On the agenda: Maitland Police & Fire Pension Meeting — data center (Sep 9)

OFFICIAL NOTICE
CITY OF MAITLAND MUNICIPAL POLICE OFFICERS’ & FIREFIGHTERS’ PENSION TRUST FUND
BOARD OF TRUSTEES, QUARTERLY MEETING
CITY HALL, COUNCIL CHAMBERS
1776 INDEPENDENCE LANE, MAITLAND, FL 32751

AGENDA

Wednesday, September 9, 2026 – 12:00PM
Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that
individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the
Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact the City Clerk at (407) 539-6219, 48
hours prior to the meeting.

I.

CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM

II.

PUBLIC COMMENTS

III.

APPROVAL OF MINUTES
1. June 10, 2026, quarterly meeting

IV.

CONSENT AGENDA
1. Paid invoices for ratification
a. Warrant #114
2. New invoices for payment approval
a. None
3. Fund Activity Report for June 4, 2026, through September 2, 2026

V.

NEW BUSINESS
1. Change time of December meeting
2. Proposed 2027 meeting dates
3. Proposed 2026-2027 budget
4. Renewal 2027 board membership

VI.

REPORTS (ATTORNEY/CONSULTANTS)
1. Foster & Foster, Doug Lozen, Actuary
a. Cybersecurity support program
2. Mariner Institutional, John Thinnes, Investment Consultant
a. Quarterly report as of June 30, 2026
3. Klausner, Kaufman, Jensen, & Levinson, Sean Sendra, Attorney
a. Custodian access memo

VII.

OLD BUSINESS

VIII.

STAFF REPORTS, DISCUSSION, & ACTION
1. Foster & Foster, Kandyce Moss, Plan Administrator
a. Update on State annual report
b. Educational opportunities
i. Division of Retirement Conference, Sept 15-17, 2026, Daytona Beach Shores
ii. FPPTA Trustee School, Sept 27-30, 2026, Rosen Shingle Creek, Orlando
iii. FPPTA Trustee School, Jan 31-Feb 3, 2027, Rosen Shingle Creek, Orlando

IX.

TRUSTEE REPORTS, DISCUSSION, & ACTION

X.

NEXT MEETING: December 9, 2026 - 1:30PM (time change)

XI.

ADJOURNMENT

CITY OF MAITLAND
MUNICIPAL POLICE OFFICERS’ & FIREFIGHTERS’ PENSION TRUST FUND
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City Hall, Council Chambers, 1776 Independence Lane, Maitland, FL 32751
Wednesday, June 10, 2026, at 12:00PM
TRUSTEES PRESENT:

Bryan Stewart
Chris Morton
Matt Cross
Paul Goldstein
Jerry Gray
Ray Link
Dustin Moore
Catherine Nowling

TRUSTEES ABSENT:

Taylor Stitt

OTHERS PRESENT:

Sean Sendra, Klausner, Kaufman, Jensen, & Levinson
Kandyce Moss, Foster & Foster
Nancy Eisenstein, Foster & Foster
John Thinnes, Mariner Institutional
Lynn Skinner, Salem Trust
Members of the Public

1. Call to Order – Bryan Stewart called the meeting to order at 12:00PM, led the Pledge
of Allegiance, and a quorum was determined.
2. Roll Call – As reflected above.
3. Public Comments – None.
4. Approval of Minutes
a. March 11, 2026, quarterly meeting
The Board approved the March 11, 2026, quarterly meeting minutes as presented, upon
motion by Chris Morton and second by Ray Link; motion carried 7-1, with Paul
Goldstein opposing as he was not on the Board when the meeting occurred.
5. Consent Agenda
a. Kandyce Moss provided an overview of the consent agenda.
b. Paid invoices for ratification
i. Warrants # 112, #113
c. New invoices for payment approval
i. None
d. Fund Activity Report for March 4, 2026 through June 3, 2026
The Board voted to approve the consent agenda as presented, upon motion by Ray
Link and second by Paul Goldstein; motion carried 8-0.
1

6. New Business
a. Trustee update
i. Kandyce Moss welcomed Paul Goldstein who was appointed by the City
to replace Ivan Valdes.
7. Reports (Attorney/Consultants)
a. Salem Trust, Lynn Skinner, Custodian
i. Lynn Skinner stated that Salem Trust was the custodian for the plan and
advised they oversaw the assets, paid retirees and invoices, worked with
the City on statements and worked with auditors, when needed.
ii. Lynn Skinner advised Salem had a portal for retirees to make changes
and receive information on their payments, including access to their
1099.
iii. Lynn Skinner stated letters were sent to retirees to gain access to the
portal; 36 out of 79 retirees had signed up for the portal.
iv. Lynn Skinner asked the plan administrator to advise Salem when a new
retiree was set up so they could provide portal communication to them.
v. Lynn Skinner advised on Chris Morton’s web access, indicating his web
link was not active where he would see statements. Lynn stated the City
and Foster & Foster received statements and asked Chris to advise if he
needed access.
vi. Lynn Skinner indicated Salem was having a dessert outing on Tuesday
at the FPPTA conference from 7:30PM to 10:30PM.
vii. Lynn Skinner wanted to thank the Board for allowing Salem to serve the
plan for 28 years, noting they were one of Salem’s first clients.
b. Mariner Institutional, John Thinnes, Investment Consultant
i. Quarterly report as of March 31, 2026
1. John Thinnes provided a market overview and reviewed the
quarterly report by asset class, manager fund performance, and
financial reconciliation.
2. As of March 31, 2026, the market value of assets (MVA) was
$54,871,847. John Thinnes advised looking at what the market
had done since, as of next quarter’s report, the fund may be close
to $60 million.
3. John Thinnes advised the asset allocation was within policy.
4. John Thinnes stated LBC Credit Partners IV was closed, however,
the plan still had some money in the fund as they were waiting for
distributions. The fund had been replaced by Mavik.
5. It was pointed out the City contributed the annual required
contributions as a lump sum as it saved interest; this practice had
occurred for some time under Jerry Gray.
6. The total fund net returns for the quarter were -2.04% for the
quarter, underperforming the benchmark of -1.69%. Trailing
returns for the 1, 3, and 5-year periods were 12.72%, 10.87%, and
6.13%, respectively. Since inception (10/1/2011) net returns were
8.79%, underperforming the benchmark of 8.94%.
7. John Thinnes stated the fund had two core real estate funds, ASB
Allegiance Fund and Barings Core Property Fund, and their
rankings had continued to decline. John stated he worked with
2

other funds that had requested to close the fund and had not
received any distributions.
8. John Thinnes stated Cohen & Steers was willing to absorb the two
funds and the plan would then be invested in an index fund and a
fund with more liquidity through REIT exposure.
9. John Thinnes advised as a Mariner client the fee was 0.65 lower
than the current fees.
10. John Thinnes stated there was quarterly liquidity in the fund.
11. John Thinnes stated the two funds were approximately 5% of the
fund and advised the transaction to move into the fund would not
be completed until September 30, 2026.
12. John Thinnes recommended transferring shares in ASB and
Barings into Cohen & Steers.
The Board voted to liquidate ASB Alleginance fund and Barings Core Property Fund to
invest in Cohen & Steers Tactical Real Estate Fund (TREF), upon motion by Ray Link
and second by Chris Morton; motion carried 8-0.
c. Klausner, Kauman, Jensen, & Levinson, Sean Sendra, Attorney
i. Rules on Accessibility of Web Content and Mobile Apps memo
1. Sean Sendra briefly reviewed the memo and commented that the
Department of Justice issued an extension on when they must
comply. Sean commented that the Board doesn’t have their own
website so no action needed to be taken as the City would handle
the postings.
ii. Financial disclosure forms memo
1. Sean Sendra reminded the Board to file their Form 1 by July 1,
2026.
iii. Plan restatement
1. Sean Sendra commented the plan restatement had been deferred
from the last meeting.
2. Sean Sendra met with Jerry Gray this morning to answer his
questions.
3. Sean Sendra provided an overview of the plan restatement to
Paul Goldstein on what the changes were and the point of
restating was to make sure it was up to date.
The Board approved the plan restatement as presented, upon motion by Ray Link and
second by Matt Cross; motion carried 8-0.
4. It was noted to clear up the two items for Jerry Gray and then
work with the City to be provided to City Council for first and
second reading.
iv. Legislative update
1. The legislation for the property taxes would go for vote in
November.
3

8. Old Business
a. Annual vendor review
i. Kandyce Moss stated at the annual vendor review at the last meeting,
the Board requested actuary fee quotes.
ii. Sean Sendra stated he spoke to Kandyce Moss, and it was for the best
that Sean requested and received the quotes. Out of three firms the fee
quote was sent to, two responded.
iii. Sean Sendra stated he provided plan details but did not provide the plan
name. Sean advised being cautious as some vendors would undercut
the current provider just to establish the business.
iv. Ray Link stated if the plan was having issues with the actuary, the cost
may matter but since they had no issues it was harder to change
providers.
v. Sean Sendra stated for the majority of the items completed annually, the
pricing was similar.
vi. The Board thanked Sean Sendra and Kandyce Moss for completing the
review.
Note: Chris Morton left at 12:55PM
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Kandyce Moss, Plan Administrator
i. Kandyce Moss introduced Nancy Eisenstein to the Board as the
assistant plan administrator on the plan.
ii. Update on Annual Report
1. Kandyce Moss advised the annual report was approved on June
5, 2026.
iii. Update of Pension Portal
1. Kandyce Moss advised the portal had been released at the end of
March.
2. Kandyce Moss stated that during usage, a few members called
with questions which led to making an adjustment in the coding
and correcting a payroll period.
3. Kandyce Moss advised Nancy Eisenstein and her completed a
portal demo noting there were a few tweaks that needed to be
done for the portal.
4. Kandyce Moss stated this was a great retirement planning tool for
the members.
iv. Educational opportunities
1. Kandyce Moss reviewed upcoming educational opportunities
available to the Board.
10. Trustee Reports, Discussion, and Action – None.
11. Next Meeting – September 9, 2026, at 12:00PM, Quarterly Meeting
12. Adjournment – The meeting adjourned at 1:09PM
4

Respectfully submitted by:

Approved by:

____________________________
Kandyce Moss, Plan Administrator

______________________________
Bryan Stewart, Chairman

Date Approved by the Pension Board:

______________________________

5

SUMMARY OF PAYMENTS
City of Maitland Municipal Police Officers' & Firefighters' Pension Trust
June 11, 2026 - September 9, 2026
INVOICES
WARRANT SENT FOR
#
PAYMENT

FOR PERIOD

114

8/20/2026

May 2026

114

8/20/2026

May 2026

114

8/20/2026

April 1 - June 30, 2026

114

8/20/2026

April 1 - June 30, 2026

114

8/20/2026

June 2026

114

8/20/2026

June 2026

114

8/20/2026

April 1 - June 30, 2026

114

8/20/2026

July 2026

114

8/20/2026

July 2026

114

8/20/2026

April 1 - June 30, 2026

114

8/20/2026

April 1 - June 30, 2026

114

8/20/2026

CY 2026

DESCRIPTION

TOTAL DUE

Klausner, Kaufman, Jensen & Levinson,
invoice #40928, legal services
Foster & Foster, invoice #42206, plan
administration
Mariner, invoice #82200, investment
consulting
Garcia Hamilton & Associates, invoice
#43196, investment management
Klausner, Kaufman, Jensen & Levinson,
invoice #41160, legal services
Foster & Foster, invoice #42830, plan
administration
ASB Capital Management, 2nd quarter
fees, investment management
Klausner, Kaufman, Jensen & Levinson,
invoice #41379, legal services
Foster & Foster, invoice #43322, plan
administration
Barings Core Property, 2nd quarter fees,
investment management (AUTO DEDUCT)
Salem Trust, 2nd quarter fees, custodial
services (AUTO DEDUCT)
FPPTA, invoice #17202, Fall Trustee
School registration for D. Moore and C.
Morton
Total Invoices
CHECK REQUESTS
Total Checks

**Highlighted items are pending approval and have not yet
been paid**

$0.00
$2,917.00
$10,000.00
$4,694.51
$6,000.00
$2,992.52
$3,384.15
$0.00
$3,750.00
$2,929.00
$5,343.47

$1,700.00
$43,710.65

$0.00

FOR RATIFICATION
WARRANT #114

Paid on warrant 113
--------------

Invoice
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
[email protected]
www.foster-foster.com
Federal EIN: 59-1921114

Date

Invoice #

6/8/2026

42206

Terms

Due Date

Net 30

7/8/2026

Bill To

City of Maitland Municipal Police Officer
& Firefighter Pension Trust Fund
c/o Foster & Foster, Inc.
2503 Del Prado Blvd. S, Suite 502
Cape Coral, FL 33904
Description

Amount

Plan Administration services for the month of May 2026.

2,917.00

Thank you for your business!
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912

Balance Due

$2,917.00

Mariner
531 W Morse Blvd Ste 200
Winter Park, FL 32789
+18444426326
[email protected]

INVOICE
BILL TO

INVOICE

82200

Maitland Police & Firefighters Pension

DATE

06/30/2026

ACCOUNT SUMMARY
03/31/2026

06/30/2026

Balance Forward

10,000.00

Other payments and credits after 03/31/2026 through 06/29/2026

-10,000.00

Other invoices from this date

0.00

New charges (details below)

10,000.00

Total Amount Due

10,000.00

DESCRIPTION

AMOUNT

Consulting Services and Performance Evaluation, Billed Quarterly (April, 2026)

3,333.33

Consulting Services and Performance Evaluation, Billed Quarterly (May, 2026)

3,333.33

Consulting Services and Performance Evaluation, Billed Quarterly (June, 2026)

3,333.34

-----------------------------------------------------------------

It is our honor and privilege to provide excellent service. If this
is not your experience, please contact us immediately.

TOTAL OF NEW CHARGES
BALANCE DUE

10,000.00

$10,000.00

Our mission is to positively impact the lives of many. If this is not your experience, please contact us immediately.
Page 1 of 1

Invoice
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
[email protected]
www.foster-foster.com
Federal EIN: 59-1921114

Date

Invoice #

7/17/2026

42830

Terms

Due Date

Net 30

8/16/2026

Bill To

City of Maitland Municipal Police Officer
& Firefighter Pension Trust Fund
c/o Foster & Foster, Inc.
2503 Del Prado Blvd. S, Suite 502
Cape Coral, FL 33904
Description

Amount

Plan Administration services for the month of June 2026.

2,917.00

Attendance at June 10, 2026 Board meeting (out-of-pocket expenses only).

75.52

Thank you for your business!
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912

Balance Due

$2,992.52

7501 Wisconsin Avenue, Suite 1300W
Bethesda, MD 20814
(240) 482-2900
www.asbrealestate.com

INVOICE

ASSET MANAGEMENT FEE STATEMENT
ASB ALLEGIANCE REAL ESTATE FUND, L.P.
July 22, 2026

CITY OF MAITLAND MUNICIPAL POLICE OFFICERS' &
FIREFIGHTERS' PENSION
TRUST FUND
ATTN: BRYAN STEWART
1776 INDEPENDENCE LANE
MAITLAND, FL 32751

CH500007
City Of Maitland Municipal Police Officers' & Firefighters' Pension Trust Fund
Fee for Quarter Ended
June 30, 2026
Ending Partners Capital Before Dividend:

$1,353,660.69

1.00% of first $15,000,000

$3,384.15

0.75% above $15,000,000

$0.00

TOTAL FEE

$3,384.15

Wiring or ACH Instructions:

ACCOUNTING SUPPORT

Beneficiary: ASB Capital Management, LLC

ASB Accounting

Receiving Bank: State Street Bank and Trust Co. Boston

[email protected]

Receiving Bank Address: Boston, MA

(240) 482-2900

Routing (ABA) Number: 011000028
Account Number: 10339430
CLIENT SUPPORT
ASB Client Service
[email protected]

#

Information Classification: General

Paid on this warrant
---------------

Invoice
Plan Administration Division
Phone: (239) 333-4872
Fax: (239) 481-0634
[email protected]
www.foster-foster.com
Federal EIN: 59-1921114

Date

Invoice #

8/7/2026

43322

Terms

Due Date

Net 30

9/6/2026

Bill To

City of Maitland Municipal Police Officer
& Firefighter Pension Trust Fund
c/o Foster & Foster, Inc.
2503 Del Prado Blvd. S, Suite 502
Cape Coral, FL 33904
Description

Amount

Plan Administration services for the month of July 2026.

3,750.00

Thank you for your business!
Most preferred method of payment is a bank transfer.
Please reference Plan name & Invoice # above:
• Account Title: Foster & Foster, Inc.
• Account Number: 6100000360
• Routing Number: 063114661
• Bank Name: Cogent Bank
For payment via a mailed check, please remit to:
Foster & Foster, Inc.
13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912

Balance Due

$3,750.00

Barings Core Property Fund LP
Management Fees
Maitland Police Officers' & Firefighters' Pension Trust
06/30/2026
(unaudited)
Management Fee Calculation
Beginning Net Asset Value

$

1,335,156.70

Maitland Police Officers' & Firefighters'
Pension Trust

$

1,335,156.70

LP Fee Structure

Weighted Avg.
Fee Rate
1.00 % $

Consultant Discount

(2.50%)

Subtotal

0.97 % $

Performance Waiver
Total

(10.00%)
$

1,335,156.70

¹ Management Fee Base is the greater of Investor's NAV or Capital
Commitment as adjusted per the Limited Partnership Agreement

0.88 % $

Quarterly Fee

Management Fee Base¹:

$1,335,156.70

3,337.89

$0.00 -

$25,000,000.00

1.00 %

$25,000,000.01 -

$50,000,000.00

0.80 %

$50,000,000.01 -

$100,000,000.00

0.75 %

(83.45)
3,254.44
(325.44)
2,929.00

$100,000,000.01 Weighted Avg. Fee Rate (annualized)

Fee Rate

0.50 %
1.00 %

July 15, 2026

Foster & Foster
2503 Del Prado Blvd. S., #502
Cape Coral, FL 33904
[email protected]

Fee A/C# M22723
City of Maitland

Fee Advice for Period
Total Market Value for Fund:
Detail of Calculation:
Market Value

April 1, 2026
$

June 30, 2026

to

53,549,457.39

Basis Point Rate

$ 20,000,000.00
$ 30,000,000.00
$ 3,549,457.39

Annual Fee

0.0004
0.0003
0.0002

Quarterly Fee

8,000.00
9,000.00
709.89

$

Account
0740000930

Transaction
Buy / Sale of Securities
Invoice Checks

Amount
9
1

Rate
10.00
10.00

0740003728

Pension Checks
Invoice Checks
Distribution Checks
Buy / Sale of Securities
Wire

237
8
1
0
1

3.00
10.00
15.00
10.00
10.00

Fee
90.00
10.00
100.00
711.00
80.00
15.00
10.00
816.00

$
These fees will automatically be charged to your account.
If you have any questions, please contact Lynn Skinner at 877-382-5268.

1715 N. WESTSHORE BLVD., SUITE 750

TAMPA, FL 33607
www.salemtrust.com

TEL (877) 382‐5268

4,427.47

FAX (813) 301‐1295

5,343.47

INVOICE
Stef Bravo (Foster & Foster Consulting
Actuaries, Inc.)
2503 DEL PRADO BLVD S STE 502
CAPE CORAL, FL 33904
United States
For organization: Maitland Police Officers &
Firefighters Pension Trust Fund

Invoice Date: 08/13/2026
Invoice Number: INV_17202
Reference: Online Event Registration:
2026 Fall Trustee School

Florida Public Pension Trustees Association
2946 WELLINGTON CIR
TALLAHASSEE, FL 32309
United States

Description

Quantity Unit Price

Sales Tax Amount USD

Registration Fee - Trustee Registration Fee (Dustin Moore, Attendee)

1

$850.00

Program Enrollment Fee - I am NOT participating in the CPPT or TLC educational program (Dustin Moore, Attendee)

1

$0.00

$850.00
$0.00

Registration Fee - Trustee Registration Fee (Matt Cross, Attendee)

1

$850.00

$850.00

Program Enrollment Fee - Advanced (please check if you intend to be in this class). (Matt Cross, Attendee)

1

$0.00

$0.00

Registration Fee - Trustee Registration Fee (Chris Morton, Attendee)

1

$850.00

$850.00

Program Enrollment Fee - I am NOT participating in the CPPT or TLC educational program (Chris Morton, Attendee)

1

$0.00

$0.00
Sub Total

$2,550.00

TOTAL USD

$2,550.00

Amount Paid

$0.00

AMOUNT DUE:
DUE DATE: October 12, 2026

$2,550.00

$1,700.00

NOTICE: All outstanding fees over 60 days old must be paid before registering for future events.

PAYMENT ADVICE
To:
2946 WELLINGTON CIR
TALLAHASSEE, FL 32309
United States

Customer:

Stef Bravo

Invoice Number:

INV_17202

Amount Due:

$2,550.00

Due Date:

October
12, 2026

FUND ACTIVITY REPORT
City of Maitland Municipal Police Officers' & Firefighters' Pension Trust Fund
June 4, 2026 through September 2, 2026
Retirees
Christopher Phelps

Monthly Benefit
$2,340.30

Effective Date
8/1/2026

Benefit Option
JA/100%

Sent to Custodian
6/12/2026

DROP Entries
Steven Lorengo

Monthly Benefit
$6,686.81

Effective Date
5/1/2026

Benefit Option
JS/100%

DROP Exits

Monthly Benefit

Check Date

DROP Balance

Sent to Custodian

Election Amount

Effective Date

Type of Payment

Sent to Custodian

None this period
DROP Earnings Election Change
None this period
Share Plan Distributions
None this period

Amount

Refunded Contributions - Vested
None this period

Refund Amount

Sent to Custodian

Refunded Contributions - Not Vested
Payton Moreno
Edgar Sierra

Refund Amount
$13,139.04
$9,873.30

Term Date
4/29/2026
5/13/2026

Purchase of Service Credit
None this period

Purchase Amount

Years Purchased

Member Deceased
None this period

Benefit Amount

Date of Death

New Beneficiary Payments
None this period

Benefit Amount

Effective Date

Other - JA Change
John Schardine - (prior $3,586.07)

Benefit Amount
$3,469.15

Check Date
9/1/2026

Type of Payment
Direct
Direct

Sent to Custodian
6/8/2026
8/12/2026
Sent to Custodian

Benefit Option

Sent to Custodian

Sent to Custodian

Benefit Option
JA/100%

Sent to Custodian
6/26/2026

City of Maitland
Municipal Police Officers’ and Firefighters’ Pension Trust Fund

PROPOSED 2027 MEETING DATES
March 10, 2027
June 9, 2027
September 8, 2027
December 8, 2027
All meetings are held at 12:00PM at City Hall in Council Chambers,
located at 1776 Independence Lane, Maitland, FL 32751, and are open to
the Public.

City of Maitland Municipal Police Officers and Firefighters Pension Trust Fund
SCHEDULE OF EXPENDITURES BUDGET TO ACTUAL
as of JUNE 30, 2026

Budget Amount
FY 2025-2026

Actual Amounts
as of June 30, 2026

Proposed
Budget Amount
FY 2026-2027

Actuary

$57,000.00

$34,750.50

$59,000.00

Administrator

$48,000.00

$35,597.36

$50,000.00

Attorney

$33,000.00

$12,000.00

$34,000.00

IME Physician Fees

$10,000.00

$0.00

$10,000.00

$0.00

$0.00

$0.00

Custodian of Funds

$25,000.00

$11,447.55

$28,000.00

Insurance

$10,000.00

$7,156.74

$25,000.00

School, Travel and Dues

$20,000.00

$6,848.40

$22,000.00

Investment Consultant

$50,000.00

$20,000.00

$60,000.00

Miscellaneous

$22,000.00

$0.00

$22,000.00

$275,000.00

$127,800.55

$310,000.00

Expenditure Type

Auditor

Totals

April 17, 2026
Via Electronic Mail
To: Foster & Foster Florida Public Pension Clients
Re: New Initiative -- Cybersecurity Support Program
To Our Valued Clients:
I hope this letter finds you well. The Department of Labor (“DOL”) has issued cybersecurity
guidance to protect participant information and assets in pension plans. They first issued guidance
in 2021 and then updated their best practices again in 2024, as cybersecurity is an ever-changing
environment. Many public pension plans are adopting the DOL’s best practices to mitigate
cybersecurity risks, which includes hiring service providers with strong cybersecurity practices
and conducting regular risk assessments.
Foster & Foster Consulting Actuaries, Inc. (“Foster & Foster”) has prided itself on always pushing
the envelope to bring you cutting-edge solutions to benefit your plans. Through our efforts to
become better fiduciaries to our clients by instituting the highest degree of cybersecurity protocols
and procedures, we’ve developed an offering which we hope you will find useful in your quest to
be the best fiduciaries possible.
To that end, Foster & Foster is pleased to offer our enhanced compliance support program framed
around the DOL’s cybersecurity-related guidance to pension plan service providers. Our
Cybersecurity Support Program (CSP) is designed to help Boards annually address the DOL’s
recommended cybersecurity best practices across their identified plan service providers that
routinely come in contact with plan assets or participant data.
The CSP includes a coordinated approach between Foster & Foster and FoxPointe Solutions
(“FoxPointe”), an independent firm specializing in IT and cybersecurity services with extensive
experience performing vendor cybersecurity assessments and support. Foster & Foster and
FoxPointe have collaborated to create a custom, proprietary platform to facilitate both the intake of
plan service provider cybersecurity information as well as the detailed review of the service
providers themselves. The CSP approach entails:
•
•
•
•
•
•

The completion of a CSP Vendor Identification and Fund Allocation Worksheet;
Dissemination of an introductory email to all identified plan service providers to be
evaluated cybersecurity assessment;
Providing service providers with a link to our questionnaire via a secure online portal;
Responding to vendor inquiries;
Reviewing all submissions and supporting documentation to determine plan service
providers’ control compliance using a three-tiered assessment category matrix;
Generating a CSP Executive Summary Report outlining all findings and recommendations
relating to Client’s plan service providers;

13420 Parker Commons Blvd., Suite 104 Fort Myers, FL 33912 · (239) 433-5500 · Fax (239) 481-0634 · www.foster-foster.com

•
•

Meeting with Client virtually to review the findings and recommendations; and
Working with Client’s legal counsel to remediate plan service provider issues and
contractual changes (as needed).

While this is only meant to be an introduction, our consultants and plan professionals look forward
to discussing the CSP further at your upcoming Board meeting. If you have any questions or
require any additional information in the interim please feel free to contact me directly.
Very truly yours,

_______________________
Brad Heinrichs,
Chief Executive Officer
E. [email protected]

2

Cybersecurity Support Program (CSP)
Helping Plan Sponsors Strengthen Oversight & Protect Member Data

OVERVIEW
The U.S. Department of Labor (DOL) has issued cybersecurity guidance requiring
plan sponsors to take a more active role in protecting participant information and
plan assets.
Public pension plans are increasingly adopting these best practices, including:
• Engaging service providers with strong cybersecurity protocols
• Conducting regular vendor risk assessments
• Strengthening internal controls and oversight
Foster & Foster has developed a Cybersecurity Support Program (CSP) to help plan
sponsors proactively address these responsibilities in a structured, practical way.
WHAT THE CSP PROVIDES
The CSP is designed to help plan sponsors annually evaluate cybersecurity practices
across key service providers that handle sensitive plan or participant data.
This program is:
✓ Educational and proactive – not intended to penalize vendors
✓ Supportive of fiduciary responsibilities
✓ Focused on improving transparency and risk awareness
OUR APPROACH
Foster & Foster partners with FoxPointe Solutions, an independent cybersecurity
firm, to deliver a coordinated and comprehensive review process.
Key components include:
• Identification of plan service providers and data exposure points
• Secure collection of vendor cybersecurity information
• Independent review and evaluation of vendor responses
• Risk categorization using a structured assessment framework
• Preparation of a clear, actionable summary report for the Board
• Guidance on follow-up actions or recommendations (if needed)

WHY IT MATTERS
Cybersecurity is no longer optional—it is a core fiduciary responsibility.
The CSP provides a practical, efficient way for plan sponsors to:
✓
✓
✓
✓

Demonstrate due diligence
Reduce exposure to cyber risks
Strengthen oversight of service providers
Protect plan members and assets

Plan 1
Cybersecurity Support Program Vendor Assessment
Executive Summary
Prepared by FoxPointe Solutions
April 2026

Vendor Due Diligence Assessment – 2026

Contents
Introduction.................................................................................................................................. 1
Background .................................................................................................................................. 1
Vendor Summary Chart ................................................................................................................... 3
Vendor Assessment Results ............................................................................................................... 3
Vendor 1...................................................................................................................................... 4
Vendor 2...................................................................................................................................... 5
Vendor 3...................................................................................................................................... 7
Vendor 4..................................................................................................................................... 10
Vendor 5..................................................................................................................................... 13
Vendor 6..................................................................................................................................... 15
Vendor 7..................................................................................................................................... 16
Vendor 8..................................................................................................................................... 18
Vendor 9..................................................................................................................................... 20
Vendor 10 ................................................................................................................................... 21

Vendor Due Diligence Assessment – 2026
Introduction
FoxPointe Solutions (FoxPointe) has been engaged by Plan 1 (the Plan) to review cybersecurity assessments of the Plan’s
identified third-party service providers (TSP) under the Cybersecurity Support Program (CSP).
The enclosed report and all related material are the proprietary, confidential, and extremely sensitive information of the Plan
and should not be disclosed externally to any entity. The enclosed material may not be disclosed, reproduced, or used in any
manner whatsoever, other than by the addressee and the addressee’s authorized employees or representatives of the addressee
who are directly responsible for evaluation of its contents, solely for the limited internal business purpose for which it is being
transmitted to the addressee. Any trademarks used are the property of their respective owners.
Additionally, our work does not guarantee or protect the Plan’s TSPs against, or prevent the Plan’s TSPs from having,
cybersecurity exposures or attacks. The services contemplated within the context of this engagement include the concepts of
inquiry and information review as a point in time assessment. Accordingly, these services do not include all aspects of the
Plan’s internal control system or the vendor’s internal control system, nor would they include a detailed examination of all
transactions. Therefore, they cannot be relied upon to disclose all errors or fraud that may exist. These services would not
ordinarily address abuses of the TSP’s Management discretion.
As part of our contracted engagement, FoxPointe will provide up to one total hour of virtual meeting time support to review
this report and discuss FoxPointe’s findings with the Plan. FoxPointe will provide all relevant expert recommendations, and
discuss possible next steps related to our recommendations.
Background
Plans covered by the Employee Retirement Income Security Act of 1974 often hold millions of dollars or more in assets and
maintain personal data on participants, which can make them tempting targets for cyber-criminals. Responsible plan
fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks. The Employee Benefits Security
Administration has prepared the following best practices for use by recordkeepers and other service providers responsible for
plan-related IT systems and data, and for plan fiduciaries making prudent decisions on the service providers they should hire.
In short, plans’ service providers should:
1.
2.
3.
4.
5.
6.

Have a formal, well documented cybersecurity program.
Conduct prudent annual risk assessments.
Have a reliable annual third-party audit of security controls.
Clearly define and assign information security roles and responsibilities.
Have strong access control procedures.
Ensure that any assets or data stored in a cloud or managed by a third-party service provider are subject to appropriate
security reviews and independent security assessments.
7. Conduct periodic cybersecurity awareness training.
8. Implement and manage a secure system development life cycle (SDLC) program.
9. Have an effective business resiliency program addressing business continuity, disaster recovery, and incident response.
10. Encrypt sensitive data, stored and in transit.
11. Implement strong technical controls in accordance with best security practices.
12. Appropriately respond to any past cybersecurity incidents.

1

Vendor Due Diligence Assessment – 2026
The full description of these 12 best practices can be found here: DOL_Cybersecurity_Program_Best_Practices.pdf
The Vendor Summary Chart and Vendor Assessment Results included on the following pages will allow the Plan and its
professionals to easily review important information from FoxPointe’s analysis of each vendor. We have included descriptions
of the Vendor Summary chart columns below.
The “Assessment Level” column indicates if the completed assessment was the Annual Vendor Cybersecurity Assessment
and based solely on inquiry and supplied narrative responses, or if a detailed look at documented evidence for each control
was included in that vendor assessment (Vendor Cybersecurity Documentation Review).
The “Assessment Conclusion” column indicates which of the following risk assessment categories FoxPointe assigned to
each vendor:





Acceptable (Green): Upon review of all evidence provided by the vendor, FoxPointe finds that this vendor
demonstrates general good faith compliance with the Department of Labor (DOL) Best Practices.
Remediate (Yellow): Upon review of all evidence provided by the vendor, FoxPointe’s assessment has identified
limited areas for improvement and/or recommendations to support this vendor’s good faith compliance with the
DOL Best Practices.
Rejected (Red): Upon review of all evidence provided by the vendor, FoxPointe finds that this vendor does not
demonstrate good faith compliance with the DOL Best Practices. Multiple high risk control deficiencies were
identified during the review of supplied responses and/or evidence.
N/A – Unresponsive Vendor: Unless otherwise noted on the Vendor Assessment page, the vendor has been reported
as unresponsive to multiple communications (listed below) requesting that the assessment be completed from both
Foster & Foster and FoxPointe throughout the 45-day assessment period, including a final follow up email sent directly
to the provided vendor contact, including Fund Counsel, within a week of the assessment period deadline. It should
be noted that unresponsive vendors are not a measure of non-compliance of the Plan. The performance of this vendor
security assessment is a demonstration of the Plan’s good faith compliance with industry best practices, including the
DOL Cybersecurity Program Best Practices.
Email Type
Introductory
Kick Off
Reminder
Final

Date Sent
2/27/2026
3/6/2026
4/15/2026
4/20/2026

Sender
Foster & Foster
FoxPointe
FoxPointe
FoxPointe

The “Recommendation Notes” column indicates if FoxPointe provided written recommendations regarding specific DOL
Best Practices controls in the vendor’s assessment table on the following pages.

2

Vendor Due Diligence Assessment – 2026
Vendor Summary Chart
Vendor Name
Vendor 1
Vendor 2
Vendor 3
Vendor 4
Vendor 5
Vendor 6
Vendor 7
Vendor 8
Vendor 9
Vendor 10

Assessment Level
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment
Vendor Cybersecurity Documentation Review
Vendor Cybersecurity Documentation Review
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment
Annual Vendor Cybersecurity Assessment

Assessment Conclusion
Acceptable
Acceptable
Acceptable
Remediate
Rejected
Acceptable
Remediate
Remediate
Acceptable
Acceptable

Recommendation Notes
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No

Vendor Assessment Results
The tables on the following pages provide the following information as a result of the assessment FoxPointe performed against
the DOL Best Practices for each vendor:







Control Category: Defines which of the 12 DOL cybersecurity requirement categories are assessed in that row.
Control Objective: Paraphrases the spirit of the DOL control that the vendor must achieve (detailed descriptions of
each of the 12 DOL Best Practices provided by the DOL are linked on the prior page).
Vendor Response (applicable to Annual Vendor Cybersecurity Assessment only): This field is the vendor supplied
response.
FoxPointe Observations (applicable to Vendor Cybersecurity Documentation Review Buy Up assessments only): This
field outlines FoxPointe’s review and description of the information and supplied documentation for that control.
Achieved: FoxPointe’s determination of control compliance based on the vendor responses and/or supplied
documentation.
Recommendations: Where opportunity for improvement exists for a control, FoxPointe’s recommendations are
detailed.

3

Vendor Due Diligence Assessment – 2026
Vendor 1
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 1 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 1
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 1 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

Yes

Yes

N/A

Through the use of an independent third-party auditor, Vendor
1 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 1 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 1 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

Vendor 1 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Yes

Yes

N/A

Vendor 1 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Yes

Yes

N/A

Vendor 1 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

N/A - This vendor does not develop
software.

Yes

N/A

4

Vendor Due Diligence Assessment – 2026
Control
Category
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 1 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 1's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 1 implements encryption mechanisms for all sensitive
data at rest and in transit.

Yes

Yes

N/A

Vendor 1 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

Vendor 1 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 2 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 2
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 2 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

Yes

Yes

N/A

Through the use of an independent third-party auditor, Vendor
2 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 2
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments

5

Vendor Due Diligence Assessment – 2026
Control
Category
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 2 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 2 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

Vendor 2 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Yes

Yes

N/A

Vendor 2 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Yes

Yes

N/A

Vendor 2 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

N/A - This vendor does not develop
software.

Yes

N/A

Vendor 2 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 2's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 2 implements encryption mechanisms for all sensitive
data at rest and in transit.

Yes

Yes

N/A

Vendor 2 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

6

Vendor Due Diligence Assessment – 2026
Control
Category
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 2 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Vendor 3
Date information collected from MyPortal: 4/27/2026
Control Category

1
________
Cybersecurity
Program

2
________
Risk Assessments

Control Objective

FoxPointe Observations

Achieved

Recommendations

Vendor 3 follows a sufficiently complex
cybersecurity program that identifies and
assesses internal and external cybersecurity
risks that may threaten the confidentiality,
integrity, or availability of stored nonpublic
information. Vendor 3 implements
documented information security policies,
procedures, guidelines, and standards to
protect the security of the IT infrastructure
and data stored on the system.

FoxPointe reviewed Vendor 3's information security
program that includes a suite of documented policies and
procedures that meet the expectations of the DOL
Cybersecurity Program Best Practices that are
commensurate with the size and complexity of Vendor 3.
The Vendor 3 Written Information Security Program
(WISP) and supplemental documentation was provided
to validate that an information security program is
documented.

Yes

N/A

Yes

N/A

Vendor 3 conducts regular (at minimum
annual) risk assessments is an effort to
identify, estimate, and prioritize
information system risks.

FoxPointe reviewed Vendor 3's most recently completed
risk assessment executive report and validated Vendor 3
completes regular risk assessments in an effort to
identify, estimate, and prioritize information system
risks.
Additionally, Vendor 3 policy requires risk assessments
to be performed periodically, and updated at least
annually, or whenever there is a material change in
operations that may implicate the security,
confidentiality, integrity, or availability of client records
containing PII, PHI, or other sensitive information.

7

Vendor Due Diligence Assessment – 2026
Control Category

3
________
Third-Party
Assessments

4
________
Cybersecurity
Program
Management

5
________
Access Control

6
________
Third-Party
Service Risk
Management

Control Objective

Through the use of an independent thirdparty auditor, Vendor 3 conducts
information security assessments (IT audits,
penetration testing, risk assessments, etc.)
on regular basis.

Vendor 3 has formally assigned the role of
managing the cybersecurity program to
executive level individual(s), and the role
of executing the cybersecurity program to
qualified individual(s) with appropriate
knowledge bases, certification, and
training.

Vendor 3 has implemented documented,
centrally managed, and consistent access
control procedures for the purposes of
guaranteeing that users are who they say
they are and that they have the appropriate
access to IT systems and data, assets and
associated facilities.

Vendor 3 ensures that any assets or data
stored in a cloud or managed by a thirdparty service provider are subject to
appropriate security reviews and
independent security assessments.

FoxPointe Observations

Vendor 3 engages a third-party provider to provide
information security awareness training and phishing tests
to assess Vendor 3 employee security consciousness;
however, technical testing such as penetration testing is
not conducted on a regular frequency.

Achieved

Partial

It should be noted that Vendor 3's third-party managed
security provider conducts independent audits (Type 2
SOC 1 and 2 reports) on the private data center Vendor
3 utilizes.

Vendor 3 has formally assigned the role of managing the
cybersecurity program to qualified individuals. FoxPointe
reviewed the WISP, and the documented Director of
Research and Compliance job description and validated
that established positions for implementing,
coordinating, and monitoring the Vendor 3 information
security practices are in place.

FoxPointe reviewed Vendor 3's access control policy
requirements and procedures and validated that access to
information systems and technology follow an established
and documented process. Additionally, it was
determined that least privilege is implemented, and
administrative user access rights are not provided to
Vendor 3 staff.

Recommendations
Vendor 3 should consider
contracting with an independent
third-party to perform network
penetration testing against its
network on an established
frequency set forth by Vendor 3
policy.
Additionally, Vendor 3 should
continue to ensure that its critical
third-party service providers
undergo regular independent
third-party audit and control
testing.

Yes

N/A

Yes

N/A

Partial

Vendor 3 should continue to
receive and review independent
third-party audit reports for
critical vendors. Additionally,
Vendor 3 should consider
documenting this process in the
form of a Vendor Management
Policy that outlines required
review requirements for vendors
dependent on risk level. Further,
record of the third-party audit
report review conducted by
Vendor 3 should be documented
and retained.

Further, Vendor 3 enforces a sufficiently complex
password policy and requires multi-factor authentication
upon remote user login to Vendor 3 systems.

Vendor 3 performs reviews of third-party audit reports
for critical vendors; however, a vendor management
policy governing this process is not documented.
FoxPointe reviewed evidence of Vendor 3's receiving
third-party audit reports for a critical third-party service
provider; however, documented record that Vendor 3
reviewed the audit reports was not seen.

8

Vendor Due Diligence Assessment – 2026
Control Category

7
________
Cybersecurity
Awareness
Training

8
________
System
Development Life
Cycle Program

9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response

10
________
Data Encryption

Control Objective

FoxPointe Observations

Achieved

Recommendations

Vendor 3 implements a sufficiently
complex and up-to-date cybersecurity
security awareness program that sets clear
expectations for all employees and educates
everyone at least annually to recognize
attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

FoxPointe reviewed evidence and validated that Vendor
3 has implemented a formally established security
awareness training program through an industry
recognized training platform. The program includes
required security awareness training content for all staff
and regular phishing simulations.

Yes

N/A

Vendor 3 implements a secure system
development life cycle (SDLC) program
that ensures that security assurance
activities such as penetration testing, code
review, and architecture analysis are an
integral part of the system development
effort for all applications developed inhouse.

Vendor 3 does not develop in-house applications.

Not
Applicable

N/A

Vendor 3 implements a documented,
regularly reviewed, and updated business
resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan,
and Incident Response Plan. These three
plans document Vendor 3's processes for
recovering and maintaining business
functions, IT infrastructure, applications,
and data while detecting and responding to
security incidents.

Vendor 3 implements encryption
mechanisms for all sensitive data at rest and
in transit.

FoxPointe reviewed the Vendor 3 Business Continuity
Plan and validated that procedures for recovering from a
disaster and continuing essential business functions are
documented; however, upon review of the Plan, it was
determined that the Plan is currently undergoing review
and updates from Vendor 3 security and compliance staff.
Additionally, FoxPointe reviewed the Vendor 3 Incident
Response Plan and validated that a procedure for
responding to security incidents is established in an
updated document with formally assigned roles for a
defined Security Incident Response Team.

Partial

Vendor 3 should continue to
ensure that its Incident Response
Plan undergoes tabletop review
annually. Vendor 3 should
consider retaining documentation
of this review, test scenario
discussions and lessons learned
from any incidents from the prior
year.

Further, while Vendor 3 does not formally test its
policies, its third-party managed service provider that
represents its Security Incident Response Team meets on
an annual basis to review previous years incidents
reports, discuss relevant test scenarios, and validates
and/or updates Incident Response Plan according to the
review.

Vendor 3 relies upon a third-party service provider to
host its client information, that data is not encrypted at
rest; however, the third-party's regularly audited data
center has a multi-layered security control program
surrounding the data center utilized by Vendor 3.
Additionally, Vendor 3 encrypts data in transit.
FoxPointe reviewed SSL encryption configurations and
validated the mechanisms relied upon by Vendor 3 to
encrypt data in transit.

9

Vendor 3 should prioritize
updating and finalizing its current
business continuity and disaster
recovery procedures. All
currently implemented control
processes for recovering from a
disaster and continuing essential
business functions should be
included. Evidence of the annual
review and updates of this
document should be recorded
within the Plan.

Partial

Vendor 3 should continue to
regularly review independent
third-party audit reports for its
data center provider to ensure
that security controls surrounding
its data operate effectively over
time. These reviews should be
documented in the event Vendor
3 identifies audit exceptions for
any third-party security controls
relevant to the protection of
Vendor 3 data.

Vendor Due Diligence Assessment – 2026
Control Category
11
________
Technical Control
Management and
Security Best
Practices
12
________
Management of
Cybersecurity
Incident
Response

Control Objective

FoxPointe Observations

Achieved

Recommendations

Vendor 3 implement strong technical
controls in accordance with best security
practices including updated operating
system software for all devices, vendor
supported firewalls, updated antivirus
software, consistent patch management
processes, network management and
automated data backup.

FoxPointe reviewed screenshot evidence from the
Vendor 3 endpoint management system and validated the
implementation of appropriate technical security controls
including antivirus and patch management. Additionally,
FoxPointe reviewed data backup configurations and
validated that automated data backup processes are
implemented.

Yes

N/A

Vendor 3 appropriately responds to
cybersecurity incidents in accordance with
its Incident Response Plan including
coordinating with law enforcement,
insurance carrier, and legal teams as
necessary.

FoxPointe reviewed Vendor 3's Incident Response Plan
and validated the documented process for cybersecurity
incident management includes coordination with
applicable third-parties and legal entities.

Yes

N/A

FoxPointe Observations

Achieved

Recommendations

FoxPointe reviewed Vendor 4's information security
program that includes a suite of documented policies and
procedures that meet the expectations of the DOL
Cybersecurity Program Best Practices that are
commensurate with the size and complexity of Vendor 4.
The Vendor 4 Written Information Security Program
(WISP) and supplemental documentation was provided
to validate that an information security program is
documented.

Yes

N/A

FoxPointe reviewed an independent assessment report
provided by Vendor 4's and validated Vendor 4
completes regular risk assessments in an effort to
identify, estimate, and prioritize information system
risks.

Yes

N/A

Vendor 4
Date information collected from MyPortal: 4/27/2026
Control Category

1
________
Cybersecurity
Program

2
________
Risk Assessments

Control Objective
Vendor 4 follows a sufficiently complex
cybersecurity program that identifies and
assesses internal and external cybersecurity
risks that may threaten the confidentiality,
integrity, or availability of stored nonpublic
information. Vendor 4 implements
documented information security policies,
procedures, guidelines, and standards to
protect the security of the IT infrastructure
and data stored on the system.

Vendor 4 conducts regular (at minimum
annual) risk assessments is an effort to
identify, estimate, and prioritize
information system risks.

10

Vendor Due Diligence Assessment – 2026
Control Category

3
________
Third-Party
Assessments

4
________
Cybersecurity
Program
Management

5
________
Access Control

6
________
Third-Party
Service Risk
Management

Control Objective

FoxPointe Observations

Achieved

Recommendations

Through the use of an independent thirdparty auditor, Vendor 4 conducts
information security assessments (IT audits,
penetration testing, risk assessments, etc.)
on regular basis.

Based on the supplied information, Vendor 4 does not
complete information security assessments through
independent third-party vendors.

No

Vendor 4 should consider
contracting with an independent
third-party to perform
information security assessments
(including network penetration
testing against its network) on an
established frequency set forth by
Vendor 4 policy.

Vendor 4 has formally assigned the role of
managing the cybersecurity program to
executive level individual(s), and the role
of executing the cybersecurity program to
qualified individual(s) with appropriate
knowledge bases, certification, and
training.

FoxPointe reviewed the WISP, and the documented
Director of Information Technology job description and
validated that established positions for implementing,
coordinating, and monitoring the Vendor 4 information
security practices are in place.

Yes

N/A

Vendor 4 has implemented documented,
centrally managed, and consistent access
control procedures for the purposes of
guaranteeing that users are who they say
they are and that they have the appropriate
access to IT systems and data, assets and
associated facilities.

FoxPointe reviewed Vendor 4's access control policy
requirements and procedures and validated that access to
information systems and technology follow an established
and documented process.

Yes

N/A

No

Vendor 4 should implement
practices to receive and review
independent third-party audit
reports for critical vendors.
Additionally, Vendor 4 should
consider documenting this
process in the form of a Vendor
Management Policy that outlines
required review requirements for
vendors dependent on risk level.
Further, record of the third-party
audit report review conducted by
Vendor 4 should be documented
and retained.

Vendor 4 ensures that any assets or data
stored in a cloud or managed by a thirdparty service provider are subject to
appropriate security reviews and
independent security assessments.

Based on the information provided, Vendor 4 does not
have a third-party risk management program in place.

11

Vendor Due Diligence Assessment – 2026
Control Category

7
________
Cybersecurity
Awareness
Training

8
________
System
Development Life
Cycle Program

9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response

10
________
Data Encryption

Control Objective

FoxPointe Observations

Achieved

Recommendations

Vendor 4 implements a sufficiently
complex and up-to-date cybersecurity
security awareness program that sets clear
expectations for all employees and educates
everyone at least annually to recognize
attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

FoxPointe reviewed evidence and validated that Vendor
4 has implemented a formally established security
awareness training program. The program includes
required security awareness training content for all staff
and regular phishing simulations. Additionally, the
training content was seen to include AI use.

Yes

N/A

Vendor 4 implements a secure system
development life cycle (SDLC) program
that ensures that security assurance
activities such as penetration testing, code
review, and architecture analysis are an
integral part of the system development
effort for all applications developed inhouse.

Vendor 4 does not develop in-house applications.

Not
Applicable

N/A

All currently implemented
control processes for recovering
from a disaster, responding to
incidents and continuing essential
business functions should be
reviewed and tested regularly.

Vendor 4 implements a documented,
regularly reviewed, and updated business
resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan,
and Incident Response Plan. These three
plans document Vendor 4's processes for
recovering and maintaining business
functions, IT infrastructure, applications,
and data while detecting and responding to
security incidents.

FoxPointe reviewed the Vendor 4 Business Continuity,
Disaster Recovery and Incident Response Plans and
validated that required procedures are documented;
however, these plans have not been recently tested.

Partial

Vendor 4 implements encryption
mechanisms for all sensitive data at rest and
in transit.

Based on the provided evidence, Vendor 4 implements
encryption mechanisms for all sensitive data at rest and in
transit.

Yes

12

Vendor 4 should ensure that its
Incident Response Plan
undergoes tabletop review
annually. Vendor 4 should
consider retaining documentation
of this review, test scenario
discussions and lessons learned
from any incidents from the prior
year.

N/A

Vendor Due Diligence Assessment – 2026
Control Category
11
________
Technical Control
Management and
Security Best
Practices
12
________
Management of
Cybersecurity
Incident
Response

Control Objective

FoxPointe Observations

Achieved

Recommendations

Vendor 4 implement strong technical
controls in accordance with best security
practices including updated operating
system software for all devices, vendor
supported firewalls, updated antivirus
software, consistent patch management
processes, network management and
automated data backup.

FoxPointe reviewed provided evidence and validated the
implementation of appropriate technical security controls
including antivirus and patch management.

Yes

N/A

Vendor 4 appropriately responds to
cybersecurity incidents in accordance with
its Incident Response Plan including
coordinating with law enforcement,
insurance carrier, and legal teams as
necessary.

FoxPointe reviewed Vendor 4's Incident Response Plan
and validated the documented process for cybersecurity
incident management includes coordination with
applicable third-parties and legal entities.

Yes

N/A

Vendor 5
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 5 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 5
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 5 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

No

No

Through the use of an independent third-party auditor, Vendor
5 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

No

No

Vendor 5 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

No

No

Vendor 5 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

13

Vendor 5 should conduct
regular (at minimum annual)
risk assessments in an effort to
identify, estimate, and
prioritize information system
risks.
Vendor 5 should implement a
process to perform regular
information security
assessments through the use of
an independent third-party
assessor.
Vendor 5 should formally
assign the role of managing the
cybersecurity program to
executive level individual(s),
and the role of executing the
cybersecurity program to
qualified individual(s) with
appropriate knowledge bases,
certification, and training.
N/A

Vendor Due Diligence Assessment – 2026
Control
Category
6
________
Third-Party
Service Risk
Management

7
________
Cybersecurity
Awareness
Training

8
________
System
Development
Life Cycle
Program

9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response

10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices

Control Objective
Vendor 5 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Vendor Response

Achieved

Recommendations

Yes

Yes

N/A

Vendor 5 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

No – IT communicates relevant tips
and alerts as necessary.

No

Vendor 5 should implement a
sufficiently complex and up-todate cybersecurity security
awareness program that sets
clear expectations for all
employees and educates
everyone at least annually to
recognize attack vectors, help
prevent cyber-related
incidents, and respond to
potential threats.

Vendor 5 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

N/A - This vendor does not develop
software.

Yes

N/A

No

Vendor 5 needs to implement a
documented, regularly
reviewed, and updated business
resiliency program that
includes a Business Continuity
Plan, Disaster Recovery Plan,
and Incident Response Plan.
These three plans document
Vendor 5's processes for
recovering and maintaining
business functions, IT
infrastructure, applications,
and data while detecting and
responding to security
incidents.

Vendor 5 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 5's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

No

Vendor 5 implements encryption mechanisms for all sensitive
data at rest and in transit.

No

No

Vendor 5 should implement
encryption mechanisms for all
sensitive data at rest and in
transit.

Vendor 5 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

14

Vendor Due Diligence Assessment – 2026
Control
Category
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 5 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 6 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 6
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Partially Yes – Vendor 6 conducts risk
assessments every two years.

Yes

Vendor 6 should continue to
conduct regular security
assessments and consider
conducting assessments
annually.

Through the use of an independent third-party auditor, Vendor
6 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 6 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Partially Yes – The role of managing
cybersecurity is assigned to an
individual, but there is no job
description.

Partial

Vendor 6 should ensure that a
job description is documented.

Vendor 6 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

Vendor 6 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Yes

Yes

N/A

Vendor 6 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Yes

Yes

N/A

Vendor 6
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training

Vendor 6 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

15

Vendor Due Diligence Assessment – 2026
Control
Category
8
________
System
Development
Life Cycle
Program
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 6 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

N/A - This vendor does not develop
software.

Yes

N/A

Vendor 6 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 6's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 6 implements encryption mechanisms for all sensitive
data at rest and in transit.

Partially Yes – The onsite server
environment is not encrypted;
however, comprehensive physical
security controls are implemented, and
there is no customer data stored onsite.

Yes

Vendor 6 should consider the
practicality of encrypting its
onsite environment.

Vendor 6 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

Vendor 6 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Vendor Response

Achieved

Recommendations

Partially Yes – The cybersecurity
program is largely documented but not
necessarily reviewed annually in full.

Partial

Vendor 7 should ensure that all
critical aspects of the
cybersecurity program undergo
annual review. This would
include control areas such as
vendor management, security
awareness training, access
control, etc.

Yes

Yes

N/A

Vendor 7
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments

Control Objective
Vendor 7 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 7
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.
Vendor 7 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

16

Vendor Due Diligence Assessment – 2026
Control
Category
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption

Control Objective

Vendor Response

Achieved

Recommendations

Through the use of an independent third-party auditor, Vendor
7 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 7 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 7 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Partially Yes – Access control is
centrally managed; however, it is not
fully documented in policies.

Partial

Vendor 7 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Partially Yes – Critical vendors have
contractual obligations regarding
cybersecurity that are reviewed
annually.

Partial

In order to maintain a fully
implemented and auditable
access control process, Vendor
7 should fully document its
access control process within
its information security
policies.
Vendor 7 should implement
enhancements to its vendor
management program that
allows for critical third-party
vendors to be subject to
appropriate security reviews
and independent security
assessments.

Vendor 7 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Partially Yes – Employees are trained
at hire only.

Partial

Vendor 7 should ensure that all
employees are required to
complete the required
cybersecurity awareness
training annually.

Vendor 7 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

Yes

Yes

N/A

Vendor 7 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 7's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 7 implements encryption mechanisms for all sensitive
data at rest and in transit.

Yes

Yes

N/A

17

Vendor Due Diligence Assessment – 2026
Control
Category
11
________
Technical
Control
Management
and Security
Best Practices
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 7 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

Vendor 7 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 8 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 8
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 8
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program

2
________
Risk
Assessments
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control

Vendor 8 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

No

No

Vendor 8 should implement a
process to perform regular (at
minimum annual) risk
assessments in an effort to
identify, estimate, and
prioritize information system
risks.

Through the use of an independent third-party auditor, Vendor
8 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 8 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 8 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

18

Vendor Due Diligence Assessment – 2026
Control
Category
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective
Vendor 8 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Vendor Response

Achieved

Recommendations

Yes

Yes

N/A

Vendor 8 should consider
implementing a process to
perform regular phishing
campaigns to measure
employee awareness and
implement enhancements
where necessary.
Vendor 8 should ensure that a
secure SDLC program that
ensures security assurance
activities such as penetration
testing, code review, and
architecture analysis are an
integral part of the system
development effort for all
applications developed inhouse.

Vendor 8 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Partially Yes – Users are not currently
tested on phishing awareness.

Partial

Vendor 8 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

Partially Yes – Vendor 8 abides by
secure coding practices for in-house
developed applications.

No

Vendor 8 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 8's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 8 implements encryption mechanisms for all sensitive
data at rest and in transit.

Partially Yes – Vendor 8 utilizes cloud
hosted service providers for storing
data, and encryption is implemented;
however, policies do not document
requirements in this area.

Yes

Vendor 8 should ensure that all
data encryption requirements
are included in regularly
reviewed and updated policies.

Vendor 8 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

Vendor 8 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

19

Vendor Due Diligence Assessment – 2026
Vendor 9
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 9 follows a sufficiently complex cybersecurity program
that identifies and assesses internal and external cybersecurity
risks that may threaten the confidentiality, integrity, or
availability of stored nonpublic information. Vendor 9
implements documented information security policies,
procedures, guidelines, and standards to protect the security of
the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 9 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

Yes

Yes

N/A

Through the use of an independent third-party auditor, Vendor
9 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Partially Yes – periodic assessments are
conducted.

Partial

Vendor 9 should ensure that
risk assessments are conducted
at least annually. Additionally,
Vendor 9 should consider
technical vulnerability
assessments periodically.

Vendor 9 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 9 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

Vendor 9 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Yes

Yes

N/A

Vendor 9 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Yes

Yes

N/A

Vendor 9 implements a secure SDLC program that ensures that
security assurance activities such as penetration testing, code
review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

N/A - This vendor does not develop
software.

Yes

N/A

20

Vendor Due Diligence Assessment – 2026
Control
Category
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 9 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 9's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Partially Yes – The Incident Response
Plan has not been tested.

Partial

Vendor 9 should ensure that its
Incident Response Plan
undergoes tabletop review
annually. Vendor 9 should
consider retaining
documentation of this review,
test scenario discussions and
lessons learned from any
incidents from the prior year.

Vendor 9 implements encryption mechanisms for all sensitive
data at rest and in transit.

Yes

Yes

N/A

Vendor 9 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Partially Yes – The Incident Response
Plan has not been tested.

Partial

Vendor 9 should ensure that its
Incident Response Plan
undergoes tabletop review
annually. Vendor 9 should
consider retaining
documentation of this review,
test scenario discussions and
lessons learned from any
incidents from the prior year.

Vendor 9 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 10 follows a sufficiently complex cybersecurity
program that identifies and assesses internal and external
cybersecurity risks that may threaten the confidentiality,
integrity, or availability of stored nonpublic information.
Vendor 10 implements documented information security
policies, procedures, guidelines, and standards to protect the
security of the IT infrastructure and data stored on the system.

Yes

Yes

N/A

Vendor 10 conducts regular (at minimum annual) risk
assessments in an effort to identify, estimate, and prioritize
information system risks.

Yes

Yes

N/A

Through the use of an independent third-party auditor, Vendor
10 conducts information security assessments (IT audits,
penetration testing, risk assessments, etc.) on a regular basis.

Yes

Yes

N/A

Vendor 10
Date information collected from MyPortal: 4/27/2026
Control
Category
1
________
Cybersecurity
Program
2
________
Risk
Assessments
3
________
Third-Party
Assessments

21

Vendor Due Diligence Assessment – 2026
Control
Category
4
________
Cybersecurity
Program
Management
5
________
Access
Control
6
________
Third-Party
Service Risk
Management
7
________
Cybersecurity
Awareness
Training
8
________
System
Development
Life Cycle
Program
9
________
Business
Continuity,
Disaster
Recovery,
Incident
Response
10
________
Data
Encryption
11
________
Technical
Control
Management
and Security
Best Practices

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 10 has formally assigned the role of managing the
cybersecurity program to executive level individual(s), and the
role of executing the cybersecurity program to qualified
individual(s) with appropriate knowledge bases, certification,
and training.

Yes

Yes

N/A

Vendor 10 has implemented documented, centrally managed,
and consistent access control procedures for the purpose of
guaranteeing that users are who they say they are and that they
have the appropriate access to IT systems and data, assets, and
associated facilities.

Yes

Yes

N/A

Vendor 10 ensures that any assets or data stored in a cloud or
managed by a third-party service provider are subject to
appropriate security reviews and independent security
assessments.

Yes

Yes

N/A

Vendor 10 implements a sufficiently complex and up-to-date
cybersecurity security awareness program that sets clear
expectations for all employees and educates everyone at least
annually to recognize attack vectors, help prevent cyber-related
incidents, and respond to a potential threat.

Yes

Yes

N/A

Vendor 10 implements a secure SDLC program that ensures
that security assurance activities such as penetration testing,
code review, and architecture analysis are an integral part of the
system development effort for all applications developed inhouse.

Yes

Yes

N/A

Vendor 10 implements a documented, regularly reviewed, and
updated business resiliency program that includes a Business
Continuity Plan, Disaster Recovery Plan, and Incident
Response Plan. These three plans document Vendor 10's
processes for recovering and maintaining business functions, IT
infrastructure, applications, and data while detecting and
responding to security incidents.

Yes

Yes

N/A

Vendor 10 implements encryption mechanisms for all sensitive
data at rest and in transit.

Yes

Yes

N/A

Vendor 10 implements strong technical controls in accordance
with best security practices including updated operating system
software for all devices, vendor-supported firewalls, updated
antivirus software, consistent patch management processes,
network management, and automated data backup.

Yes

Yes

N/A

22

Vendor Due Diligence Assessment – 2026
Control
Category
12
________
Management
of
Cybersecurity
Incident
Response

Control Objective

Vendor Response

Achieved

Recommendations

Vendor 10 appropriately responds to cybersecurity incidents in
accordance with its Incident Response Plan including
coordinating with law enforcement, insurance carriers, and
legal teams as necessary.

Yes

Yes

N/A

23

<CBDoc

TenantId="2" EntityTypeId="3100" EntityId="61" DocumentTypeId="1" EffectiveDate="06/30/2026" Interval="3" Description="Quarterly Report" />

City of Maitland Police Officers' & Firefighters'
Pension Trust Fund
Investment Performance Review
Period Ending June 30, 2026

Market Update
June 30, 2026
Index Returns (%)
Equities

Month

3M

YTD

1 Year

S&P 500 Total Return
Russell Midcap Index
Russell 2000 Index
Russell 1000 Growth Index
Russell 1000 Value Index
Russell 3000 Index
MSCI EAFE NR
MSCI EM NR

(0.95)
3.11
3.74
(2.68)
2.27
(0.30)
0.07
(1.41)

15.20
13.83
21.49
16.74
13.87
15.44
10.82
24.05

10.21
15.30
22.57
5.33
16.26
10.88
9.44
23.85

22.33
21.63
40.78
17.71
27.12
22.82
20.23
43.51

Russell Indices Style Returns
3 Yr
Ann
20.61
16.51
18.60
22.58
17.79
20.36
16.44
23.03

5 Yr
Ann
13.41
8.50
6.98
13.71
11.17
12.31
9.05
7.20

Yield to
Worst
4.73
5.20
7.16
3.80

V

B

G

V

B

G

L

16.26

10.33

5.33

L

15.9

17.4

18.6

M

17.58

15.30

7.27

M

11.0

10.6

8.7

S

22.99

22.57

22.18

S

12.6

12.8

13.0

YTD

2025

Index Returns (%)

Levels

Fixed Income

Month

3M

YTD

1 Year

U.S. Aggregate
U.S. Corporate Investment Grade
U.S. Corporate High Yield
Global Aggregate

0.24
0.19
0.27
(0.71)

0.67
1.40
2.47
0.87

0.62
0.86
1.96
(0.21)

3.79
4.34
5.91
0.62

Mod. Adj.
Duration
5.88
6.78
2.92
6.25

Key Rates
US Generic Govt 3 Mth
US Generic Govt 2 Yr
US Generic Govt 10 Yr
US Generic Govt 30 Yr
Secured Overnight Financing Rate
Euribor 3 Month ACT/360
Bankrate 30Y Mortgage Rates Na
Prime

06/30/26
3.81
4.17
4.47
4.95
3.68
2.32
6.55
6.75

12/31/25
3.63
3.47
4.17
4.84
3.87
2.03
6.25
6.75

Levels (%)
12/31/24
4.31
4.24
4.57
4.78
4.49
2.71
7.28
7.50

12/31/23
5.33
4.25
3.88
4.03
5.38
3.91
6.99
8.50

12/31/22
4.34
4.43
3.87
3.96
4.30
2.13
6.66
7.50

Currencies

06/30/26

12/31/25

12/31/24

Euro Spot
British Pound Spot
Japanese Yen Spot
Swiss Franc Spot
U.S. Dollar Index

1.14
1.33
162.55
0.81
1,222.23

1.17
1.35
156.71
0.79
1,203.56

1.10
1.27
141.04
0.84
1,309.66

Commodities
Oil
Gasoline
Natural Gas
Gold
Silver
Copper
Corn
BBG Commodity TR Idx

06/30/26
69.50
3.85
3.28
4,038.50
59.92
625.40
436.00
315.91

Levels
12/31/25
57.42
2.83
3.69
4,341.10
70.60
568.20
440.25
276.25

12/31/24
71.65
3.11
2.51
2,071.80
24.09
389.05
471.25
226.43

YTD Sector Returns

2025 Sector Returns

25.0

20.0

40.0
20.15

19.76

35.0

19.66

33.55

30.0
15.0
11.97

24.04

25.0

11.52
10.21

10.0

8.03

19.42

20.0

7.69

17.88
16.04

5.0

15.0

3.47

15.02

14.60
10.54

0.80

10.0

0.0
-0.77

8.68
6.04

-1.18

3.90

5.0

3.15

-5.0
0.0
Comm
SVC

Info Tech Industrials S&P 500

Utilities

Financials

Health
Care

Materials

Energy

Consumer Consumer S&P 500
Disc
Staples
REAL
ESTATE
INDEX

Source: Bloomberg, Investment Metrics, & Federal Reserve Bank of St. Louis. For informational purposes only and should not be regarded as investment advice. Information is based on sources and data believed to be reliable, but
Mariner Institutional cannot guarantee the accuracy, adequacy or completeness of the information. The material provided herein is valid only as of the date of distribution and not as of any future date.
*Heat maps are displayed utilizing a 9-color scale, with green as the highest return for the time period noted and red as the lowest return for the time period noted. Color scales within each time period are mutually exclusive.

Page 1

The Market Environment
Executive Summary
As of June 30, 2026

The Economy
▪

Economic growth remained resilient despite restrictive monetary policy and
geopolitical uncertainty, supported by healthy labor markets, continued business
investment, and steady consumer spending. Corporate capital expenditures,
particularly those tied to artificial intelligence infrastructure, continued to provide
an important source of economic momentum.

▪

Inflation temporarily accelerated as higher energy prices flowed through
headline inflation measures, prompting the Federal Reserve to maintain a
cautious policy stance. While policymakers left interest rates unchanged during
the quarter, expectations shifted toward higher-for-longer rates as markets
reassessed the path of monetary policy.

▪

Looking ahead, easing oil prices and moderating inflation pressures should
provide a more constructive backdrop, although the pace of economic growth will
likely depend on continued business investment, labor market stability, and the
Federal Reserve's ability to balance inflation control with sustaining economic
expansion.

Equity (Domestic and International)

Page 2

▪

Global equity markets posted strong gains as geopolitical concerns eased,
corporate earnings remained resilient, and investor enthusiasm surrounding
artificial intelligence fueled another leg higher in risk assets. U.S. equities
recovered quickly from first-quarter volatility and finished the quarter near record
highs.

▪

Technology remained the market leader, driven by semiconductor
manufacturers and companies supporting AI infrastructure, while improving
market breadth allowed small- and mid-cap stocks, Industrials, and Financials to
participate more meaningfully in the rally. International equities also advanced,
with emerging markets benefiting from significant exposure to semiconductor
production and AI supply chains.

▪

While AI continues to drive market leadership, improving participation across
sectors and company sizes is a constructive development for diversified
portfolios. Continued earnings growth and expanding leadership beyond megacap Technology could provide a healthier foundation for equity returns going
forward.

Fixed Income
▪

Bond markets generated modest positive returns despite higher Treasury
yields and evolving interest rate expectations. Strong corporate fundamentals
supported investment-grade and high-yield credit, allowing corporate bonds to
outperform comparable government securities.

▪

Interest rate volatility remained elevated as markets weighed persistent
inflation against easing energy prices and changing Federal Reserve
expectations. Although policymakers maintained current policy rates, investors
increasingly priced in the possibility that interest rates could remain elevated for
longer.

▪

Higher bond yields continue to improve the outlook for fixed income investors
by providing more attractive income opportunities and restoring bonds' role as an
important source of diversification within balanced portfolios, even if near-term
rate volatility persists.

Market Themes
▪

Artificial intelligence remained the dominant investment theme, with
continued spending on semiconductors, data centers, electrical infrastructure, and
cloud computing supporting earnings growth across Technology, Industrials,
Utilities, and Materials. Corporate investment plans suggest the AI buildout
remains in its early stages.

▪

Market leadership broadened as improving economic confidence and attractive
valuations supported stronger performance among small- and mid-cap companies
alongside continued strength in Technology. Meanwhile, declining oil prices and
easing geopolitical tensions helped reduce one of the market's largest near-term
risks.

▪

Investors will continue focusing on several key themes through the remainder
of the year, including the sustainability of AI-driven earnings growth, the trajectory
of inflation and Federal Reserve policy, and whether broader market participation
continues alongside elevated equity valuations.

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

Quarter Performance
S&P 500

▪
▪

Small caps led domestic markets as participation broadened beyond megacap Technology.
Emerging markets benefited from semiconductor strength and continued AI
infrastructure spending.

▪

Developed international equities advanced but trailed emerging markets due
to lower Technology exposure.

▪

Investment-grade bonds posted modest gains despite rising Treasury yields
and policy uncertainty.

▪

Cash and government debt lagged as investors favored equities and credit
over defensive positioning.

15.2%

Russell 3000

15.4%

Russell 1000

15.1%

Russell MidCap

13.8%

Russell 2000

21.5%

MSCI ACWxUS

14.5%

MSCI EAFE

10.8%

MSCI Emerg Mkts

24.1%

Bloomberg US Agg

0.7%

Bloomberg US Govt

0.3%

Bloomberg US TIPS
Bloomberg MBS

0.9%
0.6%

Bloomberg Corp IG

1.4%

3-Month T-Bill

0.9%

0.0%

2.5%

5.0%

7.5%

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

1-Year Performance
S&P 500

▪

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

22.8%

Russell 1000

22.0%

Russell MidCap

21.6%

Russell 2000

40.8%

▪

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

▪

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

MSCI Emerg Mkts

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

Bloomberg US Govt

2.7%

Bloomberg US TIPS

3.4%

▪
▪

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

MSCI ACWxUS

Source: Investment Metrics

27.7%

MSCI EAFE

Bloomberg US Agg

Bloomberg MBS

20.2%
43.5%
3.8%

5.2%

Bloomberg Corp IG

4.3%

3-Month T-Bill

3.9%

0.0%

Page 3

22.3%

Russell 3000

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

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

Quarter Performance - Russell Style Series
3000 Value

▪

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

14.0%

3000 Index

15.4%

3000 Growth

17.1%

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

1000 Value

▪

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

1000 Growth

▪

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

MidCap Value

13.4%

MidCap Index

13.8%

▪

▪

▪

Investor optimism surrounding capital spending and economic resilience
favored cyclical sectors over defensives which benefitted growth at the relative
expense of value.
Broad participation across styles and market capitalizations reflected
improving confidence in the economic outlook.

13.9%

1000 Index

15.1%
16.7%

MidCap Growth

14.5%

2000 Value

17.2%

2000 Index

21.5%

25.7%

2000 Growth
0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1-Year Performance - Russell Style Series
3000 Value

▪
▪

Small-cap value outperformed as improving fundamentals narrowed the
performance gap with large-cap stocks.
Value stocks generally outpaced growth over the year despite Technology's
strong quarterly rebound.

27.8%

3000 Index

22.8%

3000 Growth

18.2%

1000 Value

27.1%

1000 Index

▪

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

1000 Growth

▪

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

MidCap Value

▪

Smaller companies benefited from improving domestic growth expectations
and attractive relative valuations.

▪

The sharp quarterly recovery in growth stocks narrowed, but did not eliminate,
value's one-year leadership.

Page 4

17.7%

26.6%

MidCap Index

21.6%

MidCap Growth

6.2%

2000 Value

43.0%

2000 Index

40.8%

2000 Growth
0.0%

Source: Investment Metrics

22.0%

38.7%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

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

Russell 1000
▪

Technology dominated quarterly returns as AI infrastructure spending
accelerated across semiconductors and hardware.

▪

Industrials benefited from expanding capital investment and improving
manufacturing activity.

▪

Financials underperformed despite healthy credit conditions, reflecting
investors' preference for sectors with stronger earnings growth tied to AI and
capital spending.

Comm Services (10.3%)

8.3%

Consumer Disc (10.0%)

9.2%
8.2%

Energy (3.7%)

18.9%

5.0%

-13.0%

28.5%

Financials (12.3%)

4.2%

8.9%
9.1%

Health Care (8.9%)

20.5%
14.9%

Industrials (9.6%)

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

Info Technology (33.6%)

▪

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

Real Estate (2.2%)

▪

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

▪

0.5%

Consumer Staples (4.8%)

1.5%

Materials (2.2%)

28.8%
32.4%

20.3%

-0.5%

-18.4%

-8.4%

14.2%

1.6%

11.6%

21.6%

31.6%
Quarter

Russell 2000

▪
▪

▪
▪
▪

Health Care posted strong quarterly gains but remained volatile across the
trailing year.

Financials advanced as improving economic confidence supported regional
banks and lenders.
Energy underperformed as falling
expectations across the sector.

crude

prices

reduced

earnings

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

Page 5

Comm Services (2.6%)

15.0%

Consumer Disc (8.4%)

16.4%
20.1%

Technology led small-cap gains as AI suppliers and infrastructure
companies attracted renewed investor demand.
Consumer Staples (1.7%)
Industrials outperformed on improving domestic growth expectations and
increased business investment.

Energy (6.2%)

37.6%

8.8%
10.8%

Utilities (2.3%)

▪

1-Year

41.6%
1-Year

40.1%

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

Financials (16.5%)
Health Care (16.5%)

61.1%

27.9%

Industrials (18.6%)

53.0%
57.6%

Info Technology (16.3%)
3.0%

Materials (4.8%)

0.6%

Utilities (2.9%)
-18.0%

44.1%

18.4%

Real Estate (5.2%)

-8.0%

2.0%

66.5%

28.3%

14.5%

12.0%

22.0%

32.0%

42.0%

52.0%

62.0%

72.0%

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

Top 10 Weighted Stocks

Russell 1000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 2000

Weight

NVIDIA Corp

6.7%

14.9%

26.8%

Information Technology

Moog Inc Class A

Apple Inc

6.0%

14.1%

41.6%

Information Technology

Hut 8 Corp

Microsoft Corp

4.0%

1.0%

-24.4%

Information Technology

Amazon.com Inc

3.3%

14.4%

8.6%

Alphabet Inc Class A

3.0%

24.4%

Broadcom Inc

2.5%

Alphabet Inc Class C

1-Qtr
Return

1-Year
Return

Sector

0.4%

45.0%

135.3%

Industrials

0.4%

146.1%

520.7%

Information Technology

Viasat Inc

0.4%

96.1%

515.1%

Information Technology

Consumer Discretionary

BrightSpring Health Services Inc

0.4%

63.7%

195.6%

Health Care

103.4%

Communication Services

Cytokinetics Inc

0.3%

29.3%

157.8%

Health Care

22.3%

38.0%

Information Technology

MaxLinear Inc

0.3%

636.2%

801.0%

Information Technology

2.4%

23.2%

99.8%

Communication Services

Argan Inc

0.3%

46.7%

264.2%

Industrials

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

UMB Financial Corp

0.3%

27.0%

37.7%

Financials

Meta Platforms Inc Class A

1.8%

-1.5%

-23.4%

Communication Services

JFrog Ltd Ordinary Shares

0.3%

93.7%

107.1%

Information Technology

Tesla Inc

1.8%

13.1%

32.4%

Consumer Discretionary

Riot Platforms Inc

0.3%

121.5%

142.3%

Information Technology

Top 10 Performing Stocks (by Quarter)

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

Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

1255.0%

86.4%

Health Care

636.2%

801.0%

Information Technology

0.0%

566.5%

410.2%

Information Technology

FuelCell Energy Inc

0.1%

452.3%

540.8%

Industrials

Information Technology

Backblaze Inc Class A

0.0%

359.7%

188.4%

Information Technology

Information Technology

Digital Turbine Inc

0.0%

347.9%

118.6%

Information Technology

0.0%

341.5%

494.8%

Communication Services

Russell 1000

Weight

1-Qtr
Return

Astera Labs Inc

0.1%

340.7%

434.2%

Information Technology

Agilon Health Inc

0.0%

SanDisk Corp Ordinary Shares

0.5%

257.9%

4913.7%

Information Technology

MaxLinear Inc

0.3%

Micron Technology Inc

1.9%

241.7%

838.8%

Information Technology

Rackspace Technology Inc Ordinary

Intel Corp

0.9%

216.4%

523.3%

Information Technology

Marvell Technology Inc

0.4%

200.9%

285.9%

Credo Technology Group Holding Ltd

0.1%

189.7%

193.7%

Advanced Micro Devices Inc

1.4%

185.6%

309.4%

Information Technology

Entravision Communications Corp

Dell Technologies Inc Ordinary Shares

0.2%

163.7%

257.4%

Information Technology

Penguin Solutions Inc

0.1%

331.9%

283.7%

Information Technology

Flex Ltd

0.1%

147.6%

224.7%

Information Technology

Absci Corp

0.0%

286.3%

351.0%

Health Care

Western Digital Corp

0.3%

136.2%

900.8%

Information Technology

Bandwidth Inc Class A

0.1%

255.2%

298.1%

Communication Services

Bottom 10 Performing Stocks (by Quarter)

Bottom 10 Performing Stocks (by Quarter)
Sector

Russell 2000

Weight

1-Qtr
Return

1-Year
Return

Sector

Russell 1000

Weight

BitMine Immersion Technologies Inc

0.0%

-50.0%

-66.7%

Information Technology

GD Culture Group Ltd

0.0%

-99.7%

-99.8%

Communication Services

EPAM Systems Inc

0.0%

-41.4%

-55.1%

Information Technology

Sable Offshore Corp

0.0%

-81.4%

-86.0%

Energy

Intuit Inc

0.1%

-39.4%

-66.6%

Information Technology

Context Therapeutics Inc

0.0%

-78.9%

-15.5%

Health Care

Zoetis Inc Class A

0.0%

-38.9%

-53.2%

Health Care

ADC Therapeutics SA

0.0%

-71.5%

-60.1%

Health Care

Karman Holdings Inc

0.0%

-37.6%

-0.9%

Industrials

Verra Mobility Corp Class A

0.0%

-70.3%

-83.3%

Industrials

Westlake Corp

0.0%

-37.1%

-1.3%

Materials

Elicio Therapeutics Inc

0.0%

-63.4%

-49.4%

Health Care

Accenture PLC Class A

0.1%

-36.7%

-57.2%

Information Technology

Embecta Corp

0.0%

-63.0%

-65.0%

Health Care

Cognizant Technology Solutions Corp

0.0%

-36.5%

-49.4%

Information Technology

Compass Therapeutics Inc Ordinary

0.0%

-58.6%

-15.8%

Health Care

Insmed Inc

0.0%

-34.8%

5.9%

Health Care

LanzaTech Global Inc Ordinary Shares

0.0%

-57.4%

-74.9%

Industrials

Bullish

0.0%

-34.4%

0.0%

Financials

Brand Engagement Network Inc

0.0%

-54.9%

288.9%

Information Technology

Source: Morningstar Direct

Page 6

1-Year
Return

1-Qtr
Return

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

Quarter Performance
14.5%
15.1%

AC World x US (48)

▪

▪

Emerging markets led global returns as AI-driven semiconductor demand
boosted Asian Technology exporters. This, however, was specific to the Asian
region as the EMEA and Latin American regions were flat or negative.

Emerging Asia significantly outperformed other regions, led by Taiwan and
South Korea's chip manufacturers.

▪

Developed international markets posted solid gains as easing geopolitical risks
improved investor sentiment.

▪

European equities benefited from resilient Financials and Industrials despite
modest economic growth.

▪

Pacific markets advanced on strong Japanese equities were supported by
improving corporate earnings and governance reforms.

▪

Latin America lagged as weaker commodity prices offset improving global risk
appetite.

World x US (22)

10.2%
11.1%

EAFE (21)

10.8%
11.5%

Europe & ME (16)

10.8%
11.2%

Pacific (5)

10.9%
12.3%
24.1%
24.1%

Emerging Mkt (26)
2.3%
1.0%

EM EMEA (11)

30.2%
30.7%

EM Asia (9)
EM Latin Amer (6)

-3.6%
-5.1%

-8.0%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

▪
▪
▪
▪
▪

Emerging markets outperformed developed regions, driven by sustained AI
investment and Technology leadership.
Emerging Asia remained the strongest region as semiconductor exports fueled
earnings growth.
Developed international markets produced solid returns despite lower
Technology exposure than emerging markets.
Japanese equities benefited from improving profitability, shareholder reforms,
and a supportive economic backdrop.
European markets advanced as Financials, Industrials, and improving
business confidence supported returns.
Commodity-oriented emerging regions generally trailed Technology-driven
markets as AI remained the dominant investment theme.

Page 7

Local Currency

32.9%
21.0%

World x US (22)

25.7%
20.2%

EAFE (21)

24.9%
18.6%
21.4%

Europe & ME (16)

23.6%

Pacific (5)

32.6%
43.5%

Emerging Mkt (26)

50.2%
16.0%
14.3%

EM EMEA (11)

48.7%

EM Asia (9)

58.5%
31.7%

EM Latin Amer (6)

Source: MSCI Global Index Monitor (Returns are Net)

32.0%

27.7%

AC World x US (48)

0.0%

27.0%

USD

1-Year Performance
▪

LOCAL

24.9%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

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

Sector Weight

Quarter Return

1-Year Return

Communication Services

3.8%

-1.3%

-9.9%

Consumer Discretionary

8.2%

8.1%

-0.3%

Consumer Staples

6.7%

5.3%

5.0%

Energy

3.3%

-17.2%

29.6%

Financials

25.1%

14.0%

28.1%

Health Care

10.4%

2.6%

10.0%

Industrials

18.9%

8.8%

18.3%

Information Technology

12.1%

55.0%

63.7%

Materials

6.0%

6.6%

29.2%

Real Estate

1.6%

1.1%

4.0%

Utilities

3.9%

1.1%

25.1%

Total

100.0%

10.8%

20.2%

MSCI - ACWIxUS

Sector Weight

Quarter Return

1-Year Return

Communication Services

4.3%

-2.8%

-9.7%

Consumer Discretionary

7.5%

1.4%

-5.0%

Consumer Staples

5.1%

3.9%

3.0%

Energy

4.3%

-12.3%

24.6%

Financials

24.2%

13.2%

24.8%

Health Care

6.9%

2.4%

8.6%

Industrials

14.1%

10.2%

19.2%

Information Technology

22.9%

64.1%

111.4%

Materials

6.4%

-1.1%

31.2%

Real Estate

1.3%

2.7%

1.1%

Utilities

3.1%

0.9%

21.0%

Total

100.0%

14.5%

27.7%

MSCI - Emerging Mkt

Sector Weight

Quarter Return

1-Year Return

Communication Services

6.0%

-3.9%

-9.1%

Consumer Discretionary

7.2%

-10.1%

-14.2%

Consumer Staples

2.7%

-2.0%

-7.1%

Energy

3.1%

-9.9%

7.0%

Financials

18.4%

6.7%

9.5%

Health Care

2.4%

1.1%

-0.1%

Industrials

6.8%

18.2%

32.8%

Information Technology

45.3%

73.3%

162.6%

Materials

5.4%

-5.4%

32.6%

Real Estate

1.0%

7.7%

-5.3%

Utilities

1.9%

-0.8%

7.8%

Total

100.0%

24.1%

43.5%

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

Page 8

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

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

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

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

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

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

Quarter Performance
U.S. Treasury (5.7)

▪

High yield bonds led fixed income as improving risk sentiment compressed
credit spreads.

▪

Corporate bonds outperformed Treasuries on resilient earnings and healthy
balance sheets.

▪

Baa-rated corporates led higher-quality credit as resilient earnings and
healthy balance sheets reduced perceived default risk.

▪

Inflation-protected securities benefited from elevated inflation but lagged
spread sectors.

▪

Global bonds were supported by improving credit conditions despite rising
sovereign yields.

▪

Government bonds trailed as higher interest rates pressured longer-duration
securities.

0.3%

U.S. Mortgage (5.3)

0.6%

U.S. Corporate IG (6.7)

1.4%

U.S. High Yield (2.9)

2.5%

U.S. TIPS (4.8)

0.9%

AAA (4.0)

0.4%

AA (5.6)

0.4%

A (6.7)

1.3%

Baa (6.6)

1.7%

Aggregate (5.8)

0.7%

Intermediate Agg (4.1)

0.5%

Global Agg x US (6.5)

1.0%

Multiverse (6.1)

1.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

1-Year Performance
▪

Credit-sensitive sectors outperformed as recession concerns eased and
default expectations remained low.

▪

High yield benefited from attractive income and resilient corporate
fundamentals.

▪

Investment-grade corporates generated solid returns through stable credit
quality and higher starting yields.

▪

Mortgage-backed securities recovered as elevated yields improved income
potential.

U.S. Treasury (5.7)

2.7%

U.S. Mortgage (5.3)

5.2%

U.S. Corporate IG (6.7)

4.3%

U.S. High Yield (2.9)

5.9%

U.S. TIPS (4.8)

3.4%

AAA (4.0)

3.3%

AA (5.6)

3.6%

A (6.7)

4.3%

Baa (6.6)

▪
▪

Treasury returns remained constrained by higher policy rates and persistent
inflation uncertainty.
Elevated bond yields continue to improve long-term income opportunities
across diversified fixed income portfolios.

4.9%

Aggregate (5.8)

3.8%

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

3.8%
-1.9%

Multiverse (6.1)
-2.7%
Source: Morningstar Direct; Bloomberg

Page 9

1.0%

-0.7%

1.3%

3.3%

5.3%

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

1-Year Trailing Market Rates
10.00
9.00

▪

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

▪

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

7.00

▪

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

6.00

▪

The Federal Reserve maintained a restrictive policy stance as inflation
remained above target.

▪

Markets shifted from expecting rate cuts toward pricing a higher-for-longer
policy environment.

▪

Credit markets remained constructive as economic growth continued despite
elevated borrowing costs.

Fed Funds Rate

BAA OAS

10yr Treasury

High Yield OAS

8.00

5.00
4.00
3.00
2.00
1.00
0.00

Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

▪

Treasury yields moved higher
expectations for monetary easing.

as

stronger

economic

data

delayed

▪

Stronger economic growth and a higher-for-longer Federal Reserve outlook
pushed intermediate- and long-term Treasury yields higher.

▪

The front end of the curve remained anchored by the Federal Reserve's
restrictive policy stance.

▪

Longer-term yields reflected resilient growth expectations and increased
Treasury supply.

▪

The yield curve remained relatively flat as investors balanced inflation risks
against slowing growth.

▪

Elevated yields continue providing more attractive income opportunities than
investors have seen in years.

5.50

Treasury Yield Curve
9/30/2025

12/31/2025

3/31/2026

2 yr

5 yr

6/30/2026

5.00

4.50

4.00

3.50

3.00
1 mo
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

Page 10

3 mo

6 mo

1 yr

3 yr

7 yr

10 yr

20 yr

30 yr

The Market Environment
References
As of June 30, 2026

Global Index lens –MSCI
Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)
Daily Treasury Yield Curve -Data Chart Center (treasury.gov)
ICE BofA BBB US Corporate Index Option-Adjusted Spread (BAMLC0A4CBBB) | FRED | St. Louis Fed (stlouisfed.org)
ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)

Page 11

Maitland Police Officers & Firefighters Pension Fund
Asset Allocation by Asset Class
As of June 30, 2026
Mar-2026 : $54,871,847

Jun-2026 : $60,272,893

N-C Fixed Income
Real Estate

R&D

R&D

Real Estate

N-C Fixed Income

Domestic Fixed Income

Domestic Equity

Domestic Fixed Income

Domestic Equity

International Equity
International Equity

Allocation
¢ Domestic Equity
£
£ International Equity
¢
£ Domestic Fixed Income
¢
£ Non-Core Fixed Income
¢
£ Real Estate
¢
£ R&D
¢

Page 12

Allocation
Market Value
27,809,446
5,561,906
12,904,713
2,658,674
3,576,262
2,360,846

Allocation
50.7
10.1
23.5
4.8
6.5
4.3

¢ Domestic Equity
£
£ International Equity
¢
£ Domestic Fixed Income
¢
£ Non-Core Fixed Income
¢
£ Real Estate
¢
£ R&D
¢

Market Value
32,077,179
6,324,021
12,966,489
2,672,083
3,981,373
2,251,749

Allocation
53.2
10.5
21.5
4.4
6.6
3.7

Maitland Police Officers & Firefighters Pension Fund
Asset Allocation by Manager
As of June 30, 2026
Mar-2026 : $54,871,847

Jun-2026 : $60,272,893

Allocation
¢ JP Morgan Disciplined Equity R6 (JDEUX)
£
£ Vanguard Index 500 Admiral (VFIAX)
¢
£ Vanguard Extended Market Index (VEXAX)
¢
£ Mass Mutual Small Cap (MSOOX)
¢
£ American Funds Europacific (RERGX)
¢
£ Transamerica Intl (TAINX)
¢
£ Garcia, Hamilton Fixed Income
¢
£ Baird Aggregate Bond Fund (BAGIX)
¢
£ LBC Credit Partners IV, L.P.
¢
£ Golub Capital 14
¢
£ ASB Allegiance Fund
¢
£ Barings Core Property Fund
¢
£ Mavik Real Estate Special Opportunities Fund, LP
¢
£ Mavik Real Estate Special Opportunities Fund VS2, LP
¢
£ R&D
¢

Page 13

Allocation
Market Value
13,844,057
8,190,594
2,836,456
2,938,339
2,705,862
2,856,043
7,495,732
5,408,981
11,679
2,646,995
1,328,859
1,335,157
625,881
286,365
2,360,846

Allocation
25.2
14.9
5.2
5.4
4.9
5.2
13.7
9.9
0.0
4.8
2.4
2.4
1.1
0.5
4.3

¢ JP Morgan Disciplined Equity R6 (JDEUX)
£
£ Vanguard Index 500 Admiral (VFIAX)
¢
£ Vanguard Extended Market Index (VEXAX)
¢
£ Mass Mutual Small Cap (MSOOX)
¢
£ American Funds Europacific (RERGX)
¢
£ Transamerica Intl (TAINX)
¢
£ Garcia, Hamilton Fixed Income
¢
£ Baird Aggregate Bond Fund (BAGIX)
¢
£ LBC Credit Partners IV, L.P.
¢
£ Golub Capital 14
¢
£ ASB Allegiance Fund
¢
£ Barings Core Property Fund
¢
£ Mavik Real Estate Special Opportunities Fund, LP
¢
£ Mavik Real Estate Special Opportunities Fund VS2, LP
¢
£ R&D
¢

Market Value
15,693,605
9,434,799
3,401,164
3,547,610
3,099,053
3,224,968
7,513,444
5,453,045
11,596
2,660,487
1,353,661
1,339,260
541,410
747,042
2,251,749

Allocation
26.0
15.7
5.6
5.9
5.1
5.4
12.5
9.0
0.0
4.4
2.2
2.2
0.9
1.2
3.7

Maitland Police Officers & Firefighters Pension Fund
Schedule of Investable Assets
January 1, 2009 To June 30, 2026
Schedule of Investable Assets
$67,200,000

$61,600,000

$60,272,893

$56,000,000

$50,400,000

$44,800,000

Market Value

$39,200,000

$33,600,000

$28,000,000

$22,400,000

$16,800,000

$10,856,425

$11,200,000

$5,600,000

$0
12/08

9/09

6/10

3/11

Total Fund Composite

12/11

9/12

6/13

3/14

12/14

9/15

6/16

3/17

12/17

9/18

6/19

3/20

12/20

9/21

6/22

3/23

12/23

9/24

6/25

Net Cash Flow

Schedule of Investable Assets
Periods Ending
Jan-2009 To Jun-2026

Page 14

Beginning
Market Value
$
14,644,974

Net
Cash Flow
$
-3,788,549

Gain/Loss
$
49,416,468

Ending
Market Value
$
60,272,893

%Return
7.40

6/26

Maitland Police Officers & Firefighters Pension Fund
Asset Allocation Compliance
As of June 30, 2026
Executive Summary

Total Domestic Equity Composite
$32,077,178.7 (53.2%)

Total International Equity Composite
$6,324,020.7 (10.5%)

Total Domestic Fixed Income Composite
$12,966,489.1 (21.5%)

Total Non-Core Fixed Income Composite
$2,672,082.6 (4.4%)

Total Real Estate Composite
$3,981,373.0 (6.6%)

Total Cash Composite
$2,251,749.0 (3.7%)

0.0%

8.0%

16.0%

24.0%
Policy

32.0%
Target

40.0%

48.0%

In Policy

56.0%

64.0%

72.0%

Outside Policy

Asset Allocation Compliance

Total Fund Composite
Total Domestic Equity Composite
Total International Equity Composite
Total Domestic Fixed Income Composite
Total Non-Core Fixed Income Composite
Total Real Estate Composite
Total Cash Composite

Page 15

Asset
Allocation
$
60,272,893
32,077,179
6,324,021
12,966,489
2,672,083
3,981,373
2,251,749

Current
Allocation (%)

Target
Allocation (%)

Minimum
Allocation (%)

Maximum
Allocation (%)

Target Rebal.
($000)

100.0
53.2
10.5
21.5
4.4
6.6
3.7

100.0
45.0
10.0
27.5
7.5
10.0
0.0

N/A
35.0
5.0
17.5
0.0
0.0
0.0

N/A
55.0
20.0
37.5
10.0
15.0
0.0

-4,954,377
-296,731
3,608,557
1,848,384
2,045,916
-2,251,749

Maitland Police Officers & Firefighters Pension Fund
Financial Reconciliation - Quarter to Date
1 Quarter Ending June 30, 2026
Financial Reconciliation Quarter to Date
Market Value
04/01/2026
33,371,351

Net
Transfers
-

Total Domestic Equity Composite
JP Morgan Disciplined Equity R6 (JDEUX)
Vanguard Extended Market Index (VEXAX)
Vanguard Index 500 Admiral (VFIAX)
Mass Mutual Small Cap (MSOOX)

27,809,446
13,844,057
2,836,456
8,190,594
2,938,339

Total International Equity Composite
American Funds Europacific (RERGX)
Transamerica Intl (TAINX)

Total Equity Composite

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
5,029,848

Market Value
06/30/2026
38,401,199

-

-

-

-

-

-

-

4,267,733
1,849,549
564,708
1,244,205
609,271

32,077,179
15,693,605
3,401,164
9,434,799
3,547,610

5,561,906
2,705,862
2,856,043

-

-

-

-

-

762,115
393,190
368,925

6,324,021
3,099,053
3,224,968

Total Fixed Income Composite

15,563,388

-27,000

-

-

-4,684

-

106,868

15,638,572

Total Domestic Fixed Income Composite
Garcia, Hamilton Fixed Income
Baird Aggregate Bond Fund (BAGIX)

12,904,713
7,495,732
5,408,981

-

-

-

-4,684
-4,684
-

-

66,459
22,396
44,064

12,966,489
7,513,444
5,453,045

Total Non-Core Fixed Income Composite
LBC Credit Partners IV, L.P.
Golub Capital 14

2,658,674
11,679
2,646,995

-27,000
-27,000

-

-

-

-

40,408
-84
40,492

2,672,083
11,596
2,660,487

Total Real Estate Composite
ASB Allegiance Fund
Barings Core Property Fund
Mavik Real Estate Special Opportunities Fund, LP
Mavik Real Estate Special Opportunities Fund VS2, LP

3,576,262
1,328,859
1,335,157
625,881
286,365

263,681
3,322
-10,555
-117,651
388,565

-

-

-6,251
-3,322
-2,929
-

-

147,682
24,802
17,588
33,180
72,112

3,981,373
1,353,661
1,339,260
541,410
747,042

Total Cash Composite
R&D

2,360,846
2,360,846

-236,681
-236,681

847,936
847,936

-682,665
-682,665

-

-57,158
-57,158

19,471
19,471

2,251,749
2,251,749

Total Fund Composite

54,871,847

-

847,936

-682,665

-10,935

-57,158

5,303,869

60,272,893

Page 16

Maitland Police Officers & Firefighters Pension Fund
Financial Reconciliation - Fiscal Year to Date
October 1, 2025 To June 30, 2026
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2025
33,618,665

Net
Transfers
-

Total Domestic Equity Composite
JP Morgan Disciplined Equity R6 (JDEUX)
Vanguard Extended Market Index (VEXAX)
Vanguard Index 500 Admiral (VFIAX)
Mass Mutual Small Cap (MSOOX)

28,276,657
14,176,475
2,868,151
8,342,202
2,889,830

Total International Equity Composite
American Funds Europacific (RERGX)
Transamerica Intl (TAINX)

Total Equity Composite

Contributions

Distributions

Management
Fees
-

Other
Expenses
-

Return On
Investment
4,782,534

Market Value
06/30/2026
38,401,199

-

-

-

-

-

-

-

3,800,521
1,517,131
533,013
1,092,598
657,780

32,077,179
15,693,605
3,401,164
9,434,799
3,547,610

5,342,008
2,662,041
2,679,966

-

-

-

-

-

982,013
437,011
545,002

6,324,021
3,099,053
3,224,968

Total Fixed Income Composite

15,537,405

-126,396

-

-

-13,990

-

241,553

15,638,572

Total Domestic Fixed Income Composite
Garcia, Hamilton Fixed Income
Baird Aggregate Bond Fund (BAGIX)

12,770,930
7,413,314
5,357,616

-

-

-

-13,990
-13,990
-

-

209,549
114,120
95,429

12,966,489
7,513,444
5,453,045

Total Non-Core Fixed Income Composite
LBC Credit Partners IV, L.P.
Golub Capital 14

2,766,475
18,023
2,748,452

-126,396
-126,396

-

-

-

-

32,004
-6,427
38,431

2,672,083
11,596
2,660,487

Total Real Estate Composite
ASB Allegiance Fund
Barings Core Property Fund
Mavik Real Estate Special Opportunities Fund, LP
Mavik Real Estate Special Opportunities Fund VS2, LP

3,530,349
1,303,158
1,331,608
895,583
-

168,603
9,864
-31,321
-409,940
600,000

-

-

-18,637
-9,864
-8,773
-

-

301,058
50,502
47,746
55,767
147,042

3,981,373
1,353,661
1,339,260
541,410
747,042

Total Cash Composite
R&D

759,576
759,576

-42,207
-42,207

4,154,324
4,154,324

-2,521,192
-2,521,192

-

-169,168
-169,168

70,418
70,418

2,251,749
2,251,749

Total Fund Composite

53,445,995

-

4,154,324

-2,521,192

-32,627

-169,168

5,395,562

60,272,893

Page 17

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
Comparative Performance Trailing Returns
Inception
Date

QTR

FYTD

1 YR

3 YR

5 YR

7 YR

10 YR

Inception

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

9.63 (18)
8.71 (45)
0.92
8.44

9.76 (46)
9.10 (65)
0.66
9.56

15.43 (42)
14.69 (53)
0.73
14.82

12.95 (34)
12.39 (48)
0.56
12.33

7.15 (36)
6.94 (44)
0.21
6.81

9.39 (31)
9.02 (47)
0.38
8.94

9.46 (25)
9.09 (42)
0.38
8.93

7.22 (57)
7.48 (37)
-0.26
7.29

01/01/2006

Total Fund Composite (Net)
Total Fund Policy
Difference
All Public Plans-Total Fund Median

9.61 (30)
8.71 (55)
0.90
8.81

9.69 (50)
9.10 (65)
0.60
9.65

15.34 (45)
14.69 (55)
0.65
15.01

12.85 (41)
12.39 (53)
0.46
12.48

6.99 (38)
6.94 (39)
0.05
6.66

9.18 (39)
9.02 (45)
0.16
8.88

9.19 (32)
9.09 (38)
0.11
8.86

9.31 (29)
9.40 (26)
-0.08
8.96

10/01/2011

Total Equity Composite
Total Equity Policy
Difference

15.07
15.30
-0.23

14.23
14.72
-0.49

22.31
23.87
-1.56

19.10
20.27
-1.18

10.81
11.85
-1.03

14.16
14.70
-0.54

13.98
14.28
-0.31

14.04
14.27
-0.23

10/01/2011

Total Domestic Equity Composite
Total Domestic Equity Policy
Difference

15.35
15.43
-0.08

13.44
13.53
-0.09

22.07
22.81
-0.74

19.52
20.35
-0.84

11.77
12.30
-0.53

15.03
15.51
-0.48

14.75
15.06
-0.31

15.04
15.41
-0.38

10/01/2011

JP Morgan Disciplined Equity R6 (JDEUX)
S&P 500 Index
Difference
Large Blend Median

13.36 (65)
15.20 (36)
-1.84
14.61

10.70 (65)
13.13 (33)
-2.43
12.27

19.19 (58)
22.33 (29)
-3.13
20.53

19.52 (47)
20.61 (25)
-1.09
19.33

N/A
13.41 (20)
N/A
12.02

N/A
16.08 (19)
N/A
14.99

N/A
15.51 (14)
N/A
14.42

22.77 (42)
23.49 (24)
-0.72
22.20

10/01/2022

Vanguard Index 500 Admiral (VFIAX)
S&P 500 Index
Difference
Large Blend Median

15.19 (37)
15.20 (36)
-0.01
14.61

13.10 (35)
13.13 (33)
-0.04
12.27

22.27 (30)
22.33 (29)
-0.05
20.53

20.57 (26)
20.61 (25)
-0.05
19.33

13.36 (21)
13.41 (20)
-0.05
12.02

16.03 (21)
16.08 (19)
-0.05
14.99

N/A
15.51 (14)
N/A
14.42

15.12 (15)
15.18 (13)
-0.06
14.05

04/01/2017

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

19.91 (14)
19.79 (15)
0.12
14.27

18.58 (42)
18.41 (44)
0.17
17.13

29.15 (20)
28.91 (23)
0.23
22.84

19.73 (14)
19.54 (16)
0.18
15.16

6.73 (79)
6.58 (80)
0.15
8.61

12.39 (26)
12.25 (27)
0.14
11.54

12.62 (17)
12.49 (18)
0.13
11.10

10.58 (18)
10.46 (21)
0.12
9.68

09/01/2014

Mass Mutual Small Cap (MSOOX)
Russell 2000 Index
Difference
Small Cap Median

20.74 (43)
21.49 (37)
-0.76
19.66

22.76 (59)
25.25 (43)
-2.49
24.06

28.51 (70)
40.78 (24)
-12.27
33.41

16.65 (44)
18.60 (27)
-1.95
16.07

8.78 (31)
6.98 (58)
1.79
7.44

13.00 (19)
11.34 (45)
1.66
11.08

N/A
11.62 (39)
N/A
11.16

11.50 (22)
10.08 (44)
1.42
9.81

04/01/2018

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

Page 18

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
QTR

FYTD

1 YR

3 YR

5 YR

7 YR

10 YR

Inception

Inception
Date

Total International Equity Composite
Total International Equity Policy
Difference

13.70
14.69
-0.99

18.38
19.84
-1.45

23.50
28.27
-4.76

16.79
19.42
-2.64

6.02
9.35
-3.33

9.90
10.70
-0.80

10.18
10.46
-0.28

8.71
8.77
-0.06

10/01/2011

American Funds Europacific (RERGX)
MSCI AC World ex USA
Difference
Foreign Large Growth Median

14.53 (45)
14.69 (43)
-0.16
14.40

16.42 (20)
19.84 (9)
-3.42
10.39

23.72 (11)
28.27 (9)
-4.54
12.63

16.01 (21)
19.42 (12)
-3.41
12.45

5.51 (36)
9.35 (6)
-3.84
4.64

9.52 (28)
10.70 (12)
-1.18
8.52

9.91 (25)
10.46 (15)
-0.55
9.04

7.90 (35)
8.32 (23)
-0.42
7.41

04/01/2015

Transamerica Intl (TAINX)
MSCI EAFE Index
Difference
Foreign Large Value Median

12.92 (13)
11.08 (25)
1.84
7.27

20.34 (32)
15.23 (65)
5.11
17.70

23.29 (58)
20.80 (71)
2.49
24.96

17.55 (73)
17.02 (76)
0.54
19.69

N/A
9.60 (76)
N/A
11.57

N/A
10.43 (67)
N/A
11.12

N/A
10.20 (39)
N/A
9.75

17.39 (68)
17.61 (66)
-0.22
18.76

07/01/2022

Total Fixed Income Composite
Total Fixed Income Policy
Difference

0.69
0.73
-0.04

1.56
1.48
0.08

3.72
3.31
0.40

4.84
4.09
0.75

1.65
-0.15
1.80

2.61
1.02
1.59

3.02
1.39
1.63

3.13
1.89
1.24

10/01/2011

Total Domestic Fixed Income Composite
Total Domestic Fixed Income Policy
Difference

0.52
0.67
-0.15

1.64
1.73
-0.09

3.87
3.79
0.08

4.05
4.16
-0.10

0.35
0.08
0.26

1.48
1.22
0.27

1.86
1.54
0.31

2.37
2.06
0.31

10/01/2011

Garcia, Hamilton Fixed Income
Blmbg. U.S. Aggregate Index
Difference
IM U.S. Broad Market Core Fixed Income (SA+CF) Median

0.30 (99)
0.67 (82)
-0.37
0.75

1.54 (99)
1.73 (90)
-0.19
1.94

3.81 (88)
3.79 (93)
0.02
4.14

3.76 (99)
4.16 (93)
-0.40
4.63

0.38 (60)
0.08 (94)
0.30
0.49

1.43 (79)
1.22 (97)
0.21
1.74

N/A
1.54 (98)
N/A
2.08

1.84 (76)
1.63 (98)
0.21
2.16

11/01/2016

Baird Aggregate Bond Fund (BAGIX)
Blmbg. U.S. Aggregate Index
Difference
Intermediate Core Bond Median

0.81 (25)
0.67 (58)
0.15
0.69

1.78 (30)
1.73 (35)
0.06
1.64

3.96 (26)
3.79 (39)
0.17
3.69

4.61 (19)
4.16 (50)
0.45
4.16

0.32 (20)
0.08 (41)
0.24
0.02

1.59 (21)
1.22 (53)
0.38
1.23

N/A
1.54 (51)
N/A
1.56

1.99 (19)
1.63 (50)
0.36
1.63

11/01/2016

Total Non-Core Fixed Income Composite
Total Non-Core Fixed Income Policy
Difference

1.54
0.67
0.87

1.18
1.73
-0.54

2.97
3.79
-0.82

7.83
4.16
3.67

8.52
0.08
8.44

10.67
1.22
9.46

N/A
N/A
N/A

13.81
1.90
11.91

12/01/2016

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

Page 19

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
QTR

FYTD

1 YR

3 YR

5 YR

7 YR

10 YR

Inception

Inception
Date

Total Real Estate Composite
Total Real Estate Policy
Difference

3.81
1.49
2.32

8.48
3.66
4.82

10.66
4.34
6.32

-0.11
-0.89
0.78

2.02
2.69
-0.67

2.67
3.53
-0.85

3.99
4.81
-0.83

6.35
6.82
-0.47

10/01/2012

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

1.87 (24)
1.49 (67)
0.37
1.61

3.88 (60)
3.66 (66)
0.21
4.27

5.03 (68)
4.34 (73)
0.69
5.60

-6.62 (99)
-0.89 (66)
-5.73
-0.06

-2.66 (96)
2.69 (60)
-5.35
2.93

-0.77 (96)
3.53 (62)
-4.30
3.87

1.27 (93)
4.81 (65)
-3.54
5.33

4.42 (90)
6.93 (63)
-2.50
7.44

10/01/2012

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

1.32 (74)
1.49 (67)
-0.18
1.61

3.62 (69)
3.66 (66)
-0.04
4.27

4.96 (69)
4.34 (73)
0.62
5.60

-1.88 (81)
-0.89 (66)
-0.99
-0.06

0.46 (90)
2.69 (60)
-2.23
2.93

1.61 (84)
3.53 (62)
-1.92
3.87

3.49 (77)
4.81 (65)
-1.33
5.33

4.71 (77)
6.02 (63)
-1.31
6.44

10/01/2014

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

Page 20

Maitland Police Officers & Firefighters Pension Fund
Private Managers - Comparative Performance - IRR
As of June 30, 2026
Comparative Performance - IRR

LBC Credit Partners IV, L.P.
Golub Capital 14
Mavik Real Estate Special Opportunities Fund, LP
Mavik Real Estate Special Opportunities Fund VS2, LP

Page 21

QTR

1 YR

3 YR

5 YR

Inception

-0.72
1.54
5.64
14.12

-34.87
3.28
13.43
N/A

9.73
8.06
15.72
N/A

7.76
N/A
N/A
N/A

8.24
8.07
18.37
39.38

Inception
Date
11/14/2016
10/01/2021
04/25/2023
03/04/2026

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
Comparative Performance Fiscal Year Returns
Oct-2024
To
Sep-2025

9.55
10.39

5.30
5.68

8.23
8.85

Total Equity Composite
Total Equity Policy

15.06
17.49

33.18
33.52

20.87
20.67

-20.41
-18.91

31.28
30.55

12.68
12.88

2.73
2.29

13.94
14.72

Total Domestic Equity Composite
Total Domestic Equity Policy

15.11
17.41

34.95
35.19

20.57
20.46

-17.54
-17.63

32.70
31.88

12.20
15.00

3.06
2.92

16.79
17.58

JP Morgan Disciplined Equity R6 (JDEUX)
S&P 500 Index
Large Blend Median

15.54
17.60
15.67

(52)
(21)

37.12
36.35
34.98

(21)
(28)

23.06
21.62
20.47

(17)
(30)

N/A
-15.47
-16.25

Vanguard Index 500 Admiral (VFIAX)
S&P 500 Index
Large Blend Median

17.55
17.60
15.67

(23)
(21)

36.29
36.35
34.98

(29)
(28)

21.57
21.62
20.47

(31)
(30)

-15.52
-15.47
-16.25

(38)
(36)

29.98
30.00
29.76

(46)
(45)

15.11
15.15
13.45

(30)
(29)

4.05
4.25
2.91

(35)
(30)

17.87
17.91
16.50

(23)
(22)

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

16.46
16.43
6.76

(6)
(7)

28.56
28.25
26.99

(34)
(38)

14.48
14.28
14.15

(45)
(49)

-29.55
-29.62
-15.87

(100)
(100)

42.31
42.19
38.49

(32)
(34)

12.98
12.94
-1.18

(6)
(7)

-3.81
-3.96
0.03

(78)
(79)

16.12
16.02
12.87

(15)
(17)

Mass Mutual Small Cap (MSOOX)
Russell 2000 Index
Small Cap Median

6.05
10.76
5.53

(46)
(20)

27.85
26.76
24.86

(24)
(33)

13.14
8.93
11.40

(39)
(73)

-18.57
-23.50
-20.01

(42)
(65)

48.95
47.68
47.51

(45)
(50)

2.62
0.39
-3.15

(37)
(42)

-7.01
-8.89
-7.48

(48)
(62)

N/A
15.24
13.79

Dana Large Cap Core
S&P 500 Index
IM U.S. Large Cap Core Equity (SA+CF) Median

N/A
17.60
15.80

29.26
30.00
30.77

(65)
(58)

11.93
15.15
12.96

(54)
(39)

6.04
4.25
3.16

(26)
(39)

15.77
17.91
17.44

Page 22

(59)

N/A
30.00
29.76

(69)
(81)

(45)

9.93
10.39
7.91

N/A
15.15
13.45

(30)
(24)

8.59
8.85
7.81

18.29
17.48

(36)

18.65
17.48
19.98

5.64
5.68
4.01

-14.53
-13.57

N/A
-15.47
-14.70

(44)
(37)

Oct-2017
To
Sep-2018

10.66
9.97

(40)

-14.25
-13.57
-14.90

Oct-2018
To
Sep-2019

22.09
21.05

N/A
21.62
20.84

(51)
(65)

Oct-2019
To
Sep-2020

10.82
10.96

(41)

10.77
9.97
10.78

Oct-2020
To
Sep-2021

Total Fund Composite (Net)
Total Fund Policy

N/A
36.35
35.25

(37)
(52)

Oct-2021
To
Sep-2022

10.91
10.96
10.47

(37)

22.23
21.05
21.25

Oct-2022
To
Sep-2023

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

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

(40)
(39)

Oct-2023
To
Sep-2024

(29)

N/A
4.25
2.91

(12)
(11)

(30)

N/A
17.91
16.50

(32)
(28)

(22)

(42)

(66)
(44)

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
Oct-2024
To
Sep-2025

Oct-2023
To
Sep-2024

24.71
25.96
26.22

(66)
(54)

19.64
21.02
18.71

(38)
(29)

-32.85
-24.79
-32.98

Transamerica Intl (TAINX)
MSCI EAFE Index
Foreign Large Value Median

14.83
15.58
20.68

(86)
(82)

23.21
25.38
22.31

(37)
(16)

26.32
26.31
27.96

(65)
(65)

N/A
-24.75
-22.32

Total Fixed Income Composite
Total Fixed Income Policy

3.66
2.86

12.49
11.69

2.27
0.99

-10.50
-15.60

0.07
-0.82

7.73
6.82

10.27
9.82

0.85
-1.23

Total Domestic Fixed Income Composite
Total Domestic Fixed Income Policy

2.59
2.88

13.02
11.57

0.00
0.64

-13.62
-14.60

-0.97
-0.90

7.38
6.98

9.44
10.30

0.32
-1.22

Garcia, Hamilton Fixed Income
Blmbg. U.S. Aggregate Index
IM U.S. Broad Market Core Fixed Income (SA+CF) Median

2.24
2.88
3.31

(100)
(91)

13.21
11.57
12.29

(12)
(89)

-0.54
0.64
1.06

(98)
(73)

-12.66
-14.60
-14.46

(7)
(65)

-1.36
-0.90
-0.03

(95)
(81)

7.10
6.98
7.42

(67)
(76)

8.66
10.30
10.42

(95)
(69)

0.70
-1.22
-0.74

(4)
(87)

Baird Aggregate Bond Fund (BAGIX)
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median

3.08
2.88
2.85

(33)
(47)

12.58
11.57
11.69

(11)
(59)

1.40
0.64
0.61

(18)
(48)

-15.25
-14.60
-14.98

(62)
(31)

-0.31
-0.90
-0.20

(55)
(75)

7.80
6.98
6.83

(20)
(45)

10.56
10.30
9.77

(10)
(22)

-1.23
-1.22
-1.39

(40)
(38)

Total Non-Core Fixed Income Composite
Total Non-Core Fixed Income Policy

8.41
2.88

10.69
11.57

10.28
0.64

7.04
-14.60

21.25
-0.90

12.54
6.98

17.51
10.30

18.26
-1.22

Total Global Fixed Income Composite
Total Global Fixed Income Policy

N/A
2.68

N/A
12.24

N/A
2.69

N/A
-20.35

N/A
-0.45

N/A
5.99

N/A
7.54

-1.90
-1.32

Templeton Global Total Return (FTTRX)
Blmbg.Barc. Global Multiverse
Global Bond Median

N/A
2.68
3.11

Page 23

N/A
2.69
2.89

(54)

N/A
-20.35
-21.61

(74)

(37)

24.76
24.45
20.46
N/A
26.29
28.82

N/A
-0.45
0.49

(21)
(24)

(62)

(75)

14.97
3.45
17.26
N/A
0.93
-5.66

N/A
5.99
5.15

1.12
-0.72

Oct-2017
To
Sep-2018

(18)
(15)

(48)
(6)

14.97
3.45

Oct-2018
To
Sep-2019

14.79
17.14
10.45

(51)

24.76
24.45

Oct-2019
To
Sep-2020

American Funds Europacific (RERGX)
MSCI AC World ex USA
Foreign Large Growth Median

N/A
12.24
12.28

-33.77
-24.79

Oct-2020
To
Sep-2021

14.81
17.14

(61)

22.92
21.02

Oct-2021
To
Sep-2022

Total International Equity Composite
Total International Equity Policy

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

23.95
25.96

Oct-2022
To
Sep-2023

(66)
(99)

(13)

(34)

1.10
-0.72
0.82
N/A
-0.82
-5.30

N/A
7.54
5.91

1.47
2.25
(46)
(67)

(17)

(24)

1.47
2.25
4.02
N/A
3.25
-0.20

-1.90
-1.32
-2.19

(78)
(73)

(6)

(40)
(25)

Maitland Police Officers & Firefighters Pension Fund
Comparative Performance
As of June 30, 2026
Oct-2024
To
Sep-2025

Oct-2023
To
Sep-2024

Oct-2018
To
Sep-2019

Oct-2017
To
Sep-2018

2.15
1.74

5.74
6.17

7.87
8.82

3.97
3.80
5.05

(69)
(70)

-21.54
-7.75
-6.22

(98)
(65)

-18.28
-12.40
-12.39

(94)
(51)

19.96
22.76
20.19

(55)
(37)

11.76
15.75
15.73

(81)
(50)

2.59
1.74
1.58

(24)
(40)

4.36
6.17
6.80

(79)
(68)

8.26
8.82
8.88

(62)
(54)

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

5.58
3.80
5.05

(26)
(70)

-10.41
-7.75
-6.22

(85)
(65)

-13.74
-12.40
-12.39

(71)
(51)

14.48
22.76
20.19

(76)
(37)

12.00
15.75
15.73

(81)
(50)

1.74
1.74
1.58

(40)
(40)

7.06
6.17
6.80

(40)
(68)

7.52
8.82
8.88

(82)
(54)

Total Alternatives Composite
Total Alternatives Policy

N/A
8.17

PIMCO All Asset All Authority Inst (PAUIX)
CPI + 6.5%
Global Allocation Median
S&P 500 Index

N/A
9.72
N/A
17.60

(N/A)
(N/A)

N/A
9.08
20.81
36.35

N/A
8.87

(100)
(1)

N/A
10.43
9.89
21.62

11.87
15.75

Oct-2019
To
Sep-2020

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

N/A
7.55

17.24
22.76

Oct-2020
To
Sep-2021

7.78
3.80

Page 24

-13.08
-12.40

Oct-2021
To
Sep-2022

Total Real Estate Composite
Total Real Estate Policy

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

-12.06
-7.75

Oct-2022
To
Sep-2023

N/A
13.60

(36)
(1)

N/A
15.22
-17.64
-15.47

N/A
10.62

(1)
(39)

N/A
12.20
17.05
30.00

N/A
6.37

(86)
(1)

N/A
7.89
1.47
15.15

N/A
6.77

(19)
(1)

N/A
8.29
2.31
4.25

-2.36
7.45

(7)
(21)

-2.36
8.98
3.53
17.91

(100)
(7)
(1)

Page Intentionally Left Blank

Page 25

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

Peer Group Analysis - All Public Plans-Total Fund

23.0

38.0
32.0

20.0
26.0
17.0

20.0

14.0

Return

Return

14.0

11.0

8.0

8.0

2.0
-4.0

-10.0

5.0

-16.0
2.0
-22.0
-1.0

˜ Investment
˜ Index
Median

-28.0
QTR
9.63 (29)
8.71 (55)

FYTD
9.76 (49)
9.10 (65)

1 YR
15.43 (44)
14.69 (55)

2 YR
13.36 (44)
12.98 (53)

3 YR
12.95 (38)
12.39 (53)

4 YR
12.24 (34)
11.39 (55)

5 YR
7.15 (33)
6.94 (39)

8.81

9.65

15.01

13.05

12.48

11.57

6.66

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
9.93 (33)
5.64 (12)
˜ Investment 10.91 (40) 22.23 (37) 10.77 (50) -14.25 (41) 18.65 (71)
10.96 (39) 21.05 (52)
9.97 (64) -13.57 (35) 17.48 (82) 10.39 (27)
5.68 (11)
˜ Index
Median

10.47

21.18

10.73

-15.12

20.11

8.25

4.02

Comparative Performance
Investment
Index
Median

Page 26

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-2.02
-1.69
-1.18

2.18
2.08
2.04

5.17
5.13
4.86

7.15
6.66
6.67

-1.12
-0.51
-0.03

-0.46
-0.53
-0.97

(88)
(78)

(40)
(49)

(32)
(36)

(32)
(51)

(83)
(65)

(27)
(30)

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

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

12.95
12.39
4.64

8.71
8.20
0.22

0.93
0.92
N/A

Investment
Index
.

Up
Market
Capture
105.77
100.00
18.46

Up
Quarters
8
8
12

Down
Market
Capture
107.97
100.00
-15.72

Down
Quarters
4
4
N/A

Risk and Return 3 Years

Return

Standard
Deviation

Sharpe
Ratio

7.15
6.94
3.52

10.25
9.94
0.55

0.39
0.38
N/A

Investment
Index
.

Up
Market
Capture
104.18
100.00
13.78

Up
Quarters
12
13
20

Down
Market
Capture
104.83
100.00
-8.58

Down
Quarters
8
7
N/A

Risk and Return 5 Years

13.2

7.2

R etu r n (% )

R etu r n (% )

12.9

12.6

7.1

7.0
12.3

12.0

6.9
8.1

8.2

8.3

8.4

8.5

8.6

8.7

8.8

9.8

9.9

10.0

Risk (Standard Deviation %)
Investment

Index

Investment

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

10.3

10.4

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

10.2

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

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
17 (85%)

Median-75
Count
3 (15%)

75-95
Count
0 (0%)

20

0 (0%)

12 (60%)

8 (40%)

0 (0%)

Total Period

Page 27

10.1
Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
17 (85%)

Median-75
Count
1 (5%)

75-95
Count
0 (0%)

20

3 (15%)

14 (70%)

3 (15%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
JP Morgan Disciplined Equity R6 (JDEUX) | S&P 500 Index
As of June 30, 2026
Peer Group Analysis - Large Blend

Peer Group Analysis - Large Blend

36.0

50.0

32.0

40.0

28.0

30.0

24.0
20.0

Return

Return

20.0

16.0

10.0

0.0
12.0
-10.0
8.0
-20.0

4.0

0.0

-30.0

-4.0

-40.0

QTR
˜ Investment 13.36 (65)
15.20 (36)
˜ Index
Median

14.61

FYTD
10.70 (65)
13.13 (33)

1 YR
19.19 (58)
22.33 (29)

2 YR
16.19 (58)
18.69 (26)

3 YR
19.52 (47)
20.61 (25)

4 YR
N/A
20.36 (24)

5 YR
N/A
13.41 (20)

12.27

20.53

17.25

19.33

19.13

12.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
˜ Investment 15.54 (52) 37.12 (21) 23.06 (17)
17.60 (21) 36.35 (28) 21.62 (30) -15.47 (36) 30.00 (45) 15.15 (29)
4.25 (30)
˜ Index
Median

15.67

34.98

20.47

-16.25

29.76

13.45

2.91

Comparative Performance
Investment
Index
Median

Page 28

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-4.82
-4.33
-4.37

2.60
2.66
2.42

7.67
8.12
7.31

10.84
10.94
10.80

-4.71
-4.27
-4.39

1.60
2.41
2.06

(66)
(48)

(38)
(33)

(43)
(21)

(49)
(42)

(62)
(42)

(61)
(31)

Strategy Review
JP Morgan Disciplined Equity R6 (JDEUX) | S&P 500 Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.52
20.61
4.64

12.66
12.87
0.22

1.12
1.18
N/A

Up
Market
Capture
96.87
100.00
10.32

Down
Market
Capture
100.19
100.00
-14.64

Up
Quarters
9
9
12

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

N/A
13.41
3.52

N/A
15.72
0.55

N/A
0.67
N/A

Up
Market
Capture
N/A
100.00
7.76

Up
Quarters
N/A
14
20

Down
Market
Capture
N/A
100.00
-6.78

Down
Quarters
N/A
6
N/A

Risk and Return 5 Years

21.2

13.5

R etu r n (% )

R etu r n (% )

20.8

20.4

20.0

19.6

13.4
12.6

12.7

12.8

12.9

13.0

15.7

15.8

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Blend

5 Years Rolling Percentile Ranking vs. Large Blend
0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

4

5-25
Count
2 (50%)

25-Median
Count
2 (50%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

16 (80%)

4 (20%)

0 (0%)

0 (0%)

Total Period

Page 29

Index

9/21

3/22

3/23

9/23

0

5-25
Count
0

20

20 (100%)

Total Period
¾ Investment
¾ Index

9/22

3/24

9/24

3/25

25-Median
Count
0

Median-75
Count
0

0 (0%)

0 (0%)

9/25

6/26

75-95
Count
0
0 (0%)

Strategy Review
Vanguard Index 500 Admiral (VFIAX) | S&P 500 Index
As of June 30, 2026
Peer Group Analysis - Large Blend

Peer Group Analysis - Large Blend

36.0

50.0

32.0

40.0

28.0

30.0

24.0
20.0

Return

Return

20.0

16.0

10.0

0.0
12.0
-10.0
8.0
-20.0

4.0

0.0

-30.0

-4.0

-40.0

QTR
˜ Investment 15.19 (37)
15.20 (36)
˜ Index
Median

14.61

FYTD
13.10 (35)
13.13 (33)

1 YR
22.27 (30)
22.33 (29)

2 YR
18.64 (28)
18.69 (26)

3 YR
20.57 (26)
20.61 (25)

4 YR
20.31 (25)
20.36 (24)

5 YR
13.36 (21)
13.41 (20)

12.27

20.53

17.25

19.33

19.13

12.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
4.05 (35)
˜ Investment 17.55 (23) 36.29 (29) 21.57 (31) -15.52 (38) 29.98 (46) 15.11 (30)
17.60 (21) 36.35 (28) 21.62 (30) -15.47 (36) 30.00 (45) 15.15 (29)
4.25 (30)
˜ Index
Median

15.67

34.98

20.47

-16.25

29.76

13.45

2.91

Comparative Performance
Investment
Index
Median

Page 30

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-4.34
-4.33
-4.37

2.64
2.66
2.42

8.11
8.12
7.31

10.93
10.94
10.80

-4.28
-4.27
-4.39

2.40
2.41
2.06

(49)
(48)

(34)
(33)

(22)
(21)

(43)
(42)

(43)
(42)

(32)
(31)

Strategy Review
Vanguard Index 500 Admiral (VFIAX) | S&P 500 Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

20.57
20.61
4.64

12.87
12.87
0.22

1.18
1.18
N/A

Up
Market
Capture
99.90
100.00
10.32

Up
Quarters
9
9
12

Down
Market
Capture
100.12
100.00
-14.64

Down
Quarters
3
3
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

13.36
13.41
3.52

15.72
15.72
0.55

0.66
0.67
N/A

Up
Market
Capture
99.90
100.00
7.76

Up
Quarters
14
14
20

Down
Market
Capture
100.09
100.00
-6.78

Down
Quarters
6
6
N/A

Risk and Return 5 Years

20.8

13.5

20.7

R etu r n (% )

R etu r n (% )

Return

13.4

20.6

20.5

13.3
12.8

12.9

15.7

15.8

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Large Blend

5 Years Rolling Percentile Ranking vs. Large Blend
0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
10 (50%)

25-Median
Count
10 (50%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

16 (80%)

4 (20%)

0 (0%)

0 (0%)

Total Period

Page 31

Index

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

18

5-25
Count
18 (100%)

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

20 (100%)

0 (0%)

0 (0%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

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

Peer Group Analysis - Mid-Cap Blend

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

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

14.27

FYTD
18.58 (42)
18.41 (44)

1 YR
29.15 (20)
28.91 (23)

2 YR
22.18 (16)
22.06 (17)

3 YR
19.73 (14)
19.54 (16)

4 YR
18.58 (11)
18.39 (13)

5 YR
6.73 (79)
6.58 (80)

17.13

22.84

16.58

15.16

15.20

8.61

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
28.56 (34) 14.48 (45) -29.55 (100) 42.31 (32) 12.98 (6)
-3.81 (78)
˜ Investment 16.46 (6)
16.43 (7)
28.25 (38) 14.28 (49) -29.62 (100) 42.19 (34) 12.94 (7)
-3.96 (79)
˜ Index
Median

6.76

26.99

14.15

-15.87

38.49

-1.18

0.03

Comparative Performance
Investment
Index
Median

Page 32

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-1.26
-1.28
0.86

0.15
0.13
1.22

8.91
8.87
5.19

12.16
12.16
7.00

-8.93
-8.95
-4.59

4.69
4.72
-0.37

(74)
(75)

(69)
(71)

(9)
(9)

(9)
(10)

(98)
(99)

(3)
(2)

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

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.73
19.54
4.64

18.16
18.12
0.22

0.84
0.83
N/A

Up
Market
Capture
100.37
100.00
7.89

Up
Quarters
8
8
12

Down
Market
Capture
99.84
100.00
-9.62

Down
Quarters
4
4
N/A

Standard
Deviation

Sharpe
Ratio

6.73
6.58
3.52

19.89
19.86
0.55

0.25
0.25
N/A

19.8

6.8

19.7

6.7

19.6

12
12
20

Down
Market
Capture
99.83
100.00
-5.80

Down
Quarters
8
8
N/A

6.5
18.1

18.2

19.7

19.8

Risk (Standard Deviation %)
Investment

19.9

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Mid-Cap Blend

Index

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

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

6.6

19.5

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
7 (35%)

25-Median
Count
1 (5%)

Median-75
Count
2 (10%)

75-95
Count
10 (50%)

20

7 (35%)

1 (5%)

1 (5%)

11 (55%)

Total Period

Page 33

Up
Market
Capture
100.34
100.00
6.48

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
2 (10%)

Median-75
Count
9 (45%)

75-95
Count
7 (35%)

20

2 (10%)

2 (10%)

8 (40%)

8 (40%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
Mass Mutual Small Cap (MSOOX) | Russell 2000 Index
As of June 30, 2026
Peer Group Analysis - Small Cap

68.0

95.0

60.0

80.0

52.0

65.0

44.0

50.0

36.0

35.0
Return

Return

Peer Group Analysis - Small Cap

28.0

20.0

20.0

5.0

12.0

-10.0

4.0

-25.0

-4.0

-40.0

-12.0

-55.0

QTR
˜ Investment 20.74 (43)
21.49 (37)
˜ Index
Median

19.66

FYTD
22.76 (59)
25.25 (43)

1 YR
28.51 (70)
40.78 (24)

2 YR
19.52 (48)
23.12 (21)

3 YR
16.65 (44)
18.60 (27)

4 YR
16.33 (37)
17.00 (29)

5 YR
8.78 (31)
6.98 (58)

24.06

33.41

19.31

16.07

15.31

7.44

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
2.62 (37) -7.01 (48)
˜ Investment 6.05 (46) 27.85 (24) 13.14 (39) -18.57 (42) 48.95 (45)
10.76 (20) 26.76 (33)
8.93 (73) -23.50 (65) 47.68 (50)
0.39 (42) -8.89 (62)
˜ Index
Median

5.53

24.86

11.40

-20.01

47.51

-3.15

-7.48

Comparative Performance
Investment
Index
Median

Page 34

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-0.85
0.89
1.12

2.55
2.19
1.86

4.68
12.39
7.73

7.68
8.50
6.56

-5.93
-9.48
-8.53

0.01
0.33
0.07

(72)
(55)

(33)
(42)

(81)
(12)

(41)
(33)

(18)
(68)

(52)
(43)

Strategy Review
Mass Mutual Small Cap (MSOOX) | Russell 2000 Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.65
18.60
4.64

18.61
19.71
0.22

0.68
0.74
N/A

Up
Market
Capture
90.02
100.00
6.87

Up
Quarters
8
9
12

Down
Market
Capture
89.93
100.00
-9.07

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

8.78
6.98
3.52

19.44
20.58
0.55

0.35
0.26
N/A

12
13
20

Down
Market
Capture
88.68
100.00
-6.16

Down
Quarters
8
7
N/A

9.1

R etu r n (% )

17.6

16.8

8.4

7.7

7.0

16.0

6.3
18.6

18.9

19.2

19.5

19.8

20.1

19.2

19.5

19.8

Risk (Standard Deviation %)
Investment

20.1

20.4

20.7

21.0

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Small Cap

Index

5 Years Rolling Percentile Ranking vs. Small Cap
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

9.8

18.4

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
6 (30%)

25-Median
Count
14 (70%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

1 (5%)

5 (25%)

14 (70%)

0 (0%)

Total Period

Page 35

Up
Market
Capture
95.84
100.00
5.58

Risk and Return 5 Years

19.2

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

14

5-25
Count
9 (64%)

25-Median
Count
5 (36%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

0 (0%)

1 (5%)

19 (95%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

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

Peer Group Analysis - Foreign Large Growth

50.0

65.0

44.0

50.0

38.0
35.0
32.0
20.0
26.0

Return

Return

20.0

14.0

5.0

-10.0

8.0
-25.0
2.0
-40.0
-4.0
-55.0

-10.0
-16.0

-70.0

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

14.40

FYTD
16.42 (20)
19.84 (9)

1 YR
23.72 (11)
28.27 (9)

2 YR
18.69 (21)
23.22 (11)

3 YR
16.01 (21)
19.42 (12)

4 YR
15.96 (26)
17.87 (14)

5 YR
5.51 (36)
9.35 (6)

10.39

12.63

13.78

12.45

13.50

4.64

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.10 (46)
˜ Investment 14.79 (18) 24.71 (66) 19.64 (38) -32.85 (48) 24.76 (21) 14.97 (66)
17.14 (15) 25.96 (54) 21.02 (29) -24.79 (6)
24.45 (24)
3.45 (99) -0.72 (67)
˜ Index
Median

10.45

26.22

18.71

-32.98

20.46

17.26

0.82

Comparative Performance
Investment
Index
Median

Page 36

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-2.84
-0.60
-3.72

4.62
5.11
1.32

6.27
7.03
2.39

13.22
12.30
13.01

2.62
5.36
2.35

-7.03
-7.50
-7.32

(37)
(14)

(3)
(2)

(6)
(4)

(46)
(65)

(45)
(17)

(40)
(54)

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

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.01
19.42
4.64

13.65
13.70
0.22

0.83
1.04
N/A

Up
Market
Capture
95.26
100.00
9.20

Up
Quarters
8
9
12

Down
Market
Capture
113.52
100.00
-15.74

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

5.51
9.35
3.52

16.44
15.42
0.55

0.20
0.44
N/A

Up
Market
Capture
100.05
100.00
7.74

11
13
20

Down
Market
Capture
120.42
100.00
-8.15

16.2

16.5

Up
Quarters

Down
Quarters
9
7
N/A

Risk and Return 5 Years

22.0

10.0

R etu r n (% )

R etu r n (% )

20.0

18.0

8.0

6.0
16.0

14.0

4.0
13.6

13.7

13.8

15.0

15.3

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Growth

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

16.8

5 Years Rolling Percentile Ranking vs. Foreign Large Growth

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
3 (15%)

25-Median
Count
9 (45%)

Median-75
Count
8 (40%)

75-95
Count
0 (0%)

20

12 (60%)

4 (20%)

2 (10%)

2 (10%)

Total Period

Page 37

15.9
Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
11 (55%)

Median-75
Count
9 (45%)

75-95
Count
0 (0%)

20

6 (30%)

4 (20%)

7 (35%)

3 (15%)

Total Period
¾ Investment
¾ Index

9/22

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

Peer Group Analysis - Foreign Large Value

50.0

60.0

44.0

50.0

40.0

38.0

30.0
32.0
20.0

Return

Return

26.0

20.0

10.0

0.0

14.0
-10.0
8.0
-20.0
2.0

-30.0

-4.0

-40.0

-10.0

-50.0

QTR
˜ Investment 12.92 (13)
11.08 (25)
˜ Index
Median

7.27

FYTD
20.34 (32)
15.23 (65)

1 YR
23.29 (58)
20.80 (71)

2 YR
22.30 (65)
19.56 (84)

3 YR
17.55 (73)
17.02 (76)

4 YR
17.39 (68)
17.61 (66)

5 YR
N/A
9.60 (76)

17.70

24.96

23.72

19.69

18.76

11.57

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
˜ Investment 14.83 (86) 23.21 (37) 26.32 (65)
15.58 (82) 25.38 (16) 26.31 (65) -24.75 (74) 26.29 (62)
0.93 (13) -0.82 (17)
˜ Index
Median

20.68

22.31

27.96

-22.32

28.82

-5.66

-5.30

Comparative Performance
Investment
Index
Median

Page 38

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-0.40
-1.12
3.01

6.99
4.91
6.60

2.46
4.83
6.31

10.30
12.07
11.36

9.69
7.01
9.96

-7.37
-8.06
-7.31

(88)
(92)

(38)
(80)

(94)
(71)

(69)
(35)

(59)
(89)

(52)
(66)

Strategy Review
Transamerica Intl (TAINX) | MSCI EAFE Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

17.55
17.02
4.64

13.24
13.27
0.22

0.95
0.92
N/A

Up
Market
Capture
102.12
100.00
10.88

Up
Quarters
8
8
12

Down
Market
Capture
101.25
100.00
-12.23

Down
Quarters
4
4
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

N/A
9.60
3.52

N/A
15.41
0.55

N/A
0.45
N/A

Up
Market
Capture
N/A
100.00
8.61

Up
Quarters
N/A
12
20

Down
Market
Capture
N/A
100.00
-6.46

Down
Quarters
N/A
8
N/A

Risk and Return 5 Years

18.0

9.7

R etu r n (% )

R etu r n (% )

17.7

17.4

17.1

9.6
13.2

13.3

15.4

15.5

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Value

5 Years Rolling Percentile Ranking vs. Foreign Large Value
0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

5

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
3 (60%)

75-95
Count
2 (40%)

20

3 (15%)

5 (25%)

9 (45%)

3 (15%)

Total Period

Page 39

Index

9/21

3/22

Total Period
¾ Investment
¾ Index

0
20

9/22

3/23

5-25
Count
0
8 (40%)

9/23

3/24

25-Median
Count
0
6 (30%)

9/24

3/25

Median-75
Count
0
1 (5%)

9/25

6/26

75-95
Count
0
5 (25%)

Strategy Review
Garcia, Hamilton Fixed Income | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

7.2

20.0

6.4

16.0

5.6

12.0

4.8

8.0

4.0

4.0

3.2

0.0

Return

Return

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

2.4

-4.0

1.6

-8.0

0.8

-12.0

0.0

-16.0

-0.8

-20.0

-1.6

-24.0

˜ Investment
˜ Index
Median

QTR
0.30 (99)
0.67 (82)

FYTD
1.54 (99)
1.73 (90)

1 YR
3.81 (88)
3.79 (93)

2 YR
5.00 (79)
4.93 (94)

3 YR
3.76 (99)
4.16 (93)

4 YR
2.55 (100)
2.86 (92)

5 YR
0.38 (60)
0.08 (94)

0.75

1.94

4.14

5.32

4.63

3.36

0.49

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
-1.36 (95)
7.10 (67)
8.66 (95)
˜ Investment 2.24 (100) 13.21 (12) -0.54 (98) -12.66 (7)
2.88 (91) 11.57 (89)
0.64 (73) -14.60 (65) -0.90 (81)
6.98 (76) 10.30 (69)
˜ Index
Median

3.31

12.29

1.06

-14.46

-0.03

7.42

10.42

Comparative Performance
Investment
Index
Median

Page 40

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

0.27
-0.05
0.04

0.97
1.10
1.11

2.24
2.03
2.13

1.18
1.21
1.28

3.57
2.78
2.80

-4.57
-3.06
-2.98

(7)
(80)

(95)
(58)

(34)
(86)

(87)
(84)

(1)
(62)

(100)
(76)

Strategy Review
Garcia, Hamilton Fixed Income | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

3.76
4.16
4.64

7.20
5.48
0.22

-0.08
-0.06
N/A

Up
Market
Capture
123.72
100.00
29.50

Up
Quarters
9
8
12

Down
Market
Capture
147.61
100.00
-32.11

Down
Quarters
3
4
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

0.38
0.08
3.52

7.46
6.32
0.55

-0.38
-0.51
N/A

Up
Market
Capture
120.35
100.00
23.16

Down
Market
Capture
116.53
100.00
-17.61

Up
Quarters
12
12
20

Down
Quarters
8
8
N/A

Risk and Return 5 Years

4.4

0.6

R etu r n (% )

R etu r n (% )

4.2

4.0

0.4

0.2
3.8

3.6

0.0
4.8

5.1

5.4

5.7

6.0

6.3

6.6

6.9

7.2

7.5

7.8

6.0

6.2

6.4

Risk (Standard Deviation %)
Investment

Index

Investment

7.0

7.2

7.4

7.6

7.8

Index

5 Years Rolling Percentile Ranking vs. IM U.S. Broad Market Core Fixed Income (SA+CF)
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

6.8

Risk (Standard Deviation %)

3 Years Rolling Percentile Ranking vs. IM U.S. Broad Market Core Fixed Income (SA+CF)

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
2 (10%)

25-Median
Count
6 (30%)

Median-75
Count
4 (20%)

75-95
Count
8 (40%)

20

0 (0%)

0 (0%)

0 (0%)

20 (100%)

Total Period

Page 41

6.6

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
0 (0%)

25-Median
Count
2 (11%)

Median-75
Count
12 (63%)

75-95
Count
5 (26%)

20

0 (0%)

0 (0%)

0 (0%)

20 (100%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
Baird Aggregate Bond Fund (BAGIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Peer Group Analysis - Intermediate Core Bond

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
0.81 (25)
0.67 (58)

FYTD
1.78 (30)
1.73 (35)

1 YR
3.96 (26)
3.79 (39)

2 YR
5.08 (26)
4.93 (39)

3 YR
4.61 (19)
4.16 (50)

4 YR
3.37 (17)
2.86 (53)

5 YR
0.32 (20)
0.08 (41)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.40 (18) -15.25 (62) -0.31 (55)
7.80 (20) 10.56 (10)
˜ Investment 3.08 (33) 12.58 (11)
2.88 (47) 11.57 (59)
0.64 (48) -14.60 (31) -0.90 (75)
6.98 (45) 10.30 (22)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 42

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

-0.06
-0.05
-0.08

1.01
1.10
0.99

2.14
2.03
2.02

1.18
1.21
1.23

2.83
2.78
2.70

-3.01
-3.06
-3.04

(44)
(43)

(40)
(23)

(26)
(48)

(60)
(54)

(21)
(30)

(46)
(53)

Strategy Review
Baird Aggregate Bond Fund (BAGIX) | Blmbg. U.S. Aggregate Index
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

4.61
4.16
4.64

5.57
5.48
0.22

0.02
-0.06
N/A

Up
Market
Capture
103.29
100.00
29.50

Up
Quarters
8
8
12

Down
Market
Capture
97.63
100.00
-32.11

Down
Quarters
4
4
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

0.32
0.08
3.52

6.42
6.32
0.55

-0.47
-0.51
N/A

11
12
20

Down
Market
Capture
99.39
100.00
-17.61

Down
Quarters
9
8
N/A

R etu r n (% )

0.3

4.4

4.2

0.2

0.1

4.0

3.8

0.0
5.4

5.5

5.6

6.3

6.4

Risk (Standard Deviation %)
Investment

6.5

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.4

4.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
11 (55%)

25-Median
Count
9 (45%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

0 (0%)

11 (55%)

8 (40%)

1 (5%)

Total Period

Page 43

Up
Market
Capture
102.20
100.00
23.16

Risk and Return 5 Years

4.8

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

19

5-25
Count
13 (68%)

25-Median
Count
6 (32%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

0 (0%)

11 (55%)

9 (45%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

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

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

14.0

44.0

11.0

36.0

28.0

8.0

20.0
5.0
12.0
Return

Return

2.0

4.0

-1.0
-4.0
-4.0
-12.0
-7.0

-20.0

-10.0

-28.0

-13.0

-36.0

˜ Investment
˜ Index
Median

QTR
1.87 (24)
1.49 (67)

FYTD
3.88 (60)
3.66 (66)

1 YR
5.03 (68)
4.34 (73)

2 YR
3.40 (82)
3.80 (78)

3 YR
-6.62 (99)
-0.89 (66)

4 YR
-8.27 (96)
-3.20 (73)

5 YR
-2.66 (96)
2.69 (60)

1.61

4.27

5.60

4.74

-0.06

-2.45

2.93

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
2.59 (24)
4.36 (79)
˜ Investment 3.97 (69) -21.54 (98) -18.28 (94) 19.96 (55) 11.76 (81)
3.80 (70) -7.75 (65) -12.40 (51) 22.76 (37) 15.75 (50)
1.74 (40)
6.17 (68)
˜ Index
Median

5.05

-6.22

-12.39

20.19

15.73

1.58

6.80

Comparative Performance
Investment
Index
Median

Page 44

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

1.16
1.16
1.28

0.80
0.97
1.13

1.11
0.65
1.28

1.76
1.03
1.30

1.01
1.03
1.18

0.04
1.04
1.03

(66)
(66)

(64)
(59)

(63)
(86)

(34)
(75)

(64)
(63)

(89)
(50)

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

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

-6.62
-0.89
4.64

7.83
3.83
0.22

-1.39
-1.36
N/A

Up
Market
Capture
90.07
100.00
157.98

Up
Quarters
7
8
12

Down
Market
Capture
264.03
100.00
-17.88

Down
Quarters
5
4
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

-2.66
2.69
3.52

9.05
7.44
0.55

-0.62
-0.07
N/A

12
13
20

Down
Market
Capture
199.95
100.00
-14.41

Down
Quarters
8
7
N/A

R etu r n (% )

2.0

-2.0

-4.0

0.0

-2.0

-6.0

-8.0

-4.0
2.8

3.5

4.2

4.9

5.6

6.3

7.0

7.7

8.4

9.1

6.9

7.2

7.5

Risk (Standard Deviation %)
Investment

7.8

8.1

8.4

8.7

9.0

9.3

9.6

Risk (Standard Deviation %)

Index

Investment

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

Index

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

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

4.0

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

11 (55%)

9 (45%)

0 (0%)

Total Period

Page 45

Up
Market
Capture
86.00
100.00
40.11

Risk and Return 5 Years

2.0

R etu r n (% )

Return

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
2 (10%)

75-95
Count
18 (90%)

20

0 (0%)

14 (70%)

6 (30%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

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

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

14.0

44.0

36.0

11.0

28.0
8.0
20.0

Return

Return

5.0

2.0

12.0

4.0
-1.0
-4.0
-4.0
-12.0

-7.0

-20.0

-10.0

˜ Investment
˜ Index
Median

-28.0
QTR
1.32 (74)
1.49 (67)

FYTD
3.62 (69)
3.66 (66)

1 YR
4.96 (69)
4.34 (73)

2 YR
5.24 (41)
3.80 (78)

3 YR
-1.88 (81)
-0.89 (66)

4 YR
-4.92 (86)
-3.20 (73)

5 YR
0.46 (90)
2.69 (60)

1.61

4.27

5.60

4.74

-0.06

-2.45

2.93

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.74 (40)
7.06 (40)
˜ Investment 5.58 (26) -10.41 (85) -13.74 (71) 14.48 (76) 12.00 (81)
3.80 (70) -7.75 (65) -12.40 (51) 22.76 (37) 15.75 (50)
1.74 (40)
6.17 (68)
˜ Index
Median

5.05

-6.22

-12.39

20.19

15.73

1.58

6.80

Comparative Performance
Investment
Index
Median

Page 46

1 Qtr Ending
Mar-2026

1 Qtr Ending
Dec-2025

1 Qtr Ending
Sep-2025

1 Qtr Ending
Jun-2025

1 Qtr Ending
Mar-2025

1 Qtr Ending
Dec-2024

1.22
1.16
1.28

1.05
0.97
1.13

1.28
0.65
1.28

1.30
1.03
1.30

1.51
1.03
1.18

1.37
1.04
1.03

(63)
(66)

(53)
(59)

(50)
(86)

(50)
(75)

(25)
(63)

(34)
(50)

Strategy Review
Barings Core Property Fund | NCREIF Fund Index-ODCE (EW)
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

-1.88
-0.89
4.64

7.03
3.83
0.22

-0.87
-1.36
N/A

Up
Market
Capture
137.04
100.00
157.98

Up
Quarters
9
8
12

Down
Market
Capture
152.41
100.00
-17.88

Down
Quarters
3
4
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

0.46
2.69
3.52

8.31
7.44
0.55

-0.31
-0.07
N/A

Up
Market
Capture
84.45
100.00
40.11

Up
Quarters
13
13
20

Down
Market
Capture
123.92
100.00
-14.41

Down
Quarters
7
7
N/A

Risk and Return 5 Years

0.0

3.2

-0.4

R etu r n (% )

R etu r n (% )

2.4
-0.8

-1.2

1.6

-1.6
0.8
-2.0

0.0
3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

7.2

7.4

7.6

Risk (Standard Deviation %)
Investment

Index

Investment

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

8.2

8.4

8.6

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

8.0

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

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
6 (30%)

75-95
Count
14 (70%)

20

0 (0%)

11 (55%)

9 (45%)

0 (0%)

Total Period

Page 47

7.8

Risk (Standard Deviation %)

9/21

3/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
0 (0%)

25-Median
Count
0 (0%)

Median-75
Count
6 (30%)

75-95
Count
14 (70%)

20

0 (0%)

14 (70%)

6 (30%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Private Equity Fund Overview
LBC Credit Partners IV, L.P.
As of June 30, 2026
Fund Information
Type of Fund:
Direct
Vintage Year:
2016
Strategy Type:
Direct Lending
Management Fee:
1.50%
Size of Fund ($):
600,000,000
Preferred Return:
7.00%
Inception:
04/28/2016
General Partner:
LBC Credit Management, L.P.
Final Close:
10/28/2017
Number of Funds:
Investment Strategy: US middle market direct lending.Fund IV will manage a diversified portfolio of high-yielding loans in the middle market.
LBC defines middle market companies as those with revenues of typically less than $750 million and EBITDA of $5million to $50million.
LBC intends to manage risk and minimize volatility by making investments in private loan transcations throughout the capital structure and across a broad range of industry sectors based
on a comprehensive credit evaluation.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$1,250,000
Capital Invested:
$1,452,751
Management Fees:
$9,063
Expenses:
$15,310
Interest:
$669
Total Contributions:
$1,453,420
Remaining Capital Commitment: $160,628

$2,500,000.0

Total Distributions:
Market Value:

$1,734,786
$11,596

$1,000,000.0

Inception Date:
Inception IRR:
TVPI:

11/14/2016
8.2
1.2

$2,000,000.0

$1,500,000.0

$500,000.0

$0.0

-$500,000.0
12/16

9/17

6/18

Net Asset Value
Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid.

Page 48

3/19

12/19

9/20

Distribution

6/21

3/22

12/22

Contributions

9/23

6/24

3/25

6/26

Private Equity Fund Overview
Golub Capital 14
As of June 30, 2026
Fund Information
Type of Fund:
Strategy Type:

Partnership
Other

Vintage Year:
Management Fee:

2021
Approximately 1.0% per annum of assets at fair value. The actual calculation is
1.25% per annum on middle market related assets and 0.50% per annum on
broadly syndicated loan related assets. Approximately 1.0% per annum of assets
at fair value. The a
8%
Golub Offshore GP, Ltd.

Size of Fund ($):
150,000,000
Preferred Return:
Inception:
04/01/2021
General Partner:
Final Close:
Expected 4/1/2023
Number of Funds:
Investment Strategy: The underlying investments of the GCP Funds are primarily first-out senior secured floating rate loans, directly originated by Golub Capital, to what the Firm believes are healthy, resilient
U.S. middle market companies backed by partnership-oriented private equity sponsors.

GCP 14 seeks to achieve a high level of current income and attractive risk-adjusted returns. The Fund's strategy is to invest in primarily first-out senior secured floating rate loans, directly
originated by Golub Capital, to what the Firm believes are healthy, resilient U.S. middle market companies backed by partnership-oriented private equity sponsors.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$3,000,000
Capital Invested:
$2,700,000
Management Fees:
Expenses:
Interest:
Total Contributions:
$2,700,000
Remaining Capital Commitment: $300,000

$3,200,000.0

Total Distributions:
Market Value:

$919,695
$2,660,487

Inception Date:
Inception IRR:
TVPI:

10/01/2021
8.1
1.3

$2,400,000.0

$1,600,000.0

$800,000.0

$0.0

-$800,000.0
10/21

4/22

10/22

Net Asset Value
Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid.

Page 49

4/23
Distribution

10/23

4/24

10/24

Contributions

4/25

10/25

6/26

Private Equity Fund Overview
Mavik Real Estate Special Opportunities Fund, LP
As of June 30, 2026
Fund Information
Type of Fund:
Direct
Vintage Year:
2021
Strategy Type:
Real Estate - Opportunistic
Management Fee:
1.5% on Invested Capital
Size of Fund ($):
300,000,000
Preferred Return:
8.00%; Incentive Fee: 20% over 8% hurdle rate
Inception:
01/10/2021
General Partner:
Mavik Special Opportunities GP
Final Close:
03/31/2023
Number of Funds:
Investment Strategy: Mavik invests in special situations, commercial real estate credit. We specifically target the middle market, doing transactions up to $30 million in equity. We invest across geographies,
asset types, and the capital stack. The Fund emphasizes margin of safety, and uses additional collateral, high current income, and diversification to acheive this. We aim to do a 10-15 per
year, and do not focus on volume as a means to make MOIC.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$1,000,000
Capital Invested:
$823,740
Management Fees:
Expenses:
$43,012
Interest:
Total Contributions:
$866,752
Remaining Capital Commitment: $226,663

$1,300,000.0

Total Distributions:
Market Value:

$660,329
$541,410

Inception Date:
Inception IRR:
TVPI:

04/25/2023
18.4
1.4

$1,040,000.0

$780,000.0

$520,000.0

$260,000.0

$0.0

-$260,000.0
4/23

7/23 10/23

Net Asset Value
Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid.

Page 50

1/24

4/24

7/24

Distribution

10/24

1/25

4/25

Contributions

7/25

10/25

1/26

4/26

6/26

Private Equity Fund Overview
Mavik Real Estate Special Opportunities Fund VS2, LP
As of June 30, 2026
Fund Information
Type of Fund:
Opportunistic
Vintage Year:
2024
Strategy Type:
Special Situations
Management Fee:
1.5%, on invested capital
Size of Fund ($):
515,000,000
Preferred Return:
8.0%
Inception:
09/01/2024
General Partner:
Mavik Capital Management
Final Close:
04/01/2025
Number of Funds:
Investment Strategy: The Fund’s primary investment objective is to originate commercial real estate credit investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans, high-yield
mortgages or loans in real estate special situations including rescue financings,preferred equity investments, bridge loans, restructurings and bankruptcies, e.g., debtor-inpossession loans
(collectively, “CRE Credit Instruments”). The Fund may also opportunistically acquire performing and non-performing CRE Credit Instruments and make real estate adjacent investments.

Cash Flow Summary

Cash Flow Analysis

Capital Committed:
$2,000,000
Capital Invested:
$600,000
Management Fees:
Expenses:
Interest:
Total Contributions:
$600,000
Remaining Capital Commitment: $1,400,000

$920,000.0

Total Distributions:
Market Value:

$747,042

Inception Date:
Inception IRR:
TVPI:

03/04/2026
39.4
1.2

$690,000.0

$460,000.0

$230,000.0

$0.0

-$230,000.0
3/26
Net Asset Value
Unless otherwise noted, management fees and expenses (if shown) are only those levied as part of a cash flow and may not be inclusive of all fees paid.

Page 51

6/26
Distribution

Contributions

Comparative Performance
Manager Composite Performance Comparison
As of June 30, 2026
Manager Composite - Comparative Performance Trailing Returns
1 YR

3 YR

5 YR

7 YR

10 YR

15 YR

JPMorgan US Research Enhanced Equity R6
S&P 500 Index
Difference

19.19
22.33
-3.13

(58)
(29)

19.51
20.61
-1.10

(47)
(25)

13.12
13.41
-0.29

(27)
(20)

16.43
16.08
0.36

(13)
(19)

15.68
15.51
0.18

(11)
(14)

14.29
14.36
-0.06

(10)
(8)

Vanguard 500 Index Admiral
S&P 500 Index
Difference

22.27
22.33
-0.05

(30)
(29)

20.56
20.61
-0.05

(26)
(25)

13.36
13.41
-0.05

(21)
(20)

16.03
16.08
-0.04

(21)
(19)

15.46
15.51
-0.04

(16)
(14)

14.32
14.36
-0.04

(8)
(8)

Vanguard Extended Market Index Admiral
S&P Completion Index
Difference

29.15
28.91
0.23

(20)
(23)

19.73
19.54
0.18

(14)
(16)

6.73
6.58
0.15

(79)
(80)

12.39
12.25
0.14

(26)
(27)

12.62
12.49
0.13

(16)
(18)

11.54
11.43
0.12

(16)
(20)

MassMutual Small Cap Opps I
Russell 2500 Index
Difference

28.51
36.72
-8.22

(26)
(9)

16.65
18.40
-1.75

(34)
(22)

8.78
8.30
0.48

(46)
(57)

13.00
12.21
0.79

(18)
(27)

12.33
12.25
0.08

(21)
(21)

11.67
11.32
0.35

(13)
(23)

American Funds EUPAC R-6
MSCI EAFE Growth Index
Difference

23.72
13.99
9.73

(11)
(43)

16.01
11.81
4.20

(21)
(57)

5.51
5.21
0.30

(36)
(43)

9.52
8.50
1.02

(28)
(51)

9.91
8.98
0.93

(24)
(54)

7.38
7.16
0.22

(33)
(42)

Transamerica International Equity I
MSCI EAFE IMI Value
Difference

23.15
26.55
-3.40

(59)
(39)

17.44
21.79
-4.34

(74)
(23)

9.43
13.16
-3.73

(79)
(21)

10.69
11.72
-1.04

(63)
(37)

9.42
10.93
-1.51

(61)
(23)

7.54
7.56
-0.02

(27)
(26)

Garcia Hamilton Fixed Income
Blmbg. U.S. Aggregate Index
Difference

3.90
3.79
0.11

(76)
(93)

3.77
4.16
-0.39

(99)
(93)

0.35
0.08
0.27

(63)
(94)

1.42
1.22
0.20

(79)
(97)

1.71
1.54
0.17

(78)
(98)

2.94
2.28
0.66

(39)
(96)

Baird Aggregate Bond Inst
Blmbg. U.S. Aggregate Index
Difference

3.96
3.79
0.17

(26)
(39)

4.61
4.16
0.46

(19)
(50)

0.32
0.08
0.24

(20)
(41)

1.60
1.22
0.38

(20)
(53)

1.94
1.54
0.40

(17)
(51)

2.88
2.28
0.60

(5)
(49)

Barings Core Property Fund
NCREIF Fund Index-ODCE (EW)
Difference

4.95
4.34
0.61

(69)
(73)

-1.88
-0.89
-0.99

(81)
(66)

0.46
2.69
-2.23

(90)
(60)

1.61
3.53
-1.92

(84)
(62)

3.48
4.81
-1.33

(77)
(65)

6.16
7.37
-1.21

(88)
(67)

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

Page 52

Comparative Performance
Manager Composite Performance Comparison
As of June 30, 2026
Manager Composite - Comparative Performance Fiscal Year Returns

JPMorgan US Research Enhanced Equity R6
S&P 500 Index
Difference

Oct-2024
To
Sep-2025
15.54
17.60
-2.06

Oct-2023
To
Sep-2024
37.11
36.35
0.76

Oct-2022
To
Sep-2023
23.04
21.62
1.42

Oct-2021
To
Sep-2022
-14.23
-15.47
1.24

Oct-2020
To
Sep-2021
31.05
30.00
1.05

Oct-2019
To
Sep-2020
18.13
15.15
2.98

Oct-2018
To
Sep-2019
2.98
4.25
-1.27

Oct-2017
To
Sep-2018
16.97
17.91
-0.94

Vanguard 500 Index Admiral
S&P 500 Index
Difference

17.55
17.60
-0.05

36.29
36.35
-0.06

21.57
21.62
-0.05

-15.51
-15.47
-0.04

29.98
30.00
-0.03

15.11
15.15
-0.04

4.22
4.25
-0.03

17.87
17.91
-0.04

Vanguard Extended Market Index Admiral
S&P Completion Index
Difference

16.46
16.43
0.03

28.56
28.25
0.31

14.48
14.28
0.20

-29.55
-29.62
0.07

42.31
42.19
0.11

12.98
12.94
0.05

-3.80
-3.96
0.16

16.12
16.02
0.10

MassMutual Small Cap Opps I
Russell 2500 Index
Difference

6.05
10.16
-4.11

27.85
26.17
1.68

13.14
11.28
1.85

-18.57
-21.11
2.54

48.95
45.03
3.92

2.62
2.22
0.40

-7.01
-4.04
-2.97

13.93
16.19
-2.27

American Funds EUPAC R-6
MSCI EAFE Growth Index
Difference

14.79
8.09
6.71

24.71
26.93
-2.21

19.64
20.41
-0.77

-32.85
-30.06
-2.80

24.76
21.25
3.52

14.97
13.81
1.16

1.14
2.64
-1.50

1.47
6.27
-4.80

Transamerica International Equity I
MSCI EAFE IMI Value
Difference

14.77
23.18
-8.41

23.07
24.08
-1.01

26.14
31.10
-4.96

-25.08
-20.78
-4.30

27.29
31.83
-4.54

-0.06
-10.51
10.45

-5.52
-4.50
-1.02

2.26
0.45
1.81

Garcia Hamilton Fixed Income
Blmbg. U.S. Aggregate Index
Difference

2.28
2.88
-0.60

13.15
11.57
1.58

-0.49
0.64
-1.13

-12.95
-14.60
1.65

-1.34
-0.90
-0.44

7.25
6.98
0.27

8.54
10.30
-1.75

0.73
-1.22
1.94

Baird Aggregate Bond Inst
Blmbg. U.S. Aggregate Index
Difference

3.08
2.88
0.20

12.58
11.57
1.01

1.41
0.64
0.77

-15.26
-14.60
-0.66

-0.31
-0.90
0.59

7.80
6.98
0.82

10.69
10.30
0.39

-1.24
-1.22
-0.03

Barings Core Property Fund
NCREIF Fund Index-ODCE (EW)
Difference

5.57
3.80
1.77

-10.41
-7.75
-2.65

-13.74
-12.40
-1.34

14.48
22.76
-8.28

12.00
15.75
-3.75

1.72
1.74
-0.01

7.05
6.17
0.88

7.51
8.82
-1.31

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

Page 53

Maitland Police Officers & Firefighters Pension Fund
Fee Analysis
As of June 30, 2026
Estimated
Annual Fee
(%)

Market Value
($)

Estimated
Annual Fee
($)

JP Morgan Disciplined Equity R6 (JDEUX)
Vanguard Index 500 Admiral (VFIAX)
Vanguard Extended Market Index (VEXAX)
Mass Mutual Small Cap (MSOOX)
Total Domestic Equity Composite

0.25
0.04
0.06
0.65
0.21

15,693,605
9,434,799
3,401,164
3,547,610
32,077,179

39,234
3,774
2,041
23,059
68,108

0.25 % of Assets
0.04 % of Assets
0.06 % of Assets
0.65 % of Assets

American Funds Europacific (RERGX)
Transamerica Intl (TAINX)
Total International Equity Composite

0.46
0.75
0.61

3,099,053
3,224,968
6,324,021

14,256
24,187
38,443

0.46 % of Assets
0.75 % of Assets

Garcia, Hamilton Fixed Income
Baird Aggregate Bond Fund (BAGIX)
Total Domestic Fixed Income Composite

0.25
0.30
0.27

7,513,444
5,453,045
12,966,489

18,784
16,359
35,143

0.25 % of Assets
0.30 % of Assets

LBC Credit Partners IV, L.P.
Golub Capital 14
Total Non-Core Fixed Income Composite

1.50
1.00
1.00

11,596
2,660,487
2,672,083

174
26,605
26,779

1.50 % of Assets
1.00 % of Assets

ASB Allegiance Fund
Barings Core Property Fund
Mavik Real Estate Special Opportunities Fund, LP
Mavik Real Estate Special Opportunities Fund VS2, LP
Total Real Estate Composite

1.00
1.10
1.50
1.50
1.20

1,353,661
1,339,260
541,410
747,042
3,981,373

13,537
14,732
8,121
11,206
47,595

1.00 % of Assets
1.10 % of Assets
1.50 % of Assets
1.50 % of Assets

R&D

0.45

2,251,749

10,133

Total Fund Composite

0.38

60,272,893

226,201

Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest.

Page 54

Fee Schedule

Maitland Police Officers & Firefighters Pension Fund
Benchmark History
As of June 30, 2026
Total Fund Policy
Allocation Mandate

Total Equity Policy
Weight (%)

Jan-2006
Blmbg. U.S. Aggregate Index
S&P 500 Index
MSCI EAFE Index

35.00
55.00
10.00

Jan-2012
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
Blmbg. Global Multiverse

45.00
15.00
35.00
5.00

Nov-2013
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
Blmbg. Global Multiverse
NCREIF Fund Index-ODCE (EW)

45.00
15.00
30.00
5.00
5.00

Aug-2015
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
Blmbg. Global Multiverse
NCREIF Fund Index-ODCE (EW)
CPI + 5%

45.00
10.00
25.00
5.00
10.00
5.00

Jun-2019
Russell 3000 Index
MSCI AC World ex USA
Blmbg. U.S. Aggregate Index
NCREIF Fund Index-ODCE (EW)

45.00
10.00
35.00
10.00

Page 55

Allocation Mandate

Weight (%)

Jan-2006
S&P 500 Index
MSCI EAFE Index

85.00
15.00

Jan-2012
Russell 3000 Index
MSCI AC World ex USA

82.00
18.00

Total Domestic Equity Policy
Allocation Mandate

Weight (%)

Jan-2006
S&P 500 Index

100.00

Jan-2012
Russell 3000 Index

100.00

Total International Equity Policy
Allocation Mandate

Weight (%)

Jan-2006
MSCI EAFE Index

100.00

Jan-2012
MSCI AC World ex USA

100.00

Maitland Police Officers & Firefighters Pension Fund
Benchmark History
As of June 30, 2026
Total Fixed Income Policy
Allocation Mandate
Jan-2006
Barclays Aggregate A+

Total Real Estate Policy
Weight (%)

Allocation Mandate

Weight (%)

100.00

Jan-2006
FTSE NAREIT Equity REIT Index

100.00

Jan-2007
Blmbg. U.S. Aggregate Index

100.00

Jan-2012
NCREIF Property Index

100.00

Jan-2012
Blmbg. U.S. Aggregate Index
Blmbg. Global Multiverse

86.00
14.00

Nov-2013
NCREIF Fund Index-ODCE (EW)

100.00

Nov-2013
Blmbg. U.S. Aggregate Index
Blmbg. Global Multiverse

83.00
17.00

Total Non-Core Fixed Income Policy
Allocation Mandate
Nov-2016
Blmbg. U.S. Aggregate Index
Total Domestic Fixed Income Policy
Allocation Mandate

Weight (%)

Jan-2006
Barclays Aggregate A+

100.00

Jan-2007
Blmbg. U.S. Aggregate Index

100.00

Page 56

Weight (%)
100.00

Compliance Checklist
Total Fund

Maitland Police & Firefighters Pension Fund

As of June 30, 2026

Total Fund Compliance:

Yes

1. The Total Plan return equaled or exceeded the Net 7.10% actuarial earnings assumption over the trailing three year period.



6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period.






Equity Compliance:

Yes

3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period.
4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period.
5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period.

2. Total equity returns equaled or exceeded the benchmark over the trailing five year period.
4. Total foreign equity was less than 25% of the total plan assets at market.




Fixed Income Compliance:

Yes

1. Total fixed income returns equaled or exceeded the benchmark over the trailing three year period.





3. The total equity allocation was less than 75% of the total plan assets at market.

2. Total fixed income returns equaled or exceeded the benchmark over the trailing five year period.
3. All direct fixed income securities have a minimum rating of investment grade as determined by Standard & Poor's or Moody's.
Manager Compliance:

JDEUX
Yes

No



3. Manager ranked within the top 40th percentile over trailing three year period.



4. Manager ranked within the top 40th percentile over trailing five year period.

Manager Compliance:

No

Yes

No










4. Manager ranked within the top 40th percentile over trailing five year period.












MSOOX
N/A

Yes






N/A






Yes

No

N/A

Yes

N/A






No


Barings RE

N/A

Yes






No

N/A














No









Yes

N/A




ASB RE









No

RERGX
N/A



BAGIX
N/A

No







3. Manager ranked within the top 40th percentile over trailing three year period.

Page 57

N/A

No



GHA



2. Manager outperformed the index over the trailing five year period.

Yes






TAINX
Yes

*Index Funds reported on 3 Year and 5 Year Ranking only.







8. Manager reports compliance with PFIA.

VEXAX*
N/A






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

8. Manager reports complaince with PFIA.

No



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

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

Yes



2. Manager outperformed the index over the trailing five year period.

6. Three year down market capture ratio less than the Index.

VFIAX*
N/A



1. Manager outperformed the index over the trailing three year period.

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

No




1. Total equity returns equaled or exceeded the benchmark over the trailing three year period.

1. Manager outperformed the index over the trailing three year period.

N/A



2. The Total Plan return equaled or exceeded the Net 7.10% actuarial earnings assumption over the trailing five year period.

6. Three year down market capture ratio less than the Index.

No







Report Statistics
Definitions and Descriptions
Active Return
Alpha

- A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's
non-systemic return, or its historical performance not explained by movements of the market.

Beta

- A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk.

Consistency
Distributed to Paid In (DPI)
Down Market Capture

- The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the
product’s performance.
- The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple
shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against.
- The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance

Downside Risk

- A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative
quarterly set of returns. A higher factor is indicative of a riskier product.

Excess Return

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

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

- A measure of the standard deviation of a portfolio's performance relative to the risk free return.
- This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the
Information Ratio, the more the manager has added value to the portfolio.
- Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index.
- The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has
historically moved in the same direction as the appropriate benchmark.
- Compounded rate of return for the period.
- Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A
higher value demonstrates better historical risk-adjusted performance.
- A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period.
- The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund
to date. It is a good measure of performance before the end of a fund’s life

Tracking Error

- This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark.

Treynor Ratio

- Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free
rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance.

Up Market Capture

Page 58

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

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

Disclosures
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment
advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client. Mariner Institutional uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information
that is received from custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner
Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a
practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant or guarantee its accuracy or completeness. Past performance is not an indication of
future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities or any investment advisory services.
Please note that Neuberger Berman (NB) owns a non-controlling minority stake in Mariner. Certain NB strategies may hold an allocation to the investment in Mariner. For specific impacted strategies,
please reach out to your investment consultant or Mariner Institutional at [email protected]
Additional information included in this document may contain data provided by index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P
Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided
within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results.
This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or disseminated
in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it
may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied
warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including,
without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the
foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive,
consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
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thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment
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This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is
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*IMPORTANT DISCLOSURE INFORMATION RE COALITION GREENWICH BEST INVESTMENT CONSULTANT AWARD (formerly known as the Greenwich Quality Leader Award):
The awards are not indicative of any future performance. The awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client
will experience a certain level of results or satisfaction, nor should it be construed as a current or past endorsement by any of our clients. No fee was paid to participate in this award survey.
The 2024-25 award was issued in February 2025, based on data from February to September of 2024. The 2023 award was issued in April 2024, based on data from Feb to November of 2023. The 2022 award was
issued in April 2023, based on data from Feb to November of 2022. The 2021 award was issued in April of 2022, based on data from July to October 2021. Data was collected via interviews conducted by Coalition
Greenwich. The 2024 and 2023 awards were issued to Mariner Institutional (formerly AndCo Consulting). The 2021 and 2022 awards were issued to AndCo, prior to becoming Mariner Institutional. The methodology:
For the 2024-25 Coalition Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and September 2024, Crisil Coalition Greenwich conducted
interviews with 699 individuals from 563 of the largest tax-exempt funds in the United States. For the 2023 Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants
– Between February and November 2023, Coalition Greenwich conducted interviews with 708 individuals from 575 of the largest tax-exempt funds in the United States. For the 2022 Greenwich Best Investment
Consultant Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest taxexempt funds in the United States. For the 2021 Greenwich Best Investment Consultant Award – Overall U.S. Investment Consulting – Midsize Consultants – Between July and October 2021, Coalition Greenwich
conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate, public, union, and endowment and foundation funds
with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers,
including qualitative assessments of those firms soliciting their business and detailed information on important market trends.

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Access is everything.

1

MEMORANDUM
DATE:

JULY 2026

TO:

ALL SALEM TRUST CLIENTS

FROM:

KLAUSNER KAUFMAN JENSEN LEVINSON

RE:

READ ONLY ACCESS TO PORTFOLIO

In connection with our ongoing efforts to monitor the portfolios of our
clients, please provide authorization to Salem Trust for our office to obtain
"read only" access to your account.
Please place this memo on your next available agenda.