On the agenda: Grosse Pointe Woods packet — data center (Aug 6)

CITY OF GROSSE POINTE WOODS
NOTICE OF REGULAR MEETING
Retiree Health Care Plan and Trust Fund
Thursday, August 6, 2026
Immediately following Pension Board Meeting

City Hall Conference Room at 20025 Mack Plaza, Grosse Pointe Woods, MI
AGENDA
1.

Call to order

2.

Roll call

3.

Acceptance of the meeting agenda

4.

Meeting minutes dated May 7, 2026

5.

Trial Balance through June 30, 2026.

6.

2027 Proposed Meeting Date Schedule

7.

2nd Quarter 2026 Fund Evaluation Group Report
a. June 30, 2026 Performance Review

8.

Payment of Invoices –
a. FEG Invoice

9.

New Business/Public Comment.

10.

Adjournment

$ 1,024.00

Submitted by: ____________________________________________________, Pension Administrator
Next Regular Board Meeting –November 5, 2026

Immediately following Pension Board Meeting

In accordance with Public Act 267 of 1976 (Open Meetings Act), all members of the above Commission/Committee, as well as the
general public, are invited to attend this meeting.
Necessary, reasonable auxiliary aids and services to aid individuals with disabilities will be provided. All such requests must be
made at least five (5) days prior to a meeting. Individuals with disabilities requiring auxiliary aids or services should contact the
City of Grosse Pointe Woods by writing or call the Pension Administrator at (313) 343-2604 or Telecommunications Device for the
Deaf (TDD) (313) 343-9249.

RETIREE HEALTH CARE BENEFIT PLAN & TRUST
5/7/2026
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES FOR THE
RETIREE HEALTH CARE BENEFIT PLAN & TRUST (i.e. The Board) OF THE CITY OF
GROSSE POINTE WOODS, HELD ON THURSDAY MAY 7, 2026 IN THE CONFERENCE
ROOM OF THE MUNICIPAL BUILDING, 20025 MACK PLAZA, GROSSE POINTE
WOODS, MICHIGAN
The meeting was called to order at 7:13 p.m. by Chairperson Mayor Arthur Bryant
The following members were present:
Chairperson Mayor Arthur Bryant
Council Representative Jim Motschall
General Employee Representative Jeremy Bastien
Public Safety Representative Brian Conigliaro
Citizen Representative Gary Zarb
Also present:
Pension Administrator, Steven Schmidt
Recording Secretary, Tina Hoenicke
Pension Attorney, Michael VanOverbeke
Fund Evaluation Group (FEG), Jeffrey Davis
Motion by Motschall, supported by Zarb that all items on today’s agenda be received and placed
on file.
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
Motion by Motschall, supported by Zarb to accept and place on file the minutes of the Retiree
Health Care Benefit Plan and Trust meeting dated February 5, 2026.
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
Motion by Motschall, supported by Zarb to receive and place on file the trial balance as
presented through March 31, 2026

RETIREE HEALTH CARE BENEFIT PLAN & TRUST
5/7/2026
PAGE 2
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
Jeffrey Davis provided a review of the 1st Quarter Fund Evaluation Group report ending March
31, 2026. No changes to the plan are recommended at this time.
Motion by Motschall, supported by Zarb to accept the 1st Quarter 2026 Fund Evaluation Group
report ending March 31, 2026.
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
Motion by Motschall, supported by Zarb to authorize payment of the invoice to FEG for
$970.00.
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
New Business/Public Comment: None
Motion by Motschall, supported by Zarb to adjourn the meeting at 7:16 p.m.
Motion CARRIED by the following vote:
YES:
Bryant, Bastien, Motschall, Waszak, Zarb
NO:
None
ABSENT:
None
Minutes recorded by: Tina Hoenicke
Approved by the Pension Board:
_____________________________
Steven Schmidt, Pension Administrator

07/10/2026 04:11 PM
User: sschmidt
DB: Gpw

BALANCE SHEET FOR CITY OF GROSSE POINTE WOODS
Period Ending 06/30/2026
Fund 737 OPEB

GL Number

Description

Balance

SCHWAB CASH

3,873,727.70

*** Assets ***
737-000-005.001
Total Assets

3,873,727.70

*** Liabilities ***
Total Liabilities

0.00

*** Fund Balance ***
737-000-390.000

CURRENT FUND BALANCE

3,008,342.50

Total Fund Balance

3,008,342.50

Beginning Fund Balance

3,008,342.50

Net of Revenues VS Expenditures
Ending Fund Balance
Total Liabilities And Fund Balance

865,385.20
3,873,727.70
3,873,727.70

Page:

1/1

CITY OF GROSSE POINTE WOODS
MEMORANDUM

Date: August 6, 2026
To:

Pension & Retiree Health Care Board Trustees

From: Steven Schmidt, Pension Administrator
Re:

2027 Meeting Calendar

Pension Board proposed 2027 meeting dates are as follows:
Thursday, February 4, 2027
Thursday, May 6, 2027
Thursday, August 5, 2027
Thursday, November 4, 2027

6:00 PM
6:00 PM
6:00 PM
6:00 PM

Pending Board approval, these dates will be made available for the City’s various
publications.
Thank you.

20025 Mack Plaza Drive, Grosse Pointe Woods, MI 48236-2397
Phone: (313) 343-2604 • Fax: (313) 343-2785 • Email: [email protected]

COMPOSITE PERFORMANCE REVIEW

The City of Grosse Pointe
Woods Health Care Trust
Report For Periods Ending June 30, 2026

P R E S E N T E D BY

Jeffrey A. Davis, CFA, CAIA

Andrew Manley

Senior Vice President

Senior Institutional Portfolio Analyst

FEG Insights
Timely perspectives and research to help you navigate markets.

Market Commentary & Perspectives

Industry Insights & Engagement

Portfolio Insights

Industry Perspectives

Quarterly market and asset class commentary.

Thought leadership on trends shaping institutions.

Dashboard

Insight Bridge Podcast

Monthly market data, trends, and key observations.

Conversations with investment, economic, and nonprofit leaders.

Market Perspectives

Research Studies

Timely analysis of market events and emerging trends.

Proprietary research on issues impacting institutions.

Capital Markets Assumptions

Events

Annual long term return expectations across asset classes.

Multiple events, webinars throughout the year.

Educational Resources
Presentations on investment topics and portfolio strategy.

In-depth Research
Quarterly reviews of datapoints across asset classes.

© 2 0©2026
2 6 FEGFEG

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The City of Grosse Pointe Woods Health Care Trust

Table of Contents

REPORT FOR PERIODS ENDING June 30, 2026

Description
Market Summary

Page
1

Total Composite

2-4

Domestic Equity
Small Cap Equity

5-7
8-8

International Equity

9-12

Fixed Income

13-16

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ECONOMIC AND MARKET INSIGHTS
•
•

The venture capital industry has waited years for meaningful IPO activity. A successful SpaceX listing would mark a
significant step toward normalizing the exit environment.
Whether it sparks a broader reopening of the IPO market will depend on post-listing performance and investor appetite for
additional venture-backed offerings.

SPACEX COULD RESHAPE THE IPO MARKET

Projected SpaceX IPO exit value versus annual U.S. venture-backed IPO exit values (2016–2026)
2000

200

150

1000

100

500

50

0

0
2016

2017

2018

2019

2020

Exit value ($B)

2021

2022

SpaceX ($B)

2023

2024

2025

Exit Count

Exit Value ($B)

1500

2026

Exit count

Source: PitchBook, Geography: US, As of May 20, 2026
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1a

Confidential – Not for Redistribution

MARKET RETURNS
50%

Quarter

1 Yr

5 Yrs Annualized

GLOBAL F.I.

REAL ASSETS

40%

30%

20%

10%

0%

-10%

GLOBAL EQUITY

-20%

MSCI
Blmbrg U.S.
Emerging
Agg Index
Mkts Index

Blmbrg HY
Index

DIV. STRATEGIES

FTSE NAREIT
HFRI Fund
Blmbrg
HFRI Fund of
All Equity
Wtd Comp.
Cmdty Index
Fund Index
Index
Index

S&P 500
Index

MSCI EAFE
Index

Quarter

15.2%

10.8%

24.1%

0.7%

2.5%

10.7%

-8.1%

6.5%

7.1%

1 Yr

22.3%

20.2%

43.5%

3.8%

5.9%

15.4%

25.5%

16.4%

15.9%

5 Yrs Annualized

13.4%

9.0%

7.2%

0.1%

4.2%

3.7%

9.4%

6.6%

5.7%

Data sources: Lipper and Hedge Fund Research, data as of the fifth business day following quarter-end
© 2 0©2026
2 6 FEG FEG

1b

Confidential – Not for Redistribution

GLOBAL EQUITY, U.S.
•

U.S. equities remained strong, supported by the AI investment cycle, resilient economic data, and better-than-expected
earnings. Middle East tensions briefly lifted oil prices and risk premia early in the quarter, but easing supply concerns and
improving tanker traffic helped sentiment recover by quarter-end. While a small group of mega-cap, AI-linked companies still
drove an outsized share of returns, market participation broadened as the quarter progressed.

•

Sector leadership remained concentrated in technology, led by semiconductors, memory, hardware, and AI infrastructure,
while software also rebounded after a weak first quarter. Industrials benefited as well, particularly in AI “picks and shovels”
areas such as electrical equipment, power, cooling, and engineering. Communication services and other cyclical groups also
posted solid gains, while energy lagged as crude retreated from its earlier spike. Defensive and commodity-sensitive sectors
were comparatively weaker as investors continued to favor growth, momentum, and AI-related capex.

LARGE CAP, MID CAP, AND SMALL CAP
Russell 1000 Index
50%

Russell Mid Cap Index

S&P 500 SECTOR PERFORMANCE
Russell 2000 Index

Information Technology

40.8%

40%

30%
21.5%

20%

15.1%

22.0% 21.6%

20.5%
16.5%

13.8%

12.7%
8.5%

10%

0%

18.6%

7.0%

31.8%

S&P 500

15.2%

Industrials

14.9%

Consumer Discretionary

9.3%

Financials

9.0%

Health Care

8.8%

Real Estate

8.5%

Communication Services

8.3%

Materials

2.0%

Consumer Staples

0.3%

Utilities

-0.5%

Energy -13.5%
Qtr

1 Yr

3 Yr

5 Yr

-20%

0%

10%

20%

30%

Data source: FactSet

Data source: Russell
© 2 0©2026
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-10%

1c

Confidential – Not for Redistribution

40%

GLOBAL EQUITY, NON-U.S.
•

International developed equities delivered a solid but more measured quarter than the U.S. and emerging markets. Europe
ex-UK benefited from easing Middle East energy concerns and steadier sentiment, while Japan was a notable bright spot,
with a weak yen supporting exporters and financials. The UK lagged other developed markets, held back by its heavier
commodity exposure and more defensive sector mix.

•

Emerging markets were the strongest non-U.S. region, led by Korea and Taiwan, as investors continued to reward
semiconductor, memory, and broader AI infrastructure beneficiaries. Performance was strongest in AI-linked Asia, where
improving export momentum and strong demand tied to the AI buildout supported both earnings expectations and market
sentiment. By contrast, performance in China was softer, while more energy-sensitive markets in the Middle East and Latin
America generally lagged, leaving emerging-market leadership concentrated in technology supply-chain exposures rather
than broad-based across the asset class.

MSCI EAFE REGIONAL QUARTERLY RETURNS

MSCI EM REGIONAL QUARTERLY RETURNS

Quarter (Local)

Quarter (Local)

Quarter (USD)
13.9%

Europe (ex-UK)

13.0%

Latin America

3.4%

United
Kingdom

Quarter (USD)

-5.1%
-3.6%

4.1%
16.7%

Japan

30.7%

Asia

30.2%

14.2%
3.1%

Pacific (exJapan)

1.0%

EMEA

2.3%

3.7%
0%

5%

10%

15%

20%

-10%

Data source: MSCI
© 2 0©2026
2 6 FEG FEG

0%

10%

20%

30%

Data source: MSCI
Note: EMEA – Europe, Middle East, and Africa
1d

Confidential – Not for Redistribution

40%

GLOBAL EQUITY, PRIVATE

•

•

Venture capital (VC) activity improved, but
the recovery remained narrow and
concentrated in AI. Mega-rounds for
frontier AI and infrastructure platforms
drove much of the market. Early-stage
investing showed signs of stabilization,
though fundraising and exit conditions
remained uneven, with liquidity still
concentrated in a limited number of highprofile outcomes.
Buyout activity remained selective, with
sponsors prioritizing larger, higherconviction deals. Deal volume was mixed as
valuation gaps and slower exits continued
to weigh on activity. Fundraising favored
managers with demonstrated distributions
and clear value-creation plans.
Secondary market activity remained a major
liquidity channel, building on record 2025
volumes. LP-led and GP-led secondaries
continued to see strong activity, supported
by LP demand for liquidity and portfolio
rebalancing, as well as GP use of
continuation vehicles to hold high-quality
assets longer.

MEDIAN VENTURE CAPITAL AND BUYOUT VINTAGE YEAR IRR

As of December 31, 2025

Venture Capital

20%

Buyout

15%

Net IRR

•

Private equity reports performance on a lag;
the latest data available is through
December 31, 2025, unless otherwise
noted.

10%
5%
0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Vintage Year

Data source: LSEG; the most recent information available is through December 31, 2025

VENTURE CAPITAL AND BUYOUT FUNDRAISING ACTIVITY

As of June 30, 2026
$700

Commitments ($ Billions)

•

Venture Capital

Buyout

2014

2020

$600
$500
$400
$300
$200
$100
$0

2010

2012

2016

2018

2022

2024

2026

Vintage Year
Data source: Pitchbook
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1e

Confidential – Not for Redistribution

GLOBAL FIXED INCOME
•

•

•

The 10-year Treasury yield ended the
quarter modestly lower as crude oil
prices fell and anticipated inflation
lessened. Recent labor market data have
remained mixed, further complicating
expectations for the Fed Funds Rate.
While unemployment has stayed
relatively low and wage growth has
remained healthy, payroll growth has
slowed, and downward revisions suggest
hiring momentum is moderating.
Fixed income markets broadly posted
positive returns during the quarter. Credit
sectors outperformed as spread
tightening and coupon income more than
offset relatively flat Treasury returns
amid little change in interest rates.
The yield curve flattened during the
quarter, with the 2s/10s spread ending at
30 basis points (bps). This was primarily
due to a fall in the 10-year Treasury as
the market re-evaluated the Fed’s path.

BLOOMBERG U.S. FIXED INCOME INDEX RETURNS
3%
2.5%

2.5%

2%
1.3%
1%

0.7%

0.9%
0.6%
0.3%

0%
Aggregate

TIPS

Treasuries

Muni

MBS

Credit High Yield

Data source: FactSet

U.S. TREASURY YIELD CURVE
6%

June 2025

March 2026

June 2026

5%

4%

3%

2%
1Mth 3Mth 6Mth 1 Yr

2 Yr

3 Yr

5 Yr

7 Yr 10 Yr 15 Yr 20 Yr 30 Yr

Data source: FactSet
© 2 0©2026
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1f

Confidential – Not for Redistribution

REAL ASSETS
•

•

•

Listed real estate posted stronger results in the U.S. than across broader developed global markets during the second
quarter. The U.S. market benefited from improving sentiment around rate stability and a more constructive backdrop for
domestic REITs, while global allocations received less currency support than in 2025. In Europe, sticky inflation and a less
certain policy path weighed on property valuations.
Listed infrastructure returns remained positive in the second quarter, and performance was less narrowly driven than earlier
in the year. Energy-related infrastructure continued to hold up well, supported by steady demand for transportation and
storage assets, attractive income characteristics, and growing attention on long-term power and gas needs tied to AI and
data center growth.
Energy markets were choppy as geopolitical tensions involving Iran briefly raised concerns around global oil supply and
shipping routes. Crude prices rose on supply-risk headlines before easing as fears of immediate disruption faded. European
gas markets remained more exposed to LNG disruptions, while U.S. natural gas prices stayed relatively contained, given
sufficient inventories and seasonal demand patterns.

PUBLIC REAL ASSETS – REAL ESTATE, COMMODITIES, MLPs, AND INFRASTRUCTURE
FTSE NAREIT All Equity Index
Bloomberg Commodity Index
FTSE Global Listed Infrastructure 50/50 Index

FTSE EPRA/NAREIT Developed Property ex-U.S. Index
Alerian MLP Index

30%
25.5%

25%
20%
15%
10%
5%

23.1%

21.5%

20.5%

15.8%

15.4%
10.7%

10.1%
2.6%

1.4% 2.3%

11.7%

12.2%
9.4%

7.8%

7.7%

3.7%

2.6%

0%
-2.2%

-5%
-10%

-8.1%

Qtr
Data sources: NAREIT, FactSet, and Alerian
© 2 0©2026
2 6 FEG FEG

1 Yr

3 Yr
1g

5 Yr
Confidential – Not for Redistribution

DIVERSIFYING STRATEGIES
•

•

Hedge fund performance was strong during the quarter, with June extending earlier gains. The quarter delivered the
strongest returns since the fourth quarter of 2020, while the first half marked the best start to a year since 2021. This
follows a volatile March, when the onset of the conflict with Iran led to losses across many strategies, particularly hedged
equity and multi-strategy managers.
Hedged equity led performance, driven by technology and biotechnology. Gains were broad-based, with energy and equity
market-neutral posting relatively softer returns.

•

Within event-driven, activists and special situations led, while merger and credit arbitrage posted more modest gains.

•

Macro also finished the quarter with gains despite June's decline, only its second down month in the past 13 months.
Currency trading contributed positively, offsetting losses in commodities, while both systematic and discretionary managers
generated gains.
Relative value continued to post consistent returns, led by convertible, sovereign, and corporate bond strategies, while
volatility strategies were broadly flat.

•

HFRI INDICES PERFORMANCE RETURNS IN U.S. DOLLARS
Quarter

15%

YTD
10.6% 10.1%

10%
6.5%

7.6%

7.1%

7.9%

7.3% 6.8%

6.1%

5%

3.8%
2.1%

1.3%

0%
Fund
Weighted
Composite
Index

Fund
of Funds
Composite
Index

EventDriven
(Total)
Index

Relative
Value
(Total)
Index

Macro
(Total)
Index

Equity
Hedge
(Total)
Index

Data source: Hedge Fund Research
© 2 0©2026
2 6 FEG FEG

1h

Confidential – Not for Redistribution

The City of Grosse Pointe Woods Health Care Trust

Composite Investment Performance Summary

REPORT FOR PERIODS ENDING June 30, 2026
Annualized
Since

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Total Composite
70/30 Index 1

10.9%
10.6

11.5%
8.1

20.4%
17.5

13.9%
14.9

7.0%
7.8

9.5%
9.8

Domestic Equity
Schwab U.S. Large Cap ETF
DJ U.S. LC Total Stock Market Index
Invesco S&P 500 Equity Weighted Index
S&P 500 Equal Weighted Index
Schwab U.S. Mid Cap ETF
DJ U.S. MC Total Stock Market Index

15.1
15.1
11.3
11.4
19.4
19.4

10.0
10.0
12.0
12.1
23.2
23.2

21.7
21.7
19.0
19.2
33.2
33.2

20.5
20.5
17.6
17.6

12.7
12.7
8.8
8.8

Small Cap Equity
Vanguard S&P Small Cap 600 Index
S&P SmallCap 600 Index

19.7
19.7

23.9
23.9

37.5
37.5

16.0
16.0

International Equity
Schwab International Equity ETF
FTSE Developed ex U.S. Index
Schwab Emerging Markets ETF
FTSE All Emerging Index

14.8
14.7
11.9
12.1

15.0
14.9
9.3
9.1

29.3
29.2
23.0
22.9

Fixed Income
Schwab U.S. Aggregate Bond ETF
Bloomberg U.S. Aggregate Index
Schwab U.S. TIPS ETF
Bloomberg U.S. TIPS Index

0.6
0.7
0.9
0.9

0.7
0.6
1.3
1.2

3.7
3.8
3.4
3.4

© 2 0 2 6 FEG

Inception

Date

Market Value

9.5%
9.5

9.5%
9.4

5/16

$3,873,728

15.8
15.9
11.6
11.6

15.4
15.4
11.8
11.8

15.2
15.3
13.0
13.2
11.7
11.7

5/16

774,656

8/24

188,089

5/16

607,175

7.3
7.4

-

-

12.1
12.2

8/19

409,044

19.4
19.2
17.0
17.8

10.3
10.1
4.8
5.4

11.3
11.1
7.7
8.4

10.6
10.5
8.4
9.1

10.2
10.1
8.9
9.5

5/16

523,641

5/16

284,786

4.1
4.2
3.9
4.0

0.0
0.1
1.0
1.0

1.2
1.2
2.8
2.8

1.5
1.5
2.5
2.6

1.6
1.7
2.7
2.8

5/16

609,013

5/16

444,193

Confidential - For Client Use Only | 2

The City of Grosse Pointe Woods Health Care Trust

Composite Investment Performance Summary

REPORT FOR PERIODS ENDING June 30, 2026

Footnotes:
* Performance returns are net of investment management fees.
* Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows.
* Manager and index data represent the most current available at the time of report publication.
* For managers and indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
* The fiscal year ends in June.
1 70/30 Index is comprised of: 70.0% MSCI AC World Index and 30.0% Bloomberg U.S. Aggregate Index.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 3

The City of Grosse Pointe Woods Health Care Trust

Schedule of Asset and Style Allocation

REPORT FOR PERIODS ENDING June 30, 2026

Asset Class

Current
Weight

Target
Weight

Target
Range

Large Cap Equity

25.1%

25.0%

5.0% - 35.0%

Mid Cap Equity

15.8%

15.0%

0.0% - 30.0%

Small Cap Equity

10.7%

10.0%

5.0% - 30.0%

International Equity

13.6%

15.0%

5.0% - 25.0%

Emerging Markets

7.4%

5.0%

0.0% - 10.0%

Fixed Income

27.4%

30.0%

25.0% - 35.0%

Cash

0.0%

0.0%

Total

100.0%

100.0%

Asset Class - Style

Manager

Portfolio
Invested

Portfolio
Cash

Large Cap Equity - Broad

Invesco S&P 500 Equity Weighted Index

100.0%

0.0%

$188,089

4.9%

Large Cap Equity - Broad

Schwab U.S. Large Cap ETF

100.0%

0.0%

$774,656

20.2%

Mid Cap Equity - Broad

Schwab U.S. Mid Cap ETF

100.0%

0.0%

$607,175

15.8%

Small Cap Equity - Broad

Vanguard S&P Small Cap 600 Index

100.0%

0.0%

$409,044

10.7%

International Equity - Core

Schwab International Equity ETF

100.0%

0.0%

$523,641

13.6%

Emerging Markets - Core

Schwab Emerging Markets ETF

100.0%

0.0%

$284,786

7.4%

Fixed Income - Core

Schwab U.S. Aggregate Bond ETF

100.0%

0.0%

$609,013

15.9%

Fixed Income - TIPS

Schwab U.S. TIPS ETF

100.0%

0.0%

$444,193

11.6%

$3,840,597

100.0%

Sub-Total
Cash - Cash
Total

Cash

Market
Value

Current
Weight

$33,131
$3,873,728

© 2 0 2 6 FEG

Confidential - For Client Use Only | 4

Schwab U.S. Large Cap ETF

Broad Large Cap Universe

REPORT FOR PERIODS ENDING June 30, 2026

34%
- Schwab U.S. Large Cap ETF

28%

- DJ U.S. LC Total Stock Market Index

22%
% Return

Qtr

16%
10%

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

23.8% 18.2% 32.4% 25.9% 15.2% 18.9% 18.5% 18.2%

25th

16.7

10.9

22.4

21.6

13.0

16.4

16.4

16.1

50th

14.2

8.1

18.3

19.0

11.3

14.7

14.8

14.6

75th

10.8

5.2

14.1

16.0

9.6

12.8

12.8

12.7

95th

6.2

-0.1

3.7

10.6

5.8

9.9

10.5

10.5

4%
15.1% 10.0% 21.7% 20.5% 12.7% 15.8% 15.4% 15.2%
15.1

-2%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

10.0

21.7

20.5

12.7

15.9

15.4

15.3

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

29%

25%

21%
% Return

17%

13%

9%

5%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 5

Invesco S&P 500 Equity Weighted Index

Broad Large Cap Universe

REPORT FOR PERIODS ENDING June 30, 2026

34%
- Invesco S&P 500 Equity Weighted Index

28%

- S&P 500 Equal Weighted Index

22%
% Return

16%
10%

Qtr

YTD

1Yr

Since
8/24

5th

23.8%

18.2%

32.4%

24.8%

25th

16.7

10.9

22.4

18.7

50th

14.2

8.1

18.3

15.4

75th

10.8

5.2

14.1

12.7

95th

6.2

-0.1

3.7

5.6

11.3%

12.0%

19.0%

13.0%

11.4

12.1

19.2

13.2

4%
-2%
Qtr

YTD

1Yr

Since 8/24

Report From September 30, 2024 to June 30, 2026
1 Year Rolling Periods

33%

28%

23%
% Return

18%

13%

8%

3%

© 2 0 2 6 FEG

9/25

12/25

3/26

6/26

Confidential - For Client Use Only | 6

Schwab U.S. Mid Cap ETF

Broad Mid Cap Universe

REPORT FOR PERIODS ENDING June 30, 2026

39%
- Schwab U.S. Mid Cap ETF

32%

- DJ U.S. MC Total Stock Market Index

25%
% Return

Qtr

18%
11%

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

25.1% 24.2% 37.0% 22.0% 12.3% 14.5% 15.1% 14.8%

25th

18.1

18.1

27.6

16.6

9.6

11.8

12.3

12.2

50th

14.3

13.3

19.6

14.5

7.4

10.8

10.9

10.7

75th

10.1

8.7

9.0

11.1

3.9

8.9

9.8

9.6

95th

4.9

0.8

-1.5

4.5

-0.5

5.9

8.3

8.2

4%
-3%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

19.4% 23.2% 33.2% 17.6%

8.8% 11.6% 11.8% 11.7%

19.4

8.8

23.2

33.2

17.6

11.6

11.8

11.7

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

29%

24%

19%
% Return

14%

9%

4%

-1%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 7

Vanguard S&P Small Cap 600 Index

Broad Small Cap Universe

REPORT FOR PERIODS ENDING June 30, 2026

60%
- Vanguard S&P Small Cap 600 Index

50%

- S&P SmallCap 600 Index

40%
% Return

30%
20%

Qtr

YTD

1Yr

3Yr

5Yr

Since
8/19

5th

32.3%

34.8%

55.3%

24.4%

12.4%

17.2%

25th

24.2

24.7

40.2

18.8

9.2

13.6

50th

19.7

21.4

33.2

16.3

7.5

12.2

75th

16.0

17.6

26.9

13.6

5.5

10.5

95th

10.4

7.5

9.8

7.8

0.5

7.1

19.7%

23.9%

37.5%

16.0%

7.3%

12.1%

19.7

23.9

37.5

16.0

7.4

12.2

10%
0%
Qtr

YTD

1Yr

3Yr

5Yr

Since 8/19

Report From September 30, 2019 to June 30, 2026
5 Year Rolling Periods

27%

22%

17%
% Return

12%

7%

2%

-3%

© 2 0 2 6 FEG

9/24

12/24

3/25

6/25

9/25

12/25

3/26

6/26

Confidential - For Client Use Only | 8

Schwab International Equity ETF

Summary of Performance and Statistics

REPORT FOR PERIODS ENDING June 30, 2026

Performance Results

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
Inception

Inception
Date

Schwab International Equity ETF

14.8%

15.0%

29.3 %

19.4%

10.3%

11.3%

10.6%

10.2%

5/16

14.7

14.9

29.2

19.2

10.1

11.1

10.5

10.1

FTSE Developed ex U.S. Index

Risk Statistics (5 years)

Beta

Alpha

R²

Standard
Deviation

Tracking
Error

Information
Ratio

Schwab International Equity ETF

1.00

0.2%

1.00

18.1%

0.1%

1.7

FTSE Developed ex U.S. Index

1.00

0.0

1.00

18.0

0.0

--

Portfolio Statistics

Trailing
P/E

Trailing
P/B

Schwab International Equity ETF

15.8

1.8

FTSE Developed ex U.S. Index

--

--

Wtd Avg
Mkt Cap

Current
Yield

Equity Annual
Turnover

96,315.0 M

2.8%

3.8%

--

--

--

* Risk Statistics are based on monthly data.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 9

Schwab International Equity ETF

International Equity Universe

REPORT FOR PERIODS ENDING June 30, 2026

37%
- Schwab International Equity ETF

31%

- FTSE Developed ex U.S. Index

25%
% Return

Qtr

19%
13%

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

18.9% 18.4% 35.5% 24.2% 13.5% 13.2% 12.0% 11.5%

25th

13.4

13.6

26.2

19.5

10.3

11.4

10.5

10.1

50th

10.9

10.2

21.4

16.7

8.4

10.1

9.7

9.4

75th

8.0

7.6

15.7

13.6

6.2

8.8

8.9

8.4

95th

3.0

2.5

5.1

8.1

1.0

6.4

7.2

6.9

7%
14.8% 15.0% 29.3% 19.4% 10.3% 11.3% 10.6% 10.2%
14.7

1%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

14.9

29.2

19.2

10.1

11.1

10.5

10.1

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

22%

18%

14%
% Return

10%

6%

2%

-2%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 10

Schwab Emerging Markets ETF

Summary of Performance and Statistics

REPORT FOR PERIODS ENDING June 30, 2026

Performance Results

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
Inception

Inception
Date

Schwab Emerging Markets ETF

11.9%

9.3%

23.0 %

17.0%

4.8%

7.7%

8.4%

8.9%

5/16

FTSE All Emerging Index

12.1

9.1

22.9

17.8

5.4

8.4

9.1

9.5

Risk Statistics (5 years)

Beta

Alpha

R²

Standard
Deviation

Tracking
Error

Information
Ratio

Schwab Emerging Markets ETF

0.99

-0.6%

1.00

16.7%

0.7%

-0.9

FTSE All Emerging Index

1.00

0.0

1.00

16.9

0.0

--

Portfolio Statistics

Trailing
P/E

Trailing
P/B

Schwab Emerging Markets ETF

15.7

2.3

FTSE All Emerging Index

--

--

Wtd Avg
Mkt Cap

Current
Yield

Equity Annual
Turnover

279,006.0M

2.4%

5.7%

--

--

--

* Risk Statistics are based on monthly data.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 11

Schwab Emerging Markets ETF

Emerging Markets Universe

REPORT FOR PERIODS ENDING June 30, 2026

64%
- Schwab Emerging Markets ETF

53%

- FTSE All Emerging Index

42%
% Return

Qtr

31%
20%

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

31.3% 36.5% 62.0% 28.7% 11.7% 13.1% 12.2% 12.8%

25th

25.3

29.3

51.7

25.2

8.6

11.1

10.7

11.0

50th

21.0

24.2

42.2

21.9

6.8

9.8

9.7

10.0

75th

16.6

17.1

31.6

17.9

4.6

8.2

8.3

8.7

95th

1.4

1.5

10.1

11.1

-0.8

5.4

6.1

6.4

11.9%

9.3% 23.0% 17.0%

4.8%

7.7%

8.4%

8.9%

12.1

9.1

5.4

8.4

9.1

9.5

9%
-2%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

22.9

17.8

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

19%

15%

11%
% Return

7%

3%

-1%

-5%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 12

Schwab U.S. Aggregate Bond ETF

Summary of Performance and Statistics

REPORT FOR PERIODS ENDING June 30, 2026

Performance Results

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
Inception

Inception
Date

Schwab U.S. Aggregate Bond ETF

0.6 %

0.7%

3.7 %

4.1%

0.0%

1.2%

1.5%

1.6%

5/16

0.7

0.6

3.8

4.2

0.1

1.2

1.5

1.7

Bloomberg U.S. Aggregate Index

Risk Statistics (5 years)

Beta

Alpha

R²

Standard
Deviation

Tracking
Error

Information
Ratio

Schwab U.S. Aggregate Bond ETF

1.00

0.0%

1.00

6.4%

0.2%

-0.2

Bloomberg U.S. Aggregate Index

1.00

0.0

1.00

6.4

0.0

--

Portfolio Statistics
Schwab U.S. Aggregate Bond ETF
Bloomberg U.S. Aggregate Index

Effective
Duration

Wtd Avg
Maturity

Wtd Avg
Credit

Yield to
Worst

FI Annl
Turnover

5.8 yrs

8.1 yrs

AA

4.7%

-- %

5.8

8.1

AA

4.7

--

* Risk Statistics are based on monthly data.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 13

Schwab U.S. Aggregate Bond ETF

Core Fixed Income Universe

REPORT FOR PERIODS ENDING June 30, 2026

10%
- Schwab U.S. Aggregate Bond ETF

8%

- Bloomberg U.S. Aggregate Index

6%
% Return

4%
2%

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

2.0%

1.5%

5.1%

6.5%

1.9%

2.6%

3.0%

3.2%

25th

1.0

1.0

4.2

4.9

0.5

1.8

2.2

2.4

50th

0.8

0.7

3.9

4.4

0.2

1.5

1.8

2.0

75th

0.7

0.6

3.6

4.1

-0.1

1.2

1.5

1.7

95th

0.5

0.3

3.3

3.6

-0.8

0.7

1.2

1.3

0.6%

0.7%

3.7%

4.1%

0.0%

1.2%

1.5%

1.6%

0.7

0.6

3.8

4.2

0.1

1.2

1.5

1.7

0%
-2%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

10%

8%

6%
% Return

4%

2%

0%

-2%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 14

Schwab U.S. TIPS ETF

Summary of Performance and Statistics

REPORT FOR PERIODS ENDING June 30, 2026

Performance Results

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
Inception

Inception
Date

Schwab U.S. TIPS ETF

0.9 %

1.3%

3.4 %

3.9%

1.0%

2.8%

2.5%

2.7%

5/16

0.9

1.2

3.4

4.0

1.0

2.8

2.6

2.8

Bloomberg U.S. TIPS Index

Risk Statistics (5 years)

Beta

Alpha

R²

Standard
Deviation

Tracking
Error

Information
Ratio

Schwab U.S. TIPS ETF

1.00

0.0%

1.00

6.1%

0.2%

-0.2

1.00

0.0

1.00

6.1

0.0

--

Bloomberg U.S. TIPS Index

Portfolio Statistics

Effective
Duration

Wtd Avg
Maturity

Wtd Avg
Credit

Yield to
Worst

FI Annl
Turnover

Schwab U.S. TIPS ETF

4.5 yrs

7.2 yrs

AA

4.4%

-- %

4.5

7.2

AA

4.4

--

Bloomberg U.S. TIPS Index

* Risk Statistics are based on monthly data.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 15

Schwab U.S. TIPS ETF

TIPS Universe

REPORT FOR PERIODS ENDING June 30, 2026

10%
- Schwab U.S. TIPS ETF

8%

- Bloomberg U.S. TIPS Index

6%
% Return

4%
2%

Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since
5/16

5th

1.8%

1.7%

4.2%

5.4%

3.5%

4.4%

4.1%

3.9%

25th

0.9

1.4

3.5

5.0

2.6

3.5

2.9

3.0

50th

0.8

1.2

3.2

4.4

1.2

2.9

2.6

2.8

75th

0.6

1.0

2.9

3.8

0.6

2.6

2.4

2.6

95th

0.5

0.4

2.3

3.1

-0.3

1.8

1.6

1.8

0.9%

1.3%

3.4%

3.9%

1.0%

2.8%

2.5%

2.7%

0.9

1.2

3.4

4.0

1.0

2.8

2.6

2.8

0%
-2%
Qtr

YTD

1Yr

3Yr

5Yr

7Yr

10Yr

Since 5/16

Report From June 30, 2016 to June 30, 2026
5 Year Rolling Periods

11%

9%

7%
% Return

5%

3%

1%

-1%

6/21

© 2 0 2 6 FEG

12/21

6/22

12/22

6/23

12/23

6/24

12/24

6/25

12/25

6/26

Confidential - For Client Use Only | 16

The City of Grosse Pointe Woods Health Care Trust

Index Summary Sheet
Global Equity
MSCI AC World Index
MSCI World Index
S&P 500 Index
Russell 3000 Index
Russell 1000 Index
Russell 1000 Growth Index
Russell 1000 Value Index
Russell Midcap Index
Russell Midcap Growth Index
Russell Midcap Value Index
Russell 2000 Index
Russell 2000 Growth Index
Russell 2000 Value Index
Russell Microcap Index
MSCI AC World Index ex-U.S.
MSCI EAFE Index
MSCI EAFE Growth Index
MSCI EAFE Value Index
MSCI Small Cap EAFE Index
MSCI Emerging Markets Index
MSCI Emerging Markets Small Cap Index
MSCI Frontier Markets Index
HFRI Equity Hedge Index
HFRI Emerging Markets
HFRI FOF: Strategic Index
LSEG All Private Equity Index
LSEG Buyout Index
LSEG Fund of Funds Index
LSEG Venture Capital Index
Global Fixed Income
Bloomberg U.S. Aggregate Index
Bloomberg U.S. TIPS Index
Bloomberg Government Bond Index
Bloomberg Municipals Index
Bloomberg Asset Backed Index

© 2 0 2 6 FEG

REPORT FOR PERIODS ENDING June 30, 2026

Qtr
14.9%
13.8
15.2
15.4
15.1
16.7
13.9
13.8
14.5
13.4
21.5
25.7
17.2
25.6
14.5
10.8
14.5
7.5
9.0
24.1
13.7
11.2
10.6
7.0
10.3
0.0
0.0
0.0
0.0

YTD
11.2%
9.7
10.2
10.9
10.3
5.3
16.3
15.3
7.3
17.6
22.6
22.2
23.0
27.5
13.7
9.4
9.1
9.6
7.6
23.8
12.9
10.2
10.1
6.5
10.0
1.0
-1.0
0.8
5.2

1 Yr
23.7%
21.3
22.3
22.8
22.0
17.7
27.1
21.6
6.2
26.6
40.8
38.7
43.0
58.5
27.7
20.2
13.7
27.0
17.4
43.5
20.9
34.9
21.4
16.8
20.4
8.4
3.1
9.2
18.5

3 Yr
19.7%
19.2
20.6
20.4
20.5
22.6
17.8
16.5
15.6
16.5
18.6
18.4
18.7
24.0
18.8
16.4
11.5
21.5
15.7
23.0
16.3
23.4
14.9
12.7
13.0
7.1
6.3
6.5
8.6

Annualized
5 Yr
11.0%
11.5
13.4
12.3
12.7
13.7
11.2
8.5
6.0
9.5
7.0
5.6
8.2
7.1
8.8
9.0
4.9
13.1
5.4
7.2
7.2
8.7
7.5
4.8
5.8
4.7
6.4
3.4
3.1

10 Yr
12.8%
13.1
15.5
15.1
15.3
18.6
11.5
12.0
13.0
10.6
11.6
12.0
10.9
12.5
9.9
9.7
8.6
10.4
8.6
10.1
9.5
9.0
9.2
6.9
6.7
13.9
13.2
12.6
14.5

0.7
0.9
0.3
2.5
0.8

0.6
1.2
0.3
2.3
1.1

3.8
3.4
2.7
7.0
4.0

4.2
4.0
3.2
3.8
5.3

0.1
1.0
-0.4
1.1
2.5

1.5
2.6
0.9
2.1
2.4

Confidential - For Client Use Only | 17

The City of Grosse Pointe Woods Health Care Trust

Index Summary Sheet
Global Fixed Income (continued)
Bloomberg US MBS Index
Bloomberg IG CMBS Index
Bloomberg U.S. Credit Index
Bloomberg U.S. Corporate HY Index
Bloomberg Intermediate U.S. G/C Index
ICE BofA 1-3 Yr. Govt. Bond Index
U.S. 91-Day Treasury Bills
S&P UBS Leveraged Loan Index
JPMorgan Non-U.S. GBI Hedged Index
JPMorgan Non-U.S. GBI Index
JPMorgan EMBI Plus Index
JPMorgan EMBI Global Index
HFRI RV: Fixed Income - Corporate Index
HFRI ED: Distressed/Restructuring Index
LSEG Distressed Index
Real Assets
FTSE NAREIT All Equity Index
S&P Developed BMI Property Index
S&P Developed ex-U.S. Property Index
NCREIF Property Index
Bloomberg Commodity Index Total Return
Alerian MLP Index
NCREIF Timberland Index
LSEG Private Real Estate Index
S&P Real Assets Equity Total Return Index
Diversifying Strategies
HFRI Fund of Funds Index
HFRI Fund Weighted Composite Index
HFRI FOF: Conservative Index
HFRI Event Driven
HFRI Relative Value Total Index
HFRI Macro Index
Other
Consumer Price Index - U.S.
U.S. Dollar Index

REPORT FOR PERIODS ENDING June 30, 2026

Qtr
0.6%
0.5
1.3
2.5
0.4
0.4
0.9
0.3
1.4
0.0
4.2
4.0
2.6
5.7
0.0

YTD
1.0%
0.8
0.8
2.0
0.4
0.7
1.8
-0.2
0.8
-2.7
3.6
2.8
2.7
8.5
1.2

1 Yr
5.2%
4.0
4.3
5.9
3.1
2.9
3.8
2.7
1.1
-6.0
9.6
10.6
6.6
16.1
3.7

3 Yr
4.6%
5.9
5.2
8.9
4.7
4.4
4.5
7.0
3.9
-0.1
10.2
9.5
8.3
12.0
5.0

Annualized
5 Yr
0.5%
1.2
0.4
4.2
1.2
1.9
3.6
5.6
0.4
-5.6
0.5
2.5
4.5
6.8
7.0

10 Yr
1.4%
2.4
2.5
5.8
1.9
1.8
2.3
5.3
1.3
-2.3
1.8
3.5
5.8
7.8
9.6

10.7
7.8
1.5
0.0
-8.1
1.4
0.0
0.0
1.8

14.9
8.9
-2.5
1.2
14.4
18.5
1.1
-0.8
10.1

15.4
13.1
3.1
3.6
25.5
21.5
3.4
-1.9
16.3

10.1
10.2
9.6
0.7
11.7
23.1
6.2
-2.0
11.6

3.7
2.0
-0.8
3.0
9.4
20.5
8.3
2.6
6.1

5.9
3.7
2.9
4.6
5.8
9.2
5.4
5.6
6.2

7.1
6.5
3.4
7.3
2.1
1.3

7.9
7.6
4.6
6.8
3.8
6.1

15.9
16.4
10.1
13.6
8.0
15.1

10.5
11.5
7.5
11.9
8.1
6.4

5.7
6.6
5.2
6.6
5.4
5.3

5.9
7.3
5.1
7.5
5.4
4.3

1.1
1.2

2.5
2.9

4.0
4.5

3.2
-0.6

4.2
1.8

3.4
0.5

* For indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.

© 2 0 2 6 FEG

Confidential - For Client Use Only | 18

Definitions
Alpha – Measures how well a portfolio performed versus its benchmark after factoring in the amount of risk (as measured by beta) taken.
Technically, alpha is the difference between the excess return of a portfolio and the excess return of the benchmark multiplied by beta.
Excess return is simply the actual return minus the return of the risk-free asset, U.S. Treasury Bill. A positive alpha indicates the portfolio
has performed better than the benchmark on a risk-adjusted basis.
Annual Standard Deviation – A measure of variability in returns. The annual standard deviation measures the dispersion of annual returns
around the average annualized return.
Beta –
A coefficient measuring a portfolio’s relative volatility with respect to its market. Technically, beta is the covariance of a
portfolio’s return with the benchmark portfolio’s return divided by the variance of the benchmark portfolio’s return. Thus, a portfolio with a
beta greater than 1.00, indicates the portfolio experienced greater volatility than the benchmark, whereas a portfolio with a beta less than
1.00, indicates the portfolio experienced less volatility than the benchmark.
Consumer Price Index – Measures the change in consumer prices, as determined by a monthly survey of the U.S. Bureau of Labor
Statistics. CPI components include housing costs, food, transportation and electricity.
Duration – A measure of the price sensitivity of a bond or bond portfolio to a change in interest rates.
Information Ratio – Describes the risk / reward trade-off of alpha and tracking error. Because the formula for calculating information ratio
is Alpha divided by Tracking Error, the larger the information ratio, the more attractive the portfolio is from an overall risk return profile.
Max Drawdown – The maximum loss incurred by a portfolio during a specified time period.
R2 –
Also called the coefficient of determination. On the detail page, R2 measures how much of the variation in the investment
manager’s returns can be explained by movements in the market (benchmark).
Sharpe Ratio – A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The
higher the Sharpe ratio, the better the manager's historical risk-adjusted performance.
Tracking Error – A measure that describes the volatility of the expected excess return (alpha) achieved through active management. Since
excess return can only be achieved through a portfolio that actively differs from the benchmark, the level of tracking error is indicative of
how different the portfolio will perform relative to any given benchmark.

© 22002266FEG
FEG

Confidential - For Client Use Only

Disclosure
This one-on-one report was prepared by FEG Investment Advisors (also known as FEG), a federally registered investment adviser under the Investment Advisers Act of 1940, as
amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment advisor does not imply a certain level
of skill or training. The oral and written communications of an advisor provide you with information about which you determine to hire or retain an advisor. FEG’s Form ADV can be
obtained by written request directed to: FEG Investment Advisors, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention: Compliance Department.
The information herein was obtained from various sources. FEG does not guarantee the accuracy or completeness of such information provided by third parties. The information in
this report is given as of the date indicated and believed to be reliable. FEG assumes no obligation to update this information, or to advise on further developments relating to it.
FEG, its affiliates, directors, officers, employees, employee benefit programs and client accounts may have a long position in any securities of issuers discussed in this report.
All clients are urged to carefully review their custodial statements to verify accuracy. Clients should contact their custodians if they have any questions regarding their custodial
statements.
Market Values and return statistics for time periods pre-dating FEG’s relationship with clients may include data provided by the clients and/or a previous consultant is assumed to
be accurate. However, this information is not independently verified by FEG.
Returns are presented gross of FEG advisory fees and net of underlying manager fees for non-discretionary clients. For discretionary clients, returns are presented net of FEG
management fees and net of underlying manager fees.

Performance results are calculated using information provided by the custodians, managers, and/ or independent pricing sources. It is the responsibility of the trustee, custodian
and /or manager to ensure the accuracy of market value and transactional data. Performance analysis is calculated using monthly and/or quarterly market values. Performance
analysis and asset valuations may or may not include accrued interest and dividend income.
FEG’s universes are updated monthly, and the traditional asset classes are constructed from Lipper data feeds encompassing over 19,000 mutual funds. Lipper classifies
approximately 50 asset classes according to the funds’ investment objectives and portfolio attributes. FEG screens the Lipper universes to include only institutional and no-load
funds. However, because the Lipper data may treat multiple share classes of the same fund as separate funds for the purposes of constructing their universes, FEG further screens
the universes to eliminate multiple share classes within the institutional and no-load funds (examples include retirement-share classes and 529-share classes) in an effort to
present pure-institutional universes.
Monitoring of managers includes fundamental research for all investment managers, as well as enhanced coverage for managers that have been approved for FEG’s recommended
list. A Quarterly Content Questionnaire is the basis of fundamental coverage and requests qualitative (e.g., personnel, organizational changes) and quantitative information
(performance, cash flows) on all investment strategies for ongoing monitoring and adherence to investment policy. Clients may have exposure to both fundamental and
recommended managers in their portfolio depending on their unique needs. FEG conducts conference calls directly with the active managers that receive enhanced coverage.
Clients are encouraged to contact FEG immediately if there are changes to their financial situation or investment objectives, or if they wish to impose or modify restrictions on the
management of their account(s). Please notify your adviser immediately if you believe that any information on file is incorrect or have had changes that have not been previously
discussed.
Index performance results do not represent any managed portfolio returns. An investor cannot invest directly in a presented index, as an investment vehicle replicating an index
would be required. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown.
This report is prepared for informational purposes only. Past performance is not indicative of future results.

© 2 0 2 6 FEG

Confidential - For Client Use Only

INVOICE
DATE

INVOICE #

7/31/26

202607131

201 East Fifth Street, Suite 1600
Cincinnati, Ohio 45202

Fee Schedule: includes CIS
.12% first $50 Million
.10% next $50 Million
.05% next $150 Million
.04% next $250 Million
.03% over $500 Million
Minimum annual fee $60,000

BILL TO:
The Retiree Health Care Benefits Plan & Trust of
the City of Grosse Pointe Woods
Steven Schmidt
20025 Mack Plaza
Grosse Pointe Woods, MI 48236

Professional Services for the period

1/1/26-3/31/26

AMOUNT
Based on the market value of

$

3,482,194

@

3/31/26

=

Total Amount Due
Payment due upon receipt of invoice

Reference:

DAVIS

Inception:

12/1/2015

Note: Assets of Employee Retirement System and Healthcare Benefits Plan are aggregated for fee break purposes.

Remittance Information
Please include invoice number and make payable to Fund Evaluation Group
Mail: P.O. Box 639176, Cincinnati, OH 45263-9176
Wire or ACH: Fifth Third Bank, 38 Fountain Square Plaza, Cincinnati, OH 45263, R/T #042000314, Account #7027869440
Remittance information to [email protected]

$

1,024.00

$

1,024.00