Quarterly Police Pension Board Meeting (2026-05-15)

CITY OF NEPTUNE BEACH POLICE OFFICERS’ RETIREMENT SYSTEM BOARD OF TRUSTEES CITY HALL, COUNCIL CHAMBERS 116 FIRST STREET, NEPTUNE BEACH, FL 32266 QUARTERLY MEETING AGENDA Friday, May 15, 2026 – 1:00PM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should call (904) 270-2400 at least 48 hours prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES 1. February 11, 2026, quarterly meeting IV. CONSENT AGENDA 1. Invoices for ratification a. Warrants #104 2. New invoices for payment approval a. None 3. Fund activity report for February 5, 2026, through May 8, 2026 V. REPORTS (ATTORNEY/CONSULTANTS) 1. Mariner Institutional, John Thinnes, Investment Consultant a. Quarterly report as of March 31, 2026 2. Lorium Law, Brent Chudachek, Plan Attorney (via Zoom) a. Legislative update VI. NEW BUSINESS 1. Trustee term extension update 2. Summary Plan Description (SPD) Update VII. OLD BUSINESS VIII. STAFF REPORTS, DISCUSSION, AND ACTION 1. Foster & Foster, Troy Jenne, Plan Administrator a. 2024-2025 Annual report update b. Cyber security support program c. Educational Opportunities i. FPPTA 2026 Annual Conference, June 28- July 1, 2026, Orlando ii. FPPTA Trustee School, September 27-30, 2026, Orlando IX. TRUSTEE REPORTS, DISCUSSION, AND ACTION X. NEXT MEETING: Friday, August 14, 2026 – 1:00PM XI. ADJOURNMENT

1 CITY OF NEPTUNE BEACH POLICE OFFICERS’ RETIREMENT SYSTEM BOARD OF TRUSTEES QUARTERLY MEETING MINUTES City Hall, Council Chambers 116 First Street, Neptune Beach, FL 32266 Wednesday, February 11, 2026, at 3:30PM TRUSTEES PRESENT: Dustin Kamppi Joe Dzamko Heather Weidle Lorelei Lampe TRUSTEES ABSENT: None OTHERS PRESENT: Brent Chudachek, Lorium Law (via Zoom) John Thinnes, Mariner Institutional Troy Jenne, Foster & Foster Ferrell Jenne, Foster & Foster Greg Peters, Dana Investment Advisors Joe Veranth, Dana Investment Advisors (via Zoom) 1. Call to Order – Troy Jenne called the meeting to order at 3:30PM and a quorum was determined as reflected above. 2. Public Comments – None. 3. Approval of Minutes The minutes from the November 14, 2025, quarterly meeting were approved as presented, upon motion by Dustin Kamppi and second by Joe Dzamko; motion carried 4-0. 4. Consent Agenda a. Invoices for ratification i. Warrant #103 b. New invoices for payment for approval i. None c. Fund Activity Report for the period November 8, 2025 – February 4, 2026 The Consent Agenda was approved as presented, upon motion by Lorelei Lampe and second by Heather Weidle; motion carried 4-0. 5. Reports a. Dana Investment Advisors, Greg Peters/Joe Veranth, Investment Manager i. Quarterly report as of December 31, 2025 1. Greg Peters introduced himself and Joe Veranth to the Board. 2. Joe Veranth discussed the portfolio performance for the quarter and the past years with the Board. 3. The market value of assets as of December 31, 2025, was $8,674,108.29.

2 4. Joe Veranth discussed the potential for the Federal Reserve to cut rates a couple times this year. 5. Lorelei Lampe asked about the potential for volatility in the jobs report. Joe Veranth discussed this with the Board. 6. Joe Veranth reviewed the S&P 500 Index long term performance chart with the Board. 7. Joe Veranth reviewed the Mag 7 performance chart over the past 3 years. b. Mariner Institutional, John Thinnes, Investment Consultant i. Quarterly report as of December 31, 2025 1. John Thinnes discussed the Schedule of Investable Assets with the Board. 2. John Thinnes further reviewed the market value of assets commenting as of December 31, 2025, it was $15,629,412. 3. John Thinnes reviewed the asset allocations for the Board. 4. John Thinnes reviewed the shortage in cash to pay benefits, commenting he would sell some of the stronger sectors to raise the money. 5. John Thinnes commented that the fund’s ranking amongst their peers was in the 4th percentile. 6. John Thinnes briefly discussed the manager performance. 7. Gross earnings for the quarter for the total fund were 2.85%, outperforming the benchmark of 2.20%. The trailing returns for the FYTD, 3, 5, 7 and 10-year periods were 2.85%, 16.29%, 8.54%, 10.77% and 9.03%. Since inception (6/1/2002) returns were 7.46 outperforming the policy benchmark of 6.96%. c. Lorium Law, Brent Chudachek, Plan Attorney i. Legislative update 1. Brent Chudachek spoke to the Board about there being no new news from the State legislative session that was ongoing. 6. Old Business – None. 7. New Business a. Trustee term update i. Troy Jenne gave the Board an update on the Trustee terms. Both Dustin Kamppi and Joe Dzamko ran unopposed and would serve another term. b. Election of Officers i. Troy Jenne advised the Election of Officers, tabled from the last meeting, was due to occur. The Board voted to keep the Board officers the same as they were currently, upon motion by Heather Weidle and second by Lorelei Lampe; motion carried 4-0. c. Trustee vacancy update, 5th Trustee i. Troy Jenne discussed the vacancy for the 5 th Trustee and asked if the Board had come up with any candidates they wished to nominate. Dustin Kamppi

3 nominated and gave a brief introduction of Frank Cashman, who was previously the Board chairman. ii. Lorelei Lampe asked Frank Cashman a few questions to vet his background for the Board. The Board voted to nominate Frank Cashman for the 5 th Trustee position, upon motion by Dustin Kamppi and second by Joe Dzamko; motion carried 4-0. d. Trustee term extension discussion i. Troy Jenne reviewed the Trustee term length with the Board. Troy advised that most Boards were going to 4-year terms from 2-year terms, and he explained the reason for this. The Board voted to approve changing Trustee terms to 4 years pending the City’s approval, upon motion by Dustin Kamppi and second by Joe Dzamko; motion carried 4-0. e. Actual expenses as of September 30, 2025 i. Troy Jenne reviewed the actual expenses with the Board. The Board voted to approve the actual expenses as of September 30, 2025, upon motion by Lorelei Lampe and second by Joe Dzamko; motion carried 4-0. 8. Staff Reports, Discussion, and Action a. Foster & Foster, Troy Jenne, Plan Administrator i. 2023-2024 Annual Report update 1. Troy Jenne reviewed the previous audit of the 2023-2024 financials that were delayed. 2. Troy Jenne confirmed the 2024-2025 audit of the financials was underway and was being expedited. ii. Educational Opportunities 1. Troy Jenne reviewed the upcoming training opportunities for the Board. 9. Trustee Reports, Discussion, and Action – None. 10. Adjournment – The meeting adjourned at 4:35PM. 11. Next Meeting – May 15, 2026, quarterly meeting at 1:00PM. Respectfully submitted by: Approved by: _______________________________ _________________________ Troy Jenne, Plan Administrator Dustin Kamppi, Chair Date Approved by the Pension Board: _____________________________

WARRANT # SENT FOR PAYMENT FOR PERIOD DESCRIPTION TOTAL DUE 104 5/8/2026 February 2026 Lorium Law, invoice #3, legal services $315.00 104 5/8/2026 January 2026 Foster & Foster, invoice #40432, plan administration $2,302.90 104 5/8/2026 March 2026 Lorium Law, invoice #4, legal services $1,645.00 104 5/8/2026 February 2026 Foster & Foster, invoice #40657, plan administration $5,677.83 104 5/8/2026 January 1 - March 31, 2026 Mariner, invoice #80692, investment consulting $6,250.00 104 5/8/2026 March 2026 Foster & Foster, invoice #41182, plan administration $2,133.33 104 5/8/2026 Since last invoice Foster & Foster, invoice #41450, actuarial services $17,838.00 104 5/8/2026 January 1 - March 31, 2026 Dana Investment Advisors, invoice #147787, fixed income, investment management $2,575.20 104 5/8/2026 January 1 - March 31, 2026 Dana Investment Advisors, invoice #147793, investment management $7,033.50 104 5/8/2026 April 2026 Foster & Foster, invoice #41663, plan administration $2,133.33 104 5/8/2026 May 2026 Lorium Law, invoice #6, legal services $105.00 104 5/8/2026 October 1 - December 31, 2025 Salem Trust, 4th quarter fees, custodial services (AUTO DEDUCT) $1,560.25 104 5/8/2026 January 1 - March 31, 2026 Salem Trust, 1st quarter fees, custodial services (AUTO DEDUCT) $1,520.92 Total Invoices $51,090.26 Total Checks $0.00 CHECK REQUESTS **Highlighted items are pending approval and have not yet been paid** INVOICES SUMMARY OF PAYMENTS City of Neptune Beach Police Officers' Retirement System February 12, 2026 - May 15, 2026

LORIUM LAW 101 NE THIRD AVENUE SUITE 1800 FT. LAUDERDALE, FL 33301 (954) 462-8000 FAX (954) 462-4300 Fed ID#81-0710147 Page: 1 Neptune Beach Police Officers' Retirement System 02/04/2026 2503 Del Prado Blvd. S. Ste 502 ACCOUNT NO: 8638-001M Cape Coral FL 33904 INVOICE NO: 3 ATTN: Troy Jenne, Plan Administrator General Counsel to Board of Trustees Billing@foster-foster.com; bchudachek@loriumlaw.com PREVIOUS BALANCE $3,403.40 Rate HOURS 01/07/2026 BC Call with Plan Administrator re: questions on Trustee holdover terms and possibility of extending Trustee term lengths Review AGO's and Code of Ordinances re: Plan Administrator's questions on Trustee holdover terms and possibility of extending Trustee term lengths Draft answer to Plan Administrator re: questions on Trustee holdover terms and possibility of extending Trustee term lengths 350.00 0.90 315.00 FOR CURRENT SERVICES RENDERED 0.90 315.00 TOTAL CURRENT WORK 315.00 BALANCE DUE $3,718.40 Please include the account number with all payments. FOR RATIFICATION: Warrant 104, invoices Paid on warrant 103 ----------------

Invoice Date 2/26/2026 Invoice # 40432 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 3/28/2026 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of January 2026. 2,083.33 Attendance at February 11, 2026 Board meeting (out-of-pocket expenses only). 219.57 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,302.90

LORIUM LAW 101 NE THIRD AVENUE SUITE 1800 FT. LAUDERDALE, FL 33301 (954) 462-8000 FAX (954) 462-4300 Fed ID#81-0710147 Page: 1 Neptune Beach Police Officers' Retirement System 03/11/2026 2503 Del Prado Blvd. S. Ste 502 ACCOUNT NO: 8638-001M Cape Coral FL 33904 INVOICE NO: 4 ATTN: Troy Jenne, Plan Administrator General Counsel to Board of Trustees Billing@foster-foster.com; bchudachek@loriumlaw.com PREVIOUS BALANCE $3,718.40 Rate HOURS 02/05/2026 BC Emails with Plan Administrator and City re: Agenda Packet and meeting preparation Review Agenda for upcoming meeting 350.00 0.30 105.00 02/11/2026 BC Attend Quarterly Pension Board Meeting Prepare for Meeting re: review of Agenda Packet Materials Calls with Plan Administrator re: meeting preparation and agenda items Review Code of Ordinances and Ch. 185 re: Plan Administrator's questions on extension of Trustee terms and holdover of Trustees Emails to Plan Administrator re: Agenda items 350.00 1.90 665.00 02/18/2026 BC Emails with Plan Administrator and City re: post-meeting follow-up items and request for Ordinance Amendment for extension of Trustees' terms 350.00 0.30 105.00 02/19/2026 BC Emails with City re: request for drafting, commission deadline and format of Ordinance Amendment for extension of Trustees' terms 350.00 0.30 105.00 02/23/2026 BC Draft Ordinance Amendment re: extension of Trustees' terms Review Code of Ordinances re: drafting of ordinance amendment extending Trustees' terms Email to City re: drafting of ordinance amendment extending Trustees' terms 350.00 1.90 665.00 FOR CURRENT SERVICES RENDERED 4.70 1,645.00

Invoice Date 3/12/2026 Invoice # 40657 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 4/11/2026 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of February 2026. 2,083.33 Annual online administration portal fee commencing February 2026 - January 2027. 3,594.50 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $5,677.83

Please include the Invoice number on your payment to ensure proper account application. Page 1 of 1 Mariner Institutional, LLC 531 W Morse Blvd Ste 200 Winter Park, FL 32789 +18444426326 institutionalAR@mariner.com INVOICE BILL TO Neptune Beach Police Officers Pension INVOICE 80692 DATE 03/31/2026 DESCRIPTION AMOUNT Consulting Services and Performance Evaluation, Billed Quarterly (January, 2026) 2,083.33 Consulting Services and Performance Evaluation, Billed Quarterly (February, 2026) 2,083.33 Consulting Services and Performance Evaluation, Billed Quarterly (March, 2026) 2,083.34 ----------------------------------------------------------------- It is our honor and privilege to provide excellent service. If this is not your experience, please contact us immediately. BALANCE DUE $6,250.00

Invoice Date 4/9/2026 Invoice # 41182 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 5/9/2026 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of March 2026. 2,133.33 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,133.33

Invoice Date 4/24/2026 Invoice # 41450 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 City of Neptune Beach Police Officers' Retirement System Terms Net 30 Due Date 5/24/2026 Balance Due Thank you for your business! Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Description Amount Preparation of the October 1, 2025 Actuarial Valuation and Report 10,179.00 Electronic filing of 10/1/2025 actuarial valuation report to the Division of Retirement (non-standard) 328.00 Preparation of GASB 67 Statement with measurement date of 09/30/2025 1,744.00 Preparation of GASB 68 Statement with measurement date of 09/30/2025 2,725.00 Research and March 25, 2026 e-mail response to the Plan Administrator regarding questions from two prior Vested, Terminated members and potential eligibility for the COLA passed by City Council in 2024 409.00 Research and March 26, 2026 e-mail response regarding a history of the City’s prepaid contribution to the Police Officers’ Pension Plan 818.00 Preparation of the 9/30/2025 Share Plan schedule 1,635.00 Page 1

Invoice Date 4/24/2026 Invoice # 41450 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 City of Neptune Beach Police Officers' Retirement System Terms Net 30 Due Date 5/24/2026 Balance Due Thank you for your business! Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Description Amount Please note that in accordance with our contract, effective October 1, 2025, our fees have increased by 2.7%, based on the Consumer Price Index for All Urban Consumers (CPI-U) percent change for the preceding 12-month period ending June 30, 2025. Specifically, our buyback and benefit calculation fees have increased to $328, should the Members request one of these calculations from the Administrator. Page 2 Most preferred method of payment is an ACH deposit. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste104. Fort Myers, FL 33912 $17,838.00

April 02, 2026 Billing Foster & Foster Foster & Foster 2503 Del Prado Boulevard South Suite 502 Cape Coral, FL 33904 STATEMENT OF MANAGEMENT FEES Account: 698cb City of Neptune Beach Police Officers' Retirement System - Fixed Income Billing Period: FROM 01/01/2026 TO 03/31/2026 Invoice No: 147787 Billed Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,120,314.87 FEE CALCULATION Rate Applied: Billable Assets Annual Fee % Year Fee for Period 0.2500 % On the remainder: 4,120,315 10,300.79 2,575.20 Total Fee: 10,300.79 0.2500 2,575.20 Invoice Total: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,575.20 Please forward any necessary approval to pay invoice directly to the custodian for payment. Signature __________________________________ Dated __________ cc: Pamela.Conn@Foster-Foster.com Please feel free to contact us if you have any questions or would like further information: 262.780.6098 Dana Investment Advisors, Inc. P.O. Box 1067 Brookfield, WI 53008-1067

April 02, 2026 Billing Foster & Foster Foster & Foster 2503 Del Prado Boulevard South Suite 502 Cape Coral, FL 33904 STATEMENT OF MANAGEMENT FEES Account: 698cc City of Neptune Beach Police Officers' Retirement System- LC Billing Period: FROM 01/01/2026 TO 03/31/2026 Invoice No: 147793 Billed Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,328,305.68 FEE CALCULATION Rate Applied: Billable Assets Annual Fee % Year Fee for Period 0.6500 % On the remainder: 4,328,306 28,133.99 7,033.50 Total Fee: 28,133.99 0.2500 7,033.50 Invoice Total: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,033.50 Please forward any necessary approval to pay invoice directly to the custodian for payment. Signature __________________________________ Dated __________ cc: Pamela.Conn@Foster-Foster.com Please feel free to contact us if you have any questions or would like further information: 262.780.6098 Dana Investment Advisors, Inc. P.O. Box 1067 Brookfield, WI 53008-1067

Invoice Date 5/4/2026 Invoice # 41663 Bill To City of Neptune Beach Police Officers' Retirement System c/o Foster & Foster 2503 De Prado Blvd S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 6/3/2026 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of April 2026. 2,133.33 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,133.33

LORIUM LAW 101 NE THIRD AVENUE SUITE 1800 FT. LAUDERDALE, FL 33301 (954) 462-8000 FAX (954) 462-4300 Fed ID#81-0710147 Page: 1 Neptune Beach Police Officers' Retirement System 05/04/2026 2503 Del Prado Blvd. S. Ste 502 ACCOUNT NO: 8638-001M Cape Coral FL 33904 INVOICE NO: 6 ATTN: Troy Jenne, Plan Administrator General Counsel to Board of Trustees Billing@foster-foster.com; bchudachek@loriumlaw.com PREVIOUS BALANCE $1,960.00 Rate HOURS 04/30/2026 BC Emails with Plan Administrator and City re: status update on proposed Ordinance Amendment to extend Trustees' terms 350.00 0.30 105.00 FOR CURRENT SERVICES RENDERED 0.30 105.00 TOTAL CURRENT WORK 105.00 BALANCE DUE $2,065.00 Please include the account number with all payments. ---------------- Paid on this warrant

Neptune Beach Police Fee A/C #M28076 Fee Advice for Period October 1, 2025 to 15,602,519.23$ Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee 15,602,519.23 0.0004 6,241.01$ $1,560.25 $0.00 TOTAL $1,560.25 These fees will automatically be charged to your account. If you have any questions, please contact Inez Garcia at 813-288-4990. January 13, 2026 Foster & Foster Total Market Value for Fund: December 31, 2025 Minimum Fee 2503 Del Prado Blvd. S., #502 Cape Coral, FL 33904 billing@foster-foster.com 1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382‐5268 FAX (813) 301‐1295 www.salemtrust.com AUTO DEDUCTED

Neptune Beach Police Fee A/C #M28076 Fee Advice for Period January 1, 2026 to 15,209,176.69$ Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee 15,209,176.69 0.0004 6,083.67$ $1,520.92 $0.00 TOTAL $1,520.92 These fees will automatically be charged to your account. If you have any questions, please contact Inez Garcia at 813-288-4990. Minimum Fee 2503 Del Prado Blvd. S., #502 Cape Coral, FL 33904 billing@foster-foster.com April 10, 2026 Foster & Foster Total Market Value for Fund: March 31, 2026 1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382‐5268 FAX (813) 301‐1295 www.salemtrust.com AUTO DEDUCTED

Retirees Term Date Monthly Benefit Option Selection PLOP Sent to Custodian None this period DROP Entries Entry Date Monthly Benefit Option Selection PLOP% None this period DROP Exits Exit Date Monthly Benefit Account Balance Sent to Custodian None this period Refunded Contributions Term Date Refund Amount Status (Vesed/Non-Vested) Sent to Custodian None this period Purchase of Service Credit Years Purchased Amount Due Rollover Contributions Payroll Deductions Sent to City None this period Deceased Members Date of Death Benefit Amount Option Selection Sent to Custodian None this period Beneficiary Payments Effective Date Benefit Amount Sent to Custodian None this period COLAs Effective Date Sent to Custodian None this period FUND ACTIVITY REPORT CITY OF NEPTUNE BEACH POLICE OFFICERS' RETIREMENT SYSTEM Activity for Period February 5, 2026 through May 8, 2026

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="71" DocumentTypeId="1" EffectiveDate="03/31/2026" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2026 City of Neptune Beach Police Officers' Pension Plan

1st Quarter 2026 Market Environment Page 1

The Market Environment Executive Summary As of March 31, 2026 The Economy ▪ The US Federal Reserve maintained its policy rate during the first quarter, holding the federal funds target range at approximately 3.50%–3.75% following prior rate cuts in late 2025. Communications from the Federal Open Market Committee (FOMC) emphasized a data-dependent approach as policymakers monitored evolving economic conditions. While inflation readings early in the quarter remained relatively stable, uncertainty increased later in the period due to geopolitical developments and their potential impact on energy prices and broader inflation trends. ▪ Economic growth moderated entering 2026, with fourth quarter 2025 GDP revised down to 0.7% annualized, reflecting weaker contributions from consumer spending, investment, and government outlays. Labor market conditions showed signs of softening, including slower job growth and some reported employment declines, while consumer sentiment weakened during the quarter. Late-quarter increases in oil prices, driven by conflict in the Middle East, introduced additional uncertainty surrounding both inflation expectations and the trajectory of economic growth. Equity (Domestic and International) ▪ Domestic equity markets declined during the first quarter, with most broad-based indexes posting negative returns. The S&P 500 and Russell 3000 Index both moved lower, while growth-oriented segments underperformed. Large-cap growth stocks experienced the steepest declines, while value stocks produced relatively stronger results. Small-cap stocks outperformed large-cap stocks and showcased a positive return during the quarter, marking a reversal from the large-cap leadership observed in prior periods. ▪ Sector performance was mixed across domestic markets. Energy was the strongest-performing sector, supported by rising oil prices during the quarter. More defensive sectors, including utilities, materials and consumer staples, also held up relatively well. In contrast, information technology, consumer discretionary, and financials lagged, reflecting broader weakness in growth- oriented and economically sensitive areas. ▪ International equity markets also declined in US dollar terms but generally performed better than domestic markets. Developed and emerging market indexes both posted modest losses, with emerging markets outperforming developed markets. Currency movements contributed to weaker US dollar-based returns, as local currency performance was generally stronger than reported USD results. Fixed Income ▪ Fixed income markets produced mixed results during the first quarter as interest rates moved modestly higher across the yield curve. The US Treasury curve shifted upward, with the 10-year Treasury yield rising slightly by quarter end. Shorter-term yields remained elevated relative to longer maturities, reflecting continued uncertainty around the path of monetary policy and inflation. ▪ Domestic investment-grade bonds posted flat to slightly negative returns for the quarter. Corporate bonds performed similarly, while high yield bonds lagged amid widening credit spreads during periods of increased market volatility. Differences in performance across fixed income sectors were largely driven by changes in interest rates and credit spreads, with income generation partially offset by price declines. ▪ Global fixed income markets also declined during the quarter and underperformed domestic bonds in US dollar terms. Currency movements and rising yields across developed markets contributed to weaker returns. Overall, fixed income performance reflected a combination of stable income generation and modest headwinds from rising rates and shifting credit conditions. Market Themes ▪ Geopolitical developments were a primary driver of market behavior during the quarter, as conflict in the Middle East led to a sharp increase in oil prices and heightened volatility across asset classes. Energy markets experienced significant gains, while rising fuel costs contributed to renewed concerns around inflation and global economic growth. Market performance shifted notably in March as uncertainty increased and earlier gains in risk assets were partially reversed. ▪ Equity market leadership rotated during the quarter, with energy and more defensive sectors outperforming while growth-oriented sectors lagged. The weakness in large-cap growth stocks contributed to broader index declines, while value stocks and smaller-cap companies demonstrated relative resilience. This shift marked a departure from the growth-led market environment observed in recent quarters. ▪ Currency movements and cross-asset relationships also influenced performance, with US dollar strength weighing on international returns in USD terms despite relatively stronger local market performance. Across asset classes, quarterly results masked significant intra-period volatility, as many markets experienced declines late in the quarter following more stable conditions earlier in the period. Page 2

The Market Environment Major Market Index Performance As of March 31, 2026 ▪ U.S. equities declined during the quarter, with broad market indices posting negative returns. ▪ Large-cap stocks underperformed small-cap stocks across domestic equity markets. ▪ International developed markets declined modestly but outperformed most U.S. equities. ▪ Emerging markets posted slight losses and were the best-performing equity region relative to non-US peers. ▪ Commodities were the top-performing asset class, driven by strong gains in energy markets. ▪ Fixed income returns were flat to slightly negative as interest rates increased across the yield curve. ▪ U.S. equities delivered strong positive returns over the trailing year, led by small-cap indices. ▪ Small-cap stocks outperformed large- and mid-cap stocks across domestic equity markets. ▪ International developed markets posted solid positive returns outperforming U.S. equities. ▪ Emerging markets delivered strong gains and were among the best- performing equity regions. ▪ Fixed income indices produced modest positive returns, supported by income and stable credit conditions. ▪ Commodities and gold generated strong returns, outperforming most traditional asset classes over the period. Source: Investment Metrics 0.9% -0.5% 0.4% 0.3% 0.0% 0.0% -0.2% -1.2% -0.7% 0.9% 1.3% -4.2% -4.0% -4.3% -5.0% -4.5% -4.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 4.1% 4.8% 5.8% 3.0% 3.3% 4.3% 29.6% 21.3% 24.9% 25.7% 16.0% 17.7% 18.1% 17.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3

Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of March 31, 2026 ▪ Small-cap stocks outperformed large-cap stocks across domestic equity style indices. Mid-cap stocks were the best performers overall. ▪ Value stocks outperformed growth stocks within all segments. ▪ Small-cap value was the best-performing style during the quarter. ▪ Large-cap growth stocks posted the weakest performance among major styles. ▪ Mid-cap stocks delivered mixed results, generally lagging small-cap performance while outperforming large-caps. ▪ Small-cap growth underperformed small-cap value but was the best performing growth segment for the quarter. ▪ Performance dispersion widened across styles, with value and smaller-cap segments leading. ▪ Small-cap stocks outperformed large- and mid-cap stocks over the trailing one-year period. ▪ Small-cap value was the best-performing style across domestic equity markets. ▪ Growth stocks outperformed value stocks within large-cap indices, but the opposite was true within mid and small-caps.. ▪ Mid-cap stocks delivered solid returns but trailed large-cap performance. ▪ Small-cap value outperformed small-cap growth over the one-year period. ▪ Performance dispersion across both capitalization and style was much tighter over the full year relative to more recent periods. -2.8% 0.9% 5.0% -6.3% 1.3% 3.7% -9.8% -4.2% 2.1% -9.5% -4.0% 2.2% -11.0% -9.0% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance - Russell Style Series 23.6% 25.7% 28.1% 9.6% 16.0% 17.6% 18.8% 17.7% 15.9% 18.7% 18.1% 16.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance - Russell Style Series Page 4

The Market Environment GICS Sector Performance & (Sector Weight) As of March 31, 2026 Source: Morningstar Direct ▪ Sector performance was mixed, with several sectors posting negative returns during the quarter. ▪ Energy was the best-performing sector, significantly outperforming all other sectors. ▪ Utilities, materials and consumer staples delivered positive returns and outperformed the broader market. ▪ Information technology, and communication services were among the weakest-performing sectors. ▪ Consumer discretionary and financials also lagged, contributing to overall market weakness. ▪ Health care posted modest negative returns, generally in line with the broader market. ▪ Real estate delivered slight positive returns, outperforming most equity sectors. ▪ Sector performance was mixed, with a mix of underperforming and outperforming sectors, albeit with a slight positive skew. ▪ Energy was the best-performing sector, significantly outperforming all others. ▪ Materials and industrials delivered strong positive returns across the index. ▪ Utilities posted gains over both the quarter and full year, reflecting strength in defensive sectors. ▪ Information technology declined during the quarter and was among the weakest-performing sectors. ▪ Financials and consumer discretionary delivered modest returns relative to peers. ▪ Health care lagged other sectors during the quarter, posting weaker relative performance. However, the full year return was strongly positive. 19.6% 1.3% 21.9% 28.4% 27.2% 3.5% 2.1% 36.4% 5.9% 10.6% 30.8% 8.0% 1.6% 9.6% -9.2% 5.1% -4.9% -9.5% 38.4% 7.7% -9.3% -7.3% -14.0% -4.0% 6.0% 16.0% 26.0% 36.0% Utilities (2.3%) Real Estate (2.2%) Materials (2.2%) Info Technology (31.7%) Industrials (9.6%) Health Care (9.8%) Financials (13.2%) Energy (3.2%) Consumer Staples (4.9%) Consumer Disc (10.4%) Comm Services (10.5%) Russell 1000 Quarter 1-Year 12.4% 6.6% 52.3% 27.9% 38.8% 32.6% 11.9% 60.5% 0.0% 12.7% 32.8% 2.3% -0.6% 6.2% -4.8% 4.0% -4.5% -1.0% 38.2% 2.8% -2.9% -0.6% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Utilities (3.0%) Real Estate (5.5%) Materials (4.7%) Info Technology (14.4%) Industrials (17.9%) Health Care (17.8%) Financials (17.1%) Energy (5.4%) Consumer Staples (1.9%) Consumer Disc (9.1%) Comm Services (2.7%) Russell 2000 Quarter 1-Year Page 5

The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of March 31, 2026 Source: Morningstar Direct Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector NVIDIA Corp 6.8% -6.5% 61.0% Information Technology Apple Inc 6.1% -6.6% 14.7% Information Technology Microsoft Corp 4.6% -23.3% -0.6% Information Technology Amazon.com Inc 3.3% -9.8% 9.5% Consumer Discretionary Alphabet Inc Class A 2.8% -8.1% 86.6% Communication Services Broadcom Inc 2.4% -10.4% 86.3% Information Technology Alphabet Inc Class C 2.3% -8.5% 84.2% Communication Services Meta Platforms Inc Class A 2.1% -13.3% -0.4% Communication Services Tesla Inc 1.8% -17.3% 43.4% Consumer Discretionary Berkshire Hathaway Inc Class B 1.5% -4.7% -10.0% Financials Top 10 Weighted Stocks Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Bloom Energy Corp Class A 1.0% 55.9% 589.2% Industrials Coeur Mining Inc 0.7% 5.3% 217.1% Materials Fabrinet 0.6% 14.5% 164.0% Information Technology Nextpower Inc Class A 0.6% 38.4% 186.1% Industrials EchoStar Corp Class A 0.5% 7.7% 357.7% Communication Services Credo Technology Group Holding Ltd 0.5% -34.8% 133.7% Information Technology Kratos Defense & Security Solutions Inc 0.4% -7.1% 137.5% Industrials Advanced Energy Industries Inc 0.4% 54.2% 239.4% Information Technology Sterling Infrastructure Inc 0.4% 33.0% 259.7% Industrials Hecla Mining Co 0.4% -2.9% 235.6% Materials Top 10 Performing Stocks (by Quarter) Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Erasca Inc 0.1% 334.9% 1081.0% Health Care ImmunityBio Inc Ordinary Shares 0.1% 287.4% 154.8% Health Care Kosmos Energy Ltd 0.0% 206.4% 21.9% Energy Satellogic Inc Ordinary Shares 0.0% 190.9% 52.4% Industrials Fastly Inc Class A 0.1% 185.5% 359.1% Information Technology Enliven Therapeutics Inc 0.1% 154.5% 99.2% Health Care Ichor Holdings Ltd 0.1% 152.9% 106.1% Information Technology Ultra Clean Holdings Inc 0.1% 145.5% 190.4% Information Technology Applied Optoelectronics Inc 0.2% 142.7% 451.1% Information Technology TuHURA Biosciences Inc 0.0% 136.6% -44.6% Health Care Bottom 10 Performing Stocks (by Quarter) Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Gossamer Bio Inc 0.0% -89.4% -70.1% Health Care Sleep Number Corp 0.0% -78.8% -71.7% Consumer Discretionary ZSPACE Inc 0.0% -75.9% -98.5% Consumer Discretionary Faraday Future Intelligent Electric Inc 0.0% -73.7% -76.5% Consumer Discretionary Tevogen Bio Holdings Inc 0.0% -72.7% -91.6% Health Care NextNRG Inc 0.0% -72.4% -87.3% Energy eHealth Inc 0.0% -72.0% -80.7% Financials Aardvark Therapeutics Inc 0.0% -71.3% -49.8% Health Care FuboTV Inc Ordinary Shares - Class A 0.0% -70.6% -73.7% Communication Services Alight Inc Class A 0.0% -70.1% -89.8% Industrials Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector SanDisk Corp Ordinary Shares 0.2% 167.6% 1234.5% Information Technology Lumentum Holdings Inc 0.1% 90.7% 1027.3% Information Technology LyondellBasell Industries NV Class A 0.0% 88.3% 25.0% Materials Dow Inc 0.0% 80.2% 27.3% Materials APA Corp 0.0% 75.2% 112.1% Energy Moderna Inc 0.0% 72.3% 79.2% Health Care Darling Ingredients Inc 0.0% 71.8% 98.0% Consumer Staples CF Industries Holdings Inc 0.0% 68.8% 70.0% Materials Ciena Corp 0.1% 66.0% 542.4% Information Technology Texas Pacific Land Corp 0.0% 65.4% 8.1% Energy Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Atlassian Corp Class A 0.0% -57.9% -67.8% Information Technology Flutter Entertainment PLC 0.0% -52.6% -54.0% Consumer Discretionary Kyndryl Holdings Inc Ordinary Shares 0.0% -50.6% -58.2% Information Technology Unity Software Inc Ordinary Shares 0.0% -50.3% 12.0% Information Technology Doximity Inc Class A 0.0% -47.4% -59.8% Health Care Inspire Medical Systems Inc 0.0% -44.1% -67.6% Health Care Duolingo Inc 0.0% -43.8% -68.3% Consumer Discretionary GitLab Inc Class A 0.0% -42.3% -54.0% Information Technology MongoDB Inc Class A 0.0% -41.7% 39.5% Information Technology Ncino Inc Ordinary Shares 0.0% -41.6% -45.5% Information Technology Page 6

Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of March 31, 2026 ▪ International equity markets declined modestly in U.S. dollar terms during the quarter. ▪ Developed markets outperformed U.S. equities but trailed emerging markets. ▪ Emerging markets were the best-performing region despite slightly negative returns in US dollars (ex LATAM). ▪ Performance was stronger in local currency terms than in U.S. dollars. ▪ Currency movements detracted from returns for U.S.-based investors. ▪ Regional results varied, with commodity-sensitive markets generally outperforming. ▪ Broad international indices showed narrower dispersion compared to U.S. equity markets. ▪ International equity markets posted strong positive returns in U.S. dollar terms over the one-year period. ▪ Emerging markets outperformed developed markets and led all major regions. ▪ Developed markets delivered solid gains but trailed emerging markets. ▪ Broad global ex-U.S. indices generated double-digit returns for the period. ▪ Regional performance was positive across most countries and major indices. ▪ Currency movements generally supported U.S. dollar-based returns. ▪ Return dispersion across regions was moderate, with broad-based participation in gains. 12.1% 1.3% 1.8% 2.1% 2.5% -0.9% 0.1% 0.5% 1.0% 14.6% -1.5% 0.0% -0.2% 1.9% -2.7% -1.2% -0.9% -0.7% -4.2% -2.2% -0.2% 1.8% 3.8% 5.8% 7.8% 9.8% 11.8% 13.8% 15.8% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) World x US (22) AC World x US (48) Quarter Performance USD LOCAL 44.5% 31.2% 19.1% 30.6% 27.9% 12.6% 17.4% 19.1% 22.4% 57.4% 28.4% 21.9% 29.6% 25.2% 19.4% 21.3% 23.0% 24.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) World x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7

The Market Environment US Dollar International Index Attribution & Country Detail As of March 31, 2026 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) MSCI - EAFE Sector Weight Quarter Return 1-Year Return Communication Services 4.3% -3.5% 10.0% Consumer Discretionary 8.5% -14.6% -2.8% Consumer Staples 7.3% -2.9% 7.4% Energy 4.4% 40.0% 53.9% Financials 24.5% -3.6% 27.8% Health Care 11.2% -3.0% 10.3% Industrials 19.4% -0.3% 28.1% Information Technology 8.5% -1.5% 25.6% Materials 6.0% 6.9% 30.9% Real Estate 1.8% -2.0% 20.2% Utilities 4.2% 10.9% 44.5% Total 100.0% -1.2% 21.3% MSCI - ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 5.1% -9.5% 6.8% Consumer Discretionary 8.6% -13.3% -3.8% Consumer Staples 5.8% -2.9% 6.6% Energy 5.7% 28.6% 45.7% Financials 24.6% -3.6% 25.7% Health Care 7.7% -3.1% 9.7% Industrials 14.7% -0.2% 27.7% Information Technology 15.7% 4.6% 57.0% Materials 7.3% 5.4% 44.0% Real Estate 1.5% -4.4% 11.8% Utilities 3.5% 9.2% 36.3% Total 100.0% -0.7% 24.9% MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year Country Weight Weight Return Return Japan 22.6% 13.7% 1.4% 25.9% United Kingdom 15.3% 9.2% 2.0% 25.7% France 10.2% 6.2% -5.4% 10.2% Switzerland 9.4% 5.7% -4.2% 14.7% Germany 9.0% 5.5% -8.5% 8.0% Australia 6.7% 4.0% 3.3% 21.7% Netherlands 5.2% 3.2% 2.7% 37.9% Spain 3.9% 2.4% -3.2% 44.2% Sweden 3.6% 2.2% -3.8% 16.9% Italy 3.3% 2.0% -3.4% 28.2% Hong Kong 2.1% 1.3% 5.5% 36.3% Singapore 1.7% 1.0% -1.0% 19.7% Denmark 1.7% 1.0% -14.5% -15.8% Finland 1.2% 0.7% 2.0% 41.5% Belgium 1.1% 0.7% -1.7% 26.4% Israel 1.1% 0.7% 2.5% 38.2% Norway 0.8% 0.5% 31.5% 46.0% Ireland 0.4% 0.3% -10.2% 22.0% Austria 0.3% 0.2% -3.5% 51.5% Portugal 0.2% 0.1% 11.4% 47.7% New Zealand 0.2% 0.1% -0.9% 8.3% Total EAFE Countries 100.0% 60.5% -1.2% 21.3% Canada 8.6% 1.3% 36.7% Total Developed Countries 69.1% -0.9% 23.0% China 7.9% -8.9% 3.9% Taiwan 7.0% 9.1% 73.6% Korea 4.8% 16.5% 122.0% India 3.9% -18.1% -13.4% Brazil 1.6% 19.1% 56.4% South Africa 1.1% -3.4% 50.7% Saudi Arabia 1.0% 9.2% 1.9% Mexico 0.6% 7.7% 54.9% United Arab Emirates 0.4% -7.1% 12.4% Malaysia 0.4% 2.5% 25.9% Poland 0.4% 0.8% 34.1% Thailand 0.4% 15.4% 42.8% Indonesia 0.3% -20.7% -13.1% Kuwait 0.2% -5.3% 4.9% Qatar 0.2% -3.4% 5.1% Chile 0.2% -2.0% 42.4% Greece 0.2% -6.5% 38.4% Turkey 0.2% 13.7% 22.0% Peru 0.1% 20.8% 98.9% Philippines 0.1% -3.2% -2.9% Hungary 0.1% 4.7% 58.7% Colombia 0.1% 21.1% 92.7% Czech Republic 0.0% -10.1% 19.4% Egypt 0.0% -3.7% 41.8% Total Emerging Countries 30.9% -0.2% 29.6% Total ACWIxUS Countries 100.0% -0.7% 24.9% MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 7.9% -15.3% 3.2% Consumer Discretionary 10.2% -11.6% -7.2% Consumer Staples 3.5% -4.2% 0.2% Energy 4.3% 10.8% 26.2% Financials 21.5% -3.6% 16.4% Health Care 3.0% -4.1% 6.6% Industrials 7.1% 1.0% 36.8% Information Technology 31.8% 11.3% 88.3% Materials 7.1% 1.2% 50.4% Real Estate 1.2% -10.5% -6.6% Utilities 2.4% 4.4% 16.4% Total 100.0% -0.2% 29.6% Page 8

Source: Morningstar Direct; Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of March 31, 2026 ▪ Domestic fixed income returns were flat to slightly negative during the quarter. ▪ U.S. Treasury yields increased across the curve, pressuring bond prices. ▪ Short-duration bonds outperformed longer-duration securities. ▪ Investment-grade corporate bonds slightly underperformed Treasuries. ▪ High yield bonds posted modest negative returns. ▪ Global bonds declined and underperformed U.S. fixed income markets. ▪ Currency movements contributed to weaker returns for international bonds. ▪ Domestic fixed income markets produced positive returns over the trailing one-year period. ▪ Domestic fixed income indices posted modest positive returns over the one- year period. ▪ Investment-grade corporate bonds outperformed Treasuries across major bond sectors. ▪ High yield bonds delivered the strongest returns within domestic fixed income. ▪ U.S. Treasury returns were positive but lagged credit-oriented sectors. ▪ Mortgage-backed securities generated moderate gains in line with core bonds. ▪ Global bonds underperformed U.S. fixed income markets over the period. ▪ Currency effects modestly supported returns for international bond investors. -1.1% -1.9% 0.1% 0.0% -0.6% -0.5% 0.1% 0.2% 0.3% -0.5% -0.5% 0.4% 0.0% -2.1% -1.1% -0.1% Multiverse (6.1) Global Agg x US (6.5) Intermediate Agg (4.1) Aggregate (5.8) Baa (6.5) A (6.6) AA (5.6) AAA (4.1) U.S. TIPS (4.1) U.S. High Yield (2.9) U.S. Corporate IG (6.7) U.S. Mortgage (5.3) U.S. Treasury (5.8) Quarter Performance 4.5% 4.2% 4.8% 4.3% 5.2% 4.8% 4.1% 4.6% 3.0% 7.0% 4.8% 5.8% 3.3% 0.0% 2.0% 4.0% 6.0% Multiverse (6.1) Global Agg x US (6.5) Intermediate Agg (4.1) Aggregate (5.8) Baa (6.5) A (6.6) AA (5.6) AAA (4.1) U.S. TIPS (4.1) U.S. High Yield (2.9) U.S. Corporate IG (6.7) U.S. Mortgage (5.3) U.S. Treasury (5.8) 1-Year Performance Page 9

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of March 31, 2026 ▪ Short-term Treasury yields remained relatively stable over the one-year period. ▪ Intermediate-term yields experienced modest fluctuations but ended slightly higher. ▪ The 10-year Treasury yield remained range-bound, finishing near prior-year levels. ▪ Long-term Treasury yields showed limited movement over the trailing year. ▪ The yield curve remained relatively flat across most maturities. ▪ Credit spreads stayed tight, with minimal change over the period. ▪ Overall rate movements were modest, with income driving fixed income returns. ▪ Option-adjusted spreads remained tight over the period, indicating limited additional compensation for credit risk across fixed income sectors. ▪ The Treasury yield curve remained upward sloping across most maturities. ▪ Short-term yields were relatively stable over the period. ▪ Intermediate-term yields increased modestly compared to prior periods. ▪ Long-term yields rose slightly, remaining near the high end of recent ranges. ▪ The curve exhibited a flatter shape compared to earlier periods. ▪ Yield differences between short- and long-term maturities remained relatively narrow. ▪ Overall movements indicate modest upward pressure across the curve. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 3.00 3.50 4.00 4.50 5.00 5.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Page 10

The Market Environment References As of March 31, 2026 Global Index lens –MSCI Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) Daily Treasury Yield Curve -Data Chart Center (treasury.gov) ICE BofA BBB US Corporate Index Option-Adjusted Spread (BAMLC0A4CBBB) | FRED | St. Louis Fed (stlouisfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org) Page 11

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Schedule of Investable Assets Total Fund Net Cash Flow $0 $1,400,000 $2,800,000 $4,200,000 $5,600,000 $7,000,000 $8,400,000 $9,800,000 $11,200,000 $12,600,000 $14,000,000 $15,400,000 $16,800,000 $18,200,000 Market Value 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 7/22 4/23 1/24 10/24 7/25 3/26 $1,921,405 $15,233,955 Neptune Beach Police Officers' Pension Plan Schedule of Investable Assets Since Inception Ending March 31, 2026 Page 13

Dec-2025 : $15,629,412 R&D Domestic Fixed Income International Equity Domestic Equity Mar-2026 : $15,233,955 R&D Domestic Fixed Income International Equity Domestic Equity Allocation Market Value Allocation Domestic Equity 9,773,982 62.5¢£ International Equity 1,645,642 10.5¢£ Domestic Fixed Income 4,118,759 26.4¢£ R&D 91,029 0.6¢£ Allocation Market Value Allocation Domestic Equity 9,308,244 61.1¢£ International Equity 1,638,833 10.8¢£ Domestic Fixed Income 4,123,966 27.1¢£ R&D 162,911 1.1¢£ Neptune Beach Police Officers' Pension Plan Asset Allocation By Asset Class As of March 31, 2026 Page 14

Dec-2025 : $15,629,412 Mar-2026 : $15,233,955 Allocation Market Value Allocation Dana Domestic Equity 4,555,192 29.1¢£ JP Morgan Disciplined Equity R6 (JDEUX) 2,609,398 16.7¢£ Vanguard Instl Index Fund (VINIX) 2,609,393 16.7¢£ American EuroPacific (RERGX) 810,537 5.2¢£ Pear Tree Polaris Foreign Value (QFVRX) 414,913 2.7¢£ Transamerica Intl Equity (TAINX) 420,192 2.7¢£ Dana Fixed Income 4,118,759 26.4¢£ R&D 91,029 0.6¢£ Allocation Market Value Allocation Dana Domestic Equity 4,328,470 28.4¢£ JP Morgan Disciplined Equity R6 (JDEUX) 2,483,672 16.3¢£ Vanguard Instl Index Fund (VINIX) 2,496,103 16.4¢£ American EuroPacific (RERGX) 787,524 5.2¢£ Pear Tree Polaris Foreign Value (QFVRX) 432,781 2.8¢£ Transamerica Intl Equity (TAINX) 418,529 2.7¢£ Dana Fixed Income 4,123,966 27.1¢£ R&D 162,911 1.1¢£ Neptune Beach Police Officers' Pension Plan Asset Allocation By Manager As of March 31, 2026 Page 15

Executive Summary Policy Target In Policy Outside Policy 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% R&D (1.1%) Total Domestic Fixed Income (27.1%) Total International Equity (10.8%) Total Domestic Equity (61.1%) Recommendation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) R&D 0.0 5.0 1.1 0.0 Total International Equity 0.0 25.0 10.8 10.0 Total Domestic Equity 35.0 60.0 61.1 45.0 Total Domestic Fixed Income 20.0 80.0 27.1 45.0 Total Fund N/A N/A 100.0 100.0 Neptune Beach Police Officers' Pension Plan Asset Allocation Compliance As of March 31, 2026 Page 16

Asset Allocation Attributes Mar-2026 Dec-2025 Sep-2025 Jun-2025 Mar-2025 ($) % ($) % ($) % ($) % ($) % Total Equity 10,947,078 71.86 11,419,624 73.06 11,039,929 72.34 10,263,421 71.29 9,200,558 68.93 Total Domestic Equity 9,308,244 61.10 9,773,982 62.54 9,488,333 62.17 8,784,508 61.02 7,883,741 59.07 Dana Domestic Equity 4,328,470 28.41 4,555,192 29.14 4,402,866 28.85 4,071,003 28.28 3,632,879 27.22 JP Morgan Disciplined Equity R6 (JDEUX) 2,483,672 16.30 2,609,398 16.70 2,543,309 16.66 2,362,174 16.41 2,131,239 15.97 Vanguard Instl Index Fund (VINIX) 2,496,103 16.39 2,609,393 16.70 2,542,158 16.66 2,351,331 16.33 2,119,624 15.88 Total International Equity 1,638,833 10.76 1,645,642 10.53 1,551,596 10.17 1,478,913 10.27 1,316,817 9.87 American Funds EuroPacific Gr R6 (RERGX) 787,524 5.17 810,537 5.19 774,770 5.08 729,026 5.06 643,915 4.82 Pear Tree Polaris Foreign Value (QFVRX) 432,781 2.84 414,913 2.65 384,099 2.52 366,574 2.55 325,389 2.44 Transamerica Intl Equity (TAINX) 418,529 2.75 420,192 2.69 392,726 2.57 383,313 2.66 347,512 2.60 Total Domestic Fixed Income 4,123,966 27.07 4,118,759 26.35 4,067,318 26.65 4,023,838 27.95 3,970,675 29.75 Dana Fixed Income 4,123,966 27.07 4,118,759 26.35 4,067,318 26.65 4,023,838 27.95 3,970,675 29.75 R&D 162,911 1.07 91,029 0.58 154,461 1.01 108,756 0.76 176,209 1.32 Total Fund 15,233,955 100.00 15,629,412 100.00 15,261,708 100.00 14,396,015 100.00 13,347,442 100.00 Historical Asset Allocation by Segment Domestic Equity International Equity Fixed Income Cash Equivalent 0.0 25.0 50.0 75.0 100.0 Allocation (%) 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 3/24 12/24 3/26 Neptune Beach Police Officers' Pension Plan Asset Allocation As of March 31, 2026 Page 17

Financial Reconciliation Quarter to Date Market Value 01/01/2026 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2026 Total Equity 11,419,624 - - - -14,557 -455 16,335 -473,870 10,947,078 Total Domestic Equity 9,773,982 - - - -14,557 -455 16,335 -467,061 9,308,244 Dana Domestic Equity 4,555,192 - - - -14,557 -455 11,493 -223,203 4,328,470 JP Morgan Disciplined Equity R6 (JDEUX) 2,609,398 - - - - - 4,843 -130,568 2,483,672 Vanguard Instl Index Fund (VINIX) 2,609,393 - - - - - - -113,290 2,496,103 Total International Equity 1,645,642 - - - - - - -6,809 1,638,833 American Funds EuroPacific Gr R6 (RERGX) 810,537 - - - - - - -23,013 787,524 Pear Tree Polaris Foreign Value (QFVRX) 414,913 - - - - - - 17,868 432,781 Transamerica Intl Equity (TAINX) 420,192 - - - - - - -1,663 418,529 Total Domestic Fixed Income 4,118,759 - - - -5,116 -1,105 16,424 -4,996 4,123,966 Dana Fixed Income 4,118,759 - - - -5,116 -1,105 16,424 -4,996 4,123,966 R&D 91,029 - 310,880 -217,105 - -22,621 728 - 162,911 Total Fund 15,629,412 - 310,880 -217,105 -19,673 -24,181 33,487 -478,866 15,233,955 Neptune Beach Police Officers' Pension Plan Financial Reconciliation 1 Quarter Ending March 31, 2026 Page 18

Financial Reconciliation Fiscal Year to Date Market Value 10/01/2025 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2026 Total Equity 11,039,929 - - - -14,557 -895 314,047 -391,446 10,947,078 Total Domestic Equity 9,488,333 - - - -14,557 -895 178,849 -343,486 9,308,244 Dana Domestic Equity 4,402,866 - - - -14,557 -895 22,997 -81,941 4,328,470 JP Morgan Disciplined Equity R6 (JDEUX) 2,543,309 - - - - - 127,394 -187,031 2,483,672 Vanguard Instl Index Fund (VINIX) 2,542,158 - - - - - 28,459 -74,514 2,496,103 Total International Equity 1,551,596 - - - - - 135,197 -47,959 1,638,833 American Funds EuroPacific Gr R6 (RERGX) 774,770 - - - - - 81,503 -68,749 787,524 Pear Tree Polaris Foreign Value (QFVRX) 384,099 - - - - - 23,778 24,904 432,781 Transamerica Intl Equity (TAINX) 392,726 - - - - - 29,917 -4,114 418,529 Total Domestic Fixed Income 4,067,318 - - - -5,116 -2,189 57,036 6,917 4,123,966 Dana Fixed Income 4,067,318 - - - -5,116 -2,189 57,036 6,917 4,123,966 R&D 154,461 - 481,970 -433,460 - -41,582 1,522 - 162,911 Total Fund 15,261,708 - 481,970 -433,460 -19,673 -44,666 372,605 -384,529 15,233,955 Neptune Beach Police Officers' Pension Plan Financial Reconciliation October 1, 2025 To March 31, 2026 Page 19