Corp Ordinary

1.8 %

Total

Data Source Morningstar

21.5 %

QTD

YTD

¢ Manager

5.44 (9)

Benchmark

1.22 (64)

1 Year

3 Years

5 Years

10 Years

7.39 (62)

11.16 (65)

7.70 (8)

10.97 (33)

13.01 (22)

15.59 (26)

3.18 (45)

9.57 (61)

5th Percentile

6.12

21.71

24.02

8.79

14.21

1st Quartile

3.58

12.46

15.63

4.94

11.39

Median

1.87

8.86

12.63

2.68

10.11

3rd Quartile

0.15

4.41

10.08

-0.05

8.92

95th Percentile

-2.89

-6.56

5.92

-4.44

7.30

Population

534

526

513

472

Page 115 of 152

PGIM Jennison Small Company R6

As of December 31, 2025
Peer Group: Small Growth

Benchmark: Russell 2000 Growth Index
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

17.1%

2.4%
8.9%

23.1%

88.8%
59.8%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 116 of 152

American Funds New World R6

As of December 31, 2025
Peer Group: Diversified Emerging Mkts

Benchmark: MSCI Emerging Markets (Net)
Fund Investment Policy

Fund Information

The investment seeks long-term capital appreciation.
The fund invests primarily in common stocks of companies with
significant exposure to developing countries. The securities
markets of these countries may be referred to as emerging
markets or frontier markets. Under normal market conditions, the
fund invests at least 35% of its assets in equity and debt securities
of issuers domiciled in qualified developing countries.

Fund Characteristics As of 12/31/2025

Fund Family :

Capital Group

Portfolio Manager : Team Managed

Ticker :

RNWGX

PM Tenure :

26 Years 6 Months

Inception Date :

05/01/2009

Fund Style :

Diversified Emerging Mkts

Fund Assets :

$81,898 Million

Median Expense :

1.12%

Portfolio Assets :

$25,916 Million

Portfolio Turnover : 46%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

4.25

28.60

16.90

5.62

11.24

9.92

8.42

0.57

07/01/1999

Benchmark

4.73

33.57

16.40

4.20

8.06

8.42

7.21

Excess

-0.48

-4.97

0.50

1.42

3.18

1.51

1.21

Calendar Year Performance

Total Securities

591

Avg. Market Cap

$106,081 Million

Manager

P/E

16.07

P/B

2.83

Div. Yield

2.10%

2024

2023

2022

2021

2020

2019

2018

6.88

16.22

-21.75

5.13

25.30

28.03

-11.97

Benchmark

7.50

9.83

-20.09

-2.54

18.31

18.42

-14.57

Excess

-0.62

6.40

-1.66

7.67

6.99

9.61

2.60

Trailing Returns vs Peers
60.0

Top Ten Securities As of 12/31/2025

Return

40.0
20.0

Taiwan Semiconductor Manufacturing

7.9 %

SK Hynix Inc

2.8 %

0.0

Tencent Holdings Ltd

2.7 %

Microsoft Corp

1.9 %

-20.0

Broadcom Inc

1.8 %

MercadoLibre Inc

1.7 %

NVIDIA Corp

1.5 %

Airbus SE

1.3 %

Banco Bilbao Vizcaya Argentaria

1.2 %

Nu Holdings Ltd Ordinary Shares

1.2 %

Total

Data Source Morningstar

24.0 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

4.25 (57)

28.60 (70)

16.90 (38)

5.62 (26)

9.92 (10)

Benchmark

4.73 (45)

33.57 (38)

16.40 (45)

4.20 (46)

8.42 (40)

5th Percentile

10.11

43.37

21.68

10.08

10.60

1st Quartile

5.79

35.07

17.77

5.62

9.13

Median

4.47

31.79

16.03

3.93

8.01

3rd Quartile

3.47

27.54

14.25

1.11

6.92

95th Percentile

-0.91

13.18

10.00

-1.87

5.47

Population

766

754

714

643

538

Page 117 of 152

American Funds New World R6

As of December 31, 2025
Peer Group: Diversified Emerging Mkts

Benchmark: MSCI Emerging Markets (Net)
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.1%
1.2%
6.5%

0.2%
1.2%
0.1%
2.8%

16.3%

30.8%

61.4%
79.5%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Equity Regional Allocation As of 12/31/2025
United States

Energy

Canada

Materials

Latin America

Industrials

United Kingdom

Con Disc

Eurozone

Con Staples

Europe Ex Euro
Europe Emerging

Health Care

Africa

Financials

Middle East
Japan

Technology

Australasia

Comm.

Asia Developed

Utilities

Asia Emerging

Real Estate

Not Classified
0.0%

Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Page 118 of 152

American Funds Intl Gr and Inc R6

As of December 31, 2025
Peer Group: Foreign Large Blend

Benchmark: MSCI AC World ex USA (Net)
Fund Investment Policy

Fund Information

The investment seeks long-term growth of capital while providing
current income.
The fund invests primarily in stocks of larger, well-established
companies domiciled outside the United States, including in
emerging markets and developing countries, that the investment
adviser believes have the potential for growth and/or to pay
dividends. The advisor currently intends to invest at least 90% of
its assets in issuers whose securities are listed primarily on
exchanges outside the United States, cash, cash equivalents and
securities held as collateral issued by U.S. issuers.

Fund Characteristics As of 12/31/2025

Fund Family :

Capital Group

Portfolio Manager : Team Managed

Ticker :

RIGGX

PM Tenure :

17 Years 2 Months

Inception Date :

05/01/2009

Fund Style :

Foreign Large Blend

Fund Assets :

$20,534 Million

Median Expense :

0.90%

Portfolio Assets :

$6,827 Million

Portfolio Turnover : 40%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

5.78

35.53

17.60

8.73

11.16

8.86

8.65

0.53

11/01/2008

Benchmark

5.05

32.39

17.33

7.91

10.15

8.41

7.92

Excess

0.73

3.14

0.26

0.82

1.01

0.44

0.72

Calendar Year Performance

Total Securities

298

Avg. Market Cap

$70,462 Million

Manager

P/E

13.98

P/B

2.10

Div. Yield

3.05%

2024

2023

2022

2021

2020

2019

2018

3.68

15.72

-15.16

10.12

8.20

27.54

-14.10

Benchmark

5.53

15.62

-16.00

7.82

10.65

21.51

-14.20

Excess

-1.85

0.11

0.84

2.30

-2.45

6.03

0.10

Trailing Returns vs Peers
50.0

Return

35.0

Top Ten Securities As of 12/31/2025

20.0

Taiwan Semiconductor Manufacturing

4.6 %

ASML Holding NV

2.0 %

5.0

AstraZeneca PLC

1.8 %

British American Tobacco PLC

1.7 %

-10.0

Capital Group Central Cash M

1.7 %

Sanofi SA

1.7 %

Airbus SE

1.6 %

BAE Systems PLC

1.5 %

Societe Generale SA

1.4 %

Industria De Diseno Textil SA Share
Total

Data Source Morningstar

1.4 %
19.5 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

5.78 (12)

35.53 (17)

17.60 (33)

8.73 (33)

8.86 (23)

Benchmark

5.05 (28)

32.39 (37)

17.33 (40)

7.91 (54)

8.41 (38)

5th Percentile

6.56

39.44

20.76

11.29

9.83

1st Quartile

5.22

33.73

18.15

9.08

8.78

Median

4.36

31.17

16.97

8.05

8.09

3rd Quartile

3.52

26.99

14.99

6.79

7.39

95th Percentile

1.85

21.46

12.47

4.75

6.01

Population

700

687

659

631

558

Page 119 of 152

American Funds Intl Gr and Inc R6

As of December 31, 2025
Peer Group: Foreign Large Blend

Benchmark: MSCI AC World ex USA (Net)
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.9%
9.4%

1.2%
0.2%
0.4%

3.5%

53.8%

35.9%

94.8%

Giant

Large

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Equity Regional Allocation As of 12/31/2025
United States

Energy

Canada

Materials

Latin America

Industrials

United Kingdom

Con Disc

Eurozone

Con Staples

Europe Ex Euro
Europe Emerging

Health Care

Africa

Financials

Middle East
Japan

Technology

Australasia

Comm.

Asia Developed

Utilities

Asia Emerging

Real Estate

Not Classified
0.0%

Fund

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

8.0%

16.0%

24.0%

32.0%

40.0%

48.0%

Page 120 of 152

Vanguard Developed Markets Index Admiral

As of December 31, 2025
Peer Group: Foreign Large Blend

Benchmark: MSCI AC World ex USA (Net)
Fund Investment Policy

Fund Information

The investment seeks to track the performance of the FTSE
Developed All Cap ex U.S. Index.
The fund employs an indexing investment approach designed to
track the performance of the FTSE Developed All Cap ex U.S.
Index, a market-capitalization-weighted index that is made up of
approximately 3,957 common stocks of large-, mid-, and smallcap companies located in Canada and the major markets of
Europe and the Pacific region. The Advisor attempts to replicate
the target index by investing all, or substantially all, of its assets in
the stocks that make up the index, holding each stock in
approximately the same proportion as its weighting in the index.

Fund Characteristics As of 12/31/2025

Fund Family :

Vanguard

Portfolio Manager : Brubaker,N/Franquin,C/Perre,M

Ticker :

VTMGX

PM Tenure :

12 Years 10 Months

Inception Date :

08/17/1999

Fund Style :

Foreign Large Blend

Fund Assets :

$307,324 Million

Median Expense :

0.90%

Portfolio Assets :

$39,487 Million

Portfolio Turnover : 4%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

5.74

35.17

17.91

9.11

11.04

8.71

5.40

0.05

09/01/1999

Benchmark

5.05

32.39

17.33

7.91

10.15

8.41

Excess

0.68

2.79

0.57

1.21

0.89

0.30

Calendar Year Performance

Total Securities

3,866

Avg. Market Cap

$43,128 Million

Manager

P/E

14.83

P/B

1.89

Div. Yield

2.98%

2024

2023

2022

2021

2020

2019

2018

3.04

17.67

-15.32

11.43

10.26

22.05

-14.46

Benchmark

5.53

15.62

-16.00

7.82

10.65

21.51

-14.20

Excess

-2.49

2.06

0.68

3.60

-0.39

0.53

-0.26

Trailing Returns vs Peers
50.0

Return

35.0

Top Ten Securities As of 12/31/2025

20.0

ASML Holding NV

1.5 %

Samsung Electronics Co Ltd

1.4 %

5.0

Roche Holding AG

1.0 %

AstraZeneca PLC

1.0 %

-10.0

HSBC Holdings PLC

0.9 %

Novartis AG Registered Shares

0.9 %

Nestle SA

0.9 %

SAP SE

0.9 %

SK Hynix Inc

0.9 %

Royal Bank of Canada
Total

Data Source Morningstar

0.8 %
10.1 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

5.74 (14)

35.17 (19)

17.91 (29)

9.11 (25)

8.71 (28)

Benchmark

5.05 (28)

32.39 (37)

17.33 (40)

7.91 (54)

8.41 (38)

5th Percentile

6.56

39.44

20.76

11.29

9.83

1st Quartile

5.22

33.73

18.15

9.08

8.78

Median

4.36

31.17

16.97

8.05

8.09

3rd Quartile

3.52

26.99

14.99

6.79

7.39

95th Percentile

1.85

21.46

12.47

4.75

6.01

Population

700

687

659

631

558

Page 121 of 152

Vanguard Developed Markets Index Admiral

As of December 31, 2025
Peer Group: Foreign Large Blend

Benchmark: MSCI AC World ex USA (Net)
Market Capitalization As of 12/31/2025

Asset Allocation As of 12/31/2025

0.3%
3.9%

1.1%
0.2%

0.9%

17.3%

47.5%

31.1%

Giant

Large

97.9%

Medium

Small

Micro

Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Equity Regional Allocation As of 12/31/2025
United States

Energy

Canada

Materials

Latin America

Industrials

United Kingdom

Con Disc

Eurozone

Con Staples

Europe Ex Euro
Europe Emerging

Health Care

Africa

Financials

Middle East
Japan

Technology

Australasia

Comm.

Asia Developed

Utilities

Asia Emerging

Real Estate

Not Classified
0.0%

Fund

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

8.0%

16.0%

24.0%

32.0%

40.0%

Page 122 of 152

American Funds American Balanced R6

As of December 31, 2025
Peer Group: Moderate Allocation

Benchmark: US Balanced Index
Fund Investment Policy

Fund Information

The investment seeks conservation of capital, current income and
long-term growth of capital and income.
The fund uses a balanced approach to invest in a broad range of
securities, including common stocks and investment-grade bonds.
It also invests in securities issued and guaranteed by the U.S.
government and by federal agencies and instrumentalities. In
addition, the fund may invest a portion of its assets in common
stocks, most of which have a history of paying dividends, bonds
and other securities of issuers domiciled outside the United
States.

Fund Family :

Capital Group

Portfolio Manager : Team Managed

Ticker :

RLBGX

PM Tenure :

26 Years 11 Months

Inception Date :

05/01/2009

Fund Style :

Moderate Allocation

Fund Assets :

$278,958 Million

Median Expense :

1.00%

Portfolio Assets :

$64,233 Million

Portfolio Turnover : 44%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

3.92

18.85

16.16

9.92

11.43

10.14

10.64

0.25

08/01/1975

Benchmark

2.03

13.73

15.51

8.49

11.31

9.85

Excess

1.88

5.13

0.65

1.43

0.12

0.29

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

4,008

Manager

15.30

14.37

-11.83

16.11

11.22

19.55

-2.42

Avg. Market Cap

$326,959
Million

Benchmark

15.13

17.71

-15.91

15.96

15.37

22.11

-2.26

Excess

0.17

-3.34

4.08

0.16

-4.15

-2.55

-0.16

P/E

19.57

P/B

4.16

Div. Yield

1.53%

Avg. Coupon

4.24 %

Avg. Effective Maturity

Avg. Effective Duration

5.67 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.12 %

Trailing Returns vs Peers
28.0

Return

20.0
12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Broadcom Inc

5.0 %

Microsoft Corp

3.2 %

Cap Grp Cent Fd Ser Ii

2.5 %

Taiwan Semiconductor Manufacturing

2.3 %

Alphabet Inc Class C

2.2 %

Philip Morris International Inc

2.2 %

Apple Inc

1.7 %

Meta Platforms Inc Class A

1.7 %

Alphabet Inc Class A

1.6 %

Micron Technology Inc

1.6 %

Data Source Morningstar

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.92 (3)

18.85 (2)

16.16 (9)

9.92 (2)

10.14 (8)

Benchmark

2.03 (58)

13.73 (42)

15.51 (17)

8.49 (24)

9.85 (14)

3.74

18.04

16.90

9.50

10.61

5th Percentile
1st Quartile

2.73

15.36

14.96

8.42

9.35

Median

2.14

13.15

13.67

7.57

8.48

3rd Quartile

1.66

11.61

11.54

6.49

7.62

95th Percentile

0.28

6.97

8.72

4.71

6.31

Population

490

486

473

459

427

Page 123 of 152

American Funds American Balanced R6

As of December 31, 2025
Peer Group: Moderate Allocation

Benchmark: US Balanced Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

0.6%
3.2%
2.5%
2.3%

Municipal

26.1%

Corporate

54.9%

Securitized

Cash & Equiv

10.4%

Other
0.0%
Fund

10.0%

20.0%

30.0%

40.0%

50.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

8.0%

16.0%

24.0%

32.0%

40.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 124 of 152

Vanguard Target Retirement Income Fund

As of December 31, 2025
Peer Group: Target-Date Retirement

Benchmark: Vanguard Target Income Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide current income and some capital
appreciation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors currently in
retirement. Its indirect bond holdings are a diversified mix of
short-, intermediate-, and long-term U.S. government, U.S.
agency, and investment-grade U.S. corporate bonds; inflationprotected public obligations issued by the U.S. Treasury;
mortgage-backed and asset-backed securities; and government,
agency, corporate, and securitized investment-grade foreign
bonds issued in currencies other than the U.S. dollar.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTINX

PM Tenure :

12 Years 10 Months

Inception Date :

10/27/2003

Fund Style :

Target-Date Retirement

Fund Assets :

$36,705 Million

Median Expense :

0.66%

Portfolio Assets :

$36,705 Million

Portfolio Turnover : 7%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

1.55

11.31

9.52

3.82

5.98

5.33

5.21

0.08

11/01/2003

Benchmark

1.61

11.37

9.62

3.99

6.23

5.53

5.33

Excess

-0.06

-0.07

-0.10

-0.17

-0.25

-0.20

-0.13

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

6.58

10.74

-12.74

5.25

10.02

13.16

-1.99

Benchmark

6.74

10.80

-12.44

5.44

10.70

13.41

-1.97

Excess

-0.17

-0.06

-0.30

-0.19

-0.69

-0.25

-0.01

Total Securities

Manager

Avg. Market Cap

$132,020
Million
18.08

P/B

2.77

Div. Yield

1.92%

Avg. Coupon

2.96 %

Avg. Effective Maturity

6.83 Years

Avg. Effective Duration

5.2 Years

Avg. Credit Quality

Yield To Maturity

4.24 %

SEC Yield

3.38 %

Trailing Returns vs Peers
15.0
10.0

Return

P/E

5.0
0.0
-5.0

Top Ten Securities As of 12/31/2025

Vanguard Total Bond Market II Idx

36.4 %

Vanguard Total Stock Mkt Idx Instl

18.4 %

Vanguard Shrt-Term Infl-Prot Sec

16.2 %

Vanguard Total Intl Bd II Idx Insl

15.4 %

Vanguard Total Intl Stock Index

13.0 %

Total

99.3 %

Data Source Morningstar

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

1.55 (39)

11.31 (31)

9.52 (46)

3.82 (47)

5.33 (38)

Benchmark

1.61 (35)

11.37 (29)

9.62 (41)

3.99 (37)

5.53 (27)

2.14

12.64

10.79

4.61

6.15

5th Percentile
1st Quartile

1.69

11.67

10.03

4.18

5.57

Median

1.44

10.48

9.34

3.76

5.02

3rd Quartile

1.26

9.75

7.84

2.98

4.38

95th Percentile

1.08

8.53

7.24

2.34

3.63

Population

145

136

131

104

Page 125 of 152

Vanguard Target Retirement Income Fund

As of December 31, 2025
Peer Group: Target-Date Retirement

Benchmark: Vanguard Target Income Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

0.0%
2.4%
0.1%
17.0%

Municipal

18.3%

Corporate

12.7%

Securitized

Cash & Equiv
49.5%
Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 126 of 152

Vanguard Target Retirement 2020 Fund

As of December 31, 2025
Peer Group: Target-Date 2020

Benchmark: Vanguard Target 2020 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2020
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTWNX

PM Tenure :

12 Years 10 Months

Inception Date :

06/07/2006

Fund Style :

Target-Date 2020

Fund Assets :

$35,325 Million

Median Expense :

0.65%

Portfolio Assets :

$35,325 Million

Portfolio Turnover : 8%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

1.63

12.15

10.78

4.77

7.54

6.87

6.26

0.08

07/01/2006

Benchmark

1.74

12.22

10.91

4.98

7.84

7.13

6.46

Excess

-0.11

-0.07

-0.12

-0.21

-0.30

-0.25

-0.20

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

7.75

12.51

-14.15

8.17

12.04

17.63

-4.24

Benchmark

7.91

12.65

-13.77

8.43

12.85

17.87

-4.13

Excess

-0.16

-0.14

-0.38

-0.26

-0.81

-0.24

-0.11

Total Securities

Manager

Avg. Market Cap

$132,474
Million
18.09

P/B

2.78

Div. Yield

1.92%

Avg. Coupon

2.99 %

Avg. Effective Maturity

6.9 Years

Avg. Effective Duration

5.24 Years

Avg. Credit Quality

Yield To Maturity

4.26 %

SEC Yield

3.42 %

Trailing Returns vs Peers
20.0
15.0

Return

P/E

10.0
5.0
0.0
-5.0

Top Ten Securities As of 12/31/2025

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

1.63 (79)

12.15 (75)

10.78 (52)

4.77 (57)

6.87 (50)

Benchmark

1.74 (67)

12.22 (73)

10.91 (46)

4.98 (38)

7.13 (24)

2.11

14.75

11.83

5.93

7.40

1.94

13.78

11.32

5.15

7.09

1.83

12.99

10.80

4.80

6.87

1.66

12.14

10.05

4.55

6.42

95th Percentile

1.37

10.67

9.38

3.70

5.80

Population

107

Vanguard Total Bond Market II Idx

34.8 %

Vanguard Total Stock Mkt Idx Instl

20.9 %

Vanguard Total Intl Bd II Idx Insl

14.6 %

Vanguard Total Intl Stock Index

14.6 %

5th Percentile

Vanguard Shrt-Term Infl-Prot Sec

14.4 %

1st Quartile

Total

99.3 %

Median
3rd Quartile

Data Source Morningstar

Page 127 of 152

Vanguard Target Retirement 2020 Fund

As of December 31, 2025
Peer Group: Target-Date 2020

Benchmark: Vanguard Target 2020 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

2.4%
0.1%
16.2%

Municipal

20.7%

Corporate
14.3%

Securitized

Cash & Equiv

46.4%

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 128 of 152

Vanguard Target Retirement 2025 Fund

As of December 31, 2025
Peer Group: Target-Date 2025

Benchmark: Vanguard Target 2025 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2025
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTTVX

PM Tenure :

12 Years 10 Months

Inception Date :

10/27/2003

Fund Style :

Target-Date 2025

Fund Assets :

$77,191 Million

Median Expense :

0.60%

Portfolio Assets :

$77,191 Million

Portfolio Turnover : 8%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

2.00

14.60

12.84

5.90

8.81

7.87

6.96

0.08

11/01/2003

Benchmark

2.13

14.65

12.98

6.17

9.17

8.17

7.17

Excess

-0.13

-0.05

-0.14

-0.27

-0.36

-0.30

-0.21

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

9.44

14.55

-15.55

9.80

13.30

19.63

-5.15

Benchmark

9.63

14.74

-15.02

10.09

14.19

19.93

-5.00

Excess

-0.19

-0.53

-0.30

-0.89

-0.30

-0.15

Total Securities

Manager

Avg. Market Cap

$132,992
Million
18.11

P/B

2.78

Div. Yield

1.92%

Avg. Coupon

3.13 %

Avg. Effective Maturity

7.24 Years

Avg. Effective Duration

5.46 Years

Avg. Credit Quality

Yield To Maturity

4.32 %

SEC Yield

3.1 %

Trailing Returns vs Peers
20.0
14.0

Return

P/E

8.0
2.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

29.4 %

Vanguard Total Bond Market II Idx

29.2 %

Vanguard Total Intl Stock Index

20.4 %

Vanguard Total Intl Bd II Idx Insl

12.3 %

Vanguard Shrt-Term Infl-Prot Sec

8.1 %

Total

Data Source Morningstar

99.3 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.00 (35)

14.60 (25)

12.84 (8)

5.90 (16)

7.87 (18)

Benchmark

2.13 (14)

14.65 (24)

12.98 (3)

6.17 (6)

8.17 (2)

5th Percentile

2.29

16.15

12.87

6.23

8.05

1st Quartile

2.05

14.52

12.19

5.69

7.75

Median

1.93

13.33

11.53

5.33

7.36

3rd Quartile

1.71

12.62

10.73

4.88

6.76

95th Percentile

1.19

9.29

8.61

3.89

5.93

Population

138

128

121

104

Page 129 of 152

Vanguard Target Retirement 2025 Fund

As of December 31, 2025
Peer Group: Target-Date 2025

Benchmark: Vanguard Target 2025 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

2.0%
0.1%
13.6%

Municipal

29.2%

Corporate

Securitized
35.2%
Cash & Equiv

19.9%

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 130 of 152

Vanguard Target Retirement 2030 Fund

As of December 31, 2025
Peer Group: Target-Date 2030

Benchmark: Vanguard Target 2030 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2030
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTHRX

PM Tenure :

12 Years 10 Months

Inception Date :

06/07/2006

Fund Style :

Target-Date 2030

Fund Assets :

$112,581 Million

Median Expense :

0.67%

Portfolio Assets :

$112,581 Million

Portfolio Turnover : 9%
Trailing Performance

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

6.83

9.79

8.66

7.17

0.08

07/01/2006

7.11

10.15

8.96

7.40

-0.28

-0.36

-0.30

-0.23

QTD

YTD

1 Year

3 Years

5 Years

Manager

2.30

16.24

14.27

Benchmark

2.43

16.28

14.42

Excess

-0.13

-0.04

-0.15

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

10.64

16.03

-16.27

11.38

14.10

21.07

-5.86

Avg. Market Cap

$133,157
Million

Benchmark

10.82

16.26

-15.71

11.66

14.98

21.34

-5.72

Excess

-0.19

-0.23

-0.56

-0.28

-0.87

-0.27

-0.14

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.49 %

Avg. Effective Maturity

8.08 Years

Avg. Effective Duration

6 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.82 %

Trailing Returns vs Peers
26.0
20.0

Return

P/E

14.0
8.0
2.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

35.6 %

Vanguard Total Bond Market II Idx

27.4 %

Vanguard Total Intl Stock Index

24.6 %

Vanguard Total Intl Bd II Idx Insl

11.5 %

Vanguard Shrt-Term Infl-Prot Sec

0.2 %

Total

Data Source Morningstar

99.3 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.30 (16)

16.24 (11)

14.27 (3)

6.83 (10)

8.66 (17)

Benchmark

2.43 (6)

16.28 (10)

14.42 (1)

7.11 (5)

8.96 (7)

5th Percentile

2.44

17.06

14.03

6.96

9.00

1st Quartile

2.24

15.48

13.50

6.51

8.58

Median

2.04

14.46

12.91

6.09

8.07

3rd Quartile

1.78

12.95

11.82

5.60

7.66

95th Percentile

1.31

9.71

9.74

4.57

5.83

Population

195

184

177

139

Page 131 of 152

Vanguard Target Retirement 2030 Fund

As of December 31, 2025
Peer Group: Target-Date 2030

Benchmark: Vanguard Target 2030 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.6%
0.1%
12.8%

Municipal

35.3%
Corporate
26.2%

Securitized

Cash & Equiv
24.0%
Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 132 of 152

Vanguard Target Retirement 2035 Fund

As of December 31, 2025
Peer Group: Target-Date 2035

Benchmark: Vanguard Target 2035 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2035
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTTHX

PM Tenure :

12 Years 10 Months

Inception Date :

10/27/2003

Fund Style :

Target-Date 2035

Fund Assets :

$124,797 Million

Median Expense :

0.64%

Portfolio Assets :

$124,797 Million

Portfolio Turnover : 6%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

2.49

17.54

15.46

7.71

10.70

9.40

7.90

0.08

11/01/2003

Benchmark

2.62

17.54

15.59

7.97

11.06

9.70

8.11

Excess

-0.13

0.00

-0.13

-0.26

-0.35

-0.30

-0.21

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

11.78

17.14

-16.62

12.96

14.79

22.44

-6.58

Avg. Market Cap

$133,298
Million

Benchmark

11.90

17.43

-16.10

13.24

15.67

22.76

-6.46

Excess

-0.12

-0.29

-0.52

-0.28

-0.88

-0.32

-0.12

18.11

P/B

2.79

Div. Yield

1.91%

Avg. Coupon

3.51 %

Avg. Effective Maturity

8.11 Years

Avg. Effective Duration

6.02 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.63 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

40.4 %

Vanguard Total Intl Stock Index

27.8 %

Vanguard Total Bond Market II Idx

22.1 %

Vanguard Total Intl Bd II Idx Insl

9.1 %

99.4 %

Total

Data Source Morningstar

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.49 (22)

17.54 (14)

15.46 (18)

7.71 (24)

9.40 (26)

Benchmark

2.62 (11)

17.54 (14)

15.59 (12)

7.97 (14)

9.70 (16)

5th Percentile

2.73

18.58

15.94

8.33

10.06

1st Quartile

2.46

17.09

15.30

7.68

9.40

Median

2.31

15.98

14.60

7.31

9.02

3rd Quartile

2.04

14.62

13.46

6.91

8.55

95th Percentile

1.41

11.85

11.71

6.16

7.13

Population

190

181

169

141

Page 133 of 152

Vanguard Target Retirement 2035 Fund

As of December 31, 2025
Peer Group: Target-Date 2035

Benchmark: Vanguard Target 2035 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.5%
0.1%
10.1%

Municipal

40.1%

21.0%

Corporate

Securitized

Cash & Equiv
27.2%
Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 134 of 152

Vanguard Target Retirement 2040 Fund

As of December 31, 2025
Peer Group: Target-Date 2040

Benchmark: Vanguard Target 2040 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2040
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VFORX

PM Tenure :

12 Years 10 Months

Inception Date :

06/07/2006

Fund Style :

Target-Date 2040

Fund Assets :

$114,285 Million

Median Expense :

0.70%

Portfolio Assets :

$114,285 Million

Portfolio Turnover : 5%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

2.69

18.76

16.63

8.57

11.61

10.13

8.02

0.08

07/01/2006

Benchmark

2.81

18.77

16.76

8.82

11.95

10.42

8.25

Excess

-0.12

-0.02

-0.13

-0.25

-0.34

-0.29

-0.22

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

12.88

18.34

-16.98

14.56

15.47

23.86

-7.32

Avg. Market Cap

$133,058
Million

Benchmark

12.99

18.60

-16.51

14.84

16.31

24.19

-7.22

Excess

-0.11

-0.26

-0.47

-0.28

-0.84

-0.33

-0.10

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.52 %

Avg. Effective Maturity

8.11 Years

Avg. Effective Duration

6.01 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.47 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

44.8 %

Vanguard Total Intl Stock Index

31.0 %

Vanguard Total Bond Market II Idx

16.9 %

Vanguard Total Intl Bd II Idx Insl

6.8 %

Total

Data Source Morningstar

99.5 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.69 (36)

18.76 (28)

16.63 (37)

8.57 (44)

10.13 (29)

Benchmark

2.81 (26)

18.77 (28)

16.76 (33)

8.82 (29)

10.42 (19)

5th Percentile

3.12

21.31

18.11

9.58

10.99
10.26

1st Quartile

2.81

18.89

17.07

8.93

Median

2.58

17.56

16.21

8.47

9.83

3rd Quartile

2.29

16.25

15.11

7.90

9.29

95th Percentile

1.62

12.70

13.42

7.09

7.98

Population

188

177

170

139

Page 135 of 152

Vanguard Target Retirement 2040 Fund

As of December 31, 2025
Peer Group: Target-Date 2040

Benchmark: Vanguard Target 2040 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.4%
0.1%
7.6%

Municipal

16.0%
44.5%

Corporate

Securitized

Cash & Equiv

30.4%

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 136 of 152

Vanguard Target Retirement 2045 Fund

As of December 31, 2025
Peer Group: Target-Date 2045

Benchmark: Vanguard Target 2045 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2045
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTIVX

PM Tenure :

12 Years 10 Months

Inception Date :

10/27/2003

Fund Style :

Target-Date 2045

Fund Assets :

$114,798 Million

Median Expense :

0.64%

Portfolio Assets :

$114,798 Million

Portfolio Turnover : 4%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

Manager

2.87

19.99

17.76

9.41

12.48

10.74

8.68

0.08

11/01/2003

Benchmark

3.00

20.00

17.92

9.66

12.82

11.03

8.89

Excess

-0.14

-0.01

-0.15

-0.25

-0.34

-0.29

-0.21

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

13.91

19.48

-17.36

16.16

16.30

24.94

-7.90

Avg. Market Cap

$133,075
Million

Benchmark

14.08

19.77

-16.93

16.45

17.02

25.37

-7.77

Excess

-0.17

-0.29

-0.43

-0.29

-0.73

-0.43

-0.13

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.52 %

Avg. Effective Maturity

8.11 Years

Avg. Effective Duration

6.01 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.3 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

49.2 %

Vanguard Total Intl Stock Index

34.0 %

Vanguard Total Bond Market II Idx

11.6 %

Vanguard Total Intl Bd II Idx Insl

4.6 %

Total

Data Source Morningstar

99.4 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

2.87 (39)

19.99 (25)

17.76 (37)

9.41 (38)

10.74 (25)

Benchmark

3.00 (28)

20.00 (25)

17.92 (32)

9.66 (20)

11.03 (14)

3.43

22.80

19.21

10.41

11.26

5th Percentile
1st Quartile

3.04

19.99

18.16

9.60

10.73

Median

2.76

18.76

17.36

9.20

10.29

3rd Quartile

2.52

17.44

16.27

8.62

9.79

95th Percentile

1.68

13.54

14.15

7.69

8.68

Population

185

176

169

141

Page 137 of 152

Vanguard Target Retirement 2045 Fund

As of December 31, 2025
Peer Group: Target-Date 2045

Benchmark: Vanguard Target 2045 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.6%
0.1%
5.1%
11.0%

Municipal

Corporate

48.9%

Securitized
33.3%
Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 138 of 152

Vanguard Target Retirement 2050 Fund

As of December 31, 2025
Peer Group: Target-Date 2050

Benchmark: Vanguard Target 2050 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2050
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VFIFX

PM Tenure :

12 Years 10 Months

Inception Date :

06/07/2006

Fund Style :

Target-Date 2050

Fund Assets :

$101,474 Million

Median Expense :

0.69%

Portfolio Assets :

$101,474 Million

Portfolio Turnover : 2%
Trailing Performance
5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

18.70

9.95

12.90

11.02

8.47

0.08

07/01/2006

18.92

10.24

13.27

11.34

8.71

-0.22

-0.29

-0.37

-0.31

-0.23

QTD

YTD

1 Year

3 Years

Manager

3.05

21.41

Benchmark

3.19

21.47

Excess

-0.14

-0.06

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

14.64

20.17

-17.46

16.41

16.39

24.98

-7.90

Avg. Market Cap

$132,972
Million

Benchmark

14.92

20.48

-17.07

16.75

17.17

25.37

-7.77

Excess

-0.28

-0.31

-0.39

-0.34

-0.78

-0.39

-0.12

18.10

P/B

2.78

Div. Yield

1.92%

Avg. Coupon

3.53 %

Avg. Effective Maturity

8.11 Years

Avg. Effective Duration

6 Years

Avg. Credit Quality

Yield To Maturity

4.48 %

SEC Yield

2.14 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

53.7 %

Vanguard Total Intl Stock Index

37.2 %

Vanguard Total Bond Market II Idx

6.3 %

Vanguard Total Intl Bd II Idx Insl

2.4 %

Total

Data Source Morningstar

99.5 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.05 (30)

21.41 (13)

18.70 (24)

9.95 (24)

11.02 (17)

Benchmark

3.19 (18)

21.47 (12)

18.92 (15)

10.24 (11)

11.34 (8)

3.45

22.80

19.53

10.68

11.46

5th Percentile
1st Quartile

3.07

20.54

18.69

9.89

10.93

Median

2.86

19.53

17.92

9.43

10.45

3rd Quartile

2.55

18.11

16.90

8.80

10.01

95th Percentile

1.75

14.25

14.75

8.07

9.16

Population

188

177

170

139

Page 139 of 152

Vanguard Target Retirement 2050 Fund

As of December 31, 2025
Peer Group: Target-Date 2050

Benchmark: Vanguard Target 2050 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.6%
0.1%
2.7%
5.9%

Municipal

Corporate
53.3%

36.4%

Securitized

Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 140 of 152

Vanguard Target Retirement 2055 Fund

As of December 31, 2025
Peer Group: Target-Date 2055

Benchmark: Vanguard Target 2055 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2055
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VFFVX

PM Tenure :

12 Years 10 Months

Inception Date :

08/18/2010

Fund Style :

Target-Date 2055

Fund Assets :

$71,092 Million

Median Expense :

0.64%

Portfolio Assets :

$71,092 Million

Portfolio Turnover : 2%
Trailing Performance
5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

18.71

9.96

12.89

11.02

11.08

0.08

09/01/2010

18.93

10.25

13.27

11.34

11.39

-0.22

-0.29

-0.38

-0.32

-0.30

QTD

YTD

1 Year

3 Years

Manager

3.06

21.43

Benchmark

3.21

21.49

Excess

-0.14

-0.06

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

14.64

20.16

-17.46

16.44

16.32

24.98

-7.89

Avg. Market Cap

$133,149
Million

Benchmark

14.92

20.48

-17.07

16.75

17.17

25.37

-7.77

Excess

-0.28

-0.32

-0.39

-0.31

-0.85

-0.40

-0.12

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.51 %

Avg. Effective Maturity

8.11 Years

Avg. Effective Duration

6.02 Years

Avg. Credit Quality

Yield To Maturity

4.49 %

SEC Yield

2.12 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

54.1 %

Vanguard Total Intl Stock Index

37.4 %

Vanguard Total Bond Market II Idx

5.7 %

Vanguard Total Intl Bd II Idx Insl

2.4 %

Total

Data Source Morningstar

99.5 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.06 (32)

21.43 (16)

18.71 (30)

9.96 (28)

11.02 (20)

Benchmark

3.21 (20)

21.49 (14)

18.93 (22)

10.25 (17)

11.34 (10)

3.47

22.79

20.08

10.98

11.49

5th Percentile
1st Quartile

3.15

20.92

18.83

10.04

10.97

Median

2.94

19.90

17.97

9.53

10.53

3rd Quartile

2.59

18.51

17.16

8.97

10.07

95th Percentile

1.80

14.92

14.83

8.14

9.29

Population

185

176

169

140

Page 141 of 152

Vanguard Target Retirement 2055 Fund

As of December 31, 2025
Peer Group: Target-Date 2055

Benchmark: Vanguard Target 2055 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.6%
0.1%
2.6%
5.4%

Municipal

Corporate
53.7%

36.6%

Securitized

Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 142 of 152

Vanguard Target Retirement 2060 Fund

As of December 31, 2025
Peer Group: Target-Date 2060

Benchmark: Vanguard Target 2060 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2060
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VTTSX

PM Tenure :

12 Years 10 Months

Inception Date :

01/19/2012

Fund Style :

Target-Date 2060

Fund Assets :

$42,874 Million

Median Expense :

0.64%

Portfolio Assets :

$42,874 Million

Portfolio Turnover : 1%
Trailing Performance
5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date

18.71

9.96

12.89

11.02

10.67

0.08

02/01/2012

18.93

10.25

13.27

11.34

10.98

-0.22

-0.29

-0.38

-0.32

-0.31

QTD

YTD

1 Year

3 Years

Manager

3.06

21.42

Benchmark

3.21

21.49

Excess

-0.15

-0.08

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

14.63

20.18

-17.46

16.44

16.32

24.96

-7.87

Avg. Market Cap

$133,152
Million

Benchmark

14.92

20.48

-17.07

16.75

17.17

25.37

-7.77

Excess

-0.29

-0.30

-0.39

-0.31

-0.85

-0.42

-0.10

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.51 %

Avg. Effective Maturity

8.12 Years

Avg. Effective Duration

6.02 Years

Avg. Credit Quality

Yield To Maturity

4.49 %

SEC Yield

2.12 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

54.0 %

Vanguard Total Intl Stock Index

37.3 %

Vanguard Total Bond Market II Idx

5.6 %

Vanguard Total Intl Bd II Idx Insl

2.4 %

Total

Data Source Morningstar

99.4 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.06 (37)

21.42 (16)

18.71 (32)

9.96 (30)

11.02 (31)

Benchmark

3.21 (21)

21.49 (14)

18.93 (23)

10.25 (19)

11.34 (13)

3.46

22.76

20.21

11.40

11.57

5th Percentile
1st Quartile

3.16

20.95

18.89

10.09

11.09

Median

2.95

19.95

18.06

9.56

10.71

3rd Quartile

2.60

18.59

17.39

9.00

10.16

95th Percentile

1.84

15.04

15.09

8.12

9.49

Population

185

176

164

Page 143 of 152

Vanguard Target Retirement 2060 Fund

As of December 31, 2025
Peer Group: Target-Date 2060

Benchmark: Vanguard Target 2060 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.7%
0.1%
2.6%
5.4%

Municipal

Corporate
53.7%

36.5%

Securitized

Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

75.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 144 of 152

Vanguard Target Retirement 2065 Fund

As of December 31, 2025
Peer Group: Target-Date 2065+

Benchmark: Vanguard Target 2065 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds according to
an asset allocation strategy designed for investors planning to
retire and leave the workforce in or within a few years of 2065
(the target year). The fund's asset allocation will become more
conservative over time, meaning that the percentage of assets
allocated to stocks will decrease while the percentage of assets
allocated to bonds and other fixed income investments will
increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VLXVX

PM Tenure :

8 Years 5 Months

Inception Date :

07/12/2017

Fund Style :

Target-Date 2065+

Fund Assets :

$15,046 Million

Median Expense :

0.60%

Portfolio Assets :

$15,046 Million

Portfolio Turnover : 1%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

Manager

3.07

21.43

Benchmark

3.21

21.49

18.70

9.98

12.88

18.93

10.25

13.27

Excess

-0.14

-0.06

-0.23

-0.27

-0.39

Since Inception

Expense
Ratio

Inception
Date

10.49

0.08

08/01/2017

10.86

-0.36

10 Years

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

14.62

20.15

-17.39

16.46

16.17

24.96

-7.95

Avg. Market Cap

$133,190
Million

Benchmark

14.92

20.48

-17.07

16.75

17.17

25.37

-7.77

Excess

-0.31

-0.33

-0.32

-0.30

-1.00

-0.41

-0.17

18.11

P/B

2.78

Div. Yield

1.91%

Avg. Coupon

3.51 %

Avg. Effective Maturity

8.12 Years

Avg. Effective Duration

6.02 Years

Avg. Credit Quality

Yield To Maturity

4.49 %

SEC Yield

2.12 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

54.1 %

Vanguard Total Intl Stock Index

37.3 %

Vanguard Total Bond Market II Idx

5.6 %

Vanguard Total Intl Bd II Idx Insl

2.4 %

99.4 %

Total

Data Source Morningstar

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.07 (35)

21.43 (23)

18.70 (35)

9.98 (36)

Benchmark

3.21 (20)

21.49 (20)

18.93 (26)

10.25 (28)

5th Percentile

3.45

23.14

20.20

12.08

1st Quartile

3.16

21.39

18.93

10.36

Median

2.98

20.38

18.14

9.66

3rd Quartile

2.71

19.31

17.40

9.11

95th Percentile

1.83

15.66

15.18

8.12

Population

311

250

165

123

Page 145 of 152

Vanguard Target Retirement 2065 Fund

As of December 31, 2025
Peer Group: Target-Date 2065+

Benchmark: Vanguard Target 2065 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.7%
0.1%
2.6%
5.3%

Municipal

Corporate
53.7%

36.5%

Securitized

Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 146 of 152

Vanguard Target Retirement 2070 Fund

As of December 31, 2025
Peer Group: Target-Date 2065+

Benchmark: Vanguard Target 2070 Composite Index
Fund Investment Policy

Fund Information

The investment seeks to provide capital appreciation and current
income consistent with its current asset allocation.
The fund invests in a mix of Vanguard mutual funds (underlying
funds) according to an asset allocation strategy designed for
investors planning to retire and leave the workforce in or within a
few years of 2070 (the target year). The fund's asset allocation will
become more conservative over time, meaning that the
percentage of assets allocated to stocks will decrease while the
percentage of assets allocated to bonds and other fixed income
investments will increase.

Fund Family :

Vanguard

Portfolio Manager : Team Managed

Ticker :

VSVNX

PM Tenure :

3 Years 6 Months

Inception Date :

06/28/2022

Fund Style :

Target-Date 2065+

Fund Assets :

$2,915 Million

Median Expense :

0.60%

Portfolio Assets :

$2,915 Million

Portfolio Turnover : 3%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

Manager

3.07

21.42

18.71

Benchmark

3.21

21.49

18.93

Excess

-0.13

-0.07

-0.21

Since Inception

Expense
Ratio

Inception
Date

16.51

0.08

07/01/2022

16.81

-0.30

10 Years

Calendar Year Performance
Fund Characteristics As of 12/31/2025

2024

2023

2022

2021

2020

2019

2018

Total Securities

Manager

14.59

20.24

Avg. Market Cap

$133,224
Million

Benchmark

14.92

20.48

Excess

-0.33

-0.23

18.11

P/B

2.79

Div. Yield

1.91%

Avg. Coupon

3.51 %

Avg. Effective Maturity

8.12 Years

Avg. Effective Duration

6.02 Years

Avg. Credit Quality

Yield To Maturity

4.49 %

SEC Yield

2.12 %

Trailing Returns vs Peers
28.0
20.0

Return

P/E

12.0
4.0
-4.0

Top Ten Securities As of 12/31/2025

Vanguard Total Stock Mkt Idx Instl

54.2 %

Vanguard Total Intl Stock Index

37.4 %

Vanguard Total Bond Market II Idx

5.6 %

Vanguard Total Intl Bd II Idx Insl

2.4 %

Total

Data Source Morningstar

99.6 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

3.07 (35)

21.42 (24)

18.71 (33)

Benchmark

3.21 (20)

21.49 (20)

18.93 (26)

3.45

23.14

20.20

12.08

5th Percentile
1st Quartile

3.16

21.39

18.93

10.36

Median

2.98

20.38

18.14

9.66

3rd Quartile

2.71

19.31

17.40

9.11

95th Percentile

1.83

15.66

15.18

8.12

Population

311

250

165

123

Page 147 of 152

Vanguard Target Retirement 2070 Fund

As of December 31, 2025
Peer Group: Target-Date 2065+

Benchmark: Vanguard Target 2070 Composite Index
Fixed Income Sector Allocation As of 12/31/2025

Asset Allocation As of 12/31/2025

Government

1.4%
0.1%
2.6%
5.3%

Municipal

Corporate
53.9%

36.6%

Securitized

Cash & Equiv

Other
0.0%
Fund

15.0%

30.0%

45.0%

60.0%

Peer Avg

Equity Sector Allocation As of 12/31/2025

US Stock

Non-US Stock

US Bond

Non-US Bond

Other

Cash

Preferred

Convertible

Region Allocation As of 12/31/2025

Energy
Materials
Industrials

Developed Country

Con Disc
Con Staples
Health Care
Financials
Technology
Emerging Market

Comm.
Utilities
Real Estate
0.0%
Fund

6.0%

12.0%

18.0%

24.0%

30.0%

36.0%

0.0%

Peer Avg

Data Source Morningstar

Fund

Peer Avg

20.0%

40.0%

60.0%

80.0%

100.0%

Page 148 of 152

Vanguard Real Estate Index Admiral

As of December 31, 2025
Peer Group: Real Estate

Benchmark: Vanguard Spliced Real Estate Index
Fund Investment Policy

Fund Information

The investment seeks to provide a high level of income and
moderate long-term capital appreciation by tracking the
performance of the MSCI US Investable Market Real Estate 25/50
Index that measures the performance of publicly traded equity
REITs and other real estate-related investments.
The advisor attempts to track the index by investing all, or
substantially all, of its assets-either directly or indirectly through a
wholly owned subsidiary, which is itself a registered investment
company-in the stocks that make up the index, holding each
stock in approximately the same proportion as its weighting in
the index. The fund is non-diversified.
Fund Characteristics
Vanguard Real Estate Index Admiral

Ticker

VGSLX

Fund Assets

65,742 Million

Portfolio Assets

20,365 Million

Total Number of Holdings

165

Turnover

7.00 %

Net Expense(%)

0.13 %

Fund Family :

Vanguard

Portfolio Manager : Nieves,C/O’Reilly,G/Stenger,J

Ticker :

VGSLX

PM Tenure :

29 Years 7 Months

Inception Date :

11/12/2001

Fund Style :

Real Estate

Fund Assets :

$69,606 Million

Median Expense :

1.00%

Portfolio Assets :

$21,401 Million

Portfolio Turnover : 7%
Trailing Performance
QTD

YTD

1 Year

3 Years

5 Years

7 Years

10 Years

Since Inception

Expense
Ratio

Inception
Date
06/01/1996

Manager

-2.41

3.19

6.58

4.64

6.38

5.14

8.87

0.13

Benchmark

-2.39

3.31

6.71

4.76

6.50

5.26

8.88

Excess

-0.02

-0.11

-0.13

-0.12

-0.11

-0.01

Calendar Year Performance
2024

2023

2022

2021

2020

2019

2018

4.92

11.81

-26.20

40.40

-4.65

28.94

-5.95

Benchmark

5.05

11.96

-26.12

40.56

-4.55

29.03

-5.86

Excess

-0.13

-0.15

-0.08

-0.16

-0.10

-0.09

Manager

Trailing Returns vs Peers
15.0

Return

10.0

Top Ten Securities As of 12/31/2025

5.0
0.0

Vanguard Real Estate II Index

14.5 %

Welltower Inc

7.1 %

-5.0

Prologis Inc

6.9 %

-10.0

American Tower Corp

4.8 %

Equinix Inc

4.3 %

Simon Property Group Inc

3.5 %

Digital Realty Trust Inc

3.0 %

Realty Income Corp

3.0 %

CBRE Group Inc Class A

2.8 %

Public Storage
Total

Data Source Morningstar

2.4 %
52.1 %

QTD

YTD

1 Year

3 Years

5 Years

10 Years

¢ Manager

-2.41 (75)

3.19 (20)

6.58 (44)

4.64 (58)

5.14 (49)

Benchmark

-2.39 (73)

3.31 (19)

6.71 (39)

4.76 (52)

5.26 (45)

5th Percentile

0.23

5.86

9.61

6.53

6.64

1st Quartile

-1.18

3.02

7.52

5.65

5.74

Median

-1.84

1.51

6.42

4.84

5.12

3rd Quartile

-2.41

-0.15

5.59

3.95

4.33

95th Percentile

-3.52

-3.21

3.32

2.77

3.27

Population

220

217

208

200

182

100

Page 149 of 152

Important Disclosures:
Investment Advisory: The Fiduciary Consulting Group (“FCG”) is a business unit within Morgan Stanley Institutional Investment Advisors, LLC (“MSIIA”). MSIIA is
registered with Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. Therefore, MSIIA is a
fiduciary when providing investment advisory services.
For retirement plan (“Plan”) clients, MSIIA is an investment advisor and fiduciary retained by the Plan client in relation to the investments in the Plan. MSIIA is not
retained and does not serve in capacity as an investment advisor or fiduciary to self-directed brokerage investment or to Plan participants.
Additional information about FCG is also available on the SEC’s website at: www.adviserinfo.sec.gov.
ERISA/Code: When MSIIA, its affiliates and consultants provide “investment advice” regarding a retirement plan account, MSIIA is a “fiduciary” as those terms are
defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable.
When MSIIA provides investment education or otherwise does not provide “investment advice”, MSIIA will not be considered a “fiduciary” under ERISA and/or the
Code.
Intended Audience: The material in this performance report (“Report”) is intended solely for the use of the persons to whom it has been delivered. The
information is intended for the client’s internal use only and may not be distributed, in whole or in part, to a client’s Plan participants or to the public. This report
may not be posted on any participant or public websites or other social media.
Sources of Information: The information in this Report is provided as part of the services you receive from your FCG consultant, and does not supersede or
replace your customer account statement provided by your custodian (“Custodial Statement”). Information in this Report may vary slightly from the information in
your Custodial Statement as a result of differences in accounting procedures, reporting dates, or valuation methodologies of certain securities. The information in
this Report is as of the date(s) noted and subject to daily market fluctuation.
Asset balances and plan participant activity included in this Report are provided to FCG by the Plan’s custodian or recordkeeper. Mutual fund products or exchange
traded funds (together, “Fund”)’s performance and characteristics, asset classes, benchmark indices and market data included in this report are provided to FCG by
external data sources.
Accuracy and Changes to Report: This document contains data obtained from sources believed to be reliable, but such data is not guaranteed as to its accuracy
and does not purport to be complete. Reasonable professional care was exercised in preparing this Report, but FCG cannot guarantee the accuracy of the
information provided to FCG by external data sources and by the Plan’s custodian or recordkeeper.
FCG is also under no obligation to update information in this Report. Please be advised that any numbers referenced in this Report are subject to revision. FCG is
not responsible for updating those figures that have changed. FCG accepts no liability for loss arising from the use of the material presented in this Report. This
Report document should not be relied on in substitution for the exercise of independent judgment.
The opinions expressed herein by FCG are not intended to be a forecast of future events, a guarantee of future results or investment advice, and are subject to
change based on market and other conditions. FCG has no obligation to tell you when those opinions or information may change.
Differences between FCG and Morgan Stanley affiliates: FCG’s views and opinions contained herein may differ materially from the views and opinions of
Morgan Stanley affiliates.
Not Legal/Accounting Advice: The information in this Report is not intended to constitute legal or accounting advice This material is not intended as an offer or
solicitation for the purchase or sale of any financial instrument.
Performance: Net performance results illustrated herein do not reflect a deduction of any investment advisory fees charged by FCG or any investment manager
101

Page 150 of 152

but do include the fund’s internal expenses. Net performance results are annualized for time periods greater than one year and include all cash and cash
equivalents, realized and unrealized capital gains and losses, and dividends, interest, and income. The investment results depicted herein represent historical
performance.
A Fund’s internal expenses (also known as the expense ratio) generally cover investment management fees, marketing, and distribution fees (also known as 12b-1
fees) and other operating expenses of the fund. The expense ratios being displayed for mutual funds reflect each fund’s “net" expenses as provided by Morningstar
as per the fund’s prospectus. Such "net" expenses are subject to change and may increase at any time. You can obtain performance data for each Fund by visiting
the fund company website. Fund performance information contained in this report does not represent a recommendation by FCG.
Current performance may vary from the figures shown. Past performance is not a guarantee of future results.
Performance data quoted is historical. . The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed,
may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all Fund fees and expenses.
Performance figures are based on the investment’s Net Asset Value (NAV) within a qualified retirement plan. If an individual were to make an investment outside of
a qualified plan, they would likely be subject to all, or a portion of, any applicable sales charges. These charges would lower the performance indicated above.
Each investment's performance may, from time to time, have been affected significantly by material market and economic conditions, including interest rates,
market trends, and general business and economic cycles, which may or may not be repeated in the future.
Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any
specific investment. Index returns include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are
associated with an investment. The indices selected by FCG to measure performance are representative of broad asset classes. FCG retains the right to change
representative indices at any time. Performance of indices may be more or less volatile than any investment product. The risk of loss in value of a specific
investment is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a
particular investment a client selects. Past performance does not guarantee future results.
Key Comparisons between CITs and Mutual Funds. CITs are tax-qualified investments primarily restricted to the retirement market so investors tend to have a
longer-term horizon and the trustee can make investment decisions without tax considerations. Mutual funds are not subject to these investor limits or investment
horizons and must distribute substantially all of their taxable net gains and income to investors. CIT expense structures can be customized to investor channels.
Mutual funds generally have less fee flexibility. CITs tend to have lower administrative, marketing and distribution costs than mutual funds due to the differences in
how they can be sold and to whom. CITs are maintained by a bank as trustee and are subject to federal or state banking regulation and ERISA fiduciary standards.
Mutual funds are managed by registered investment advisers and are subject to extensive SEC regulation and public disclosure and reporting requirements. Both
CITs and mutual funds are generally priced and traded daily, subject to annual financial audits, and benefit from their pooled structure that aggregates investor
funds and can provide greater diversification than individual accounts.
Investment Policy Statement: The "Investment Policy Statement Compliance Report" indicates funds that are on the client’s Plan “Watch List”, as based on
investment monitoring criteria which is provided to FCG by the client. The client should inform its FCG Consultant of any changes to the investment policy for the
client’s plan.
Fund data provided by Morningstar.
Key Asset Class Risk Disclosures. Investing involves market risk, including possible loss of principal. Please refer to MSIIA’s Form ADV Brochure for more
information about the risks associated with certain investment products. The FCG’s Form ADV Brochure is available upon request.
All Funds are sold by prospectus, which contain more complete information about a fund, its expenses and material risks related to that fund’s investment strategy.

102

Page 151 of 152

Please contact your FCG consultant for a copy of a fund’s prospectus.
All investments involve risk and potentially a loss of money. Investments in bonds are subject to interest rate, credit, and inflation risk. Foreign investments involve
special risks, including currency fluctuations, taxation differences and political developments. Equity securities of small and mid-sized companies may be more
volatile than securities of larger, more established companies. Real estate securities and trusts involve greater risks than other non-diversified investments,
including but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty. Real estate securities that
invest in foreign real estate involve additional risk, including currency fluctuations and political developments. Target Date Funds provide a dynamic asset allocation
that adjusts over time based upon a participant’s age and distance from retirement. The glidepath structure is based upon an assumed retirement age of 65. The
underlying investments are subject to market risk (including falling share prices), interest rate risk, credit risk, inflation risk, and other risks, including any risks
assumed by the underlying funds. Diversification does not ensure a profit or protect against a loss. The principal value of any investment is not guaranteed at any
time.
This document is intended for educational purposes only and should not be construed as investment advice. This document may contain forward-looking
statements within the meaning of the federal securities laws. Forward-looking statements are those that predict or describe future events or trends and that do not
relate solely to historical matters. Actual results could and likely will differ, sometimes materially, from those projected or anticipated. FCG is not undertaking any
obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any
statements regarding past trends as a representation those trends or activities will continue in the future. Accordingly, you should not put undue reliance on these
statements.
Peer Groups: Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach.
Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like
performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer
across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology
about the various Peer Groups https://www.invmetrics.com/style-peer-groups
Peer Group Ranking Methodology: A percentile rank denotes the value of a product in which a certain percent of observations falls within a peer group. The
range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for
example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be
found, and so on.
Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a
high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics,
implying that a ranking of 1 will always mean highest value across all statistics.
For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return,
whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers.
In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75 th percentile, and the median is the 50th
percentile.
Environmental, Social and Governance (“ESG”) investments in a portfolio may experience performance that is lower or higher than a portfolio not employing
such practices. Portfolios with ESG restrictions and strategies as well as ESG investments may not be able to take advantage of the same opportunities or market
trends as portfolios where ESG criteria is not applied. There are inconsistent ESG definitions and criteria within the industry, as well as multiple ESG ratings providers
that provide ESG ratings of the same subject companies and/or securities that vary among the providers. Certain issuers of investments may have differing and
inconsistent views concerning ESG criteria where the ESG claims made in offering documents or other literature may overstate ESG impact. ESG designations are as

103

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of the date of this material, and no assurance is provided that the underlying assets have maintained or will maintain and such designation or any stated ESG
compliance. As a result, it is difficult to compare ESG investment products or to evaluate an ESG investment product in comparison to one that does not focus on
ESG. Investors should also independently consider whether the ESG investment product meets their own ESG objectives or criteria.
There is no assurance that an ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or a dependable measure of
future results.
© Morgan Stanley Institutional Investment Advisors LLC 2026

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