On the agenda: Westwhiteland meeting — data center (Jan 28)

WEST WHITELAND TOWNSHIP
PENSION ADVISORY BOARD
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Wednesday, January 28, 2026
9:00 a.m.
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1. Election of Chair & Vice Chair
2. Approval of minutes – October 22, 2025
3. Review of Pension Investment Policy
4. OPEB and Pension Plans performance review (PFM < Don Grant)
a. Comparison to benchmarks
b. Review of economic and market indicators
5. Any new business from PAB members?
Adjournment

Pension Advisory Board 2026 Meeting Schedule
April 22, 2026 at 9:00 am
July 22, 2026 at 9:00 am
October 28, 2026 at 9:00 am
January 27, 2027 at 9:00 am

***Note: Meeting Packets can be found on Township website***

WEST WHITELAND TOWNSHIP
PENSION ADVISORY BOARD MINUTES
October 22, 2025

Members Present
Tom Belisari
Denise Bailey
Chris Bamber
Jack Ellis
John Weller, Non-Uniformed Representative

Township Staff Present
Caroline Partridge, Finance Director
Pamela Gural-Bear, Township Manager

Supervisors Present
Brian Dunn
The meeting was called to order at 9:08 A.M.
1.

2.

Approval of Minutes – July 23, 2025
MOTION:

To approve the April 23, 2025, Minutes as presented.

ACTION:

The motion was unanimously approved.
(Bailey/Bamber)

Review of Pension Investment Policy

Mr. Bamber explained that the Investment Policy Statement is the “Bible” that sets out ground
rules that the Township must follow when making decisions about investments for the pension
funds. The current Investment Policy was adopted in 2007 and has held up well. Mr. Bamber
said the Investment Guidelines on page 10 of the document “still make sense”, but in an effort
to bring the Policy up to date, Mr. Grant presented addendums for consideration.
Mr. Grant noted that PFM has seen some structural changes and recommends making the
following amendments:
• Under Asset Classes:
o add dedicated allocations under Fixed Income Assets for Investment Grade and
Below Investment Grade (or high yield).
o add “Listed Real Assets” as an Asset Class with Listed REITs and Listed
Infrastructure within that class.
o Change Asset Weightings Target to 36% for Domestic Equity, 18% for
International Equity, 37% for Investment Grade, 3% for Below Investment Grade,
3% for Listed REITS and 3% for Listed Infrastructure.
• Remove the “Real Return” asset class (in all places – definition, target allocation, and
managers’ portfolio paragraph).
• Corresponding changes made in definitions and other pertinent places throughout the
Investment Policy to reflect the changes made under Asset Classes referenced above.

Pension Advisory Board
October 22, 2025
In response to a question from Mr. Belisari, Mr. Grant said PFM was looking at Lazard Global
Listed Infrastructure and NYLI CBRE Global Infrastructure Fund for managers for the
Infrastructure Asset Class. Mr. Belisari said Infrastructure is long-term and believed it should
definitely be considered, especially at the 3% target. Under the Infrastructure category, Mr.
Weller asked if data centers can be excluded, noting their volatility. Mr. Bamber said he has
serious reservations regarding such “boom towns” as the Township’s horizon for the pension
plans is “forever”. Mr. Grant said data centers can be excluded. You can fine tune where and
for what purpose you want the money to go.
Mr. Bamber asked if 0-20 is the tightest band for the asset weightings range. Mr. Grant said it
was not; that it could be tighter noting that this is only the first draft. Mr. Belisari pointed out
that the proposed changes are not “huge,” but rather will “fine tune” more specific indexes and
better inform where the money is going.
Members will review the proposed addendums further in January for presentation to the Board
of Supervisors.
3.

OPEB and Pension Plans performance review (PFM – Don Grant)

Mr. Grant reviewed market performance and described the market as resilient, but added that
the market is not the economy and vice-versa. The Russell 3000 is up 8.1% for the third quarter
and up 14.4% YTD. Valuations are stretched, and there are strong investments in Artificial
Intelligence (AI) propping up the market. Small Caps have come roaring back ad high yields are
also doing well.
In the International market, MSCI AC World ex USA is 26.02% YTD due in part to the decrease
in the US dollar.
Emerging Markets at 10.64% for the quarter and 27% YTD is largely because of AI. Mr. Grant
said the only asset class struggling is Real Estate which is up 4.9% YTD.
With the federal government in its 22nd day of a shut down, Mr. Grant expressed concern about
receiving timely data regarding labor markets, consumer spending, etc. Another rate cut is
expected next week when the Federal Reserve meets again.
Inflation is at 2.9% over the target of 2.0%. The price of oil is down; housing costs are “sticky”
with rents still high; and the labor market is weakening at 4.3% unemployment. GDP was
relatively strong for the 2nd quarter at 3.8% over the anticipated 1.9%.
The University of Michigan consumer sentiment survey shows K-shape meaning higher income
households are propping up consumer spending – the wealth effect.
Mr. Grant said we can anticipate more volatility, but still remain resilient.
Mr. Bamber asked if PFM has any alternative data sources on employment, noting concerns about
late data as well as the ways data is calculated. Mr. Grant said there is privately acquired data
such as ADP, and also consumer information from the University of Michigan Consumer Sentiment

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Pension Advisory Board
October 22, 2025
survey. Mr. Grant said corporations are currently operating under “Don’t hire – Don’t fire” and
hoping the use of AI will make employees more productive.
Manufacturing is still contracting for the seventh consecutive month, but Services remain
elevated. The S&P 500 earnings growth of 14.9% falls to 6.7% without the MAG 7, but Mr. Grant
said 6.7% is still decent growth. Mr. Belisari asked how the money managers deal with this effect
of the MAG 7. Mr. Grant said they have the luxury of multi-asset classes and in the long term,
it’s just “noise”.
Of the “Factors to Consider Over the Next 6-12 Months”, Mr. Grant said he agrees with 8 of the
9 factors. Political risk has moved from negative to slightly negative. While he acknowledged
that things have cooled somewhat with Israel, Venezuela is becoming a hot spot and conflicts
with Ukraine/Russia persist. Mr. Grant said he believes that trade policy should also be included
in “political risk”.
Mr. Belisari asked if consumers have seen the worst of the tariffs. Mr. Grant said it depends as
some businesses are passing the cost onto consumers while others are not but may choose to do
so in the future. Mr. Grant said he believes tariffs are a one-time change rather than something
that impacts inflation. Consumers could always decrease demand, which would then lower costs.
Police Plan Performance:
The market value of the Police Plan as of September 30, 2025, was $25,135,567, and shows
5.14% quarterly return vs. benchmark of 5.43%, and YTD 12.75% vs. the benchmark of 13.48%.
Mr. Grant explained this underperformance at the last meeting. When markets were pointing to
an economic slowdown earlier in the year, PFM removed high yields from the portfolio and kept
the underweight to Domestic and International and the overweight to Fixed Income. PFM stayed
defensive, but the markets snapped back.
Underperformance this quarter was due in part to Undiscovered Managers Behavioral Value R6
with 5.31% for the quarter with Russell 2000 Value Index at 12.6%. The biggest detractor they
experienced was a lack of exposure to the bio-tech sector. They also had poor stock selection in
all sectors. Mr. Grant explained that generally managers are given three years before replacing,
but they do have this manager on internal watch and have other managers in the wings.
Under International Equity, Goldman Sachs also underperformed with 0.35% for the quarter vs.
6.89% benchmark. Mr. Grant said this was due in part to a lack of exposure in China, and PFM
is keeping a close eye on this.
Noting the concerns regarding MAG 7 and AI, Mr. Bamber asked if there was a way to get an
overlay of all the individual securities in the equity sleeve that comprise the pension fund. Mr.
Grant said he can provide that at the next meeting.
The market value of the Police Plan as September 30, 2025, was $25,135,567 with net flows of
$235,765, and ROI of $1,234,347. YTD net flows were $1,019,733, and YTD ROI was $2,884,333.
Mr. Grant said asset allocations are basically in line with strategic targets.

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Pension Advisory Board
October 22, 2025
Non-uniformed Plan Performance:
The Non-Uniformed Plan experienced similar results and allocations as the Police Plan. Market
value as of September 30, 2025, was $11,227,267, with a return for the quarter of 5.13% vs.
benchmark of 5.43% and since inception ROI of 7.99% The plan had quarterly out flows of
$134,739 and ROI quarterly of $551,830
OPEB Plan Performance:
The OPEB Plan also experienced similar results and allocations. The market value as of September
30, 2025, was $4,164,853, with quarterly return of 5.12% vs. 5.43% benchmark. Return since
inception is 8.37% vs. 8.32% benchmark. Quarterly outflows were $3,187 and quarterly ROI
was $202,977.
Mr. Bamber said the fully funded OPEB Plan distinguishes West Whiteland Township from other
municipalities that are currently well below their OPEB funding needs.
Adjournment
The meeting adjourned at 10:41 a.m.
Respectfully Submitted,
Caroline Partridge
Caroline Partridge,
Finance Director/Recording Secretary

4

INVESTMENT POLICY STATEMENT
FOR
WEST WHITELAND TOWNSHIP
POLICE PENSION PLAN
Approved March 10, 2021
Revised September 14, 2022

TABLE OF CONTENTS
SECTION

PAGE

Purpose ......................................................................................................................................... 3
Investment Authority .................................................................................................................... 3
Statement of Investment Objectives ............................................................................................. 4
Investment Guidelines .................................................................................................................. 5
Time Horizon
Liquidity and Diversification
Asset Allocation
Rebalancing Philosophy
Risk Tolerance
Performance Expectations
Selection of Investment Managers ................................................................................................ 7
Guidelines for Portfolio Holdings................................................................................................. 7
Direct Investments by Advisor
Limitations on Managers’ Portfolios
Portfolio Risk Hedging
Prohibited Portfolio Investments
Safekeeping
Control Procedures ..................................................................................................................... 10
Review of Investment Objectives
Review of Investment Performance
Voting of Proxies
Adoption of Investment Policy Statement ................................................................................... 11

2

West Whiteland Township has established a defined benefit pension fund, known as the West Whiteland
Township Police Pension Plan (the “Fund”). This Fund provides retirement benefits for those employees
who meet the age and service requirements outlined in the plan document. The Fund consists of
contributions from both West Whiteland Township and pension plan participants. The Board of
Supervisors for the Township with recommendation from the Pension Advisory Board hereby adopt this
Investment Policy Statement (“Policy Statement”) for the following purposes.

Purpose
The main investment objective of the Fund is to achieve long-term growth of Fund assets by maximizing
long-term rate of return on investments and minimizing risk of loss to fulfill West Whiteland Township’s
current and long-term pension obligations.
The purpose of this Policy Statement is to achieve the following:
1. Document investment objectives, performance expectations and investment guidelines for
Fund assets.
2. Establish an appropriate investment strategy for managing all Fund assets, including an
investment time horizon, risk tolerance ranges and asset allocation to provide sufficient
diversification and overall return over the long-term time horizon of the Fund.
3. Establish investment guidelines to control overall risk and liquidity.
4. Establish periodic performance reporting requirements to monitor investment results and
confirm that the investment policy is being followed.
5. Comply with fiduciary, prudence, due diligence and legal requirements for Fund assets.

Investment Authority
The West Whiteland Township has appointed a Pension Advisory Board (the “PAB”) to oversee certain
policies and procedures related to the operation and administration of the Fund. The PAB will have
authority to implement the investment policy and guidelines in the best interest of the Fund to best satisfy
the purposes of the Fund. In implementing this Policy Statement, the PAB may delegate certain
functions to:
1. An investment advisor (“Advisor”) to assist the PAB in the investment process and to maintain
compliance with this Policy Statement. The Advisor may assist the PAB in establishing
investment policy objectives and guidelines. The Advisor will adjust asset allocation for the
Fund subject to the guidelines and limitations set forth in this Policy Statement. The Advisor
will also select investment managers (“Managers”) and strategies consistent with its role as a
fiduciary for the Fund. The investment vehicles allowed may include mutual funds, commingled
trusts, separate accounts, limited partnerships and other investment vehicles deemed to be
appropriate by the Advisor. The Advisor is also responsible for monitoring and reviewing

3

investment managers; measuring and evaluating performance; and other tasks as deemed
appropriate in its role as Advisor for Fund assets. The Advisor may also select investments with
discretion to purchase, sell, or hold specific securities, such as Exchange Traded Funds, that will
be used to meet the Fund’s investment objectives. The Advisor shall never take possession of
securities, cash or other assets of the Fund, all of which shall be held by the custodian. The
Advisor must be registered with the Securities and Exchange Commission.
2. A custodian selected by the Fund to maintain possession of physical securities and records of
street name securities owned by the Fund, collect dividend and interest payments, redeem
maturing securities, and effect receipt and delivery following purchases and sales. The custodian
may also perform regular accounting of all assets owned, purchased, or sold, as well as movement
of assets into and out of the Fund.
3. A trustee appointed by the Fund, such as a bank trust department, if the Fund does not have its
own Trustees, to assume fiduciary responsibility for the administration of Fund assets; provided,
however, that if the PAB shall have appointed an investment advisor, then any trustee appointed
under this paragraph shall have no authority with respect to selection of investments.
4. Specialists such as attorneys, auditors, actuaries and, retirement plan consultants to assist the
PAB in meeting its responsibilities and obligations to administer Fund assets prudently.

Statement of Investment Objectives
The investment objectives of the Fund are as follows:
1. To invest assets of the Fund in a manner consistent with the following fiduciary standards:
(a) all transactions undertaken must be for the sole interest of Fund beneficiaries, and (b)
assets are to be diversified in order to minimize the impact of large losses from individual
investments.
2. To provide for funding and anticipated withdrawals on a continuing basis for payment of
benefits and reasonable expenses of operation of the Fund.
3. To enhance the value of Fund assets in real terms over the long-term through asset
appreciation and income generation, while maintaining a reasonable investment risk profile.
4. Subject to performance expectations over the long-term, to minimize principal fluctuations
over the Time Horizon (as defined below).
5. To achieve a long-term level of return commensurate with contemporary economic
conditions and equal to or exceeding the investment objective set forth in this Policy
Statement under the section labeled “Performance Expectations”.

4

Investment Guidelines
Within this section of the Policy Statement, several terms will be used to articulate various investment
concepts. The descriptions are meant to be general and may share investments otherwise considered to
be in the same asset class. They are:
"Growth Assets" - a collection of investments and/or asset classes whose primary risk and return
characteristics are focused on capital appreciation. Investments within the Growth Assets category can
include income and risk mitigating characteristics, so long as the predominant investment risk and
return characteristic is capital appreciation. Examples of such investments or asset classes are:
domestic and international equities or equity funds, private or leveraged equity, certain real estate
investments, and hedge funds focused on equity risk mitigation or equity-like returns.
"Income Assets" - a collection of investments and/or asset classes whose primary risk and return
characteristics are focused on income generation. Investments within the Income Assets category can
include capital appreciation and risk mitigating characteristics, so long as the primary investment risk
and return characteristic is income generation. Examples of such investments or asset classes are:
fixed income securities, guaranteed investment contracts, certain real estate investments, and hedge
funds focused on interest rate risk mitigation or income investment-like returns.
"Real Return Assets" - a collection of investments and/or asset classes whose primary risk and return
characteristics are focused on real returns after inflation. Investments within the Real Return category
can include inflation protected securities, commodities, certain real estate investments and hedge
funds.
Having carefully examined Environmental, Social, and Governance (“ESG”) investing principles,
The the advisor is permitted in some instances to integrate ESG factors into their investment analysis,
if the investment is determined to be the best available option. As with other matters relating to the
Trust, while incorporating ESG investing principles into the portfolio construction process, the
management and investment decisions about an individual asset shall not be made in isolation, but
rather in the context of the Trust’s investments as a whole and as part of the overall investment
strategy.
Time Horizon
The Fund’s investment objectives are based on a long-term investment horizon (“Time Horizon”) of five
years or longer. Interim fluctuations should be viewed with appropriate perspective. The PAB has
adopted a long-term investment horizon such that the risks and duration of investment losses are
carefully weighed against the long-term potential for appreciation of assets.
Liquidity and Diversification

5

In general, the Fund may hold some cash, cash equivalent, and/or money market funds for near-term
Fund benefits and expenses (the “Fund Distributions”). Remaining assets will be invested in longer-term
investments and shall be diversified with the intent to minimize the risk of long-term investment losses.
Consequently, the total portfolio will be constructed and maintained to provide diversification with
regard to the concentration of holdings in individual issues, issuers, countries, governments or industries.
Asset Allocation
The PAB believes that to achieve the greatest likelihood of meeting the Fund’s investment objectives
and the best balance between risk and return for optimal diversification, assets will be invested in
accordance with the targets for each asset class as follows to achieve an average total annual rate of
return that is equal to or greater than the Fund’s target rate of return over the long-term, as described in
the section titled “Performance Expectations”.
Asset Weightings
Range
Target

Asset Classes
Growth Assets
Domestic Equity
International Equity
Other

19% - 59%
1% - 41%
0% - 20%

39%
21%
0%

Income Assets
Fixed Income
Other

20% - 60%
0% - 20%

40%
0%

Real Return Assets

0% - 20%

0%

Cash Equivalents

0% - 20%

0%

The Advisor and each Manager will be evaluated against their peers on the performance of the total
funds under their direct management.
Rebalancing Philosophy
The asset allocation range established by this Policy Statement represents a long-term perspective. As
such, rapid unanticipated market shifts or changes in economic conditions may cause the asset mix to
fall outside Policy Statement ranges. When allocations breach the specified ranges, the Advisor will
rebalance the assets within the specified ranges. The Advisor may also rebalance based on market
conditions.

6

Risk Tolerance
Subject to investment objectives and performance expectations, the Fund will be managed in a style that
seeks to minimize principal fluctuations over the established Time Horizon.
Performance Expectations
Over the long-term, five years or longer, the performance objective for the Fund will be to achieve an
average total annual rate of return that is equal to or greater than the Fund’s 7% actuarial discount rate.
Additionally, it is expected that the annual rate of return on Fund assets will be commensurate with the
then prevailing investment environment. Measurement of this return expectation will be judged by
reviewing returns in the context of industry standard benchmarks, peer universe comparisons for
individual Fund investments and blended benchmark comparisons for the Fund in its entirety.

Selection of Investment Managers
The Advisor shall prudently select appropriate Managers to invest the assets of the Fund. Managers
must meet the following criteria:
− The Manager must provide historical quarterly performance data compliant with Global Investment
Performance Standards (GIPS®), Securities & Exchange Commission (“SEC”), Financial Industry
Regulatory Agency (“FINRA”) or industry recognized standards, as appropriate.
− The Manager must provide detailed information on the history of the firm, key personnel, support
personnel, key clients, and fee schedule (including most-favored-nation clauses). This information
can be a copy of a recent Request for Proposal (“RFP”) completed by the Manager or regulatory
disclosure.
− The Manager must clearly articulate the investment strategy that will be followed and document that
the strategy has been successfully adhered to over time.
− The investment professionals making the investment decisions must have a minimum of three (3)
years of experience managing similar strategies either at their current firm or at previous firms.
− Where other than common funds such as mutual funds or commingled trusts are utilized, the Manager
must confirm receipt, understanding and adherence to this Policy Statement and any investment
specific policies by signing a consent form provided to the Manager prior to investment of Fund
assets.

Guidelines for Portfolio Holdings
Direct Investments by Advisor
Every effort shall be made, to the extent practical, prudent and appropriate, to select investments that
have investment objectives and policies that are consistent with this Policy Statement (as outlined in the
following sub-sections of the “Guidelines for Portfolio Holdings”). However, given the nature of the

7

investments, it is recognized that there may be deviations between this Policy Statement and the
objectives of these investments.
Limitations on Managers’ Portfolios
EQUITIES
No more than the greater of 5% or weighting in the relevant index (Russell 3000 Index for U.S. issues
and MSCI ACWI ex-U.S. for non-U.S. issues) of the total equity portfolio valued at market may be
invested in the common equity of any one corporation; ownership of the shares of one company shall
not exceed 5% of those outstanding; and not more than 40% of equity valued at market may be held in
any one sector, as defined by the Global Industry Classification Standard (GICS).
Domestic Equities. Other than the above constraints, there are no quantitative guidelines as to issues,
industry or individual security diversification. However, prudent diversification standards should be
developed and maintained by the Manager.
International Equities. The overall non-U.S. equity allocation should include a diverse global mix that
is comprised of the equity of companies from multiple countries, regions and sectors.
FIXED INCOME
Fixed income securities of any one issuer shall not exceed 5% of the total bond portfolio at time of
purchase. The 5% limitation does not apply to issues of the U.S. Treasury or other Federal Agencies.
The overall rating of the fixed income assets as calculated by the Advisor shall be investment grade,
based on the rating of one Nationally Recognized Statistical Rating Organization (“NRSRO”).
OTHER ASSETS (ALTERNATIVES)
Alternatives may consist of non-traditional asset classes such as hedge funds, private equity, private debt
and real assets, when deemed appropriate. The total allocation to this category may not exceed 30% of
the overall portfolio.
Diversifying (e.g. Hedge Funds & Liquid Alternatives): Primary objective shall be to enhance the riskreturn profile of the overall portfolio. This can be accomplished by using a combination of hedge fund
and/or liquid alternative strategies that may enhance returns at a reasonable level of risk or reduce
volatility while providing a reasonable level of return. These asset classes may differ from traditional
public market asset classes due to the use of certain strategies including short-selling, leverage, and
derivatives. Hedge funds and liquid alternatives may also invest across asset classes. The use of direct
hedge funds and fund-of-hedge funds are allowed. For purposes of asset allocation targets and
limitations, single strategy hedge funds and liquid alternatives funds will be categorized under the
specific asset class of the fund. For example, a long/short U.S. equity fund will be categorized as “Other”
in the Growth Assets category while a long/short credit fund will be categorized as “Other” in the Income
Assets category. Multi-strategy hedge funds and multi-strategy liquid alternatives funds that cannot be
easily categorized under one asset class will be included in “Other” under either the Growth Assets or
Income Assets category depending on the risk-return profile of the strategy.
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Private Equity: Private equity is less liquid than publicly traded equity securities and can provide returns
that are greater than what is available in publicly traded markets. The private equity portfolio may
include investments in a variety of commingled/partnership and direct investment vehicles including,
but not limited to, venture capital, buyout, turnaround, mezzanine, distressed security, and special
situation funds. The private equity portfolio is recognized to be long-term in nature and highly illiquid.
Due to their higher risk, private equity investments are expected to provide higher returns than publicly
traded equity securities. For purposes of asset allocation targets and limitations, these funds will be
categorized as “Other” under the Growth Assets category.
Private Debt: Private debt is less liquid than publicly trade debt and can provide returns that are greater
than what is available in publicly traded markets. The private debt portfolio may include investments in
a variety of commingled/partnership and direct investment vehicles including, but not limited to, direct
lending, distressed debt, multi-asset credit, structured credit, mezzanine debt, real estate debt, and special
situations. Due to their higher risk, private debt investments are expected to provide higher long-term
returns than publicly traded debt securities. For purposes of asset allocation targets and limitations, these
funds will be categorized as “Other” under the Income Assets category.
Real Assets: Real assets are typically physical assets that have intrinsic worth due to their substance and
properties. Real assets are primarily used for their lower correlation to traditional assets (i.e. stocks and
bonds) and their inflation hedging properties. Categories of real asset investments include, but are not
limited to, real estate, infrastructure, land, farmland, timberland, precious metals, and commodities. Real
assets includes securities and assets with varying levels of liquidity. Private real assets are illiquid and
long-term in nature, whereas public real assets are publicly traded and more liquid. The benefit of lower
correlation investments is that, when implemented correctly, these investments can potentially improve
a portfolio’s expected risk-adjusted return over the long-term. The real assets category can be extended
to include other forms of assets that offer similar inflation hedging properties such as pooled vehicles
holding: commodities contracts, Treasury Inflation Protected Securities (“TIPS”), index-linked
derivative contracts, certain forms of intellectual property, and the equity of companies in businesses
thought to hedge inflation. For purposes of asset allocation targets and limitations, real assets may be
categorized as “Other” under either the Growth Assets or Income Assets category or in the Real Return
Assets category, depending on the nature and risk/return profile of the investment.
CASH EQUIVALENTS
Cash equivalents shall be held in funds complying with Rule 2(a)-7 of the Investment Company Act of
1940.
Portfolio Risk Hedging
Portfolio investments designed to hedge various risks including volatility risk, interest rate risk, etc. are
allowed to the extent that the investments are not used for the sole purpose of leveraging Fund assets.
One example of a hedge vehicle is an exchange traded fund (“ETF”) which takes short positions.

9

Prohibited Investments
Except for purchase within authorized investments, securities having the following characteristics are
not authorized and shall not be purchased: letter stock and other unregistered securities, direct
commodities or commodity contracts, or private placements (with the exception of Rule 144A
securities). Further, derivatives, options, or futures for the sole purpose of direct portfolio leveraging
are prohibited. The Advisor will oversee this restriction with Investment Managers on a best effort
basis.
Safekeeping
All assets of the Fund shall be held by a custodian approved by the PAB for safekeeping of Fund assets.
The custodian shall produce statements on a monthly basis, listing the name and value of all assets held,
and the dates and nature of all transactions in accordance with the terms in the Custodial Agreement.
Investments of the Fund not held as liquidity or investment reserves shall, at all times, be invested in
interest-bearing accounts. Investments and portfolio securities may not be loaned.

Control Procedures
Review of Investment Objectives
The Advisor shall review annually and report to the PAB the appropriateness of this Policy Statement
for achieving the Fund’s stated objectives. It is not expected that this Policy Statement will change
frequently. In particular, short-term changes in the financial markets should not require an adjustment
in this Policy Statement.
Review of Investment Performance
The Advisor shall report on a quarterly basis to the PAB to review the investment performance of the
Fund. In addition, the Advisor will be responsible for keeping the PAB advised of any material change
in investment strategy, Managers, and other pertinent information potentially affecting performance of
the Fund.
The Advisor shall compare the investment results on a quarterly basis to appropriate peer universe
benchmarks, as well as market indices in both equity and fixed income markets. Examples of
benchmarks and indexes that will be used include the Russell 3000 Index for broad U.S. equity strategies;
S&P 500 Index for large cap U.S. equities, Russell 2000 Index for small cap U.S. equities, MSCI ACWI
ex-U.S. Index for broad based non-U.S. equity strategies, MSCI Europe, Australasia, and Far East
(EAFE) Index for developed markets international equities, Bloomberg Barclays U.S. Aggregate Bond
Index for fixed income securities, and the U.S. 91 Day T-bill for cash equivalents. The Russell 3000
Index will be used to benchmark the U.S. equities portfolio; the MSCI ACWI ex-U.S. Index will be used
to benchmark the non-U.S. equities portfolio; the Bloomberg Barclays U.S. Aggregate Bond Index will

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be used to benchmark the fixed income portfolio. The categories “Other” will be benchmarked against
appropriate indices depending on the specific characteristics of the strategies and funds used.
Voting of Proxies
The PAB recognizes that proxies are a significant and valuable tool in corporate governance. The
voting rights of individual stocks held in separate accounts or collective, common, or pooled funds will
be exercised by the investment managers in accordance with their own proxy voting policies. The
voting rights of funds will be exercised by the Advisor.

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n Envelope ID: C23D18D4-DADF-4480-BF1E-1ED225BD000E

3/18/2021

3/18/2021

3/18/2021

ADDENDUM TO INVESTMENT POLICY STATEMENT
This Addendum is part of the Investment Policy Statement (the “IPS”) of the West Whiteland
Township Police Pension Plan (the “Fund”). The Pension Advisory Board (the “PAB”) believes that to achieve the
greatest likelihood of meeting the Fund’s objectives and to allow for proper diversification, the following
paragraphs of the IPS are hereby amended as follows:

Removals
The “real return” asset class is removed from the IPS, inclusive of the definition in investment guidelines, the
target allocations in the asset allocation table, and the limitation on managers’ portfolios paragraph.

Additions
1. The “listed real assets” asset class is added to the IPS, with the corresponding definition in investment
guidelines, a target allocation in the asset allocation table, and limitation on managers’ portfolios
paragraph.
2. Within the allocation table, strategic target allocations to below investment grade fixed income, listed
real estate and listed infrastructure sub-asset classes are being added.

Updates
1. The descriptions of asset classes in the investment guidelines, the asset allocation table, and the
limitation on managers’ portfolios are being updated to reflect our current views on strategic asset
allocation.
2. Within the review of investment performance section, the benchmarking language is being updated to
include the additional asset classes.
The revisions above are hereby amended as follows:

Investment Guidelines
Within this section of the IPS, several terms will be used to articulate various investment concepts. The
descriptions are meant to be general and may share investments otherwise considered to be in the same asset
class. They are:
"Equity Assets" - a collection of investments and/or asset classes whose primary risk and return characteristics
are focused on capital appreciation. Investments within the Equity Assets category can include income and
risk mitigating characteristics, so long as the predominant investment risk and return characteristic is capital
appreciation. Examples of such investments or asset classes are: publicly traded domestic and international
equities, or equity funds and publicly traded investments focused on equity risk mitigation or equity-like
returns.
"Fixed Income Assets" - a collection of investments and/or asset classes whose primary risk and return
characteristics are focused on income generation. Investments within the Fixed Income Assets category can

include capital appreciation and risk mitigating characteristics, so long as the primary investment risk and
return characteristic is income generation. Examples of such investments or asset classes are: fixed income
securities or funds that are rated investment grade and below investment grade, along with inflation protected
securities, guaranteed investment contracts, and certain other investments focused on interest rate risk
mitigation and income-like returns.
"Listed Real Assets" - a collection of investments and/or asset classes whose primary risk and return
characteristics are derived from real assets that include but are not limited to listed real estate, listed
infrastructure, commodities and natural resources.
"Alternative Assets" - a collection of liquid alternatives and private investments in asset classes whose primary
risk and return characteristics are either capital appreciation, income generation, and/or real returns after
inflation. Investments within the Alternative Assets category can include private equity, private debt, private
real assets and other non-traditional assets/strategies that are expected to provide diversification benefits
relative to traditional asset classes.
In line with the revised asset classes the asset allocation table is updated as follows:
Asset Classes

Asset Weightings
Range
Target

Equity Assets
Domestic Equity
International Equity
Other

16% - 56%
1% - 38%
0% - 20%

36%
18%
0%

Fixed Income Assets
Investment Grade
Below Investment Grade
Other

17% - 57%
0% - 23%
0% - 20%

37%
3%
0%

Listed Real Assets
Listed REITs
Listed Infrastructure
Other

0% - 23%
0% - 23%
0% - 20%

3%
3%
0%

Cash Equivalents

0% - 20%

0%

The limitation on managers’ portfolios section is updated as follows:

LISTED REAL ASSETS
Listed Real Assets may consist of but are not limited to publicly traded real estate (REIT), publicly traded global
infrastructure and infrastructure related companies, listed commodities and listed natural resources.
ALTERNATIVE ASSETS
Alternatives may consist of non-traditional asset classes such as private equity, private debt real assets, and
hedge funds/diversifying assets, when deemed appropriate.
Private Equity: Private equity is less liquid than publicly traded equity securities and can provide returns that are
greater than what is available in publicly traded markets. The private equity portfolio may include investments
in a variety of commingled/partnership and direct investment vehicles including, but not limited to, venture
capital, buyout, turnaround, mezzanine, distressed security, and special situation funds. The private equity
portfolio is recognized to be long-term in nature and highly illiquid. Due to their higher risk, private equity
investments are expected to provide higher returns than publicly traded equity securities.
Private Debt: Private debt is less liquid than publicly traded debt and can provide returns that are greater than
what is available in publicly traded markets. The private debt portfolio may include investments in a variety of
commingled/partnership and direct investment vehicles including, but not limited to, direct lending, distressed
debt, multi-asset credit, structured credit, mezzanine debt, real estate debt, and special situations. Due to their
higher risk, private debt investments are expected to provide higher long-term returns than publicly traded debt
securities.
Private Real Assets: Private Real assets are less liquid than publicly traded real assets and can provide returns
that are greater than what is available in publicly traded markets. The private real assets portfolio may include
investments in physical assets that have intrinsic worth due to their substance and properties. Private Real assets
are primarily used for their lower correlation to traditional assets (i.e. stocks and bonds) and their inflation
hedging properties. Categories of private real asset investments include, but are not limited to, real estate,
infrastructure, land, farmland, timberland, precious metals, and commodities. The benefit of lower correlation
investments is that, when implemented correctly, these investments can potentially improve a portfolio’s
expected risk-adjusted return over the long term. The private real assets category can be extended to include
other forms of assets that offer similar inflation hedging properties such as pooled vehicles holding, commodities
contracts, index-linked derivative contracts, and certain forms of intellectual property.
Hedge Funds/Diversifying (collectively, “Hedge Funds”): Hedge Funds are typically less liquid than publicly
traded funds and are expected to provide volatility and/or other risk dampening effects on the portfolio.
Examples of risks that may be hedged include but are not limited to volatility risk, interest rate risk, and market
tail risk. Hedge Funds may include investments in a wide variety of commingled/partnership and direct
investment including but not limited to liquid alternative funds, exchange traded funds (“ETF”), equity securities,
debt securities, and/or derivative contracts of various types. Hedge Funds may not produce returns greater than
publicly traded equity securities or debt securities but are expected to reduce overall portfolio risk.
The review of investment performance section of the with the changes incorporated is as follows:

Review of Investment Performance
The Advisor shall report on a quarterly basis to the Committee to review the investment performance of the
Fund. In addition, the Advisor will be responsible for keeping the Committee advised of any material change in
investment strategy, Managers, and other pertinent information potentially affecting performance of the Fund.
The Advisor shall compare the investment results on a quarterly basis to appropriate peer universe benchmarks,
as well as market indices in equity, fixed income, and alternatives markets. Examples of benchmarks and indexes
that may be used include, but are not limited to, the Russell 3000 Index for broad U.S. equity strategies, Russell
1000 Index for large cap U.S. equities, Russell 2000 Index for small cap U.S. equities, MSCI ACWI ex-U.S. Index
for broad based non-U.S. equity strategies; MSCI Europe, Australasia, and Far East (EAFE) Index for developed
markets international equities, Bloomberg U.S. Aggregate Bond Index for investment grade fixed income, ICE
BofA U.S. High Yield Index for below investment grade fixed income and the ICE BofA 3-Month U.S. T-Bill for cash
equivalents. Any additional asset classes and strategies will be benchmarked against appropriate indices
depending on the specific characteristics of the strategies and funds used.

This Addendum is effective on the execution date of this document and supersedes any oral or written
guidelines expressed previously.
Approved by the West Whiteland Board of Supervisors:

Chair

Vice-Chair

Date

Date

Member

Member

Date

Date

00022201
54- -01-B -62 -009-01
0101 -44-04522-01

Account Number:
WEST WHITELAND TOWNSHIP POLICE
PENSION PLAN

This statement is for the period from December 1, 2025 to December 31, 2025

Questions?
If you have any questions regarding your account or this
statement, please contact your Account Manager.
Account Manager:
ANGELA HANSEN
60 LIVINGSTON AVE
EP-MN-WS4E
ST. PAUL, MN 55107
Phone: 651-466-6390
E-mail: [email protected]

FFFATFADTATTTFTTATFFDFADTAFFTTTDTFDDAFAFFAFFDFFAFFFADTFTFATFAFAFT

00000000222 000638103658761 P

WEST WHITELAND TOWNSHIP
ATTN: CAROLINE PARTRIDGE
101 COMMERCE DRIVE
EXTON PA 19341-2726

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 2 of 26
Period from December 1, 2025 to December 31, 2025

TABLE OF CONTENTS
Schedule

Page

Market And Cost Reconciliation .........................................................................................................................................................................
Cash Reconciliation ............................................................................................................................................................................................
Asset Summary ....................................................................................................................................................................................................
Asset Detail ..........................................................................................................................................................................................................
Income Accrual Detail .........................................................................................................................................................................................
Contribution Activity .............................................................................................................................................................................................
Benefit Activity......................................................................................................................................................................................................
Investment Activity ...............................................................................................................................................................................................
Plan Expenses .....................................................................................................................................................................................................
Receipts And Deliveries In Kind .........................................................................................................................................................................
Purchases ............................................................................................................................................................................................................
Sales And Maturities ...........................................................................................................................................................................................

3
5
7
8
12
14
15
16
18
19
20
24

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 3 of 26
Period from December 1, 2025 to December 31, 2025

MARKET AND COST RECONCILIATION
12/31/2025
MARKET

12/31/2025
BOOK VALUE

25,940,086.05

24,059,322.00

17,789.11

17,789.11

17,789.11

17,789.11

- 131,167.37

- 131,167.37

- 131,167.37

- 131,167.37

Interest
Dividends
Realized Gain/Loss

978.01
217,482.54
60,571.02

978.01
217,482.54
60,571.02

Change In Unrealized Gain/Loss
Assets Received Or Delivered Adjustment
Total Adj Change In Unrealized Gain/Loss

- 172,451.77
.01
- 172,451.76

.00
.00
.00

- 104.46

- 104.46

106,475.35

278,927.11

- 5,239.05
- 487.54

- 5,239.05
- 487.54

- 5,726.59

- 5,726.59

710.29
- 710.30

704.79
- 704.79

- .01

.00

Beginning Market And Cost
Contribution Activity
Employee Contributions
Total Contribution Activity
Benefit Activity
Benefits Payments
Total Benefit Activity
Investment Activity

Net Accrued Income (Current-Prior)
Total Investment Activity
Plan Expenses
Administrative Expenses*
Trust Fees
Total Plan Expenses
Other Activity
Free Receipts
Free Deliveries
Total Other Activity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 4 of 26
Period from December 1, 2025 to December 31, 2025

MARKET AND COST RECONCILIATION (continued)

Net Change In Market And Cost
Ending Market And Cost

MARKET AND COST RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

12/31/2025
MARKET

12/31/2025
BOOK VALUE

- 12,629.51

159,822.26

25,927,456.54

24,219,144.26

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 5 of 26
Period from December 1, 2025 to December 31, 2025

CASH RECONCILIATION
Beginning Cash

.00

Contribution Activity
Employee Contributions
Total Contribution Activity

17,789.11
17,789.11

Benefit Activity
Benefits Payments
Total Benefit Activity

- 131,167.37
- 131,167.37

Investment Activity
Interest
Dividends
Cash Equivalent Purchases
Purchases
Cash Equivalent Sales
Sales/Maturities
Total Investment Activity

978.01
217,482.54
- 87,846.17
- 490,011.08
127,533.94
350,967.61
119,104.85

Plan Expenses
Administrative Expenses*
Trust Fees

- 5,239.05
- 487.54

Total Plan Expenses

- 5,726.59

Net Change In Cash

.00

Ending Cash

.00

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

CASH RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

Page 6 of 26
Period from December 1, 2025 to December 31, 2025

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 8 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

192,926.460

192,926.46
1.0000

192,926.46

Total Money Markets

192,926.460

192,926.46

Total Cash And Equivalents

192,926.460

Columbia
Small Cap Growth Inst3
19765Y340 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

.00
.00

873.55

3.57

192,926.46

.00
.00

873.55

3.57

192,926.46

192,926.46

.00
.00

873.55

3.57

6,906.937

238,013.05
34.4600

196,147.97

41,865.08
- 17,614.87

.00

0.00

Fidelity
International Index Fund
315911727 Asset Minor Code 98

32,212.923

1,958,545.72
60.8000

1,811,110.11

147,435.61
- 5,455.68

.00

6.31

Fidelity
Emerging Markets Index Fund
316146331 Asset Minor Code 98

63,967.936

875,081.36
13.6800

735,932.92

139,148.44
2,980.24

.00

2.35

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269 Asset Minor Code 98

28,402.399

637,917.88
22.4600

567,908.18

70,009.70
- 25,589.35

.00

2.56

Goldman Sachs
Gqg Ptnrs Intl Opps In
38147N293 Asset Minor Code 98

.000

.00
22.4700

.00

.00
- 3.96

.00

0.00

DESCRIPTION

Cash And Equivalents
Money Markets
First Am Govt
Ob Fd Cl Z
31846V567 Asset Minor Code 1

Mutual Funds
Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 9 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

Janus
Henderson Overseas N
47103D835 Asset Minor Code 98

15,923.674

909,401.02
57.1100

813,182.69

Mfs Intl
Diversificat R6
552743544 Asset Minor Code 98

43,878.513

1,218,945.09
27.7800

Pimco Rae US
Small Instl
72202L421 Asset Minor Code 98

21,842.926

Schwab U S
Large Cap Etf
808524201 Asset Minor Code 94
Undiscovered
Mgrs Behavioral Value
904504479 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

96,218.33
12,344.79

.00

1.41

1,154,798.66

64,146.43
- 38,069.21

.00

2.38

254,033.23
11.6300

262,612.32

- 8,579.09
- 8,579.09

.00

1.16

355,674.000

9,571,187.34
26.9100

8,029,298.61

1,541,888.73
- 32,010.66

.00

1.09

.000

.00
78.4800

.00

.00
8,063.00

.00

0.00

568,809.308

15,663,124.69

13,570,991.46

2,092,133.23
- 103,934.79

.00

1.97

Baird Core
Plus Bond Fund Institut
057071870 Asset Minor Code 99

265,217.239

2,734,389.73
10.3100

2,914,727.41

- 180,337.68
- 15,845.10

.00

4.21

Ishares Core
U.S. Aggregate Bond Etf
464287226 Asset Minor Code 95

28,023.000

2,798,937.24
99.8800

2,725,796.11

73,141.13
- 26,341.62

.00

3.89

Pgim Total
Return Bond Cl R6
74440B884 Asset Minor Code 99

158,537.500

1,930,986.75
12.1800

2,116,561.84

- 185,575.09
- 11,055.14

.00

4.63

Nuveen Core
Bond Fund R6
87244W607 Asset Minor Code 99

180,324.986

1,673,415.87
9.2800

1,650,874.39

22,541.48
- 8,983.33

.00

4.33

DESCRIPTION

Total Mutual Funds-Equity
Mutual Funds-Fixed Income

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 10 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

105,282.421

932,802.25
8.8600

1,046,393.04

737,385.146

10,070,531.84

Total Mutual Funds

1,306,194.454

Total Assets

DESCRIPTION
Voya
Intermediate Bond Fund Class R6
92913L569 Asset Minor Code 99
Total Mutual Funds-Fixed Income

Accrued Income
Grand Total

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

- 113,590.79
- 6,291.78

.00

4.57

10,454,352.79

- 383,820.95
- 68,516.97

.00

4.25

25,733,656.53

24,025,344.25

1,708,312.28
- 172,451.76

.00

2.86

1,499,120.914

25,926,582.99

24,218,270.71

1,708,312.28
- 172,451.76

873.55

2.87

.000

873.55

873.55

1,499,120.914

25,927,456.54

24,219,144.26

ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Publicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not
publicly traded may be reflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value,
or at a nominal value. Values shown do not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less
frequently than statement generation.
For further information, please contact your account manager or relationship manager.

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 11 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL MESSAGES (continued)
We provide a cash management administrative service for the temporary investment of principal and income balances in your account. The fee for providing this service will not exceed
$0.42 per month for each $1,000 of the average daily balance invested under the cash management administrative service. The charge for this service has been deducted from your
account.
Yield on Market and Accrued Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimates
may not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future.
The asset categories used in this statement may be general in nature. For example, assets listed under the "Mutual Funds" category may include open-end investment companies
registered under the Investment Company Act of 1940 (which are commonly known as "mutual funds") but may also include closed-end investment companies, unit investment trusts,
common trust funds, collective trust funds or other investments that are registered with (or not subject to registration with) the Securities and Exchange Commission.

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 12 of 26
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL
SHARES/
FACE AMOUNT

DESCRIPTION

EX
DATE

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.04

978.01

873.55

978.01

873.55

978.01

873.55

978.01

873.55

3.83

.00

59,850.11

59,850.11

.00

Cash And Equivalents
192,926.460

First Am Govt Ob Fd Cl Z
31846V567

01/02/26

Total Cash And Equivalents
Mutual Funds-Equity
32,212.923

Fidelity International Index Fund
315911727

12/19/25 12/22/25

63,967.936

Fidelity Emerging Markets Index Fund
316146331
12/12/25 12/15/25

0.32

.00

20,112.92

20,112.92

.00

28,402.399

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/25 12/19/25

0.58

.00

15,956.11

15,956.11

.00

15,923.674

Janus Henderson Overseas N
47103D835

0.81

.00

12,642.69

12,642.69

.00

12/05/25 12/05/25

Mfs Intl Diversificat R6
552743544

0.66

.00

27,587.51

27,587.51

.00

12/23/25 12/24/25

Pimco Rae US Small Instl
72202L421

0.14

.00

2,921.08

2,921.08

.00

12/26/25 12/26/25

Schwab U S Large Cap Etf
808524201

0.29

.00

28,667.32

28,667.32

.00

12/10/25 12/15/25
.00

167,737.74

167,737.74

.00

43,878.513
21,842.926
355,674.000

Total Mutual Funds-Equity
Mutual Funds-Fixed Income
265,217.239

Baird Core Plus Bond Fund Institut
057071870
12/29/25 12/30/25

0.43

.00

14,021.91

14,021.91

.00

28,023.000

Ishares Core U.S. Aggregate Bond Etf
464287226
12/19/25 12/24/25

3.89

.00

18,506.03

18,506.03

.00

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 13 of 26
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL (continued)
SHARES/
FACE AMOUNT
158,537.500
180,324.986
105,282.421

DESCRIPTION

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.56

.00

7,391.65

7,391.65

.00

0.40

.00

6,109.22

6,109.22

.00

0.41

.00

3,715.99

3,715.99

.00

.00

49,744.80

49,744.80

.00

978.01

218,356.09

218,460.55

873.55

Pgim Total Return Bond Cl R6
74440B884

12/22/22 12/31/25

Nuveen Core Bond Fund R6
87244W607

08/29/25 12/31/25

Voya Intermediate Bond Fund Class R6
92913L569
12/31/25 12/31/25

Total Mutual Funds-Fixed Income
Grand Total

EX
DATE

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 14 of 26
Period from December 1, 2025 to December 31, 2025

CONTRIBUTION ACTIVITY
DATE

DESCRIPTION

CASH

Employee Contributions
Employee Contribution
12/15/2025

Recd From Fulton Bank

7,019.67

12/29/2025

Recd From Fulton Bank

10,769.44

Total Employee Contribution

17,789.11

Total Employee Contributions

17,789.11

Total Contributions

17,789.11

BOOK VALUE

MARKET

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 15 of 26
Period from December 1, 2025 to December 31, 2025

BENEFIT ACTIVITY
DATE

DESCRIPTION

CASH

Benefit Payments
Lump Sum Distribution
12/24/2025

Paid To Eli Pot
Net=33372.17 Ft=0.00 St=0.00 Oth=0.00

Total Lump Sum Distribution

- 33,372.17

- 33,372.17

Monthly Pension
12/31/2025

Paid To Pension Pmts

- 97,795.20

Total Monthly Pension

- 97,795.20

Total Benefit Payments

- 131,167.37

Total Benefit Activity

- 131,167.37

BOOK VALUE

MARKET

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 16 of 26
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY
DATE

DESCRIPTION

CASH

Interest
First Am Govt Ob Fd Cl Z
31846V567
12/01/2025

Interest From 11/1/25 To 11/30/25

Total Interest

978.01
978.01

Dividends
Baird Core Plus Bond Fund Institut
057071870
12/29/2025

0.053142 USD/Share On 263,858.527 Shares Due 12/30/25
Dividend Payable 12/30/25

14,021.91

Fidelity Emerging Markets Index Fund
316146331
12/12/2025

0.322 USD/Share On 62,462.478 Shares Due 12/15/25
Dividend Payable 12/15/25

20,112.92

Fidelity International Index Fund
315911727
12/19/2025

1.917 USD/Share On 31,220.713 Shares Due 12/22/25
Dividend Payable 12/22/25

59,850.11

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/2025

0.5764 USD/Share On 27,682.358 Shares Due 12/19/25
Dividend Payable 12/19/25

15,956.11

Ishares Core U.S. Aggregate Bond Etf
464287226
12/04/2025

0.326375 USD/Share On 28,023 Shares Due 12/4/25

9,146.01

12/24/2025

0.334012 USD/Share On 28,023 Shares Due 12/24/25

9,360.02

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 17 of 26
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY (continued)
DATE

DESCRIPTION

CASH

Total Ishares Core U.S. Aggregate Bond Etf

18,506.03

Janus Henderson Overseas N
47103D835
12/05/2025

0.80538 USD/Share On 15,697.791 Shares Due 12/5/25
Dividend Payable 12/05/25

12,642.69

Mfs Intl Diversificat R6
552743544
12/24/2025

0.66173 USD/Share On 41,689.984 Shares Due 12/24/25
Div&st/Lt Cap Gain Payable 12/24/25

27,587.51

Nuveen Core Bond Fund R6
87244W607
12/01/2025

Dividend From 12/1/25 To 12/31/25

6,109.22

Pgim Total Return Bond Cl R6
74440B884
12/01/2025

Dividend From 12/1/25 To 12/31/25

7,391.65

Pimco Rae US Small Instl
72202L421
12/26/2025

0.13526 USD/Share On 21,596.005 Shares Due 12/26/25
Dividend Payable 12/26/25

2,921.08

Schwab U S Large Cap Etf
808524201
12/15/2025

Schwab U S Large Cap Etf
0.0806 USD/Share On 355,674 Shares Due 12/15/25

28,667.32

Voya Intermediate Bond Fund Class R6
92913L569
12/01/2025

Dividend From 12/1/25 To 12/31/25

Total Dividends

3,715.99
217,482.54

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 18 of 26
Period from December 1, 2025 to December 31, 2025

PLAN EXPENSES
DATE

DESCRIPTION

CASH

Administrative Expenses
Investment Advisory And Management Fees
Management Fee
12/12/2025

Paid To US Bank Trust Fees
Inv 15048710 For October 2025

- 5,239.05

Total Management Fee

- 5,239.05

Total Investment Advisory And Management Fees

- 5,239.05

Total Administrative Expenses

- 5,239.05

Trust Fees
Trust Fees
12/30/2025

Collected
Charged For Period 11/01/2025 Thru 11/30/2025

- 487.54

Total Trust Fees

- 487.54

Total Trust Fees

- 487.54

Total Plan Expenses

- 5,726.59

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 19 of 26
Period from December 1, 2025 to December 31, 2025

RECEIPTS AND DELIVERIES IN KIND
BOOK VALUE

MARKET
VALUE

REALIZED/
UNREALIZED
GAIN/LOSS

30.524

704.79

710.29

5.50

Total Mutual Funds

30.524

704.79

710.29

5.50

Total Free Receipts

30.524

704.79

710.29

5.50

- 30.511

- 704.79

- 710.30

- 5.51

Total Mutual Funds

- 30.511

- 704.79

- 710.30

- 5.51

Total Free Deliveries

- 30.511

- 704.79

- 710.30

- 5.51

DATE

DESCRIPTION

SHARES OR
FACE AMOUNT

Free Receipts
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269

Free Deliveries
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps In
704.79 USD
38147N293

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 20 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

Cash And Equivalents
12/02/2025

Purchased
32,243.73 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/2/25
31846V567

32,243.730

.00

- 32,243.73

32,243.73

12/04/2025

Purchased
9,146.01 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/4/25
31846V567

9,146.010

.00

- 9,146.01

9,146.01

12/15/2025

Purchased
35,686.99 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/15/25
31846V567

35,686.990

.00

- 35,686.99

35,686.99

12/29/2025

Purchased
10,769.44 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/29/25
31846V567

10,769.440

.00

- 10,769.44

10,769.44

Total First Am Govt Ob Fd Cl Z

87,846.170

.00

- 87,846.17

87,846.17

Total Cash And Equivalents

87,846.170

.00

- 87,846.17

87,846.17

312.708

.00

- 11,047.97

11,047.97

312.708

.00

- 11,047.97

11,047.97

Mutual Funds-Equity
12/08/2025

Purchased
312.708 Shares
Columbia Small Cap Growth Inst3 @ 35.33 USD
Through Reinvestment Of Cap Gain Dist 12/5/25
19765Y340

Total Columbia Small Cap Growth Inst3

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 21 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

1,505.458

.00

- 20,112.92

20,112.92

1,505.458

.00

- 20,112.92

20,112.92

992.210

.00

- 59,850.11

59,850.11

Total Fidelity International Index Fund

992.210

.00

- 59,850.11

59,850.11

12/12/2025

Purchased
688.173 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.70 USD
Through Reinvestment Of Cap Gain Dist 12/12/25
38147N269

688.173

.00

- 15,621.53

15,621.53

12/18/2025

Purchased
720.041 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.16 USD
Through Reinvestment Of Cash Dividend Due 12/19/25
38147N269

720.041

.00

- 15,956.11

15,956.11

1,408.214

.00

- 31,577.64

31,577.64

225.883

.00

- 12,642.69

12,642.69

225.883

.00

- 12,642.69

12,642.69

DATE
12/12/2025

DESCRIPTION
Purchased
1,505.458 Shares
Fidelity Emerging Markets Index Fund @ 13.36 USD
Through Reinvestment Of Cash Dividend Due 12/15/25
316146331

Total Fidelity Emerging Markets Index Fund
12/19/2025

Purchased 992.21
Shares
Fidelity International Index Fund @ 60.32 USD
Through Reinvestment Of Cash Dividend Due 12/22/25
315911727

Total Goldman Sachs Gqg Ptnrs Intl Opps R6
12/05/2025

Purchased
225.883 Shares
Janus Henderson Overseas N @ 55.97 USD
Through Reinvestment Of Cash Dividend Due 12/5/25
47103D835

Total Janus Henderson Overseas N

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 22 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

2,188.529

.00

- 60,928.66

60,928.66

Total Mfs Intl Diversificat R6

2,188.529

.00

- 60,928.66

60,928.66

12/01/2025

Purchased
20,965.058 Shares Of
Pimco Rae US Small Instl
Trade Date 12/1/25
20,965.058 Shares At 12.02 USD
72202L421

20,965.058

.00

- 252,000.00

252,000.00

12/12/2025

Purchased
630.947 Shares
Pimco Rae US Small Instl @ 12.19 USD
Through Reinvestment Of Cap Gain Dist
72202L421

630.947

.00

- 7,691.24

7,691.24

246.921

.00

- 2,921.08

2,921.08

Total Pimco Rae US Small Instl

21,842.926

.00

- 262,612.32

262,612.32

Total Mutual Funds-Equity

28,475.928

.00

- 458,772.31

458,772.31

1,358.712

.00

- 14,021.91

14,021.91

1,358.712

.00

- 14,021.91

14,021.91

DATE
12/24/2025

12/26/2025

DESCRIPTION
Purchased
2,188.529 Shares
Mfs Intl Diversificat R6 @ 27.84 USD
Through Reinvestment Of Cap Gain/Cash Div 12/24/25
552743544

12/11/25

Purchased
246.921 Shares
Pimco Rae US Small Instl @ 11.83 USD
Through Reinvestment Of Cash Dividend Due 12/26/25
72202L421

Mutual Funds-Fixed Income
12/29/2025

Purchased
1,358.712 Shares
Baird Core Plus Bond Fund Institut @ 10.32 USD
Through Reinvestment Of Cash Dividend Due 12/30/25
057071870

Total Baird Core Plus Bond Fund Institut

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 23 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

658.321

.00

- 6,109.22

6,109.22

Total Nuveen Core Bond Fund R6

658.321

.00

- 6,109.22

6,109.22

12/01/2025

606.868

.00

- 7,391.65

7,391.65

Total Pgim Total Return Bond Cl R6

606.868

.00

- 7,391.65

7,391.65

12/01/2025

419.412

.00

- 3,715.99

3,715.99

419.412

.00

- 3,715.99

3,715.99

3,043.313

.00

- 31,238.77

31,238.77

119,365.411

.00

- 577,857.25

577,857.25

DATE
12/01/2025

DESCRIPTION
Purchased
658.321 Shares
Nuveen Core Bond Fund R6 @ 9.28 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
87244W607

Purchased
606.868 Shares
Pgim Total Return Bond Cl R6 @ 12.18 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
74440B884

Purchased
419.412 Shares
Voya Intermediate Bond Fund Class R6 @ 8.86 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
92913L569

Total Voya Intermediate Bond Fund Class R6
Total Mutual Funds-Fixed Income
Total Purchases

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 24 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES
SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/12/2025 Sold
5,239.05 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/12/25
31846V567

- 5,239.050

.00

5,239.05

- 5,239.05

.00

12/24/2025 Sold
24,012.15 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/24/25
31846V567

- 24,012.150

.00

24,012.15

- 24,012.15

.00

12/30/2025 Sold 487.54
Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/30/25
31846V567

- 487.540

.00

487.54

- 487.54

.00

12/31/2025 Sold
97,795.2 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/31/25
31846V567

- 97,795.200

.00

97,795.20

- 97,795.20

.00

Total First Am Govt Ob Fd Cl Z

- 127,533.940

.00

127,533.94

- 127,533.94

.00

Total Cash And Equivalents

- 127,533.940

.00

127,533.94

- 127,533.94

.00

.00

4,709.99

.00

4,709.99

DATE

DESCRIPTION

Cash And Equivalents

Mutual Funds-Equity
12/05/2025 Receive Lt
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.7143 USD/Share On 6,594.229 Shares Due 12/5/25
Lt Capital Gain Of 4,709.99 USD On Federal Cost
19765Y340

.000

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 25 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/05/2025 Receive ST
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.9611 USD/Share On 6,594.229 Shares Due 12/5/25
ST Capital Gain Of 6,337.98 USD On Federal Cost
19765Y340

.000

.00

6,337.98

.00

6,337.98

Total Columbia Small Cap Growth Inst3

.000

.00

11,047.97

.00

11,047.97

12/11/2025 Receive Lt
Capital Gains Distribution On
Goldman Sachs Gqg Ptnrs Intl Opps R6
0.5787 USD/Share On 26,994.185 Shares Due 12/12/25
Lt Capital Gain Of 15,621.53 USD On Federal Cost
38147N269

.000

.00

15,621.53

.00

15,621.53

Total Goldman Sachs Gqg Ptnrs Intl Opps R6

.000

.00

15,621.53

.00

15,621.53

12/23/2025 Receive Lt
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.7515 USD/Share On 41,689.984 Shares Due 12/24/25
Lt Capital Gain Of 31,327.94 USD On Federal Cost
552743544

.000

.00

31,327.94

.00

31,327.94

12/23/2025 Receive ST
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.0483 USD/Share On 41,689.984 Shares Due 12/24/25
ST Capital Gain Of 2,013.21 USD On Federal Cost
552743544

.000

.00

2,013.21

.00

2,013.21

Total Mfs Intl Diversificat R6

.000

.00

33,341.15

.00

33,341.15

12/11/2025 Receive Lt
Capital Gains Distribution On
Pimco Rae US Small Instl
0.3612 USD/Share On 20,965.058 Shares Due 12/11/25
Lt Capital Gain Of 7,572.16 USD On Federal Cost
72202L421

.000

.00

7,572.16

.00

7,572.16

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND POLICE PENSION
ACCOUNT

Page 26 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/11/2025 Receive ST
Capital Gains Distribution On
Pimco Rae US Small Instl
0.0057 USD/Share On 20,965.058 Shares Due 12/11/25
ST Capital Gain Of 119.08 USD On Federal Cost
72202L421

.000

.00

119.08

.00

119.08

Total Pimco Rae US Small Instl

.000

.00

7,691.24

.00

7,691.24

12/01/2025 Sold
3,329.013 Shares Of
Undiscovered Mgrs Behavioral Value
Trade Date 12/1/25
3,329.013 Shares At 85.09 USD
904504479

- 3,329.013

.00

283,265.72

- 290,396.59

- 7,130.87

Total Undiscovered Mgrs Behavioral Value

- 3,329.013

.00

283,265.72

- 290,396.59

- 7,130.87

Total Mutual Funds-Equity

- 3,329.013

.00

350,967.61

- 290,396.59

60,571.02

Total Sales And Maturities

- 130,862.953

.00

478,501.55

- 417,930.53

60,571.02

SALES AND MATURITIES MESSAGES
Realized gain/loss should not be used for tax purposes.

00022201
54- -01-B -62 -009-01
0101 -44-04522-01

Account Number:
WEST WHITELAND TOWNSHIP
NON-UNIFORMED PENSION PLAN

This statement is for the period from December 1, 2025 to December 31, 2025

Questions?
If you have any questions regarding your account or this
statement, please contact your Account Manager.
Account Manager:
ANGELA HANSEN
60 LIVINGSTON AVE
EP-MN-WS4E
ST. PAUL, MN 55107
Phone: 651-466-6390
E-mail: [email protected]

FFFATFADTATTTFTTATFFDFADTAFFTTTDTFDDAFAFFAFFDFFAFFFADTFTFATFAFAFT

00000000222 000638103658761 P

WEST WHITELAND TOWNSHIP
ATTN: CAROLINE PARTRIDGE
101 COMMERCE DRIVE
EXTON PA 19341-2726

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 2 of 26
Period from December 1, 2025 to December 31, 2025

TABLE OF CONTENTS
Schedule

Page

Market And Cost Reconciliation .........................................................................................................................................................................
Cash Reconciliation ............................................................................................................................................................................................
Asset Summary ....................................................................................................................................................................................................
Asset Detail ..........................................................................................................................................................................................................
Income Accrual Detail .........................................................................................................................................................................................
Contribution Activity .............................................................................................................................................................................................
Benefit Activity......................................................................................................................................................................................................
Investment Activity ...............................................................................................................................................................................................
Plan Expenses .....................................................................................................................................................................................................
Receipts And Deliveries In Kind .........................................................................................................................................................................
Purchases ............................................................................................................................................................................................................
Sales And Maturities ...........................................................................................................................................................................................

3
5
7
8
12
14
15
16
18
19
20
24

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 3 of 26
Period from December 1, 2025 to December 31, 2025

MARKET AND COST RECONCILIATION
12/31/2025
MARKET

12/31/2025
BOOK VALUE

11,508,899.23

10,685,762.64

10,035.58

10,035.58

10,035.58

10,035.58

- 42,648.70

- 42,648.70

- 42,648.70

- 42,648.70

Interest
Dividends
Realized Gain/Loss

231.20
96,697.76
27,066.93

231.20
96,697.76
27,066.93

Change In Unrealized Gain/Loss
Assets Received Or Delivered Adjustment
Total Adj Change In Unrealized Gain/Loss

- 76,223.96
- .01
- 76,223.97

.00
.00
.00

244.36

244.36

48,016.28

124,240.25

- 2,341.23
- 416.67

- 2,341.23
- 416.67

- 2,757.90

- 2,757.90

248.62
- 248.61

246.68
- 246.68

.01

.00

Beginning Market And Cost
Contribution Activity
Employee Contributions
Total Contribution Activity
Benefit Activity
Benefits Payments
Total Benefit Activity
Investment Activity

Net Accrued Income (Current-Prior)
Total Investment Activity
Plan Expenses
Administrative Expenses*
Trust Fees
Total Plan Expenses
Other Activity
Free Receipts
Free Deliveries
Total Other Activity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 4 of 26
Period from December 1, 2025 to December 31, 2025

MARKET AND COST RECONCILIATION (continued)

Net Change In Market And Cost
Ending Market And Cost

MARKET AND COST RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

12/31/2025
MARKET

12/31/2025
BOOK VALUE

12,645.27

88,869.23

11,521,544.50

10,774,631.87

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 5 of 26
Period from December 1, 2025 to December 31, 2025

CASH RECONCILIATION
Beginning Cash

.00

Contribution Activity
Employee Contributions
Total Contribution Activity

10,035.58
10,035.58

Benefit Activity
Benefits Payments
Total Benefit Activity

- 42,648.70
- 42,648.70

Investment Activity
Interest
Dividends
Cash Equivalent Purchases
Purchases
Cash Equivalent Sales
Sales/Maturities
Total Investment Activity

231.20
96,697.76
- 46,399.59
- 217,159.24
44,171.81
157,829.08
35,371.02

Plan Expenses
Administrative Expenses*
Trust Fees

- 2,341.23
- 416.67

Total Plan Expenses

- 2,757.90

Net Change In Cash

.00

Ending Cash

.00

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

CASH RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

Page 6 of 26
Period from December 1, 2025 to December 31, 2025

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 8 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

127,597.300

127,597.30
1.0000

127,597.30

Total Money Markets

127,597.300

127,597.30

Total Cash And Equivalents

127,597.300

Columbia
Small Cap Growth Inst3
19765Y340 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

.00
.00

475.56

3.57

127,597.30

.00
.00

475.56

3.57

127,597.30

127,597.30

.00
.00

475.56

3.57

3,108.308

107,112.29
34.4600

88,271.89

18,840.40
- 7,927.18

.00

0.00

Fidelity
International Index Fund
315911727 Asset Minor Code 98

14,420.937

876,792.97
60.8000

810,773.43

66,019.54
- 2,442.38

.00

6.31

Fidelity
Emerging Markets Index Fund
316146331 Asset Minor Code 98

28,760.639

393,445.54
13.6800

330,882.97

62,562.57
1,339.95

.00

2.35

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269 Asset Minor Code 98

12,692.314

285,069.37
22.4600

252,216.13

32,853.24
- 11,435.66

.00

2.56

Goldman Sachs
Gqg Ptnrs Intl Opps In
38147N293 Asset Minor Code 98

.000

.00
22.4700

.00

.00
- 1.39

.00

0.00

DESCRIPTION

Cash And Equivalents
Money Markets
First Am Govt
Ob Fd Cl Z
31846V567 Asset Minor Code 1

Mutual Funds
Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 9 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

Janus
Henderson Overseas N
47103D835 Asset Minor Code 98

7,127.228

407,035.99
57.1100

363,958.70

Mfs Intl
Diversificat R6
552743544 Asset Minor Code 98

19,658.207

546,104.99
27.7800

Pimco Rae US
Small Instl
72202L421 Asset Minor Code 98

9,621.288

Schwab U S
Large Cap Etf
808524201 Asset Minor Code 94
Undiscovered
Mgrs Behavioral Value
904504479 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

43,077.29
5,525.35

.00

1.41

517,336.92

28,768.07
- 17,055.54

.00

2.38

111,895.58
11.6300

115,674.47

- 3,778.89
- 3,778.89

.00

1.16

159,546.000

4,293,382.86
26.9100

3,612,289.24

681,093.62
- 14,359.14

.00

1.09

.000

.00
78.4800

.00

.00
3,630.69

.00

0.00

254,934.921

7,020,839.59

6,091,403.75

929,435.84
- 46,504.19

.00

1.97

Baird Core
Plus Bond Fund Institut
057071870 Asset Minor Code 99

115,033.169

1,185,991.97
10.3100

1,271,181.49

- 85,189.52
- 6,872.53

.00

4.21

Ishares Core
U.S. Aggregate Bond Etf
464287226 Asset Minor Code 95

12,049.000

1,203,454.12
99.8800

1,170,295.16

33,158.96
- 11,326.06

.00

3.89

Pgim Total
Return Bond Cl R6
74440B884 Asset Minor Code 99

68,824.786

838,285.89
12.1800

928,249.51

- 89,963.62
- 4,799.30

.00

4.63

Nuveen Core
Bond Fund R6
87244W607 Asset Minor Code 99

78,307.723

726,695.67
9.2800

716,551.80

10,143.87
- 3,901.09

.00

4.33

DESCRIPTION

Total Mutual Funds-Equity
Mutual Funds-Fixed Income

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 10 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

47,201.399

418,204.40
8.8600

468,877.30

Total Mutual Funds-Fixed Income

321,416.077

4,372,632.05

Total Mutual Funds

576,350.998

Total Assets

DESCRIPTION
Voya
Intermediate Bond Fund Class R6
92913L569 Asset Minor Code 99

Accrued Income
Grand Total

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

- 50,672.90
- 2,820.80

.00

4.57

4,555,155.26

- 182,523.21
- 29,719.78

.00

4.25

11,393,471.64

10,646,559.01

746,912.63
- 76,223.97

.00

2.85

703,948.298

11,521,068.94

10,774,156.31

746,912.63
- 76,223.97

475.56

2.85

.000

475.56

475.56

703,948.298

11,521,544.50

10,774,631.87

ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Publicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not
publicly traded may be reflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value,
or at a nominal value. Values shown do not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less
frequently than statement generation.
For further information, please contact your account manager or relationship manager.

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 11 of 26
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL MESSAGES (continued)
We provide a cash management administrative service for the temporary investment of principal and income balances in your account. The fee for providing this service will not exceed
$0.42 per month for each $1,000 of the average daily balance invested under the cash management administrative service. The charge for this service has been deducted from your
account.
Yield on Market and Accrued Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimates
may not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future.
The asset categories used in this statement may be general in nature. For example, assets listed under the "Mutual Funds" category may include open-end investment companies
registered under the Investment Company Act of 1940 (which are commonly known as "mutual funds") but may also include closed-end investment companies, unit investment trusts,
common trust funds, collective trust funds or other investments that are registered with (or not subject to registration with) the Securities and Exchange Commission.

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 12 of 26
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL
SHARES/
FACE AMOUNT

DESCRIPTION

EX
DATE

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.04

231.20

475.56

231.20

475.56

231.20

475.56

231.20

475.56

3.83

.00

26,793.43

26,793.43

.00

Cash And Equivalents
127,597.300

First Am Govt Ob Fd Cl Z
31846V567

01/02/26

Total Cash And Equivalents
Mutual Funds-Equity
14,420.937

Fidelity International Index Fund
315911727

12/19/25 12/22/25

28,760.639

Fidelity Emerging Markets Index Fund
316146331
12/12/25 12/15/25

0.32

.00

9,042.97

9,042.97

.00

12,692.314

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/25 12/19/25

0.58

.00

7,130.38

7,130.38

.00

7,127.228

Janus Henderson Overseas N
47103D835

0.81

.00

5,658.70

5,658.70

.00

12/05/25 12/05/25

Mfs Intl Diversificat R6
552743544

0.66

.00

12,359.60

12,359.60

.00

12/23/25 12/24/25

Pimco Rae US Small Instl
72202L421

0.14

.00

1,286.66

1,286.66

.00

12/26/25 12/26/25

Schwab U S Large Cap Etf
808524201

0.29

.00

12,859.41

12,859.41

.00

12/10/25 12/15/25
.00

75,131.15

75,131.15

.00

19,658.207
9,621.288
159,546.000

Total Mutual Funds-Equity
Mutual Funds-Fixed Income
115,033.169

Baird Core Plus Bond Fund Institut
057071870
12/29/25 12/30/25

0.43

.00

6,081.75

6,081.75

.00

12,049.000

Ishares Core U.S. Aggregate Bond Etf
464287226
12/19/25 12/24/25

3.89

.00

7,957.00

7,957.00

.00

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 13 of 26
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL (continued)
SHARES/
FACE AMOUNT
68,824.786
78,307.723
47,201.399

DESCRIPTION

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.56

.00

3,208.90

3,208.90

.00

0.40

.00

2,652.95

2,652.95

.00

0.41

.00

1,666.01

1,666.01

.00

.00

21,566.61

21,566.61

.00

231.20

97,173.32

96,928.96

475.56

Pgim Total Return Bond Cl R6
74440B884

12/22/22 12/31/25

Nuveen Core Bond Fund R6
87244W607

08/29/25 12/31/25

Voya Intermediate Bond Fund Class R6
92913L569
12/31/25 12/31/25

Total Mutual Funds-Fixed Income
Grand Total

EX
DATE

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 14 of 26
Period from December 1, 2025 to December 31, 2025

CONTRIBUTION ACTIVITY
DATE

DESCRIPTION

CASH

Employee Contributions
Employee Contribution
12/15/2025

Recd From Fulton Bank

4,875.23

12/29/2025

Recd From Fulton Bank

5,160.35

Total Employee Contribution

10,035.58

Total Employee Contributions

10,035.58

Total Contributions

10,035.58

BOOK VALUE

MARKET

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 15 of 26
Period from December 1, 2025 to December 31, 2025

BENEFIT ACTIVITY
DATE

DESCRIPTION

CASH

Benefit Payments
Lump Sum Distribution
12/04/2025

Paid To Steven Brown
Net=1034.59 Ft=200.20 St=0.00 Oth=0.00

Total Lump Sum Distribution

- 1,234.79

- 1,234.79

Monthly Pension
12/31/2025

Paid To Pension Pmts

- 41,413.91

Total Monthly Pension

- 41,413.91

Total Benefit Payments

- 42,648.70

Total Benefit Activity

- 42,648.70

BOOK VALUE

MARKET

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 16 of 26
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY
DATE

DESCRIPTION

CASH

Interest
First Am Govt Ob Fd Cl Z
31846V567
12/01/2025

Interest From 11/1/25 To 11/30/25

Total Interest

231.20
231.20

Dividends
Baird Core Plus Bond Fund Institut
057071870
12/29/2025

0.053142 USD/Share On 114,443.852 Shares Due 12/30/25
Dividend Payable 12/30/25

6,081.75

Fidelity Emerging Markets Index Fund
316146331
12/12/2025

0.322 USD/Share On 28,083.77 Shares Due 12/15/25
Dividend Payable 12/15/25

9,042.97

Fidelity International Index Fund
315911727
12/19/2025

1.917 USD/Share On 13,976.749 Shares Due 12/22/25
Dividend Payable 12/22/25

26,793.43

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/2025

0.5764 USD/Share On 12,370.546 Shares Due 12/19/25
Dividend Payable 12/19/25

7,130.38

Ishares Core U.S. Aggregate Bond Etf
464287226
12/04/2025

0.326375 USD/Share On 12,049 Shares Due 12/4/25

3,932.49

12/24/2025

0.334012 USD/Share On 12,049 Shares Due 12/24/25

4,024.51

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 17 of 26
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY (continued)
DATE

DESCRIPTION

CASH

Total Ishares Core U.S. Aggregate Bond Etf

7,957.00

Janus Henderson Overseas N
47103D835
12/05/2025

0.80538 USD/Share On 7,026.126 Shares Due 12/5/25
Dividend Payable 12/05/25

5,658.70

Mfs Intl Diversificat R6
552743544
12/24/2025

0.66173 USD/Share On 18,677.714 Shares Due 12/24/25
Div&st/Lt Cap Gain Payable 12/24/25

12,359.60

Nuveen Core Bond Fund R6
87244W607
12/01/2025

Dividend From 12/1/25 To 12/31/25

2,652.95

Pgim Total Return Bond Cl R6
74440B884
12/01/2025

Dividend From 12/1/25 To 12/31/25

3,208.90

Pimco Rae US Small Instl
72202L421
12/26/2025

0.13526 USD/Share On 9,512.526 Shares Due 12/26/25
Dividend Payable 12/26/25

1,286.66

Schwab U S Large Cap Etf
808524201
12/15/2025

Schwab U S Large Cap Etf
0.0806 USD/Share On 159,546 Shares Due 12/15/25

12,859.41

Voya Intermediate Bond Fund Class R6
92913L569
12/01/2025

Dividend From 12/1/25 To 12/31/25

Total Dividends

1,666.01
96,697.76

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 18 of 26
Period from December 1, 2025 to December 31, 2025

PLAN EXPENSES
DATE

DESCRIPTION

CASH

Administrative Expenses
Investment Advisory And Management Fees
Management Fee
12/12/2025

Paid To US Bank Trust Fees
Inv 15048710 For October 2025

- 2,341.23

Total Management Fee

- 2,341.23

Total Investment Advisory And Management Fees

- 2,341.23

Total Administrative Expenses

- 2,341.23

Trust Fees
Trust Fees
12/30/2025

Collected
Charged For Period 11/01/2025 Thru 11/30/2025

- 416.67

Total Trust Fees

- 416.67

Total Trust Fees

- 416.67

Total Plan Expenses

- 2,757.90

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 19 of 26
Period from December 1, 2025 to December 31, 2025

RECEIPTS AND DELIVERIES IN KIND
BOOK VALUE

MARKET
VALUE

REALIZED/
UNREALIZED
GAIN/LOSS

10.684

246.68

248.62

1.94

Total Mutual Funds

10.684

246.68

248.62

1.94

Total Free Receipts

10.684

246.68

248.62

1.94

- 10.679

- 246.68

- 248.61

- 1.93

Total Mutual Funds

- 10.679

- 246.68

- 248.61

- 1.93

Total Free Deliveries

- 10.679

- 246.68

- 248.61

- 1.93

DATE

DESCRIPTION

SHARES OR
FACE AMOUNT

Free Receipts
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269

Free Deliveries
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps In
246.68 USD
38147N293

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 20 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

Cash And Equivalents
12/02/2025

Purchased
16,782.39 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/2/25
31846V567

16,782.390

.00

- 16,782.39

16,782.39

12/04/2025

Purchased
2,697.7 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/4/25
31846V567

2,697.700

.00

- 2,697.70

2,697.70

12/15/2025

Purchased
17,734.64 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/15/25
31846V567

17,734.640

.00

- 17,734.64

17,734.64

12/24/2025

Purchased
4,024.51 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/24/25
31846V567

4,024.510

.00

- 4,024.51

4,024.51

12/29/2025

Purchased
5,160.35 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/29/25
31846V567

5,160.350

.00

- 5,160.35

5,160.35

Total First Am Govt Ob Fd Cl Z

46,399.590

.00

- 46,399.59

46,399.59

Total Cash And Equivalents

46,399.590

.00

- 46,399.59

46,399.59

Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 21 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

140.727

.00

- 4,971.89

4,971.89

Total Columbia Small Cap Growth Inst3

140.727

.00

- 4,971.89

4,971.89

12/12/2025

676.869

.00

- 9,042.97

9,042.97

Total Fidelity Emerging Markets Index Fund

676.869

.00

- 9,042.97

9,042.97

12/19/2025

444.188

.00

- 26,793.43

26,793.43

Total Fidelity International Index Fund

444.188

.00

- 26,793.43

26,793.43

12/12/2025

Purchased
307.527 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.70 USD
Through Reinvestment Of Cap Gain Dist 12/12/25
38147N269

307.527

.00

- 6,980.87

6,980.87

12/18/2025

Purchased
321.768 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.16 USD
Through Reinvestment Of Cash Dividend Due 12/19/25
38147N269

321.768

.00

- 7,130.38

7,130.38

629.295

.00

- 14,111.25

14,111.25

DATE
12/08/2025

DESCRIPTION
Purchased
140.727 Shares
Columbia Small Cap Growth Inst3 @ 35.33 USD
Through Reinvestment Of Cap Gain Dist 12/5/25
19765Y340

Purchased
676.869 Shares
Fidelity Emerging Markets Index Fund @ 13.36 USD
Through Reinvestment Of Cash Dividend Due 12/15/25
316146331

Purchased
444.188 Shares
Fidelity International Index Fund @ 60.32 USD
Through Reinvestment Of Cash Dividend Due 12/22/25
315911727

Total Goldman Sachs Gqg Ptnrs Intl Opps R6

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 22 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

101.102

.00

- 5,658.70

5,658.70

Total Janus Henderson Overseas N

101.102

.00

- 5,658.70

5,658.70

12/24/2025

980.493

.00

- 27,296.92

27,296.92

980.493

.00

- 27,296.92

27,296.92

9,234.609

.00

- 111,000.00

111,000.00

277.917

.00

- 3,387.81

3,387.81

108.762

.00

- 1,286.66

1,286.66

Total Pimco Rae US Small Instl

9,621.288

.00

- 115,674.47

115,674.47

Total Mutual Funds-Equity

12,593.962

.00

- 203,549.63

203,549.63

DATE
12/05/2025

DESCRIPTION
Purchased
101.102 Shares
Janus Henderson Overseas N @ 55.97 USD
Through Reinvestment Of Cash Dividend Due 12/5/25
47103D835

Purchased
980.493 Shares
Mfs Intl Diversificat R6 @ 27.84 USD
Through Reinvestment Of Cap Gain/Cash Div 12/24/25
552743544

Total Mfs Intl Diversificat R6
12/01/2025

Purchased
9,234.609 Shares Of
Pimco Rae US Small Instl
Trade Date 12/1/25
9,234.609 Shares At 12.02 USD
72202L421

12/12/2025

Purchased
277.917 Shares
Pimco Rae US Small Instl @ 12.19 USD
Through Reinvestment Of Cap Gain Dist
72202L421

12/26/2025

12/11/25

Purchased
108.762 Shares
Pimco Rae US Small Instl @ 11.83 USD
Through Reinvestment Of Cash Dividend Due 12/26/25
72202L421

Mutual Funds-Fixed Income

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 23 of 26
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

589.317

.00

- 6,081.75

6,081.75

Total Baird Core Plus Bond Fund Institut

589.317

.00

- 6,081.75

6,081.75

12/01/2025

285.878

.00

- 2,652.95

2,652.95

Total Nuveen Core Bond Fund R6

285.878

.00

- 2,652.95

2,652.95

12/01/2025

263.456

.00

- 3,208.90

3,208.90

Total Pgim Total Return Bond Cl R6

263.456

.00

- 3,208.90

3,208.90

12/01/2025

188.037

.00

- 1,666.01

1,666.01

188.037

.00

- 1,666.01

1,666.01

Total Mutual Funds-Fixed Income

1,326.688

.00

- 13,609.61

13,609.61

Total Purchases

60,320.240

.00

- 263,558.83

263,558.83

DATE
12/29/2025

DESCRIPTION
Purchased
589.317 Shares
Baird Core Plus Bond Fund Institut @ 10.32 USD
Through Reinvestment Of Cash Dividend Due 12/30/25
057071870

Purchased
285.878 Shares
Nuveen Core Bond Fund R6 @ 9.28 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
87244W607

Purchased
263.456 Shares
Pgim Total Return Bond Cl R6 @ 12.18 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
74440B884

Purchased
188.037 Shares
Voya Intermediate Bond Fund Class R6 @ 8.86 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
92913L569

Total Voya Intermediate Bond Fund Class R6

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 24 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES
SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/12/2025 Sold
2,341.23 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/12/25
31846V567

- 2,341.230

.00

2,341.23

- 2,341.23

.00

12/30/2025 Sold 416.67
Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/30/25
31846V567

- 416.670

.00

416.67

- 416.67

.00

12/31/2025 Sold
41,413.91 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/31/25
31846V567

- 41,413.910

.00

41,413.91

- 41,413.91

.00

Total First Am Govt Ob Fd Cl Z

- 44,171.810

.00

44,171.81

- 44,171.81

.00

Total Cash And Equivalents

- 44,171.810

.00

44,171.81

- 44,171.81

.00

12/05/2025 Receive Lt
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.7143 USD/Share On 2,967.581 Shares Due 12/5/25
Lt Capital Gain Of 2,119.62 USD On Federal Cost
19765Y340

.000

.00

2,119.62

.00

2,119.62

12/05/2025 Receive ST
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.9611 USD/Share On 2,967.581 Shares Due 12/5/25
ST Capital Gain Of 2,852.27 USD On Federal Cost
19765Y340

.000

.00

2,852.27

.00

2,852.27

Total Columbia Small Cap Growth Inst3

.000

.00

4,971.89

.00

4,971.89

DATE

DESCRIPTION

Cash And Equivalents

Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 25 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/11/2025 Receive Lt
Capital Gains Distribution On
Goldman Sachs Gqg Ptnrs Intl Opps R6
0.5787 USD/Share On 12,063.019 Shares Due 12/12/25
Lt Capital Gain Of 6,980.87 USD On Federal Cost
38147N269

.000

.00

6,980.87

.00

6,980.87

Total Goldman Sachs Gqg Ptnrs Intl Opps R6

.000

.00

6,980.87

.00

6,980.87

12/23/2025 Receive Lt
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.7515 USD/Share On 18,677.714 Shares Due 12/24/25
Lt Capital Gain Of 14,035.37 USD On Federal Cost
552743544

.000

.00

14,035.37

.00

14,035.37

12/23/2025 Receive ST
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.0483 USD/Share On 18,677.714 Shares Due 12/24/25
ST Capital Gain Of 901.95 USD On Federal Cost
552743544

.000

.00

901.95

.00

901.95

Total Mfs Intl Diversificat R6

.000

.00

14,937.32

.00

14,937.32

12/11/2025 Receive Lt
Capital Gains Distribution On
Pimco Rae US Small Instl
0.3612 USD/Share On 9,234.609 Shares Due 12/11/25
Lt Capital Gain Of 3,335.36 USD On Federal Cost
72202L421

.000

.00

3,335.36

.00

3,335.36

12/11/2025 Receive ST
Capital Gains Distribution On
Pimco Rae US Small Instl
0.0057 USD/Share On 9,234.609 Shares Due 12/11/25
ST Capital Gain Of 52.45 USD On Federal Cost
72202L421

.000

.00

52.45

.00

52.45

Total Pimco Rae US Small Instl

.000

.00

3,387.81

.00

3,387.81

00022201
54- -01-B -62 -009-01
0101 -44-04522-01
WEST WHITELAND NON-UNIFORMED PENSION
ACCOUNT

Page 26 of 26
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/01/2025 Sold
1,499.015 Shares Of
Undiscovered Mgrs Behavioral Value
Trade Date 12/1/25
1,499.015 Shares At 85.09 USD
904504479

- 1,499.015

.00

127,551.19

- 130,762.15

- 3,210.96

Total Undiscovered Mgrs Behavioral Value

- 1,499.015

.00

127,551.19

- 130,762.15

- 3,210.96

Total Mutual Funds-Equity

- 1,499.015

.00

157,829.08

- 130,762.15

27,066.93

Total Sales And Maturities

- 45,670.825

.00

202,000.89

- 174,933.96

27,066.93

DATE

DESCRIPTION

SALES AND MATURITIES MESSAGES
Realized gain/loss should not be used for tax purposes.

U.S. Bank
1555 N. Rivercenter Dr.
Suite 300
Milwaukee, WI 53212

00000000222 000638103658761 P
FFFATFADTATTTFTTATFFDFADTAFFTTTDTFDDAFAFFAFFDFFAFFFADTFTFATFAFAFT

WEST WHITELAND TOWNSHIP
ATTN: CAROLINE PARTRIDGE
101 COMMERCE DRIVE
EXTON PA 19341-2726

000222
-B -009

Glossary
Accretion - The accumulation of the value of a discounted bond until maturity.
Adjusted Prior Market Realized Gain/Loss - The difference between the proceeds and the Prior
Market Value of the transaction.
Adjusted Prior Market Unrealized Gain/Loss - The difference between the Market Value and the
Adjusted Prior Market Value.
Adjusted Prior Market Value - A figure calculated using the beginning Market Value for the fiscal year,
adjusted for all asset related transactions during the period, employing an average cost methodology.
Amortization - The decrease in value of a premium bond until maturity.
Asset - Anything owned that has commercial exchange value. Assets may consist of specific property
or of claims against others, in contrast to obligations due to others (liabilities).
Bond Rating - A measurement of a bond's quality based upon the issuer's financial condition. Ratings
are assigned by independent rating services, such as Moody's, or S&P, and reflect their opinion of the
issuer's ability to meet the scheduled interest and principal repayments for the bond.
Cash - Cash activity that includes both income and principal cash categories.
Change in Unrealized Gain/Loss - Also reported as Gain/Loss in Period in the Asset Detail section.
This figure shows the market appreciation (depreciation) for the current period.
Cost Basis (Book Value) - The original price of an asset, normally the purchase price or appraised
value at the time of acquisition. Book Value method maintains an average cost for each asset.
Cost Basis (Tax Basis) - The original price of an asset, normally the purchase price or appraised value
at the time of acquisition. Tax Basis uses client determined methods such as Last-In-First-Out (LIFO),
First-In-First-Out (FIFO), Average, Minimum Gain, and Maximum Gain.
Ending Accrual - (Also reported as Accrued Income) Income earned but not yet received, or expenses
incurred but not yet paid, as of the end of the reporting period.
Estimated Annual Income - The amount of income a particular asset is anticipated to earn over the
next year. The shares multiplied by annual income rate.
Estimated Current Yield - The annual rate of return on an investment expressed as a percentage. For
stocks, yield is calculated by taking the annual dividend payments divided by the stock's current share
price. For bonds, yield is calculated by the coupon rate divided by the bond's market price.
Ex-Dividend Date - (Also reported as Ex-Date) For stock trades, the person who owns the security on
the ex-dividend date will earn the dividend, regardless of who currently owns the stock.
Income Cash - A category of cash comprised of ordinary earnings derived from investments, usually
dividends and interest.
Market Value - The price per unit multiplied by the number of units.
Maturity Date - The date on which an obligation or note matures.
Payable Date - The date on which a dividend, mutual fund distribution, or interest on a bond will be
made.
Principal Cash - A category of cash comprised of cash, deposits, cash withdrawals and the cash flows
generated from purchases or sales of investments.
Realized Gain/Loss Calculation - The Proceeds less the Cost Basis of a transaction.
Settlement Date - The date on which a trade settles and cash or securities are credited or debited to the
account.
Trade Date - The date a trade is legally entered into.
Unrealized Gain/Loss - The difference between the Market Value and Cost Basis at the end of the
current period.
Yield on/at Market - The annual rate of return on an investment expressed as a percentage. For
stocks, yield is calculated by the annual dividend payments divided by the stock's current share price.
For bonds, yield is calculated by the coupon rate divided by the bond's market price.
The terms defined in this glossary are only for use when reviewing your account statement. Please
contact your Relationship Manager with any questions.

00022201
54- -01-B -62 -009-01
0102 -44-04522-01

Account Number:
U.S. BANK AS TRUSTEE FOR THE
WEST WHITELAND TOWNSHIP OPEB

This statement is for the period from December 1, 2025 to December 31, 2025

Questions?
If you have any questions regarding your account or this
statement, please contact your Account Manager.
Account Manager:
ANGELA HANSEN
60 LIVINGSTON AVE
EP-MN-WS4E
ST. PAUL, MN 55107
Phone: 651-466-6390
E-mail: [email protected]

FFFATFADTATTTFTTATFFDFADTAFFTTTDTFDDAFAFFAFFDFFAFFFADTFTFATFAFAFT

00000000222 000638103658761 P

WEST WHITELAND TOWNSHIP
ATTN: CAROLINE PARTRIDGE
101 COMMERCE DRIVE
EXTON PA 19341-2726

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 2 of 22
Period from December 1, 2025 to December 31, 2025

TABLE OF CONTENTS
Schedule

Page

Market And Cost Reconciliation .........................................................................................................................................................................
Cash Reconciliation ............................................................................................................................................................................................
Asset Summary ....................................................................................................................................................................................................
Asset Detail ..........................................................................................................................................................................................................
Income Accrual Detail .........................................................................................................................................................................................
Investment Activity ...............................................................................................................................................................................................
Plan Expenses .....................................................................................................................................................................................................
Receipts And Deliveries In Kind .........................................................................................................................................................................
Purchases ............................................................................................................................................................................................................
Sales And Maturities ...........................................................................................................................................................................................

3
4
5
6
10
12
14
15
16
20

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 3 of 22
Period from December 1, 2025 to December 31, 2025

MARKET AND COST RECONCILIATION

Beginning Market And Cost

12/31/2025
MARKET

12/31/2025
BOOK VALUE

4,240,325.02

3,922,086.47

157.04
35,485.65
9,868.67
- 27,926.91
24.47

157.04
35,485.65
9,868.67
.00
24.47

17,608.92

45,535.83

- 854.10

- 854.10

- 854.10

- 854.10

106.55
- 106.55

105.72
- 105.72

.00

.00

16,754.82

44,681.73

4,257,079.84

3,966,768.20

Investment Activity
Interest
Dividends
Realized Gain/Loss
Change In Unrealized Gain/Loss
Net Accrued Income (Current-Prior)
Total Investment Activity
Plan Expenses
Administrative Expenses*
Total Plan Expenses
Other Activity
Free Receipts
Free Deliveries
Total Other Activity
Net Change In Market And Cost
Ending Market And Cost

MARKET AND COST RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 4 of 22
Period from December 1, 2025 to December 31, 2025

CASH RECONCILIATION
Beginning Cash

.00

Investment Activity
Interest
Dividends
Cash Equivalent Purchases
Purchases
Cash Equivalent Sales
Sales/Maturities
Total Investment Activity

157.04
35,485.65
- 12,748.53
- 78,791.11
854.10
55,896.95
854.10

Plan Expenses
Administrative Expenses*

- 854.10

Total Plan Expenses

- 854.10

Net Change In Cash

.00

Ending Cash

.00

CASH RECONCILIATION MESSAGES
* Includes Professional Fees, Contract Administrator Fees and Investment Advisory Fees

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 6 of 22
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

61,414.930

61,414.93
1.0000

61,414.93

Total Money Markets

61,414.930

61,414.93

Total Cash And Equivalents

61,414.930

Columbia
Small Cap Growth Inst3
19765Y340 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

.00
.00

181.51

3.57

61,414.93

.00
.00

181.51

3.57

61,414.93

61,414.93

.00
.00

181.51

3.57

1,093.318

37,675.74
34.4600

31,048.81

6,626.93
- 2,788.32

.00

0.00

Fidelity
International Index Fund
315911727 Asset Minor Code 98

5,292.023

321,755.00
60.8000

297,542.33

24,212.67
- 896.26

.00

6.31

Fidelity
Emerging Markets Index Fund
316146331 Asset Minor Code 98

10,443.872

142,872.17
13.6800

120,153.78

22,718.39
486.58

.00

2.35

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269 Asset Minor Code 98

4,656.873

104,593.37
22.4600

92,898.40

11,694.97
- 4,195.71

.00

2.56

Goldman Sachs
Gqg Ptnrs Intl Opps In
38147N293 Asset Minor Code 98

.000

.00
22.4700

.00

.00
- .60

.00

0.00

DESCRIPTION

Cash And Equivalents
Money Markets
First Am Govt
Ob Fd Cl Z
31846V567 Asset Minor Code 1

Mutual Funds
Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 7 of 22
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

Janus
Henderson Overseas N
47103D835 Asset Minor Code 98

2,618.740

149,556.24
57.1100

133,739.16

Mfs Intl
Diversificat R6
552743544 Asset Minor Code 98

7,196.148

199,908.99
27.7800

Pimco Rae US
Small Instl
72202L421 Asset Minor Code 98

3,467.131

Schwab U S
Large Cap Etf
808524201 Asset Minor Code 94
Undiscovered
Mgrs Behavioral Value
904504479 Asset Minor Code 98

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

15,817.08
2,030.19

.00

1.41

189,402.40

10,506.59
- 6,243.42

.00

2.38

40,322.73
11.6300

41,684.49

- 1,361.76
- 1,361.76

.00

1.16

59,279.000

1,595,197.89
26.9100

1,336,504.00

258,693.89
- 5,335.11

.00

1.09

.000

.00
78.4800

.00

.00
1,278.03

.00

0.00

94,047.105

2,591,882.13

2,242,973.37

348,908.76
- 17,026.38

.00

1.96

Baird Core
Plus Bond Fund Institut
057071870 Asset Minor Code 99

42,151.412

434,581.06
10.3100

457,715.52

- 23,134.46
- 2,518.28

.00

4.21

Ishares Core
U.S. Aggregate Bond Etf
464287226 Asset Minor Code 95

4,415.000

440,970.20
99.8800

429,188.07

11,782.13
- 4,150.10

.00

3.89

Pgim Total
Return Bond Cl R6
74440B884 Asset Minor Code 99

25,147.299

306,294.10
12.1800

338,484.94

- 32,190.84
- 1,753.58

.00

4.63

Nuveen Core
Bond Fund R6
87244W607 Asset Minor Code 99

28,661.816

265,981.65
9.2800

262,235.33

3,746.32
- 1,427.86

.00

4.33

DESCRIPTION

Total Mutual Funds-Equity
Mutual Funds-Fixed Income

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 8 of 22
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL (continued)
SHARES/
FACE AMOUNT

MARKET
PRICE/UNIT

BOOK VALUE

17,581.745

155,774.26
8.8600

174,574.53

Total Mutual Funds-Fixed Income

117,957.272

1,603,601.27

Total Mutual Funds

212,004.377

Total Assets

DESCRIPTION
Voya
Intermediate Bond Fund Class R6
92913L569 Asset Minor Code 99

Accrued Income
Grand Total

UNREALIZED
GAIN (LOSS)
SINCE INCEPTION/
CURRENT PERIOD

ENDING
ACCRUAL

YIELD ON
MARKET

- 18,800.27
- 1,050.71

.00

4.57

1,662,198.39

- 58,597.12
- 10,900.53

.00

4.25

4,195,483.40

3,905,171.76

290,311.64
- 27,926.91

.00

2.84

273,419.307

4,256,898.33

3,966,586.69

290,311.64
- 27,926.91

181.51

2.85

.000

181.51

181.51

273,419.307

4,257,079.84

3,966,768.20

ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Publicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not
publicly traded may be reflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value,
or at a nominal value. Values shown do not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less
frequently than statement generation.
For further information, please contact your account manager or relationship manager.

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 9 of 22
Period from December 1, 2025 to December 31, 2025

ASSET DETAIL MESSAGES (continued)
Yield on Market and Accrued Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimates
may not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future.
The asset categories used in this statement may be general in nature. For example, assets listed under the "Mutual Funds" category may include open-end investment companies
registered under the Investment Company Act of 1940 (which are commonly known as "mutual funds") but may also include closed-end investment companies, unit investment trusts,
common trust funds, collective trust funds or other investments that are registered with (or not subject to registration with) the Securities and Exchange Commission.

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 10 of 22
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL
SHARES/
FACE AMOUNT

DESCRIPTION

EX
DATE

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.04

157.04

181.51

157.04

181.51

157.04

181.51

157.04

181.51

3.83

.00

9,832.33

9,832.33

.00

Cash And Equivalents
61,414.930

First Am Govt Ob Fd Cl Z
31846V567

01/02/26

Total Cash And Equivalents
Mutual Funds-Equity
5,292.023

Fidelity International Index Fund
315911727

12/19/25 12/22/25

10,443.872

Fidelity Emerging Markets Index Fund
316146331
12/12/25 12/15/25

0.32

.00

3,283.78

3,283.78

.00

4,656.873

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/25 12/19/25

0.58

.00

2,616.17

2,616.17

.00

2,618.740

Janus Henderson Overseas N
47103D835

0.81

.00

2,079.16

2,079.16

.00

12/05/25 12/05/25

Mfs Intl Diversificat R6
552743544

0.66

.00

4,524.40

4,524.40

.00

12/23/25 12/24/25

Pimco Rae US Small Instl
72202L421

0.14

.00

463.66

463.66

.00

12/26/25 12/26/25

Schwab U S Large Cap Etf
808524201

0.29

.00

4,777.89

4,777.89

.00

12/10/25 12/15/25
.00

27,577.39

27,577.39

.00

7,196.148
3,467.131
59,279.000

Total Mutual Funds-Equity
Mutual Funds-Fixed Income
42,151.412

Baird Core Plus Bond Fund Institut
057071870
12/29/25 12/30/25

0.43

.00

2,228.52

2,228.52

.00

4,415.000

Ishares Core U.S. Aggregate Bond Etf
464287226
12/19/25 12/24/25

3.89

.00

2,915.61

2,915.61

.00

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 11 of 22
Period from December 1, 2025 to December 31, 2025

INCOME ACCRUAL DETAIL (continued)
SHARES/
FACE AMOUNT
25,147.299
28,661.816
17,581.745

DESCRIPTION

PAY ANN
DATE RATE

BEGINNING
ACCRUAL

INCOME
EARNED

INCOME
RECEIVED

ENDING
ACCRUAL

0.56

.00

1,172.46

1,172.46

.00

0.40

.00

971.05

971.05

.00

0.41

.00

620.62

620.62

.00

.00

7,908.26

7,908.26

.00

157.04

35,667.16

35,642.69

181.51

Pgim Total Return Bond Cl R6
74440B884

12/22/22 12/31/25

Nuveen Core Bond Fund R6
87244W607

08/29/25 12/31/25

Voya Intermediate Bond Fund Class R6
92913L569
12/31/25 12/31/25

Total Mutual Funds-Fixed Income
Grand Total

EX
DATE

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 12 of 22
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY
DATE

DESCRIPTION

CASH

Interest
First Am Govt Ob Fd Cl Z
31846V567
12/01/2025

Interest From 11/1/25 To 11/30/25

Total Interest

157.04
157.04

Dividends
Baird Core Plus Bond Fund Institut
057071870
12/29/2025

0.053142 USD/Share On 41,935.47 Shares Due 12/30/25
Dividend Payable 12/30/25

2,228.52

Fidelity Emerging Markets Index Fund
316146331
12/12/2025

0.322 USD/Share On 10,198.08 Shares Due 12/15/25
Dividend Payable 12/15/25

3,283.78

Fidelity International Index Fund
315911727
12/19/2025

1.917 USD/Share On 5,129.02 Shares Due 12/22/25
Dividend Payable 12/22/25

9,832.33

Goldman Sachs Gqg Ptnrs Intl Opps R6
38147N269
12/18/2025

0.5764 USD/Share On 4,538.815 Shares Due 12/19/25
Dividend Payable 12/19/25

2,616.17

Ishares Core U.S. Aggregate Bond Etf
464287226
12/04/2025

0.326375 USD/Share On 4,415 Shares Due 12/4/25

1,440.95

12/24/2025

0.334012 USD/Share On 4,415 Shares Due 12/24/25

1,474.66

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 13 of 22
Period from December 1, 2025 to December 31, 2025

INVESTMENT ACTIVITY (continued)
DATE

DESCRIPTION

CASH

Total Ishares Core U.S. Aggregate Bond Etf

2,915.61

Janus Henderson Overseas N
47103D835
12/05/2025

0.80538 USD/Share On 2,581.592 Shares Due 12/5/25
Dividend Payable 12/05/25

2,079.16

Mfs Intl Diversificat R6
552743544
12/24/2025

0.66173 USD/Share On 6,837.226 Shares Due 12/24/25
Div&st/Lt Cap Gain Payable 12/24/25

4,524.40

Nuveen Core Bond Fund R6
87244W607
12/01/2025

Dividend From 12/1/25 To 12/31/25

971.05

Pgim Total Return Bond Cl R6
74440B884
12/01/2025

Dividend From 12/1/25 To 12/31/25

1,172.46

Pimco Rae US Small Instl
72202L421
12/26/2025

0.13526 USD/Share On 3,427.937 Shares Due 12/26/25
Dividend Payable 12/26/25

463.66

Schwab U S Large Cap Etf
808524201
12/15/2025

Schwab U S Large Cap Etf
0.0806 USD/Share On 59,279 Shares Due 12/15/25

4,777.89

Voya Intermediate Bond Fund Class R6
92913L569
12/01/2025

Dividend From 12/1/25 To 12/31/25

Total Dividends

620.62
35,485.65

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 14 of 22
Period from December 1, 2025 to December 31, 2025

PLAN EXPENSES
DATE

DESCRIPTION

CASH

Administrative Expenses
Investment Advisory And Management Fees
Management Fee
12/12/2025

Paid To US Bank Trust Fees
Inv 15048710 For October 2025

- 854.10

Total Management Fee

- 854.10

Total Investment Advisory And Management Fees

- 854.10

Total Administrative Expenses

- 854.10

Total Plan Expenses

- 854.10

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 15 of 22
Period from December 1, 2025 to December 31, 2025

RECEIPTS AND DELIVERIES IN KIND
BOOK VALUE

MARKET
VALUE

REALIZED/
UNREALIZED
GAIN/LOSS

4.579

105.72

106.55

.83

Total Mutual Funds

4.579

105.72

106.55

.83

Total Free Receipts

4.579

105.72

106.55

.83

- 4.577

- 105.72

- 106.55

- .83

Total Mutual Funds

- 4.577

- 105.72

- 106.55

- .83

Total Free Deliveries

- 4.577

- 105.72

- 106.55

- .83

DATE

DESCRIPTION

SHARES OR
FACE AMOUNT

Free Receipts
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps R6
38147N269

Free Deliveries
Mutual Funds
12/05/2025

Goldman Sachs
Gqg Ptnrs Intl Opps In
105.72 USD
38147N293

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 16 of 22
Period from December 1, 2025 to December 31, 2025

PURCHASES
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

Cash And Equivalents
12/02/2025

Purchased
5,055.03 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/2/25
31846V567

5,055.030

.00

- 5,055.03

5,055.03

12/04/2025

Purchased
1,440.95 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/4/25
31846V567

1,440.950

.00

- 1,440.95

1,440.95

12/15/2025

Purchased
4,777.89 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/15/25
31846V567

4,777.890

.00

- 4,777.89

4,777.89

12/24/2025

Purchased
1,474.66 Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/24/25
31846V567

1,474.660

.00

- 1,474.66

1,474.66

Total First Am Govt Ob Fd Cl Z

12,748.530

.00

- 12,748.53

12,748.53

Total Cash And Equivalents

12,748.530

.00

- 12,748.53

12,748.53

49.499

.00

- 1,748.81

1,748.81

49.499

.00

- 1,748.81

1,748.81

Mutual Funds-Equity
12/08/2025

Purchased 49.499
Shares
Columbia Small Cap Growth Inst3 @ 35.33 USD
Through Reinvestment Of Cap Gain Dist 12/5/25
19765Y340

Total Columbia Small Cap Growth Inst3

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 17 of 22
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

245.792

.00

- 3,283.78

3,283.78

Total Fidelity Emerging Markets Index Fund

245.792

.00

- 3,283.78

3,283.78

12/19/2025

163.003

.00

- 9,832.33

9,832.33

Total Fidelity International Index Fund

163.003

.00

- 9,832.33

9,832.33

12/12/2025

Purchased
112.833 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.70 USD
Through Reinvestment Of Cap Gain Dist 12/12/25
38147N269

112.833

.00

- 2,561.32

2,561.32

12/18/2025

Purchased
118.058 Shares
Goldman Sachs Gqg Ptnrs Intl Opps R6 @ 22.16 USD
Through Reinvestment Of Cash Dividend Due 12/19/25
38147N269

118.058

.00

- 2,616.17

2,616.17

Total Goldman Sachs Gqg Ptnrs Intl Opps R6

230.891

.00

- 5,177.49

5,177.49

12/05/2025

37.148

.00

- 2,079.16

2,079.16

37.148

.00

- 2,079.16

2,079.16

DATE
12/12/2025

DESCRIPTION
Purchased
245.792 Shares
Fidelity Emerging Markets Index Fund @ 13.36 USD
Through Reinvestment Of Cash Dividend Due 12/15/25
316146331

Purchased
163.003 Shares
Fidelity International Index Fund @ 60.32 USD
Through Reinvestment Of Cash Dividend Due 12/22/25
315911727

Purchased 37.148
Shares
Janus Henderson Overseas N @ 55.97 USD
Through Reinvestment Of Cash Dividend Due 12/5/25
47103D835

Total Janus Henderson Overseas N

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 18 of 22
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

358.922

.00

- 9,992.40

9,992.40

358.922

.00

- 9,992.40

9,992.40

3,327.787

.00

- 40,000.00

40,000.00

100.150

.00

- 1,220.83

1,220.83

39.194

.00

- 463.66

463.66

Total Pimco Rae US Small Instl

3,467.131

.00

- 41,684.49

41,684.49

Total Mutual Funds-Equity

4,552.386

.00

- 73,798.46

73,798.46

215.942

.00

- 2,228.52

2,228.52

215.942

.00

- 2,228.52

2,228.52

DATE
12/24/2025

DESCRIPTION
Purchased
358.922 Shares
Mfs Intl Diversificat R6 @ 27.84 USD
Through Reinvestment Of Cap Gain/Cash Div 12/24/25
552743544

Total Mfs Intl Diversificat R6
12/01/2025

Purchased
3,327.787 Shares Of
Pimco Rae US Small Instl
Trade Date 12/1/25
3,327.787 Shares At 12.02 USD
72202L421

12/12/2025

Purchased 100.15
Shares
Pimco Rae US Small Instl @ 12.19 USD
Through Reinvestment Of Cap Gain Dist
72202L421

12/26/2025

12/11/25

Purchased 39.194
Shares
Pimco Rae US Small Instl @ 11.83 USD
Through Reinvestment Of Cash Dividend Due 12/26/25
72202L421

Mutual Funds-Fixed Income
12/29/2025

Purchased
215.942 Shares
Baird Core Plus Bond Fund Institut @ 10.32 USD
Through Reinvestment Of Cash Dividend Due 12/30/25
057071870

Total Baird Core Plus Bond Fund Institut

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 19 of 22
Period from December 1, 2025 to December 31, 2025

PURCHASES (continued)
SHARES/
FACE AMOUNT

COMMISSION

CASH

BOOK VALUE

104.639

.00

- 971.05

971.05

Total Nuveen Core Bond Fund R6

104.639

.00

- 971.05

971.05

12/01/2025

96.261

.00

- 1,172.46

1,172.46

Total Pgim Total Return Bond Cl R6

96.261

.00

- 1,172.46

1,172.46

12/01/2025

70.047

.00

- 620.62

620.62

Total Voya Intermediate Bond Fund Class R6

70.047

.00

- 620.62

620.62

Total Mutual Funds-Fixed Income

486.889

.00

- 4,992.65

4,992.65

17,787.805

.00

- 91,539.64

91,539.64

DATE
12/01/2025

DESCRIPTION
Purchased
104.639 Shares
Nuveen Core Bond Fund R6 @ 9.28 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
87244W607

Purchased 96.261
Shares
Pgim Total Return Bond Cl R6 @ 12.18 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
74440B884

Purchased 70.047
Shares
Voya Intermediate Bond Fund Class R6 @ 8.86 USD
Through Reinvestment Of Cash Dividend Due 12/31/25
92913L569

Total Purchases

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 20 of 22
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES
SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/12/2025 Sold 854.1
Units Of
First Am Govt Ob Fd Cl Z
Trade Date 12/12/25
31846V567

- 854.100

.00

854.10

- 854.10

.00

Total First Am Govt Ob Fd Cl Z

- 854.100

.00

854.10

- 854.10

.00

Total Cash And Equivalents

- 854.100

.00

854.10

- 854.10

.00

12/05/2025 Receive Lt
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.7143 USD/Share On 1,043.819 Shares Due 12/5/25
Lt Capital Gain Of 745.56 USD On Federal Cost
19765Y340

.000

.00

745.56

.00

745.56

12/05/2025 Receive ST
Capital Gains Distribution On
Columbia Small Cap Growth Inst3
0.9611 USD/Share On 1,043.819 Shares Due 12/5/25
ST Capital Gain Of 1,003.25 USD On Federal Cost
19765Y340

.000

.00

1,003.25

.00

1,003.25

Total Columbia Small Cap Growth Inst3

.000

.00

1,748.81

.00

1,748.81

12/11/2025 Receive Lt
Capital Gains Distribution On
Goldman Sachs Gqg Ptnrs Intl Opps R6
0.5787 USD/Share On 4,425.982 Shares Due 12/12/25
Lt Capital Gain Of 2,561.32 USD On Federal Cost
38147N269

.000

.00

2,561.32

.00

2,561.32

Total Goldman Sachs Gqg Ptnrs Intl Opps R6

.000

.00

2,561.32

.00

2,561.32

DATE

DESCRIPTION

Cash And Equivalents

Mutual Funds-Equity

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 21 of 22
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
DATE

DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

12/23/2025 Receive Lt
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.7515 USD/Share On 6,837.226 Shares Due 12/24/25
Lt Capital Gain Of 5,137.83 USD On Federal Cost
552743544

.000

.00

5,137.83

.00

5,137.83

12/23/2025 Receive ST
Capital Gains Distribution On
Mfs Intl Diversificat R6
0.0483 USD/Share On 6,837.226 Shares Due 12/24/25
ST Capital Gain Of 330.17 USD On Federal Cost
552743544

.000

.00

330.17

.00

330.17

Total Mfs Intl Diversificat R6

.000

.00

5,468.00

.00

5,468.00

12/11/2025 Receive Lt
Capital Gains Distribution On
Pimco Rae US Small Instl
0.3612 USD/Share On 3,327.787 Shares Due 12/11/25
Lt Capital Gain Of 1,201.93 USD On Federal Cost
72202L421

.000

.00

1,201.93

.00

1,201.93

12/11/2025 Receive ST
Capital Gains Distribution On
Pimco Rae US Small Instl
0.0057 USD/Share On 3,327.787 Shares Due 12/11/25
ST Capital Gain Of 18.90 USD On Federal Cost
72202L421

.000

.00

18.90

.00

18.90

Total Pimco Rae US Small Instl

.000

.00

1,220.83

.00

1,220.83

12/01/2025 Sold
527.653 Shares Of
Undiscovered Mgrs Behavioral Value
Trade Date 12/1/25
527.653 Shares At 85.09 USD
904504479

- 527.653

.00

44,897.99

- 46,028.28

- 1,130.29

Total Undiscovered Mgrs Behavioral Value

- 527.653

.00

44,897.99

- 46,028.28

- 1,130.29

00022201
54- -01-B -62 -009-01
0102 -44-04522-01
WEST WHITELAND TOWNSHIP OPEB
ACCOUNT

Page 22 of 22
Period from December 1, 2025 to December 31, 2025

SALES AND MATURITIES (continued)
DESCRIPTION

SHARES/
FACE AMOUNT

COMMISSION

TRANSACTION
PROCEEDS

BOOK VALUE

REALIZED
GAIN/LOSS

Total Mutual Funds-Equity

- 527.653

.00

55,896.95

- 46,028.28

9,868.67

Total Sales And Maturities

- 1,381.753

.00

56,751.05

- 46,882.38

9,868.67

DATE

SALES AND MATURITIES MESSAGES
Realized gain/loss should not be used for tax purposes.