On the agenda: Walworth County meeting — data center (May 21)

1. May 21, 2026 Finance Committee Agenda
Documents:
MAY 21, 2026 FINANCE COMMITTEE AGENDA.PDF
2. May 21, 2026 Finance Committee Packet
Documents:
MAY 21, 2026 FINANCE COMMITTEE PACKET-ONLINE VERSION.PDF

Walworth County Finance Committee
MEETING NOTICE
Thursday, May 21, 2026
10:00 AM
County Board Room 114
Walworth County Government Center
100 W. Walworth St., Elkhorn, Wisconsin
Sheila Reiff, Chair
Dennis Karbowski, Vice-Chair
Supervisor Kathy Ingersoll Supervisor Joseph Schaefer Supervisor Tyler Schneider
NOTICE: THIS MEETING IS PLANNED TO PROVIDE FOR REMOTE OR OFF-SITE ATTENDANCE
BY COMMITTEE MEMBERS.
THE PUBLIC CAN WATCH THE MEETING STREAMING LIVE AT

https://bit.ly/2026MayFIN

Individuals wanting to provide a Public Comment can do so in person or remotely by telephone.
Those wishing to comment by telephone must contact the County Administrator’s Office at 262-7414357 on the day of the meeting and at least 15 minutes prior to the start of the meeting to obtain
instructions.

(Posted in compliance with Sec. 19.84, Wis. Stats.)
A quorum of the Health & Human Services Board and Lakeland Health Care Center Board of Trustees will be
in attendance. It is possible that a quorum of the County Board or any of its other committees could be in
attendance at this meeting.
Agenda enclosures are available upon request from the County Administrator’s Office or on the County’s web
page (www.co.walworth.wi.us).

AGENDA
Note: All agenda items are subject to action.
1.
2.
3.
4.
5.
6.
7.

Call to order
Roll call of committee members
Agenda withdrawals, if any
Agenda approval
Approval of minutes
A. April 30, 2026, Finance Committee Meeting (encl. pp. 1-6)
Public comment period
Consent Items
A. Budget Adjustments and Transfers

AGENDA – Walworth County Finance Committee
Thursday, May 21, 2026, at 10:00 AM

B.

Page 2 of 3

1. Lakeland Health Care Center
a. Adjustment for temporary staffing funded with position vacancies
(encl. p. 7)
Reports
1. Update on tax incremental financing districts (TIDs) (encl. p. 8)
2. Quarterly investment report – 1st quarter 2026 (encl. pp. 9-11)
3. Sales tax report – February 2026 (encl. p. 12)
4. Quarterly Walworth County Economic Development Alliance (WCEDA)
financial report on special projects (encl. p. 13)

8.

Unfinished Business
A. Long-Term Planning: SWOT Analysis (Strengths, Weaknesses, Opportunities, and
Threats) (encl. pp. 14-28)

9.

New Business
A. Review Other Postemployment Benefits (OPEB) Liability and Investment Strategy

10.

1.

OPEB Liability and Funding Status Based on Actuarial Remeasurement as of
December 31, 2025 (encl. pp. 29-35)

2.

Presentation by PFM Asset Management LLC (PFMAM), regarding March
31, 2026, OPEB Quarterly Investment Report (encl. pp. 36-94)

3.

OPEB Investment Strategy and Target Allocations (encl. pp. 95-105)

B.

Res. No. **-06/26 Authorizing the Acceptance of the Keeping Kids Safe and
Putting Families First Funds and Establishing a Budget (encl. pp. 106-108)

C.

Funding and Position Requests for Health and Human Services FoodShare
Quality Control Grant (encl. pp. 109-111)

D.

Res. No. **-06/26 Authorizing the Closure of Eight Capital Projects Completed
During 2026 and Committing Remaining Funds to Their Respective Fund Balance
Reserves for the Year Ended December 31, 2026 (encl. pp. 112-115)

E.

County Board Members 2027 Budget Planning (encl. pp. 116-117)

F.

Government Finance Officers Association (GFOA) Distinguished Budget
Presentation Award for the 2026 Budget (encl. pp. 118-119)

Announcements and Updates
A. Finance Department Announcements and Updates (encl. pp. 120-121)
B.

American Rescue Plan Act (ARPA) Financial Update (encl. pp. 122-124)

C.

Announcements and Correspondences by Chairperson

AGENDA – Walworth County Finance Committee
Thursday, May 21, 2026, at 10:00 AM

Page 3 of 3

11.

Set/confirm next meeting date and time – Thursday, June 18, 2026, at 10:00 a.m.,
County Board Room 114 at the Government Center

12.

Adjournment

Submitted by: Sheila Reiff, Committee Chairperson
Jessica Conley, Finance Director
Posted: May 14, 2026

DRAFT

Walworth County Board of Supervisors
Finance Committee Meeting Minutes
Thursday, April 30, 2026
Walworth County Government Center, County Board Room 114
100 West Walworth Street, Elkhorn, Wisconsin
Director-Finance Jessica Conley called the meeting to order at 10:00 a.m.
Roll call was conducted and the following members were present: Supervisors Sheila Reiff,
Dennis Karbowski, Kathy Ingersoll, Joseph Schaefer, and Tyler Schneider. A quorum was
declared.
Others in Attendance
County Staff: Walworth County Administrator Mark W. Luberda; Director-Finance Jessica
Conley; Corporation Counsel/Director-Land Use and Resource Management Michael Cotter;
Comptroller Todd Paprocki; Director-Public Works Richard Hough; Business Office
Supervisor Kristina Secord; and County Treasurer Valerie Etzel
Members of the Public: Cole Nichols and Barb Nichols
On motion by Supervisor Karbowski, second by Supervisor Reiff, the agenda was
approved with no withdrawals.
Special Order of Business
5A. Election of Committee Chair
Director-Finance Jessica Conley announced that nominations for the Finance
Committee Chairperson were open. On motion by Supervisor Karbowski, second
by Supervisor Ingersoll, Supervisor Reiff was nominated for Finance
Committee Chair. Conley asked if there were any other nominations. Hearing none,
on motion and second by Supervisor Karbowski and Supervisor Schaefer,
nominations were closed. Motion carried 5-0. On motion of Supervisor
Karbowski and Supervisor Ingersoll, Supervisor Reiff was elected as Finance
Committee Chair. Motion carried 5-0.
5B. Election of Committee Vice-Chair
Chair Sheila Reiff announced that nominations for the Finance Committee ViceChairperson were open. On motion by Supervisor Ingersoll, second by
Supervisor Schaefer, Supervisor Karbowski was nominated for Finance
Committee Vice-Chair. Chair Reiff asked if there were any other nominations.
Hearing none, Supervisor Ingersoll offered a motion, second by Supervisor
Schaefer, to close nominations, and cast a unanimous vote for Supervisor
Karbowski as Vice-Chair. Motion carried 5-0. Vice-Chair Karbowski departed the
meeting at 10:03 a.m.
5C. Role of the Finance Committee
Conley referenced the overview of the information included in the meeting packet on Pages
1-3.

1 of 124

Walworth County Board of Supervisors
April 30, 2026 Finance Committee Meeting Minutes
Page 2 of 6

On motion by Supervisor Schaefer, second by Supervisor Ingersoll, the March 19,
2026 Finance Committee meeting minutes were approved.
Public Comment
Cole Nichols and Barb Nichols of Elkhorn, Wisconsin, spoke in favor of ATV/UTV usage on
the Section C, White River Trail rehabilitation project.
Consent Items
8A. Budget Adjustments and Transfers
1. Health and Human Services
a. Adjust for client placement in Comprehensive Community Services (CCS)
program
b. Adjust for client placement in intensive care facility
2. Land Information
a. Increase NG 9-1-1 Grant revenue and expenditures for 2026 grant award
3. Sheriff’s Office
a. Adjust for inmate phone commission revenue shortfall
b. Adjust for municipal law enforcement services
c. Adjust for Public Safety Answering Points grant funding of new eligible
expenditures
Supervisor Schaefer offered a motion, second by Supervisor Ingersoll, to approve
Consent Items 8A.1.a. through 8A.3.c. Motion carried 4-0.
8B. Purchasing Requests for Approval
1. Qualification award recommendation for Engineering Consultant for Small Projects
Supervisor Schaefer offered a motion, second by Supervisor Ingersoll, to approve
Item 8B.1. Motion carried 4-0. Vice-Chair Karbowski returned to the meeting at 10:08 a.m.
8C. Declaration of Surplus
1. Public Works requesting to declare a John Deere tractor as surplus and authorizing
staff to dispose of the assets
2. Sheriff’s Office requesting to declare seven (7) squads as surplus and authorizing
staff to dispose of the assets
Supervisor Schaefer offered a motion, second by Supervisor Ingersoll, to approve
Item 8C.1. through 8C.2. Business Office Supervisor Kristina Secord explained the
Department of Public Works examined all of the vehicles sent over for surplus, and only the
three identified in 8c.1. and 8c.2. transferred to Health and Human Services were deemed
usable by the County. Discussion ensued. Motion carried 5-0
8D. Reports
1. Update on tax incremental financing districts (TIDs)
Conley referenced and discussed the Memorandum, included on Pages 19-21 of the
packet, noting that it lists all current TIDs.

2 of 124

Walworth County Board of Supervisors
April 30, 2026 Finance Committee Meeting Minutes
Page 3 of 6

2. Report on 2025 fundraisers
Conley referenced and summarized the Report on 2025 fundraisers, included on Pages 2223 of the packet.
3. Sales tax report – January 2026
Conley referred to the Sales tax report – January 2026, included on Page 24 of the packet,
stating the report was for informational reasons.
4. Quarterly property loss report – 1st quarter 2026
Conley referenced the Quarterly property loss report – 1st quarter 2026, included on Pages
25-32 of the packet.
5. Quarterly delinquent tax report – 1st quarter 2026
Conley referred to the Quarterly delinquent tax report – 1st quarter 2026, included on Page
33 of the packet. County Treasurer Valerie Etzel answered questions and provided details of
the delinquent tax report. Etzel also discussed the collection process for the delinquent
taxes due. Discussion ensued.
6. Report on Related Revenue Budget Amendments Under $25,000 – 1st quarter 2026
Conley referenced the Report on Related Revenue Budget Amendments Under $25,000 –
1st Quarter 2026, included on Pages 34-36 of the packet.
7. Out-of-state travel
a. Health and Human Services
1. A. Burden, Preparedness Summit, Baltimore, MD
b. Information Technology
1. A. Brutlag, Tyler Connect 2026 Conference, Las Vegas, NV
c. Medical Examiner
1. K. Rossi, International Association of Coroners & Medical Examiners Spring
2026 Conference, Minneapolis, MN
Supervisor Schaefer offered a motion, second by Vice-Chair Karbowski, to approve
Item 7a.1. through 7c.1. Motion carried 5-0.
New Business
9A. Res. No. **-05/26 Authorizing the Public Works 2010 Mack Tandem Truck with
Attachments to be Declared Surplus and Authorizing Staff to Dispose of the Assets
Vice-Chair Karbowski offered a motion, second by Supervisor Schneider, to approve
Item 9A., the resolution, Authorizing the Public Works 2010 Mack Tandem Truck with
Attachments to be Declared Surplus and Authorizing Staff to Dispose of the Assets.
Motion carried 5-0.
9B. Res. No. **-05/26 Establishing a Budget and Creating a New 2026 Capital Improvement
Project to Purchase One Loader from Highway Fund Equipment Reserves and the
Replacement of Two Loaders Declared as Surplus

3 of 124

Walworth County Board of Supervisors
April 30, 2026 Finance Committee Meeting Minutes
Page 4 of 6

Supervisor Schneider offered a motion, second by Supervisor Ingersoll, to approve
Item 9B., the resolution, Establishing a Budget and Creating a New 2026 Capital
Improvement Project to Purchase One Loader from Highway Fund Equipment
Reserves and the Replacement of Two Loaders Declared as Surplus. Conley and
Walworth County Administrator Mark W. Luberda discussed the budget item in Item 9B,
explaining the reason that it may need to return to the Finance Committee to ensure proper
accounting during the purchase process. Motion carried 5-0
9C. Res. No. **-05/26 Approving Submission of a Grant Application for Outdoor Recreation
Snowmobile Trail Aids – Lyons Bridge Rehabilitation and White River Trail Rehabilitation
Vice-Chair Karbowski offered a motion, second by Supervisor Schaefer, to approve
Item 9C., the resolution, Approving Submission of a Grant Application for Outdoor
Recreation Snowmobile Trail Aids – Lyons Bridge Rehabilitation and White River Trail
Rehabilitation. Director of Public Works Richard Hough responded to the inquiry regarding
UTV usage on the trail, stating that he has requested the state to submit the necessary
paperwork for the application and is awaiting their response. Motion carried 5-0.
9D. Ord. No. ****-05/26 Amending Section 30-150 of the Walworth County Code of
Ordinances Relating to Cash and Receivables Policies
Supervisor Ingersoll offered a motion, second by Supervisor Schaefer, to approve
Item 9D., the ordinance, Amending Section 30-150 of the Walworth County Code of
Ordinances Relating to Cash and Receivables Policies. Motion carried 5-0. Conley
referred to and explained the purpose of the changes to pertinent sections of the
Ordinance. Supervisor Ingersoll offered a motion, second by Vice-Chair Karbowski, to
amend language within Subsection (g)(2) of the ordinance changing the language from
“or the Finance Committee” to “and the Finance Committee.” Motion carried 5-0.
9E. Ord. No. ****-05-26 Amending Sections of Chapter 17 of the Walworth County Code of
Ordinances Relating to Purchasing Definitions, Thresholds, and Signature Authorities
Supervisor Ingersoll offered a motion, second by Supervisor Schaefer, to approve
Item 9E., the ordinance, Amending Sections of Chapter 17 of the Walworth County
Code of Ordinances Relating to Purchasing Definitions, Thresholds, and Signature
Authorities. Conley summarized her memorandum and Item 9e., included on Pages 57-77
of the packet, outlining six major changes and discussing the Public Works Committee’s
recommendation to add Section 17-20(c) to the ordinance as presented on Page 77.
Luberda explained the purpose of large project budgets being returned to the Public Works
Committee and collaboration with Public Works to develop standardized descriptions to
clarify larger project details. This process ensures that projects going out for bid are
consistent with established expectations, reducing the risk of rejecting a bid due to the
inclusion of items that exceed those expectations. Vice-Chair Karbowski offered a
friendly amendment to the above motion, second by Supervisor Ingersoll, to approve
Item 9E., with the addition of Public Works Committee’s recommendations to Section
17-20 (c) into the main ordinance as presented. Motion carried 5-0.

4 of 124

Walworth County Board of Supervisors
April 30, 2026 Finance Committee Meeting Minutes
Page 5 of 6

9F. Closing of Fiscal Year 2025 Summary and Year-End Presentation
Conley discussed her Memorandum, included on Pages 78-79 of the packet, which
summarized and expanded on Items 9F.1 and 9F.2 regarding the County’s financial
statements and audit preparation. Comptroller Todd Paprocki referenced the Memorandum
and resolutions, included on Pages 80-100 of the packet, and gave the 2025 Financial
Results presentation. Discussion ensued.
1.
Res. No. **-05/26 Closing Fiscal Year 2025
Vice-Chair Karbowski offered a motion, second by Supervisor Schneider, to approve
Item 9F.1., the resolution, Closing Fiscal Year 2025. Motion carried 5-0.
2.
Res. No. **-05/26 Committing Fund Balances as of December 31, 2025
Supervisor Schneider offered a motion, second by Supervisor Schaefer, to approve
Item 9F.2., the resolution, Committing Fund Balances as of December 31, 2025. Motion
carried 5-0.
9G. 2026 Calendar for 2027 Budget Process
Conley explained that Item 9G. is for informational purposes to show the board the
2026 Calendar for the 2027 Budget Process, and to align with the new capital
project plan process. Discussion ensued. Luberda explained the purpose of moving
to the new 10-year CIP process. Supervisor Ingersoll offered a motion, second
by Vice-Chair Karbowski, to approve Item 9G., the 2026 Calendar for the 2027
Budget Process. Motion carried 5-0.
9H. Distribution of the Long-Term Planning: SWOT Analysis (Strengths, Weaknesses,
Opportunities, and Threats)
Luberda referenced the SWOT Analysis included in the packet on Pages 110-124 and
indicated it is being provided for this month for members to review and provide input at the
May meetings. He stated the inputs or changes should be put in form of a motion.
9I. Vendor Verification Software Project: Request to Release Administrative Hold
Vice-Chair Karbowski offered a motion, second by Supervisor Schaefer, to approve
Item 9I, Vendor Verification Software Project: Request to Release Administrative Hold.
Motion carried 5-0.
Announcements and Updates
10A. Finance Department Announcements and Updates
Conley referenced the Memorandum, included on Pages 130-131 of the packet, which
provides current updates on special projects, goals and accomplishments, regulatory
updates, and staffing highlights.

5 of 124

Walworth County Board of Supervisors
April 30, 2026 Finance Committee Meeting Minutes
Page 6 of 6

10B. American Rescue Plan Act (ARPA) Financial Update
Conley referred to and provided updates of the Memorandum, included on Pages 132-134
of the packet, highlighting projects which remain both ARPA grant and ARPA interest
funded.
10C. Announcements and Correspondences by Chairperson
There were none.
Confirmation of next meeting date and time: The next meeting was confirmed for Thursday, May
21, 2026 at 10:00 a.m.

Adjournment
On motion and second by Supervisor Schneider and Supervisor Ingersoll, Chair Reiff
adjourned the meeting at 11:37 a.m.
_________________________________________________________________________________
Submitted by Kathleen Aukland, Administrative Assistant. Meeting minutes are not
considered final until approved by the Finance Committee at the next regularly scheduled
meeting.

6 of 124

Walworth County
Finance Committee Budget Adjustment or Transfer

Reference Number:

50199

Department:

Approvers:

COUNTY ADMINISTRATOR Mark Luberda
Amendment Type:

FC ADJ

Posting Month/Year:

05/2026

FINANCE DIRECTOR

Jessica Conley

HEALTH & HUMAN SVC

Carlo Nevicosi

Reason for Request:
Department: Lakeland Health Care Center (LHCC)
The purpose of this budget adjustment is to increase funding for Temporary Help Services accounts to support CNA, RN,
and LPN coverage. The amendment will be funded through payroll savings resulting from current vacancies.

Description

Org

STRAIGHT TIME

513010

HEALTH INSURANCE

Accounts

Account Type

Amount

51105

Expense

-$25,096

513010

51505

Expense

-$1,773

DENTAL INSURANCE

513010

51510

Expense

-$125

LIFE INSURANCE

513010

51515

Expense

-$31

RETIREMENT

513010

51520

Expense

-$732

SOCIAL SECURITY

513010

51530

Expense

-$1,912

WORKERS COMP

513010

51540

Expense

-$220

SHORT TERM DISABILITY INSUR

513010

51543

Expense

-$91

LONG TERM DISABILITY INSURANCE

513010

51545

Expense

-$20

Subtotal by Expense:

$0.00

TEMPORARY HELP SERVICES

5130

Object
52130

Project

Expense

$30,000

Subtotal by Revenue:

*NOTICE OF APPROVAL* This Finance Committee Budget Adjustment or Transfer document has been approved by Finance Department staff as to account
information and form. Budget Adjustment or Transfer approved by Finance Committee on ________________________.
Preparer:

Lauren Kuntz

Budget Adjustments, Transfers, and Amendments

Form 1-215-B

7 of 124

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

May 12, 2026

RE:

Update on Tax Incremental Districts (TID)

I have no current TID information to report. Any new information received in the
meantime will be shared at your May meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

8 of 124

March 31, 2026
WALWORTH COUNTY, WISCONSIN

Quarterly Investment Report

1st QUARTER 2026 FINANCIAL HIGHLIGHTS
Total Investment Portfolio
as of March 31, 2026

Actual

Benchmark1

Budget2

$ 1,931,270

$ 1,957,225

$ 1,748,743

3.69%

1st Quarter Average Return at Cost Annualized

3.68%
3.64%

n/a
3.30%

Year to Date Rate of Return at Cost Annualized

Realized Year to Date Interest Income Net of Fees
Current Holdings - Yield to Maturity at Cost

3.64%

3.69%
3.69%

3.30%

Rolling 1 Year Average Return at Cost

3.86%

4.13%

3.25%

Average Weighted Duration in Years

1.03

n/a

n/a

Average Weighted Duration in Years – Core
2.61
2026 Fixed Income Purchases To Date:

n/a

n/a

Average Weighted Duration: 4.72 Years
Weighted Yield to Maturity: 3.80%
1
The County has selected the Local Government Investment Pool (LGIP) rate as the benchmark.
2
The budget rates of return are calculated based on budgeted amounts and the actual average daily balance.

• Budget Compliance: Walworth County’s total investment portfolio has exceeded year-to-date budget expectations by

$182,527 net of fees. The non-departmental portion of the portfolio, which excludes interest allocated to reserves and
donations based on the LGIP rate, has exceeded year-to-date budget expectations by $55,044 before unrealized losses.
• Unrealized Gains/Losses: The County’s unrealized loss as of March 31, 2026 is $476,864. The County reserves $4 million in its investment market adjustment fund balance account in the event a yearend loss is incurred.
• Budget Action Required: No action is required at this time.
MARKET PERSPECTIVE
• The U.S. Federal Reserve (FED) reduced rates held rates at their January 2026 and March 2026 meetings. The target
interest rate is now at 3.50% to 3.75%. The Federal Open Market Committee is signaling one possible 25 basis-point
cut in 2026.
• LGIP bottomed out during the pandemic at 0.04% on 06/30/2021 and was at 3.69% as of 03/31/2026.
• U.S. Treasury interest rate for the five-year term, the longest we may invest, was 3.92% as of 03/31/2026. Over the last
five years, between 04/01/2021 and 03/31/2026, the five-year U.S. Treasury yield has averaged 3.34%, with a low of
0.65% and a high of 4.95%.
TOTAL INVESTMENT PORTFOLIO EXECUTIVE SUMMARY
• Definition: The County’s total investment portfolio shall be defined as all county cash and investments not reserved in a
separately maintained account for a specific purpose. Funds are valued in this report at bank statement value as of the
date specified. Accounts not included in the total investment portfolio are restricted by a third party. The OPEB Trust
is reviewed separately from our operating investment portfolio, as this portfolio is invested with a different investment
philosophy due to its long-term nature.
• Philosophy: Walworth County’s investment portfolio is maintained with prudent investment principles to enable the
County to soundly meet its financial obligations. The key objectives are to provide safety of principal, to ensure liquidity to meet operating requirements, to generate a market rate of return (“yield”), and to manage the portfolio within applicable laws. Investments are diversified into different investment vehicles to provide safety. In addition, all securities
held are either backed by the U.S. Government or meet minimum ratings set by specified agencies.

1

9 of 124

March 31, 2026
WALWORTH COUNTY, WISCONSIN

Quarterly Investment Report

REQUIREMENTS AND COMPLIANCE
Walworth County’s investment portfolio is currently in compliance with Wisconsin statutes, the Walworth County Code of
Ordinances and the County’s Administrative Procedures Manual.
ITEM
Credit Risk:
Collateral Policy
Security
Diversification
Financial Institutions
Limits
Municipal Debt
Limits
Liquidity Risk
Reinvestment Risk
Market Risk:
Maturity
Restrictions

DESCRIPTION OF REQUIREMENT

ACTUAL
PORTFOLIO

Investments other than U.S. Treasury backed securities or investments not under FDIC or WI guarantee shall be collateralized for a minimum of 102-110% of the deposits.
No single agency shall hold more than 50% of the core portfolio,
currently $46,840,500.

Current financial institutions comply

Investments held at any one institution shall be limited to 50%
of the core portfolio, currently $46,840,500.
Debt investments held for any one governing district/municipality shall be limited to $3 million.
Liquid cash shall be maintained at $20 million and available
with 1 day notice.
Callable securities shall not exceed 50% of securities held.
Investments greater than 6 months shall be a minimum of 25%
of the core portfolio, currently $23,420,250.
Investments greater than 6 months and less than 5 years shall
not exceed 100% of the core portfolio, currently $93,681,000.

INVESTMENT
CATEGORY
Certificates of Deposit
Operating Cash
LGIP
Money Markets
U.S. Agency Securities
U.S. Treasury Securities
Municipal Debt
INVESTMENT TYPE
Certificates of Deposit
Cash - Depository Bank
LGIP
Money Markets
Portfolio Money Market
U.S. Agency Securities
U.S. Treasury Securities
Municipal Debt
Total

MAXIMUM
MATURITY
5 years
N/A
N/A
N/A
5 years
5 years
5 years

AUTHORIZED
LIMIT
50%
N/A
75%
95%
75%
75%
25%

MARKET VALUE
(in thousands)
$ 2,591
4,970
32,805
97,846
1,043
59,357
29,967
2,887
$ 231,466

2

U.S.
TREAS
13%

U.S.
AGENCY
26%

Citizens Bank noncompliant after 2026 limit
changes, fixed in April
All institutions comply
All institutions comply
$ 96.5 million or 42%
$ 0 million or 0%
$ 87.3 million or 93%
$ 87.3 million or 93%
ACTUAL
PORTFOLIO
1%
2%
14%
43%
26%
13%
1%
MUNI CD 1%
1%

CASH
2%
LGIP
14%

MONEY
MARKETS
43%

10 of 124

WALWORTH COUNTY INVESTMENT PORTFOLIO
VALUATION AT COST
As of 03/31/2026
Definitions of each section below:
Investment Yield is the investment revenue divided by the average daily balance to show the quarterly yield and a one year rolling yield.
Investment Revenue shows the interest earned by each investment tool on a quarterly and one year rolling period.
Average Daily Balance shows the average daily cash balance invested for each investment tool on a quarterly and one year rolling period.

Investment Yield (Net of Management Fees)

Time Period

Local Gov
Investment
Pool

Advia CU
Money Market

Operating
Bank
Money Market

CD

Associated
Bank Money
Market

2025 2nd Quarter
3rd Quarter

1.09%
1.10%

1.09%
1.10%

1.11%
1.11%

1.05% n/a
1.06%

4th Quarter

1.03%

1.06%

1.17%

2026 1st Quarter

0.91%

0.92%

1.10%

4.54%
4.28%
4.30%
4.13%

4.84%
4.55%
4.35%
4.17%

4.56%
4.50%
4.49%
4.49%

Citizens
Bank
Money Market

Huntington
Portfolio

Operating
Bank
Checking/
Sweep

Total
Investments

n/a

1.12%
1.12%

0.84%
0.88%

0.02%
0.01%

0.98%
0.99%

0.99%

n/a

1.09%

0.92%

0.00%

0.98%

0.87%

n/a

0.95%

0.93%

0.02%

0.91%

4.54%
4.29%
4.14%
3.97%

2.65%
1.28%
0.00%
0.00%

4.93%
4.66%
4.46%
4.28%

3.19%
3.33%
3.46%
3.57%

0.04%
0.05%
0.04%
0.05%

4.05%
3.94%
3.91%
3.86%

One Year Ending
2025 2nd Quarter
3rd Quarter
4th Quarter
2026 1st Quarter

Investment Revenue (Net of Management Fees/Gross of Market Adjustments)

Time Period

Local Gov
Investment
Pool

Advia CU
Money Market

Operating
Bank
Money Market

CD

Associated
Bank Money
Market

Citizens Bank
Money Market
512,713

Huntington
Portfolio

Operating
Bank
Checking/
Sweep

Total
Investments

521,539
510,124
450,547

750,900
825,256

733
780

2,143,557
2,297,440

889,088
870,097

90
977

1,937,151
1,931,270

417,359
79,293

2,072,536
2,035,018

2,777,483
2,962,913

1,567
2,242

8,553,885
8,328,529

-

2,019,607
1,994,923

3,170,900
3,335,341

2,038
2,581

8,336,421
8,309,417

Total
Investments
219,796,479
232,457,515
197,778,500
212,026,939

209,987,400
211,616,185
213,397,984
215,522,240

2025 2nd Quarter
3rd Quarter

373,501
430,211

422,043
429,386

28,215
28,464

55,453
61,803

-

4th Quarter
2026 1st Quarter

65,638
157,460

417,776
367,734

30,142
28,464

24,292
55,991

-

2025 2nd Quarter
3rd Quarter

1,084,373
1,199,382

1,836,880
1,748,094

124,012
117,600

239,675
183,985

4th Quarter
2026 1st Quarter

1,144,137
1,026,810

1,690,454
1,636,939

114,789
115,284

194,496
197,539

One Year Ending

Average Daily Balance

Time Period
2025 2nd Quarter
3rd Quarter
4th Quarter
2026 1st Quarter

Local Gov
Investment
Pool
34,292,740
39,149,246
6,361,666
17,341,540

Advia CU
Money Market
38,652,576
39,076,770
39,505,851
39,904,202

One Year Ending
2025 2nd Quarter
3rd Quarter
4th Quarter
2026 1st Quarter

23,675,802
27,688,617
26,276,557
24,296,937

37,980,818
38,436,131
38,871,071
39,283,188

CD
2,549,515
2,560,800
2,572,375
2,583,920

Operating
Bank
Money Market
5,296,703
5,820,652
2,461,957
6,400,000

Associated
Bank Money
Market
-

Citizens Bank
Money Market
45,883,833
46,399,170
46,920,847
47,408,574

Huntington
Portfolio
89,704,054
94,161,888
96,344,487
93,084,454

Operating
Bank
Checking/
Sweep
3,417,058
5,288,989
3,611,317
5,304,249

2,721,151
2,613,858
2,555,361
2,566,605

5,132,192
4,343,151
4,659,589
4,986,301

7,804,602
1,565,291
-

42,242,289
43,769,691
45,289,138
46,651,074

86,690,381
89,139,551
91,604,186
93,334,949

3,740,166
4,059,897
4,142,082
4,403,186

Comparison to Benchmark:
Description
LGIP
Rate of Return - Quarterly
0.91%
Rate of Return - Annualized
4.13%

Portfolio
0.91%
3.86%

3
11 of 124

HISTORY OF WALWORTH COUNTY SALES TAX
2017 To Present

MONTH
EARNED

MONTH
REC'D

January
February
March
April
May
June
July
August
September
October
November
December

March
April
May
June
July
August
September
October
November
December
January
February

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Actual Rec'd
for Budget
year 2017

Actual Rec'd
for Budget
year 2018

Actual Rec'd
for Budget
year 2019

Actual Rec'd
for Budget
year 2020

Actual Rec'd
for Budget
year 2021

Actual Rec'd
for Budget
year 2022

Actual Rec'd
for Budget
year 2023

Actual Rec'd
for Budget
year 2024

Actual Rec'd
for Budget
year 2025

Actual Rec'd
for Budget
year 2026

653,588.40
585,020.49
729,429.69
807,715.11
773,713.75
984,900.40
971,548.68
843,114.54
962,463.85
776,591.51
583,148.58
941,217.76

603,061.37
502,914.94
791,163.24
890,373.03
895,613.27
1,247,597.55
848,184.68
995,499.44
1,068,611.11
750,988.81
851,216.51
877,010.80

689,905.21
575,790.17
897,284.23
816,241.08
968,512.70
1,238,960.27
910,191.31
1,120,647.54
1,088,346.99
761,217.96
952,350.56
827,395.02

749,644.48
760,367.13
727,388.04
805,240.04
1,100,058.94
1,169,447.81
1,096,639.32
1,125,370.18
897,540.81
996,016.91
931,170.36
924,810.21

760,422.16
950,956.42
988,918.78
1,189,965.42
1,285,093.47
1,197,968.98
1,357,861.65
1,219,965.94
1,160,672.04
1,164,702.86
923,798.31
1,190,562.04

934,329.35
948,148.07
966,634.45
1,350,363.64
1,312,459.51
1,388,866.19
1,443,766.55
1,248,926.29
1,300,534.52
1,218,717.52
923,683.83
1,518,454.55

929,433.71
842,952.33
1,120,961.41
1,386,168.13
1,143,411.98
1,659,061.28
1,485,712.24
1,276,757.18
1,454,077.57
1,206,376.78
852,405.97
1,662,212.63

918,229.30
810,284.11
1,451,566.38
1,146,499.11
1,288,399.63
1,632,779.22
1,408,496.65
1,524,588.16
1,530,755.10
1,136,497.10
1,443,055.12
1,335,718.68

951,797.88
986,059.55
1,457,910.70
1,013,648.03
1,797,319.86
1,675,904.57
1,604,808.96
1,735,914.28
1,247,546.19
1,344,930.49
1,272,571.96
1,300,755.14

1,203,877.59
1,194,290.80

TOTAL RECEIVED

9,612,452.76

10,322,234.75

10,846,843.04

11,283,694.23

13,390,888.07

14,554,884.47

15,019,531.21

15,626,868.56

16,389,167.61

2,398,168.39

ORIGINAL BUDGET
REVISED BUDGET *

8,000,000.00
8,125,000.00

8,825,000.00
8,868,919.00

9,100,000.00
9,100,000.00

10,000,000.00
10,000,000.00

10,600,000.00
14,000,000.00

11,600,000.00
11,600,000.00

12,700,000.00
12,775,000.00

14,000,000.00
14,000,000.00

14,800,000.00
14,800,000.00

15,800,000.00
15,800,000.00

NET OVER (UNDER) REVISED BUDGET

1,487,452.76

1,453,315.75

1,746,843.04

1,283,694.23

(609,111.93)

2,954,884.47

2,244,531.21

1,626,868.56

1,589,167.61

(13,401,831.61)

YTD $ Change vs Same Periods in Prior Year

371,796.63

709,781.99

524,608.29

436,851.19

2,107,193.84

1,163,996.40

464,646.74

607,337.35

762,299.05

460,310.96

YTD % Change vs Same Periods in Prior Year

4.02%

7.38%

5.08%

4.03%

18.67%

8.69%

3.19%

4.04%

4.88%

23.75%

SUMMARY:

PRIOR YEARS
(1987 - 2025)

CURRENT
YEAR

TOTAL

Actual Receipts all periods
Less: Rev Budget thru current pd (12/2025)
Net over (under) budget

276,995,675.39
252,819,445.00
24,176,230.39

2,398,168.39
1,809,363.88
588,804.51

279,393,843.78
254,628,808.88
24,765,034.90

*2026 County Sales Tax revised budget reflects the following budget amendments:
Bud. Amendment
Increase / Decrease

% Change vs
Same Period
in Prior Year
26.48%
21.12%

Note: 10/2025 first month utilities were tax exempt year-round
Starting 10/2025 Wisconsin residents will no longer pay sales tax on home electricity and natural gas
This was the case previously for November - April, new law adds May through October
Sales tax exemption is for permanent residents only, does not include commercial properties, seasonal homes,
cabins, vacation rentals, or RVs

S:\Finance\Administration\Sales Tax Reports\2026\summary of sales tax-2026

12 of 124

Walworth County Economic Development Alliance, Inc.
Financial Report
May Finance Committee
Housing Strategy Initiative Pilot Program
Year 1 - 4/10/2025 to 4/9/2026 - COMPLETE
Purpose: To support workforce housing promotion within Walworth County.

Activity
A. Personnel (i.e.-Derek, Pam-once ARPA is out, etc.)
B. Staff & Office Operations (Equip, training, mileage,etc)
C. Program Activities (Advertising, consulting, printing, etc.)
Totals

Budget
40,532
30,000
55,000
125,532

Total Actual
Thru 4/9/26
25,502.21
1,199.69
261.67
26,963.57

Remaining
15,029.79
28,800.31
54,738.33
98,568.43

Actual since last
report

16,002.21
261.67
16,263.88

Notes:
Unused
1) MOU #2644 was done for $125,532 with $56,000 in A. Personnel going to ARPA Contract #2373 until ARPA funds
run out. The carryforward request from 2025 to 2026 was $115,332.31, not including the $56,000.
2) Funding Source: Use of fund balance in account 1055-52195 Purchased Services - other.
Year 2 - 4/10/2026 to 4/9/2027 (Amendment #1)

Activity
A. Personnel (i.e.-Derek, Pam-once ARPA is out, etc.)
B. Staff & Office Operations (Equip, training, mileage,etc)
C. Program Activities (Advertising, consulting, printing, etc.)
Totals

Budget
99,428
30,000
55,000
184,428

Total
-

Remaining
99,428.00
30,000.00
55,000.00
184,428.00

Actual since last
report

-

Notes:
1) MOU #2644 - Amendment 1 was done for $184,428 with the funding source being use of fund balance.

Special County Workforce Housing Initiative (ARPA) - PROJECT COMPLETE
November 2023 to January 2026
Purpose: To put into action projects relating to workforce housing and make people aware of workforce housing needs
within Walworth County.
Total Actual
Actual since last
report
Activity
Budget Thru 1/26/26 Remaining
151,627
151,626.56
2,013.63
A. Project Manager (i.e.-Housing Program Mgr.-Pam)
28,250
28,250.00
B. Administrative Oversight (i.e.-Derek's time)
12,146
12,146.35
C. Training (Housing Summit, Conferences, etc.)
D. Grant Funding (Consultants for studies)
22,977
22,977.09
Totals 215,000
215,000.00
2,013.63

Enhanced Economic Development 2 year Pilot Program
Purpose: To enhance the efforts toward Economic Development within Walworth County.
Activity
A. Personnel (i.e.-Deputy Director, conferences, mileage, etc.)
B. Portal Development and Marketing
Totals

2-year
Budget
200,000
51,000
251,000

Total Actual
Thru 4/08/26
49,790.59
6,002.50
55,793.09

Amount
Remaining
150,209.41
44,997.50
195,206.91

Actual since last
report

19,848.32
19,848.32

Notes:
1) 2026 MOU #662 for the enhanced economic development pilot program was completed on 1/9/2026. The 2025
allocation is anticipated to carryforward and the 2026 allocation authorized to continue until exhausted.

2) Funding Source: ARPA interest in account 259105-52195-R0046 was budgeted for in 2025 (131,000) & 2026
(120,000). The hiring of the Deputy Director took longer than anticipated (September 2025).
13 of 124

Memorandum
To:

Executive Committee
Health & Human Services Board
Finance Committee
Human Resources Committee
Public Works Committee
Land Conservation Committee
County Zoning Agency
Children with Disabilities Education Board
Park Committee
Transportation Coordinating Committee
Agriculture and Extension Education Committee
Lakeland Health Care Center Board of Trustees

From: Mark W. Luberda, County Administrator
Date: April 19, 2026
RE:

Committee/Board Input for the SWOT Analysis (Strengths, Weaknesses, Opportunities,
and Threats)

In 2023, the County’s committees and boards were asked to participate in the County’s new
strategic planning effort by reviewing the SWOT Analysis (Strengths, Weaknesses,
Opportunities, and Threats) and providing input. Although staff updates this document annually,
the intent at the time was to undergo a more thorough review every three years. We are at that
time and once again have placed the item before each committee.
Each Committee is asked to participate in a review of the existing SWOT analysis document that
appears in the 2026 Adopted Budget document, pages 51 through 63. A SWOT analysis is a
useful long-range planning tool wherein an organization identifies its Strengths, Weaknesses,
Opportunities, and Threats. The 2023 budget document says the following about a SWOT
analysis.
“The first two letters in the acronym direct our attention to factors within Walworth County
government. Taking an honest look at our organization, what are our strong points and what
areas need to be improved. By understanding our strengths, we can leverage them to
accomplish even more. Taking stock of our weaknesses allows us to shore them up to protect
our organization and its mission. Opportunities and threats represent factors present in the
environment in which the County operates. Although we may not be able to control them, it is
critical that we understand them.”

County Administration | 100 W. Walworth St., Elkhorn, WI 53121 | Room 112 | P.O. Box 1001
www.co.walworth.wi.us | (262) 741-4357 (o) | (262) 741-4390 (f)
14 of 124

Process: Each Committee will place “Distribution of the Long-Term Planning: SWOT Analysis
(Strengths, Weaknesses, Opportunities, and Threats)” on their next agenda, which for most
committees is the April meeting. The agenda packet will include this memo and a copy of the
current “Exhibit C - Long-Term Planning: SWOT Analysis” document. I will be in attendance
to introduce the topic and answer any questions.
Committees will be asked to complete their review and develop their input over a two-meeting
period. This first meeting discussion is intended to be an introduction to SWOT analysis. After
my introduction, committee members can discuss the item to whatever length or extent the
members of the committee decide. The primary discussion can held over until the second
meeting. No vote is expected by the committee at this first meeting.
The same item will then be listed at the Committee’s next scheduled meeting. For most
committees, that will be the May meeting. At this second meeting, each committee will be asked
to approve a motion(s) with any suggestions for additions, subtractions, expansions, etc. to the
current document. Motions will help ensure that the committee’s conclusions from their
discussion are clear. Additionally, at the beginning of the second meeting with this topic, when
the Public Comment period is announced, each committee chair is requested to announce if any
citizen has input to provide on the County’s SWOT analysis.
Information gathered from this process will be provided in draft form to Department Heads so
that they can use it as part of their development of departmental budget submissions. It will also
be distributed to County Board Supervisors and the Finance Committees as part of the early 2027
budget planning discussions.
The goal of this effort is to ensure perspectives from all different functional areas of County
operations are considered and incorporated into the SWOT analysis. This document can then be
updated and completed in time for inclusion in the 2027 budget book. A SWOT analysis is a
traditional and important step in strategic planning, and I appreciate each committee and board’s
thoughtful consideration of this item.
Feel free to contact me if you have any questions.

15 of 124

01234ÿ35ÿ7ÿ

9 ÿ 3 ÿÿ 3ÿ
5 52ÿÿ 5 353ÿ !ÿ25"ÿ
ÿ
 ÿ#ÿ5 ÿ5ÿ35ÿ52ÿ7 5ÿ3ÿ  ÿ 3 ÿ3ÿÿ$ÿ % ÿÿÿ 3&ÿ

ÿ5 !ÿ#ÿ5 52ÿ%ÿ 5 353ÿ !ÿ525&ÿ' ÿ4 3ÿ(3%ÿ523ÿ
% ÿ55 3$ÿ ÿ52 2ÿÿ 3ÿ4 5ÿ52ÿ5 ÿ3ÿ)5ÿÿ(4ÿ5ÿ ( 5&ÿ2ÿ#35ÿ
5% ÿ55ÿ3ÿ52ÿ$ ÿ!3$5ÿ ÿ55 53 ÿ5ÿ#$5ÿ%3523ÿ% 52ÿ7 5ÿ ( 5&ÿ
3 ÿ ÿ2 5ÿ ÿ5ÿ ÿ 3*53 ÿ%25ÿÿ ÿ5 ÿ 35ÿ !ÿ%25ÿÿ!ÿ5ÿ4ÿ
3(!+ÿ,ÿ !5 !3 ÿ ÿ5 52ÿ%ÿ$ ÿ( ÿ52ÿ5ÿ$$ 32ÿ( ÿ &ÿ
3 ÿ5$ÿ#ÿ ÿ%ÿ%ÿÿ5ÿ2 ÿ52ÿÿ5ÿ5$5ÿ ÿ 3*53 ÿ !ÿ35ÿ
33 &ÿ 5 353ÿ !ÿ525ÿ 5ÿ#$5ÿ 5ÿ3ÿ52ÿ (3  5ÿ3ÿ%23$2ÿ52ÿ
7 5ÿ5&ÿ52 2ÿ%ÿÿ 5ÿ4ÿ4ÿ5ÿ$ 5ÿ52ÿ35ÿ3ÿ$353$ÿ525ÿ%ÿ !5 !ÿ
52&ÿ
ÿ
-ÿ./.0ÿ52ÿ7 5ÿ!3!ÿ ÿ3 !52ÿ(3%ÿ#ÿ35ÿÿ 3&ÿ0$2ÿ7 5ÿ, !ÿ5 !3 ÿ
7 355ÿ%ÿ3(35!ÿ5ÿ53$35ÿ3ÿÿ(3%ÿ#ÿ52ÿ! $  5ÿÿ525ÿÿ4!ÿÿ#ÿ
$ 3!53 ÿ% !ÿ4ÿ3$  5!&ÿ!!353 ÿ$ 355ÿ%ÿ3( ÿ ÿ3353ÿ 553 ÿ
133 ÿ52ÿ! $  5ÿ !ÿ52ÿ35 5ÿ#ÿ52ÿ(3%ÿ !ÿ52 ÿ52ÿ!3$ 3 ÿ%ÿ2!ÿ5ÿÿ
41  5ÿ 522ÿ53 &ÿ23ÿ !ÿ525ÿ$2ÿ$ 355ÿ !ÿ3!3(3! ÿ$ !ÿÿ 5ÿ
ÿ52 25ÿ35ÿ52ÿ(53 ÿ#ÿ52ÿ! $  5&ÿ2ÿ53 ÿ%ÿÿ ÿ5ÿ52ÿ 43$ÿ
 !ÿ(34ÿ#ÿ 43$ÿ$  5&ÿ2ÿ3 !52ÿ(3%ÿ%3ÿ$$ ÿ ÿÿ553 ÿ43ÿ ÿ
(ÿ3ÿ"ÿÿ5ÿ#ÿ52ÿ7 52ÿ55 3$ÿ 3 ÿ$&ÿ4 ÿ./.5ÿ !ÿ./.6ÿ52ÿ7 5ÿ
!3355ÿ2ÿ(3!!ÿ ÿ!5ÿ5ÿ52ÿ7 52ÿÿ 3&ÿ2ÿ5ÿ4%ÿ3ÿ52ÿ
 5ÿ$ 2 3(ÿ!5ÿ5ÿ523ÿ123435ÿ3$ÿ35ÿ3353ÿ3$3 ÿ3ÿ52ÿ4 ! 5ÿ! $  5&ÿ
ÿ
789:;<8=7ÿ
ÿ
>?@ABCDEFGÿ
ÿ
 ÿ
2ÿ7 52ÿ% #$ÿ 5ÿ ÿ#ÿ35ÿ55ÿ5&ÿ2ÿ7 5ÿ$ 53 ÿ5ÿ55$5ÿ
1 35ÿ&ÿÿ2(ÿ ÿ13 $!ÿÿ%2 ÿ$ ÿ% ÿ##3$3 5ÿ !ÿ2(ÿÿ
52  2ÿ %! ÿ#ÿ ÿ 3*53 &ÿ
ÿ
  5ÿI 5ÿ2ÿ( ÿ5 ÿ#ÿÿ7 5ÿÿ$  5ÿ5 !ÿ5ÿJ&Kÿ&ÿ
52 2ÿ525ÿ3ÿÿ!ÿ#ÿK.&3ÿ5 ÿÿ ÿ35ÿ53ÿ 5ÿ3 3#3$ 5ÿ13 $&ÿ
( 531ÿ$ 5ÿ#ÿ$  5ÿ7 5ÿÿ2(ÿ4 ÿ23!ÿ#5ÿL ÿKÿ./K.ÿ
%2 ÿ  ÿÿ$2 ÿ$$ !ÿ#ÿ52ÿ##$5ÿ#ÿ52ÿ552ÿ ÿ#ÿ$5ÿ
K/&ÿÿ2(ÿ1 35ÿ!5 5ÿ2!ÿ !ÿÿ5 ÿM!52ÿ$25Nÿ#ÿ   5ÿ5 5ÿ3ÿ
ÿ!5 5&ÿ2ÿ7 5ÿ3ÿ3ÿ52ÿ$ÿ#ÿ$53 ÿÿ$ 55ÿ5ÿ#ÿÿ
$2 3(ÿ$3#3$53 ÿ!ÿ$ 53 ÿ5!ÿ%23$2ÿ2 !ÿ#52ÿ 5ÿ52ÿ
5 53 ÿ!ÿ55$53 ÿ#ÿ&ÿ2ÿ##5ÿÿÿ 5!ÿ4ÿ!3$ÿ$2 ÿ
$ 5ÿ$ 5!ÿ!ÿ3ÿ52ÿ% ÿ525ÿ 2 $ÿ52ÿ7 52ÿ$5353( &ÿÿ
ÿ
43 $3ÿ 3$3ÿ!ÿO53 ÿ4 !ÿ,$ÿ
% 52ÿ7 5ÿ$ 53 ÿ5ÿ353ÿ5 ÿ#3 $3ÿ 3$3ÿ%23$2ÿ3$!ÿ5 ÿ 5ÿ
PQ

16 of 124

01234356706384ÿ7 3 ÿ8335ÿ34 362ÿ1 634ÿ 467031ÿ70534ÿ41 1ÿ86 7ÿ856
2 82 46ÿ 4 365ÿÿ041ÿ7371ÿ31ÿ78 555ÿ3ÿ756ÿ34ÿ636ÿ846785ÿ84ÿ
5 4134ÿ! ÿ"846ÿ05ÿ1 8 1ÿ5 70ÿ8335ÿ7061ÿ68ÿ4134ÿ822362 465ÿ041ÿ
346740ÿ1 534061ÿ4 6ÿ8536384ÿ87ÿ6 ÿ785ÿ8ÿ4134ÿ67ÿ1 6ÿ05ÿ5 704 ÿ3033635ÿ
3134ÿ20346404 ÿ32 46ÿ7 0 2 46ÿ041ÿ7801ÿ041ÿ731 ÿ7845676384ÿ"8223661ÿ
41ÿ004 ÿ08465ÿ058ÿ#356ÿ68ÿ7866ÿ003456ÿ7 4 ÿ606384ÿ!35ÿ341 5$ÿ%ÿ6 ÿ
34 562 46ÿ3482 ÿ8223661ÿ0846ÿ68ÿ41ÿ62 8707ÿ207&6ÿ8555ÿ1734ÿ70 31ÿ0434ÿ
3#1ÿ3482 ÿ706ÿ437842 465ÿ041ÿ'ÿ6 ÿ5876672ÿ7 4 ÿ5603306384ÿ757 ÿ8ÿ6 ÿ()*ÿ
846ÿ505ÿ60#ÿ7031ÿ34 562 46ÿ3482 ÿ041ÿ346756ÿ041ÿ 40635ÿ84ÿ1 34 46ÿ78 76ÿ
60#5ÿ3ÿ07ÿ&ÿ7 4 5ÿ061ÿÿ84823ÿ04 5ÿ! ÿ756ÿ35ÿ606ÿ6 ÿ"846ÿ
84535646ÿ203460345ÿ365ÿ234322ÿ41ÿ004 ÿ041ÿ4 6ÿ8536384ÿ83ÿ 4 70ÿ06ÿ6 ÿ20#322ÿ
 ÿ+ 6035ÿ8ÿ0ÿ41ÿ041ÿ5 33ÿ8335ÿ07ÿ841ÿ34ÿ6 ÿ1 6ÿ52207ÿ56384ÿ8ÿ6 ÿ
1 6ÿ88&ÿ
ÿ
, 2 460ÿ-86$ÿ.ÿ415ÿ84634 ÿ68ÿ46384ÿ05ÿ34641 1ÿ! ÿ32 46/3134ÿ
8223661ÿ0846ÿ05ÿ01ÿ04ÿ34670ÿ78ÿ34ÿ4134ÿ0'(1ÿ23384ÿ0%2'ÿ23384ÿ34ÿ'(''ÿ
8ÿ6 ÿ3%%ÿ70138ÿ5562ÿ7 0 2 46ÿ# 61ÿ68ÿ ÿ82 6ÿ041ÿÿ8 7063840ÿÿ6 ÿ
41ÿ8ÿ'(')ÿ.11363840ÿ6 ÿ"84645ÿÿ30336ÿ35ÿ53433046ÿ5207ÿ604ÿ6 ÿ004 ÿ
8ÿ6 ÿ05583061ÿ6756ÿ41ÿ! ÿ"846ÿ35ÿ84531 71ÿ0ÿ8 735&ÿ0136ÿ3ÿ20ÿ ÿ34ÿ
8603434ÿ67ÿ1 70ÿ041ÿ5606ÿ7046ÿ8 87643635ÿ! ÿ"846ÿ05ÿ7 46ÿ 4ÿ486331ÿ
8ÿ0ÿ0%')(((ÿ1 70ÿ7046ÿ,606ÿ!730ÿ580ÿ045ÿ6ÿ770465ÿ68ÿ41ÿ0ÿ)(*ÿ20634ÿ
7046ÿ87ÿ04ÿ32 876046ÿ3568730ÿ75706384ÿ7886ÿ87ÿ6 ÿ"84645ÿ9 567ÿ:85ÿ
;52ÿ< 033606384ÿ=4ÿ'('>ÿ6 ÿ"846ÿ7 3 1ÿ365ÿ41ÿ004 ÿ83ÿ757 ÿ
004 5ÿ041ÿ011 1ÿ0ÿ4 ÿ?, 7ÿ9 06 7ÿ, 0584ÿ87ÿ 46@ÿ08 04 ÿ68ÿ6 ÿ:3 0ÿ
41ÿ87ÿ#672 ÿ 06 7ÿ075ÿ606ÿ737ÿ8 7063840ÿ415ÿ 841ÿ04ÿ0 70 ÿ07ÿ!35ÿ
0846ÿ7831 5ÿ0>(((((ÿ8ÿ011363840ÿ415ÿ0030ÿ68ÿ8 7ÿ6 ÿ:3 0ÿ1 0762 46ÿ
75845ÿ68ÿ287ÿ#672 ÿ 06 7ÿ505845ÿ87ÿ 465ÿ606ÿ04486ÿ ÿ41 1ÿ3634ÿ6 ÿ630ÿ
8 7063840ÿ1 6ÿ=4ÿ'('Aÿ6 ÿ"846ÿ05ÿ6364 1ÿ846785ÿ84ÿ6 ÿ5ÿ8ÿ41ÿ004 ÿ
757 5ÿ, 33ÿ1 65ÿ0 ÿ 4ÿ56 ÿ58ÿ606ÿ6 ÿ"846ÿ04ÿ706ÿ68ÿ4875 4ÿ
4 15ÿ8ÿ6 5ÿ415ÿ36ÿ06384ÿ7371ÿÿ2040 2 46ÿ87ÿ6 ÿB3404 ÿ"822366 ÿB87ÿ
#02 ÿ0%)((((ÿ8ÿ6 ÿ, 7ÿ9 06 7ÿ757 ÿ08 04 ÿ35ÿ1 61ÿ34ÿ6 ÿ 46ÿ04ÿ
322 1306ÿ4 1ÿ35ÿ31 46331ÿ! ÿ5ÿ8ÿ41 61ÿ757 5ÿ8 7ÿ 4ÿ685ÿ6331ÿ
87ÿ6 ÿ7573 1ÿ757 ÿ7855ÿ50ÿ737ÿ'/Cÿ2088736ÿ86ÿÿ6 ÿ"846ÿ8071ÿ68ÿ
56035ÿ0ÿ1 6ÿÿÿ
ÿ
+ 6ÿ
! ÿ"846ÿ05ÿ6 ÿ3 56ÿ.00ÿ1 6ÿ70634ÿ05534 1ÿÿ;88145ÿ=4 56875ÿ, 73 ÿ9 ÿ0 ÿ
60&4ÿ01 0460 ÿ8ÿ#55ÿ05ÿ757 5ÿ041ÿ0ÿ56784ÿ41ÿ004 /4 6ÿ8536384ÿ68ÿ 82 ÿ041ÿ
72034ÿ7 ÿ8ÿ 4 70ÿ8306384ÿ1 6ÿ.ÿ0&ÿ8ÿ1 6ÿ35ÿ0ÿ56746ÿ87ÿ68ÿ705845ÿB3756ÿ346756ÿ
8565ÿ05583061ÿ36ÿ1 6ÿ0 ÿ48ÿ1376ÿ 4 36ÿ041ÿ07ÿ84ÿ0ÿ170ÿ84ÿ7587 5ÿ, 841ÿ534 ÿ
1 6ÿ35ÿ0ÿ56041071ÿ0 60ÿ56066873ÿ068731ÿ4134ÿ2 04352ÿ87ÿ 76034ÿ8 742 460ÿ
8 7063845ÿ6 ÿ"846ÿ35ÿ34ÿ0ÿ 7ÿ56784ÿ8536384ÿ581ÿ0ÿ73535ÿ87ÿ43 ÿ3725604 ÿ737ÿ
1 6ÿ35504 ÿÿ
ÿ
, 2 460ÿ-86$ÿ! ÿ"846ÿ05ÿ486ÿ8778 1ÿ284 ÿ534 ÿ'(%%ÿ9 ÿ18ÿ486ÿ7886ÿ6 ÿ
4 1ÿ68ÿ8778 ÿ34ÿ6 ÿ3 07ÿ0 360ÿ04ÿ9 4ÿ3134/32 46ÿ757 5ÿ1 341ÿ
1 6ÿ20ÿ4 1ÿ68ÿ7467ÿ6 ÿ0 360ÿ04ÿ=4ÿ'(')ÿ6 ÿ"846ÿ# 041 1ÿ365ÿ0 360ÿ04434ÿ
78 55ÿ782ÿ0ÿ)07ÿ"=ÿ68ÿ0ÿ%(07ÿ"=ÿ7 3 ÿ! ÿ01136384ÿ8ÿ6 5ÿ86075ÿ08 5ÿ6 ÿ
"846ÿ68ÿ7 3 ÿ365ÿ0336ÿ68ÿ41ÿ8607ÿ78865ÿ68ÿ1 67234 ÿ3ÿ1 6ÿ3ÿ ÿ& 6ÿ06ÿ0ÿ=4ÿ
DE

17 of 124

01023ÿ567ÿ897 5 ÿ ÿ9ÿ ÿ77ÿ ÿ567ÿ 75ÿÿ55759ÿ5ÿ57ÿÿ
57ÿ 7 5ÿ7779ÿ13111ÿ!7ÿ "ÿ75957ÿ565ÿ#1$ÿ ÿ95ÿ75ÿ957 7ÿ
ÿ7775ÿ 7 5ÿ6%7ÿ "ÿ77ÿ57ÿ9ÿ567ÿ&1'7ÿ95ÿÿ697ÿ5677ÿ7ÿ
7"ÿ7ÿ 7 5ÿ9ÿ567ÿ&1'7ÿ 7 593ÿ9ÿ9ÿ 7 57ÿ5ÿ7ÿ%97ÿ956 5ÿÿ
9995ÿ 777ÿ 7 53ÿ "9ÿ6 ÿ79ÿ&1ÿ ÿ 7ÿ7ÿ"ÿ
ÿ
( 9)59ÿ*59953ÿ+7997 3ÿÿ+7 9%77ÿ
,67ÿÿ9 9ÿ 99ÿ ÿ011-ÿÿ011#.ÿ 9ÿ7%ÿ995.ÿ567ÿ 59ÿ ÿ* 5ÿ&1.ÿ 9ÿÿ
 959ÿ67%3ÿ9 9ÿ95ÿ9ÿ7ÿ 9597.ÿ567ÿ01&2ÿ9ÿ 6.ÿ567ÿ"ÿ9ÿ/97.ÿ
3ÿ ÿ 73ÿ567ÿ0 %9ÿ79ÿ*ÿ&'7ÿ79ÿ ÿÿ77ÿ%5995ÿÿ
579ÿ56 6ÿ "ÿ57 95 ÿÿÿ 9)59ÿ1 756773ÿ76ÿ 99ÿ"ÿ77ÿ
67ÿÿ2 ÿ773ÿ6 5ÿ57ÿ567ÿÿ9 9ÿ 993ÿ" 56ÿ0 5ÿ75 ÿ
79959ÿ75ÿ89ÿ567ÿ79ÿ"67ÿ567ÿ" ÿ7ÿ65ÿ "3ÿ" 56ÿ0 5ÿ57ÿ
73ÿ9597ÿ7593ÿÿ7%7ÿ7ÿ567ÿ3 %775ÿ0757 ÿ,65ÿ995ÿ5ÿ5ÿ
7ÿÿ959ÿ7593ÿ ÿ557ÿ567ÿ757ÿ97 73ÿ76995ÿÿ 9)59ÿ
59953ÿ7997 3ÿÿ7 9%77ÿ565ÿ5ÿ7ÿ 977ÿÿ5756ÿÿ
ÿ
,76 ÿ
,67ÿ0 5ÿ9ÿ 59%7ÿ"956ÿ775ÿ5ÿ977559ÿ ÿ7"ÿ9 59ÿ576 ÿ+775ÿ
7ÿ769)7ÿ76 775ÿ5ÿ77 95ÿ 57 593ÿ"696ÿ9ÿ 959ÿ5ÿ9599ÿÿ
7 9ÿÿ57 6 ÿ9 5 57ÿÿ
ÿ
4775ÿ1 575ÿ675"77ÿ0100ÿÿ01073ÿ75ÿ6%7ÿ5757ÿ7 ÿ7ÿ
75797ÿ57ÿ7775ÿ99ÿ!756ÿÿ!ÿ47%973ÿ!ÿ+7 73ÿ
8ÿ/7ÿÿ+7 7ÿ97753ÿ 693ÿ 3ÿÿÿ 5'"97ÿ959ÿ5ÿ
99  5ÿ( 97ÿ:2ÿ,7759ÿ6ÿ77ÿ95  7ÿ5ÿ %97ÿ7557ÿ5ÿ5ÿ9 %7ÿ567ÿ
0 5;ÿ775ÿ7753ÿ753ÿÿ 5995ÿ7 59%7ÿ,67ÿ7ÿ 757ÿÿ
569ÿ "56ÿ %7ÿ567ÿ77ÿ565ÿ0107ÿ %97ÿ ÿ977559ÿ ÿ567ÿ75ÿ ÿÿÿ
7%59ÿ ÿ<,ÿ59ÿ7%7ÿ5ÿ77ÿ567ÿ 5"7ÿÿ576 ÿ5 ÿ=ÿÿ567ÿ777ÿ
9ÿ567ÿ=ÿ7ÿ9%7ÿ567ÿ 5ÿ777ÿ5ÿ697%7ÿ9ÿ7759%77ÿ5ÿ567ÿ759ÿ
7575ÿ7%7ÿ,65ÿ5ÿ7%97"ÿÿ7ÿ5ÿÿ959ÿ76775ÿ53ÿÿ797ÿ 3ÿ
576 ÿ59ÿ5ÿ "ÿ7795ÿ95ÿ<ÿ0103ÿ567ÿ0 5;ÿ576 ÿ7 5ÿ
77ÿ5ÿ %77ÿÿ795ÿ99ÿ5ÿÿ7%7593ÿÿ"7ÿÿ959ÿ
 %775ÿ ÿ 7ÿ 959ÿ57ÿ5ÿÿ775ÿÿ5 7ÿÿ<ÿ01023ÿ 7ÿ
576 ÿ77ÿ6%7ÿ 597ÿ5ÿ7%7ÿ ÿ7>75ÿ5ÿ599)7ÿ*5999ÿ<57977ÿ
7573ÿ 75ÿ775ÿ5 3ÿ5ÿ 5759ÿÿÿ7%7593ÿÿ7>75ÿ5ÿ
7ÿÿ77ÿ 5"7ÿ ÿ7ÿ599ÿÿ95ÿ7ÿ5ÿ697ÿÿ 75ÿ6%7ÿ
59ÿ77ÿ73ÿ567ÿ75ÿÿ97ÿ567ÿ959ÿÿÿ<,ÿ97ÿ5ÿ?7759%7ÿ*9ÿ
&@ÿ5ÿ95ÿ7%97"ÿ ÿ 75ÿ 5"7ÿ5ÿ95ÿ7575ÿ9ÿ97759ÿ ÿ567ÿ
)9ÿ 75ÿ 5"7ÿ5ÿ75797ÿ9ÿ 75ÿ 5"7ÿÿ9ÿ77ÿÿ7 76ÿ9ÿ
759ÿ ÿ567ÿ59ÿ5ÿ79775ÿ7"ÿ757ÿÿ
ÿ
0 5ÿ699ÿ
( 9ÿ957 7ÿ97ÿ7ÿ79ÿ77ÿÿ5ÿ99)7ÿ0 5ÿ99;ÿ7ÿ
9%7ÿ,67ÿ0 5ÿ6ÿ7%77ÿ99ÿÿ7>975ÿÿ 7ÿ 9575ÿ ÿ57ÿ
957 7ÿ 75ÿ9ÿ 7ÿ5ÿ77ÿ7 7ÿ567ÿ77ÿ ÿ7ÿ7'597ÿ 7 5ÿ565ÿ" ÿ
ÿÿ567ÿ0 5ÿ5ÿ7%ÿ
ÿ
4775ÿ1 575ÿ,67ÿ0 5ÿ6ÿ7%7ÿ95ÿ 7 5ÿ7ÿ9ÿ567ÿ'7ÿ0<ÿ5ÿ
AB

18 of 124

01234256ÿ31ÿ89423942ÿ43ÿ5442ÿ92 ÿ6548623ÿ6ÿ1523ÿ5442ÿ92 ÿ6548623ÿ
666ÿ96ÿ9ÿ043409ÿ01812623ÿ31ÿ52 42ÿ892ÿ1ÿ366ÿ96ÿ1603ÿ92 ÿ6642ÿ6 3ÿ
6406ÿ153ÿ1ÿ36ÿ12368ÿ09439ÿ92ÿ 434129ÿ36ÿ4231 503412ÿ1ÿ36ÿ 69ÿ!"ÿ9ÿ
4623446 ÿ669ÿ26#ÿ5442ÿ266 ÿÿ6938623ÿ4205 42ÿ36ÿ188524093412ÿ4930ÿ
06236ÿ$64ÿ%406ÿ3196ÿ266 ÿ&6 409ÿ'(98426ÿ5442ÿ9ÿ#6ÿ9ÿ5356ÿ604412ÿ
5152 42ÿ36ÿ1523ÿ942ÿ)1628623ÿ6236ÿ#40ÿ#4ÿ266 ÿ31ÿ6ÿ9 6 6 ÿ315ÿ
42440923ÿ92 ÿ013ÿ89423629206ÿ1603ÿ31ÿ666ÿ36ÿ05623ÿ90443ÿ1ÿ36ÿ018636ÿ
69068623ÿ1ÿ36ÿ90443ÿ31#9 ÿ36ÿ62 ÿ1ÿ36ÿ 69ÿ92ÿ6ÿ* *+ÿ!"ÿ4623446ÿ92 ÿ
146ÿ1ÿ85346ÿ92242ÿ92 ÿ9294ÿ35 46ÿ31ÿ6256ÿ69ÿ92 ÿ0965ÿ69593412ÿ1ÿ
9044346ÿ6ÿ69ÿ462344093412ÿ146ÿ36ÿ1523ÿ3486ÿ31ÿ42634936ÿ92 ÿ01246ÿ13412ÿ
393ÿ62643ÿ36ÿ169ÿ01885243ÿ266 ÿ,93ÿ"5 40ÿ-1ÿ9ÿ52 63962ÿ92ÿ9294ÿ
92 ÿ96ÿ652ÿ31ÿ9 6 ÿ012062ÿ6936 ÿ31ÿ90443ÿ21201849206ÿ#43ÿ6 69ÿ92 ÿ3936ÿ
65931ÿ392 9 ÿÿ
ÿ
%36ÿ!29350356ÿ
6ÿ1523ÿ9ÿ9ÿ68123936 ÿ0188438623ÿ31ÿ8942394242ÿ43ÿ19 ÿ92 ÿ46ÿ6ÿ1523ÿ9ÿ
639 46 ÿ9ÿ36269ÿ48168623ÿ92ÿ#40ÿ4ÿ923404936 ÿ31ÿ6ÿ52 6 ÿ#43153ÿ36ÿ266 ÿ31ÿ
11#ÿ52 ÿ6ÿ1523ÿ.19ÿ9 136 ÿ92ÿ1429206ÿ639 442ÿ4#9ÿ89423629206ÿ92 ÿ
48168623ÿ392 9 ÿ01 442ÿ9ÿ1523ÿ140ÿ31ÿ89(484/6ÿ36ÿ565ÿ46ÿ1ÿ43ÿ4#9ÿ
429350356ÿ
ÿ
$5686239ÿ01361ÿ21ÿ36ÿ* *3ÿ5 63ÿ5 84 412ÿ36ÿ19 ÿ92 ÿ46ÿ012342620ÿ
0188438623ÿ#9ÿ#652 6 ÿ#43ÿ9ÿ92ÿ31ÿ420696ÿ43ÿ6ÿÿ92ÿ9696ÿ1ÿ456 ÿ16ÿ
36ÿ26(3ÿ362ÿ69ÿ1ÿ891ÿ60123503412ÿ1ÿ19 ÿ92 ÿ46ÿ429350356ÿ31ÿ690ÿ36ÿ
5636 ÿ66ÿ1ÿ52 42ÿ393ÿ36ÿ1523ÿ60623ÿ018636 ÿ968623ÿ35 ÿ
6018862 6 ÿ15ÿ903412ÿ93ÿ9 13412ÿ92 ÿ#43ÿ36ÿ9 43412ÿ1ÿ5686239ÿ3936ÿ
96 ÿ66256ÿ1ÿ* *7ÿ393ÿ456ÿ#9ÿ9 536 ÿ31ÿ4+6 ÿ6ÿ69ÿ433ÿ84412ÿ42ÿ$5906ÿ
921393412ÿ4ÿ8$"1099ÿ1ÿ:ÿ;;ÿ42ÿ36ÿ1#2ÿ1ÿ$42ÿ"9446ÿ#9ÿ9#96 ÿ92 ÿ
06 56 ÿ1ÿ0123503412ÿ42ÿ* *<ÿ%69ÿ36ÿ1523ÿ* *6* 37ÿ:4#9ÿ!8168623ÿ
92ÿ4205 6 ÿ46ÿ1603ÿ#43ÿ42440923ÿ$3936ÿ92 ÿ26 69ÿ52 42ÿ6(066 42ÿ4   ÿ
63#662ÿ* *6ÿ92 ÿ* *<ÿ4ÿ5006 ÿ42ÿ1 394242ÿ15346ÿ52 ÿ42ÿ018 4293412ÿ#43ÿ93ÿ
69ÿ3926ÿ1ÿ4*  ÿ31ÿ36ÿ19 ÿ92 ÿ46ÿ0123503412ÿ01884336 ÿ52 ÿ99206ÿ
9001523ÿ18ÿ36ÿ)6269ÿ252 ÿ31ÿ9 6 ÿ0563ÿ69068623ÿ1603ÿ91#6 ÿ1#9ÿ
8168623ÿ1ÿ46ÿ0563ÿ1603ÿ42ÿ36ÿ 69ÿ:4#9ÿ!8168623ÿ"92ÿÿ646#ÿ1ÿ36ÿ
 69ÿ19 ÿ92 ÿ46ÿ92ÿ1# ÿ36ÿ1523ÿ05623ÿ9ÿ9ÿ539429 6ÿ92ÿ ÿ9ÿ653ÿ
1ÿ36ÿ01234256 ÿ425412ÿ1ÿ26#ÿ52 42ÿ912ÿ#43ÿ669ÿ1603ÿ#40ÿ63526 ÿ52 ÿ31ÿ
36ÿ01884336 ÿ9001523ÿ#4ÿ91#ÿ36ÿ19 ÿ92 ÿ46ÿ52 42ÿ92ÿ31ÿ6ÿ6 ÿ93ÿ36ÿ05623ÿ
6ÿ6563ÿ1ÿ4*=ÿ84412ÿ1ÿ36ÿ26(3ÿ15ÿ69ÿ11#6 ÿÿ46  ÿ420696ÿ1ÿ36ÿ
68942 6ÿ1ÿ36ÿ 69ÿ92ÿÿ
ÿ
48429ÿ>53406ÿ19 193412ÿ
6ÿ1523ÿ48429ÿ>53406ÿ11429342ÿ18843366ÿ8>9ÿ9ÿ36ÿ1362349ÿ31ÿ01234256ÿ31ÿ
6 506ÿ013ÿ92 ÿ4816ÿ5 40ÿ963ÿ6ÿ%-!ÿ153ÿ"198ÿ3936 ÿ42ÿ%031 6ÿ* ÿ;5ÿ
153ÿ692ÿ169342ÿ42ÿ>5ÿ* 7ÿ2984ÿ36938623ÿ0153ÿ68942ÿ42ÿ906ÿ6ÿ198 ÿ96ÿ
96 ÿ8126ÿ315ÿ9ÿ6 503412ÿ42ÿ5646 ÿ9ÿ894ÿ:5 6ÿ92 ÿ66031240ÿ812431429ÿ6ÿ
420696 ÿ56ÿ1ÿ66031240ÿ81243142ÿ9ÿ9 1ÿ9 ÿ9ÿ42440923ÿ48903ÿ12ÿ012394242ÿ048429ÿ
53406ÿ013ÿ6ÿ198 ÿ96ÿ162ÿ364ÿ1362349ÿÿ
ÿ
$5686239ÿ01361ÿ6ÿ;5ÿ153ÿ198ÿ62 6 ÿ42ÿ* *7?ÿ1#66ÿ36ÿ%-!ÿ153ÿ
@A

19 of 124

0123145ÿ175489ÿ1293ÿ88294ÿ423ÿ717ÿ417ÿ8ÿ2 ÿ29719ÿ89ÿ48ÿ2714829ÿ
ÿ4ÿ22ÿ2 ÿ49ÿ5794ÿ74ÿ417ÿ2 ÿ77ÿ123145 ÿ49ÿ771298ÿ529821893ÿ
47ÿ779ÿ7 ÿ2ÿ7917ÿ29897ÿ78879ÿ2714829ÿ4ÿ48ÿ2893ÿÿ4ÿ41ÿ2ÿ
4ÿ12471ÿ4ÿ9217579ÿ7971ÿÿ8ÿ897ÿ89ÿ7ÿ0ÿ21ÿ!"!#ÿÿ71298ÿ
529821893ÿ77ÿ47ÿ42ÿ779ÿ891747ÿÿ$%ÿ2ÿ$!%&4ÿ2ÿ175489ÿ89ÿ897ÿ8ÿ271ÿ9741ÿ
2987ÿ49ÿ2ÿ27ÿ312893ÿ2 ÿ89117ÿ'879ÿ8ÿ172398829ÿ4ÿ4ÿ1793ÿ49ÿ3879ÿ
4ÿ(421ÿ29ÿ8ÿ92ÿ1179ÿ7)71879893ÿ7ÿ89547ÿ2 ÿ17 17ÿ2ÿ271ÿ2987ÿ
185894ÿ 87ÿ2 ÿ717ÿ7858947ÿ125ÿ7ÿ*174 +ÿ7829ÿ(82ÿ29897ÿ7 ÿ
2771ÿ4ÿ875ÿ2ÿ1719ÿ2ÿ7ÿ*174 +ÿ7829ÿ
ÿ
9497ÿ25598ÿ-7187.ÿ4/749ÿ-22ÿ49ÿ4/749ÿ074ÿ417ÿ7971ÿ
(421ÿ29ÿ897 ÿ2987147ÿ857ÿ721ÿ17217ÿ49ÿ1271ÿ4)ÿ241ÿ892ÿ7ÿ
2714829ÿ2ÿ7ÿ4/749ÿ074ÿ417ÿ7971ÿ49ÿ7ÿ4/749ÿ-22ÿ971ÿ7ÿ8179ÿ8ÿ
1848887ÿ4829ÿ2241ÿ77ÿ7187ÿ417ÿ92ÿ4218ÿ173817ÿÿ3879ÿ781ÿ543987ÿ
49ÿ27ÿ2ÿ7187ÿ7ÿ171779ÿ7ÿ89947ÿ2ÿ2941ÿ8ÿ7187 ÿ9ÿ2893ÿ2ÿ7ÿ
717ÿ24829ÿ8ÿ784ÿ977ÿ4ÿ583ÿ92ÿ27187ÿ47ÿ47 ÿ2ÿ7ÿ348ÿ2ÿ417ÿ
7ÿ17787ÿ125ÿ77ÿ48887 ÿ7ÿ29897ÿ784829ÿ2ÿ17489ÿ49ÿ21ÿ77ÿ48887ÿ8ÿ4ÿ
7 4579ÿ2ÿ7ÿ294ÿ7187ÿ128829ÿ822ÿ597ÿ2ÿ92ÿ5541867ÿ(421ÿ
294ÿ1793ÿ82ÿ8798893ÿ7ÿ4/749ÿ074ÿ417ÿ7971ÿ49ÿ7ÿ4/749ÿ-22ÿ4ÿ
4ÿ52ÿ2ÿ27ÿ1793 ÿÿ
ÿ
-75794ÿ727.ÿ7ÿ1779ÿ8398849ÿ891747ÿ89ÿ87848ÿ9893ÿ77ÿ4ÿ48867ÿ
7ÿ7714ÿ9893ÿ18/ÿ4ÿ74 ÿ89ÿ7ÿ9741ÿ715ÿ2ÿ8ÿ2579ÿÿ4ÿ8ÿ4ÿ779ÿ
7858947ÿ4ÿ4ÿ174ÿ71789ÿ71ÿ412)8547ÿ!"ÿ741ÿ2ÿ2714829ÿ7ÿ4/749ÿ074ÿ
417ÿ7971ÿ4ÿ739ÿ2ÿ2ÿ9414ÿ741ÿ49ÿ741ÿ4ÿ17479ÿ8ÿ4ÿ4ÿ4ÿ2983ÿ
2939715ÿ417ÿ89 8829ÿ9ÿ!"!:ÿ49ÿ!"!%ÿ7ÿ29ÿ2241ÿ7349ÿ29 1829ÿ2ÿ1747ÿ
1884ÿ114ÿ252979 ÿ;ÿ4ÿ7ÿ122ÿ49ÿ0< ÿ 75=ÿ49ÿ2ÿ3147ÿ49ÿ
1717ÿ7ÿ8893ÿ47ÿ2ÿ7ÿ488ÿ8ÿ4829ÿ7)75887ÿ7ÿ294ÿ2932893ÿ
2558579ÿ2ÿ79497ÿ25598ÿ7187 ÿ88294ÿ7ÿ!"!"ÿ2986893ÿ2ÿ4ÿ>"97ÿ
488ÿ1747ÿ4ÿ17217ÿ?ÿ49ÿ44847ÿ893ÿ?ÿ4ÿ27984ÿ54ÿ7ÿ1492157ÿ2ÿ
1287ÿ49ÿ488294ÿ17797ÿ1745ÿ21ÿ4ÿ25598ÿ17217ÿ4ÿ49ÿ7)49ÿ7ÿ294ÿ
127ÿ89ÿ7ÿ29895ÿ2ÿ417ÿ21ÿ8ÿ79821ÿ17879 ÿ!"!#ÿ897ÿ9ÿ2ÿÿ27984ÿ
49ÿ21ÿ7ÿ449ÿ893ÿ8ÿ7ÿ8979829ÿ4ÿ449ÿ893ÿ8ÿ7ÿ4ÿ7921893ÿ
2714829ÿ
ÿ
@ABCDAEEAEÿ
ÿ
GHIJKLMNOPÿ
ÿ
149214829.ÿ-4179Q87ÿ4)8ÿ-7187ÿ
23ÿ7ÿ-4179Q87ÿ4)8ÿ-7187ÿ34887ÿ4ÿ49ÿ79497ÿ25598ÿ7187ÿ4ÿ7897ÿ
427ÿ7ÿ148ÿ891747ÿ89ÿ7549ÿ21ÿ149214829ÿ7187ÿ;1821ÿ2ÿ7ÿ49758=ÿ1774ÿ7ÿ
27984ÿ799ÿ7549ÿ7ÿ17ÿ8ÿ4ÿ7ÿ17487ÿ97ÿ7187ÿ21ÿ(421ÿ29ÿ4893ÿ
29ÿ417ÿ89ÿ74197 ÿ89ÿ!"RSÿ2ÿ4134ÿ7ÿ7897ÿ4ÿ4ÿ74/97 ÿ4ÿ8ÿ857ÿ8ÿ
78394829ÿ75 ÿ125ÿ298714829ÿ2ÿ7ÿ22893ÿ174 ÿ879887ÿ72.ÿR=ÿ52579ÿ247ÿ
49ÿ7ÿ493893ÿ(21/217ÿ98129579ÿ!=ÿ7ÿ9174893ÿ29258ÿ9 488ÿ49ÿT=ÿ7ÿ17549ÿ
21ÿ074ÿ49ÿ-284ÿ-7187 ÿ77ÿ2874ÿ89797ÿ4ÿ47ÿ7ÿ27984ÿ2ÿ1747ÿ7549ÿ29ÿ
7ÿ149214829ÿ 75ÿ4ÿ7)77ÿ7ÿ448ÿ21ÿ7187ÿ21ÿ717ÿ1774893ÿ7ÿ7)8893ÿ
7187ÿ4ÿ4ÿ74/97 ÿÿ
UU

20 of 124

ÿ

123345657894ÿ 85ÿ ÿ85ÿ645ÿÿÿ85ÿ 278ÿ9ÿ53975ÿ8ÿ545ÿ4558ÿ8ÿ6558ÿ
8ÿ78575ÿ2578ÿ55ÿ4554ÿ9398ÿ5ÿ53977ÿÿ85ÿ4558ÿ5355785ÿ85ÿ758ÿ
895ÿÿ69828ÿÿ85ÿ856ÿ87944ÿ85ÿ53977ÿÿ85ÿ! "48ÿ!9795ÿ3 87ÿ
8ÿ244865ÿ7ÿ#ÿ9ÿ579"45ÿ635ÿ 7898ÿ697956578ÿ" 4855ÿ3 4ÿ
55436578ÿ97ÿ79784ÿ57975ÿ989ÿ 44587ÿ97ÿ9794ÿ$984ÿ85ÿ582827ÿ
97ÿ5"ÿÿ85ÿ55ÿ 7898ÿ%9ÿ79784ÿ635ÿ8ÿ579"45ÿ55ÿ37ÿ
579756578ÿ8ÿ"5ÿ55435ÿ5ÿ85ÿ45ÿÿ85ÿ 7898ÿ97ÿ8ÿ579"45ÿ97ÿ53977ÿÿ85ÿ
55ÿ4554ÿ%8 28ÿ2777ÿ78ÿ18985ÿÿ&5594ÿ"8945ÿ& ÿ596345ÿ85ÿ75%ÿ 7898ÿ
45ÿ8ÿ85ÿ63456578987ÿÿ75%ÿ35987ÿ8%95ÿ"ÿ85ÿ55ÿ35ÿ'27ÿ(ÿ85ÿ
 278ÿ9ÿ5795ÿ9ÿ69)587ÿ 7248978ÿ97ÿ9ÿ5"975ÿ85ÿ55ÿ8ÿ*94% 8ÿ
 278ÿ 7758ÿ97ÿ%44ÿ55285ÿ8ÿ8ÿ69+ÿ6248,659ÿ69)587ÿ96397ÿ8ÿ36 85ÿ
85ÿ55ÿ1 65ÿ)ÿÿ5985ÿ6ÿ85ÿ3 857894ÿ55ÿ5697ÿ898ÿ 24ÿ"5ÿ575985ÿ
"ÿ85ÿ69)587ÿ58ÿ87944ÿ(ÿ53975ÿ9398ÿ%8ÿ"57ÿ35,39756ÿ
4554ÿ%8ÿ85ÿ987ÿÿ1279ÿ 2ÿ5ÿ3 857894ÿ55ÿ5697ÿ97ÿ)ÿ5785ÿ
9" 5ÿ95ÿ85ÿ597ÿÿ85ÿ57975ÿ97ÿ53975ÿ697956578ÿ58ÿ5ÿ78578ÿÿ898ÿ
%8ÿ"5885ÿ989ÿ97ÿ697956578ÿ233 8ÿ855ÿ5697ÿ97ÿ)ÿ97ÿ"5ÿ6 5ÿ594ÿ
69795ÿÿ
ÿÿ
-6557ÿ.539575ÿ
-6557ÿ 576578ÿ3539575ÿ7427ÿ2ÿ 63 7578ÿ9ÿ32"4ÿ5948ÿ5975ÿ97ÿ
78828794ÿ8977ÿ97ÿ"5ÿ9ÿ9429"45ÿ853ÿ7ÿ65587ÿ5897ÿ 5ÿ 57657894ÿ285ÿ97ÿ
53 7"485ÿ85ÿ944ÿ85ÿ"598ÿÿ 57657894ÿ55ÿ825ÿÿ697ÿ9358ÿÿ94ÿ
45ÿ%87ÿ85ÿ 278ÿ2ÿ898ÿ7ÿ865ÿÿÿÿ798294ÿ56557ÿ8ÿÿ726"578ÿ23 7ÿ
 576578ÿ8ÿ53 7ÿ48 2ÿ85ÿ 278/ÿ97098794ÿ99389"48ÿ5457ÿ97ÿ
53 7575ÿ95ÿ"557ÿ5785ÿ9ÿ9ÿ8578ÿ57975ÿ3539987ÿ97ÿ635ÿ85ÿ
 278/ÿ53 7575ÿ8ÿ9ÿÿ56557ÿÿ798294ÿ985ÿÿ
ÿ
123345657894ÿ 85ÿ5ÿ7894ÿ53 75ÿ8ÿ85ÿ39756ÿ5125ÿ95ÿ9678985ÿ
233 8ÿÿ85ÿ15/ÿ25ÿ-6557ÿ!97956578ÿ278ÿ5ÿ3ÿ33 5ÿ"258ÿ
9783985ÿ 78727ÿ8ÿ95ÿ4554ÿÿ233 8ÿ98ÿ4598ÿ82ÿ 634587ÿÿ97ÿ
97098794ÿ97ÿ3598794ÿ82ÿÿ85ÿ15/ÿ25ÿ87944ÿ27ÿ(ÿ85ÿ
.2"4ÿ* )ÿ'58ÿ%9ÿ95ÿ%8ÿ 7987ÿ9ÿ 278,%5ÿ55%ÿÿ5398657894ÿ
 78728ÿÿ235987ÿ.497ÿ422.5ÿ97ÿ 78728ÿÿ6 576578ÿ4265ÿ3497ÿ55ÿ
%55ÿ498ÿ55%5ÿ5ÿ7(ÿ59ÿ9 ÿ5ÿ35ÿ 24ÿ498ÿ82ÿ3ÿ
ÿ
9::9;<=>?<?@Aÿ
ÿ
BCDEFGHIJKÿ
ÿ
$ 987ÿ 725ÿ8ÿ- 7 6ÿ'55436578ÿ
5ÿ 278ÿÿ8985944ÿ4985ÿ7ÿ28598ÿ* 77ÿ93369854ÿM(ÿ645ÿ7 8%58ÿÿ85ÿ
8ÿÿ9 ÿ(ÿ645ÿ28%58ÿÿ85ÿ8ÿÿ!4%92)55ÿ97ÿ3(ÿ645ÿ28598ÿÿ85ÿ8ÿÿ
!97ÿ5ÿ 278/ÿ89ÿ"95ÿÿ55ÿ97ÿ 5ÿ7 8ÿ54ÿ7ÿ85ÿ25ÿÿ9ÿ745ÿ398249ÿ
"275ÿÿ728ÿ
ÿ
123345657894ÿ 85ÿ5ÿ 278ÿ 78725ÿ8ÿ233 8ÿ85ÿ 278/ÿ32"4N3985ÿ5 7 6ÿ
55436578ÿ970987ÿ*94% 8ÿ 278ÿ- 7 6ÿ'55436578ÿ44975ÿ4*-' 5ÿ97ÿ
O. ÿ27ÿ95ÿ53585ÿ8ÿ"5ÿ25ÿ8ÿ98ÿ826ÿ97ÿ7 7,38ÿ970987ÿ*94% 8ÿ
PQ

21 of 124

01234567ÿ79 7ÿ49ÿ37 ÿÿ4ÿ93ÿ397ÿ1ÿÿ93ÿÿ4ÿ93ÿ397ÿ1ÿÿ
2 ÿ41ÿ23 34ÿ3941395ÿ397ÿ437ÿ93ÿ7494ÿ93ÿ  9ÿ74227ÿ 47ÿÿ
93ÿÿÿ314ÿ7 ÿ47ÿ13432 ÿ91 ÿ9 9! ÿ!14ÿ24ÿ74ÿ!ÿ"ÿ93ÿ#ÿ
7 4 5#ÿ93ÿ$ÿ 47ÿ93ÿ%ÿ397ÿ412!ÿ4 ÿ74ÿ%ÿ1347ÿ1ÿ4 ÿ59ÿÿ
93ÿ$ÿ9 ÿ 4ÿ994ÿ73!7ÿ123!ÿ1ÿ134ÿ41ÿ134ÿ943!ÿ71 ÿ
13 3ÿ13ÿ94ÿ4 ÿ242ÿ3!7ÿ!93!ÿ3941395ÿ3977ÿ93ÿ49ÿ 47ÿ&71#ÿ3ÿ
$#ÿ4 ÿ012345ÿ91 ÿ3939ÿ7214ÿ1ÿ9ÿ1179ÿ5ÿ'0()&ÿ41ÿ 93ÿ4 ÿ
273 77ÿ43413ÿ93ÿ9449413ÿ 14ÿ412!ÿ9ÿ41*59ÿ14ÿ+(393 ÿ(131ÿ
) 1 34,ÿ1!9ÿ- ÿ012345ÿ971ÿ3494ÿ233!ÿ1ÿ9ÿ4 *59ÿ'0()&ÿ13494ÿ41ÿ
13432 ÿ41ÿ3!9! ÿ19ÿ!1 3 347ÿ93ÿ4 ÿ2ÿ3ÿ 147ÿ41ÿ 93ÿ1.1 ÿ1273!#ÿ
97ÿ314ÿ3ÿ/34!1 3 349ÿ011 9413ÿ 1ÿ
ÿ
/34!1 3 349ÿ011 9413ÿ
&7ÿ4137ÿ93ÿ23947ÿ9 ÿ4!4ÿ2! 47#ÿ4 ÿ3 ÿ1ÿ34!1 3 349ÿ11 9413ÿÿ
397ÿ- ÿ012345ÿ95ÿ1 ÿ7 7ÿ41ÿ19ÿ!1 3 347ÿ1ÿ ÿ 79ÿ/3ÿ935ÿ97#ÿ
34!1 3 349ÿ11 9413ÿ17ÿ4 ÿ17ÿ1ÿ1 ÿ1747ÿ41ÿ49957ÿ1#ÿ94ÿ974#ÿ393 ÿ
7 7ÿ94ÿ79ÿ1747ÿ
ÿ
02  349ÿ1142ÿ- ÿ01234567ÿ/34!1 3 349ÿ011 9413ÿ0123ÿ3/004ÿ13432 7ÿ41ÿ
 4ÿ0234ÿ12345* ÿ239ÿ 147ÿ32 ÿ3!3!ÿ41! 4 ÿ93ÿ9194ÿ!12ÿ
1ÿ239ÿ  47ÿ41ÿ137 ÿ4 ÿ3 7ÿ1ÿ( ! 35ÿ5 9ÿ0 7ÿ3(504ÿ13ÿ9ÿ
12345* ÿ977ÿ4ÿ9ÿ7425ÿ31ÿ23 95ÿ93ÿ794ÿ1ÿ7349413ÿ3ÿ4 ÿ9ÿ1ÿ$ÿ
&41395#ÿ4 ÿ01234567ÿ7!3934ÿ24ÿ949ÿ233!ÿ1ÿ917ÿ1ÿ23947ÿ6133!ÿ4 ÿ
3 ÿ0 67ÿ7  ÿ12394137ÿ3 41.ÿ27ÿ494ÿ 94137ÿ095#ÿ4 ÿÿ0/8ÿ
1 7ÿ233!ÿ1ÿ9ÿ7425ÿ1ÿ4 ÿ0 67ÿ7 ÿ012394137ÿ)713ÿ4ÿ
137 9413ÿ 94ÿ41ÿ94ÿ95ÿ ÿ3  ÿÿ4 ÿ012345ÿ9ÿ41ÿ1 ÿ12345 ÿ
794#ÿ97ÿ7ÿ1 ÿ412!ÿ234ÿ012345ÿ7393 7ÿ-1ÿ239ÿ41377ÿ34ÿ
341ÿ9!  347ÿ4ÿ4 ÿ0 67ÿ7  ÿ!93!ÿ012345*1 ÿ9ÿ31  34ÿ941ÿ
7 7ÿ1ÿ9ÿ ÿ2 ÿ41ÿ714*4ÿ749 3!ÿ71497ÿ93ÿ9 7ÿ3ÿ1 ÿ 94 347ÿ-7ÿ
97ÿ4 ÿ74ÿ4 ÿ494ÿ9!  347ÿ1ÿ47ÿ3942ÿ ÿ34ÿ341ÿ4ÿ71 ÿ7277137ÿ
123!ÿ13ÿ94ÿ9ÿ1 4ÿ4937 ÿ1ÿ247ÿ!4ÿ92ÿ1ÿ4 ÿ0 67ÿ7  ÿ41ÿ
971ÿ413ÿ1 ÿ941ÿ- ÿ&374941ÿ97ÿ971ÿ1 3 ÿ494ÿ94139ÿ49.7ÿÿ
3 ÿ41ÿ12ÿ!93!ÿ4 ÿ793!ÿ1ÿ4311!5ÿ1747#ÿ 927ÿ1747ÿÿ7994ÿ1ÿ4 ÿ
12345* ÿ9ÿ31 34ÿ7149ÿ93ÿ7419! ÿ$ÿ32 ÿ9ÿ:1273!ÿ0494!5ÿ
/3494 ÿ814ÿ81!9ÿ ÿ4 ÿ012345#ÿ412!ÿ9ÿ13494ÿ4ÿ'0()&#ÿ1 7ÿ749 #ÿ
233!#ÿ93ÿ1 7!4ÿ41ÿ1.ÿ4ÿ 1 7ÿ93ÿ23947ÿ41ÿ977ÿ1.1 ÿ
1273!ÿ3 7ÿ43ÿ4 ÿ012345ÿÿ13432 7ÿ341ÿ%ÿ3ÿ47ÿ713ÿ59ÿ1ÿ4 ÿ*59ÿ
14ÿ1!9ÿÿ
ÿ
:! ÿ(29413ÿ93ÿ74 ÿ012345ÿ8943 7ÿ
;'*'494#ÿ9ÿÿ23 745ÿ494ÿ7ÿ1 ÿ41ÿ3 95ÿ#ÿ742 347ÿ93ÿ<9495ÿ- 39ÿ
01 ! ÿ1 ÿ92945ÿ1!97ÿ41ÿ742 347ÿ'ÿ ÿ9 ÿ19194ÿ4ÿ4 ÿ7117ÿ3ÿ4 ÿ974#ÿ
72ÿ97ÿ4ÿ742 34ÿ3437ÿ1142347#ÿ ÿ9 ÿ54ÿ41ÿ794ÿ4 ÿ729 ÿ3ÿ47ÿ1ÿ!197ÿ
494ÿ ÿ12ÿ917ÿ41! 4 ÿ- ÿ;'*'49467ÿ749 ÿ7ÿ!5ÿ9199 ÿ93ÿ
7214 ÿ1ÿ19194 ÿ 147ÿ&4ÿ4 ÿ79 ÿ4 #ÿ14 ÿ12345ÿ943 77ÿ12ÿ ÿ
 1 ÿ1ÿ393 ÿ=1ÿ 9 #ÿ412!ÿ93ÿ&>8&ÿ164#ÿ4 ÿ012345ÿ 3 44ÿ1ÿ9ÿ
943 7ÿ4ÿ4 ÿ;34ÿ'95ÿ1ÿ'914ÿ012345ÿ095#ÿ4 ÿ: 94ÿ:2ÿ297ÿ4ÿ
&>8&ÿ197ÿÿ41ÿ9ÿ943 7ÿ4ÿ7 3ÿ&7ÿ= ÿ03ÿ/397ÿ4ÿ3!9!  34ÿ5ÿ
?@

22 of 124

0123425ÿ78958 ÿ098ÿ47 2492ÿÿÿ 98ÿ912ÿ929 4ÿ97 2ÿ 42ÿ
ÿ98ÿÿ9184 ÿ985 24492ÿ913ÿ 9ÿ04ÿ429ÿ4ÿ598ÿ
ÿ
177 2ÿ9!ÿ"  ÿ#24 ÿ95ÿ4ÿ7 828425ÿ4ÿ$ % 23ÿ& ÿ 8ÿ
28ÿ42ÿ78943425ÿ ÿ842425ÿ ÿ17798ÿ9ÿÿ 98ÿ912ÿ 71ÿ23ÿÿ
$ % 23ÿ& ÿ 8ÿ28ÿ#ÿ'2484ÿ90ÿ49242ÿ(2492ÿ ÿ9 ÿÿ4524042ÿ
7 828ÿ42ÿÿ)ÿ*89 3 23ÿ0098ÿÿ998342 425ÿ23ÿ78943425ÿ21 891ÿ842425ÿ
42 8ÿ ÿ293ÿ9+ÿÿ,-,.ÿ*135ÿ42133ÿÿ,/ 8ÿ 7988ÿ749ÿ78958 ÿ
8915ÿÿ9ÿ2 2ÿ929 4ÿ397 2ÿ01233ÿÿ428ÿ 823ÿ089 ÿÿ
912)ÿ01ÿ582ÿ20ÿ1 01+ÿÿ78958 ÿ913ÿ9 ÿ142 ÿ8915ÿÿ
8 492ÿ90ÿ2ÿ9242ÿ8814 2ÿ7 098 ÿ29185425ÿ9 124ÿ7 828ÿ9ÿ 8ÿ42ÿ9ÿ
915ÿÿ4244ÿ47 2492ÿ ÿ2ÿ9+ÿÿ923ÿ 8ÿ90ÿÿ78958 ÿ ÿ2ÿ
7 3ÿ429ÿÿ135ÿ4ÿÿ422492ÿ90ÿ92421425ÿ429ÿ,-,3ÿ4ÿ2ÿ8 42425ÿ0123ÿ
089 ÿÿÿ8ÿ42ÿ,-,.ÿ
ÿ
/842ÿ23ÿ438 /842ÿ*89 3 23ÿ(7 2492ÿ
*89 3 23ÿ(7 2492ÿ ÿÿ45ÿ3 233ÿ23ÿ2 8ÿ84ÿ318425ÿÿ7 23 4ÿ ÿ
8 9ÿ98%ÿ23ÿ51 8242ÿ ÿ9 92ÿ#ÿ912ÿ 3ÿ2ÿ 8ÿ9283ÿ0098ÿ9ÿ
8 ÿ91ÿ23ÿ998342 ÿ4ÿ4283ÿ8 ÿ048ÿ9 7 24ÿ9ÿ(7 23ÿ ÿ23ÿ 2ÿ0098ÿ
9 ÿ4ÿ038 ÿ582ÿ977981244ÿ4ÿÿ22ÿ92612492ÿ4ÿÿÿ90ÿ49242ÿ114ÿ
84ÿ9 4 492ÿ23ÿ9ÿ048ÿ4282ÿ9 7 24ÿ42ÿ 98ÿ912ÿ 88ÿ
9 124492ÿ23ÿ35ÿ*89 3 23+ÿ89 3 23ÿ048ÿ84ÿ8ÿ(7 233ÿ9ÿ98ÿ,+---ÿ
9 ÿ23ÿ142 ÿ89 ÿ 98ÿ912ÿ#ÿ42 2ÿ42ÿ89 3 23ÿ048ÿ93ÿ98ÿ
7899.ÿ 4492ÿ01233ÿ42ÿ7 8ÿÿ7.,.+---ÿ90ÿÿ912)ÿ 8ÿ90ÿ 842ÿ01ÿÿ01ÿ
582ÿ0123425ÿ23ÿ7,9:ÿ 4492ÿ90ÿÿ)ÿ 8ÿ90ÿ01ÿ0123425ÿ#ÿÿ4ÿ42ÿÿ789 ÿ90ÿ
 83425ÿ7896ÿ1238ÿÿ2ÿ843ÿ038 ÿ*89 3 23ÿ514+ÿ +ÿ23ÿ79 2ÿ
*ÿ78958 ÿ#ÿ912ÿ4ÿ1882ÿ 3ÿ098ÿ 83ÿ9ÿÿ5823ÿ9ÿ 147ÿ789438ÿ ÿ
4ÿ4298798ÿ124ÿ334492 ÿ42 2ÿ42ÿ89 3 23ÿ429ÿ 98ÿ912ÿ
ÿ
;<=>?@A<B@ÿD=<EFGFEÿ
ÿ
8400)ÿH004ÿ9 124492ÿ ÿ
07  2ÿ90ÿ912/43ÿ9 124492ÿ ÿ4ÿ877425ÿ17ÿ4ÿ47 2492ÿ23ÿ4ÿ
78943ÿ977981244ÿ9ÿ4789ÿ9 124492ÿ2ÿ 147ÿ8ÿ90ÿ 12447 ÿ5982 2ÿ
23ÿ 852ÿ84ÿ789438ÿ# ÿ7896ÿ843ÿ43ÿ42ÿÿ0 ÿ90ÿ,-,8+ÿÿ928ÿ ÿ
(13+ÿ23ÿ9281492ÿ4ÿ1238 ÿ#ÿ2ÿ ÿ4ÿÿÿ/90//8ÿ ÿ ÿ42%ÿ
714ÿ 0ÿ789438ÿ891591ÿÿ912ÿ42ÿÿ 98ÿ00442ÿ 228+ÿ218425ÿ8ÿ8792ÿ
4 ÿ23ÿ458ÿ998342 492ÿ2ÿ ÿ124ÿ90ÿ5982 2ÿ
ÿ
177 2ÿ9!ÿ#ÿ912ÿ854 ÿ13ÿ01ÿ0123425ÿ098ÿ9 ÿ%ÿ
9 124492ÿ74ÿ7896ÿ4213425ÿ8349ÿ87  2ÿ098ÿÿ912ÿ23ÿ098ÿ7 84ÿ
0123425ÿ9 83ÿ 12447 ÿ8349ÿ87  2ÿ7,+:I-+---ÿ9ÿ98%ÿ4ÿÿ2ÿ ÿ
#(/9/:88ÿ7 444ÿ8ÿ42ÿ789 ÿ9ÿ0188ÿ(7 23ÿ9 124492ÿ347 ÿ84ÿ
23ÿ789 ÿ19 492ÿ29ÿ 9 ÿ ÿ9ÿ8924ÿ514342ÿ2ÿ28425ÿ:88ÿ
 ÿ#ÿ789 ÿ098ÿÿ1882ÿ13ÿ90ÿÿ8400)ÿH004ÿ9 124492ÿ44492ÿ4ÿ
1238 ÿ4ÿ92438492ÿ8 3ÿ9ÿ ÿ913ÿÿ233ÿ40ÿÿ912ÿ 3ÿ9ÿ78943ÿ
91243ÿ347 +ÿ ÿ4ÿ90083ÿ8915ÿ1882ÿ912ÿH8342 2ÿ16ÿ9ÿÿ
92842ÿ#ÿ,-,Jÿ3 424898)ÿ*135ÿ4213ÿ0123425ÿ4ÿ2ÿ3 42484ÿ93ÿ9ÿ
KL

23 of 124

01123ÿ567ÿ829 5ÿ20ÿ52ÿ27ÿ230ÿ356ÿ0ÿ77 ÿ10 ÿ607ÿ367 ÿ7915ÿ0 ÿ
92 ÿ356ÿ9 0157ÿ07ÿ21757ÿ6ÿ3291ÿ01123ÿ2ÿ0ÿ73ÿÿ829 0
52 ÿ91ÿ70057ÿ2ÿ567ÿ67ÿ7ÿ356ÿ567ÿ257 501ÿ52ÿ27ÿ567ÿ77ÿ
29 537ÿÿ567ÿ9 0157ÿ07ÿ017ÿ52ÿ706ÿ0ÿ959011ÿ7 701ÿ0777 5ÿ
ÿ
!"#$ %ÿ
ÿ
'()*+,-./0ÿ
ÿ
2127 5ÿ073ÿ567ÿ860 ÿ42527ÿ2 2 7 53ÿ0ÿ567ÿ615ÿ52ÿ7ÿ4257ÿ
42 ÿÿ7877 ÿ0ÿ60 7ÿÿ5ÿ291052 ÿ ÿ07ÿ75377 ÿ9::ÿ0 ÿ9:93ÿ567ÿ2ÿÿ
291052 ÿ2ÿ5627ÿ9 7ÿ07ÿ9;ÿ30ÿ71757ÿÿ0ÿ7057ÿ0707ÿ0 901ÿ2356ÿ057ÿ27ÿ5605ÿ
72ÿ82 7713ÿ5677ÿ60ÿ77 ÿ0ÿ 0 5ÿ707ÿÿ901ÿ27ÿ07ÿ;;3ÿ0 ÿ0ÿ567ÿ
27ÿ5230ÿ7577 53ÿ567ÿ311ÿ2 1ÿ7ÿ051ÿ7107ÿ ÿ567ÿ<;;<ÿ70ÿ07ÿ293ÿ366ÿ
60ÿ7877 7ÿ567ÿ1075ÿ7057ÿ0707ÿ0 901ÿ2356ÿ057ÿ27ÿ5605ÿ72ÿ67ÿ65ÿ
7127 5ÿ07ÿ0 ÿ12ÿ2ÿ7877 7ÿ3257ÿ7915ÿÿ0ÿ7 ÿ60117 ÿ7 2 7 5ÿÿ
366ÿ52ÿÿ3257ÿÿ
ÿ
67ÿ829 5ÿ32527ÿÿ7865ÿ567ÿ05ÿ2ÿ56ÿ27501ÿ65ÿ67ÿ0707ÿ07ÿ2ÿ0ÿ829 5ÿ
71277ÿÿ<==ÿ703ÿ0 ÿ7ÿ77 5ÿ2ÿ71277ÿ07ÿ27ÿ567ÿ07ÿ2ÿ>:ÿ456ÿ27ÿ560 ÿ??ÿ
829 5ÿ70 7 5ÿ252 ÿ70ÿ9 117ÿ05ÿ56ÿ573ÿ567ÿ27ÿ2 7 ÿ97ÿ60ÿ727ÿ
567ÿ015ÿ@ÿ2ÿ015ÿ@ÿ52ÿ11ÿ00 5ÿ252 ÿ356ÿA9015ÿ0 057ÿ972 ÿ10 3ÿ
503ÿ757 52 ÿ0 ÿ7957 5ÿ21ÿ7733ÿ0 ÿ71277ÿ307ÿ0 ÿ7 75ÿ0507ÿ607ÿ
727ÿ501ÿÿ567ÿ9 7 5ÿ7127 5ÿ0575ÿ3677ÿ5ÿ60ÿ77 ÿ915ÿ52ÿ795ÿ0 ÿ750ÿ
50ÿ67ÿ7127 5ÿ07ÿ0 ÿ7ÿ9567ÿ70571ÿ057ÿ ÿ105ÿ2ÿ07ÿ52ÿ61073ÿ
50 25052 3ÿ0 ÿ629ÿ
ÿ
9177 501ÿB257Cÿ4617ÿ567ÿ015ÿ52ÿ67ÿ0 ÿ750ÿ50ÿ60ÿ7571ÿ60ÿ0 ÿ053ÿ
4013256ÿ829 5ÿ7877 7ÿÿ25ÿ9 A97Dÿ0 ÿ42 ÿ7127ÿ07ÿ0ÿ10ÿ
60117 7ÿE75ÿ725ÿ52ÿ27ÿ757 52 ÿ0 ÿ7957 5ÿ607ÿ60ÿ0ÿ257ÿ7915ÿÿ567ÿ
9 7 5ÿ97ÿ2ÿ00 7ÿ4617ÿ7701ÿ60 7ÿÿ27ÿ501ÿ0ÿ017ÿ377ÿ
22057ÿ9ÿ9:9ÿ0 ÿ9:993ÿ0ÿ0575ÿ27 052 ÿ59 3ÿ97ÿ9567ÿ71233ÿ
52ÿ7 97ÿ0ÿ017ÿ02ÿ567ÿ829 5ÿ70ÿ27557ÿÿ9 7 51ÿÿ567ÿ2 9150 5ÿ
71752 ÿ607ÿ652 0113ÿ5677ÿ60ÿ77 ÿ0ÿ2 757ÿ725ÿ52ÿ77019057ÿ86057ÿ;ÿ@ÿ
F90 ÿG7297ÿ2ÿ567ÿ827ÿ2ÿ 0 7ÿ52ÿ7 5ÿ0 ÿ2ÿ217ÿ5605ÿ0ÿ65ÿ
6ÿ0 ÿ757 52 ÿ6ÿ2 757ÿ725ÿ52ÿ27ÿ71277ÿ757 52 ÿ0ÿ2017ÿ197ÿ
ÿÿ25052 01ÿ7057ÿ0ÿ78795ÿ0ÿ2 505ÿ2ÿ71277ÿ2 17ÿ1052ÿ2ÿ50ÿ
52ÿ9ÿH5ÿ370Iÿ356ÿ567ÿ829 5ÿ73ÿ122ÿ2ÿ2257ÿ01ÿ325J17ÿ0107ÿ0ÿ60 7ÿ
52ÿ567ÿ829 5ÿ629ÿ2ÿ325ÿ27 ÿ2ÿ97ÿ30ÿ0257ÿÿ701ÿ9:9;ÿ2ÿ7701ÿ
91ÿ52ÿ127ÿ05ÿ<C=:ÿÿ570ÿ2ÿ;ÿÿ057ÿ7706ÿ2ÿ762ÿ29 57ÿ0 ÿ
29 57ÿ97ÿ629ÿ456ÿ567ÿ0575ÿÿ198ÿ105ÿ703ÿ567ÿ27 052 ÿ59ÿÿ2ÿ
230ÿ356ÿ10 ÿ52ÿ7175ÿ0ÿ7 2ÿ0 ÿ7ÿ567ÿ59 ÿ727ÿ567ÿ7 ÿ2ÿ9:9;ÿKÿ567ÿ
70 573ÿ050ÿ60ÿ77 ÿ777ÿ2ÿ762ÿ2ÿ20017ÿ29 57ÿ0 ÿ0 01L7ÿÿ
202 ÿ356ÿ4013256ÿ829 5ÿ252 ÿ366ÿ070ÿ52ÿ623ÿ567ÿ829 5ÿÿ7 7011ÿ
577ÿ9ÿ356ÿ0575ÿ60 7ÿ67ÿ9:9>ÿ975ÿ197ÿ0ÿ011ÿ0112052 ÿ2ÿ9 ÿ
MN<::3:::ÿ2ÿ0280571ÿ:;:Oÿ2ÿ0 211ÿ975Pÿ001017ÿÿ567ÿ77 5ÿ567ÿ59ÿ9 71ÿ
2 7 ÿÿ0575ÿ60 7ÿ2ÿ750ÿ252 ÿ5605ÿ77ÿ52ÿ7ÿ077ÿ70571ÿ
ÿ
ÿ
QR

24 of 124

012341256ÿ819 ÿ12 6ÿÿ
ÿ12 6ÿ14ÿ44126ÿ19 ÿÿÿ66ÿÿ66 ÿ6 46ÿ521 ÿ6ÿ6ÿÿÿ66 ÿÿ
012ÿ19 ÿÿ6ÿ51 15ÿ51 1 ÿ19 ÿ9ÿÿ6ÿ4512ÿ6ÿ26ÿÿ
51ÿ14ÿ6ÿ19 ÿ51 2951 ÿ61 25ÿ4512ÿ5 ÿ1961ÿ19 ÿ256ÿ
5266ÿ266ÿ1ÿ621 ÿ516ÿ5266ÿ ÿ162ÿ65ÿ56 6ÿ6ÿÿ5266ÿÿ
19 ÿ12 6ÿÿÿ6ÿ16 ÿ1ÿ6 6ÿ5ÿ192ÿ15ÿ651 15ÿ6616 ÿÿ
9ÿ14ÿ46ÿÿÿÿ 45ÿ 96ÿÿÿ6ÿÿ1ÿ6ÿ1 !62ÿ5ÿÿ6ÿ6ÿ6ÿ
6ÿ4512ÿ26ÿ26ÿ61 ÿ15ÿ51 21ÿÿ
ÿ
966 ÿ"16#ÿ$11 ÿ51 621 ÿ14ÿ19 ÿ 96ÿÿ2ÿ14ÿ6ÿ26 5ÿ ÿ
2156 ÿ6ÿ19 ÿ%12ÿ16ÿÿ26191 ÿÿ9 9ÿ&'&(ÿ1ÿ51 25ÿÿ6ÿ012ÿ
19 ÿ51 15ÿ)6616 ÿ56ÿ1ÿ66 ÿÿ19 ÿ012341256ÿ819 ÿ 6ÿ1ÿ
6ÿ5166ÿÿ6662ÿ&'&*ÿÿ+25ÿ&'&*ÿ6ÿ19 ÿ%12ÿ6 ÿ16ÿÿ26191 ÿ
526 ÿÿ012341256ÿ819 ÿ26 ÿ,3ÿ$1256ÿÿ6ÿ411 ÿ9216#ÿÿ
ÿ
-,1ÿ6 4ÿÿ661ÿ26516 1 ÿ412ÿÿ295926ÿ.12ÿ51 ÿ6ÿ412ÿ
6ÿ19 ÿ1ÿ51 96ÿ1ÿ6  6ÿÿ12341256ÿ19 ÿ2111 ÿ411 ÿ
5161 ÿÿ&'&*ÿ14ÿ6ÿ59226 ÿ19 ÿ012341256ÿ819 ÿ 6/0ÿ
ÿ
,6ÿ&'&1ÿ%9 6ÿ596ÿÿ(!62ÿ1ÿ819 ÿ 6ÿ26 ÿ21 2ÿ1ÿ6ÿ29 ÿÿ
0)ÿ,6ÿ,3ÿ$1256ÿ 6ÿÿ&'&1ÿ1 56ÿ6ÿ21 2ÿÿÿ56ÿÿ0)ÿ
51 96ÿ1ÿ412ÿ6ÿ26596ÿ166ÿ14ÿ19 ÿ6616 ÿ64412ÿÿ6ÿ9262ÿ
,6ÿ&'&3ÿ 2124ÿ%9 6ÿ596ÿ6ÿ651 ÿ62ÿ14ÿ ÿ21 2ÿ
ÿ
526 ÿ51 15ÿ ÿ
5! ÿ26ÿ6 1 ÿ2ÿÿ532 6ÿ15ÿ42 6 1 ÿ666 ÿ ÿ ÿ519 26ÿ
41 ÿ12362ÿ12 6ÿÿ61!651 15ÿ42 6 1 ÿ26ÿ264656ÿÿÿ6ÿ621 ÿ
+1 62ÿ$9 ÿ6 46ÿÿ666ÿ66ÿ14ÿ651 15ÿ9 562 ÿ5 562 ÿÿ ÿ1ÿ
! !ÿÿ6226 6ÿÿ6ÿ65262!66 62ÿ14ÿ6ÿ5 6ÿ"1 ÿÿ6ÿ012ÿ51 15ÿ
$129ÿ 9ÿ66 ÿÿ&'&'ÿ162ÿ1ÿ16ÿ49591 ÿÿ6ÿ153ÿ236ÿ19 ÿ256ÿÿ
626ÿ26ÿ7ÿÿ14ÿ5ÿ26ÿ2656 ÿ66 ÿÿ6ÿ0 51 ÿÿ5 6ÿ6ÿ651 1ÿ7ÿ5ÿ
6ÿ 45ÿ5ÿ1 ÿ126ÿ1586ÿ651 15ÿ ÿ 156ÿ26951 ÿÿ651 15ÿ
21ÿ9ÿ5 ÿ 96ÿ26256ÿ6ÿ2ÿ2656ÿ162ÿ6ÿ6ÿ51 2951 ÿÿ6 ÿ
5161 ÿ412ÿÿ2ÿ26ÿÿ64465ÿ14ÿ651 15ÿ 9ÿÿÿ5ÿ 45ÿ6 6ÿ
496 56ÿ6ÿ6 21 6 ÿÿ5ÿ6ÿ19 ÿ1626ÿÿ
ÿ
,6ÿ)6ÿ412ÿ86ÿ ÿ15ÿ6256ÿ
-19 6ÿ626ÿÿ6ÿ2 ÿ14ÿ6ÿ619 6ÿÿ0 51 ÿ22ÿ216ÿ
6! 6ÿ6256ÿÿ6ÿ15ÿ66/ÿ ÿÿ519 6ÿ5ÿ126ÿÿ6ÿ
15ÿ14456ÿ14ÿ6ÿ 6 56ÿ ÿ66 6 ÿ16ÿ,6ÿ261 ÿÿ6ÿ/ÿ
5 36ÿ162ÿ519 ÿ626 ÿ9 ÿ6256ÿ26ÿ49 6ÿÿÿ2ÿ14ÿ4662ÿ ÿ
6ÿ1 6ÿ06 ÿ162ÿ266 96ÿ4ÿ12ÿ1662ÿ15ÿ262ÿ36ÿ9ÿ6ÿ
44626 56/19 6ÿ6ÿ6ÿ 5261 ÿ162ÿ6ÿ6256ÿ6ÿ9ÿ216ÿ9ÿ
9 36ÿ6ÿ 6 56ÿ62ÿ1621 ÿ26ÿ1ÿ49ÿ49 6ÿÿ6ÿ6ÿ0 19ÿ
696ÿ6ÿ49  ÿ519 ÿ962 12ÿ9ÿ2 6ÿ15ÿ26ÿ1ÿ516 6ÿ412ÿ
 ÿ1240ÿ:,6ÿ0 51 ÿ,262ÿ;1ÿ<*ÿ"962ÿ<ÿ9 9ÿ&'=3ÿÿÿ6256ÿ14ÿ
6ÿ0 51 ÿ262ÿ 56>ÿ
ÿ
,6ÿ19 ÿ216ÿÿÿ22ÿ14ÿ9 ÿ6256ÿ1 ÿ64ÿ14ÿ6ÿ6ÿ)6 ÿ412ÿ66ÿ
?@

25 of 124

01234510ÿ40ÿ7891 ÿ2431 ÿ ÿ859720ÿ79041ÿ78ÿ91ÿ7 90ÿ57 927ÿ05ÿ0ÿÿ5ÿ78ÿ55100ÿ97ÿ
 191ÿ704ÿ877 ÿ ÿ19521ÿ79ÿ045ÿ ÿ1 9ÿÿÿ91ÿ7 9ÿ0ÿÿ
 19ÿ49ÿ7312ÿ!ÿ447 ÿ4ÿ1"1 49210ÿ4ÿ91ÿ#19ÿ ÿ# ÿ$1234510ÿ0154ÿ2131 1ÿ
8 ÿ%9ÿ&!ÿ447 ÿ91ÿ'1291 9ÿ78ÿ#19ÿ ÿ# ÿ$1234510ÿ40ÿ7591 ÿ27"491ÿ(ÿ
1251 9ÿ78ÿ91ÿ7 90ÿÿ9"ÿ13ÿÿ$7ÿ1 ÿ872ÿ19ÿ ÿ ÿ01234510ÿ452101ÿ91ÿ
1 ÿ7 ÿ7 9)07291 ÿ8 4ÿ57ÿ1571ÿ27 1945ÿ% 4947 ÿ91ÿ1 ÿ872ÿ
 972ÿ01234510ÿ5 ÿ19431ÿ459ÿ4729 9ÿ9ÿ79ÿ 91 ÿ01234510ÿ72ÿ0123451ÿ1310ÿ
05ÿ0ÿ$729431ÿ#71ÿ21ÿ*10491ÿ21ÿ#71ÿ'143121 ÿ+10ÿ ÿ#17ÿ, ÿ
ÿ
-312)% 354ÿ.15 77ÿ
-312) 3 54ÿ915 77 ÿ0ÿ7ÿ991 947 ÿ97ÿ8405ÿ57 092490ÿ ÿ4491 ÿ21072510ÿ/72ÿ
1"1ÿ27 10ÿ45ÿ121ÿ7319ÿ4910ÿ&ÿ120ÿ7ÿ21ÿ7ÿ1001 94ÿ9770ÿ049ÿ0729ÿ481ÿ
0 01ÿ872ÿ941ÿ1291 90ÿ% 4947 ÿ9142ÿ819210ÿ ÿ571"49ÿ21ÿ7ÿ4ÿ91ÿ
452104ÿ721ÿ1"1 0431ÿ.1ÿ1 9421ÿ57912ÿ4 092ÿ40ÿ45ÿ4294ÿ827ÿ2501 ÿ
078921ÿ49ÿ120ÿ78ÿ481ÿ97ÿ451 01 ÿ078921ÿ49ÿ04 4845 9ÿ ÿ491  51ÿ57090ÿ21451ÿ
491  51ÿ1 18490ÿ827ÿ911192450ÿ00910ÿ99ÿ121ÿ213470ÿ 577 ÿ,44ÿ015249ÿ
 ÿ712947 0ÿ21421ÿ041ÿ520ÿ015249ÿ5120ÿ ÿ1ÿ 11 9ÿ00910ÿ7912ÿ
27 594349ÿ1 0ÿ941ÿ7 49720ÿ'10491ÿ915 77 ÿ14ÿ41 94841 ÿ0ÿÿ0921 9ÿ99ÿ
54ÿ40ÿ ÿ571 11 9ÿ78ÿ72ÿ0990ÿ97 ÿ.15 77 ÿ71312ÿ710ÿ79ÿ09 ÿ094ÿ/421ÿ
97ÿ11ÿ51ÿ49ÿ1312) 3 54ÿ915 77 ÿ40ÿ ÿ7 74ÿ9219ÿ99ÿ5 ÿ21 12ÿ712947 0ÿ
41884541 9ÿ ÿ4188159431ÿÿ
ÿ
$11 9ÿ37914ÿ.40ÿ4001ÿ57 9410ÿ97ÿ1ÿÿ51 1ÿ0ÿ1ÿ57191ÿ72ÿ42947 ÿ
ÿ827ÿ7ÿ15ÿ00910ÿ.1ÿ7 9ÿ71312ÿ4ÿ57 941ÿ97ÿ41 948ÿ7729 49410ÿ97ÿ
11ÿ51ÿ49ÿ1312) 3 54ÿ915 77410ÿ/72ÿ1"1ÿ4ÿ!ÿ91ÿ7 9ÿ 1 ÿ
4872947 ÿ915 77 ÿ04100ÿ 09ÿ57 094ÿ01234510ÿ927ÿ%*5%ÿ8 4ÿ97ÿ
42731ÿ115927 45ÿ751 9ÿ2751004ÿ8720ÿ ÿ72870ÿ92779ÿ91ÿ7 9ÿ0ÿ
1ÿ0ÿ00409ÿ49ÿ411 9947 0ÿ78ÿ078921ÿ1 )01 ÿ07947 0ÿ%ÿ57 941ÿ0491ÿ78ÿ
+45270789ÿ788451ÿ078921ÿ0ÿ57 31291 ÿ97ÿ57 )01 ÿ688451ÿ!7ÿ01234510ÿ99ÿ78812ÿ21912ÿ
1884541 5410ÿ*157 484ÿ99ÿ1ÿ915 77 ÿ521910ÿ 1 ÿ727 ÿ872ÿ91ÿ872947 ÿ
.15 77 ÿ1291 9ÿ91ÿ(ÿ 19ÿ45 1 ÿÿ012410ÿ78ÿ.ÿ09884ÿ5 10ÿ97ÿ0729ÿ
1291 90ÿ4ÿ1 024ÿ91ÿ915 77 ÿ9770ÿ171 ÿ21ÿ01 ÿ97ÿ9142ÿ8109ÿÿ7ÿ
45 1 ÿ57 941 ÿ411 9947 ÿ78ÿ+45270789ÿ688451ÿ!7ÿ27 590ÿ872ÿ1291 90ÿ0ÿ1ÿ0ÿ
91ÿ27ÿ79ÿ78ÿÿ7 9ÿ4912ÿ49219ÿ.1ÿ709ÿ2151 9ÿ915 77 ÿ9219ÿ40ÿ114ÿ51ÿ
49ÿ5 10ÿ4ÿ0 0524947 )01 ÿ078921ÿ45ÿ40ÿ0ÿ13734ÿ.1ÿÿ 19ÿ
45 10ÿ91ÿ 4947 ÿ78ÿÿ04100ÿ 09ÿ0ÿ01312ÿ078921ÿ0091ÿ409947 0ÿ4ÿ11 ÿ
7 74ÿ0729ÿ
ÿ
-711ÿ#19ÿ7090ÿ
.1ÿ5941 9ÿ527915947 ÿ ÿ%8872 1ÿ#19ÿ21ÿ%59ÿ4ÿ57 941ÿ97ÿ449ÿ91ÿ7 90ÿ81"4449ÿ4ÿ
9120ÿ78ÿ27344ÿ19ÿ573121ÿ872ÿ490ÿ17110ÿ% 4947 ÿ1 45ÿ48947 ÿ57090ÿ4ÿ
57 941ÿ97ÿ2401ÿ704ÿÿ184491ÿ9219ÿ97ÿ91ÿ7 90ÿ 449ÿ97ÿ27341ÿ49ÿ1 18490ÿ97ÿ490ÿ
17110ÿ
ÿ
$11 9ÿ37914ÿ.1ÿ7 9ÿ57 94ÿ213410ÿ490ÿ 0ÿ ÿ10ÿ ÿ104 ÿ5 10ÿ
0ÿÿ1 0ÿ78ÿ21 54ÿ57090ÿ ÿ49494ÿ 31201ÿ4590ÿ78ÿ91ÿ%8872 1ÿ#19ÿ21ÿ
%59ÿ.1ÿ7 9ÿ71 1 ÿÿ912)0491:ÿ5445ÿ4ÿ&;ÿ49ÿÿ7ÿ97ÿ712ÿ79ÿ7 9ÿ ÿ
1711ÿ57090ÿÿÿ91ÿ7 9ÿ2101251 ÿ91ÿ$9910ÿ19ÿ ÿ ÿ7912ÿ942ÿ29ÿ
2501 ÿ19ÿ 0ÿ49ÿ91ÿ154047 ÿ97ÿ214ÿ018)4021 ÿ.1ÿ1711ÿ214ÿ
<=

26 of 124

01234ÿ620ÿ732892 ÿ342048ÿ ÿÿ43ÿ93ÿ4230ÿÿ4ÿ0 23ÿÿ143ÿ372 2 0ÿ
1404ÿ040ÿÿ38 2 ÿ61ÿ840ÿ34 9ÿ324ÿ342040ÿ21448ÿ2ÿ3448ÿ9934ÿ
34 8ÿ 4ÿ12ÿ0ÿ ÿ2374ÿ61ÿ720ÿÿ620ÿ4 448ÿ ÿ ÿ9 8 7ÿÿ2ÿ!8"
04ÿ482ÿ00ÿ3ÿ2 ÿ40248ÿ#$%ÿ4&448ÿ3493044 ÿ'6ÿ40248ÿ2ÿ
#($)%*ÿ88 2 %ÿ46ÿ37320ÿ124ÿ44 ÿ28848ÿÿ34894ÿ1232492ÿ00ÿ2 8ÿ
4 12 4ÿ64 400ÿ14ÿ+ÿ9874ÿ9848ÿ2ÿ1344"423ÿÿ3732ÿÿ4&2 8ÿ14ÿ423ÿ
04ÿ ÿ1930ÿÿ+ÿ1930ÿ43ÿ644,ÿÿ3843ÿÿ8443 4ÿ14ÿ4&4 ÿÿ611ÿ04340ÿ-ÿ
2 8%ÿ143434%ÿ02 70ÿ-ÿ2 ÿ4ÿ736 ÿ(ÿ9840ÿ2ÿ2 48ÿ4ÿÿ2ÿ93"44ÿ
34 9ÿ039934ÿ61ÿ14ÿ288 ÿÿ0 74ÿ90ÿ0904ÿ3ÿ0 74ÿ90ÿ1834 ÿ32143ÿ12 ÿ
 ÿ0 74ÿ3ÿ2 ÿ 0ÿÿ4ÿ34ÿ27 48ÿ61ÿ8903ÿ02 82380ÿ14ÿ(ÿ
8 0323.0ÿ/9874ÿ9840ÿ2390ÿ349ÿ324ÿ12 740ÿ23 7ÿ3ÿ2ÿ8434204ÿÿ
0ÿ3ÿ14ÿ444ÿ1ÿ18'34 *ÿ43ÿÿ ÿÿ2 ÿ34204ÿÿ02ÿ3ÿ104ÿ342 7ÿ ÿ
14ÿ2 ÿ43ÿ 0ÿ!9334 ÿ34 0ÿ824ÿ$ÿ98ÿ4ÿ2 143ÿ0 23ÿ34204ÿ
34 9ÿ12 74ÿÿ4 24ÿ14ÿ444ÿ0908 ÿ2 ÿ2 ÿ4430ÿ128ÿ44 ÿ344 7%ÿ
9 400ÿ12 740ÿ234ÿ284ÿÿ4 40ÿ3ÿ143ÿ0ÿ02 7ÿ4209340ÿ234ÿ84 48ÿÿ+ÿ
4 848ÿ61ÿ94390ÿ171ÿ2ÿ0ÿ 430%ÿ611ÿ20ÿ342 0ÿ2ÿ 43ÿ3ÿ)ÿ
ÿ
!90ÿÿ324ÿ2 8ÿ448432ÿ49 8 7ÿ
14ÿ!9 ÿ84340ÿ2ÿ07 2 ÿ29 ÿÿ0ÿ9 8 7ÿ3ÿ324ÿ2 8ÿ448432ÿ732 0ÿ2 8ÿ
3493044 0ÿ5ÿ2 ÿ2040%ÿ1404ÿ234ÿ ÿ14ÿ84 4ÿ3ÿÿ,44 7ÿ24ÿ61ÿ2 ÿ2 8ÿÿ
ÿ14ÿ!9 .0ÿ 3ÿ3 23 %ÿ0 4ÿ%ÿ14ÿ!9 ÿ120ÿ4 448ÿ3ÿ2ÿ234ÿÿ288 2ÿ
9 8 7ÿ834ÿ34248ÿÿ14ÿ2 84 %ÿ091ÿ20ÿ14ÿ#ÿ  ÿ834ÿ22 %ÿ611ÿ128ÿ
74 432 ÿ80  948ÿ20ÿ2ÿ46ÿ340934ÿ243ÿ+ÿÿ
ÿ
88 2 %ÿ14ÿ07 2 ÿ324ÿ2 8ÿ448432ÿ24 0ÿ34248ÿÿ14ÿ!8"02ÿ2 84ÿ98ÿ
3409ÿÿ2ÿ2,201ÿÿ9934ÿ90ÿ14ÿ324ÿ2 8ÿ448432ÿ7434 ÿ124ÿ44 ÿ12 8 7ÿ9ÿ
 4ÿ2ÿ2ÿ4ÿ614 ÿ143ÿ6 ÿ344 940ÿ234ÿ4 7ÿ 032 48%ÿ2 8ÿ14ÿ448432ÿ84ÿ120ÿ
342048ÿ0902 2 ÿ624 %ÿ14ÿ6 ÿ124ÿÿ34 4ÿ143ÿ1974ÿ96ÿÿ201ÿ61ÿ143ÿ
 7 7ÿ9874ÿ842 80ÿ10ÿ120ÿ44 ÿ484 48ÿ ÿ14ÿ8"ÿ48432ÿ9874ÿ842ÿ12ÿ6 ÿ
07 2 ÿ 032 ÿ48432ÿ04 8 7ÿ43ÿ14ÿ4&ÿ6ÿ4230ÿ2 8ÿ6 ÿ726ÿ2,8ÿ9 8 7ÿ
3490 ÿ2623848ÿÿ48432ÿ274 40%ÿ91ÿÿ611ÿ698ÿ124ÿ20048ÿ13971ÿÿ024ÿ2 8ÿ
2ÿ7434 0ÿ5ÿ0ÿ994ÿ004ÿ12ÿ2ÿ7434 ÿ3732 7ÿ2 8ÿ093ÿ6 ÿ74ÿ
2971ÿÿ14ÿ3001230ÿ2 8ÿ0943ÿ90ÿ
ÿ
3944 2ÿ:4;ÿ<404ÿ14ÿ343401 7ÿ90 ÿÿ3944 2ÿ324ÿ312348ÿ44 94ÿ
ÿ14ÿ=39 40ÿ04 ÿ2 8ÿ14ÿ04ÿ20ÿÿ>48234ÿ324ÿ342040ÿ3ÿ?@!!%ÿ
4 2ÿ90ÿÿ324ÿ2 8ÿ448432ÿ344 94ÿ03420ÿ342 ÿ2ÿ1342ÿÿ!9 ÿ432 0ÿ2 8ÿ
 2 40ÿÿ?24ÿ7982 4ÿÿ48432ÿ3499344 0ÿ2648ÿ)ÿ0 0ÿÿ  94ÿÿ)ÿ ÿ
14ÿ432 ÿ4094ÿÿ 2 ÿ834ÿ48432ÿ9 8 7ÿ61ÿ)ÿ0 0ÿ342 7ÿ ÿ ÿ
4340ÿ20ÿ3048ÿÿ14ÿ(ÿ8 0323.0ÿ/9874ÿ1404ÿ0 0ÿ6 ÿ448ÿÿ4ÿ
80  948ÿ3ÿ20348ÿÿ14ÿ432 2ÿ9874ÿ893 7ÿ$ÿ
ÿ
324ÿ?4ÿ?0ÿ
324ÿ02940ÿ2 824ÿ2ÿ4ÿÿ ÿ14ÿ!9 .0ÿ2&ÿ4ÿ14ÿÿ0ÿ84248ÿÿ14ÿ9874ÿ
0923ÿ04 ÿ14ÿ2 ÿÿ3204ÿ14ÿ2&ÿ4ÿ7342ÿ0ÿ14ÿ!9 .0ÿ4& ÿ0198ÿ64ÿ
4 9 43ÿ04ÿ9 4&448ÿ00ÿÿ344 94ÿ3ÿ288 2ÿ4&4 04ÿ88 2 %ÿ091ÿ3403 0ÿ
2 8ÿ 2 0ÿ2 ÿ3424ÿ0ÿ39 40ÿ'39 ÿ00*ÿ3ÿÿ9309 7ÿ324ÿ3ÿ
428 7"4874ÿ37320ÿ12ÿ234ÿ9 23ÿÿ2934ÿÿ
ÿ
AB

27 of 124

012234546783ÿ 74ÿ 83 7ÿ 167ÿ164ÿ54ÿ2487683ÿ644ÿ6ÿ74ÿÿ86ÿÿ
147ÿ7ÿ4483ÿÿ166ÿÿ2!4ÿ54ÿ166ÿÿ37ÿ4!4614ÿ14ÿ7ÿ74ÿ
28645"#ÿ17ÿ6ÿ 6ÿ#ÿ74ÿ 167ÿ8ÿ$ÿ86ÿ517ÿ4ÿ$ÿ24284ÿ7ÿ3!4ÿ76ÿ74ÿ34!ÿ"82ÿ
4!46ÿ874ÿ7ÿ166ÿ1"4ÿÿ4%8174ÿ87ÿ74ÿ46ÿÿ74ÿ&ÿ 34ÿ744ÿ44ÿ733ÿ
2487683ÿ4%246714ÿ164ÿ6ÿÿÿ74ÿ'ÿ147#ÿ5137234ÿ745ÿ8!4ÿ8348ÿ
446ÿ45 !4ÿ86ÿ6" 2 874ÿ67ÿ74ÿ 167(ÿ" 4ÿ147ÿ76833#ÿ74ÿ)ÿ147ÿ
33ÿ4ÿ74ÿ46ÿÿ74ÿ4ÿ45866ÿ2487683ÿ" 7ÿ434"74ÿ6ÿÿ71ÿ74ÿ67447ÿ
787ÿ8ÿ446ÿ4864ÿ5ÿ7ÿ867ÿ4ÿ'ÿ147ÿ6"314ÿ86ÿ86*87683ÿ71ÿÿ
74ÿ04(ÿ+"4ÿ"ÿ8ÿ6 7ÿ47ÿ446ÿ" 523474ÿ 34ÿ54ÿ8,175467ÿ8!4ÿ446ÿ
584ÿ7ÿ74ÿ12234546783ÿ4!4614ÿ4"4!4ÿ5ÿ74ÿ07874ÿ8ÿ8ÿ64ÿ4!4614#ÿ74ÿ58,7ÿ
ÿ213"ÿ847ÿ644ÿ84ÿ164ÿÿ 167ÿ78%ÿ34!ÿ-ÿ8ÿ6"867ÿ"864ÿ6ÿ786ÿ34!43ÿ
ÿ4" 55464#ÿ7ÿ" 13ÿ"4874ÿ54ÿ"137ÿ4"6ÿ7ÿ84ÿ76ÿ74ÿ 167(ÿ
34!ÿ357ÿÿ
ÿ
.8"/ÿÿ07874ÿ0166ÿÿ7"83ÿ-6871"714ÿ
-6ÿ#ÿ 83 7ÿ 167ÿ67874ÿ8ÿ24!4ÿ8ÿ6871"714ÿ166ÿ7874ÿ7ÿ
122345467ÿ6"416181464876ÿ867ÿ22 71674ÿ 34ÿ74ÿ228786ÿ-6871"714ÿ233ÿ86ÿ
" 66ÿ. "83ÿ 8ÿ-52!45467ÿ85ÿ1ÿ012234546783ÿ3.-104ÿ867ÿ285ÿ4586ÿ
164ÿÿ74ÿ64%7ÿ4ÿ48#ÿ74ÿ 167ÿ8ÿ52!45467ÿ2386ÿ8154ÿ" 67614ÿ166ÿ
!4ÿ74ÿ" 56ÿ4"84ÿ548634#ÿ64ÿ6871"714ÿ"833464ÿ84ÿ4546ÿ6ÿ " 66ÿ
71ÿ384ÿ"13!47ÿ 34ÿ 6+ ÿ6746ÿ7ÿ67874ÿ8ÿ78744ÿ847ÿ6!467#ÿ6 ÿ
4238"45467ÿ867ÿ166ÿ285ÿ4%7ÿ
ÿ
012234546783ÿ 74ÿ4ÿ 83 7ÿ 167ÿ78ÿ642875467ÿ8ÿ" 61"74ÿ8ÿ8ÿ866183ÿ
6!467ÿ624"76ÿÿ74ÿ387ÿ4ÿ48#ÿ4676ÿ4!483ÿ384ÿ"13!47ÿ6446ÿ
4238"45467#ÿ4#ÿ 7ÿ90ÿ13!47ÿ4238"45467#ÿ:;##ÿ6ÿ&ÿÿ4446"4ÿ8 !4ÿ36ÿ
<07467=4ÿ74ÿ 167ÿ8ÿ4674ÿ'ÿ5 4ÿ"13!47ÿ6ÿ644ÿÿ4238"45467ÿ!4ÿ74ÿ64%7ÿ
>ÿ48ÿ86ÿ8ÿ22 4ÿ7 ÿ5336ÿ 338ÿÿ 167ÿ166ÿ7ÿ4ÿ84ÿ7ÿ74ÿ8ÿ86ÿ
4ÿ" 671"76ÿ" 55774ÿ16ÿ 647434#ÿ744ÿÿ6 ÿ"1467ÿ4%24"7876ÿ787ÿ07874ÿ
41"4ÿ33ÿ4ÿ2!4ÿ7ÿ122 7ÿ744ÿ47ÿÿ37 1ÿ1ÿ586845467ÿÿ74ÿ
78ÿ-52!45467ÿ386ÿ8ÿ374ÿ8ÿ8ÿ7467#ÿÿ84ÿ4586#ÿ1"ÿ8ÿ""14ÿ
7ÿ"13!47#ÿÿ8ÿ716816ÿ6ÿ07874ÿ86ÿ04483ÿ8ÿ285ÿ""1#ÿ74ÿ 167ÿ" 13ÿ
4%2446"4ÿ"833464ÿ7ÿ523454676ÿ7ÿ78ÿ-52!45467ÿ386ÿÿ
ÿ
?@ABCDE@FDÿHA@IJKJIÿ
ÿ
346ÿ7ÿ68374ÿ91"876ÿ2 8ÿ
4ÿ" 3ÿÿ4246467ÿ12 6ÿ8ÿ7874ÿ692ÿ8222876ÿ 7ÿ4ÿ692ÿ24876ÿ78744#ÿ7ÿ
58ÿ4ÿ484ÿÿ74ÿ.438714ÿ7ÿ46ÿ7ÿ8222876ÿ 34ÿ7ÿ7487ÿ"86ÿ64!4ÿ4ÿ
" 5234743ÿ134ÿ17#ÿ692ÿ166ÿ8ÿ8!4ÿ586ÿ74ÿ147ÿ"17ÿ787ÿ74ÿ07874ÿ.438714ÿ
8ÿ468"74ÿ
ÿ
012234546783ÿ 74ÿ 7ÿ71467ÿ46335467ÿ" 67616ÿ7ÿ4"364ÿ8ÿ5 4ÿ71467ÿ644ÿ
84ÿ547ÿ76ÿ3"83ÿ" 3ÿ7"7ÿ874ÿ786ÿ74ÿ 167(ÿ24"83ÿ644ÿ" 3#ÿ74ÿ
4"6ÿ8ÿ446ÿ584ÿ7ÿ" 64ÿ74ÿ8""42786"4ÿÿ5 4ÿ7176184ÿ71467ÿ7ÿ/442ÿ
" 7ÿ86ÿ78%ÿ34!ÿ644ÿ58684834ÿ176ÿ874ÿ"83"13876ÿ8!4ÿ446ÿ4!44ÿ86ÿ
4!8524#ÿ86ÿ4!483ÿ64ÿ4!"4ÿ" 7ÿ8!4ÿ446ÿ6" 2 874ÿ"ÿ33ÿ833ÿ
87683ÿ71467ÿ7ÿ4ÿ4!4ÿ8ÿ7176184ÿ71467ÿ5ÿ74ÿ7"7ÿ174ÿÿ
83 7ÿ 167ÿ 34ÿ238666ÿ47ÿ8!4ÿ446ÿ584#ÿ7ÿ4586ÿ7ÿ4ÿ446ÿÿ174ÿ
7"7ÿ33ÿ4ÿ674474ÿ6ÿ74ÿ 167(ÿ285ÿ
LM

28 of 124

Memorandum
To:

Walworth County Finance Committee

Cc:

Jessica Conley, Finance Director

From:

Todd J. Paprocki, Comptroller

Date:

May 5, 2026

RE:

Other Postemployment Benefits (OPEB) 2025 Actuarial Update

Walworth County provides other postemployment benefits (OPEB) by offering health
insurance to retired employees in accordance with collective bargaining agreements
and the County’s ordinance code. A liability is calculated by an actuary which
encompasses the County’s share of the costs associated with benefits that were
available to all employees, the unique benefits available to sworn Sheriff’s deputies and
teachers, as well as sick leave hours converted to health credits.
The County's OPEB trust is reported as a fiduciary fund in its financial statements, and
the funds are held in a legally restricted trust for the benefit of participants. $19.8
million of County funds have been contributed to the OPEB trust, with the last
contribution of $500,000 occurring in 2013. The plan has been closed to new entrants
since October 10, 2006.
The 2025 yearend OPEB actuarial study has been completed. A full study is completed
every other year and is available upon request. Key information has been summarized
in the next two attachments.
•

The first attachment is the five-page summary of valuation results, key actuarial
methods and assumptions, and payout projections sections of the December 31,
2025 actuary report. There were no material changes to assumptions or the
liability since the previous study completed as of December 31, 2023.

•

The second attachment is a summary of the actuary's calculations, including a
history of these numbers since 2005.

The number of participants has continued to decrease to 164 participants, with an
OPEB liability of $8.1 million. The County continues to report a very healthy net asset
of $27.1 million which is funded with an investment balance of $35.2 million.
Attachments

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

29 of 124

30 of 124

31 of 124

32 of 124

33 of 124

34 of 124

Summary of Other Postemployment Benefits (OPEB)
Actuarial studies are completed every other year to adjust the County's OPEB liability, with the most recent study being completed as of December 31, 2025.
The following is a brief history of the changes in numbers from the last several studies.
12/31/2005
Actuarial Accrued
Liability (AAL)
Total OPEB Liability
Expected Benefit
Payments
Net OPEB Liability
(Asset)
Plan Assets
Number of
Participants

12/31/2007

12/31/2009

12/31/2011

12/31/2013

12/31/2015

12/31/2017

12/31/2019 *

12/31/2021

12/31/2023

12/31/2025

$ 13,880,268 $ 19,387,673

$ 21,570,387

$ 17,096,898

$ 15,812,329

$ 14,515,892

N/A

N/A

N/A

N/A

N/A

$ 13,887,592

$ 9,870,824

$ 9,611,632

$ 8,246,104

$ 8,132,924

N/A

N/A

N/A

N/A

N/A

N/A

750,663

897,205

1,142,087

1,048,826

972,216

876,324

843,477

882,450

814,682

669,517

670,547

Not recorded
No trust fund
established

3,081,219

566,828

(4,212,386)

(7,885,544)

(8,648,929)

(11,464,275)

(17,034,324)

(23,499,772)

(21,180,696)

(27,117,848)

1,805,083

8,212,851

15,188,888

22,992,922

22,605,459

25,351,867

26,905,148

33,111,404

29,426,800

35,250,772

819

696

626

535

444

410

346

275

214

164

941

Actuarial Accrued Liability (AAL): The present value of benefits earned for services provided up to the date of the report. On and after the date of the report, it is equal to the present value of all
future benefits. The projected unit credit cost method is used. This is most closely compared to the Total OPEB Liability beginning December 31, 2017.
Total OPEB Liability (TOL): The present value of benefits earned up to the date of the report under the individual entry age normal level percent of pay actuarial cost method. This is most
closely compared to the Actuarial Accrued Liability, the actuarial standard prior to December 31, 2017.
Net OPEB Liability (Asset): The total liability or asset appearing in the financial statements to date.
Plan Assets: Funds set aside in a trust for the purpose of paying other postemployment benefits.
Implicit Rate Subsidy: Health care costs generally increase as the insured ages. The implicit rate subsidy is the value of the health insurance benefits received by retirees in excess of the
amount the retirees are currently required to pay for premiums.
Expected Benefit Payments: The OPEB benefit cash payments expected for the year. This includes the implicit rate subsidy as well as the expected premiums required to be made by the
County due to sick leave credits and CDEB or Sworn specialized retiree benefits.
Number of Participants: The number of employees/retirees eligible for benefits under the OPEB plan.
Note: $19.8 million of County funds have been contributed to the OPEB plan, with the last contribution of $500,000 occurring in 2013.
* The significant change in calculated liability between the January 1, 2018 and January 1, 2020 studies is largely attributed to the repeal of the Cadillac tax provision of the Affordable Care Act
(ACA).

35 of 124

Walworth County OPEB Trust

Investment Performance Review
for period ended March 31, 2026

Client Management Team
Jeffrey Schroeder, Managing Director
Floyd Simpson, CFA, CAIA, Director

PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc.
1555 N. RiverCentre Drive,
Suite 203
Milwaukee, WI 53212

1735 Market Street
43rd Floor
Philadelphia, PA 19103

36 of 124

Financial Markets Review

37 of 124

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY

Index or Average Name
DOMESTIC EQUITY
S&P 500 (TR)
Russell 3000
Russell 1000 Growth
Russell 1000
Russell 1000 Value
Russell Midcap
Russell Midcap Growth
Russell Midcap Value
Russell 2000 Growth
Russell 2000
Russell 2000 Value
INTERNATIONAL EQUITY
MSCI EAFE
MSCI AC World
MSCI AC World ex USA
MSCI AC World ex USA Small Cap
MSCI EM (Emerging Markets)
LISTED REAL ASSETS
FTSE Nareit/Equity REITs - INV
MSCI U.S. REIT INDEX
MSCI World Core Infrastructure
FIXED INCOME
Bloomberg U.S. Aggregate
Bloomberg U.S. Government/Credit
Bloomberg U.S. Intermediate Government/Credit
Bloomberg U.S. Treasury (1-3 Y)
ICE BofA U.S. High Yield
Bloomberg Global Aggregate
CASH EQUIVALENT
Bloomberg 3 Month T-Bill

One Year

Three
Year

Five Year

-4.33%
-3.96%
-9.78%
-4.18%
2.10%
1.29%
-6.35%
3.68%
-2.81%
0.89%
4.96%

17.80%
18.09%
18.81%
17.74%
15.87%
15.98%
9.56%
17.62%
23.58%
25.72%
28.09%

18.30%
17.84%
21.16%
18.12%
14.29%
13.32%
12.73%
13.13%
12.25%
13.03%
13.78%

12.06%
10.86%
12.75%
11.33%
9.42%
7.26%
5.37%
7.94%
1.62%
3.77%
5.79%

14.43%
13.80%
16.95%
14.15%
10.63%
10.51%
10.27%
9.86%
7.67%
8.60%
9.07%

14.15%
13.71%
16.82%
13.96%
10.57%
10.90%
11.68%
9.75%
9.78%
9.88%
9.60%

-1.24%
-3.20%
-0.71%
-0.48%
-0.17%

-1.24%
-3.20%
-0.71%
-0.48%
-0.17%

21.27%
20.01%
24.91%
27.82%
29.55%

13.60%
16.56%
14.48%
13.66%
14.82%

7.91%
9.48%
7.01%
5.66%
3.69%

8.85%
11.61%
8.50%
8.43%
6.58%

8.37%
11.33%
8.37%
8.00%
7.79%

4.80%
4.84%
7.82%

4.80%
4.84%
7.82%

6.84%
6.79%
16.11%

9.09%
9.12%
10.94%

5.81%
5.80%
7.17%

5.34%
5.37%
7.03%

5.57%
5.56%
8.41%

-0.05%
-0.20%
-0.02%
0.27%
-0.55%
-1.07%

-0.05%
-0.20%
-0.02%
0.27%
-0.55%
-1.07%

4.35%
3.86%
4.41%
3.77%
6.90%
4.26%

3.63%
3.41%
4.24%
4.04%
8.49%
2.59%

0.31%
0.24%
1.33%
1.82%
4.19%
-1.46%

1.56%
1.65%
2.20%
2.11%
4.94%
0.19%

1.70%
1.79%
2.04%
1.77%
6.05%
0.58%

0.87%

0.87%

4.05%

4.80%

3.40%

2.76%

2.29%

QTD

YTD

-4.33%
-3.96%
-9.78%
-4.18%
2.10%
1.29%
-6.35%
3.68%
-2.81%
0.89%
4.96%

Seven
Year

Ten Year

Source: Investment Metrics. Returns are expressed as percentages. Please refer to the last page of this document for important disclosures relating to this material.

38 of 124
1.1

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
THE ECONOMY
• U.S. real gross domestic product (GDP) grew at a seasonally adjusted annualized rate
of 0.7% in the fourth quarter. This modest growth rate largely reflects the temporary
effects of the government shutdown in October-November 2025 rather than a material
deterioration in underlying private demand, and consumers continue to support growth.
Real final sales to private domestic purchasers (the sum of consumer spending and gross
private fixed investment) increased 1.9% during the quarter.

U.S. Unemployment and Monthly Average Continued Claims
8%

2,000
1,950

6%

1,900

4%

• The U.S. labor market saw an uneven start to the year, with 178k jobs added in
March following a sharp drop in February and a moderate gain in January. The overall
unemployment rate remained relatively stable, edging down to 4.3%, though part of the
decline reflects workers leaving the workforce rather than an acceleration in hiring. Initial
jobless claims ended the quarter at 202k (week ending March 28), near a two-year low,
with continuing claims declining to approximately 1.8 million. Overall, there has been no
meaningful increase in layoffs, consistent with a “low-hire, low-fire” environment.

1,800
1,750

2%

1,700
1,650

0%
Mar-21

• Inflation moderated in the first two months of the quarter. Headline inflation (CPI)
increased 2.4% year-over-year (YoY) in February, the lowest level since May 2025. This
moderating trend may encounter near-term pressure, as markets are pricing higher March
inflation readings amid rising energy prices related to the conflict in the Middle East.

Mar-22

Mar-23

1,600
Mar-26

Mar-25

U.S. GDP Growth
8%

Mar-23
Core CPI

Source: Bureau of Labor Statistics.

Mar-24

Mar-25

2021

2022

2023

2024

2025

2026

CPI

Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate forecasted estimates.

39 of 124

1.2

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

-2%
Q1

1%

0%
-1%
Q2

2%

1%

Q1

3%

2%

Q4

4%

2.0%
2.4% 1.9%
1.8%
0.7%

3%

Q3

5%

4%

Q2

6%

4.4%
3.8%

5%

Q1

7%

6%

Q4

8%

7%

Q3

9%

Q2

QoQ% Change, SA, Annualized

10%

YoY% Change

Mar-24

Source: Bloomberg.

U.S. Inflation Rate
Seasonally Adjusted (SA)

0%
Mar-22

Thousands

1,850

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
WHAT WE’RE WATCHING
• The Federal Reserve (Fed) held rates steady in the first quarter amid persistent
inflation pressures and muted net job creation. Looking ahead, the 2026 dot
plot reflects expectations for one rate cut, though the outlook has become more
uncertain, as geopolitical developments add complexity to the inflation path.
Outside the U.S., the European Central Bank (ECB) and Bank of England (BOE)
also held rates steady during the quarter, while markets continue to assess the
likelihood of additional policy action in the months ahead.
• U.S. consumer sentiment, as measured by the University of Michigan Survey of
Consumers, increased in the first two months of the quarter before retreating
toward December levels, as higher gasoline prices and financial market volatility
weighed on households’ outlook.
• The first quarter was marked by an escalation of geopolitical conflict involving
Iran, which remains an important risk factor for the global economy. Rising
energy and commodity prices have increased uncertainty around the duration
and magnitude of inflationary pressures. If disruptions to energy and commodity
supply chains persist or intensify, risks to global growth could increase, including
a higher probability of recession in energy-importing regions.

90

U.S. ISM Manufacturing & Services PMI
60
58
56
54
52
50
48
46
44
42
40
Mar-22

Mar-23

Mar-24
Manufacturing

Mar-25

Mar-26

Services

Source: Bloomberg.

University of Michigan Consumer Sentiment

Global Central Bank Rates
6.%
5.%

80

4.%

70

3.%
2.%

60

1.%

50

0.%
-1.%
Mar-22

40
30
Mar-22

Source: Bloomberg.

Mar-23

Mar-24

Mar-25

Mar-26

Mar-23

Mar-24

Mar-25

Mar-26

Fed Target Rate

ECB Target Rate

Bank of England Target Rate

Bank of Canada Target Rate

Source: Bloomberg.

40 of 124
1.3

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
DOMESTIC EQUITY
• Domestic equity markets, as represented by the S&P 500 Index (S&P) and the
Russell 3000 Index, declined in the first quarter, returning -4.3% and -4.0%,
respectively. This marked the weakest quarterly performance since 2022,
as the geopolitical conflict involving Iran and continued volatility related to
artificial intelligence exposure weighed on returns. Following the escalation
of the conflict in late February, both indices declined -5.0% during the month
of March.
• Within the S&P 500, performance varied widely across sectors, with six of
the 11 posting positive returns for the quarter. Energy was the strongest
performing sector, returning 38.2%, as supply disruptions contributed to
higher prices. Materials (9.7%) and Utilities (8.3%) also posted solid gains.
Consumer Discretionary declined -9.2%, while Financials lagged all sectors,
posting a return of -9.5%.
• Large-cap stocks, as represented by the Russell 1000 Index, returned -4.2%
during the quarter, as the “Magnificent Seven” experienced double-digit
declines (-12.0%). Mid- and small-cap stocks outperformed large caps,
with the Russell Midcap and Russell 2000 indices, returning 1.3% and
0.9%, respectively. Value stocks outperformed growth stocks across all
capitalizations.
• According to FactSet Earnings Insight as of April 2, 2026, analysts project
earnings growth of 13.2% for the first quarter of 2026, up from an initial
estimate of 12.8% in December. If realized, this would represent the sixth
consecutive quarter of double-digit, YoY earnings growth. Revenue is also
expected to grow, with YoY revenue growth currently estimated at 9.7%, the
highest rate since 2022. For calendar year 2026, analysts project earnings
growth of 17.4%.
• At quarter end, the S&P 500’s 12-month adjusted positive forward price-toearnings (P/E) ratio (includes only positive earnings results for consistency)
stood at 21.6 — below its five-year average of 23.1 — as equity prices
declined in March while earnings expectations remained elevated. The
Russell 2000 Index, which represents small-cap stocks, posted an adjusted
positive forward P/E ratio of 18.0, slightly above its five-year average of 17.5.

S&P 500 Index Performance by Sector
Periods Ended March 31, 2026
50%
40%
30%
20%
10%
0%
-10%
-20%

Consumer
Disc.

Consumer
Staples

Energy

Financials

H'lthcare

Industrials

Info. Tech

Materials

Real Estate

Telecom

Utilities

QTD

-9.19%

7.68%

38.25%

-9.47%

-4.88%

4.61%

-9.13%

9.73%

2.76%

-6.94%

8.26%

YTD

-9.19%

7.68%

38.25%

-9.47%

-4.88%

4.61%

-9.13%

9.73%

2.76%

-6.94%

8.26%

1 Year

11.72%

6.31%

36.32%

0.58%

2.31%

25.01%

29.05%

17.97%

2.33%

32.51%

19.71%

Source: Bloomberg.
P/E Ratios of Major Stock Indices*
30
28
26
24
22
20
18
16
14
12
10
Apr-21

Apr-22
S&P 500
Russell 2000

Apr-23

Apr-24

Apr-25

S&P 500 5-Year Average
Russell 2000 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

41 of 124
1.4

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
INTERNATIONAL EQUITY
• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S.
Index, also saw the impacts of the conflict in the Middle East, which posted
a return of -0.7% for the first quarter, as sharp declines in March offset gains
recorded earlier in the year. During March alone, the index returned -10.8%.
• Four of the 11 sectors posted positive returns for the quarter. As in the U.S.,
Energy (28.5%), Utilities (9.2%) and Materials (5.4%) led performance. The
weakest sectors were Real Estate (-4.4%), Communication Services (-9.5%), and
Consumer Discretionary (-13.3%).
• Developed ex-U.S. markets, as represented by the MSCI EAFE Index, and
emerging markets (EM), as represented by the MSCI Emerging Markets Index,
returned -1.2% and -0.2%.
• Among the five largest-weighted countries in the MSCI EAFE Index, the MSCI
United Kingdom (2.0%) and MSCI Japan (1.4%), indices outperformed the broader
index, while MSCI Switzerland (-4.2%), MSCI France (-5.4%), and MSCI Germany
(-8.5%) indices underperformed.
• Within EM, MSCI Korea (16.5%), MSCI Taiwan (9.1%), and MSCI Brazil (19.1%)
outperformed the MSCI Emerging Markets index, while MSCI China (-8.9%) and
MSCI India (-18.1%) underperformed with notable negative returns. While Korea
and Taiwan’s posted positive quarterly returns, this is due to extremely strong
gains earlier in the quarter which offset pronounced losses in March (-25.5% and
-13.0%, respectively)
• Value stocks outperformed growth stocks for the quarter as represented by the
broad benchmarks. The MSCI AC World ex-USA Growth Index returned -3.6%,
while the MSCI AC World ex-USA Value Index returned 2.1%. Within EM, value
stocks (MSCI EM Value) returned 0.7% versus -1.7% for growth. Small-cap stocks,
as represented by the MSCI ACWI ex-U.S. Small Cap Index, declined -0.5%.
• Equity valuations increased across both emerging and developed markets and
now sit modestly above long-term averages. At quarter end, the MSCI EAFE’s
adjusted positive forward P/E ratio stood at 15.9, above its five-year average
of 15.3. The MSCI Emerging Markets Index ended the quarter at an adjusted
positive forward P/E ratio of 11.7, below its five-year average of 13.0.

MSCI ACWI ex-U.S. Sectors
Periods Ended March 31, 2026
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%

Consumer
Disc.

Consumer
Staples

Energy

Financials

Healthcare

Industrials

Info Tech

Materials

Real Estate

Telecom

Utilities

QTD

-13.28%

-2.92%

28.55%

-3.64%

-3.10%

-0.20%

4.58%

5.41%

-4.37%

-9.46%

9.22%

YTD

-13.28%

-2.92%

28.55%

-3.64%

-3.10%

-0.20%

4.58%

5.41%

-4.37%

-9.46%

9.22%

1 Year

-3.84%

6.58%

45.66%

25.71%

9.72%

27.68%

56.95%

43.99%

11.77%

6.77%

36.33%

Source: Bloomberg.

P/E Ratios of MSCI Equity Indices*
20
18
16
14
12
10
8
Apr-21

Apr-22
MSCI EAFE
MSCI Emerging Markets

Apr-23

Apr-24

Apr-25

MSCI EAFE 5-Year Average
MSCI Emerging Markets 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

42 of 124
1.5

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
FIXED INCOME
• The U.S. bond market, as represented by the Bloomberg U.S.
Aggregate Index, returned -0.1% in the first quarter of 2026.
Performance was weighed down by declines in March (-1.8%), as
bonds failed to provide diversification benefits during the sell-off amid
near-term inflation concerns. Interest-rate volatility increased over the
quarter, with the ICE BofA Move Index rising to a nine-month high,
reflecting uncertainty surrounding the duration of the geopolitical
conflict involving Iran.
• The Bloomberg U.S. Treasury Index also finished the quarter little
changed, declining -4 basis points (bps). While the Fed held rates
steady, Treasury yields moved higher as investors reassessed the
expected timing and pace of future rate cuts. The 30-year Treasury
yield rose 7 bps to 4.9%, while the 2-year Treasury rose 32 bps to 3.8%.
• Corporate credit generated negative returns across the quality
spectrum. The Bloomberg U.S. Corporate Investment Grade Index
declined -0.5%, while the ICE BofA High Yield Index returned -0.6%.
Credit spreads widened for both investment-grade and high-yield
corporates and now sit above their respective 10-year averages.
Despite near-term pressure, corporate fundamentals remain
supported by elevated profit margins, ongoing share repurchases, and
continued merger and acquisitions activity. AI-related corporate debt
issuance across corporate bonds and bank loans space has drawn
increased investor attention during the quarter, reflecting continuing
financing demand among technology-oriented issuers.

U.S. Treasury Yield Curve
6.0%
5.0%
4.0%

4.91%

4.32%
3.94%

3.80%

3.0%
2.0%

3/31/2025
12/31/2025

1.0%

3/31/2026
0.0%

3-mo 2-yr

5-yr

10-yr

30-yr

Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended March 31, 2026
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
Blmbg U.S.
Aggregate

Blmbg U.S.
Treasury

Blmbg U.S. MBS

Blmbg U.S.
Corporate
Investment
Grade

ICE BofA U.S. HY

QTD

-0.05%

-0.04%

0.40%

-0.54%

-0.55%

YTD

-0.05%

-0.04%

0.40%

-0.54%

-0.55%

1 Year

4.35%

3.25%

5.79%

4.78%

6.90%

Source: Bloomberg.

43 of 124
1.6

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Factors to Consider Over the Next 6-12 Months
Monetary Policy (Global):

Economic Growth (Global):

Inflation (U.S.):

• The Fed held rates steady in Q1 amid persistent
inflation pressures and limited net job creation.
• The “dot plot” projects 25 bps of rate cuts in both
2026 and 2027; however, this is predicated on
inflation progress.
• Global central banks remained on pause in Q1, but
energy inflation pressures may necessitate hikes.

• Stable consumer and business spending support
growth, offsetting the weakness seen from the U.S.
government shutdown in Q4 GDP.
• Risks to global growth prospects have increased
amid the escalating conflict due to higher energy
prices, supply-chain disruptions, and increased
uncertainty.

• The inflation outlook depends on the duration of the
Middle East conflict and degree to which higher
energy and commodity costs raise core goods and
services prices.
• Near-term inflation expectations have increased
due to the higher energy prices while long-run
expectations remain anchored.

Financial Conditions (U.S.):

Consumer Spending (U.S.):

Labor Markets (U.S.):

• The conflict in the Middle East has tightened
financial conditions. The duration of the conflict and
its impact on the economy will be a key driver of
corporate fundamentals.
• Geopolitical conflict, higher energy prices, and the
evolution of the economy are key risks to watch. At
this time, we view volatility in private credit as
contained and not a systemic risk.

• Wage growth continues to exceed inflation, but this
gap has narrowed. Energy shocks may compress
real incomes and reduce discretionary spending.
• Lower-income cohorts remained more exposed to
higher energy prices as a larger share of household
budgets are allocated to essentials.
• Higher-income cohorts benefit from strong equity
markets and home prices.

• Labor market conditions continued to cool with net
new job creation close to zero.
• The Fed has framed the combination of limited job
growth and a stable unemployment rate as an
uncomfortable balance.
• Initial jobless claims and layoff rates remain low,
consistent with a continued “low-hire/low-fire”
environment.

Corporate Fundamentals:

Valuations:

Political/Policy Risks:

• Earnings growth expectations are positive across
global equities with double digit growth expected
across U.S. and international equity benchmarks.
• In the U.S., M&A and capital spending pickup, tax
changes and rate cuts are positives while any
energy and commodity related cost pressure impact
needs to be monitored.

• Recent sell-off has led to improvement in valuations
across U.S. equities and credit markets.
• Resilient growth, strong earnings growth and profit
margins are supportive of the current valuations.
• Any prolonged disruption to energy or elevated
geopolitical uncertainty warrant caution.

• Conflict with Iran and the ongoing geopolitical
uncertainty are impacting risk assets negatively. We
expect geopolitical uncertainty to remain elevated
in the near-term.
• Tariff-related uncertainty and upcoming mid-term
elections in the U.S. also warrant attention.

Current outlook

Outlook one quarter ago

Stance Unfavorable
to Risk Assets

Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

Stance Favorable to
Risk Assets

Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within this
material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution (March 31, 2026) and are subject to
change. Information is obtained from sources generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness, or suitability.

44 of 124

1.8

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Investment Strategy Overview
Asset Class

Our Q2 2026 Investment Outlook

U.S. Equities
Large-Caps
Small-Caps

Non-U.S. Equities
Developed Markets
Emerging Markets
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Current outlook

Outlook one quarter ago

Comments
• The duration of U.S.-Iran conflict and its impact on energy supply will
impact inflation and growth, rates, and market returns near-term but we
expect impact to be more muted in the U.S.
• Underlying fundamentals still supportive of positive equity returns, with
economic growth still intact and corporate earnings expected to grow at a
high double-digit pace.
• Resilient economic growth, ongoing consumer strength, expected rate
cuts, equity market broadening and strong earnings growth led us to
modestly overweight domestic small caps in Q1, prior to the U.S.-Iran
conflict. The recent pullback has improved attractiveness of valuations
relative to historical averages. We maintain the overweight despite
elevated uncertainty.
• International equities are at a higher risk of pullback if energy prices
remain elevated. Major central banks outside the U.S. are now expected
to hike two to three times this year as near-term inflation pressures rise,
reversing earlier expectations for rate cuts.
• Energy-importing developed and emerging market economies are more
vulnerable to higher energy prices, leading us to remain neutral. Tariffrelated uncertainty also remains a headwind as alternative tariff
mechanisms are considered.
• The Fed held rates steady at its March meeting, while the conflict-driven
inflation outlook has increased uncertainty around rate cuts. Our base
case is that Fed’s next move is a cut rather than a hike.
• We continue to monitor increased volatility across fixed income yields.
Absolute yield levels look attractive. Credit spreads have widened
slightly. Strong profit margins, continued issuance, continued buybacks
and ongoing M&A activity points to healthy corporate sentiment.
• We remain neutral across duration and credit sectors.
• Listed REITs and listed global infrastructure outperformed domestic and
global equities respectively during the March pullback, highlighting their
diversification benefits.
• In addition to diversified sources of return, improving AI sentiment
continues to support data center and utilities buildout as a tailwind for
listed real assets.
Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution
(March 31, 2026) and are subject to change.

45 of 124
1.10

QUARTERLY MARKET SUMMARY

For the Quarter Ended March 31, 2026
Multi-Asset Class Management

SOURCES
Factset
https://www.bea.gov/sites/default/files/2024-12/gdp3q24-3rd-fax.pdf
https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.bls.gov/news.release/pdf/cpi.pdf
http://www.sca.isr.umich.edu/
NCREIF
PitchBook
Cliffwater

DISCLOSURES
Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability
in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges
or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the
performance shown.
The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change.
Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue
and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on
data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or
completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory
services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A.
is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Further distribution is not permitted without prior written consent.

46 of 124
1.11

Plan Performance Summary

47 of 124

Walworth County OPEB Trust
Asset Allocation & Performance

OPEB Trust - Total
Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
Blended Benchmark
Domestic Equity
PFM Multi-Manager Domestic Equity Fund - CDEB
PFM Multi-Manager Domestic Equity Fund - LHCC
PFM Multi-Manager Domestic Equity Fund - PW
PFM Multi-Manager Domestic Equity Fund - Sworn
PFM Multi-Manager Domestic Equity Fund - Other Depts
Russell 3000 Index
iShares Russell 2000 ETF - CDEB
iShares Russell 2000 ETF - LHCC
iShares Russell 2000 ETF - PW
iShares Russell 2000 ETF - Sworn
iShares Russell 2000 ETF - Other Depts
Russell 2000 Index
International Equity
PFM Multi-Manager International Equity Fund - CDEB
PFM Multi-Manager International Equity Fund - LHCC
PFM Multi-Manager International Equity Fund - PW
PFM Multi-Manager International Equity Fund - Sworn
PFM Multi-Manager International Equity Fund - Other Depts
MSCI AC World ex USA (Net)

Returns are net of mutual fund fees and are expressed as percentages.
Blended Benchmark: See historical hybrid composition page for details.

As of March 31, 2026

Allocation
Market
Value
%
($)
34,604,736 100.00
6,567,131
18.98
2,667,823
7.71
2,002,790
5.79
16,306,379
47.12
7,060,613
20.40
11,693,047
2,101,661
854,580
640,504
5,217,692
2,262,329

33.79
6.07
2.47
1.85
15.08
6.54

116,312
47,368
35,464
290,904
126,232

0.34
0.14
0.10
0.84
0.36

5,722,272
1,089,171
440,020
331,304
2,695,946
1,165,831

16.54
3.15
1.27
0.96
7.79
3.37

Performance(%)
1
Quarter

Year
To
Date

1
Year

3
Years

5
Years

Since
Inception

Inception
Date

-1.35
-1.34
-1.34
-1.34
-1.35
-1.37

-1.35
-1.34
-1.34
-1.34
-1.35
-1.37

11.59
11.60
11.62
11.61
11.58
12.29

9.73
9.72
9.74
9.75
9.74
10.16

4.79
4.79
4.80
4.80
4.80
5.05

7.02
6.95
6.97
6.99
7.00
6.68

06/01/2010
06/01/2010
06/01/2010
06/01/2010
06/01/2010
06/01/2010

-4.40
-4.40
-4.40
-4.40
-4.40
-3.96
0.86
0.86
0.86
0.86
0.86
0.89

-4.40
-4.40
-4.40
-4.40
-4.40
-3.96
0.86
0.86
0.86
0.86
0.86
0.89

17.48
17.48
17.48
17.48
17.48
18.09
25.57
25.57
25.57
25.57
25.57
25.72

16.00
16.00
16.00
16.00
16.00
17.85
12.89
12.89
12.89
12.89
12.89
13.05

9.60
9.60
9.60
9.60
9.60
10.87
3.65
3.65
3.65
3.65
3.65
3.77

12.12
12.12
12.12
12.12
12.12
13.01
-5.03
-5.03
-5.03
-5.03
-5.03
-5.00

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
03/01/2026
03/01/2026
03/01/2026
03/01/2026
03/01/2026
03/01/2026

0.80
0.80
0.80
0.80
0.80
-0.71

0.80
0.80
0.80
0.80
0.80
-0.71

23.24
23.24
23.24
23.24
23.24
24.91

13.92
13.92
13.92
13.92
13.92
14.49

5.83
5.83
5.83
5.83
5.83
7.02

6.49
6.49
6.49
6.49
6.49
7.08

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018

48 of 124
2.1

Walworth County OPEB Trust
Asset Allocation & Performance

Fixed Income
PFM Multi-Manager Fixed-Income Fund - CDEB
PFM Multi-Manager Fixed-Income Fund - LHCC
PFM Multi-Manager Fixed-Income Fund - PW
PFM Multi-Manager Fixed-Income Fund - Sworn
PFM Multi-Manager Fixed-Income Fund - Other Depts
Blmbg. U.S. Aggregate
Cash Equivalent
Dreyfus Treasury & Agency MM - CDEB
Dreyfus Treasury & Agency MM - LHCC
Dreyfus Treasury & Agency MM - PW
Dreyfus Treasury & Agency MM - Sworn
Dreyfus Treasury & Agency MM - Other Depts

Returns are net of mutual fund fees and are expressed as percentages.
Blended Benchmark: See historical hybrid composition page for details.

As of March 31, 2026

Allocation
Market
Value
%
($)
17,112,606
49.45
3,243,270
9.37
1,318,775
3.81
989,497
2.86
8,068,438
23.32
3,492,627
10.09
76,810
16,718
7,079
6,021
33,398
13,594

0.22
0.05
0.02
0.02
0.10
0.04

Performance(%)
1
Quarter

Year
To
Date

1
Year

3
Years

5
Years

Since
Inception

Inception
Date

-0.01
-0.01
-0.01
-0.01
-0.01
-0.05

-0.01
-0.01
-0.01
-0.01
-0.01
-0.05

4.43
4.43
4.43
4.43
4.43
4.35

4.35
4.35
4.35
4.35
4.35
3.63

0.77
0.77
0.77
0.77
0.77
0.31

2.36
2.36
2.36
2.36
2.36
1.96

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018

0.85
0.85
0.85
0.85
0.85

0.85
0.85
0.85
0.85
0.85

3.89
3.89
3.89
3.89
3.89

4.60
4.60
4.60
4.60
4.60

3.26
3.26
3.26
3.26
3.26

1.31
1.31
1.31
1.31
1.31

06/01/2010
06/01/2010
06/01/2010
06/01/2010
06/01/2010

49 of 124
2.2

Walworth County OPEB Trust
MMST Sub-advisors Performance

Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 74.6%
Russell 1000 Index
Aristotle Atlantic Core Equity - 9.9% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 9.8% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.4% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.3%
Russell 2000 Value Index
International Equity
First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)
WCM Focused International Equity - 15.0% (^)
MSCI AC World ex USA (Net)
Ninety One Int'l Dynamic Equity - 14.5% (^)
MSCI AC World ex USA (Net)
Acadian Non-U.S. Equity - 7.5% (^)
MSCI EAFE (net)
Aristotle International Equity - 7.4% (^)
MSCI EAFE (net)
Schwab International Equity ETF - 33.0%
MSCI EAFE (net)
Schwab Emerging Markets Equity ETF - 13.1%
MSCI EM (net)
Pzena Emerging Markets Value - 4.5% (^)
Driehaus Emerging Markets Growth - 4.5%
MSCI EM (net)

As of March 31, 2026

1
Quarter

Year
To
Date

1
Year

3
Years

5
Years

Since
Inception

Inception
Date

-4.40
-3.96
-4.38
-4.18
-4.09
-4.18
-5.09
-4.18
-4.51
-2.81
1.03
4.96

-4.40
-3.96
-4.38
-4.18
-4.09
-4.18
-5.09
-4.18
-4.51
-2.81
1.03
4.96

17.48
18.09
17.63
17.74
21.79
17.74
17.34
17.74
N/A
23.58
17.26
28.09

16.00
17.85
18.25
18.14
19.78
17.98
N/A
18.14
N/A
12.27
16.09
13.80

9.60
10.87
11.41
11.34
N/A
10.94
N/A
11.34
N/A
1.62
10.76
5.79

12.12
13.01
13.66
13.75
9.01
8.87
6.86
6.91
-4.64
-4.05
13.35
19.91

06/01/2018
06/01/2018
06/01/2024
06/01/2024
11/01/2021
11/01/2021
12/01/2024
12/01/2024
12/01/2025
12/01/2025
08/01/2025
08/01/2025

0.80
-0.71
-0.63
-0.71
-0.49
-0.71
-1.52
-1.24
-4.37
-1.24
0.25
-1.24
-2.38
-0.17
N/A
3.78
-0.17

0.80
-0.71
-0.63
-0.71
-0.49
-0.71
-1.52
-1.24
-4.37
-1.24
0.25
-1.24
-2.38
-0.17
N/A
3.78
-0.17

23.24
24.91
15.88
24.91
22.77
24.91
23.88
21.27
13.69
21.27
27.13
21.27
20.08
29.55
N/A
35.22
29.55

13.92
14.49
12.25
14.49
14.87
14.49
17.72
13.62
11.43
13.62
15.26
13.62
12.82
14.84
N/A
15.85
14.84

5.83
7.02
5.90
7.02
N/A
7.02
10.03
7.91
5.94
7.91
8.50
7.91
3.49
3.69
N/A
4.50
3.69

6.49
7.08
10.18
8.51
7.21
8.13
10.69
8.16
7.12
7.36
15.41
12.31
14.88
18.51
-7.70
-5.32
-8.28

06/01/2018
06/01/2018
12/01/2019
12/01/2019
12/01/2021
12/01/2021
01/01/2020
01/01/2020
06/01/2018
06/01/2018
09/01/2024
09/01/2024
09/01/2024
09/01/2024
02/01/2026
02/01/2026
02/01/2026

Returns are net of mutual fund fees and are expressed as percentages.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers of the
First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund.

50 of 124
2.3

Walworth County OPEB Trust
MMST Sub-advisors Performance

Fixed Income
First American Multi-Manager Fixed Income Fund
Blmbg. U.S. Aggregate
PGIM Core Fixed - 35.9% (^)
TIAA Core Fixed - 35.7% (^)
Blmbg. U.S. Aggregate
USBAM Core Fixed - 5.6% (^)
Blmbg. U.S. Aggregate
iShares Core U.S. Aggregate Bond ETF - 7.7%
Blmbg. U.S. Aggregate
iShares 10-20 Year Treasury Bond ETF - 3.0%
ICE U.S. Treasury 10-20 Year Bond Index
PineBridge IG Credit - 5.0% (^)
Blmbg. U.S. Credit Index
Brown Bros. Harriman Structured - 6.6% (^)
ICE BofA ABS Fxd & Flting Rate AA-BBB Idx

As of March 31, 2026

1
Quarter

Year
To
Date

1
Year

3
Years

5
Years

Since
Inception

Inception
Date

-0.01
-0.05
0.03
0.09
-0.05
0.12
-0.05
0.04
-0.05
-0.19
-0.16
-0.48
-0.48
0.65
0.55

-0.01
-0.05
0.03
0.09
-0.05
0.12
-0.05
0.04
-0.05
-0.19
-0.16
-0.48
-0.48
0.65
0.55

4.43
4.35
4.94
5.34
4.35
N/A
4.35
4.35
4.35
1.29
1.42
5.05
4.84
4.86
4.77

4.35
3.63
4.52
4.58
3.63
N/A
3.63
3.63
3.63
-0.06
0.01
5.21
4.62
6.87
6.38

0.77
0.31
0.83
0.77
0.31
N/A
0.31
0.31
0.31
-3.22
-3.13
0.92
0.77
4.15
3.22

2.36
1.96
2.56
2.71
1.96
0.62
0.43
0.16
0.16
2.66
2.76
3.76
2.79
4.12
3.49

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
11/01/2025
11/01/2025
05/01/2021
05/01/2021
03/01/2024
03/01/2024
06/01/2018
06/01/2018
06/01/2018
06/01/2018

Returns are net of mutual fund fees and are expressed as percentages.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers of the
First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund.

51 of 124
2.4

Walworth County OPEB Trust
Comparative Performance - Calendar Year

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
Blended Benchmark
Domestic Equity
First American Multi-Manager Domestic Equity Fund
Russell 3000 Index
Schwab US Large-Cap ETF - 74.6%
Russell 1000 Index
Aristotle Atlantic Core Equity - 9.9% (^)
Russell 1000 Index (since 8/1/24, Russell 3000 prior)
Putnam US Core Equity - 9.8% (^)
Russell 1000 Index
Osterweis Small Cap Growth - 2.4% (^)
Russell 2000 Growth Index
PIMCO RAE US Small Cap - 2.3%
Russell 2000 Value Index
iShares Russell 2000 ETF
Russell 2000 Index

As of March 31, 2026

Year
To
Date
-1.35
-1.34
-1.34
-1.34
-1.35
-1.37

2025

2024

2023

2022

2021

13.76
13.73
13.77
13.77
13.78
14.66

9.16
9.15
9.16
9.17
9.16
9.11

12.90
12.88
12.87
12.90
12.89
13.79

-16.25
-16.24
-16.22
-16.24
-16.23
-15.28

10.94
10.96
10.95
10.96
10.95
8.57

-4.40
-3.96
-4.38
-4.18
-4.09
-4.18
-5.09
-4.18
-4.51
-2.81
1.03
4.96
0.86
0.89

16.92
17.15
17.42
17.37
19.50
17.37
18.09
17.37
N/A
13.01
6.29
12.59
12.69
12.81

21.53
23.81
24.90
24.51
27.91
24.26
N/A
24.51
N/A
15.15
22.08
8.05
11.35
11.54

22.05
25.96
26.86
26.53
23.37
25.96
N/A
26.53
N/A
18.66
20.06
14.65
16.80
16.93

-18.97
-19.21
-19.44
-19.13
-21.43
-19.21
N/A
-19.13
N/A
-26.36
-4.64
-14.48
-20.48
-20.44

26.28
25.66
26.74
26.45
N/A
25.66
N/A
26.45
N/A
2.83
40.37
28.27
14.62
14.82

Returns are net of mutual fund fees and are expressed as percentages.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers of the
First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund.

52 of 124
2.5

Walworth County OPEB Trust
Comparative Performance - Calendar Year

International Equity
First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)
WCM Focused International Equity - 15.0% (^)
Ninety One Int'l Dynamic Equity - 14.5% (^)
MSCI AC World ex USA (Net)
Acadian Non-U.S. Equity - 7.5% (^)
Aristotle International Equity - 7.4% (^)
Schwab International Equity ETF - 33.0%
MSCI EAFE (net)
Schwab Emerging Markets Equity ETF - 13.1%
Pzena Emerging Markets Value - 4.5% (^)
Driehaus Emerging Markets Growth - 4.5%
MSCI EM (net)
Fixed Income
First American Multi-Manager Fixed Income Fund
Blmbg. U.S. Aggregate
PGIM Core Fixed - 35.9% (^)
TIAA Core Fixed - 35.7% (^)
USBAM Core Fixed - 5.6% (^)
iShares Core U.S. Aggregate Bond ETF - 7.7%
Blmbg. U.S. Aggregate
iShares 10-20 Year Treasury Bond ETF - 3.0%
ICE U.S. Treasury 10-20 Year Bond Index
PineBridge IG Credit - 5.0% (^)
Blmbg. U.S. Credit Index
Brown Bros. Harriman Structured - 6.6% (^)
ICE BofA ABS Fxd & Flting Rate AA-BBB Idx
Cash Equivalent
Dreyfus Treasury & Agency MM

As of March 31, 2026

Year
To
Date

2025

2024

2023

2022

2021

0.80
-0.71
-0.63
-0.49
-0.71
-1.52
-4.37
0.25
-1.24
-2.38
N/A
3.78
-0.17

29.51
32.39
22.28
31.31
32.39
35.11
23.01
34.47
31.22
25.85
N/A
30.22
33.57

5.41
5.53
9.11
9.21
5.53
10.43
6.29
3.46
3.82
11.59
N/A
7.69
7.50

14.63
15.62
18.14
13.61
15.62
15.37
18.54
18.28
18.24
7.96
N/A
11.45
9.83

-20.79
-16.00
-28.14
-19.77
-16.00
-12.37
-20.52
-14.90
-14.45
-17.10
N/A
-22.35
-20.09

9.38
7.82
18.78
N/A
7.82
14.31
17.21
11.42
11.26
-0.72
N/A
-1.69
-2.54

-0.01
-0.05
0.03
0.09
0.12
0.04
-0.05
-0.19
-0.16
-0.48
-0.48
0.65
0.55

7.04
7.30
7.82
8.13
N/A
7.19
7.30
6.39
6.53
8.17
7.83
6.26
6.22

2.57
1.25
2.33
2.82
N/A
1.37
1.25
-4.00
-3.98
2.61
2.03
8.26
7.29

6.70
5.53
6.70
6.35
N/A
5.59
5.53
3.97
3.32
8.40
8.18
7.90
8.23

-13.06
-13.01
-13.76
-14.23
N/A
-13.06
-13.01
-25.44
-25.20
-15.83
-15.26
-3.87
-6.33

-0.85
-1.55
-0.98
-0.64
N/A
-1.67
-1.55
-5.33
-5.00
0.02
-1.08
3.01
1.77

0.85

4.06

5.04

4.92

1.47

0.01

Returns are net of mutual fund fees and are expressed as percentages.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers of the
First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund.

53 of 124
2.6

Walworth County OPEB Trust
Account Reconciliation

As of March 31, 2026

QTR

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 01/01/2026
6,681,263
2,716,620
2,037,150
16,616,259
7,223,292
35,274,584

(24,602)
(12,779)
(7,232)
(89,844)
(67,202)

Return On
Investment
(89,530)
(36,019)
(27,128)
(220,036)
(95,477)

Market Value
As of 03/31/2026
6,567,131
2,667,823
2,002,790
16,306,379
7,060,613

(201,659)

(468,190)

34,604,736

(24,602)
(12,779)
(7,232)
(89,844)
(67,202)

Return On
Investment
(89,530)
(36,019)
(27,128)
(220,036)
(95,477)

Market Value
As of 03/31/2026
6,567,131
2,667,823
2,002,790
16,306,379
7,060,613

(201,659)

(468,190)

34,604,736

(86,213)
(32,777)
(13,836)
(355,991)
(222,127)

Return On
Investment
689,407
280,160
209,813
1,724,734
751,238

Market Value
As of 03/31/2026
6,567,131
2,667,823
2,002,790
16,306,379
7,060,613

(710,944)

3,655,352

34,604,736

Net Flows

YTD

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 01/01/2026
6,681,263
2,716,620
2,037,150
16,616,259
7,223,292
35,274,584

Net Flows

1 Year

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 04/01/2025
5,963,938
2,420,439
1,806,813
14,937,635
6,531,502
31,660,327

Net Flows

54 of 124
2.7

Walworth County OPEB Trust
Asset Allocation Summary

As of March 31, 2026

Asset

Target

Minimum

Maximum

Domestic Equity

Allocation
(%)
33.8

Allocation
(%)
33.0

Allocation
(%)
23.0

Allocation
(%)
43.0

Differences
(%)
0.8

International Equity

16.5

17.0

7.0

27.0

-0.5

Other Growth

0.0

0.0

0.0

10.0

0.0

Fixed Income

49.5

50.0

40.0

60.0

-0.5

Cash Equivalent

0.2

0.0

0.0

20.0

0.2

33.0%
33.8%

Domestic Equity
0.8%
17.0%
16.5%

International Equity
-0.5%
0.0%
0.0%
0.0%

Other Growth

50.0%
49.5%

Fixed Income
-0.5%
Cash Equivalent
-10.0%

0.0%
0.2%
0.2%
0.0%

10.0%
Target Allocation

20.0%
Actual Allocation

30.0%

40.0%

50.0%

60.0%

Allocation Difference

55 of 124
2.8

Walworth County OPEB Trust
Historical Hybrid Composition - Blended Benchmark

Allocation Mandate
Jun-2010
Russell 3000 Index
MSCI EAFE (net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill

Weight (%)
6.8
4.0
0.6
0.6
28.0
60.0

Jul-2010
Russell 3000 Index
MSCI EAFE (net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill

9.4
5.5
0.8
0.8
38.5
45.0

Aug-2010
Russell 3000 Index
MSCI EAFE (net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill

11.9
7.0
1.1
1.1
49.0
30.0

Sep-2010
Russell 3000 Index
MSCI EAFE (net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill

13.6
8.0
1.2
1.2
56.0
20.0

As of March 31, 2026

Allocation Mandate
Oct-2010
Russell 3000 Index
MSCI AC World ex USA (Net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate

Weight (%)
17.0
10.0
1.5
1.5
70.0

Feb-2013
Russell 3000 Index
MSCI AC World ex USA (Net)
FTSE NAREIT Equity REIT Index
Bloomberg Commodity Index Total Return
Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill

17.0
10.0
1.5
1.5
50.0
20.0

Mar-2013
Russell 3000 Index
MSCI AC World ex USA (Net)
Blmbg. U.S. Aggregate

33.0
17.0
50.0

56 of 124
2.9

Investment Manager Review

57 of 124

Portfolio Characteristics

As of March 31, 2026

First American Multi-Manager Domestic Equity vs. Russell 3000 Index
Portfolio Characteristics

Sector Weights (%)

Portfolio
1,089,699
14,290
25.76
4.65
24.61
1.18
1,040

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Benchmark
1,064,312
2,337
25.40
4.56
24.75
1.26
2,939

Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Other
Cash

9.7
9.7
10.1
9.9
5.0
5.0
3.8
4.2
12.9
13.1
10.1
10.0
9.8
10.3

30.6
30.3

2.1
2.5
2.1
2.4
2.4
2.5
0.1
0.0
1.4
0.0

0.0

6.0

12.0

18.0

24.0

30.0

36.0

First American Multi-Manager Domestic Equity Fund
Russell 3000 Index

Top Ten Holdings

NVIDIA Corporation
Apple Inc
Microsoft Corp
Amazon.com Inc
Alphabet Inc
Broadcom Inc
Alphabet Inc
Meta Platforms Inc
Tesla Inc
JPMorgan Chase & Co
% of Portfolio

Ten Best Performers

Portfolio
Weight
(%)
6.73
5.96
4.46
3.36
2.74
2.59
2.21
2.20
1.50
1.40

Benchmark
Weight
(%)
6.51
5.83
4.38
3.19
2.67
2.28
2.17
1.99
1.67
1.27

Active
Weight
(%)
0.22
0.13
0.08
0.17
0.07
0.31
0.04
0.21
-0.17
0.13

33.15

31.96

1.19

Quarterly
Return
(%)
-6.48
-6.56
-23.28
-9.77
-8.06
-10.39
-8.52
-13.25
-17.34
-8.30

Fastly Inc
LyondellBasell Industries NV
Chemours Co (The)
Viavi Solutions Inc
Dow Inc
DigitalOcean Holdings Inc
APA Corporation
Moderna Inc
Darling Ingredients Inc
CF Industries Holdings Inc
% of Portfolio

Portfolio
Weight
(%)
0.02
0.03
0.00
0.03
0.04
0.06
0.02
0.02
0.25
0.03

Benchmark
Weight
(%)
0.01
0.03
0.01
0.01
0.05
0.01
0.02
0.03
0.02
0.03

Active
Weight
(%)
0.01
0.00
-0.01
0.02
-0.01
0.05
0.00
-0.01
0.23
0.00

0.50

0.22

0.28

Quarterly
Return
(%)
185.46
88.27
87.75
86.76
80.17
78.26
75.21
72.26
71.81
68.77

The fund characteristics and top holdings shown above are based on a look-through of any underlying mutual funds or ETFs held within the Fund. ETF holdings are available daily,
while mutual fund holdings are only published on a monthly or quarterly basis. As a result, holdings used for the look-through of third-party mutual funds may be as of the prior month
or quarter end depending on the most recent information available at the time this report was published.

58 of 124
3.1

Portfolio Characteristics

As of March 31, 2026

Schwab US Large-Cap ETF vs. Russell 1000 Index
Portfolio Characteristics

Sector Weights (%)

Portfolio
1,148,444
24,081
26.03
4.81
25.49
1.24
748

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Benchmark
1,115,771
15,252
25.73
4.73
24.98
1.26
1,006

Communication Services

10.0
10.0

Consumer Discretionary

9.8
10.0
5.2
5.2

Consumer Staples

4.1
4.1

Energy

12.6
12.9

Financials
Health Care

9.6
9.7

Industrials

9.8
9.9
32.0
31.1

Information Technology
2.2
2.4
2.1
2.2
2.5
2.5

Materials
Real Estate
Utilities
Cash

0.1
0.0

0.0
Schwab US Large-Cap ETF

Top Ten Holdings

NVIDIA Corporation
Apple Inc
Microsoft Corp
Amazon.com Inc
Alphabet Inc
Broadcom Inc
Alphabet Inc
Meta Platforms Inc
Tesla Inc
Berkshire Hathaway Inc
% of Portfolio

8.0

16.0

24.0

32.0

40.0

Russell 1000 Index

Ten Best Performers

Portfolio
Weight
(%)
7.19
6.32
4.66
3.45
2.84
2.49
2.27
2.12
1.77
1.49

Benchmark
Weight
(%)
6.83
6.11
4.59
3.34
2.80
2.39
2.27
2.09
1.75
1.48

Active
Weight
(%)
0.36
0.21
0.07
0.11
0.04
0.10
0.00
0.03
0.02
0.01

34.60

33.65

0.95

Quarterly
Return
(%)
-6.48
-6.56
-23.28
-9.77
-8.06
-10.39
-8.52
-13.25
-17.34
-4.67

LyondellBasell Industries NV
Dow Inc
APA Corporation
Moderna Inc
CF Industries Holdings Inc
Ciena Corp
Texas Pacific Land Corp
Occidental Petroleum Corp
Westlake Corp
Western Digital Corp
% of Portfolio

Portfolio
Weight
(%)
0.04
0.05
0.03
0.03
0.03
0.09
0.05
0.08
0.01
0.16

Benchmark
Weight
(%)
0.03
0.05
0.02
0.03
0.03
0.09
0.05
0.08
0.01
0.15

Active
Weight
(%)
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01

0.57

0.54

0.03

Quarterly
Return
(%)
88.27
80.17
75.21
72.26
68.77
66.00
65.41
58.85
58.81
57.09

59 of 124
3.2

Portfolio Characteristics

As of March 31, 2026

Aristotle All Cap Core vs. Russell 1000 Index
Portfolio Characteristics
Portfolio
1,179,758
99,013
28.11
5.03
23.37
0.76
54

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
1,115,771
15,252
25.73
4.73
24.98
1.26
1,006

Communication Services

11.1
10.0

Consumer Discretionary

10.2
10.0
5.3
5.2

Consumer Staples

3.6
4.1

Energy

12.1
12.9
10.9
9.7

Financials
Health Care

8.7
9.9

Industrials

31.0
31.1

Information Technology
1.6
2.4
0.9
2.2
2.7
2.5

Materials
Real Estate
Utilities
Cash

0.0

1.8

0.0
Aristotle All Cap Core

8.0

% of Portfolio

24.0

32.0

40.0

Russell 1000 Index

Top Ten Holdings

NVIDIA Corporation
Alphabet Inc
Apple Inc
Microsoft Corp
Broadcom Inc
Amazon.com Inc
Meta Platforms Inc
Darling Ingredients Inc
Costco Wholesale Corp
Chubb Ltd

16.0

Ten Best Performers

Portfolio
Weight
(%)
6.79
6.22
6.15
5.15
4.88
4.16
3.53
2.56
2.43
2.40

Benchmark
Weight
(%)
6.83
2.80
6.11
4.59
2.39
3.34
2.09
0.02
0.74
0.20

Active
Weight
(%)
-0.04
3.42
0.04
0.56
2.49
0.82
1.44
2.54
1.69
2.20

44.27

29.11

15.16

Quarterly
Return
(%)
-6.48
-8.06
-6.56
-23.28
-10.39
-9.77
-13.25
71.81
15.71
4.73

Darling Ingredients Inc
Baker Hughes a GE Co
Applied Materials Inc
Coherent Corp
Antero Resources Corporation
Analog Devices Inc
NextEra Energy Inc
Honeywell International Inc
Costco Wholesale Corp
Trane Technologies plc
% of Portfolio

Portfolio
Weight
(%)
2.56
1.82
2.00
0.47
1.79
1.88
1.31
0.94
2.43
2.02

Benchmark
Weight
(%)
0.02
0.10
0.45
0.07
0.02
0.26
0.32
0.24
0.74
0.16

Active
Weight
(%)
2.54
1.72
1.55
0.40
1.77
1.62
0.99
0.70
1.69
1.86

17.22

2.38

14.84

Quarterly
Return
(%)
71.81
34.57
33.16
29.06
23.16
17.69
16.46
16.42
15.71
7.34

60 of 124
3.3

Portfolio Characteristics

As of March 31, 2026

Putnam US Core Equity vs. Russell 1000 Index
Portfolio Characteristics
Portfolio
1,177,313
84,768
23.82
4.20
23.27
1.27
129

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
1,115,771
15,252
25.73
4.73
24.98
1.26
1,006

10.4
10.0
11.4
10.0

Communication Services
Consumer Discretionary
5.0
5.2
3.4
4.1

Consumer Staples
Energy
Financials

12.9
9.4
9.7

Health Care
6.5

Industrials

27.9

Utilities
Other
Cash

0.0
1.2
0.0

0.0
Putnam US Core Equity

Top Ten Holdings

31.1

1.7
2.4
2.3
2.2
2.5
2.5
1.5

Real Estate

% of Portfolio

9.9

Information Technology
Materials

NVIDIA Corporation
Apple Inc
Alphabet Inc
Microsoft Corp
Amazon.com Inc
Meta Platforms Inc
Broadcom Inc
Lam Research Corp
Goldman Sachs Group Inc (The)
Mastercard Inc

16.8

8.0

16.0

24.0

32.0

40.0

Portfolio
Weight
(%)
0.43
0.77
1.53
0.22
0.16
0.36
0.38
0.08
2.08
0.42

Benchmark
Weight
(%)
0.02
0.27
1.20
0.04
0.39
0.05
0.09
0.00
0.45
0.13

Active
Weight
(%)
0.41
0.50
0.33
0.18
-0.23
0.31
0.29
0.08
1.63
0.29

Quarterly
Return
(%)
53.21
42.08
41.95
41.40
33.74
31.81
25.22
25.16
24.96
23.80

6.43

2.64

3.79

Russell 1000 Index

Ten Best Performers

Portfolio
Weight
(%)
7.04
6.49
5.18
4.78
3.77
2.69
2.52
2.08
2.02
1.90

Benchmark
Weight
(%)
6.83
6.11
2.27
4.59
3.34
2.09
2.39
0.45
0.42
0.67

Active
Weight
(%)
0.21
0.38
2.91
0.19
0.43
0.60
0.13
1.63
1.60
1.23

38.47

29.16

9.31

Quarterly
Return
(%)
-6.48
-6.56
-8.52
-23.28
-9.77
-13.25
-10.39
24.96
-3.25
-12.34

Permian Resources Corp
Conocophillips
Exxon Mobil Corp
Qnity Electronics Inc
GE Vernova Inc
Casey's General Stores Inc.
Target Corp
Guardian Pharmacy Services Inc
Lam Research Corp
FedEx Corp.
% of Portfolio

61 of 124
3.4

Portfolio Characteristics

As of March 31, 2026

Osterweis Small Cap Growth vs. Russell 2000 Growth Index
Portfolio Characteristics
Portfolio
7,088
5,364
40.48
4.21
14.59
0.05
42

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
6,069
1,141
23.09
4.12
23.07
0.52
1,107

Communication Services

0.0

2.3
7.8
7.6

Consumer Discretionary
1.3
2.0

Consumer Staples
Energy

0.0

3.7
7.7

Financials

9.5

Health Care

24.5

Industrials
Information Technology
Materials

19.8
0.0

4.2
2.4
2.1

Real Estate
Utilities

0.0
0.5

Cash

0.0

0.0

7.1

6.0

Osterweis Small Cap Growth

Top Ten Holdings

CASH
Life Time Group Holdings Inc
Axos Financial Inc.
Guardant Health Inc
CECO Environmental Corp.
Vericel Corp
VSE Corp
Novanta Inc
Casella Waste Systems Inc
Fabrinet
% of Portfolio

28.0

23.0
23.8
22.7

12.0

18.0

24.0

30.0

36.0

Russell 2000 Growth Index

Ten Best Performers

Portfolio
Weight
(%)
7.11
3.81
3.77
3.73
3.48
3.48
3.46
3.34
3.21
3.20

Benchmark
Weight
(%)
0.00
0.27
0.04
0.77
0.12
0.11
0.29
0.29
0.34
1.27

Active
Weight
(%)
7.11
3.54
3.73
2.96
3.36
3.37
3.17
3.05
2.87
1.93

38.59

3.50

35.09

Quarterly
Return
(%)
N/A
1.35
-1.24
-9.56
-0.45
-10.66
6.78
-0.74
-18.99
14.55

Fastly Inc
DigitalOcean Holdings Inc
Cardinal Infrastructure Group Inc
Modine Manufacturing Co
Twist Bioscience Corp
Nextpower Inc
CAVA Group Inc
MACOM Technology Solns Holdings
Transcat Inc
Lattice Semiconductor Corporation
% of Portfolio

Portfolio
Weight
(%)
0.94
2.57
1.74
1.91
2.76
2.68
1.75
2.09
1.90
2.53

Benchmark
Weight
(%)
0.00
0.44
0.02
0.76
0.19
0.95
0.00
0.00
0.02
0.00

Active
Weight
(%)
0.94
2.13
1.72
1.15
2.57
1.73
1.75
2.09
1.88
2.53

20.87

2.38

18.49

Quarterly
Return
(%)
185.46
78.26
64.00
62.32
49.81
38.39
37.84
29.65
29.47
26.07

62 of 124
3.5

Portfolio Characteristics

As of March 31, 2026

PIMCO RAE US Small vs. Russell 2000 Value Index
Portfolio Characteristics
Portfolio
4,782
2,358
14.66
2.27
8.32
1.89
275

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
3,733
815
15.34
1.75
11.17
2.00
1,410

Communication Services

2.9

4.4

Consumer Discretionary
2.2
1.6

Consumer Staples

4.5

Energy

9.8
17.2

Financials
8.1

Health Care

16.0

8.2

Materials
Real Estate
1.2

Utilities

8.7

5.7

0.3
0.0

Cash

0.0
PIMCO RAE US Small

Top Ten Holdings

% of Portfolio

17.4

12.5

5.7
5.7
5.3

24.9

10.8

Industrials
Information Technology

Warrior Met Coal Inc
Dillard's Inc.
Jazz Pharmaceuticals plc
Sanmina Corp
Affiliated Managers Group Inc.
Bread Financial Holdings Inc
Allison Transmission Holdings Inc
Janus Henderson Group PLC
SLM Corp
Nexstar Media Group Inc.

17.9

9.2

5.0

10.0

15.0

20.0

25.0

30.0

Russell 2000 Value Index

Ten Best Performers

Portfolio
Weight
(%)
3.44
2.39
2.33
2.29
2.14
2.03
1.99
1.76
1.69
1.64

Benchmark
Weight
(%)
0.34
0.00
0.00
0.26
0.00
0.24
0.00
0.00
0.00
0.00

Active
Weight
(%)
3.10
2.39
2.33
2.03
2.14
1.79
1.99
1.76
1.69
1.64

21.70

0.84

20.86

Quarterly
Return
(%)
5.75
-5.60
11.21
-13.61
-4.01
1.49
19.87
7.99
-20.36
-10.23

Chemours Co (The)
Viavi Solutions Inc
Ciena Corp
Acadia Healthcare Co Inc
IPG Photonics Corp
Silicon Laboratories Inc
BRC Group Holdings Inc
Liberty Energy Inc
California Resources Corp
Chord Energy Corp
% of Portfolio

Portfolio
Weight
(%)
0.13
1.11
0.24
0.20
0.74
0.33
0.06
0.10
0.14
0.18

Benchmark
Weight
(%)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.31
0.35
0.00

Active
Weight
(%)
0.13
1.11
0.24
0.20
0.74
0.33
0.06
-0.21
-0.21
0.18

3.23

0.66

2.57

Quarterly
Return
(%)
87.75
86.76
66.00
64.84
60.04
59.26
56.74
56.52
55.84
55.00

63 of 124
3.6

Portfolio Characteristics

As of March 31, 2026

iShares Russell 2000 ETF vs. Russell 2000 Index
Portfolio Characteristics
Portfolio
4,903
969
18.38
2.56
16.51
1.25
1,940

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
4,918
964
18.38
2.56
16.50
1.25
1,933

2.6
2.6

Communication Services

8.4
8.4

Consumer Discretionary
1.8
1.8

Consumer Staples

6.7
6.7

Energy

17.0
17.1
17.7
17.7

Financials
Health Care

18.2
18.2

Industrials
14.1
14.1

Information Technology
4.9
4.9
5.3
5.3

Materials
Real Estate
3.1
3.1

Utilities
Cash

0.3
0.0

0.0
iShares Russell 2000 ETF

Top Ten Holdings

Bloom Energy Corp
Coeur Mining Inc
Fabrinet
Nextpower Inc
EchoStar Corp
Credo Technology Group Holding Ltd
Kratos Defense & Security Solns. Inc
Advanced Energy Industries Inc
Sterling Infrastructure Inc
Hecla Mining Co
% of Portfolio

4.0

8.0

12.0

16.0

20.0

24.0

Russell 2000 Index

Ten Best Performers

Portfolio
Weight
(%)
1.01
0.65
0.64
0.60
0.54
0.51
0.43
0.41
0.41
0.40

Benchmark
Weight
(%)
1.01
0.65
0.64
0.60
0.54
0.52
0.43
0.41
0.41
0.40

Active
Weight
(%)
0.00
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
0.00

5.60

5.61

-0.01

Quarterly
Return
(%)
55.93
5.27
14.55
38.39
7.70
-34.76
-7.11
54.18
32.99
-2.90

Erasca Inc
ImmunityBio Inc
Kosmos Energy Ltd
Satellogic Inc
Fastly Inc
Enliven Therapeutics Inc
Ichor Holdings Ltd
Ultra Clean Holdings Inc
Applied Optoelectronics Inc
TuHURA Biosciences Inc
% of Portfolio

Portfolio
Weight
(%)
0.10
0.08
0.04
0.02
0.14
0.05
0.05
0.09
0.19
0.00

Benchmark
Weight
(%)
0.10
0.08
0.04
0.02
0.14
0.05
0.05
0.09
0.19
0.00

Active
Weight
(%)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.76

0.76

0.00

Quarterly
Return
(%)
334.94
287.37
206.37
190.91
185.46
154.55
152.90
145.48
142.65
136.55

64 of 124
3.7

Portfolio Characteristics

As of March 31, 2026

First American Multi-Manager International Equity vs. MSCI AC World ex USA (net)
Portfolio Characteristics
Portfolio
157,804
6,177
17.01
2.73
19.32
2.49
3,863

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
166,703
12,951
16.29
2.61
20.15
2.70
1,977

Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Other
Cash

4.6
5.1
8.6
8.6
5.9
5.8
6.1
5.7
22.0
7.6

6.1
1.3
1.5

24.7

9.2
16.0
14.7
15.2
15.7

7.2

3.3
3.5
0.0
0.0
0.0

1.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

32.0

40.0

First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)

Top Ten Equity Holdings

Taiwan Semicon Manu Co
Samsung Electronics Co Ltd
Rolls Royce Holdings PLC
Taiwan Semicon Manu Co ADR
Tencent Holdings LTD
Siemens Energy AG
Astrazeneca PLC
Roche Holding AG
Societe Generale Group
Mizuho Financial Group Inc
% of Portfolio

Region Weights (%)

Portfolio
Weight
(%)
3.31
1.38
1.33
1.31
1.19
1.09
0.92
0.87
0.79
0.64

Benchmark
Weight
(%)
4.12
1.57
0.38
4.12
1.20
0.39
0.91
0.84
0.15
0.29

Active
Weight
(%)
-0.81
-0.19
0.95
-2.81
-0.01
0.70
0.01
0.03
0.64
0.35

12.83

13.97

-1.14

Quarterly
Return
(%)
11.95
31.16
-3.49
11.52
-19.78
16.40
5.53
-2.55
-11.83
6.46

23.6
23.7

EM Asia
3.5
3.5
4.2
2.6

EM Europe + Middle East + Africa
EM Latin America

21.3
21.5

EMU
18.0
18.5

Europe ex EMU
Middle East

1.0
0.7
7.4
8.9

North America

18.9
20.6

Pacific
Other
Cash

0.4
0.1
1.7
0.0

0.0

8.0

16.0

24.0

First American Multi-Manager International Equity Fund
MSCI AC World ex USA (Net)

The fund characteristics and top holdings shown above are based on a look-through of any underlying mutual funds or ETFs held within the Fund. ETF holdings are available daily,
while mutual fund holdings are only published on a monthly or quarterly basis. As a result, holdings used for the look-through of third-party mutual funds may be as of the prior month
or quarter end depending on the most recent information available at the time this report was published.

65 of 124
3.8

Portfolio Characteristics

As of March 31, 2026

WCM Focused International Equity vs. MSCI AC World ex USA (Net)
Portfolio Characteristics
Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Portfolio
156,378
57,296
21.16
3.32
16.02
1.60
47

Sector Weights (%)
Benchmark
166,703
12,951
16.29
2.61
20.15
2.70
1,977

1.8

Communication Services

5.1
9.6
8.6

Consumer Discretionary
6.6
5.8

Consumer Staples
Energy

5.7

7.3
18.8

Financials
Health Care
Industrials
Information Technology
Real Estate

3.6
0.0

7.2

1.5
3.5
3.5

Utilities
Cash

0.0

1.5

0.0

5.0

10.0

WCM Focused International Equity

Top Ten Holdings

Taiwan Semicon Manu Co ADR
Rolls Royce Holdings PLC
Lottomatica Group SpA
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP
Siemens Energy AG
Babcock International Group PLC
Teva Pharmaceutical Industries Ltd
Constellation Software Inc
Nebius Group N V
Canadian Natural Resources Ltd

15.0

20.0

25.0

30.0

32.0

40.0

MSCI AC World ex USA (Net)

Region Weights (%)
Portfolio
Weight
(%)
6.60
5.33
3.67
3.55
3.47
3.28
3.27
2.96
2.92
2.86

Benchmark
EM Asia
Weight
(%)
EM Europe + Middle East + Africa
4.12
EM Latin America
0.38
0.00
EMU
0.05
Europe ex EMU
0.39
Middle East
0.00
0.10
North America
0.11
Pacific
0.07
Other
0.31
Cash

% of Portfolio

18.5

14.7
15.9
15.7

Materials

24.7

12.9

7.6

37.91

5.53

15.3
0.0

23.7

3.5
3.5
2.6
21.4
21.5
27.1

18.5
3.3
0.7
15.8
8.9
11.2
20.6
0.9
0.1
1.5
0.0

0.0
WCM Focused International Equity

8.0

16.0

24.0

MSCI AC World ex USA (Net)

66 of 124
3.9

Portfolio Characteristics

As of March 31, 2026

Ninety One Int'l Dynamic Equity vs. MSCI AC World ex USA (Net)
Portfolio Characteristics
Portfolio
192,142
36,818
18.16
3.11
18.67
1.99
74

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
166,703
12,951
16.29
2.61
20.15
2.70
1,977

Communication Services

9.0

5.1
4.0

Consumer Discretionary

8.6

3.0

Consumer Staples

5.8
6.1
5.7

Energy

17.3

Financials
Health Care
Industrials
6.0

Materials
Utilities

4.9

3.5
0.0

2.8

0.0

5.0

10.0

Ninety One Int'l Dynamic Equity

Top Ten Holdings

Taiwan Semicon Manu Co
Astrazeneca PLC
E.ON SE
Samsung Electronics Co Ltd
Sompo Holdings Inc
Orange SA
CASH
MTN Group Ltd
Galp Energia SGPS SA
Rolls Royce Holdings PLC
% of Portfolio

33.45

Benchmark
Weight
(%)
4.12
0.91
0.15
1.57
0.10
0.12
0.00
0.06
0.03
0.38
7.44

7.2

1.0
1.5

Real Estate

Portfolio
Weight
(%)
7.11
3.61
3.09
2.99
2.97
2.90
2.84
2.77
2.64
2.53

19.7

14.7
15.6
15.7

Information Technology

Cash

24.7

10.7

7.6

15.0

20.0

25.0

30.0

40.0

50.0

MSCI AC World ex USA (Net)

Region Weights (%)
Active
Weight
(%)
2.99
2.70
2.94
1.42
2.87
2.78
2.84
2.71
2.61
2.15
26.01

Quarterly
Return
(%)
11.95
5.53
15.35
31.16
12.40
22.11
N/A
11.62
40.89
-3.49

26.3
23.7

EM Asia
EM Europe + Middle East + Africa

3.5

EM Latin America

3.3
2.6

6.0

EMU

21.5

30.4

16.2
18.5

Europe ex EMU
Middle East

0.0
0.7

North America

0.7
8.9
14.3

Pacific

20.6

Other

0.0
0.1

Cash

0.0

0.0
Ninety One Int'l Dynamic Equity

2.8

10.0

20.0

30.0

MSCI AC World ex USA (Net)

67 of 124
3.10

Portfolio Characteristics

As of March 31, 2026

Acadian Non-U.S. Equity vs. MSCI EAFE (net)
Portfolio Characteristics
Portfolio
85,272
7,693
16.49
2.51
19.80
3.12
256

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
106,278
19,721
16.42
2.50
20.51
2.91
690

1.1

Communication Services

4.3

Consumer Discretionary

4.4

Consumer Staples

3.9

Energy

8.5
7.2
7.6

4.4

25.2
24.6

Financials
Health Care

16.1

Industrials
Information Technology

8.5

0.9
1.8
2.7

Real Estate
Utilities
Cash

0.0

5.0

Acadian Non-U.S. Equity

% of Portfolio

25.42

8.41

10.0

15.0

20.0

25.0

30.0

40.0

48.0

MSCI EAFE (net)

Top Ten Holdings

Novartis AG
Roche Holding AG
ASML Holding NV
ABB Ltd
BP plc
GSK plc
Koninklijke Ahold Delhaize NV
CASH
Banco Bilbao SA (BBVA)
BNP Paribas

4.2

2.0

0.0

Benchmark
Weight
(%)
1.43
1.38
2.51
0.62
0.63
0.56
0.21
0.00
0.60
0.47

19.4

13.4

6.2
6.0

Materials

Portfolio
Weight
(%)
3.63
3.57
2.91
2.71
2.44
2.26
2.09
2.04
1.90
1.87

16.4

11.0

Region Weights (%)
Active
Weight
(%)
2.20
2.19
0.40
2.09
1.81
1.70
1.88
2.04
1.30
1.40
17.01

Quarterly
Return
(%)
12.02
-2.55
23.62
6.81
37.10
13.46
13.35
N/A
-10.70
-1.65

EM Asia
EM Latin America

1.3
0.0
0.0
0.0
34.1
35.0

EMU
28.2

Europe ex EMU

30.5
1.9
1.1

Middle East
North America

2.2
0.1
29.9

Pacific

33.1

Other

0.3
0.1

Cash

0.0

2.0

0.0
Acadian Non-U.S. Equity

8.0

16.0

24.0

32.0

MSCI EAFE (net)

68 of 124
3.11

Portfolio Characteristics

As of March 31, 2026

Aristotle International Equity vs. MSCI EAFE (net)
Portfolio Characteristics
Portfolio
99,817
40,987
19.45
2.80
21.66
2.21
42

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
106,278
19,721
16.42
2.50
20.51
2.91
690

Communication Services

0.0

4.3

Consumer Discretionary
Consumer Staples
Energy

8.0

4.4

21.7

Financials
Health Care

11.0

19.9
19.4
7.7
8.5
3.2

Real Estate

0.0

Utilities

0.0

Cash

0.0

4.2
1.4

5.0

Aristotle International Equity

Top Ten Holdings

39.76

6.0

1.8

0.0

% of Portfolio

24.6

12.6

Industrials
Materials

Cameco Corp
Credicorp Ltd
Brookfield Corp
Safran SA
Erste Group Bank AG
DBS Group Holdings Ltd
Samsung Electronics Co Ltd
Roche Holding AG
Pan Pacific International Holdings
Sony Group Corporation

10.1

7.2

Information Technology

Portfolio
Weight
(%)
4.97
4.61
4.25
4.11
4.06
3.96
3.73
3.48
3.43
3.16

15.3

8.5

10.0

15.0

20.0

25.0

30.0

40.0

48.0

MSCI EAFE (net)

Region Weights (%)

Benchmark
Weight
(%)
0.00
0.00
0.00
0.57
0.16
0.47
0.00
1.38
0.06
0.62
3.26

Active
Weight
(%)
4.97
4.61
4.25
3.54
3.90
3.49
3.73
2.10
3.37
2.54
36.50

Quarterly
Return
(%)
18.23
18.18
-11.99
-7.83
-11.81
0.63
37.27
-2.55
2.32
-21.12

3.7

EM Asia

0.0

EM Latin America

0.0

7.4
27.0

EMU

35.0
20.9

Europe ex EMU
Middle East
North America

30.5
0.0
1.1
11.8
0.1
27.7

Pacific

33.1

Other

0.0
0.1

Cash

1.4
0.0

0.0

8.0

Aristotle International Equity

16.0

24.0

32.0

MSCI EAFE (net)

69 of 124
3.12

Portfolio Characteristics

As of March 31, 2026

Schwab International Equity ETF vs. MSCI EAFE (net)
Portfolio Characteristics
Portfolio
111,246
9,529
16.55
2.47
20.22
2.76
1,481

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
106,278
19,721
16.42
2.50
20.51
2.91
690

3.4
4.3

Communication Services

8.1
8.5

Consumer Discretionary

6.4
7.2

Consumer Staples
Energy

4.4

5.7
24.5
24.6

Financials
8.9

Health Care

18.3
19.4

Information Technology
6.0

3.7
4.2

Utilities
0.1
0.0

0.0

5.0

Schwab International Equity ETF

Top Ten Holdings

Samsung Electronics Co Ltd
ASML Holding NV
Astrazeneca PLC
Novartis AG
SK Hynix Inc
HSBC Holdings PLC
Roche Holding AG
Shell Plc
Nestle SA, Cham Und Vevey
Royal Bank of Canada
% of Portfolio

12.31

Benchmark
Weight
(%)
0.00
2.51
1.51
1.43
0.00
1.39
1.38
1.35
1.26
0.00
10.83

7.4

2.1
1.8

Real Estate
Cash

11.3

8.5

Materials

Portfolio
Weight
(%)
1.99
1.94
1.13
1.12
1.11
1.07
1.07
1.04
0.97
0.87

11.0

Industrials

10.0

15.0

20.0

25.0

30.0

40.0

50.0

MSCI EAFE (net)

Region Weights (%)
Active
Weight
(%)
1.99
-0.57
-0.38
-0.31
1.11
-0.32
-0.31
-0.31
-0.29
0.87
1.48

Quarterly
Return
(%)
31.16
19.32
5.53
12.02
16.79
4.91
-2.55
29.41
-1.81
-4.93

EM Asia

0.0

EM Europe + Middle East + Africa

0.4
0.0

EM Latin America

0.0
0.0

6.4

27.0

EMU
23.8

Europe ex EMU
Middle East

1.1
1.1

North America

0.1

35.0
30.5

11.3
29.8

Pacific

33.1

Other

0.1
0.1

Cash

0.1
0.0

0.0
Schwab International Equity ETF

10.0

20.0

30.0

MSCI EAFE (net)

70 of 124
3.13

Portfolio Characteristics

As of March 31, 2026

Schwab Emerging Markets Equity ETF vs. MSCI EM (net)
Portfolio Characteristics
Portfolio
276,309
5,071
15.20
2.84
18.96
2.64
2,179

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
309,510
9,983
15.36
2.88
20.70
2.37
1,204

8.3
7.9

Communication Services

10.9
10.2

Consumer Discretionary
4.5
3.5
4.9
4.3

Consumer Staples
Energy

22.2
21.6

Financials
3.4
3.0

Health Care

6.7
7.0

Industrials

26.0

Information Technology
Materials
1.7
1.2

Real Estate

3.2
2.4

Utilities
Other
Cash

0.0
0.0
0.0
0.0

0.0

8.0

16.0

Schwab Emerging Markets Equity ETF

Top Ten Holdings

Taiwan Semicon Manu Co
Tencent Holdings LTD
Alibaba Group Holding Ltd
Reliance Industries Ltd
China Construction Bank Corp
HDFC Bank Limited
Delta Electronics Inc
PDD Holdings Inc
Hon Hai Precision Industry Co Ltd
Xiaomi Corporation
% of Portfolio

Portfolio
Weight
(%)
14.32
4.09
2.90
1.03
1.00
0.94
0.89
0.83
0.76
0.75
27.51

Benchmark
Weight
(%)
13.37
3.89
2.57
0.85
1.01
0.87
0.83
0.71
0.73
0.69
25.52

31.9

8.2
7.1

24.0

32.0

40.0

100.0

125.0

MSCI EM (net)

Region Weights (%)
Active
Weight
(%)
0.95
0.20
0.33
0.18
-0.01
0.07
0.06
0.12
0.03
0.06
1.99

Quarterly
Return
(%)
11.95
-19.78
-17.27
-18.91
8.31
-30.06
40.84
-9.89
-20.05
-19.77

74.7
77.0

EM Asia
12.8
11.3

EM Europe + Middle East + Africa

8.8
8.2

EM Latin America
EMU

1.0
0.9

Europe ex EMU

0.2
0.2

North America

0.6
0.7

Pacific

1.8
1.7

Other

0.1
0.0

Cash

0.0
0.0

0.0
Schwab Emerging Markets Equity ETF

25.0

50.0

75.0

MSCI EM (net)

71 of 124
3.14

Portfolio Characteristics

As of March 31, 2026

Pzena Emerging Markets Value vs. MSCI EM (net)
Portfolio Characteristics

Sector Weights (%)

Portfolio
122,918
14,702
11.29
1.81
12.77
4.41
58

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Benchmark
309,510
9,983
15.36
2.88
20.70
2.37
1,204

4.8

Communication Services

7.9

Consumer Discretionary
Consumer Staples

12.2

3.5
5.7
4.3

Energy
Financials

1.8
3.0

Health Care

7.8
7.0
9.3

Industrials

1.8
1.2
2.5
2.4

Real Estate
Utilities

0.0

3.8

0.0

8.0

Pzena Emerging Markets Value

Top Ten Holdings

% of Portfolio

31.9

5.9
7.1

Materials

Cash

27.9

21.6

Information Technology

CASH
Ambev SA
Wilmar International Ltd
Petroleo Brasileiro S.A.- Petrobras
Taiwan Semicon Manu Co
Tencent Holdings LTD
WH Group Ltd
Galaxy Entertainment Group Ltd
Companhia Energetica de Minas Gerais CEMIG
Alibaba Group Holding Ltd

16.5

10.2

16.0

24.0

32.0

40.0

100.0

125.0

MSCI EM (net)

Region Weights (%)

Portfolio
Weight
(%)
3.77
2.91
2.90
2.78
2.62
2.53
2.52
2.49
2.47
2.33

Benchmark
Weight
(%)
0.00
0.14
0.00
0.43
13.37
3.89
0.00
0.00
0.04
2.57

Active
Weight
(%)
3.77
2.77
2.90
2.35
-10.75
-1.36
2.52
2.49
2.43
-0.24

27.32

20.44

6.88

Quarterly
Return
(%)
N/A
15.46
24.60
65.71
11.95
-19.78
17.48
-9.32
20.33
-17.27

46.7

EM Asia

77.0
9.1
11.3

EM Europe + Middle East + Africa

19.5

EM Latin America

8.2

EMU

1.3
0.9

Europe ex EMU

0.0
0.2

North America

1.6
0.7

Pacific

1.7

Other

2.7
0.0

Cash

3.8
0.0

15.4

0.0
Pzena Emerging Markets Value

25.0

50.0

75.0

MSCI EM (net)

72 of 124
3.15

Portfolio Characteristics

As of March 31, 2026

Driehaus Emerging Markets Growth vs. MSCI EM (net)
Portfolio Characteristics
Portfolio
311,557
30,076
16.25
3.15
24.60
2.10
104

Wtd. Avg. Mkt. Cap ($M)
Median Mkt. Cap ($M)
Price/Earnings ratio
Price/Book ratio
5 Yr. EPS Growth Rate (%)
Current Yield (%)
Number of Stocks

Sector Weights (%)
Benchmark
309,510
9,983
15.36
2.88
20.70
2.37
1,204

Communication Services

11.0

7.9
7.2

Consumer Discretionary
Consumer Staples

3.9
3.5

Energy

3.6
4.3

10.2

22.2
21.6

Financials
2.1
3.0

Health Care

7.7
7.0

Industrials

32.3
31.9

Information Technology
4.4

Materials
Utilities
Cash

7.1

1.3
1.2
2.3
2.4

Real Estate

0.0

2.0

0.0

8.0

Driehaus Emerging Markets Growth

Top Ten Holdings

Taiwan Semicon Manu Co ADR
Samsung Electronics Co Ltd
Taiwan Semicon Manu Co
Tencent Holdings LTD
Alibaba Group Holding Ltd
SK Hynix Inc
ASE Technology Holding Co Ltd
CASH
OTP Bank Nyrt
Credicorp Ltd
% of Portfolio

Portfolio
Weight
(%)
7.46
6.23
5.61
4.80
3.16
2.74
2.20
1.96
1.64
1.53
37.33

Benchmark
Weight
(%)
13.37
5.10
13.37
3.89
2.57
2.84
0.34
0.00
0.23
0.23
41.94

16.0

24.0

32.0

40.0

100.0

125.0

MSCI EM (net)

Region Weights (%)
Active
Weight
(%)
-5.91
1.13
-7.76
0.91
0.59
-0.10
1.86
1.96
1.41
1.30
-4.61

Quarterly
Return
(%)
11.52
31.16
11.95
-19.78
-17.27
16.79
28.88
N/A
-1.57
18.18

67.6

EM Asia

77.0

EM Europe + Middle East + Africa

9.4
11.3

EM Latin America

12.4
8.2

EMU

0.3
0.9

Europe ex EMU

1.4
0.2

North America

1.9
0.7

Pacific

3.6
1.7

Other

1.3
0.0

Cash

2.0
0.0

0.0
Driehaus Emerging Markets Growth

25.0

50.0

75.0

MSCI EM (net)

73 of 124
3.16

Portfolio Characteristics

As of March 31, 2026

First American Multi-Manager Fixed Income Fund vs. Blmbg. U.S. Aggregate
Portfolio Characteristics

Credit Quality Distribution (%)

Portfolio
5.84
5.15
8.20
AA
4.00

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Benchmark
5.88
4.57
8.17
AA
3.69

150.0

100.0
73.8

50.0

44.2
18.1

15.9

16.2

11.5

11.6

3.2

0.0

aa
/A
A
AA

1.8 0.0

a
/A
AA

aa
/B
B
BB

A

0.3 0.0

a
/B
BB

B

3.4

0.1 0.0

w
lo
Be

B
C

h
as

0.0

NR
or

First American Multi-Manager Fixed Income Fund
Blmbg. U.S. Aggregate

Sector Distribution (%)
80.0

60.0
49.6

40.0
27.9
22.4

20.0

28.8

25.3

23.9

10.2
2.8

0.0

G

&
't
ov

d
te
la
e
R
a
oc
i/L
n
u
M

y
ri t
ho
t
u
lA

0.7

0.4

S
AB

First American Multi-Manager Fixed Income Fund

4.5

1.7

0.0

C

LO
o
M

es
ag
g
rt
v
In

G

de
ra

C

p
or
gh
Hi

d
el
Yi

1.1

0.0

s
rp
Co
Em

g

k
ar
M

0.0

0.0

s
et
N

.D
.S
U
on

0.8

0.0

ev
C

O
h/
as

0.0

er
th

Blmbg. U.S. Aggregate

74 of 124
3.17

Portfolio Characteristics

As of March 31, 2026

PGIM Core Fixed vs. Blmbg. U.S. Aggregate
Portfolio Characteristics
Portfolio
5.90
5.04
7.61
AA
4.00

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Credit Quality Distribution (%)
Benchmark
5.88
4.57
8.17
AA
3.69

150.0

100.0
73.8

50.0

40.9
29.1
16.4

11.7 11.5
3.2

0.0

1.2 0.0

a
/A
AA

aa
/A
A
AA

11.6

aa
/B
B
BB

A

PGIM Core Fixed

0.4 0.0

a
/B
BB

B

0.1 0.0

w
lo
Be

0.3 0.0

B
C

h
as

NR
or

Blmbg. U.S. Aggregate

Sector Distribution (%)
80.0

60.0
49.6

40.0

38.5
25.7

25.3

23.9

20.0
12.1

10.9

7.7
1.3

0.0

G

&
't
ov

d
te
la
e
R
a
oc
i/L
n
u
M

PGIM Core Fixed

y
ri t
ho
t
u
lA

0.7

0.4

S
AB

1.2

0.0

C

LO
o
M

es
ag
g
rt
v
In

G

de
ra

C

p
or
gh
Hi

d
el
Yi

2.5

0.0

s
rp
Co
Em

g

k
ar
M

0.0

0.0

s
et
C

O
h/
as

0.0

er
th

Blmbg. U.S. Aggregate

75 of 124
3.18

Portfolio Characteristics

As of March 31, 2026

TIAA Core Fixed vs. Blmbg. U.S. Aggregate
Portfolio Characteristics

Credit Quality Distribution (%)

Portfolio
5.84
5.20
8.84
A
3.67

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Benchmark
5.88
4.57
8.17
AA
3.69

150.0

100.0
73.8

50.0

46.6

18.3

12.0

14.4 11.6

11.5

3.8

3.2

0.0

aa
/A
A
AA

a
/A
AA

A

aa
/B
B
BB

TIAA Core Fixed

0.4 0.0

0.0

a
/B
BB

B

4.5

0.0 0.0

w
lo
Be

B
C

h
as

0.0

NR
or

Blmbg. U.S. Aggregate

Sector Distribution (%)
80.0

60.0
49.6

40.0
27.9

26.0

31.4
25.3

23.9

20.0
6.3
0.7

0.0

G

&
't
ov

d
te
la
e
R
a
oc
i/L
n
u
M

TIAA Core Fixed

y
ri t
ho
t
u
lA

4.5

3.4

0.4

S
AB
o
M

es
ag
g
rt
v
In

G

de
ra

C

p
or
gh
Hi

d
el
Yi

0.4

0.0

s
rp
Co
Em

g

k
ar
M

0.0

0.0

0.1

s
et
C

O
h/
as

er
th

Blmbg. U.S. Aggregate

76 of 124
3.19

Portfolio Characteristics

As of March 31, 2026

USBAM Core Fixed vs. Blmbg. U.S. Aggregate
Portfolio Characteristics
Portfolio
5.86
4.72
8.33
AA
4.33

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Credit Quality Distribution (%)
Benchmark
5.88
4.57
8.17
AA
3.69

150.0

100.0
73.8
61.1

50.0
17.0
8.4

0.0

11.5

12.7

11.6

3.2

0.8

a
/A
AA

aa
/A
A
AA

A

USBAM Core Fixed

aa
/B
B
BB

C

h
as

0.0

NR
or

Blmbg. U.S. Aggregate

Sector Distribution (%)
80.0

60.0
49.6

40.0

37.6
33.1
21.4

20.0

25.3

23.9

7.1
0.0

0.0

G

&
't
ov

d
te
la
e
R

USBAM Core Fixed

a
oc
i/L
n
u
M

0.7

y
ri t
ho
t
u
lA

0.8

0.4

S
AB
o
M

es
ag
g
rt
v
In

G

de
ra

C

p
or
C

0.0

O
h/
as

er
th

Blmbg. U.S. Aggregate

77 of 124
3.20

Portfolio Characteristics

As of March 31, 2026

iShares Core U.S. Aggregate Bond ETF vs. Blmbg. U.S. Aggregate
Portfolio Characteristics
Portfolio
5.88
4.57
8.12
AA
3.70

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Credit Quality Distribution (%)
Benchmark
5.88
4.57
8.17
AA
3.69

150.0

100.0
73.2

73.8

50.0
11.9
2.4

0.0

11.5

11.7

11.6

3.2

aa
/A
A
AA

0.9

a
/A
AA

A

aa
/B
B
BB

C

h
as

0.0

NR
or

iShares Core U.S. Aggregate Bond ETF
Blmbg. U.S. Aggregate

Sector Distribution (%)
80.0

60.0
48.6

49.6

40.0
25.1

25.3

24.5

23.9

20.0
0.6

0.0

G

&
't
ov

d
te
la
e
R
a
oc
i/L
n
u
M

y
ri t
ho
t
u
lA

iShares Core U.S. Aggregate Bond ETF

0.7

0.4

0.9

0.4

S
AB
o
M

es
ag
g
rt
v
In

G

de
ra

C

p
or
C

0.0

O
h/
as

er
th

Blmbg. U.S. Aggregate

78 of 124
3.21

Portfolio Characteristics

As of March 31, 2026

iShares 10-20 Year Treasury Bond ETF vs. ICE U.S. Treasury 10-20 Year Bond Index
Portfolio Characteristics

Credit Quality Distribution (%)

Portfolio
11.87
4.83
16.75
AA
3.34

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Benchmark
12.13
4.80
16.32
AA
3.52

150.0

99.6

100.0

100.0

50.0

0.4

0.0

a
/A
AA
C

h
as

0.0

NR
or

iShares 10-20 Year Treasury Bond ETF
ICE U.S. Treasury 10-20 Year Bond Index

Sector Distribution (%)
150.0

100.0

100.0

99.6

50.0

0.4

0.0

G

&
't
ov

0.0

d
te
la
e
R

iShares 10-20 Year Treasury Bond ETF

C

O
h/
as

er
th

ICE U.S. Treasury 10-20 Year Bond Index

79 of 124
3.22

Portfolio Characteristics

As of March 31, 2026

PineBridge IG Credit vs. Blmbg. U.S. Credit Index
Portfolio Characteristics

Credit Quality Distribution (%)

Portfolio
6.84
5.22
10.74
A
4.62

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Benchmark
6.62
5.07
10.19
A
4.47

80.0

60.0
50.9
41.8

41.4

40.0

36.5

20.0
10.7
6.6

10.2

1.3

0.0

aa
/A
A
AA

0.1

a
/A
AA

A

PineBridge IG Credit

aa
/B
B
BB

0.5

0.0

a
/B
BB
C

h
as

0.0

NR
or

Blmbg. U.S. Credit Index

Sector Distribution (%)
150.0

100.0

92.2

86.6

50.0
10.8

7.2

0.0

0.0

G

&
't
ov

d
te
la
e
R

PineBridge IG Credit

a
oc
i/L
n
u
M

2.6

0.2

y
ri t
ho
t
u
lA
v
In

G

de
ra

C

p
or
gh
Hi

d
el
Yi

0.0

0.3

s
rp
Co
C

O
h/
as

0.0

er
th

Blmbg. U.S. Credit Index

80 of 124
3.23

Portfolio Characteristics

As of March 31, 2026

Brown Bros. Harriman Structured vs. ICE BofA ABS Fxd & Flting Rate AA-BBB Idx
Portfolio Characteristics

Credit Quality Distribution (%)

Portfolio
2.38
6.91
2.75
AA
5.17

Effective Duration
Yield To Maturity (%)
Avg. Maturity
Avg. Quality
Coupon Rate (%)

Benchmark
2.68
5.55
3.61
A
5.01

60.0

45.0

42.4

40.5

29.1

30.0

28.6
22.1
16.3

15.1

15.0
4.5

0.8

0.0

0.0

aa
/A
A
AA

a
/A
AA

A

aa
/B
B
BB

0.7

0.0

a
/B
BB

w
lo
Be

0.0

0.0

B
C

h
as

NR
or

Brown Bros. Harriman Structured
ICE BofA ABS Fxd & Flting Rate AA-BBB Idx

Sector Distribution (%)
150.0

100.0

100.0
80.9

50.0
15.6
1.8

0.0

S
AB

Brown Bros. Harriman Structured

0.0

C

LO

0.6

0.0

es
ag
tg
r
o
M

v
In

G

de
ra

0.0

C

1.1

p
or
C

O
h/
as

0.0

er
th

ICE BofA ABS Fxd & Flting Rate AA-BBB Idx

81 of 124
3.24

IMPORTANT DISCLOSURES
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was
prepared without regard to any specific objectives or financial circumstances.
PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is
obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its
accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the
custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we
disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be
recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When
average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated
by a NRSRO.
It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of
investor assets. Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index
returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these
fees and charges would cause investment performance to be lower than the performance shown.
The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change.
Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain
assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report.
Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes
in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected
performance.
(^) Performance information is gross of fees and reflects sleeve level information (not specific to this client/investor). It is provided by sub-advisers
of the First American Multi-Manager Equity Fund, First American Multi-Manager International Equity Fund and First American Multi-Manager FixedIncome Fund.

This information does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security by anyone in any jurisdiction
in which such offer or solicitation is not authorized, or in which the person making such offer is not qualified to do so, or to anyone to whom it is
unlawful to make such an offer or solicitation, or to anyone in any jurisdiction outside the United States. Investors should consider the investment
objectives, risks, charges and expenses before investing in any of the First American Multi-Manager Series Trust (the “Trust”) portfolios (the
“Funds”). This and other information about the Funds is available in the Funds’ current Prospectus and Statement of Additional Information which
should be read carefully before investing. Each Fund is classified as diversified under the Investment Company Act of 1940, as amended (the
“1940 Act”). Each Fund is a series of the Trust that was formed as a Delaware statutory trust on December 21, 2016 under an Agreement and
Declaration of Trust (the “Trust Agreement”). The First American Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”) will seek to
provide long-term capital appreciation. The First American Multi-Manager International Equity Fund (the “International Equity Fund”) will seek to
provide long-term capital appreciation. The First American Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) will seek to maximize total
return (capital appreciation and income) consistent with reasonable risk.
82 of 124

IMPORTANT DISCLOSURES

Shares of the Funds are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). U.S. Bancorp
Asset Management, Inc. serves as administrator and investment adviser to the Funds. As part of its management and oversight of the Funds, U.S.
Bancorp Asset Management selects investment advisers to serve as sub-advisers, and determines the allocation of each Fund’s assets among the
selected sub-advisers. In its discretion, it may allocate no assets to a given sub-adviser. Each sub-adviser manages a portion of one or more of the
Funds. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp
Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
© 2026 USBAM.. Further distribution is not permitted without prior written consent.

83 of 124

Asset Allocation
Modeling

A Division of U.S. Bancorp Asset Management, Inc.
For Institutional Investor or Investment Professional Use Only This material
is not for inspection by, distribution to, or quotation to the general public

pfmam.com
84 of 124

1

Capital Market
Assumptions

85 of 124

2026 Capital Market Assumptions
U.S. Large Cap Equity

Intermediate: Next 5 Years
Expected Return Expected Risk
6.8%
16%

Long Term Projections
Expected Return Expected Risk
7.2%
16%

U.S. Small Cap Equity

8.0%

19%

8.0%

19%

Int'l Developed Equity

7.6%

17%

7.2%

17%

EM Equity

8.0%

20%

7.8%

20%

Short-Term Bonds

3.5%

3%

3.4%

3%

Core Bonds

4.0%

5%

4.4%

5%

Global Core

3.1%

5%

3.6%

5%

Intermediate IG Corp

4.5%

7%

4.9%

7%

Long IG Corp

4.8%

8%

5.6%

8%

Broad Treasury

3.8%

5%

4.0%

5%

Long Treasury

4.4%

12%

4.8%

12%

20+ STRIPS

4.2%

21%

4.9%

21%

High Yield Bonds

5.3%

9%

5.8%

9%

Bank Loans

5.4%

6%

5.5%

6%

REITs

7.3%

16%

7.1%

16%

Listed Infrastructure

7.4%

13%

7.5%

13%

Private Equity

9.1%

22%

9.9%

22%

Private Debt

7.3%

13%

7.2%

13%

Private Real Estate

8.1%

18%

7.8%

18%

Private Infrastructure

9.6%

15%

8.8%

15%

Hedge Funds

7.3%

16%

7.5%

16%

Cash

3.3%

1%

3.1%

1%

For the intermediate term (up to 5 years), our capital market assumptions derive from our assessment of current economic conditions, including corporate profits, balance sheets,
etc., and current valuations for various asset classes. Our long-term assumptions are derived using an economic building block approach that projects economic and corporate profit
growth and takes into consideration the fundamental factors driving long-term real economic growth, our expectation for inflation, productivity and labor force growth.

86 of 124

14

Asset Allocation
Modeling

87 of 124

Asset Allocation Summary
40/60 Model

50/50 Model

60/40 Model

70/30 Model

80/20 Model

Equity

36.0%

45.0%

54.0%

63.0%

72.0%

US Large Cap Equity

22.8%

28.5%

34.2%

39.9%

45.6%

US Small Cap Equity

1.2%

1.5%

1.8%

2.1%

2.4%

Int'l Developed Equity

8.4%

10.5%

12.6%

14.7%

16.8%

Emerging Market Equity

3.6%

4.5%

5.4%

6.3%

7.2%

Listed Real Assets

4.0%

5.0%

6.0%

7.0%

8.0%

REITs

2.0%

2.5%

3.0%

3.5%

4.0%

Listed Infrastructure

2.0%

2.5%

3.0%

3.5%

4.0%

Fixed Income

60.0%

50.0%

40.0%

30.0%

20.0%

Core Bonds

55.5%

46.3%

37.0%

27.8%

18.5%

High Yield Bonds

4.5%

3.8%

3.0%

2.3%

1.5%

Expected Return

5.8%

6.1%

6.5%

6.8%

7.1%

Standard Deviation

7.4%

8.5%

9.8%

11.1%

12.4%

Return / Standard Deviation

0.79

0.72

0.66

0.61

0.58

Expected Return

6.0%

6.3%

6.6%

6.9%

7.2%

Standard Deviation

7.4%

8.5%

9.8%

11.1%

12.4%

Return / Standard Deviation

0.82

0.74

0.68

0.62

0.58

Intermediate-Term Assump. (5 Years)

Long-Term Assump. (30 Years)

Representative as of 12/31/2025. Asset allocations and assumptions are subject to change. Please see important 88 of 124
disclosures at the end of this presentation for additional information.

18

Efficient Frontier (Long-Term)
11
Emerging Market Equity

10

US Small Cap Equity

Arithmetic Mean

9
Int'l Developed Equity
US Large Cap Equity

Listed Infrastructure

8

80/20 Model

REITs

70/30 Model
60/40 Model

7

50/50 Model
40/60 Model

6

High Yield Bonds

5
Core Bonds
4

3
2

4

6

8

10

12

14

16

18

20

22

Risk: Standard Deviation

Representative as of 12/31/2025. Asset allocations and assumptions are subject to change. Please see important 89 of 124
disclosures at the end of this presentation for additional information.

20

Return Projections (Intermediate and Long-Term)

20

5 Year

30 Year

Annualized Return (%)

15

10

5

0

-5

40/60 Model 50/50 Model 60/40 Model 70/30 Model 80/20 Model

█ 5th

95th percentile range

█ 25th

75th percentile range

40/60 Model 50/50 Model 60/40 Model 70/30 Model 80/20 Model

95th

11.23

12.35

13.58

14.89

16.30

8.31

8.97

9.59

10.27

10.94

75th

8.07

8.85

9.61

10.31

11.03

6.93

7.40

7.82

8.28

8.70

50th

5.80

6.14

6.47

6.77

7.13

6.02

6.33

6.62

6.91

7.18

25th

3.43

3.36

3.37

3.34

3.32

5.05

5.28

5.41

5.52

5.58

5th

0.06

-0.41

-1.02

-1.62

-2.25

3.74

3.76

3.71

3.57

3.41

The information provided reflects standard risk and return metrics for the portfolio depicted and are derived by running Monte Carlo

21

provided above. Asset class and risk return analytics are run through FactSet. Please see additional disclosures for more information. 90 of 124

Sample Historical Allocation Constituents
100 Equities (Russell 3000 66.0%, MSCI ACWI ex Us 34.0%)
90/10 (Russell 3000 58.5%, MSCI ACWI ex Us 31.5%, Bloomberg US Aggregate 10.0%)
80/20 (Russell 3000 52.0%, MSCI ACWI ex Us 28.0%, Bloomberg US Aggregate 20.0%)

70/30 (Russell 3000 45.5%, MSCI ACWI ex Us 24.5%, Bloomberg US Aggregate 30.0%)
60/40 (Russell 3000 39.0%, MSCI ACWI ex Us 21.0%, Bloomberg US Aggregate
40.0%)
50/50 (Russell 3000 32.5%, MSCI ACWI ex Us 21.0%, Bloomberg US Aggregate
50.0%)
40/60 (Russell 3000 26.0%, MSCI ACWI ex Us 14.0%, Bloomberg US Aggregate
60.0%)
30/70 (Russell 3000 19.5%, MSCI ACWI ex Us 10.5%, Bloomberg US Aggregate 70.0%)
20/80 (Russell 3000 13.0%, MSCI ACWI ex Us 7.0%, Bloomberg US Aggregate 80.0%)

10/90 (Russell 3000 6.5%, MSCI ACWI ex Us 3.5%, Bloomberg US Aggregate 90.0%)
100 FI (Bloomberg US Aggregate 100.0%)
91 of 124

22

Important Disclosures for Return Projections
(Intermediate and Long-Term)
The information provided reflects standard risk and return metrics for the portfolio depicted and are derived by

The return data is representative in nature and should not be relied upon as independently verifiable information.
There is no guarantee that the projected returns can or will be achieved. Results may vary with each use and over
time. This material does not purport to contain all of the information that a prospective investor may wish to consider
and is not to be relied upon or used in substitution for the exercise of independent judgement.
Past performance is not a guarantee of future results. Prior to investing, you should consult your accounting, tax, and
legal advisors to understand the implications of such an investment. Asset class and risk return analytics are run
through FactSet.

92 of 124

23

Disclosures
The returns presented in this simulation are not actual returns experienced by
a real investor, but rather simulated returns that we believe could have been
achieved under controlled circumstances using a number of assumptions. No
representation or warranty is made to the reasonableness of the assumptions
made or that all assumptions used in achieving the returns have been stated
or fully considered.
No assurance can be given as to whether the information and/or assumptions
upon which this hypothetical performance is based reflect present market
conditions or future market performance. Actual performance results may
differ from this hypothetical performance presented. Changes in the
assumptions may have a material impact on the hypothetical performance
presented. Past performance is no guarantee of future results.
The material is provided to you on the understanding that, as a sophisticated
investor, you will understand and accept its inherent limitations.

93 of 124

24

Disclaimer

Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment
adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp
Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S.
Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for
and does not guarantee the products, services or performance of PFMAM. The information contained is
not an offer to purchase or sell any securities. Additional applicable regulatory information is available
upon request.
For more information regarding PFMAM’s services please visit www.pfmam.com.

94 of 124

25

Memorandum
To:

Walworth County Finance Committee

Cc:

Jessica Conley, Finance Director

From:

Todd J. Paprocki, Comptroller

Date:

May 5, 2026

RE:

Other Postemployment Benefits (OPEB) 2026 Investment Policy

Accounting regulations require us to obtain Finance Committee approval annually regarding our
investment target allocations for our Other Postemployment Benefits Trust account, found on page 3
of our current OPEB investment policy statement and in the table below. This topic may be brought
back more frequently at the request of the Committee or should staff believe a change is warranted.
Currently, we provide a semi-annual report to the Committee regarding our OPEB investments, with
an annual appearance by our investment advisor PFMAM who will present an economic update
along with our most recent quarter results and some modeling based on our OPEB actuarial study.
Our current investment return goal is 5.5%, net of investment expense according to our actuarial
study. Our investment advisor PFMAM works under the assumption of an expected gross investment
return of about 6.4% given the 50% equity/50% fixed income asset allocation. Our investment
advisor may shift the actual asset allocation within a 10% margin (20% for cash liquidity needs) in
either direction from the target allocation set by the Finance Committee to react to the changing
market. Policy and the previous two yearend allocations have been included in the following table
for comparison.
Asset
Category

Target
Asset

Fixed Income
Domestic Equity
International Equity
Other
Cash
Total

50.0%
33.0%
17.0%
0.0%
0.0%
100.0%

Asset
Weighting
Range
40-60%
23-43%
7-27%
0-10%
0-20%

Actual Asset
Allocation
(12/31/2024)
49.9%
33.5%
14.8%
1.6%
0.2%
100%

Actual Asset
Allocation
(12/31/2025)
48.8%
33.6%
17.3%
0.0%
0.3%
100%

Maintaining the investment advisor’s ability to achieve a neutrally positioned and well diversified
portfolio across sectors is all the more important in changing economic times. We recommend
continuing with the current 50/50 equity/fixed income mix that we have employed with success since
2013.
Attachment
Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

95 of 124

96 of 124

97 of 124

98 of 124

99 of 124

100 of 124

101 of 124

102 of 124

103 of 124

104 of 124

105 of 124

Resolution No. **-06/26
Authorizing the Acceptance of the Keeping Kids Safe and Putting Families First Funds and
Establishing a Budget
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

Moved/Sponsored by: Health and Human Services Board and Finance Committee
WHEREAS, the State of Wisconsin Department of Children and Families (DCF) processed an
amendment to the State and County Child Welfare Contract adding a one-time funding increase
through the Keeping Kids Safe and Putting Families First Fund; and,
WHEREAS, DCF has awarded $109,565.14 to Walworth County Department of Health and
Human Service (HHS) for the period of January 1, 2026, through December 31, 2026, with no
County match requirement; and,
WHEREAS, the Keeping Kids Safe and Putting Families First Funds are intended to advance
the purpose of keeping children safe, increasing parental protective capacities, decreasing out of
home placements, helping families develop informal support, reducing maltreatment of children,
and keeping families intact; and,
WHEREAS, DCF has indicated a wide array of allowable expenses, including but not limited to
case management, parenting education, peer support, concrete support needs such as clothing,
housing assistance, transportation, respite care, and other services needed to address issues
related to a child-specific need; and,
WHEREAS, HHS intends to utilize the funds for case management, client services, and concrete
support needs, as well as other expenditures allowed under the funding, including support to be
determined based on specific family and child needs.
NOW, THEREFORE, BE IT RESOLVED that the Walworth County Board of Supervisors
directs the County Administrator and Health and Human Services Director/Superintendent of
County Institutions to accept the funds, agree to the terms and conditions, and submit requested
reimbursement documentation.
BE IT FURTHER RESOLVED that the Walworth County Board of Supervisors authorizes
staff to increase the Health and Human Services 2026 revenue and expenditure budget for the
Keeping Kids Safe and Putting Families First funding award in the amount of $109,566 to be
used for allowable expenditures, including case management, client services, concrete support
needs, and other allowable purposes with a final spending deadline of December 31, 2026.

Rick Stacey
County Board Chair

Susi Pike
County Clerk

County Board Meeting Date: June 9, 2026

1

106 of 124

1
2

Action Required:

Majority Vote

Two-thirds Vote

X

Other

Policy and Fiscal Note is attached.
Reviewed and approved pursuant to Section 2-91 of the Walworth County Code of Ordinances:
___________________________________
Jessica Conley
Date
Finance Director

___________________________________
Michael P. Cotter
Date
Corporation Counsel
___________________________________
Mark W. Luberda
Date
County Administrator

If unsigned, exceptions shall be so noted by the County Administrator.

2

107 of 124

Policy and Fiscal Note
Resolution No. **-06/26
I.

Title: Authorizing the Acceptance of the Keeping Kids Safe and Putting Families First
Funds and Establishing a Budget

II.

Purpose and Policy Impact Statement: The Wisconsin Department of Children and
Families (DCF) processed an amendment to the State/County contract with a one-time
funding increase of $109,565.14 for the Keeping Kids Safe and Putting Families First
funds. The purpose of this funding is to keep children safe, increase parental protective
capacities, decrease out of home placements, help families develop informal support,
reduce maltreatment of children and keep families intact. Under the array of allowable
expenditures, HHS intends to utilize the funds for case management, client services,
concrete support needs, as well as other allowable expenditures set by the granting
agency.

III.

Budget and Fiscal Impact: This resolution authorizes an increase to the Health and
Human Services 2026 revenue and expenditure budget by $109,566 for the Keeping Kids
Safe and Putting Families First award which was not previously included in the budget.
There is no required County match and the funds must be spent prior to December 31,
2026.

IV.

Referred to the following standing committee(s) for consideration and date of
referral:
Committee:

Health and Human Services Board

Date: May 20, 2026

Finance Committee

Date: May 21, 2026

Vote:
Committee:
Vote:
County Board Meeting Date: June 9, 2026
Policy and fiscal note has been reviewed and approved as an accurate statement of the probable policy and fiscal
impacts associated with passage of the attached ordinance/resolution.
___________________________________
Michael P. Cotter
Date
Corporation Counsel

Mark W. Luberda
County Administrator

____________________________________
Jessica Conley
Date
Finance Director

Date

3

108 of 124

Memorandum
To:

Health and Human Services Board
Human Resources Committee
Finance Committee

From:

Alicia Van Dyke, HHS Deputy Director

Date:

May 7, 2026

RE:

Anticipated Funding and Position Requests for HHS FoodShare Quality
Control Grant
______________________________________________________________________________
This topic is being added to the May agendas of the Health and Human Services Board,
Human Resource Committee, and Finance Committee for discussion. We anticipate
bringing back a resolution in June 2026 to request acceptance of the new grant funding
and authorization for the creation of new Quality Control positions and other allowable
expenditure efforts.
Back story: The 2025 passage of the Federal “One Big Beautiful Bill” (OBBB) introduced
significant changes to the SNAP program, also known as FoodShare in Wisconsin.
•
•
•

Federal reimbursement of administrative costs reduced from 50% to 25%.
New contributions required by states for benefit costs based on error rate.
Expanded participant work requirements from age 54 to 64 years of age.

Wisconsin is one out of ten states nationwide to have counties administer the SNAP and
Medicaid programs jointly to determine eligibility. The federal reduction of SNAP
administrative costs from 50% to 25% could have impacted Walworth County with up to
$620,000 in reduced grant revenues for our Economic Support staff starting October 1,
2026.
Since county staff determine eligibility, we also have a direct relationship with the error
rates for the state. If error rates exceed 6%, the State of Wisconsin will be mandated by
the federal government to start contributing towards the FoodShare/SNAP benefit costs.
•
•

If error rates >6%, the State will pay $69 million
If error rates >8%, the State will pay $137 million
Health and Human Services | 1910 County Road NN | PO Box 1005 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-3200 (o) | (262) 741-3217 (f)
109 of 124

•

If error rates >10%, the State will pay $205.5 million

Current state: On March 23, 2026, Governor Evers signed the Assembly Bill (AB) 180,
now 2025 Wisconsin Act 116, to support the Wisconsin FoodShare program with $69.1
million of new funding, including:
•
•
•

$32.3 million - increase in the state’s share of the administration costs.
$20.7 million - increased FoodShare Employment and Training (FSET) program
due to work requirements extending from age 54 to 64.
$16.1 million – addition of DHS and county staff positions for quality control efforts
to maintain the FoodShare error rate below six percent and avoid new federal
penalties.

With the signing of this bill, Walworth County’s estimated $620,000 federal grant reduction
has been favorably resolved by the new state funding and will allow the county to continue
funding and staffing the Economic Support program to the necessary levels.
Additionally with the signed bill, the Moraine Lakes Consortium, which includes Fond du
Lac, Ozaukee, Walworth, Washington, and Waukesha counties, will start receiving new
funding for quality control efforts to keep the FoodShare error rates below six percent.
Draft contract language allocates $993,000 to Moraine Lakes Consortium, with an
estimated $172,000 attributable to Walworth County based on caseload (7,907 as of
March 2026).
The new funding does not require any county match, but does include several
requirements, such as:
•
•

•

•

Counties must submit a detailed staffing plan within 30 days of signing the contract.
The funding cannot be used to supplant existing staff or county contributions. The
state has informally asked for new Quality Control (QC) positions to be added prior
to the end of summer 2026.
The staff filling these new QC positions will be experienced in FoodShare eligibility,
participate in quality control efforts on the local and state level, identify systematic
improvements, and provide support and training to improve decision making on
cases.
QC staff will review and approve a minimum of 25% of all FoodShare cases prior
to the issuance of benefits, which is estimated to be 333 cases per month for
Walworth County.

Future steps: Walworth County HHS recognizes the importance of maintaining an
accurate, high-quality FoodShare program and the significant statewide impacts that

110 of 124

could result if error rates exceed 6%. Our Moraine Lakes Consortium partners—Fond
du Lac, Ozaukee, Washington, and Waukesha counties—share this commitment.
Together, we are closely evaluating our staffing needs under the requirements of our
anticipated $993,000 FoodShare Quality Control award.
The draft contract also outlines a reob/deob component, which allows funds to be shifted
among consortiums based on actual expenditures. This annual year-end reallocation may
help address any initial funding gaps identified as we finalize staffing needs for
both Walworth County and the Moraine Lakes Consortium.
We anticipate the need for two Economic Support Lead Workers (1.75 FTE) to meet the
funding requirements and manage the FoodShare workload associated with Walworth
County and our anticipated $172,000 award. While the total costs for these two positions
may vary significantly depending on benefit selections ($163,402 - $207,524 at mid-range
wages), we expect these fluctuations to be absorbed within the broader Economic
Support program structure with typical staff transitions.
We welcome your questions and discussion regarding the grant program and staffing
proposal. In June, a resolution will be presented to the Health & Human Services Board,
Human Resources Committee, and Finance Committee for consideration and approval,
with full County Board approval sought in July.

111 of 124

Resolution No. **-06/26
Authorizing the Closure of Eight Capital Projects Completed During 2026 and Committing
Remaining Funds to Their Respective Fund Balance Reserves for the Year Ended
December 31, 2026
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Moved/Sponsored by: Public Works Committee and Finance Committee
WHEREAS, County Ordinance 30-174 establishes the Capital Project Fund as a multi-year fund
which states all project budget appropriations shall continue in force until the purpose for which
it was made has been accomplished or abandoned, and provides that all projects shall require a
County Board resolution to close the project and transfer any remaining appropriations to the
appropriate committed fund balance account; and,
WHEREAS, eight capital projects funded as presented in the following table were completed
during 2026 in the Capital Project Fund as the objective of each project has been accomplished
within the budgeted appropriation except W2336 Sheriff’s Office (SO) Squad Replacement (10)
which had a revenue shortfall from surplus sales which will be offset against the other projects
funded by Capital Improvement reserves; and,
Project Information
Name

Account
Number

Jail Lock Repl.

W2443

Jail Security
Electronics Syst.
Government Center
(GC) Utility
Infrastructure
Improv.
Health and Human
Services (HHS) Main
Breaker Repl.
Judicial Center (JC)
& SO Structural
Entry Bollard Repl.
SO Squad Repl. (10)
Public Works (PW)
Matrix Plotter Repl.
CTH C (CTH B to
CTH X)
Total

15
16
17

Funding Sources
Tax Levy

Total

Road and
Capital
Bridge
Improvements
Construction

Budget

395,000

$ 395,000

C2002

2,200,000

2,200,000

W2203

496,000

496,000

W2541

$

Other
Revenues

$ 37,330

37,330

W2401

134,000

W2336

30,188

768,000

I2611

15,000

500

230C1

$1,378,315

$ 1,042,182

$1,460,833

$ 1,042,182

134,000
$ 36,500

834,688
15,500

$ 841,503 $3,262,000
$ 3,993,500

$ 878,003 $7,374,518

WHEREAS, the completed projects have budget appropriation amounts remaining as presented
in the following table which are now available for commitment to other purposes; and,
1

112 of 124

1
Project Information
Account
Number

Budget

Actual
Expenditures

Jail Lock Repl.

W2443

$ 395,000

$

Jail Security
Electronics Syst.

C2002

GC Utility
Infrastructure
Improv.

W2203

HHS Main Breaker
Repl.

W2541

Name

Reserve

Other
Revenues
Over/(Short)

Available
(Shortfall)

Commitment
Capital
Improvements
Capital
Improvements

342,833

$ 52,167

2,200,000

2,196,392

3,608

496,000

486,022

9,978

Capital
Improvements

37,146

184

Capital
Improvements

1,804

Capital
Improvements

(15,395)

Capital
Improvements

37,330

JC & SO Structural
Entry Bollard
W2401
Repl.

134,000

132,196

SO Squad Repl.
(10)

W2336

834,688

834,688

PW Matrix Plotter
Repl.

I2611

15,500

15,238

262

CTH C (CTH B to
CTH X)

230C1

3,262,000

2,584,228

677,772

$7,374,518

$ 6,628,743

Total

2
3
4
5
6
7
8
9

Totals

$

(15,395)

$ (15,395)

Capital
Improvements
Road and
Bridge
Construction

$ 730,380

WHEREAS, there are not any outstanding encumbrances for payment and all final bills have
already been authorized for payment on all projects presented in the following table.
NOW, THEREFORE, BE IT RESOLVED that the Walworth County Board of Supervisors
authorizes the closure of the following completed projects and the reduction of remaining
expenditure budgets as follows for the year ended December 31, 2026.
Project Information
Name
Jail Lock Replacements
Jail Security Electronics System
GC Utility Infrastructure Improvements
HHS Main Breaker Replacement
JC & SO Structural Entry Bollard Replacement
SO Squad Replacement (10)
PW Matrix Plotter Replacement
CTH C (CTH B to CTH X)
Total

2

Number
W2443
C2002
W2203
W2541
W2401
W2336
I2611
230C1

Totals
Available
$
52,167
3,608
9,978
184
1,804
(15,395)
262
677,772
$
730,380

113 of 124

1
2
3
4

BE IT FURTHER RESOLVED that the Walworth County Board of Supervisors approves the
reserve commitments of available funds as follows for the year ended December 31, 2026.
Reserve Name

Total Addition

Road and Bridge Construction

$

Capital Improvements

677,772
52,608

Parks

5
6
7
8
9
10
11
12
13
14
15
16
17

-

Total

$

730,380

BE IT FURTHER RESOLVED that the Walworth County Board of Supervisors authorizes the
Finance Department to adjust the amount committed to reserves based on any residual project
invoices.

Rick Stacey
County Board Chair

Susi Pike
County Clerk

County Board Meeting Date: June 9 , 2026
Action Required:

Majority Vote

Two-thirds Vote

X

Other

Policy and Fiscal Note is attached.
Reviewed and approved pursuant to Section 2-91 of the Walworth County Code of Ordinances:
___________________________________________
Michael P. Cotter
Date
Corporation Counsel

__________________________________________
Jessica Conley
Date
Finance Director

___________________________________________
Mark W. Luberda
Date
County Administrator
If unsigned, exceptions shall be so noted by the County Administrator.

3

114 of 124

Policy and Fiscal Note
Resolution No. **-06/26
I.

Title: Authorizing the Closure of Eight Capital Projects Completed During 2026 and
Committing Remaining Funds to Their Respective Fund Balance Reserves for the Year
Ended December 31, 2026

II.

Purpose and Policy Impact Statement: The purpose of this resolution is to authorize
the closing of the eight completed capital projects: Jail Lock Replacements, Jail Security
Electronics System, GC Utility Infrastructure Improvements, HHS Main Breaker
Replacement, JC & SO Structural Entry Bollard Replacement, SO Squad Replacement
(10), DPW Matrix Plotter Replacement, and CTH C (CTH B to CTH X). The remaining
funds shall be committed to the reserves as presented in the resolution for the year ended
December 31, 2026.

III.

Budget and Fiscal Impact: This resolution will close the eight stated capital projects in
the Capital Project Fund and commit their available balances totaling $730,380 to their
respective committed reserve fund balance accounts to be utilized for future capital
projects.

IV.

Referred to the following standing committee(s) for consideration and date of
referral:
Committee:

Public Works Committee

Date: May 18, 2026

Finance Committee

Date: May 21, 2026

Vote:
Committee:
Vote:
County Board Meeting Date: June 9, 2026
Policy and fiscal note has been reviewed and approved as an accurate statement of the probable policy and fiscal
impacts associated with passage of the attached resolution.
___________________________________________
Michael P. Cotter
Date
Corporation Counsel

___________________________________________
Jessica Conley
Date
Finance Director

___________________________________________
Mark W. Luberda
Date
County Administrator

4

115 of 124

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

May 12, 2026

RE:

County Board Members 2027 Budget Planning

This budget planning agenda item allows Finance Committee and County Board
members in attendance to present or suggest any special considerations, programs,
expenditures, capital projects, etc. that they would like considered during development of
the Administrator’s proposed 2027 budget. This may mean expansion or removal of
services or projects as well. Consideration of ideas during the initial drafting of the
budget may make it easier for items to be fit within the financing structure to avoid the
add-cut balance that often occurs when new ideas are considered late in the process.
Any ideas will be shared with department heads to determine what would be necessary
to include these ideas in the 2027 budget. Staff anticipate bringing this topic back in
June to all Committees to generate additional ideas for discussion.
Our Budget Analyst Brad Warner completed a very preliminary annual forecast. For
2027, we anticipate some increased revenue capacity from sales tax growth to help offset
operational expense increases, but it is unlikely you will see a long list of increased
positions. We expect the 2027 budget and upcoming years will bring much more difficult
balancing concerns without changes in the continued property tax levy limit enforced by
the State. Referendums in local school districts, municipalities, and other counties have
had mixed results and are often denied regarding requests to allow operational increases
to the levy. Below is a high-level list of items department heads and the County
Administrator must consider as we begin to develop the budget:
1) Increases in position costs due to cost of living, wage rate adjustments, and
benefit changes, combined with the potential for market changes that may result
from the County’s compensation study project.
2) Federal and state revenue changes to grants and funding levels which could
create immediate or major ramifications to County programs.

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

116 of 124

3) Any continued American Rescue Plan Act (ARPA) funding operating needs that
we are not eliminating through efficiencies and operational improvements will
need to be absorbed into the County’s operational budget. There are currently
approximately 3 positions that departments may be requesting to continue.
4) The transportation program rebranding efforts have created additional demand as
expected. It is our intention that efficiencies gained through use of technology to
assist in better scheduling of shared rides will be used to meet these needs rather
than increased funding, although we will need a few more months of data to
confirm this potential.
5) Studies currently underway and soon beginning may present increased
operational and capital needs in the near future.
6) Potential changes with Children with Disabilities Education Board (CDEB)
regarding tuition-based students. The State is holding a special legislative session
to discuss a legislative/governor deal on a potential fund balance distribution that
includes greater funding of special education. CDEB issues will vary greatly
depending upon the State’s final actions.
Any new ideas or requests for items to be removed would be helpful information to our
budget process so we can continue appropriate preparation of the County’s budget.
County Administrator Mark Luberda and I look forward to any ideas you may have at your
May meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

117 of 124

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

May 12, 2026

RE:

Government Finance Officers Association (GFOA) Distinguished Budget
Presentation Award for the 2026 Budget

I am pleased to announce that Walworth County received the Government Finance
Officers Association (GFOA) Distinguished Budget Presentation Award for our fiscal 2026
budget book. Attached is a copy of the award release provided by GFOA explaining the
award program at a high level. This is the 22nd consecutive year that our budget
document has been recognized by the GFOA.
I would like to thank all County staff for their hard work and dedication. Without them,
this prestigious award would not be possible. It takes a team effort with County Finance
staff working diligently with the County Board, the County Administrator, elected officials,
and departmental staff to continue to meet the high standards of this budget award.
Some of the review comments included suggestions to improve our performance
measurements which we intend to address when we replace our budget reporting
software in time for next year’s budget season. Another suggestion was to shorten our
book. We plan to review our book to determine information no longer necessary or that
can be provided in a more succinct manner. We will continue to enhance the information
that is presented in Walworth County’s budget and strive to maintain excellence in our
budget documents. No formal action is necessary.
JC/pjs
Attachment
c:

Mark Luberda, County Administrator
Todd Paprocki, Comptroller
Brad Warner, Budget Analyst

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

118 of 124

FOR IMMEDIATE RELEASE
4/14/2026

For more information, contact:
Technical Services Center
Phone: (312) 977-9700
Email: [email protected]

(Chicago, Illinois)—Government Finance Officers Association is pleased to announce that Walworth
County, Wisconsin received GFOA's Distinguished Budget Presentation Award for its budget.
The award represents a significant achievement by the entity. It reflects the commitment of the governing
body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget
award, the entity had to satisfy nationally recognized guidelines for effective budget presentation. These
guidelines are designed to assess how well an entity's budget serves as:
▪
▪
▪
▪

a policy document
a financial plan
an operations guide
a communications device

Budget documents must be rated "proficient" in all four categories, and in the fourteen mandatory criteria
within those categories, to receive the award.
There are over 1,900 participants in the Budget Awards Program. The most recent Budget Award recipients,
along with their corresponding budget documents, are posted quarterly on GFOA's website. Award
recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for
other governments throughout North America.

Government Finance Officers Association (GFOA) advances excellence in government finance by providing best
practices, professional development, resources, and practical research for more than 25,000 members and the
communities they serve.

119 of 124

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

May 13, 2026

RE:

Finance Department Announcements and Updates

The following updates highlight key efforts of the Finance Department.
Special Projects:
Vendor Verification Software ($60,000 budget):
In process of scheduling vendor demonstrations.
Upgrade General Ledger Software ($60,000 budget):
Report writing continues as all manually written reports must be converted to Tyler’s
general ledger software module.
Financial Reporting and Budgeting Software ($150,000 budget):
Awaiting final review and approval by Purchasing staff for phase one of the software
request for proposals.
Goals and Accomplishments Updates:
Financial Reporting:
Staff are finalizing the County’s financial statements and preparing for the Single Audit
(grant testing) which is scheduled to begin towards the end of May. Budget season is
also kicking off for departments and finance staff regarding capital and personnel budget
planning.
Purchasing:
The informal purchase process and the newest administrative procedure (Simplified
Acquisitions: Request for Quotations) are scheduled to be reviewed with department
heads and released to departments this week, including checklists and a video
presentation to assist department users. The new threshold is $10,000 to less than
$50,000 (previously under $25,000) in coordination with the recent changes to ordinance
which was approved by the County Board on May 12th.

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

120 of 124

Regulatory Updates:
I have nothing to report other than the State’s funding of the food share quality control
program needs and the additional school aid for special education. Both were discussed
in other areas of this agenda.
Staffing Updates:
27.55 FTEs (29 employees)/Fully staffed
If any new information develops, I will share these announcements at the meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

121 of 124

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

May 12, 2026

RE:

American Rescue Plan Act (ARPA) Financial Update

The first quarter 2026 financial summary submitted to the U.S. Treasury is attached
showing $98,497 of ARPA grant funding spent in the first quarter. Just under $800,000
remains to be spent by the end of the year.
Since the last meeting, the Sheriff’s Office Dive Boat was delivered and paid for, cutting
our remaining unspent ARPA grant funds by nearly $350,000. I fully anticipate we will be
below $400,000 remaining to be spent in the last half of the year!
Staff will be available to answer any ARPA or LATCF grant related questions at the
meeting.
JC/pjs
Attachment

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

122 of 124

Walworth County Recovery Grant
Actual 2021 to 1Q 2026 + Remaining Obligations
Gray designation indicates that project is likely complete.

Expense Category (EC)
Public Health (EC 1)
Mental Health Services in the Jail
Embedded Crisis Liaison Program Expansion (Net Revenue)
Public Health Mobile Vehicle
Mental Health Support for Students and Schools
Drinking Fountain Upgrades in County Buildings
Pandemic Prisoner Transports
County Pandemic Response Supplies
Health Insurance Reimbursement

2021-2024
Combined
YTD Actual

Post Obligation Deadline
2026
2026
Remaining
YTD Actual
1st Qtr Claim
Obligations
2025

Actual + Remaining
Obligations

149,156.38
436,146.65
177,030.79
90,498.03
11,318.85
175,000.00
12,384.29
634,567.57

51,455.01
94,375.04

16,269.83
-

7,275.16
27,812.28

224,156.38
436,146.65
177,030.79
90,498.03
11,318.85
175,000.00
12,384.29
756,754.89

Subtotal (EC 1)
Negative Economic Impacts (EC 2)

1,686,102.56

145,830.05

16,269.83

35,087.44

1,883,289.88

Social Service Organization Grants (United Way)
Aid to Tourism, Travel or Hospitality (WCVB)
Tourism Industry Promotion and Development
Veterans Impacted by Pandemic
Veterans Benefit Navigator
Financial Coaching/Economic Assistance
Walworth County Housing Authority

475,000.00
34,000.00
5,000.00
95,899.48
24,182.87
57,000.00
160,000.00

238,100.00
1,600.00
-

-

161,900.00
-

875,000.00
34,000.00
5,000.00
95,899.48
24,182.87
58,600.00
160,000.00

Subtotal (EC 2)
851,082.35
Public Health-Negative Economic Impact Public Sector Capacity (EC3)
Emergency Management Program Assistant (Moved to EC 6)
163,572.57
Pandemic Entrance Monitors
104,999.83
WCEDA - Child Care Study
9,500.00
Pandemic-Impacted Court Backlog
90,883.08

239,700.00

-

161,900.00

1,252,682.35

39,394.49

-

-

163,572.57
104,999.83
9,500.00
130,277.57

39,394.49

-

-

408,349.97

Subtotal (EC 3)
Premium Pay (EC 4)
Sheriff's Office Dispatch and Corrections Premiums
Mass Transit Drivers Premium Pay (Moved to EC 6)
Subtotal (EC 4)
Infrastructure-Water, Sewer & Broadband (EC 5)
Broadband Expansion-Charter
Broadband Expansion-Edge
Subtotal (EC 5)
Revenue Replacement (EC 6)
Transportation Program Vehicles-2023
Transportation Program Vehicles-2024
HR Personnel (Remote Training Learning Management System )
IT Personnel (Cybersecurity )
Pretrial Services Coordination
Management Analyst
Deputy Assigned Squads-2023
Deputy Assigned Squads-2024
Medical Support for Low-income Individuals
Dispatch Staffing
HR Generalist
Buyer
Systems Analyst/Developer
Library Service
HR Administration Clerk III
Sheriff Personnel (Text-to-911/911 System &
CAD-to-CAD SWAP )

368,955.48

54,247.54
164,544.99

-

-

-

54,247.54
164,544.99

218,792.53

-

-

-

218,792.53

-

500,000.00
25,000.00

-

-

500,000.00
25,000.00

-

525,000.00

-

-

525,000.00

-

-

462,401.38
326,663.13

462,401.38
326,663.13
26,638.17
274,734.80
52,360.95
43,428.72
307,720.00
312,964.68
414,202.00
86,692.19
151,798.86
224,529.64
84,523.23
45,948.00
56,248.07
122,459.64

203,564.00
87,897.40
49,818.18
-

34,152.00
14,271.85
-

98,109.00
-

123 of 124

26,638.17
274,734.80
52,360.95
43,428.72
307,720.00
312,964.68
750,027.00
86,692.19
151,798.86
312,427.04
84,523.23
45,948.00
120,338.10
122,459.64

Walworth County Recovery Grant
Actual 2021 to 1Q 2026 + Remaining Obligations
Gray designation indicates that project is likely complete.

Post Obligation Deadline
2021-2024
Combined
YTD Actual

2025

2026

YTD Actual

1st Qtr Claim

SO OT (Emergency Medical Dispatch Automation Swap )
IT Business Analysts Services
HHS Electronic Health Record System
911 Municipal Radio System Replacement
911 Center Radio System Replacement
Walworth County Economic Development AllianceUTVs (2) and trailer (net any trade-in from ATVs (2))
Clerk of Court - Court Backlog and Consultant
District Attorney - Law Clerk
IT-Upgrades at HHS Auditorim (County Board Room)
CTH O (CTH A to USH 12 North)
Epidemiologist
Storage Area Network (SAN) IT
Community Action Agency Financial Support
Emergency Management Program Assistant (Moved from EC 3)
Emergency Medical Service (EMS) Study
Mass Transit Drivers Premium Pay (Moved from EC 4)
Dive Boat
Masks and AEDs in Squads
LURM-Conservation Tech
Health System Analyst
LAWS-Small Dog Cages
White River Park-Pavillion and Overflow Parking
Webster House Repairs
IT-Minivan
Risk Management-Safety Equipment
911 System-County Towers

70,000.00
314,164.52
276,081.00
2,973,715.49
981,304.27
123,309.92
67,218.08
485,504.75
49,384.47
13,894.92
2,000,000.00
14,749.51
126,428.97
150,994.52
13,250.00
13,583.82
93,258.00
17,980.11
17,054.00
95,508.00
42,962.02
43,834.59
1,311,322.49

590,114.17
86,974.84
139,495.00
89,173.75
167,000.00
92,581.60
13,250.00
86,871.18
86,597.28
170,114.74
217,633.10
104,492.00
11,705.92
-

4,715.24
24,703.17
4,385.26
-

75,000.00
18,000.00
39,196.92
346,164.00
20,000.00
3,700.00
-

70,000.00
314,164.52
276,081.00
2,973,715.49
1,571,418.44
215,000.00
67,218.08
699,999.75
138,558.22
13,894.92
2,000,000.00
14,749.51
126,428.97
185,000.00
307,476.21
26,500.00
13,583.82
346,164.00
180,129.18
104,577.39
174,500.00
20,000.00
234,687.10
200,000.00
42,962.02
59,240.51
1,311,322.49

Subtotal (EC 6)
Administrative Services (EC 7)
County Administrative Support

12,288,816.91

2,197,283.16

82,227.52

600,169.92

15,168,497.51

Recovery Grant Manager, Audit, and Consulting
HR Generalist
Accountant
Buyer
Systems Analyst/Developer/Temp Help
Municipal Consulting Services

469,349.75
6,539.06
26,448.75
7,830.69
42,149.78
23,782.19

142,428.54
-

-

-

611,778.29
6,539.06
26,448.75
7,830.69
42,149.78
23,782.19

Subtotal (EC 7)

576,100.22

142,428.54

-

-

718,528.76

TOTALS

15,989,850.05

3,289,636.24

Expense Category (EC)
Revenue Replacement (EC 6) (continued)

2026
Remaining
Obligations

98,497.35
797,157.36
Amount spent thru 1Q 2026
Mental Health Services in the Jail
7,275.16
Health Insurance Reimbursement
27,812.28
Social Service Organization Grants (United Way)
161,900.00
Medical Support for Low-income Individuals
98,109.00
Clerk of Court - Court Backlog and Consultant
75,000.00
Community Action Agency Financial Support
18,000.00
Emergency Management Program Assistant (Moved from EC 3)
39,196.92
Dive Boat
346,164.00
LAWS-Small Dog Cages
20,000.00
Risk Management-Safety Equipment
3,700.00
Subtotal Remaining Obligations
Total Actual Spent + Remaining Obligations

Actual + Remaining
Obligations

20,175,141.00
19,377,983.64

797,157.36
20,175,141.00

124 of 124