On the agenda: Sweetwater meeting — data center (Sep 9)

CITY OF SWEETWATER POLICE OFFICERS’ PENSION PLAN
BOARD OF TRUSTEES QUARTERLY MEETING
COMMISSION CHAMBERS, 500 SW 109TH AVE, SWEETWATER, FL 33172

AGENDA

Wednesday, September 9, 2026, 1:00 PM
Pursuant to 286.0105, 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 305-552-9900.

I.

CALL TO ORDER/ROLLCALL/DETERMINATION OF A QUORUM

II.

PLEDGE OF ALLEGIANCE

III.

INVOCATION

IV.

PUBLIC COMMENTS

V.

APPROVAL OF MINUTES
1. June 10, 2026, regular meeting minutes

VI.

VII.

NEW BUSINESS
1. Disability application
2. Auditor engagement letter – KSDT
3. Proposed 2027 meeting dates
4. Proposed 2026-2027 budget

REPORTS (ATTORNEY/CONSULTANTS)
1. Bowen Hanes, David Kelly, Investment Manager
a. Report as of August 27, 2026
2. Mariner Institutional, Jennifer Gainfort, Investment Consultant
a. Quarterly report as of June 30, 2026
3. Jones Walker, LLP, Pedro Herrera, Board Attorney
a. Legislative update

VIII. OLD BUSINESS
IX.

X.

CONSENT AGENDA
1. Paid invoices for ratification
a. None
2. New invoices for payment approval
a. Warrant #14
3. Fund activity report for the period June 4, 2026, to September 2, 2026

STAFF REPORTS, DISCUSSION, AND ACTION
1. Foster & Foster, Lauri Patterson, Plan Administrator
a. Update on 2025 Annual Report/State Monies
b. Renewal of FPPTA membership
c. Educational opportunity
i. FPPTA Trustee School, Jan 31-Feb 3, 2027, Rosen Centre (Orlando)

XI. TRUSTEE REPORTS, DISCUSSION, AND ACTION

XII. NEXT MEETING: December 9, 2026, 1:00 PM quarterly meeting

XIII. ADJOURNMENT

CITY OF SWEETWATER POLICE RETIREMENT PLAN
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City of Sweetwater Commission Chambers
500 SW 109th Avenue, Sweetwater, FL 33172
Wednesday, June 10, 2026, at 1:00 PM
TRUSTEES PRESENT:

Jose Marti
Marcos Villanueva
Jonathan Arche
Alexander Casanas
Idania Llanio

TRUSTEES ABSENT:

None

OTHERS PRESENT:

Jennifer Gainfort, Mariner Institutional
Eric Leventhal, KSDT
Trisha Amrose, Gabriel, Roeder, Smith & Company
Madison Levine, Jones Walker, LLP
Lauri Patterson, Foster & Foster
David Kelly, Bowen Hanes (via Phone)

1. Call to Order – Jose Marti called the meeting to order at 1:00 PM. Pledge of Allegiance.
2. Invocation – Presented by Marcos Villanueva
a. Jose Marti requested the invocation be added to future agendas.
3. Public Comments – None.
4. Approval of Minutes
The minutes from April 1, 2026, quarterly meeting were approved as presented, upon
motion by Idania Llanio and second by Alexander Casanas; motion carried 5-0.
5. Consent Agenda
a. Invoices for ratification
i. Warrant # 13
b. New invoices for payment for approval
i. None
c. Fund Activity Report for the period March 26, 2026, to June 3, 2026.
The Consent Agenda was approved as presented by Marcos Villanueva and second by
Jose Marti; motion carried 5-0.
6. Reports
a. KSDT, Eric Leventhal, Auditor
i. Audit report as of September 30, 2025

1. Eric Leventhal presented the audited financial statements for the
year ended September 30, 2025. KSDT issued an unmodified
opinion. Eric noted he had full cooperation from all parties involved.
2. Eric Leventhal reviewed the financial highlights noting the net
position restricted for pensions was $33,128,517 vs. $27,962,196 in
2024 which was 18.00% greater than 2024, with the increase due
primarily to favorable market conditions. Total contributions were
$2,976,335 which was 1.70% greater than the 2024 contributions,
with increase primarily due to a greater amount due from the
employer. Effective October 1, 2024, this was reduced to 9.00% of
their compensation.
3. Total interest and dividend income was $738,304, which was 26.00%
greater than 2024 income. Net investment income was $3,339,465,
which was 40.00% lowered with a decrease due primarily to market
conditions which were not as favorable as the prior year.
4. Benefits paid were $1,068,093, which was 18.00% greater than the
2024 benefits paid due to four new retirees.
5. Eric Leventhal reviewed the Statement of Fiduciary Net Position
noting that net position restricted for pensions as of September 30,
2025, was $33,128,517, an 18.00% increase from September 30,
2024. Total investments as of September 30, 2025, were
$32,930,172, an 18.00% increase from September 30, 2024.
Expenses increased from $988,965 during 2024, to $1189,479
during the year ended September 30, 2025.
6. Eric Leventhal commented the administrative expenses were
$104,503 vs. $87,250 and the increase was due to the Independent
Medical Examination (IME).
7. Eric Leventhal reported that there were thirty inactive plan
participants and retirees currently receiving benefits. There were
seventy-two fully vested, partially vested, and non-vested active
participants. Jose Marti asked about the health of the Plan. Eric
stated it was good. Marcos Villanueva asked if they used cash basis
or accrual. Eric replied accrual and they used an 8-year smoothing.
8. Eric Leventhal thanked the Board for their business.
The Board voted to approve the 2025 audit report as presented by KSDT, upon motion
by Marcos Villanueva and second by Alexander Casanas; motion carried 5-0.
The Board voted to execute the Management Representation Letter, upon motion by
Marcos Villanueva and second by Jose Marti; motion carried 5-0.
b. Gabriel, Roeder, Smith & Company, Trisha Amrose, Plan Actuary
i. October 1, 2025, actuarial valuation report
1. Trisha Amrose presented the actuarial valuation report as of October
1, 2025, for the fiscal year ending September 30, 2027. Trisha
reminded the Board that the valuation was based on the market
value.
2. The City contribution rate was 26.33%. The actual contributions were
$2,049,722 from the City and $9,3743 from the State for a total of
$2,142,465, or 26.10% of covered payroll which was $2,143,465.

3. The funded ratio for the year was 89.60% compared to 88.90% last
year.
4. The liability experience loss was partially offset by an asset
experience gain of $691,021.
5. Trisha Amrose reviewed the actuarial experience noting there was a
net actuarial experience loss of $274,848 since the last valuation,
which meant the actuarial experience was less favorable than
expected. On the liability side, there was an experience loss of
$965,965,869, due to greater than expected salary increases
(13.10% as compared to 10.30% assumed) on disability retirement
and lower retiree mortality.
6. Discussion ensued about whether the Board should lower the
assumption rate. Marcus Villanueva and Jose Marti commented they
would like to lower it over a 5-year period. Trisha Amrose
commented it was a Board decision. Jose Marti asked where they
ranked with other plans. Trisha commented the Plan ranked low.
David Kelly agreed 6.75% was reasonable.
The Board voted to approve the actuarial valuation report as of October 1, 2025, for the
fiscal year ending September 30, 2027, upon motion by Alexander Casanas and second
by Marcos Villanueva; motion carried 5-0.
The Board voted the declaration of returns for the plan shall be 6.75% for the next year,
the next several years, and the long-term thereafter net of investment related expenses,
upon motion by Alexander Casanas and second by Marcos Villanueva; motion carried 50.
c. Bowen Hanes, David Kelly, Investment Manager
i. Monthly report as of May 28, 2026
1. David Kelly provided a brief report on the economy noting oil prices
were up and they needed to come down. Dow Jones was 10.40%,
Russell 3000 was 14.50%, S & P was 9.50% and U.S. Gov/credit
Index was 1.00%.
2. David Kelly reminded the Board that stocks always did better. As of
June 4, 2026, the market value was $37,438,670 and as of the day
of the meeting the Portfolio was up 15.00%.
3. David Kelly reviewed the Portfolio noting that Ulta, Netflix, and
Boeing were down and Charles Schwab has not done much. Marcos
Villanueva asked what they were going to do. David stated they were
on the Watch List. Lilly Eli & Company, Texas Instruments, Home
Depot, and JPMorgan Chase continued to do well.
4. David Kelly commented that the market value was $405,607.67 in
Short Term Investments with a current yield of 3.50% and
$22,524,934 in Common Stocks with a current yield of 0.70%. The
market value of assets as of May 18, 2026, was $22,930,542.42.
5. David Kelly commented that the current fiscal year Capital
Appreciation was $ 2,000,000.00, Income received was $80,917.69,
Cash or securities withdrawn was -$909.50, Management fees were
-$42,749.45 and Custodian Fees were -$5,470.74. The total portfolio
for fiscal year to date was 18.40%.

6. David Kelly concluded his report by noting that the beginning market
value on January 19, 2007, was $3,705,930.13, net
additions/withdrawal were $ 727,023,56, and Capital Appreciation
and income were $18,497,588.73. Total portfolio was
$22,930,542.42.
7. Marcos Villanueva asked about Boeing. David Kelly stated they
should see how it progressed.
8. Alexander Casanas asked about Space Exploration Technologies
Corporation. David Kelly said it was expensive, five times more
expensive than Nvidia.
d. Mariner Institutional, Jennifer Gainfort, Investment Consultant
i. Quarterly report as of March 31, 2026
1. Jennifer Gainfort provided a brief report on the economy noting
commented the S & P and Russell 3000 Index both declined, while
growth-oriented segments underperformed. Small-cap stocks
outperformed large-caps. Energy was the strongest performer,
supporting oil prices, information technology, consumer discretionary
and financial lagged. Fixed income markets produced mixed results,
domestic bonds were flat.
2. Jennifer Gainfort reviewed the asset allocations. The portfolio
allocation was 54.10% in Domestic Equity, 12.30% in International
Equity, 33.20% in Domestic Fixed Income, 0.50% in R&D.
3. The market value of assets as of March 31, 2026, was $34,345,232
vs. $33,458,013 as of December 30, 2025.
4. Net earnings for the quarter for the total fund were 1.70%. The
trailing returns for the FYTD, 3, 5, 7 and 10-year periods were
3.73%, 14.13%, 8.13%, 9.84% and 9.60%. Since inception
(10/1/1999) returns were 6.98%, outperforming the policy benchmark
of 6.69%.
5. Jennifer Gainfort said EuroPacific were negative, 2.84%.
6. Jennifer Gainfort mentioned they were doing better than most plans;
and were in decent shape with Bowen Hanes.
b. Jones Walker, LLC, Madison Levine, Board Attorney
i. Legislative updates
1. Madison Levine provided a report on ADA Title II Final Rule Accessibility of Web Content and Mobile Applications and noted that
the Department of Justice (DOJ) published a final rule that
established, for the first time, specific and enforceable technical
standards governing the accessibility of digital services provided by
State and local governments, including websites and mobile
applications. This was effective April 2027 and should involve the IT
Department.
2. Marcos Villanueva recommended that the administrator send the
memo to Council, City Clerk and Mayor.
3. Madison Levine reported that Florida Retirement System (FRS) was
getting a 1.50% Cost-of-Living Adjustment (COLA) in July 2026.

Marcos Villanueva commented he would like the retirees to get a
COLA.
7. New Business
a. Discussion on member benefits
i. Jose Marti provided a handout that outlines multipliers, years of service
longevity multiplier bonus, DROP and PLOP. The handout also includes
possibility of a 2.00% one-time COLA. Trisha would need to do a study then
the Union can negotiate, the city or union would pay for the services.
Marcos said the longevity bonus is an interesting concept. Jose Marti
mentioned this is a good incentive for retirement and the DROP and PLOP
are cost neutral. Jonathan Arche said he was happy with the multiplier.
The Board voted to allow GRS to engage with the Union or city for a study at their
expense, upon motion by Jose Marti and second by Marcos Villanueva; motion carried
5-0.
b. Jonathan Arche – New term effective June 2026
The Board voted to ratify Jonathan Arches’ new term effective June 01, 2026, upon
motion by Jose Marti and second by Alexander Casanas. Motion carried 4-0.
c.

Reelect fifth member – Idania Llanio

The Board voted to re-elect Idania Llanio, upon motion by Jose Marti and second by
Marcos Villanueva; motion carried 4-0.
8. Old Business – None.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Lauri Patterson, Plan Administrator
i. Educational opportunities
1. Lauri Patterson commented the FPPTA 42nd Annual Conference
would be held June 28-July 1, 2026, in Orlando, Florida.
2. Lauri Patterson commented that the FPPTA Fall Trustee School
would be held September 27-30, 2026, in Orlando, Florida.
ii. Lauri Patterson provided an update on the State Annual Report.
iii. Lauri Patterson reviewed September 30, 2025, actual expenses noting they
had not gone over budget.
iv. Lauri Patterson commented that Alexander Casanas ran unopposed and
would serve another term, until March 26, 2028.
10. Trustee Reports, Discussion, and Action
11. Adjournment – The meeting adjourned at: 3:20 PM.
12. Next Meeting – September 9, 2026, quarterly meeting at 1:00 PM.
Respectfully submitted by:

Approved by:

_______________________________
Lauri Patterson, Plan Administrator

_________________________
Jose Marti, Chair

Date Approved by the Pension Board: _____________________________

August 19, 2026
Jose Marti, Chairman
Sweetwater Police Pension
2503 Del Prado Blvd. S., Suite 502
Cape Coral, FL 33904
KSDT CPA LLP (the Auditor, we, our, or our Firm) are pleased to confirm our understanding of the services we are to provide
for the Sweetwater Police Pension (the Plan, the Company, you or your) for the year ended September 30, 2026. The term
“Party” will individually identify either our Firm or the Plan, and the term “Parties” will collectively identify and refer to both our
Firm and the Plan. The term “our personnel” will identify our past, current and future partners, shareholders, members,
officers, directors, employees, agents and representatives.

Audit Scope and Objectives
We will audit the statement of fiduciary net position of the Plan and the related statement of changes in fiduciary net position
and the related notes to the financial statements, as of and for the year ended September 30, 2026. Accounting standards
generally accepted in the United States of America provide for certain required supplementary information (RSI), such as
management’s discussion and analysis (MD&A), to supplement your financial statements. Such information, although not
a part of the financial statements, is required by the Governmental Accounting Standards Board (“GASB”) who considers it to
be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic,
or historical context. As part of our engagement, we will apply certain limited procedures to your RSI in accordance with
auditing standards generally accepted in the United States of America (“GAAS”). These limited procedures will consist of
inquiries of management regarding the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the financial statements, and other knowledge we obtained
during our audit of the financial statements. We will not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance. The following RSI as of and for the year ended September 30, 2026 is required by U.S. generally accepted
accounting principles generally accepted in the United States of America ("GAAP") and will be subjected to certain limited
procedures, but will not be audited:
1.

Management Discussion and Analysis

2.

Schedule of Investment Returns

3.

Schedule of Contributions from Employer and Other Contributors

4.

Schedule of Changes in the Employer's Net Pension Liability and Related Ratios

The following supplemental schedules as of and for the year ended September 30, 2026, will be presented for purposes of
additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of
management and is derived from and relates directly to the underlying accounting and other records used to prepare the
financial statements. Such information will be subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial statements themselves, and other
additional procedures in accordance with GAAS.
1. Schedules of Investments and Administrative Expenses.

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Auditor’s Responsibilities for the Audit of the Financial Statements
The objective of our audit is the expression of an opinion as to whether your financial statements are fairly presented, in all
material respects, in conformity with GAAP and to report on the fairness of the supplementary information referred to above
when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with GAAS and
the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States, and will include tests of your accounting records and other procedures we consider necessary to enable us to express
such opinions. As part of an audit in accordance with GAAS and Government Auditing Standards , we exercise professional
judgment and maintain professional skepticism throughout the audit. We will issue a written report upon completion of our
audit of your financial statements. Our report will be addressed to the Board of Trustees of the Plan. We cannot provide
assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify
our opinion or add an emphasis of-matter or other-matter paragraphs. If our opinion is other than unmodified, we will discuss
the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not
formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and
compliance with the provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a
material effect on the financial statements as required by Government Auditing Standards. The report on internal control and
on compliance and other matters will include a paragraph that states: (1) that the purpose of the report is solely to describe
the scope of testing of internal control and compliance, and the results of that testing, and not to provide an opinion on the
effectiveness of the entity’s internal control on compliance, and (2) that the report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and compliance. The paragraph
will also state that the report is not suitable for any other purpose. If during our audit we become aware that you are subject to
an audit requirement that is not encompassed in the terms of this engagement, we will communicate to your management
and those charged with governance that an audit in accordance with GAAS and the standards for financial audits contained in
Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements;
therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We
will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether from: (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of
laws or governmental regulations that are attributable to the government or to acts by management or employees acting on
behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect
auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will
not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be
detected by us, even though the audit is properly planned and performed in accordance with GAAS and Government Auditing
Standards . In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental
regulations that do not have a direct and material effect on the financial statements. However, we will inform the appropriate
level of management of any material errors, fraudulent financial reporting, or misappropriation of assets that comes to our
attention. We will also inform the appropriate level of management of any violations of laws or governmental regulations that
come to our attention, unless clearly inconsequential, and of any material abuse that comes to our attention. Our
responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are
not engaged as auditors.

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Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may
include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and
liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request
written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At
the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial
statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by GAAS.

We will also conclude, based on the audit evidence obtained, whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Plan’s ability to continue as a going concern for a reasonable period of time.

We have identified the following significant risks of material misstatement based on those noted in the prior year’s audit,
which continue to be considered relevant:
•

Management override of controls.

•

Investment valuation

•

Benefit payment calculations

As of the date of this engagement letter, audit planning is still in progress and the risks outlined above may be subject to
modification. Should any changes occur, we will communicate updates to the individuals addressed in this letter, as well as
any additional parties charged with governance, in a timely manner.

Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient
to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further
audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to
preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting
misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the
financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal
control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing
Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses.
Accordingly, we will express no such opinion. However, during the audit, we will communicate to management and those
charged with governance internal control related matters that are required to be communicated under AICPA professional
standards and Government Auditing Standards.

Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will
perform tests of your compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants.
However, the objective of our audit will not be to provide an opinion on overall compliance, and we will not express such an
opinion in our report on compliance issued pursuant to Government Auditing Standards.

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Other Services
We will also assist in preparing your financial statements and related notes in conformity with GAAP based on information
provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services
will not be conducted in accordance with Government Auditing Standards . We will perform the services in accordance with
applicable professional standards. The other services are limited to the financial statement services previously defined. We, in
our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be
construed as assuming management responsibilities.

Responsibilities of Management for the Financial Statements
Management is responsible for designing, implementing, establishing, and maintaining effective internal controls relevant to
the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or
error, including evaluating and monitoring ongoing activities to help ensure that appropriate goals and objectives are met;
following laws and regulations; and ensuring that management and financial information is reliable and properly reported.
Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations,
contracts, and grant agreements.
You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of
the financial statements and all accompanying information in conformity with GAAP, and for compliance with applicable laws
and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy
and completeness of that information. You are also responsible for providing us with: (1) access to all information of which
you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information
that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom
we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in
the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current
engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the
financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for
informing us about all known or suspected fraud affecting the government involving: (1) management, (2) employees who
have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial
statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud
affecting the government received in communications from employees, former employees, grantors, regulators, or others.
In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations,
contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with
provisions of laws, regulations, contracts or grant agreements, or abuse that we report. Management is responsible for
establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also
responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance
audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility
includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those
audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s
views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report,
and for the timing and format for providing that information.

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You agree to assume all management responsibilities relating to the financial statements and related notes and any other
nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance
with preparation of the financial statements and related notes and that you have reviewed and approved the financial
statements and related notes prior to their issuance and have accepted responsibility for them. Further, you agree to oversee
the nonaudit services by designating an individual, preferably from senior management, with suitable skill, knowledge, or
experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Our audit of financial statements does not relieve you of your responsibilities.

Engagement Administration
We understand that your vendors will prepare all cash, accounts receivable, or other confirmations we request and will locate
any documents selected by us for testing.
We will provide copies of our reports to you; however, management is responsible for distribution of the reports and the
financial statements. Unless restricted by law or regulation, or containing privileged and confidential information, copies of our
reports are to be made available for public inspection.
Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These
parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental
agencies.
This engagement is intended solely for your benefit and your management and the Board of Trustees. This engagement will
not be planned or conducted in contemplation of reliance by any third party or with respect to any specific transaction.
Therefore, items of possible interest to a third party will not be specifically addressed and matters may exist that would be
assessed differently by a third party, possibly in connection with a specific transaction. Furthermore, you agree that the terms
of this engagement do not encompass an undertaking by us (1) to consent, by means of separate letter or otherwise, to the
inclusion of our compilation report on the financial statements referred to above in a filing with a Federal or state regulatory
agency or otherwise reissue our report for purposes of a securities offering or other financing transaction, or (2) to
acknowledge reliance on our report by others.
With regard to the electronic dissemination of the audited financial statements, including financial statements published
electronically on a website, you understand that electronic sites are a means to distribute information and, therefore, we are
not required to read the information contained in these sites or to consider the consistency of other information in the
electronic site with the original document. Further, you hereby authorize us to electronically submit to your employees or to
others as you may request or as may be necessary to perform our engagement, any financial statements, working papers, and
other information related to our services under this engagement letter. In that regard, unless it is determined that we failed to
comply with any professional standards, or that any of the contents of our work product is incorrect, you agree that we shall
have no liability for any loss or damage to any person or entity resulting from any electronic transmission for this engagement,
including any consequential, incidental, direct, indirect, or special damages, such as loss of sales or anticipated profits, or
disclosure or communication of confidential or proprietary information.

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In connection with this engagement, we may communicate with you or others via e-mail transmission. As e-mails can be
intercepted and read, disclosed, or otherwise used or communicated by an unintended third party, or may not be delivered to
each of the parties to whom they are directed and only to such parties, we cannot guarantee or warrant that e-mails from us
will be properly delivered and read only by the addressee. Therefore, we specifically disclaim and waive any liability or
responsibility whatsoever for interception or unintentional disclosure or communication of e-mail transmissions, or for the
unauthorized use or failed delivery of e-mails transmitted by us in connection with the performance of this engagement. In
that regard, unless it is determined that we failed to comply with any professional standards, or that any of the contents of our
work product is incorrect, or that we sent any email transmission to any person not entitled to receive our email transmission,
you agree that we shall have no liability for any loss or damage to any person or entity resulting from the use of e-mail
transmissions for this engagement, including any consequential, incidental, direct, indirect, or special damages, such as loss
of sales or anticipated profits, or disclosure or communication of confidential or proprietary information.
Professional and certain regulatory standards require us to be independent, in both fact and appearance, with respect to your
Plan throughout the performance of our services.
Any discussions that you have with our personnel regarding employment could pose a threat to our independence.
Therefore, we request that you inform our engagement partner prior to any such discussions so that we can implement
appropriate safeguards to maintain our independence. If at any time, we believe that our independence has been or will be
compromised, we may be required to modify, or recall and modify, our compilation report to reflect our lack of independence.
In the event additional work is required to satisfy independence requirements, such work will be billed at our standard hourly
rates.
This engagement letter will remain in full force and effect until terminated. This engagement letter may be terminated at any
time by the Plan and may be terminated by the Auditor, upon thirty (30) days' prior written notice to the Board of Trustees for
the Plan.

Confidentiality, Ownership of and Access to Working Papers
With respect to financial, statistical and personnel data relating to your business which is confidential and which is submitted
to or obtained by us in order to carry out our engagement we will instruct our personnel to keep such information confidential.

We may receive requests for information in our possession arising out of this engagement. The requests may come from
governmental agencies, courts or other tribunals. If permitted, we will notify you of any request for information prior to
responding. In certain proceedings an accountant-client privilege may exist. You may, prior to the response to any request,
initiate legal action to prevent or limit our response. Unless you promptly initiate such action after we notify you at your last
known address as reflected in our files, we will release the information requested.
As a result of the services we provide to you pursuant to this engagement letter, and/or as a result of our prior or future
services to you, you may request or authorize us, or we may be required or requested to provide testimony, information or
documents (pursuant to a government regulation, subpoena, court order, or other legal process) to you or a third-party in
connection with a legal, arbitration or administrative proceeding (including a grand jury investigation) in which we are not a
party. If this occurs, our efforts in complying with such requests or demands will be deemed part of this engagement letter
and we shall be entitled to compensation for our professional time (at our then current hourly rates) and reimbursement for all
of our out-of-pocket expenditures (including legal fees and costs of counsel of our own choosing through all trial and
appellate levels) in complying with such request or demand. This is not intended, however, to relieve us of our duty to observe
the confidentiality requirements of our profession.

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Our records and files, including our engagement documentation whether kept on paper or electronic media, are our property,
constitute our confidential information, and are not a substitute for your own records. Our Firm policy calls for us to destroy
our engagement files and all pertinent engagement documentation after a retention period of five (5) years (or longer, if
required by law or regulation), after which time these items will no longer be available.
We are under no obligation to notify you regarding the destruction of our records. We reserve the right to modify the retention
period without notifying you. Catastrophic events of physical deterioration may result in our Firm's records being unavailable
before the expiration of the above retention period.
If any federal or state awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the
audit finding for guidance prior to destroying the audit documentation.
We do not keep any of your original records, so we will return those to you upon the completion of this engagement. When
records are returned to you, it is your responsibility to retain and protect the records for possible future use, including potential
examination by governmental or regulatory agencies.
Except as set forth above, you agree that we may destroy paper originals and copies of any documents, including without
limitation, correspondence, agreements, and representation letters, and retain only digital images thereof.
We, as well as other accounting firms, participate in a peer review program, covering our attestation engagements and
accounting practices. This program requires that once every three (3) years we subject our system of quality control to an
examination by another accounting firm. During the course of a peer review, selected working papers and financial reports, on
a sample basis, will be inspected by an outside party on a confidential basis. Therefore, the work we performed for you for this
engagement may be selected for their review. If it is, they are bound by professional standards to keep all information
confidential. Your signing this letter represents your acknowledgement and permission to allow such access should this
engagement be selected for review.
We retain ownership of the working papers produced by us in connection with the performance of services under this
engagement letter. Upon your written request, access to these working papers other than described above may, at our sole
discretion, be granted if there is a specific business purpose for such review, and you will be billed for such access at our then
current hourly rates.
The working papers prepared in conjunction with our engagement are our property and constitute confidential information.
The working papers will be retained by us in accordance with applicable laws and our policies and procedures. However, we
may be required, by law or regulation, to make certain working papers available to regulatory authorities for their review, and
upon request, we may be required to provide such authorities with photocopies of selected working papers.

Engagement Fees and Other
Eric Leventhal is the engagement partner and is responsible for supervising the engagement and signing the report or
authorizing another individual to sign it.
Our fee for these services will be $13,450. You will also be billed for travel and other out-of- pocket expenses if applicable (not
to exceed $125). You will also be billed for expenses incurred directly on your behalf, such as costs of confirmations or other
reimbursable costs.

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Our invoices for these fees will be rendered on a monthly basis and are payable within 30 days of presentation. In accordance
with our firm policies, work may be suspended if your account becomes 30 days or more overdue and may not be resumed
until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have
been completed upon written notification of termination, even if we have not completed our report. You will be obligated to
compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The
above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will
not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new
fee estimate before we incur the additional costs.
If significant additional time is necessary, we will keep you informed of any problems we encounter and our fees will be
adjusted accordingly. Our invoices for these fees will be rendered each month as work progresses. In accordance with our
firm policies, work may be suspended if invoices are 60 days or more overdue and will not be resumed until your account is
paid in full. In such instance, we will also have the right to withdraw from this engagement upon notice to you.
We will schedule this engagement based in part on agreed upon deadlines, working conditions, availability of your key
personnel and your preparedness. We plan this engagement based on the assumption that your personnel will cooperate and
provide assistance by performing needed tasks and answering questions that arise in the course of our procedures. The fees
stated above are based upon the complexity of the work to be performed, and our professional time. In addition, each of these
fees depends upon the timely delivery, availability, quality, accuracy, and completeness of the information you provide to us.
You agree that you will deliver all records requested and respond to all inquiries made by our staff to complete this
engagement on a timely basis. If significant additional time is necessary, we will keep you informed of any problems we
encounter and our fees will be adjusted accordingly.
You may request that we perform additional services not addressed in this engagement letter. If this occurs, we will
communicate with you concerning the scope of the additional services and the estimated fees. We also may issue a separate
engagement letter covering the additional services. In the absence of any other written communication from us documenting
such additional services, our services will continue to be governed by the terms of this engagement letter.
We reserve the right to suspend our work due to nonpayment within terms or for other appropriate business reason, such as,
but not limited to, an inordinate delay in providing us required information. In the event that our work is suspended as a result
of nonpayment, or suspended (or terminated) for any other reason, you agree that we will not be responsible for your failure to
meet government and other filing and submission deadlines, or for penalties or interest that may be assessed, or other
damages that may be sustained by you or your owners, resulting from your failure to meet said deadlines.
Subject to and without waiver of the provisions of Section 768.28, Florida Statutes, the Plan hereby indemnifies Auditor and its
partners, principals, and employees, and holds them harmless from all claims, liabilities, losses, and costs arising as a direct
result of a known and intentional misrepresentation of fact that is provided by an employee or officer of the Plan to the Auditor
for a matter applicable to the services which are the subject of and being provided by the Auditor under this engagement
letter, and which would have not been discoverable if the Auditor had used the standard of care prevailing in the industry,
regardless of whether such person was acting in the Plan's interest. This indemnification and hold harmless provision will
survive termination of this letter of engagement.

Public Records Requests/Retention

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IF THE AUDITOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO
THE AUDITOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE
CUSTODIAN OF PUBLIC RECORDS AT LAURI PATTERSON , [email protected] , 2503
DEL PRADO BLVD. S, SUITE 502, CAPE CORAL, FL 33904, 239-333-4872.
Auditor agrees to comply with the Florida public records laws and specifically to:
(a) Keep and maintain public records required by the Plan to perform the service.
(b) Upon request from the Plan’s custodian of public records, provide the Plan with a copy of the requested records or
allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided
in this chapter or as otherwise provided by law.
(c) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are
not disclosed except as authorized by law for the duration of the contract term and following completion of the
contract if the Advisor does not transfer the records to the public agency.
(d) Upon completion of the contract, transfer, at no cost, to the Plan all public records in possession of the Auditor or keep
and maintain public records required by the Auditor to perform the service. If the Auditor transfers all public records to
the Plan upon completion of the contract, the Auditor shall destroy any duplicate public records that are exempt or
confidential and exempt from public records disclosure requirements. If the Auditor keeps and maintains public
records upon completion of the contract, the Auditor shall meet all applicable requirements for retaining public records.
All records stored electronically must be provided to the Plan, upon request from the Plan’s custodian of public records,
in a format that is compatible with the information technology systems of the public agency.

Professional Liability Insurance
During the term of this Agreement, the Auditor shall maintain a professional liability insurance policy minimum of $1,000,000.
The Board of Trustees for the Plan will be notified if this policy is changed, amended or cancelled within fifteen (15) days of
such an occurrence. The Auditor will provide the Declaration Page as proof of maintaining Professional Liability Insurance of
at least $1,000,000, to the Board of Trustees for the Sweetwater Police Pension in the month of October for each year the
Agreement is in effect.

Severability
If any portion of this engagement letter is held to be void, invalid, or otherwise unenforceable, in whole or in part, the remaining
portions of this engagement letter shall each remain in effect.

Signatures
Any electronic signature transmitted through DocuSign or manual signature on this engagement letter transmitted by
facsimile or by electronic mail may be considered an original signature. Counterpart signatures are acceptable.
We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the significant terms of
our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in
this letter, please sign the enclosed copy and return it to us.
We want to express our appreciation for this opportunity to work with you.
Very truly yours,

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KSDT CPA LLP
KSDT CPA LLP

ACCEPTED AND AGREED:
This letter accurately sets forth the nature and scope of the professional services to be provided to the Plan and the
obligations of the Plan hereunder:
Sweetwater Police Pension

Signature

Jose Marti
Name

Chairman
Title

Date

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TERMS AND CONDITIONS FOR ATTEST SERVICES (PENSION CLIENTS ONLY)
1.

Alternative Practice Structure . KSDT CPA LLP and KSDT Advisors LLC practice in an alternative practice structure in
accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards.
KSDT CPA LLP provides attest services to its clients. KSDT Advisors LLC is not a licensed CPA firm and does not
provide audit or attest services. You have engaged KSDT CPA LLP (“Firm”) to provide the services described in the
Agreement.

2.

Use of Leased Employees, Subcontractors and Third-Party Products . In performing our engagement pursuant to this
Agreement, we will lease professional and administrative staff, who are employed by KSDT Advisors LLC or its related
entities. These individuals will be under the direct control and supervision of KSDT CPA LLP, which is solely responsible
for the performance of the engagement. Additionally, the professional staff of KSDT CPA LLP and KSDT Advisors LLC
and their related entities are subject to the standards governing the accounting profession, including the requirement to
maintain the confidentiality of client information.
We may, in our sole discretion, use affiliates of ours (“Affiliated Entities”) or qualified third-party service providers
(together with our Affiliated Entities, “Subcontractors”), located within or outside the United States, to assist us in
providing professional services to you. In such circumstances, it may be necessary for us to disclose Confidential
Information and Personal Information (as such terms are defined below) to them. Such recipients are bound by
confidentiality obligations. You acknowledge and agree that our use of Subcontractors may involve the processing,
input, disclosure, movement, transfer, and storage of your information and data, including Confidential Information and
Personal Information, outside of the United States and outside of our technology infrastructure. We will be responsible
to you for the performance of our Subcontractors, solely as related to the services performed under this Agreement,
subject to all limitations and disclaimers herein.
We also may provide services to you using third-party software, or products (collectively, “Third-Party Product(s)”). You
acknowledge that the use of a Third-Party Product may involve the processing, input, transfer, or storage of information
provided to us, which may result in the access, transfer, storage or processing of such information and data outside of
the United States. You hereby consent to the disclosure of your information, including your Confidential Information
and Personal Information as described herein for purposes related to providing services to you.
You acknowledge that the use of Third-Party Products may be subject to limitations, delays, interruptions, errors, and
other problems which are beyond our control. We will not be liable for any damage relating to such limitations, delays,
delivery failures, interruptions, errors, or other problems. Nor will we be held responsible or liable for any loss, or
unauthorized use or disclosure, of any information or data resulting from the use of a Third-Party Product.

3.

Ownership of Workpapers . The workpapers for the engagement performed pursuant to this Agreement are the
property of the Firm. For the purposes of this Agreement, the term “workpaper” shall mean the confidential and
proprietary records of the Firm’s procedures performed, relevant evidence obtained, other service-related workpapers,
and conclusions reached.

4.

Third Party Discovery . In the event we are required by government regulation, subpoena or other legal process or
formal inquiry, to produce our documents, communications, or our personnel as witnesses with respect to our
engagement with you, you will, so long as we are not a party to the proceeding in which the information is sought,
reimburse us for our reasonable professional time and expenses, as well as the fees and expenses of our counsel,
incurred in responding to and cooperating with such requests.

5.

Expenses and Timely Payment . In addition to our professional fees, you will reimburse us for all out-of-pocket
expenses reasonably and necessarily incurred in performing the services pursuant to the Agreement.

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6.

If Client fails to pay any undisputed invoice within 30 days of the invoice date, Client shall pay interest on the overdue
amount at a rate of 1.5% per month (or the maximum rate permitted by applicable law, whichever is higher) from the
original due date until payment is received in full. Client will reimburse Company for all reasonable costs of collection.
Company reserves the right to suspend the performance of services if payment is more than 60 days overdue, without
waiving any other rights or remedies available at law or equity.

7.

Indemnification and Limitation of Liability . You will indemnify, defend and hold harmless the Firm, its affiliates, officers,
directors, employees, subcontractors and other representatives (the “Firm Indemnitees”), on demand, from and against
any and all losses, incurred by any of the Firm Indemnitees, arising from or in connection with, any Claims based on,
attributable to or caused by: (a) the reliance on any representations (including financial statements, tax advice, or other
advice by the Firm Indemnitees) by anyone not specifically identified in a writing signed or issued by such Firm
Indemnitee as someone permitted to rely upon such representations; (b) any inaccurate or false information or other
misrepresentation provided by your management to any Firm Indemnitee relating to the Services; (c) any
misappropriation, fraudulent acts, illegal acts, or any breach of this Agreement, by you, your officers, directors,
employees, contractors, agents, or anyone acting on your behalf; or (d) any unauthorized use of deliverables or other
output of the Services.
THE CLIENT AND THE FIRM AGREE THAT NO CLAIM ARISING OUT OF OR RELATING TO THE SERVICES RENDERED
PURSUANT TO THIS AGREEMENT SHALL BE COMMENCED MORE THAN TWO YEARS AFTER THE DATE OF THE WORK
PRODUCT IS ISSUED BY THE FIRM OR THE DATE OF THE TERMINATION OF THIS AGREEMENT IF NO WORK PRODUCT
HAS BEEN ISSUED.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, REGULATIONS, AND PROFESSIONAL STANDARDS, IN
NO EVENT WILL WE, OUR AFFILIATED ENTITIES, OR ANY OF OUR OR THEIR PARTNERS, EMPLOYEES,
SUBCONTRACTORS, AGENTS OR OTHER REPRESENTATIVES BE LIABLE FOR ANY OF THE FOLLOWING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE SERVICES, REGARDLESS OF THE FORM OF ACTION, WHETHER
BASED IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STATUTE, STRICT LIABILITY, OR OTHERWISE:
(A) SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY NATURE,
INCLUDING, BUT NOT LIMITED TO, BUSINESS INTERRUPTION OR LOSS OF PROFITS, REVENUE, CONTRACTS,
OPPORTUNITIES, GOODWILL, REPUTATION, PRODUCTIVITY, FACILITIES, DATA OR EQUIPMENT, EVEN IF SUCH
DAMAGES WERE FORESEEABLE.
(B) OR DIRECT DAMAGES IN AN AGGREGATE AMOUNT GREATER THAN THE AMOUNT BILLED BY US PURSUANT
TO THE AGREEMENT IN THE TWELVE MONTHS PRIOR TO THE DATE THE CLAIM AROSE FOR THE INDIVIDUAL
SERVICES THAT GAVE RISE TO THE CLAIM.
Notwithstanding this paragraph 6, the indemnification obligations as provided for in this paragraph shall be qualified to
reference to Section 768.28, Florida Statutes, and the limitations and exclusions contained in such section shall apply
to any such Client indemnification obligations as set forth in this paragraph. Additionally, nothing in the Agreement
shall be deemed or treated as a waiver by the Client of any immunity to which it is entitled by law, included but not
limited to the Subscriber’s sovereign immunity as set forth in Section 768.28, Florida Statutes.

8.

Dispute Resolution - Mediation & Arbitration.

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(a) Any dispute arising out of or relating to the Agreement, or breach thereof, may first be submitted for good faith
mediation administered by the American Arbitration Association (“AAA”) and its Accounting and Related
Services Arbitration Rules and Mediation Procedures (the “Rules”). The Parties agree to discuss their
differences in good faith and to attempt, with facilitation by the mediator, to reach a consensual resolution of
the dispute. The mediation will be treated as a settlement discussion and shall be confidential. The mediator
may not testify for any Party in any later proceeding related to the dispute. Each Party shall bear its own costs in
the mediation. Absent an agreement to the contrary, the fees and expenses of the mediator shall be shared
equally by the Parties. Mediation shall occur at a location designated by the Parties within Florida.
(b) If the matter is not resolved by mediation within sixty (60) days following the Parties’ first appearance before the
mediator, then the Parties shall have an additional sixty (60) days to file a written demand for arbitration
administered by the AAA under its Rules or initiate litigation. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE SERVICES PROVIDED HEREUNDER.
(c) Notice is hereby given to the Firm of applicable Public Records law. Notwithstanding anything herein, the Client
represents to the Firm that is an “agency” for purposes of the Florida Public Records Law, Chapter 119, Florida
Statutes and that it is subject to the Florida Government in the Sunshine Law, Chapter 286, Florida Statutes and
that information related to the Client, including aspects of the arbitration will constitute “public records” for
purposes of the two aforementioned statutes, unless an exemption from the public access and disclosure laws
is available.
Initiation of the dispute resolution process, as provided for in this paragraph, shall act as a tolling agreement between
the parties concerning any applicable statute of limitations. In the event that litigation arises from this Agreement, the
prevailing party may be awarded reasonable attorney fees and costs to be paid by the non-prevailing party.
9.

Governing Law . The Agreement, and all claims or causes of action (whether in contract, tort, statute or otherwise) that
may be based upon, arise out of, or relate to this Agreement, or the facts and circumstances relating to its negotiation,
execution or performance, shall be governed by the laws of the State of Florida, without giving effect to any provisions
relating to conflict of laws that would require the laws of another jurisdiction to apply. Any dispute involving the
enforcement or interpretation of this Agreement shall have venue in Florida.

10. No third-party reliance . Any deliverable issued as part of this Agreement is intended only for the Client. Unless
otherwise specifically agreed to by Firm, no third party is entitled to rely in any manner or for any purpose on any report,
opinion, work product, deliverable, or other services of Firm in connection with this agreement. You will obtain our
written consent, and provide us a copy for review, prior to providing any Firm deliverable to a third party.
11. Confidentiality and Data Privacy . We will treat your Confidential Information with the same degree of care as we treat
our own confidential and proprietary information of a similar nature, but in no event will such standard of care be less
than a commercially reasonable standard of care. Except as authorized by this Agreement or as required by law or
regulation, we will not disclose your confidential information to any third party without your consent.
The term “Confidential Information” means any non-public information that a reasonable person would understand
should be kept confidential based on its nature, the circumstances of its disclosure, or any designation as confidential
by the disclosing party. Confidential information does not include information that (1) is or becomes publicly available
other than as the result of a disclosure in breach hereof, (2) becomes available to us on a nonconfidential basis from a
source that we believe is not prohibited from disclosing such information to us, (3) is already known by us without any
obligation of confidentiality with respect thereto, or (4) is developed by us independently of any disclosures made to us
hereunder;
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The term “Personal Information” means any personal information or data, as may be defined by applicable privacy, data
protection, or cybersecurity laws, that directly or indirectly identifies a natural person. Each party agrees to transmit
Personal Information consistent with applicable laws and any other obligations the respective party may have.

The Client consents to the Firm and its Affiliated Entities using Confidential Information and Personal Information
provided by or on behalf of the Client to: (i) improve the quality and scope of our services; and/or (ii) develop or
perform internal data analysis and business analytics. The Firm and its Affiliated Entities will not use or disclose such
Confidential Information or Personal Information in a way that would permit the Client or an individual to be identified
by third parties.
You represent and warrant that you have provided all notices and obtained all consents required under applicable data
protection laws prior to your collection, use and disclosure to the Firm of such Personal Information and shall take
reasonable steps to ensure that such Personal Information does not include irrelevant or unnecessary information
about individuals.
Our Privacy Policy is available on our website (the “Privacy Policy”), and the Privacy Policy is hereby incorporated by
reference into the Agreement. The Privacy Policy may be amended from time to time in our sole discretion and without
prior notice to you. You acknowledge that you have read and understand the Privacy Policy and agree to the practices
described therein.
12. Retention of Records . You have the sole responsibility for retaining and maintaining in your possession or custody all
of your financial and non-financial records related to this Agreement. We will not host, and will not accept responsibility
to host, any of your records. We, however, may maintain a copy of any records necessary for us to comply with
applicable law and/or professional standards or to exercise our rights under this Agreement. Any such records retained
by us will be subject to the confidentiality obligations set forth herein and destroyed in accordance with our record
retention policies. Upon request, we will return all your original records to you. This paragraph shall be qualified by the
Public Records paragraph in the addendum to the Agreement below.
13. Disclaimer of Warranties . YOU AGREE THAT WE ARE NOT RESPONSIBLE FOR DETERMINING THE APPROPRIATENESS
OR SUITABILITY OF THE TYPE OF SERVICES PROVIDED PURSUANT TO THIS AGREEMENT FOR YOUR PURPOSES. YOU
ACKNOWLEDGE THAT THE SERVICES DO NOT INCLUDE, AND WE SHALL NOT BE RESPONSIBLE FOR PROVIDING, ANY
PROCEDURES DESIGNED TO DISCOVER SIGNIFICANT ERRORS, FRAUD, DEFALCATIONS OR OTHER IRREGULARITIES,
SHOULD ANY EXIST.
14. Termination . Unless otherwise terminated consistent with these terms, our Agreement ends upon the completion of
the Services for which we have been engaged. We may immediately terminate the Agreement and withdraw from
providing any further Services if: (a) we become aware of any information, including, but not limited to, actual, alleged,
or suspected fraud, misconduct, or other noncompliance with laws and regulations, which causes us, in our sole
judgment, to have reasonable doubt as to the integrity of you, your management, owners, or those charged with
governance; (b) you fail to timely provide us with information we request; (c) we are unable to complete the services
pursuant to the Agreement or are unable to form an opinion for reasons beyond our control; or (d) we are unable to
complete our services in accordance with professional standards and ethical obligations.
Upon the conclusion of the Agreement or if we withdraw or it is terminated for any reason, you will pay our fees for
work performed and expenses incurred through the effective date of such withdrawal or termination. We may withhold
any work product until all invoices have been paid. The Client may terminate the services upon thirty (30) days’ notice
to the Firm.

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15. Force Majeure . Neither the Firm nor the Client shall be responsible for any delay or failure in its performance resulting
from acts beyond its reasonable control (each, a “Force Majeure Event”). Force Majeure Events include, but are not
limited to, acts of God, government or war, riots or strikes, disasters, fires, floods, epidemics, pandemics or outbreaks
of communicable disease, cyberattacks, and internet or other system or network outages.
16. Survival . The parties agree that those provisions of this Agreement which, by their context, are intended to survive,
including, but not limited to, payment, limitations on liability, dispute resolution, use and ownership, and confidentiality
obligations, shall survive the termination of this Agreement.
17. Non-solicitation . During the term of this Agreement and for a period of 24 months following its termination for any
reason, Client agrees not to directly or indirectly solicit, hire, retain, or encourage to leave, any person who is, or was
during the term of the Agreement, an employee, contractor, or consultant of the Firm or one of its Affiliated Entities. You
agree to compensate us for any damage we may incur, including replacing our personnel, lost revenue and/or impairing
our independence. This provision shall not apply to general solicitations of employment not specifically directed toward
employees of the Firm, or to former employees of the Firm whose employment has been terminated for a period of six
(6) months or longer.
18. Assignment . You may not assign the Agreement, or your rights or obligations under the Agreement, without our
consent.
19. Marketing . We may mention your name and provide a general description of the Agreement in our client lists and
marketing materials.
20. Notices . All notices sent to the other party must be in writing.
21. Additional Services . If you request that we perform any services outside the scope of this Agreement, they will be the
subject of a separate engagement document. In the event a separate engagement document is not issued, these terms
and conditions will apply to those services.
22. Entire Agreement . The Agreement, which includes these Terms and Conditions, constitutes the entire agreement
between the Firm and the Client and supersedes all prior agreements, understandings, and proposals, whether oral or
written, relating to the subject matter of this Agreement, including any separate nondisclosure agreement executed
between the parties.
Any term of this Agreement that would be prohibited by or impair our independence under applicable law or regulation
shall not apply, to the extent necessary only to avoid such prohibition or impairment. If any term or provision of this
Agreement is determined to be invalid or unenforceable, such term or provision will be deemed stricken, and all other
terms and provisions will remain in full force and effect.
This Agreement may be amended or modified only in writing signed by both parties.

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RESPONSE:
This letter correctly sets forth the understanding of Sweetwater Police Pension.

Signature

Jose Marti
Name

Chairman
Title

Date
KSDT Advisors LLC

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City of Sweetwater Police Officers’ Pension Plan

2027 PROPOSED MEETING DATES
March 10, 2027 – 1:00 PM
June 9, 2027 1:00 PM
September 8, 2027 – 1:00 PM
December 8, 2027 - 1:00 PM

CITY OF SWEETWATER POLICE OFFICERS' PENSION PLAN
Expenditure Type

2025-2026 Approved Budget Amount 2026-2027 Proposed Budget Amount

Actuary

$35,000.00

$45,000.00

Administrator

$40,000.00

$50,000.00

Attorney

$24,000.00

$24,000.00

IME Physician Fees

$10,000.00

$20,000.00

Auditor

$18,000.00

$18,000.00

Custodian of Funds

$13,500.00

$14,000.00

School, Travel and Dues

$1,500.00

$1,500.00

Investment Consultant

$21,500.00

$22,500.00

Miscellaneous

$10,000.00

$10,000.00

Totals

$173,500.00

$205,000.00

PORTFOLIO SUMMARY
CITY OF SWEETWATER POLICE OFFICERS' PENSION PLAN
August 27, 2026
Security Type
Short Term Investments:
Cash/Money Market

Common Stocks
Common Stocks

TOTAL PORTFOLIO

Total Cost

Market Value

Pct.
Assets

Cur.
Yield

Est.Annual
Income

328,217.45
328,217.45

328,217.45
328,217.45

1.4
1.4

3.5
3.5

11,623.82
11,623.82

12,365,194.72
12,365,194.72

23,205,540.20
23,205,540.20

98.6
98.6

0.8
0.8

178,054.53
178,054.53

12,693,412.17

23,533,757.65

100.0

0.8

189,678.36

Clients will receive a statement, usually monthly but no less than quarterly, directly from your account
custodian. Bowen, Hanes & Co. urges clients to review the information on the statement for accuracy

1



    
    
 


PORTFOLIO APPRAISAL
CITY OF SWEETWATER POLICE OFFICERS' PENSION PLAN
August 27, 2026
Par Value
or Shares

Security

Unit
Cost

Cash/Money Market
MONEY MARKET

Total
Cost

Market
Price

328,217.45

Market
Value

% Gain
(Loss)

328,217.45

Ind
Div/Int
Rate

Estimated
Annual
Income

Yield

3.54

11,624

3.5

Common Stocks
PHARMACEUTICALS
31,260 ELANCO ANIMAL HEALTH
3,055 JOHNSON & JOHNSON
655 LILLY ELI & COMPANY

23.14
256.46
263.32

723,412.17
783,476.59
172,477.81
1,679,366.57

24.49
265.77
1,176.10

765,557.40
811,927.35
770,345.50
2,347,830.25

5.8
3.6
346.6
39.8

0.00
5.36
6.92

0
16,375
4,533
20,907

0.0
2.0
0.6
0.9

BUSINESS / INFORMATION SERVICES
1,415 MASTERCARD INC CL A

356.47

504,403.28

591.73

837,297.95

66.0

3.48

4,924

0.6

TELECOMMUNICATION SERVICES
9,350 NETFLIX INC

49.27

460,675.07

79.84

746,504.00

62.0

0.00

0

0.0

COMMUNICATIONS EQUIPMENT
1,600 MOTOROLA SOLUTIONS

289.86

463,783.81

486.54

778,464.00

67.9

4.84

7,744

1.0

COMPUTER HARDWARE / PERIPHERALS
2,340 APPLE INC

58.55

136,996.11

314.58

736,117.20

437.3

1.08

2,527

0.3

COMPUTER SOFTWARE / SERVICES / SOLUTIONS
1,525 ALPHABET INC CLASS C
1,865 MICROSOFT
3,410 PALO ALTO NETWORKS

323.10
234.23
80.71

492,723.38
436,835.24
275,214.72
1,204,773.34

337.71
505.06
382.85

515,007.75
941,936.90
1,305,518.50
2,762,463.15

4.5
115.6
374.4
129.3

0.88
3.64
0.00

1,342
6,789
0
8,131

0.3
0.7
0.0
0.3

SEMICONDUCTOR / INTEGRATED CIRCUITS
3,670 NVIDIA CORP COM
3,350 TEXAS INSTRUMENTS

47.24
191.37

173,365.85
641,084.14
814,449.99

227.98
266.54

836,686.60
892,909.00
1,729,595.60

382.6
39.3
112.4

1.00
5.68

3,670
19,028
22,698

0.4
2.1
1.3

ELECTRONICS / ELECTRICAL EQUIPMENT
1,095 GE VERNOVA INC
1,250 TELEDYNE TECHNOLOGIES

330.73
196.17

362,145.19
245,213.36
607,358.55

953.83
626.50

1,044,443.85
783,125.00
1,827,568.85

188.4
219.4
200.9

2.00
0.00

2,190
0
2,190

0.2
0.0
0.1

MERCHANDISING / DISTRIBUTION
815 COSTCO WHOLESALE
2,170 HOME DEPOT

421.07
230.29

343,170.26
499,736.62
842,906.88

934.66
328.61

761,747.90
713,083.70
1,474,831.60

122.0
42.7
75.0

5.88
9.32

4,792
20,224
25,017

0.6
2.8
1.7

AEROSPACE / DEFENSE EQUIPMENT
3,315 BOEING
43,195 ROLLS ROYCE HOLDINGS ADR (GB)

216.35
8.75

717,198.77
378,137.67
1,095,336.44

209.89
20.77

695,785.35
897,160.15
1,592,945.50

-3.0
137.3
45.4

0.00
0.15

0
6,360
6,360

0.0
0.7
0.4

SPECIALTY CHEMICALS / MATERIALS
8,185 CORNING
11,790 SOLSTICE ADVANCED MATL

44.78
51.17

366,523.47
603,279.66
969,803.13

152.80
56.34

1,250,668.00
664,248.60
1,914,916.60

241.2
10.1
97.5

1.12
0.30

9,167
3,537
12,704

0.7
0.5
0.7

MACHINERY / EQUIPMENT
1,700 EATON CORP (IL)
775 PARKER-HANNIFIN

218.97
657.67

372,251.89
509,691.31
881,943.20

416.04
1,011.20

707,268.00
783,680.00
1,490,948.00

90.0
53.8
69.1

4.40
8.00

7,480
6,200
13,680

1.1
0.8
0.9

2



    
    
 


PORTFOLIO APPRAISAL
CITY OF SWEETWATER POLICE OFFICERS' PENSION PLAN
August 27, 2026
Par Value
or Shares

% Gain
(Loss)

Ind
Div/Int
Rate

Estimated
Annual
Income

Yield

591,411.15

12.8

0.00

0

0.0

214.52

1,328,951.40

839.2

0.00

0

0.0

556,130.10

307.67

833,785.70

49.9

5.68

15,393

1.8

282,654.64
420,733.60
778,257.60
1,481,645.84
12,365,194.72

334.16
354.22
193.37

634,904.00
694,271.20
882,734.05
2,211,909.25
23,205,540.20

124.6
65.0
13.4
49.3
87.7

3.80
6.00
3.68

7,220
11,760
16,799
35,779
178,055

1.1
1.7
1.9
1.6
0.8

12,693,412.17

23,533,757.65

85.4

189,678

0.8

3



Unit
Cost

Total
Cost

CONSTRUCTION / ENGINEERING
2,355 MASTEC INC COM

222.56

524,130.48

251.13

METALS / MINING
6,195 ATI INC

22.84

141,491.94

TRANSPORTATION
2,710 UNION PACIFIC

205.21

FINANCIAL SERVICES
1,900 AMERICAN EXPRESS
1,960 JPMORGAN CHASE
4,565 STATE STREET

148.77
214.66
170.48

Total Common Stocks
TOTAL PORTFOLIO

Security

Market
Price

Market
Value

    
    
 


PERFORMANCE SUMMARY AND INVESTMENT HISTORY
CITY OF SWEETWATER POLICE OFFICERS' PENSION PLAN
August 27, 2026

PERFORMANCE SUMMARY
Time-Weighted Return

Fiscal
Year
To Date
09/30/25-08/27/26
Total Portfolio

21.6

75% Russel 3000, 25% MSCI
ACWI Ex USA Price USD

17.8

Russell 3000 (TR)

16.9

Dow Jones Industrial Avg (TR)

17.1

MSCI ACWI EX USA PRICE USD

20.2

S&P 500 Equal Weight Index (PR)

16.5

U.S. Gov/Credit Index

0.8

INVESTMENT HISTORY
CURRENT FISCAL YEAR

Beginning Market Value on 09/30/25
Capital Appreciation
Income Received
Cash or Securities Added
Cash or Securities Withdrawn
Management Fees
Custodian Fees
Ending Market Value on 08/27/26

17,656,015.31
3,826,659.92
124,290.32
2,000,000.00
-1,377.00
-64,096.47
-7,734.43
23,533,757.65

FROM INCEPTION

Beginning Market Value on 01/19/07
Net Additions/Withdrawals
Capital Appreciation and Income
Ending Market Value on 08/27/26

4

3,705,930.13
702,945.35
19,124,882.17
23,533,757.65



    
    
 


<CBDoc

TenantId="2" EntityTypeId="3100" EntityId=”102" DocumentTypeId="1" EffectiveDate="06/30/2026" Interval="3" Description="Quarterly Report" />

City of Sweetwater
Police Officers' Retirement System
Investment Performance Review
Period Ending June 30, 2026

2nd Quarter 2026 Market Environment

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

Page Intentionally Left Blank

Page 12

Sweetwater Police Officers' Pension Plan
Schedule of Investable Assets
September 1, 2007 To June 30, 2026
Schedule of Investable Assets
$44,400,000

$40,700,000
$39,035,155

$37,000,000

$33,300,000

$29,600,000

Market Value

$25,900,000

$22,200,000

$18,500,000

$14,800,000

$11,060,342

$11,100,000

$7,400,000

$3,700,000

$0
8/07

5/08

2/09

Total Fund

11/09

8/10

5/11

2/12

11/12

8/13

5/14

2/15

11/15

8/16

5/17

2/18

11/18

8/19

5/20

2/21

11/21

8/22

5/23

2/24

11/24

8/25

Net Cash Flow

Schedule of Investable Assets
Periods Ending
Sep-2007 To Jun-2026

Page 13

Beginning
Market Value
$
4,093,592

Net
Cash Flow
$
11,060,342

Gain/Loss
$
23,881,221

Ending
Market Value
$
39,035,155

%Return
8.04

6/26

Sweetwater Police Officers' Pension Plan
Asset Allocation By Asset Class
As of June 30, 2026
Mar-2026 : $34,345,232

Jun-2026 : $39,035,155

R&D

R&D

Domestic
Fixed Income

Domestic
Fixed Income

Domestic Equity
Domestic Equity
International Equity

International Equity

Allocation
¢ Domestic Equity
£
£ International Equity
¢
£ Domestic Fixed Income
¢
£ R&D
¢

Page 14

Allocation
Market Value
18,565,391
4,213,506
11,385,563
180,772

Allocation
54.1
12.3
33.2
0.5

¢ Domestic Equity
£
£ International Equity
¢
£ Domestic Fixed Income
¢
£ R&D
¢

Market Value
24,245,438
3,730,199
10,871,196
188,323

Allocation
62.1
9.6
27.8
0.5

Sweetwater Police Officers' Pension Plan
Asset Allocation By Manager
As of June 30, 2026
Mar-2026 : $34,345,232

Jun-2026 : $39,035,155

R&D

R&D

Dodge & Cox Income (DODIX)

Dodge & Cox Income (DODIX)

Bowen Hanes Equity
Bowen Hanes Equity

Dodge & Cox Int Stock Fund (DODFX)

American EuroPacific (RERGX)
Dodge & Cox Int Stock Fund (DODFX)

American EuroPacific (RERGX)

Allocation
¢ Bowen Hanes Equity
£
£ American EuroPacific (RERGX)
¢
£ Dodge & Cox Int Stock Fund (DODFX)
¢
£ Dodge & Cox Income (DODIX)
¢
£ R&D
¢

Page 15

Allocation
Market Value
18,565,391
1,988,128
2,225,378
11,385,563
180,772

Allocation
54.1
5.8
6.5
33.2
0.5

¢ Bowen Hanes Equity
£
£ American EuroPacific (RERGX)
¢
£ Dodge & Cox Int Stock Fund (DODFX)
¢
£ Dodge & Cox Income (DODIX)
¢
£ R&D
¢

Market Value
24,245,438
1,855,693
1,874,506
10,871,196
188,323

Allocation
62.1
4.8
4.8
27.8
0.5

Sweetwater Police Officers' Pension Plan
Asset Allocation Compliance
As of June 30, 2026
Executive Summary

Total Domestic Equity (62.1%)

Total International Equity (9.6%)

Total Fixed Income (27.8%)

R&D (0.5%)

0.0%

10.0%

20.0%

30.0%
Policy

40.0%
Target

50.0%

60.0%

In Policy

70.0%

80.0%

Outside Policy

Asset Allocation Compliance

R&D
Total International Equity
Total Fixed Income
Total Domestic Equity
Total Fund

Page 16

Minimum
Allocation (%)
0.0
5.0
15.0
40.0
N/A

Target
Allocation (%)
0.0
15.0
35.0
50.0
100.0

Maximum
Allocation (%)
5.0
20.0
50.0
65.0
N/A

Current
Allocation (%)
0.5
9.6
27.8
62.1
100.0

90.0%

Sweetwater Police Officers' Pension Plan
Financial Reconciliation
As of June 30, 2026
Financial Reconciliation Quarter to Date

Total Equity Composite
Bowen Hanes Equity
American Funds EuroPacific Gr R6 (RERGX)
Dodge & Cox Int Stock Fund (DODFX)

Market Value
04/01/2026
22,778,897
18,565,391
1,988,128
2,225,378

Net
Transfers
1,000,000
2,000,000
-400,000
-600,000

Total Fixed Income
Dodge & Cox Income Fund (DODIX)

11,385,563
11,385,563

Contributions

Distributions

Management
Fees
-21,347
-21,347
-

Other
Expenses
-1,777
-1,777
-

Return On
Investment
4,219,864
3,703,171
267,565
249,128

Market Value
06/30/2026
27,975,636
24,245,438
1,855,693
1,874,506

-

-

-600,000
-600,000

-

-

-

-

85,633
85,633

10,871,196
10,871,196

180,772

-400,000

772,813

-346,452

-

-21,340

2,529

188,323

34,345,232

-

772,813

-346,452

-21,347

-23,117

4,308,026

39,035,155

Net
Transfers
1,200,000
2,000,000
-300,000
-500,000

Contributions

Distributions

Total Equity Composite
Bowen Hanes Equity
American Funds EuroPacific Gr R6 (RERGX)
Dodge & Cox Int Stock Fund (DODFX)

Market Value
10/01/2025
21,518,560
17,658,032
1,858,128
2,002,400

Management
Fees
-64,096
-64,096
-

Other
Expenses
-5,471
-5,471
-

Return On
Investment
5,326,644
4,656,973
297,565
372,106

Market Value
06/30/2026
27,975,636
24,245,438
1,855,693
1,874,506

Total Fixed Income
Dodge & Cox Income Fund (DODIX)

10,506,223
10,506,223

R&D
Total Fund

Financial Reconciliation Fiscal Year to Date

R&D
Total Fund

Page 17

-

-

140,000
140,000

-

-

-

-

224,973
224,973

10,871,196
10,871,196

261,843

-1,340,000

2,297,622

-964,332

-

-74,968

8,157

188,323

32,286,626

-

2,297,622

-964,332

-64,096

-80,439

5,559,774

39,035,155

Page Intentionally Left Blank

Page 18

Compliance Checklist
Total Fund
As of June 30, 2026

Sweetwater Police Officers' Pension Plan
Total Fund Compliance:

Yes

1. The Total Plan (Net) return equaled or exceeded the 6.65% actuarial earnings assumption over the trailing three year period.



2. The Total Plan (Net) return equaled or exceeded the 6.65% actuarial earnings assumption over the trailing five year period.



3. The Total Plan (Gross) return equaled or exceeded the total plan benchmark over the trailing three year period.



4. The Total Plan (Gross) 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.



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



Equity Compliance:

Yes

1. Total equity returns meet or exceed the benchmark over the trailing three year period.



2. Total equity returns meet or exceed the benchmark over the trailing five year period.



3. Total domestic equity returns meet or exceed the benchmark over the trailing three year period.



4. Total domestic equity returns meet or exceed the benchmark over the trailing five year period.



No

N/A



6. Total international equity returns meet or exceed the benchmark over the trailing five year period.
7. The total equity allocation was less than 75% of the total plan assets at market.



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



Fixed Income Compliance:

Yes

1. Total fixed income returns meet or exceed the benchmark over the trailing three year period.



2. Total fixed income returns meet or exceed the benchmark over the trailing five year period.



3. No more than 25% of the fixed income portfolio was rated below BBB/Baa


Bowen Equity
Yes

No

N/A

RERGX
Yes

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



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



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





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





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





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





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





8. Manager reports compliance with PFIA.



Page 19

N/A



5. Total international equity returns meet or exceed the benchmark over the trailing three year period.

Manager Compliance:

No

No

DODFX
N/A

Yes



No

Yes

No

N/A






















N/A

DODIX
N/A




No






Sweetwater Police Officers' Pension Plan
Comparative Performance
As of June 30, 2026
Comparative Performance Trailing Returns
QTR

9.48
7.68
1.80

11.40
9.91
1.49

10.98
9.76
1.22

7.93
7.01
0.92

10/01/1999

Total Equity Composite
Total Equity Policy
Difference

18.00
15.26
2.74

24.02
15.05
8.98

29.99
24.16
5.83

22.89
20.24
2.64

13.40
11.71
1.68

15.69
14.47
1.22

14.96
14.06
0.89

9.48
7.74
1.74

10/01/1999

Total Domestic Equity Composite
Russell 3000 Index
Difference

18.82
15.43
3.39

25.25
13.53
11.72

30.67
22.81
7.86

23.91
20.35
3.56

15.08
12.30
2.78

17.02
15.51
1.51

16.09
15.06
1.03

11.31
10.75
0.56

02/01/2007

Bowen Hanes Equity
Total Bowen Equity Policy
Difference
IM U.S. All Cap Core Equity (SA+CF) Median

18.82
15.25
3.58
15.17

Total International Equity Composite
MSCI AC World ex USA
Difference

13.50
14.69
-1.19

American Funds EuroPacific Gr R6 (RERGX)
MSCI AC World ex USA Growth
Difference
Foreign Large Growth Median

14.53
17.15
-2.62
14.40

(45)
(23)

16.42
15.93
0.48
10.39

(20)
(25)

23.72
22.62
1.10
12.63

(11)
(19)

16.01
15.67
0.34
12.45

(21)
(25)

5.51
5.53
-0.02
4.64

Dodge & Cox Int Stock Fund (DODFX)
MSCI AC World ex USA Value
Difference
Foreign Large Blend Median

12.55
12.44
0.11
10.46

(24)
(26)

19.25
23.78
-4.53
15.13

(23)
(6)

28.49
34.12
-5.63
21.43

(12)
(2)

19.82
23.31
-3.49
16.72

(15)
(3)

N/A
13.24
N/A
8.42

Page 20

17.89
19.84
-1.94

26.18
28.27
-2.08

(16)
(45)

17.95
19.42
-1.47

9.18
7.68
1.50
6.66

15.08
11.66
3.42
12.30

(2)
(18)

(20)
(61)

6.34
9.35
-3.00

11.10
9.91
1.18
8.88

17.02
14.38
2.64
15.33

(3)
(14)

(26)
(58)

10.14
10.70
-0.56
(36)
(36)

(2)

9.52
9.29
0.23
8.52
N/A
11.89
N/A
9.92

10.66
9.76
0.90
8.86

16.08
13.98
2.11
14.52

(3)
(13)

(21)
(60)

10.35
10.46
-0.11
(29)
(34)

(14)

9.91
9.56
0.35
9.04
N/A
11.19
N/A
9.59

7.38
7.01
0.38
6.74

11.31
9.43
1.88
10.88

(11)
(27)

Inception
Date

16.99
14.50
2.48

23.91
20.23
3.68
19.78

(2)
(9)

Inception

21.54
16.82
4.72

(16)
(37)

16.68
14.50
2.18
12.48

10 YR

16.84
10.38
6.46

30.67
24.27
6.40
22.36

(2)
(22)

7 YR

12.50
10.07
2.43

(13)
(46)

21.24
16.82
4.42
15.01

5 YR

Total Fund (Gross)
Total Fund Policy
Difference

25.25
15.18
10.07
14.11

(1)
(32)

3 YR

12.43
10.07
2.37
8.81

(24)
(46)

16.62
10.38
6.25
9.65

1 YR

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

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

(2)
(21)

FYTD

(26)
(81)

8.29
7.92
0.38
(24)
(35)

(8)

10/01/1999

02/01/2007

10/01/2014

7.94
7.83
0.11
7.37

(33)
(39)

10/01/2014

18.52
20.66
-2.14
16.65

(21)
(5)

07/01/2022

Sweetwater Police Officers' Pension Plan
Comparative Performance
As of June 30, 2026
QTR
Total Fixed Income
Total Fixed Policy
Difference

0.78
0.67
0.11

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

0.78
0.67
0.11
0.69

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

Page 21

FYTD
2.11
1.73
0.38

(32)
(58)

2.11
1.73
0.38
1.64

1 YR
4.66
3.79
0.87

(9)
(35)

4.66
3.79
0.87
3.69

3 YR
5.23
4.16
1.07

(6)
(39)

5.23
4.16
1.07
4.16

5 YR
1.33
0.08
1.25

(5)
(50)

1.33
0.08
1.25
0.02

7 YR
2.60
1.22
1.39

(3)
(41)

2.60
1.22
1.39
1.23

(1)
(53)

10 YR

Inception

2.93
1.54
1.38

4.02
3.92
0.10

2.93
1.54
1.38
1.56

(2)
(51)

3.11
1.98
1.13
2.00

Inception
Date
10/01/1999

(2)
(53)

03/01/2012

Sweetwater Police Officers' Pension Plan
Comparative Performance
As of June 30, 2026
Comparative Performance Fiscal Year Returns
FYTD

Oct-2023
To
Sep-2024

Oct-2022
To
Sep-2023

11.86
12.32
-0.46
10.47

26.78
25.21
1.58
21.25

14.07
13.50
0.57
10.78

12.60 (5)
11.08 (18)
1.52
7.91

4.17
5.33
-1.16
4.01

27.12
25.21
1.91

14.37
13.50
0.87

-17.71
-17.45
-0.25

18.10
18.60
-0.50

12.85
11.08
1.78

4.48
5.33
-0.85

Total Equity Composite
Total Equity Policy
Difference

24.02
15.05
8.98

16.60
17.50
-0.90

34.41
33.05
1.35

20.69
20.72
-0.04

-20.41
-19.27
-1.13

25.70
30.18
-4.48

16.00
12.30
3.71

2.74
2.11
0.63

Total Domestic Equity Composite
Russell 3000 Index
Difference

25.25
13.53
11.72

16.36
17.41
-1.05

36.97
35.19
1.77

20.19
20.46
-0.27

-16.83
-17.63
0.80

25.96
31.88
-5.92

16.27
15.00
1.27

3.21
2.92
0.30

Bowen Hanes Equity
Total Bowen Equity Policy
Difference
IM U.S. All Cap Core Equity (SA+CF) Median

25.25
15.18
10.07
14.11

16.27 (28)
12.06 (53)
4.21
12.82

3.21
2.04
1.18
2.76

Total International Equity Composite
MSCI AC World ex USA
Difference

17.89
19.84
-1.94

14.97
3.45
11.52

1.14
-0.72
1.87

American Funds EuroPacific Gr R6 (RERGX)
MSCI AC World ex USA Growth
Difference
Foreign Large Growth Median

16.42
15.93
0.48
10.39

(20)
(25)

14.79
13.22
1.57
10.45

(18)
(31)

24.71
27.12
-2.41
26.22

(66)
(44)

19.64
16.22
3.42
18.71

(38)
(73)

-32.85
-30.00
-2.85
-32.98

14.97 (66)
17.90 (43)
-2.93
17.26

1.14
2.43
-1.29
0.82

Dodge & Cox Int Stock Fund (DODFX)
MSCI AC World ex USA Value
Difference
Foreign Large Blend Median

19.25
23.78
-4.53
15.13

(23)
(6)

20.65
21.20
-0.56
16.15

(15)
(14)

21.17
24.90
-3.73
24.63

(86)
(46)

26.74
26.09
0.66
23.19

(13)
(20)

N/A
-19.46
N/A
-26.05

N/A
-10.32 (100)
N/A
2.96

N/A
-3.89
N/A
-2.10

Page 22

17.76
17.14
0.63

(19)
(50)

22.89
25.96
-3.07

20.19
20.74
-0.55
19.85

(46)
(38)

23.10
21.02
2.08

-16.83
-19.42
2.59
-16.89

(83)
(76)

17.65
18.60
-0.96
19.98

12.15
12.32
-0.16

36.97
32.87
4.10
32.87

-17.99
-17.45
-0.53
-14.90

Oct-2018
To
Sep-2019

16.84
10.38
6.46

(45)
(32)

(6)
(10)

Oct-2019
To
Sep-2020

Total Fund (Gross)
Total Fund Policy
Difference

16.36
17.51
-1.14
14.59

(3)
(7)

Oct-2020
To
Sep-2021

16.62
10.38
6.25
9.65

(13)
(46)

(17)
(11)

Oct-2021
To
Sep-2022

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

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

(1)
(32)

Oct-2024
To
Sep-2025

(50)
(80)

-33.69
-24.79
-8.91

25.96
30.03
-4.07
32.01

(80)
(69)

(82)
(62)

24.77
24.45
0.33
(48)
(31)

(7)

24.76
17.27
7.49
20.46
N/A
32.15
N/A
24.33

(21)
(75)

(5)

(44)
(16)

(43)
(60)

(44)
(31)

(74)

Sweetwater Police Officers' Pension Plan
Comparative Performance
As of June 30, 2026
FYTD

Total Fixed Income
Total Fixed Policy
Difference

2.11
1.73
0.38

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

2.11
1.73
0.38
1.64

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

Page 23

(9)
(35)

Oct-2024
To
Sep-2025

Oct-2023
To
Sep-2024

Oct-2022
To
Sep-2023

3.38
2.88
0.50

13.53
11.57
1.96

3.11
0.64
2.46

3.38
2.88
0.50
2.85

(19)
(47)

13.53
11.57
1.96
11.69

(4)
(59)

3.11
0.64
2.46
0.61

Oct-2021
To
Sep-2022
-13.61
-14.60
0.98

(2)
(48)

-13.61
-14.60
0.98
-14.98

(13)
(31)

Oct-2020
To
Sep-2021

Oct-2019
To
Sep-2020

Oct-2018
To
Sep-2019

1.99
-0.90
2.88

7.71
6.98
0.73

9.13
10.30
-1.17

7.71 (22)
6.98 (45)
0.73
6.83

9.13
10.30
-1.17
9.77

1.99
-0.90
2.88
-0.20

(7)
(75)

(75)
(22)

Page Intentionally Left Blank

Page 24

Sweetwater Police Officers' Pension Plan
Fee Analysis
As of June 30, 2026
Estimated
Annual Fee
(%)

Market Value
($)

Estimated
Annual Fee
($)

Total Equity

0.49

27,975,636

136,724

Total Domestic Equity
Bowen Hanes Equity

0.48
0.48

24,245,438
24,245,438

116,378
116,378

0.48 % of Assets

Total International Equity
American Funds EuroPacific Gr R6 (RERGX)
Dodge & Cox Int Stock Fund (DODFX)

0.55
0.46
0.63

3,730,199
1,855,693
1,874,506

20,346
8,536
11,809

0.46 % of Assets
0.63 % of Assets

Total Fixed Income
Dodge & Cox Income Fund (DODIX)

0.42
0.42

10,871,196
10,871,196

45,659
45,659

0.42 % of Assets

R&D

0.00

188,323

-

0.00 % of Assets

Total Fund

0.47

39,035,155

182,383

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 25

Fee Schedule

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

Peer Group Analysis - All Public Plans-Total Fund

26.0

38.0
32.0

23.0

26.0
20.0
20.0
17.0
14.0

Return

Return

14.0

11.0

8.0

2.0
-4.0

8.0
-10.0
5.0
-16.0
2.0

-22.0

-1.0

-28.0

QTR
˜ Investment 12.43 (2)
10.07 (21)
˜ Index
Median

FYTD
16.62 (1)
10.38 (32)

1 YR
21.24 (2)
16.82 (22)

2 YR
17.10 (2)
14.72 (12)

3 YR
16.68 (2)
14.50 (9)

4 YR
15.94 (2)
13.65 (9)

5 YR
9.18 (2)
7.68 (18)

9.65

15.01

13.05

12.48

11.57

6.66

8.81

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
14.07 (7) -17.99 (81) 17.65 (81) 12.60 (5)
4.17 (44)
˜ Investment 11.86 (17) 26.78 (3)
12.32 (11) 25.21 (7)
13.50 (10) -17.45 (75) 18.60 (71) 11.08 (20)
5.33 (16)
˜ 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

1.70
-2.02
-1.18

1.99
2.35
2.04

3.96
5.83
4.86

10.02
7.73
6.67

-1.54
-0.60
-0.03

-0.66
-0.89
-0.97

(2)
(88)

(56)
(22)

(82)
(8)

(2)
(16)

(92)
(67)

(36)
(47)

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

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.68
14.50
4.64

10.55
9.50
0.22

1.09
1.00
N/A

Investment
Index
.

Up
Market
Capture
105.60
100.00
15.43

Down
Market
Capture
89.98
100.00
-14.77

Up
Quarters
9
8
12

Down
Quarters
3
4
N/A

Risk and Return 3 Years

Standard
Deviation

Sharpe
Ratio

9.18
7.68
3.52

12.37
11.50
0.55

0.50
0.41
N/A

Investment
Index
.

14
12
20

Down
Market
Capture
99.32
100.00
-7.81

Down
Quarters
6
8
N/A

R etu r n (% )

9.0

16.0

15.2

8.4

7.8

14.4

13.6

7.2
9.2

9.4

9.6

9.8

10.0

10.2

10.4

10.6

10.8

11.2

11.4

11.6

Risk (Standard Deviation %)
Investment

11.8

12.0

12.2

12.4

12.6

Risk (Standard Deviation %)

Index

Investment

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

Index

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

9.6

16.8

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
6 (30%)

Median-75
Count
3 (15%)

75-95
Count
0 (0%)

20

10 (50%)

3 (15%)

7 (35%)

0 (0%)

Total Period

Page 27

Up
Market
Capture
106.72
100.00
11.74

Risk and Return 5 Years

17.6

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
14 (70%)

25-Median
Count
5 (25%)

Median-75
Count
1 (5%)

75-95
Count
0 (0%)

20

10 (50%)

9 (45%)

1 (5%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
Bowen Hanes Equity | Total Bowen Equity Policy
As of June 30, 2026
Peer Group Analysis - IM U.S. All Cap Core Equity (SA+CF)

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

68.0

80.0

60.0

65.0

52.0
50.0
44.0
35.0

Return

Return

36.0

28.0

20.0

20.0

5.0

12.0
-10.0
4.0
-25.0

-4.0

-12.0

-40.0

QTR
˜ Investment 18.82 (24)
15.25 (46)
˜ Index
Median

15.17

FYTD
25.25 (13)
15.18 (46)

1 YR
30.67 (16)
24.27 (37)

2 YR
23.43 (17)
20.18 (35)

3 YR
23.91 (16)
20.23 (45)

4 YR
23.41 (14)
19.59 (51)

5 YR
15.08 (20)
11.66 (61)

14.11

22.36

18.68

19.78

19.62

12.30

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
3.21 (43)
˜ Investment 16.36 (45) 36.97 (19) 20.19 (46) -16.83 (50) 25.96 (82) 16.27 (28)
17.51 (32) 32.87 (50) 20.74 (38) -19.42 (80) 30.03 (62) 12.06 (53)
2.04 (60)
˜ Index
Median

14.59

32.87

19.85

-16.89

32.01

12.82

2.76

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

3.44
-3.05
-2.40

1.90
3.08
2.40

4.33
7.90
6.91

15.17
11.34
10.33

-5.39
-2.25
-4.37

2.36
0.07
1.57

(10)
(52)

(61)
(31)

(82)
(40)

(11)
(32)

(69)
(26)

(40)
(65)

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

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

23.91
20.23
4.64

14.66
12.63
0.22

1.24
1.17
N/A

Up
Market
Capture
106.87
100.00
11.10

Up
Quarters
10
9
12

Down
Market
Capture
87.03
100.00
-12.47

Down
Quarters
2
3
N/A

Risk and Return 3 Years

Investment
Index
.

Return

Standard
Deviation

Sharpe
Ratio

15.08
11.66
3.52

16.88
15.20
0.55

0.72
0.58
N/A

Up
Market
Capture
109.06
100.00
8.36

Up
Quarters
15
13
20

Down
Market
Capture
95.60
100.00
-6.51

Down
Quarters
5
7
N/A

Risk and Return 5 Years

26.0

16.0

R etu r n (% )

R etu r n (% )

24.0

22.0

14.0

12.0
20.0

18.0

10.0
12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

14.4

14.8

15.2

15.6

Risk (Standard Deviation %)
Investment

Index

Investment

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

16.8

17.2

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

16.4

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

0.0

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

3/24

9/24

3/25

9/25

6/26

20

5-25
Count
5 (25%)

25-Median
Count
7 (35%)

Median-75
Count
7 (35%)

75-95
Count
1 (5%)

20

0 (0%)

4 (20%)

6 (30%)

10 (50%)

Total Period

Page 29

16.0

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
10 (50%)

Median-75
Count
8 (40%)

75-95
Count
0 (0%)

20

0 (0%)

0 (0%)

15 (75%)

5 (25%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA Growth
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)
17.15 (23)
˜ Index
Median

14.40

FYTD
16.42 (20)
15.93 (25)

1 YR
23.72 (11)
22.62 (19)

2 YR
18.69 (21)
18.50 (23)

3 YR
16.01 (21)
15.67 (25)

4 YR
15.96 (26)
15.16 (33)

5 YR
5.51 (36)
5.53 (36)

10.39

12.63

13.78

12.45

13.50

4.64

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
1.14 (44)
˜ Investment 14.79 (18) 24.71 (66) 19.64 (38) -32.85 (48) 24.76 (21) 14.97 (66)
13.22 (31) 27.12 (44) 16.22 (73) -30.00 (31) 17.27 (75) 17.90 (43)
2.43 (31)
˜ Index
Median

10.45

26.22

18.71

-32.98

20.46

17.26

0.82

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

-2.84
-3.54
-3.72

4.62
2.60
1.32

6.27
5.77
2.39

13.22
13.84
13.01

2.62
2.04
2.35

-7.03
-7.84
-7.32

(37)
(47)

(3)
(28)

(6)
(12)

(46)
(37)

(45)
(55)

(40)
(62)

Strategy Review
American Funds EuroPacific Gr R6 (RERGX) | MSCI AC World ex USA Growth
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

16.01
15.67
4.64

13.65
15.33
0.22

0.83
0.74
N/A

Up
Market
Capture
93.83
100.00
9.61

Up
Quarters
8
9
12

Down
Market
Capture
86.71
100.00
-11.36

Down
Quarters
4
3
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

5.51
5.53
3.52

16.44
17.05
0.55

0.20
0.20
N/A

Up
Market
Capture
97.79
100.00
7.85

Up
Quarters
11
13
20

Down
Market
Capture
97.66
100.00
-6.38

Down
Quarters
9
7
N/A

Risk and Return 5 Years

16.2

5.6

16.0

R etu r n (% )

R etu r n (% )

Return

15.8

15.6

5.5
13.2

13.6

14.0

14.4

14.8

15.2

15.6

16.0

16.2

16.4

16.6

Risk (Standard Deviation %)
Investment

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Growth

17.2

17.4

Index

0.0

R etu r n Per cen tile R an k

R etu r n Per cen tile R an k

17.0

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

1 (5%)

7 (35%)

12 (60%)

0 (0%)

Total Period

Page 31

16.8
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
11 (55%)

Median-75
Count
9 (45%)

75-95
Count
0 (0%)

20

0 (0%)

9 (45%)

11 (55%)

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

Strategy Review
Dodge & Cox Int Stock Fund (DODFX) | MSCI AC World ex USA Value
As of June 30, 2026
Peer Group Analysis - Foreign Large Blend

40.0

50.0

36.0

40.0

32.0

30.0

28.0

20.0

24.0

10.0
Return

Return

Peer Group Analysis - Foreign Large Blend

20.0

0.0

16.0

-10.0

12.0

-20.0

8.0

-30.0

4.0

-40.0

0.0

-50.0

QTR
˜ Investment 12.55 (24)
12.44 (26)
˜ Index
Median

10.46

FYTD
19.25 (23)
23.78 (6)

1 YR
28.49 (12)
34.12 (2)

2 YR
25.79 (6)
28.12 (3)

3 YR
19.82 (15)
23.31 (3)

4 YR
18.52 (21)
20.66 (5)

5 YR
N/A
13.24 (2)

15.13

21.43

19.66

16.72

16.65

8.42

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
N/A
N/A
N/A
N/A
˜ Investment 20.65 (15) 21.17 (86) 26.74 (13)
21.20 (14) 24.90 (46) 26.09 (20) -19.46 (7)
32.15 (5) -10.32 (100) -3.89 (74)
˜ Index
Median

16.15

24.63

23.19

-26.05

24.33

2.96

-2.10

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

0.73
2.22
0.84

5.19
7.70
4.36

7.75
8.36
5.10

11.58
10.77
11.59

9.68
8.76
6.77

-8.51
-7.15
-7.50

(53)
(16)

(26)
(1)

(8)
(5)

(51)
(75)

(6)
(17)

(80)
(34)

Strategy Review
Dodge & Cox Int Stock Fund (DODFX) | MSCI AC World ex USA Value
As of June 30, 2026
Historical Statistics 3 Years

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

19.82
23.31
4.64

13.24
12.70
0.22

1.10
1.37
N/A

Up
Market
Capture
96.99
100.00
9.70

Down
Market
Capture
119.11
100.00
-14.70

Up
Quarters
10
11
12

Down
Quarters
2
1
N/A

Risk and Return 3 Years

Investment
Index
.

Standard
Deviation

Sharpe
Ratio

N/A
13.24
3.52

N/A
14.64
0.55

N/A
0.70
N/A

Up
Market
Capture
N/A
100.00
8.36

Up
Quarters
N/A
16
20

Down
Market
Capture
N/A
100.00
-7.63

Down
Quarters
N/A
4
N/A

Risk and Return 5 Years

24.0

13.3

22.0

R etu r n (% )

R etu r n (% )

Return

20.0

18.0

13.2
12.6

12.8

13.0

13.2

13.4

14.6

14.7

Risk (Standard Deviation %)
Investment

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Foreign Large Blend

5 Years Rolling Percentile Ranking vs. Foreign 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

5

5-25
Count
4 (80%)

25-Median
Count
1 (20%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

20

14 (70%)

2 (10%)

1 (5%)

3 (15%)

Total Period

Page 33

Index

9/21

3/22

Total Period
¾ Investment
¾ Index

0
20

9/22

3/23

5-25
Count
0
6 (30%)

9/23

3/24

25-Median
Count
0
3 (15%)

9/24

3/25

Median-75
Count
0
7 (35%)

9/25

6/26

75-95
Count
0
4 (20%)

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

7.1

20.0

6.2

16.0

5.3

12.0

4.4

8.0

3.5

4.0

2.6

0.0

Return

Return

Peer Group Analysis - Intermediate Core Bond

1.7

-4.0

0.8

-8.0

-0.1

-12.0

-1.0

-16.0

-1.9

-20.0

-2.8

-24.0

˜ Investment
˜ Index
Median

QTR
0.78 (32)
0.67 (58)

FYTD
2.11 (9)
1.73 (35)

1 YR
4.66 (6)
3.79 (39)

2 YR
5.58 (7)
4.93 (39)

3 YR
5.23 (5)
4.16 (50)

4 YR
4.36 (2)
2.86 (53)

5 YR
1.33 (3)
0.08 (41)

0.69

1.64

3.69

4.85

4.16

2.88

0.02

Oct-2024 to Oct-2023 to Oct-2022 to Oct-2021 to Oct-2020 to Oct-2019 to Oct-2018 to
Sep-2025
Sep-2024
Sep-2023
Sep-2022
Sep-2021
Sep-2020
Sep-2019
3.11 (2) -13.61 (13)
1.99 (7)
7.71 (22)
9.13 (75)
˜ Investment 3.38 (19) 13.53 (4)
2.88 (47) 11.57 (59)
0.64 (48) -14.60 (31) -0.90 (75)
6.98 (45) 10.30 (22)
˜ Index
Median

2.85

11.69

0.61

-14.98

-0.20

6.83

9.77

Comparative Performance
Investment
Index
Median

Page 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

0.03
-0.05
-0.08

1.29
1.10
0.99

2.50
2.03
2.02

1.42
1.21
1.23

2.87
2.78
2.70

-3.32
-3.06
-3.04

(24)
(43)

(5)
(23)

(5)
(48)

(19)
(54)

(18)
(30)

(87)
(53)

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

Investment
Index
.

Historical Statistics 5 Years

Return

Standard
Deviation

Sharpe
Ratio

5.23
4.16
4.64

5.83
5.48
0.22

0.13
-0.06
N/A

Up
Market
Capture
110.15
100.00
29.50

Up
Quarters
9
8
12

Down
Market
Capture
98.59
100.00
-32.11

Down
Quarters
3
4
N/A

Standard
Deviation

Sharpe
Ratio

1.33
0.08
3.52

6.42
6.32
0.55

-0.31
-0.51
N/A

5.6

2.0

5.2

1.5

4.8

4.4

4.0

13
12
20

Down
Market
Capture
91.23
100.00
-17.61

Down
Quarters
7
8
N/A

1.0

0.5

-0.5
5.4

5.5

5.6

5.7

5.8

5.9

6.3

6.4

Risk (Standard Deviation %)
Investment

6.5

Risk (Standard Deviation %)

Index

Investment

3 Years Rolling Percentile Ranking vs. Intermediate Core Bond

Index

5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0

R etu r n Per cen tile R an k

0.0

R etu r n Per cen tile R an k

Up
Quarters

0.0

3.6

25.0

50.0

75.0

100.0

25.0

50.0

75.0

100.0
9/21

3/22

¾ Investment
¾ Index

9/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period

Page 35

Up
Market
Capture
105.98
100.00
23.16

Risk and Return 5 Years

R etu r n (% )

R etu r n (% )

Risk and Return 3 Years

Investment
Index
.

Return

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

8 (40%)

1 (5%)

9/21

3/22

3/23

9/23

20

5-25
Count
20 (100%)

20

0 (0%)

Total Period
¾ Investment
¾ Index

9/22

3/24

9/24

3/25

9/25

6/26

25-Median
Count
0 (0%)

Median-75
Count
0 (0%)

75-95
Count
0 (0%)

11 (55%)

9 (45%)

0 (0%)

Sweetwater Police Officers' Pension Plan
Investment Policy Benchmark History
As of June 30, 2026

Total Fund Policy

Total Equity Policy

Allocation Mandate

Weight (%)

Oct-1999
Blmbg. U.S. Gov't/Credit
S&P 500 Index

50.00
50.00

Jan-2003
S&P 500 Index
Bloomberg Intermediate US Govt/Credit Idx

60.00
40.00

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

65.00
35.00

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

50.00
35.00
15.00

Weight (%)

Oct-1999
S&P 500 Index

100.00

Jan-2006
S&P 500 Index

100.00

Jul-2010
Russell 3000 Index
MSCI AC World ex USA

75.00
25.00

Aug-2014
Russell 3000 Index
MSCI AC World ex USA

77.00
23.00

Total Fixed Income Policy

Total Bowen Hanes Equity Policy
Allocation Mandate

Allocation Mandate

Weight (%)

Allocation Mandate

Weight (%)

100.00

Oct-1999
Blmbg. U.S. Gov't/Credit

100.00

Jan-2006
S&P 500 Index

100.00

Jan-2003
Bloomberg Intermediate US Govt/Credit Idx

100.00

Jul-2010
Russell 3000 Index
MSCI AC World ex USA

75.00
25.00

Jan-2006
Blmbg. U.S. Aggregate Index

100.00

Oct-1999
S&P 500 Index

Page 36

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 37

- 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.
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including qualitative assessments of those firms soliciting their business and detailed information on important market trends.

Page 38

Access is everything.

1

August 31, 2026
City of Sweetwater Police Retirement Plan
c/o Lauri Patterson, Plan Administrator, [email protected]
________________________________________
2503 Del Prado Blvd. S
Suite 502
Cape Coral, FL 33904
Re: Legal Services Representing the Retirement System
Dear Board of Trustees:
We are delighted to represent the City of Sweetwater Police Retirement Plan (the “Retirement
System”) as board counsel. This letter and the enclosed Standard Terms of Representation
describe the basis on which our firm will provide legal services to the Retirement System.
Client. City of Sweetwater Police Retirement Plan – Board of Trustees.
Scope of Engagement. We would be engaged to advise the Retirement System in connection
with all legal matters arising on its behalf, including, but not limited to, plan design, benefit
eligibility, legislative drafting, investment management agreements, service provider agreements,
litigation matters, disability administrative hearings, forfeiture administrative hearings,
administrative processes/policies/protocols, fiduciary governance, and state and federal
regulatory compliance. As attorneys for the Retirement System, our role would be to assist the
trustees in complying with all legal and regulatory matters arising from the administration of the
Retirement System. We will be focused on analyzing all relevant legal issues affecting the
Retirement System and addressing each in accordance with the City of Sweetwater Code of
Ordinances, Florida Statutes (most notably Sections 112, 119, 185 and 286) as well as all
pertinent Internal Revenue Code provisions and Treasury regulations governing tax qualified
plans such as yours.
Pedro A. Herrera would serve as your lead attorney with Madison Levine assisting in serving the
Retirement System in all capacities.
Fees. Effective March 3, 2026, the Retirement System agrees to pay Jones Walker, LLP (“Jones
Walker” or the “firm”) a monthly retainer fee in the amount of $1,800 per month (“Monthly
Retainer”) guaranteed for two (2) years with an annual 4% increase applied thereafter. The
Monthly Retainer shall be due and payable in arrears on the 15th of each month and shall remain

201 S. Biscayne Blvd, Citi Center, Suite 3000 | Miami, FL 33131-4341 | T: 305.679.5700 | F: 305.679.5710 |
joneswalker.com
#111702918v1

due for the duration of firm’s representation of the Retirement System unless otherwise modified
in writing.
Unless otherwise expressly stated in this Agreement, the Monthly Retainer is not refundable and
will not roll over or be credited to subsequent months if unused.
The Monthly Retainer covers all legal services as described in the Scope of Engagement per
month except for special matters such as litigation, regulatory audits or investigations, tax work
and other such extraordinary matters. Any legal services performed outside the Scope of
Engagement in a given month shall be billed at the Attorney’s hourly rate of $425 per hour and a
paralegal’s hourly rate of $175 per hour.
Standard Terms of Representation. Additional information regarding fees and other important
matters appears in the enclosed Standard Terms of Representation, which are incorporated as
part of this letter. Please review this letter and the Standard Terms of Representation carefully. If
they meet with the Retirement System’s approval, promptly sign the letter in the space below and
return a copy to me so that we may begin work.
Florida Statutory Requirements.
(a) The Retirement System represents and warrants to us that it is a governmental agency of the
State of Florida and subject to certain statutory requirements thereof. Pursuant to Florida Statutes
Section 287.133 (Public Entity Crimes) and only to the extent required thereby, we confirm that,
during the past five (5) years from the date hereof, neither Jones Walker nor, to the best of its
knowledge after due inquiry, any of its officers, directors or senior employees or employees
actively involved in the provision of services to the Retirement System, have been: (i) convicted
of or pleaded guilty (or nolo contendere) to a felony or misdemeanor involving: (1) an investment
or investment related business; (2) fraud, false statements or omissions; or (3) the wrongful taking
of property, bribery, forgery, counterfeiting or extortion; (ii) found by a court to be in violation of
any federal or state investment (or investment-related) statutes or regulations; or (iii) found in any
action, proceedings or investigations (other than routine examinations) brought by the U.S.
Securities and Exchange Commission or any other federal or state regulatory agency to have: (1)
made a false statement or omission; (2) materially violated regulations or statutes applicable to
the General Partner or the Partnership; or (3) caused an investment related business having its
authorization to do business denied, suspended, revoked or restricted.
(b) The Retirement System represents and warrants to Jones Walker, LLP that effective January
1, 2021, Fla. Stat. § 448.095 requires all contractors entering into a contract with the Retirement
System is to register with the E-Verify system operated by the United States Department of
Homeland Security to verify the employment eligibility of all of its newly hired employees, and we
meet the definition of “Contractor” as defined in Fla. Stat. § 448.095. Based solely on the foregoing
representation and warranty, Jones Walker, LLP confirms that it has registered with and, to the
extent required, will use the E-Verify system to verify work authorization status of all newly hired
employees.
(c) Pursuant to Florida Statutes Section 287.138 (Foreign Countries of Concern) (the “Foreign
Countries of Concern Statute”), and only to the extent required thereby, Jones Walker, LLP
confirms that: (i) it is not owned by a government of a “foreign country of concern” (as defined in
the Foreign Countries of Concern Statute); (ii) no government of a “foreign country of concern”
(as defined in the Foreign Countries of Concern Statute) has a “controlling interest” (as defined in
the Foreign Countries of Concern Statute) in it; and (iii) Jones Walker, LLP is not organized under
the laws of, or does not have its principal place of business in, a “foreign country of concern” (as

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2
#111702918v1

defined in the Foreign Countries of Concern Statute).
(d) Pursuant to Florida Statutes Section 787.06(13), and only to the extent required thereby,
Jones Walker, LLP hereby represents that it does not use “coercion for labor or services” as
defined and described therein.
This engagement is terminable upon notice from the Retirement System. Any pending or
outstanding payments owed by Retirement System for work already performed would remain due
and be payable immediately upon such notice of termination. Should Jones Walker, LLP wish to
terminate the relationship, it shall provide sixty (60) calendar days’ notice to the Retirement
System.

Please call or email me if you have any questions.
Very truly yours,

Pedro A. Herrera
Encl. Jones Walker LLP’s Standard Terms of Engagement

Agreed and accepted, including consent to identify the Retirement System as a client of Jones
Walker LLP.

City of Sweetwater Police Retirement Plan
By: __________________________
Title: _________________________
Date: _________________________

Page 3

3
#111702918v1

JONES WALKER LLP’S STANDARD TERMS OF REPRESENTATION
Entire Agreement
The engagement letter and these Standard Terms of Representation constitute the entire understanding
and agreement between the client identified in the engagement letter (the client) and Jones Walker LLP
(“Jones Walker” or the “firm”) regarding our representation of the client in the matter described in the
engagement letter. The client should review this document carefully and contact us promptly with any
questions. The client should retain this document in its file.

Who Will Provide the Legal Services
The representation will be serviced by a principal lawyer. Clients are free to request a change of principal
lawyer at any time. Subject to the supervisory role of the principal lawyer, our work or parts of it may be
performed by other lawyers and legal assistants in the firm. Such delegation may be for the purpose of
involving lawyers or legal assistants with special expertise in a given area or for the purpose of providing
services on the most efficient and timely basis.

Client Responsibilities
The client agrees to pay our statements for services and expenses as provided below. In addition, the client
agrees to be candid and cooperative with us and keep us informed with complete and accurate factual
information, documents, electronically stored information and other data, and other communications
relevant to the subject matter of our representation or otherwise reasonably requested by us. The client
also agrees to make any necessary business and strategy decisions in a timely manner.
Because it is important that we be able to contact the client at all times regarding the representation, the
client agrees to inform us, in writing, of any changes in the name, address, telephone number, contact
person, e-mail address, state of incorporation, or other relevant changes regarding it or its business.
Whenever we need instructions or authorization in order to proceed with legal work on the client’s behalf,
we will contact the client at the latest business address we have received. If the client affiliates with,
acquires, is acquired by, or merges with another client, it will provide us with sufficient notice to permit us
to withdraw as its lawyers if we determine that such affiliation, acquisition, or merger creates a conflict of
interest between any of our clients and the other party to such affiliation, acquisition, or merger, or if we
determine that it is not in the best interests of the firm to represent the new entity.

Advice about Possible Outcomes
Either at the commencement or during the course of our representation, we may express opinions or beliefs
concerning the matter or various courses of action and the results that might be anticipated. Any such
statement made by any lawyer of our firm is intended to be an expression of opinion only, based on
information available to us at the time, and should not be construed by the client as a promise or guarantee.

Termination of Engagement
The client may terminate, at any time, our representation upon written notice to us. Such termination shall
not, however, relieve the client of the obligation to pay for all services already rendered, including work in
progress and remaining incomplete at the time of termination, and to pay for all expenses incurred on its
behalf through the date of termination.

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We reserve the right to withdraw from our representation as required or permitted by the applicable rules
of professional conduct upon written notice to the client. In the event that we terminate the engagement,
we will take such steps as are reasonably practicable to protect the client’s interests in the specified matter,
and the client agrees to take all steps necessary to free us of any obligation to perform further, including
the execution of any documents necessary to perfect our withdrawal. We will be entitled to be paid for all
services rendered and costs or expenses incurred on the client’s behalf through the date of withdrawal. If
permission for withdrawal is required by a court or arbitration panel, we will promptly request such
permission, and the client agrees not to oppose our request.

Fees
The principal basis for computing our fees for the legal services we provide will be the amount of time spent
on the matter by various lawyers and legal assistants multiplied by their individual hourly billing rates. We
will also take other factors into consideration in determining our fees, such as the novelty and difficulty of
the questions involved, the skill requisite to perform the services properly, the experience, reputation, and
ability of those performing the services, the time limitations imposed by the Company or the circumstances,
the amount involved, and the results obtained.
Costs
We will charge the client not only for legal services rendered, but also for other ancillary services provided.
We will include on our statements separate charges directly at cost for performing services, such as bulk
copying, messenger and delivery service, travel, and filing fees. Any such additional costs shall be approved
by the client prior to being incurred.
The client authorizes us to retain any investigators, consultants, or experts necessary in our judgment to
represent its interests in the representation. Their fees and expenses generally will not be paid by us, but
will be billed directly to the client.

Payment of Statements
Normally, we will send monthly statements for work performed and expenses recorded on our books during
the previous month. Payment is due promptly upon receipt of our statement. We will provide notice if the
client’s account becomes delinquent, and the client agrees to bring the account or the retainer deposit
current. If the delinquency continues and the client does not arrange satisfactory payment terms, we may
withdraw from the representation and pursue collection of the account.

Retainer and Trust Deposits
You may be required to deposit a retainer with the firm. Unless otherwise agreed, the retainer deposit will
be credited toward the client’s unpaid invoices, if any, at the conclusion of services. At the conclusion of
our legal representation or at such time as the deposit is unnecessary or is appropriately reduced, the
remaining balance or an appropriate part of it will be returned to the client. If the retainer deposit proves
insufficient to cover current expenses and fees at some point during the representation, it may have to be
increased.
All trust deposits we receive, including retainers, will be placed in a trust account for the client’s benefit.
Normally, pursuant to court rule, deposits will be placed in a pooled account, and the interest earned on the
pooled account will be payable to a charitable foundation. Other trust deposits will also be placed in the
pooled account unless the client requests a segregated account.

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Estimates
We are often requested to estimate the amount of fees and costs likely to be incurred in connection with a
particular matter. But fees and costs are usually not predictable. Accordingly, we make no commitment to
the client concerning the maximum fees and costs that will be necessary to resolve or complete this matter.
Any estimate of fees and costs that we may have discussed represents only an estimate of such fees and
costs. It is also expressly understood that the client’s obligation to pay the firm’s fees and costs is in no way
contingent on the ultimate outcome of the matter.

In-Firm Privilege Consent
As you know, Jones Walker is a large law firm. We represent many clients and handle a great number of
complex matters each year. In part because of the number of clients that Jones Walker represents and the
complexity of the matters we become involved in, from time to time issues arise that raise questions as to
our duties under the professional conduct rules that apply to lawyers. These might include, e.g., conflict of
interest issues, and could even include issues raised because of a dispute between us and a client over
the handling of a matter. Under normal circumstances when such issues arise, we would seek the advice
of our General Counsel, Claims Counsel or attorneys on our Committee on Practice Standards who are
experts in such matters. Historically, we have considered such consultations to be attorney-client privileged
communications between firm personnel and the counsel for the firm. In recent years, however, there have
been judicial decisions indicating that under some circumstances such communications involve a conflict
of interest between the client and Jones Walker and that our consultation with attorneys on Jones Walker’s
General Counsel, Claims Counsel, or members of our firm’s Committee on Practice Standards may not be
privileged, unless we either withdraw from the representation of the client or obtain the client’s consent.
We believe that it is in our clients’ interest, as well as Jones Walker’s interest, that in the event legal ethics
or related issues arise during a representation, we receive expert analysis of our obligations. Accordingly,
as part of our agreement concerning our representation of the client, it agrees that if we determine in our
own discretion during the course of the representation that it is either necessary or appropriate to consult
with Jones Walker’s General Counsel, Claims Counsel or member of our Committee on Practice Standards,
or, if we choose, outside counsel, we have the client’s consent to do so and that our representation of the
client shall not, thereby, waive any attorney-client privilege that Jones Walker may have to protect the
confidentiality of our communications with counsel.

Conclusion of Representation; Retention and Disposition of Documents
Unless previously terminated, our representation of the client in the specified matter will terminate upon
our sending it our final statement for services rendered in the matter.
At its request, the client’s documents and property will be delivered to it, although we reserve the right to
copy any documents we deem appropriate. Our own files pertaining to the matter will be retained by the
firm. These firm files include, for example, firm administrative records, time and expense reports, personnel
and staffing materials, credit and accounting records, and internal lawyers’ work product, such as drafts,
notes, internal memoranda, and legal and factual research, including investigative reports, prepared by or
for the internal use of lawyers. All such documents retained by the firm will be transferred to the person
responsible for administering our records retention program. For various reasons, including the
minimization of unnecessary storage expenses, we reserve the right to destroy or otherwise dispose of any
such documents or other materials retained by us at the end of the firm’s retention period, which is 10 years,
without further notice to the client.

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Post Engagement Matters
After the conclusion of our representation, changes may occur in the applicable laws or regulations that
could have an impact upon the client’s future rights and liabilities. Unless the client engages us after the
conclusion of the matter to provide additional advice on issues arising from the matter, the firm has no
continuing obligation to provide advice with respect to future legal developments.

Choice of Law
The relationship between the client and the firm, including the validity, construction, and enforceability of
this engagement letter, shall be governed in all respects by the applicable law and professional conduct
rules of the state of Florida, without regard to conflicts of laws principles.

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SUMMARY OF PAYMENTS
City of Sweetwater Police Officers' Pension Plan
June 11, 2026 - September 9 ,2026
INVOICES

WARRANT
#

SENT FOR
PAYMENT

FOR PERIOD

DESCRIPTION

TOTAL DUE

14

May, 2026

Foster & Foster, invoice #42265, plan
administration

$3,000.00

14

April 1, - June 30, 2026

Gabriel, Roeder, Smith & Co., invoice 502349,
actuary services

$15,836.00

14

March, 2026

KSDT, invoice #353749, auditing services

$2,000.00

14

April, 2026

KSDT, invoice #353781, auditing services

$6,500.00

14

May, 2026

KSDT, invoice #359763, auditing services

$2,215.00

14

July, 2026

KSDT, invoice #364080, auditing services

$1,000.00

14

April 1, - June 30, 2026

Bowen Hanes & Company, 2nd quarter fees,
investment management

$27,878.14

14

April 1, - June 30, 2026

14

June, 2026

14

Since last invoice

14

July, 2026

14

April 1, - June 30, 2026

Mariner, invoice #81899, investment consulting
Foster & Foster, invoice #42896, plan
administration
Foster & Foster, invoice #42934, plan
administration
Foster & Foster, invoice #43368, plan
administration
Salem Trust, 2nd quarter fees, custodial services
(AUTO-DEDUCT)

$5,375.00

Total Invoices

$77,248.97

Total Checks

$0.00

$3,036.54
$3,500.00
$3,000.00
$3,908.29

CHECK REQUESTS

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

FUND ACTIVITY REPORT
SWEETWATER POLICE
Activity for Period 6/4/2026 to 9/2/2026
Retirees

Monthly Benefit

Check Date

Sent to Custodian

Refunded Contributions
Joel Hernandez

Refund Amount
$44,239.07

Term Date
5/28/2026

Type
Sent to Custodian
Direct Payment
8/17/2026

Members Deceased

Monthly Benefit

Sent to Custodian

Beneficiary / Joint Annuitant (JA) Payments

Monthly Benefit

Sent to Custodian