Employee Retirement Account Committee (ERAC) Regular Quarterly Meeting

Book 1 Page 150 06-11-2026 12:00 p.m. MINUTES OF THE EMPLOYEE RETIREMENT ACCOUNT COMMITTEE REGULAR QUARTERLY MEETING OF JUNE 11, 2026 Present: Chair Ben Billingsley, Treasurer Kelly Strickland, Secretary Shayla Griggs, and Member Alexya Bolanos. Others: Senior Pension Analyst Anthony Ferrer, and Pension Specialist Peter Gottlieb. Absent: Vice Chair Lauren Sullivan. 1. CALL THE MEETING TO ORDER: Presenter: Chair Billingsley. Chair Billingsley called the Employee Retirement Account Committee (Committee) meeting to order at 12:00 p.m. 2. PLEDGE OF ALLEGIANCE: Presenter: Chair Billingsley. Chair Billingsley led the Committee and meeting attendees in recitation of the Pledge of Allegiance. 3. PLEDGE OF CIVILITY: Chair Billingsley stated for the record, "We may disagree, but we will be respectful of one another. We will direct all comments to issues. We will not engage in personal attacks." 4. ROLL CALL: Presenter: Senior Pension Analyst Ferrer. Senior Pension Analyst Ferrer called roll. Vice Chair Sullivan was not present. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of the Employee Retirement Account Committee Regular Quarterly Meeting of February 26, 2026. Presenter: Chair Billingsley. Secretary Griggs made a motion to accept the minutes of the February 26, 2026, Regular meeting; Treasurer Strickland seconded the motion. The motion passed unanimously (4-0). 7. QUARTERLY INVESTMENT REPORTS: 7.1. Presentation and Discussion Re: VALIC Financial Advisors, ERAC Report for Quarter Ending March 31, 2026.DRAFT

Book 1 Page 151 06-11-2026 12:00 p.m. Presenter(s): Trent Harris, Financial Advisor; David Allen, Divisional Vice President of Retirement Services VALIC Financial Advisors; Krista Hill Financial Advisor; Corebridge Financial. Trent Harris of VALIC Financial Advisors appeared before the Committee and introduced himself. Mr. Harris presented the client engagement reports. He attributed the higher numbers of participants accessing their accounts through the website, relative to the Mobile Application, to the website’s expanded functionality. The Committee expressed its appreciation to Mr. Harris for his engagement with participants, as well as the new format of the materials. 7.2. Presentation and Discussion Re: Daher Capital Group, Quarterly Investment Analysis Review Ending March 31, 2026. Presenter: Howard Daher, Principal, Daher Capital Group. Howard Daher of Daher Capital Group appeared before the Board and introduced himself and his presentation. Mr. Daher provided a brief market and economic overview. While the market declined modestly in Q1 2026, similarly to Q1 2025, it rebounded to date in Q2 2026. Although the market remains heavily concentrated in a select group of mega-cap technology stocks, it is beginning to broaden as investors see the impact of artificial intelligence (AI) on the greater economy. Inflation, employment, and wage growth continue to be top concerns for investors; in Q1 2026, the military conflict in Iran and ensuing restriction of oil transportation added to those concerns. Year-to-date through the close of the market on June 10, 2026, the market is up approximately 6%. While the S&P 500 fell in Q1 2026, small cap stocks and international stocks outperformed, which moderated some losses in other sectors. Fixed income was fairly flat. Despite significant positive and negative volatility, the quarter ended positively. Before addressing the Watch List, Mr. Daher requested the ERAC change its Investment Policy Statement (IPS), which currently includes the 5-year up/down capture rates in fund performance criteria. Up/down capture rates measure a fund’s performance relative to its benchmark in up markets and in down markets and report those performances in separate scores. Daher Capital uses FI360 software to apply the Plan’s scoring criteria, and FI360 recently issued a software update which included the replacement of the 5-year up/down capture rates with a 5-year “alpha” measurement. Alpha measures up and down capture rates in a single score which indicates if a fund relatively performed better or worse than its benchmark. Mr. Daher asked the ERAC to amend the fund scoring criteria in the IPS to replace 5-year up/down capture rates with 5-year alpha. Daher Capital will continue to report the 5-year up/down capture rates in its presentation materials as it remains informative. To Treasurer Strickland’s question, although the IPS could include both alpha and the up/down capture rates, FI360 is now using a different benchmark for the up/down capture rates, and therefore using just alpha would provide more consistency within the document. He explained that alpha, when combined with “beta,” which measures a fund’s relative risk, provides a “risk-adjusted return,” measurement. Mr. Daher clarified that he is continuing to work with FI360 to amend the software upgrade for the most desirable improvements. To Chair Billingsley’s question, Mr. Daher explained that both alpha and beta start at 1.0. Positive alpha means a fund is outperforming its benchmark; negative alpha means a fund is underperforming. Oppositely, negative beta indicates a fund has less risk than the benchmark, and positive beta indicates the fund has more risk. A fund with negative alpha and positive beta over several time periods indicates the fund is not providing value to participants. Treasurer Strickland made a motion to amend the IPS to replace 5-year up/down capture rates with 5-year alpha in fund scoring criteria; Secretary Griggs seconded the motion.DRAFT

Book 1 Page 152 06-11-2026 12:00 p.m. The motion passed unanimously (4-0). Mr. Daher advised he will update the IPS accordingly and addressed the funds on the Watch List. Hartford Dividend and Growth (Hartford) has approximately $1.2 million of participant funds invested as of the end of Q1 2026, which is less than 4% of total participant assets. Hartford is a large-cap value fund but leans towards growth and capital appreciation, with a secondary focus on dividends. It has been on and off the Watch List, and it lost approximately 3% during Q1 2026, which is when large cap value stocks outperformed. Because it has performed inconsistently over the past several years, Mr. Daher recommended replacing Hartford with one of the alternatives included in the materials. The investment menu currently offers the Vanguard Equity-Income fund, which is a conservative, dividend strategy, in the large cap value space. The Columbia Dividend Income and Fidelity Equity-Income funds, which scored well, are constructed very similarly to the Vanguard Equity-Income fund; selecting either fund would create overlap in the menu. The BNY Mellon Dynamic Value Fund (BNY) holds less stocks than Hartford, but is a “style pure” fund, meaning it does not invest outside its style, scored well, and is constructed similarly to Hartford so that it would not create overlap in the investment menu; it has the same approximate fee as Hartford. Mr. Daher noted that in Q2 2026 to date, Hartford appears to continue to underperform and will likely remain on the Watch List at the end of Q2 2026. Senior Pension Analyst Ferrer noted that the City’s Police Officers’ Pension Plan has maintained a long- standing placement with BNY Mellon which is managed by the same investment team as the Dynamic Value Fund. Secretary Griggs made a motion to replace the Hartford Dividend and Growth Fund with the BNY Mellon Dynamic Value Fund; Treasurer Strickland seconded the motion. The motion passed unanimously (4-0). Mr. Daher advised that the JP Morgan Growth Advantage (JP Morgan) fund has, as of the end of Q1 2026, approximately $500,000 invested, which is less than 2% of participants’ assets; it has been on the Watch List for 5 consecutive quarters. This fund has reasonable long-term performance, but its short-term underperformance has been testing investor patience. It outperformed relatively during Q1 2026, showing stronger downside protection, but it has had lackluster upside performance. Year-to-date through June 9, 2026, the fund was up 4%, but at the bottom of its peer group, and it will likely remain on the Watch List at the end of Q2 2026. Mr. Daher reviewed the alternate funds. While the Alger Focus Equity (Alger) fund has had strong returns over the 1- and 2-year periods and is up 11% year-to-date, Mr. Daher asserted it is not constructed for defined contribution retirement plans because it is highly concentrated with 61% of assets in 10 stocks, and holds only 48 stocks in its portfolio, making it high risk, although also high return in recent years. The Fidelity Contrafund is large, established, and diversified with over 300 stocks in its portfolio; the portfolio manager, Will Danoff, is well respected on Wall Street. It has low risk, good alpha, and approximately half its assets are invested in the top 10 stocks, and half in the remaining 290 stocks in its investible universe. The Fidelity Contrafund’s substantial size allows it to have low expense fees of 45 basis points (bps); year-to-date it is up approximately 9% and in the top half of its peer group. Mr. Daher recommended the ERAC replace JP Morgan with the Fidelity Contrafund. Treasurer Strickland made a motion to replace the JP Morgan Growth Advantage fund with the Fidelity Contrafund; Secretary Griggs seconded the motion. The motion passed unanimously (4-0). Mr. Daher advised that the investment menu currently offers the VALIC Company NASDAQ-100 Index fund and participants pay 42 bps; the Victory Nasdaq 100 Index fund only charges 29 bps, and as such, he recommends the ERAC replace the VALIC Company NASDAQ-100 with the Victory Nasdaq 100 Index due to the lower fee.DRAFT

Book 1 Page 153 06-11-2026 12:00 p.m. Secretary Griggs made a motion to replace the VALIC Company NASDAQ-100 index fund with the Victory NASDAQ 100 Index fund; Treasurer Strickland seconded the motion. The motion passed unanimously (4-0). Mr. Daher advised that the American Century Small Cap Growth (American Century) has approximately $617,000 invested, which is less than 2% of participant assets, as of the end of Q1 2026; it has been on the Watch List for 5 consecutive quarters. In Q1 2026, the small cap growth sector generally outperformed however American Century dropped by approximately 3%; the 1-year return is in the bottom quartile amongst its peers, and year-to-date through June 9, 2026, it ranks in the bottom half amongst its peers. American Century is a style-pure manager. BlackRock Advantage Small Cap Growth (BlackRock SCG) closely matches its index and incorporates technology into its fund management which lessens its active involvement; Mr. Daher cautioned against selecting an active/passive hybrid fund. BlackRock SCG has low fees and strong performance, with over 600 stocks in its portfolio. Carillon Chartwell Small Cap Growth Fund (Carillon) is a style-pure manager and constructed similarly to the American Century fund, but it can drift into the mid-cap space which moderates risk compared to other small-cap portfolios. The Columbia Small Cap Growth (Columbia) fund also looks like American Century and similarly would have been intermittently on and off the Watch List over the last few years; Mr. Daher asserted the Columbia fund’s up/down capture and risk need to improve, and it has a high expense ratio of 83 bps. Mr. Daher recommended the ERAC replace the American Century fund with the Carillon fund. Senior Pension Analyst Ferrer noted that the Carillon fund is a subsidiary of Raymond James and is headquartered in St. Petersburg, FL. Treasurer Strickland made a motion to replace the American Century Small Cap Growth fund with the Carillon Chartwell Small Cap Growth fund; Secretary Griggs seconded the motion. The motion passed unanimously (4-0). Mr. Daher advised that the Alliance Bernstein Bond Inflation Strategy (AB Bond) had approximately $48,000 at the end of Q1 2026 and is a very high-quality fund with all AAA rated bonds, which has consistently underperformed. The DFA Short-Duration Real Return (DFA) fund has good long-term performance but has faltered in 2025 and 2021; it has good alpha with 714 securities. Mr. Daher noted that 70% of DFA’s portfolio is in international bonds, and therefore not a mainstream, core, US Treasury-backed, inflation protection fund. The DFA is generating more return by taking on more risk with lower-grade investments; its largest allocation is to BBB rated securities. The Lord Abbett Inflation Focused (Lord Abbett) fund met scoring criteria for 11 out of the last 12 quarters but has 175% turnover over 700 securities; like DFA, it holds a significant amount of corporate debt with less government bonds. Vanguard Short-Term Inflation- Protected Securities Index Fund Admiral Shares (Vanguard) is similar to the AB Bond in that 99.9% of its credit quality is AAA rated; it charges 6 bps, which is extremely low. Mr. Daher explained that both DFA and Lord Abbett are higher risk funds within the fixed income universe and considering the amount of participants money in the fund, a more prudent direction would be to move from the AB Bond fund to the Vanguard fund as it replicates the higher quality, but with less fees, and comparable performance. Secretary Griggs made a motion to replace the Alliance Bernstein Bond Inflation Strategy with the Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares; Treasurer Strickland seconded the motion. The motion passed unanimously (4-0). Mr. Daher reviewed the Additional Data Points in the DCG Plan Summary Notes. While the Total Plan Assets dropped from the end of Q4 2025 to the end of Q1 2026, he believes that increased in Q2 2026. To Mr. Daher’s question, Senior Pension Analyst Ferrer advised there are 171 active participants contributing to the Plan. While a number of current City employees opted out of the Plan when the City offered the choice to join the Florida Retirement System, many Plan participants who separate from service have elected to keep their assets invested in the Plan.DRAFT

Book 1 Page 154 06-11-2026 12:00 p.m. The ERAC thanked Mr. Daher for his presentation. 8. UNFINISHED BUSINESS: None. 9. NEW BUSINESS: Senior Pension Analyst Ferrer advised the ERAC that Pension Administration will work with VALIC/ Corebridge to have the fund transitions in place by mid-July so that, at the ERAC’s November 12, 2026, meeting will have more than a full quarter of performance. 10. OTHER MATTERS: None. 11. ADJOURN. The ERAC thanked Mr. Daher and Mr. Harris for their service to the ERAC and Plan participants. Chair Billingsley adjourned the Employee Retirement Account Committee (ERAC) Regular Quarterly Meeting at 12:48 p.m.DRAFT

Book 1 Page 155 06-11-2026 12:00 p.m. ______________________________________ ______________________________________ Chair Ben Billingsley Secretary Shayla GriggsDRAFT

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to show up somewhere to put on back of me for a couple seconds and just before stretch >> okay down again. Thank you. >> doing things. It's good to be here. It's really good to be here for 12 back meeting tonight. didn't bring much. did here in have enough people. go get who would say Liz here said I graphic or another citizenship. time >> concern 12. be Good afternoon. Go ahead. Call this meeting to If I could ask everyone to stand for the Pledge of Allegiance. pledge allegiance to the flag United States of America and to the Republic for stands. nation under God. with justice for all. Go ahead and read the pledge of civility. We may disagree, but we will be respectful of one another. We will direct all comments to issues will not engage in personal attacks. >> And I will call senior pension analysts mentor Mister Anthony, Fair for the role. Chair Billingsley. Vice Chair Sullivan. Secretary Graves. Treasures your claim. I'm here. >> on this as well. >> Thank you. Thank Do we have any public input? So move on to item 6.1 approval of the minutes from the employer retirement account Committee regulate Quarter meeting quarterly meeting of February. 26 to 2026. >> All right. You read them Make that motion to approve the minutes. Second, it. I have a motion by Secretary Shailagh rakes a second by Treasurer Kelly we have a vote. Roll call vote chair Billingsley. Yes. Vice Chair Sullivan. Secretary Graves. Yes, Treasure Strickland. Yes, number belongs. Yes. Motion passes unanimously for Moving on to item number 7 quarterly investment I will call on Mister Trent Harris for presentation Corvallis Financial Advisors for the report for Porter and the March 31st of this page We've got it. All right. So this just shows just been engaged And looking >> What I like to focus on local advisor there. The second January February and March. Those are meetings I actually had with, you know, participants so. Numbers look good. A lot of people coming here on site or over phone. You know Client care center contacts looks like the dropped off March, which is good. They're actually reaching out to me. As far as a mobile app and Web surprising. But it looks like a lot of people are in the other as opposed to the mobile app. Thank you to be the other way around. But that's good. More more capabilities on on the Web. that's why. But strong continue to be engaged. So I think one. Questions on. He's a really nice charts. Thank you so much. Thank you. Mister Ayres move on to 7.2 and I will call on Mister Howard, their principal for their capital group to give the quarterly investment analysis for for the Quarter ending March 31st. >> Thank you. And good afternoon. It's good to be here in more ways than you can imagine. So I know we're going to be going through Q one. And it's just kind of a little bit of a of a look back, if you will, hopefully this little summary first, 2 pages, I believe we just give you quick snapshot, but we kind of started the year similar to what we didn't you want to last year 2025? When the market dropped about 4% release the S and P 500 pulled back about 4%. We actually saw that again at the beginning of this year. It's interesting because after K'waun and to the market just totally reversed itself and went right back up. it was a modesty kind if you will. I you know, we we still here look at, you know, where where the markets trading. And it's really just, you know, we talk about a narrow market. It's only just a few companies, few stocks that are really driving everything. So when you look at some of the signs and especially the tech-heavy ones that have actually done so well over the last few years, they actually pulled back quite a bit in the 1st quarter. And then all of a sudden after a little bit of that cold that we actually all, you know, spike back up. And then, of course, we're seeing a little bit of volatility again over the last few weeks, if you will. But overall, I think, you know, the market continues overall. I mean, it still looks pretty healthy if you will. But I think the market still expects still a lot you know, investment to be going in that in that area, if you will. A lot a lot of infrastructure is what we're seeing and hearing about, especially with the data centers and everything that's needed to keep supporting a I so that continues to do well. But I still think that, you know, we're still hearing and seeing a lot of the same concerns that we ended last year with which is inflation, obviously wage growth wage concerns, if you will, employment. And then, of course, what happened towards the latter part of the 1st quarter was the Persian golf issue that that we really need to kind of fix out. You know, we need to fix that. Like, like right away. I think. Those continue to be pretty much a lot of like the headwinds that we're still faced with. If you look at the market as of late last night, I think now we're up about around 6%. So from the end of the 1st quarter till last night. The market just completely reversed itself. However, we keep hearing and reading about some of the issues. So it's like more of the same, I guess. yes, impeded smoke. That's not actually did really for for the quarter. So it loses much and actually perform very well in positive territory and then also international markets that really well as well as far as the bond markets. They were pretty flat, if you will. So we did see a lot of movement there. So overall, it's been kind of little bit of a volatile start to beginning of the year and volatility it mean to the bottom, but also to the top because we absolutely so right at the end of the 1st quarter, the market just went right back up. Okay. So that's kind of a little bit of the 1st quarter overview of what we went through. I'm talking a little bit about the watch listed fund and specifically our criteria. So what we have is we we've adopted an investment policy statement right in the investment policy statement is basically a working document simply stated that says, hey. As a committee, here's what we're going to look at here. The criteria that we're going apply just as a reminder, just basically a working document that says, here's what we're going to look at. And here are the specific criteria that we want to consider when evaluating the funds, whether we want to add a fund will replace a fund to close it, etcetera. So what we utilize 5, 3.60, software. They're the they are the developers of the software. And they just went recently through an upgrade. If you will. So as you can see. We currently have the 5 year up down capture ratio as a criteria which we've been utilizing. Under the new software. The new software criteria for the 5 year up down. Capture this not specifically aligned with what we were using. So with this upgrade, what we try to do is look for the closest 5 year up down, capture risk measure that we can find within the new software and that would be the 5 year out for okay. So basically both of them work a little bit intention and the way it works is that when you look at the up down capture, the uptown gives you 2 sets of numbers. means in a good market. How much of the market this the fund capture? Does it capture 100% of the market or maybe 110% of the market, which means that out-performed in a down market. How much of the down does the fund does it capture 100% of the downpour, the losses or 110% of the losses? So we're all we're always sensitive to losing money, right? Were always more sensitive to losses and we are gains. So the 5 year of cap of them catch a good 2 sets of numbers. The alpha, which kind of words along with that basically is one number. And it basically tells you on the 5 year given its risk level. Did the fun perform better or worse than expected over that period of time? So we're not looking at 2 different data points. We're looking at one did that fund manager did that team performed better than expected. So for this particular report in from all reports moving forward, the recommendation would be to replace the 5 year of down catcher in our investment policy. With the 5 year measure. And what I will say, it's it doesn't mean that because I like the 5 Europe down capture a show. I like looking at that. But just because we change the IPS to the 5 year out, that doesn't mean that we're not going to look at 5 year of down catcher either because, you know, when you look at an investment, when you look inside of it, there's so many different data points and there's not 3 or 5 points that in a vacuum we can say this is good, bad or indifferent because there's so many different things to look at. But my point is, if we can update the IPS to align with the software, which is fine. It doesn't mean that we're not going to look at the 5. Europe down captures well, because we will include that. I will keep, including that in my in my notes, if you will, because I think it is important. Risk factor to look at. >> with the saying that could we just put both? >> We could put both. But the the the 5 year up down capture that. >> And 5, 3, 6, use utilizing is looking at a different benchmark. So to be consistent rather than change the benchmark, I'd rather use the alpha as unexpected measure of whether that fund perform better or worse. Because it kind of gets us almost to the same ending point. Because the alpha >> is the Beta is the risk measure. And the author tells you the bay to the did the fund perform better or worse than expected? So, for instance, if a fund has a lower beta. Okay. So the market is 1.0, 0, 0, That's the market risk. Beta. If a fund has a higher beta than 1.0, 0, 0, that means that the fund is taking more risk. And the question is or the participants or the investors getting rewarded for that extra risk. And that's with the Alpha tells you. So what we always want to the end result is we want to lower beta than the market, but we want to high which means the fund managers were really good. They took the less risk, but they overachieved the expected return, which is good. So to that point, I think that would really line well for for an update. And so what we will do because we are working with the 5, 3, 60. I don't know if the city with other consultants. They're going through this upgrade as well. But we are still working with it by 3.60. There's some good stuff that they did within their software upgrade. And there's some things were like, man. I wish you guys would cap that because we're all about data. We love data. And when you look at the fun fact sheets that are now being provided or generated, there's some things that they were providing that we wish they would've kept. But it doesn't mean again that we're not going to look at it through external sources. You know. So with that said, we're still working with the 5, 3, 60. But for the most part, everything was captured except for this one race measure. So just to confirm sober, replacing the up down. The and are now yes, and that's going to go. And that's weighing in on the risk criteria and their scores. Yeah, basically it's just another risk measure. Look at it to aligns with is how much risk that you take out dew perform better or worse. Given your U.S. level of data. So they working. Kind of together. Just confirms well, beta, the market is at 1.0 right out a is there baseline 1.0 like it's the same thing with Vegas. A few outperform the market. Your bubble one. Yeah, that's correct. Absolutely. So like when you look at some fact sheets, you'll see the 3 year out the negative one. That means that the fun with 41% worse than expected given its risk levels. So, you know, when you look at an investment, you look at cost what we thing. You look at how much risk to fund managers. Take a look at portfolio. You look at turnover. And then when you factor the beta and all these other metrics, the alpha is how did the front perform given its beta all of these other things? But based on its data risk level didn't perform better or worse. So you always want your out the on your 3, 5, year to be positive. If you have a negative out the and that means that the funds not really generating much value to the investor to the participant. We need to have a motion to new. I just Miss or I think >> Howard, help me out. I make this motion helping work best. So we want to update our risk measure 2, take out the 5 year Alpha measure and replace it with the excuse me. Take out the 5 year up down, capture and replace it with a 5 year measure. Yes, exactly. I mean, mission, out a second. >> So that very share Billingsley. Yes, but Vice Chair Sullivan. Secretary, great. Yes treasure. Strictly yes and member, but just motion passes unanimously 4 to 0. thank you for that explanation yes. Yeah. And so you know, we we want to be as consistent as possible with on this. >> So that was, you know, that's the one thing that we are working with the 5, 3, 60 on set. They started changing the benchmarks that your group, C and S and the like. Then so I'm really we have to do this with clients. But we thought it was important because maintain consistency as as everybody worked with them. All right. go through a couple of the funds that we had and watch list. So. Start with her for dividend growth. Excuse me. So as of the end of 1st quarter and innovate in from going too fast, just throw something at the right to have lot of data here to go through. as of the end of the 1st quarter, we had about 1.2 million dollars within the DC plan on this particular funding represented about 4% of the assets, less than 4% of the essence. So a little patience is still needed with Hartford growth. We've had on watch list for a while. We're just waiting for it to turn around. The fact of the matter is it isn't the large cap value category. But the fund is really designed for more growth, more capital appreciation, if you will. And it's in the name growth. So it's got some dividend income strategy built into it, but also growth for Capital appreciation. And I believe it is more growth driven and that's more of their primary focus is growth capital appreciation with a secondary focus on defense, if you will. But with that we had a good last year of 2025, the fun did pretty well. But it has been teetering back and forth. as you look at the beginning of this year, it again underperform the value category for the most part was positive. This particular fund lost almost about 3% was down 2.8, 6%. During the period when the category was good writes, It doesn't seem like. Hartford's really getting it done consistently is what thing is. I mean, we're meeting every 90 days and when you have a fund that on off on off, you're trying to figure out what's going on there like it. We want consistency with any investor right? So I think with that said, we've been patient, you know, we did. We trying create knee reaction with any investment because the markets change pretty quickly. Things move right. So with that said, when you look at the trailing returns and Hartford growth, I think from a timing standpoint, we've exhausted heart patients. It's like our participants deserve more. We've got 1.2 million of their money out there so with that said, I did bring a few alternatives. To the committee for consideration. Now again, let me let me lay this out as well within the large cap value category. We have the Vanguard Equity Income Fund in the same category large value, large cap value stocks and in the large value area within income. That is more. It's a very conservative strategy fund okay. Didn't strategy. So it's more conservative enough and that's built more for capital appreciation. With that said, we have the Hartford Fund which were which we're covering right now. We have to be in Garden Income fund. So when you scream the investments, you know, we go into this blind. We look at all the investments in the universe within the categories and we screen them based on our IPS right? So with that said, when these funds meet our screening criteria, that's when we start going from this to this. We start looking at, OK, let's take a look inside to see how these funds are built because the one thing you don't want is you don't want to replace. A fund with and a new fund that looks similar to what we already have is that it looks like we have That makes sense. So with that said, the Fidelity Fund that's also noted here. And I think the Columbia Fund, it's also noted yet Columbia Dividend Income fund. They scored extremely well, but they're all there are also built very much like Arctic with the income based on their their mandate. What they're looking for. The other fund that really scored well, is this BNY Mellon dynamic Value Fund? Great scores. Great criteria. Measures fun. Looks to be doing. Really good management team has been in place for a while right It does the concentration of 81 stocks, I think with the Hartford Fun, we had 130 stock. So it's a little bit tighter as to the number of stocks that are being held here. But overall, the fund managers appear to be doing really good and they're not dividend strategy focus. This is a pure large cap value play. And it's actually doing really, really well. They've done pretty well with it, the expense ratio. So if we look at this particular fund that looks a little bit more similar in build like Hartford, which what the recommendation is to replace not overlap or 2 people. Kate, what we already have. But from an expense standpoint, performance looks good risk looks really good. But from an expense standpoint, it's the same. So in this regard, you know, it's not like we're going to swap it for something that's that significantly more cost, even though it's performing better. So the cost is pretty much at the same price point, if you will, as the Hartford Fund, it does have better risk-adjusted performance. The alpha. We talk about Alpha and Beta. Did you perform better or worse than expected given the amount of risk you took, you know, in the market, you're always going to take risks. But if a fund manager takes more risks that you want the outcome to be really good because you need to reward your investors, right? So in this regard to be at this BNY Mellon Fund looks really, really good on all of the risks measures. The other 2 funds look good. But I think they overlapped vanguard. So with that, I think now is as good a time as ever to replace hard for dividend growth with the BNY Mellon if I can say P and one male and dynamic value fund. I know we can go to vote here. Sorry. When I look at these. On a year-to-date basis. The Hartford growth and continues to underperform. So if I were to look at the next meeting, Hartford in growth is going to be on our watch list again when we need 60, 70 days. So we're going to kick in this one again. So I think based on what it's doing right now as of 2 nights ago market close, which was Tuesday did he continues to underperform most likely it's going to be on our watch list again. So with that said, yeah, I think it's time. To close our for dividend growth and moved to line. And that the city's police officers pension plan has had a multi-decade placement with BNY Mellon. >> That is a separately managed account. Not a mutual fund that the management team is the same people. Just if need that for the committee's consideration. >> We have us. We have several that we're going to look at today. Do we want to vote on them one by one or do we want to wait till would be OK? So do we have a motion to replace the heart for dividend growth? With the BNY Mellon Dynamic Value Fund? I make the motion. do a roll. Call. Vote. He shared the one you made the motion. sorry. I'll that. motion on the table by Secretary Greg's do a roll call. Vote treasure. Excuse me, chair Billingsley. Yes, element. Secretary, great U.S. treasure stricken. Yes. And member belongings, yes, motion passes unanimously 4 to 0. Thank you. The >> Just looking at the next one, we have JP Morgan Growth Advantage Fund. As of the The 1st quarter just under $500,000 representing just under 2% of the total assets. This is the 5th consecutive quarter to JP Morgan growth advantage. It's been a launch. Again under the old under great serious. It's like change, great area. But it looks like it's still doing what he's doing. And it has historically been a good fun. I think we'll a few more growth advantage if you go back. I mean, it just requires a lot of patients. We do have a half a million dollars. It is participant money. We're mindful of we watch. We're waiting for this thing to turn around. It hasn't turned around, although we did you pretty well in the 1st quarter. So while it's in the large category of growth stocks, right, growth not value growth. It actually didn't lose as much as the category which So it at the downside. >> God bless you. But on the upside, when the markets good, it just doesn't provide a lot of value. And again, that goes back to Uptown catcher during an up market. How do you look it down to look good. But on the up when he provided to the investor and that's again, part of Alpha, that's part of a a so at the end of the day, JP Morgan growth advantage, I think it's a really solid fun, but it just requires a lot of patients on that. Year date it. You know, the markets turn around. We're all well aware of that, right since the quarter end. So on the upside, it's up about almost 4% from January through Tuesday's market close very to Santa But the fund is now back to the bottom. Half of this pier. Come on. You know, we we want a little more upside. You and we've we've had young watch for a while. >> So the recommendation was to keep on. Watch. However, if we know in the next quarter, again, this thing's going to be on the watch list. Does it make sense to make the replacement now as well? Because we're going to be talking talking about this one as well. So there's couple of other alternatives that are provided these funds. Also, men are screening criteria that out you're focused equity fund. Some fund. It is a high octane growth fund. It had 2 solid, incredible years. As you can see it last year was up over 40% the year before that it was up over 50%. >> It's not but it looks good right on But when you go inside the kitchen to see what they're doing and how they're doing it, it's not really do for a lot of DC retirement plans, if you will. But it does screen Wellstone event, someone seizes and says why don't we have this one Looks good. But is it really maybe for some folks, but not everyone. But I still had to present it because it does look very, very good. So you're focused, equity fund, some other things, it only holds 48 stocks. Okay. So it's highly concentrated. It's it's a it will be there doing a great job with this particular fund. But it's high growth. High risk high return. 61%. I mean, these are the things you look at, right. 61 1% of the money in the fund is dedicated to just 10 stocks. So if those one or 2 of those stocks it's going to bring all the other boats down with it. So high risk high return, much higher risk than what we taking Morgan. But still a very, very good fund. If the committee is so interested in looking at that and that particular fund rate there, it's up over 11% year to date, which is in the top 22% of its category continues to do well. So they're doing good. The other fund, which you might be familiar with is the Fidelity Contra Fund. If you remember that name Bility Contra, there's a lot of young people here so Friday to myself. You never the fatality Magellan Fund the Contra Those like Fidelity flagship funds many, many years ago. So it's it's a bit he myth of a fund. Will Danoff is the manager on this funds like Wall Street, totally respected. The fun did did. They didn't have some good years, but it actually has turned around. Infidelity Contra looks really good. It's a little different then the JP Morgan Large cap Growth Fund. It's broadly diversified. So I think