Non-Represented Employees Pension Board

City of Tamarac Elected & Appointed Officers' & Non-Represented Employees' Pension Plan Sep 02, 2025 3:00 PM EDT TRUSTEES James Twigger, Chair, 5th Member, Term ends 9/6/2026 Danielle Durgan, Appointed, Term ends 5/14/2028 Christine Cajuste, Elected, Term ends 8/23/2028 Diane Phillips, Appointed, Term ends 6/10/2029 Rodney Sims, Secretary, Elected, Term ends 10/21/2025 The Board may consider such other business as may come before it. In the event this agenda must be revised, such revised copies will be available to the public at the Board Meeting. All members are urged to attend this meeting. All meetings are open to the public, and interested parties are welcome to attend. One or more City Commissioners may be in attendance at this meeting. All meetings are open to the public. Pursuant to Chapter 286.0105, Florida Statutes, if a person decides to appeal any decision made at this meeting with respect to any matter considered at such meeting, he may need to ensure that a verbatim record of the proceedings is made which record includes the testimony and evidence upon which the appeal is based. The City of Tamarac complies with the provisions of the Americans with Disabilities Act. If you are a disabled person requiring any accommodations or assistance, please notify the City of such need at least 48 hours (2 days) in advance. Additionally, if you are hearing or speech impaired and need assistance, you may contact the Florida Relay Service at either of the following numbers: 1-800-955-8770 or 1-800-955-8771. 1. Call to Order 2. Roll Call 3. Public Participation 4. Approval of the Minutes: June 3, 2025 5. New Business 5.A. One Free Estimate Benefit Calculation The Question: If a participant had their one free pre-retirement estimate completed by the actuary, can that participant get another free pre-retirement estimate by the actuary since the plan has removed the 80% maximum benefit provision? 6. Old Business 7. Consent Agenda 7.A. Invoice Approvals $19,471.00 1/104

Date Req. Num Description Amount 05/30/2025 R-2025-05-00398 FMPTF: Actuary’s respond to auditor's questions. ($225.00) 05/30/2025 R-2025-05-00428 FMPTF: Individual benefit calculation for Dibb Machua. ($262.50) 05/30/2025 R-2025-05-00429 FMPTF: Final individual benefit calculation for Vincent Bernd. ($337.50) 06/30/2025 R-2025-06-00489 City of Tamarac: Payment via City of Tamarac procard for FPPTA Pension Fundamentals for New Trustees virtual training, which is a pre- requisite for the FPPTA Trustee School ($150.00) 07/01/2025 R-2025-Qrtrly3-063 FMPTF: 06/30/2025 Quarterly Fees ($14,381.25) 07/14/2025 R-2025-07-00520 Klausner, Kaufman, Jensen & Levinson: Pension Board Attorney - Quarterly Retainer 2025-06-30 ($2,500.00) 07/21/2025 R-2025-07-00518 City of Tamarac: Trustee Christine Cajuste - Reimbursement request from City of Tamarac for expenses relating to 2025 FPPTA Annual Conference ($1,614.75) 7.B. One Time Distribution Approvals: None 7.C. Recurring Monthly Distribution Approvals $11,918.39 Name Start Date Monthly Amount Retro Amount Vincent Bernd May 1, 2025 $4,265.02 $4,265.02 Kathleen Stakermann February 1, 2025 $677.67 $2,710.68 7.D. Recurring Monthly Health Insurance Subsidy Approvals $950.00 Name Start Date Monthly Amount Retro Amount Vincent Bernd May 1, 2025 $475.00 $475.00 8. Investment Performance: June 30, 2025 9. Reports 9.A. Chairman 9.B. Secretary 9.C. Attorney Memo: Boycott Israel List 9.D. Administrator 10. Next Regular Quarterly Meeting Date: December 2, 2025 2/104

MINUTES CITY OF TAMARAC ELECTED AND APPOINTED OFFICERS AND NON-REP. EMPLOYEES PENSION PLAN MEETING HELD AT 3:00 PM EDT on JUNE 3, 2025 7525 NW 88th Avenue, Tamarac, FL 33321 - Room: City Hall Conference Room 105 1. Call to Order The meeting was called to order at 3:00 p.m. 2. Roll Call Members present were James Twigger, Christine Cajuste, Diane Phillips, Rodney Sims, and Danielle Durgan. Also present were Lindsey Garber, the Pension Attorney; Jeff Blomeley and Stephanie Forbes, the Pension Administrator; Anil Harris, the Auditor; and Priscilla Moxey from the City of Tamarac. 3. Public Participation There was no public participation. 4. Approval of Minutes: March 4, 2025 and March 26, 2025 The Board reviewed the minutes. A motion was made by Mr. Sims and seconded by Ms. Durgan to approve the minutes as presented. The motion passed. 5. New Business 5.A. Annual Comprehensive Financial Report Ms. Moxey and Mr. Harris presented the audit reports to the Board. Both informed the Board that a clean opinion was given by the auditors. A motion was made by Ms. Cajuste and seconded by Mr. Sims to accept the reports as presented. The motion passed. 5.B. Annual Service Provider Assessments The Board reviewed the completed annual service provider assessments. The Board did not have any big issues with any of the providers. 6. Old Business 6.A. Liability and E&O Insurance Policy Renewal 3/104

Mr. Twigger informed the Board that the cost of the insurance was slightly higher than last time, and it was purchased. 7. Consent Agenda 7.A. Invoice Approvals $37,525.55 The Board discussed the difference in cost for the various benefit calculations. Mr. Blomeley reminded the Board that the cost is based on the amount of time for the actuary to prepare the benefit calculation. If the member wants to see more options, like BACDROP, the price will be higher. A motion made by Ms. Phillips and seconded by Ms. Durgan to approve the payments as presented. The motion passed. 7.B. One Time Distribution Approvals $28,466.49 The Board reviewed the distributions. A motion made by Ms. Durgan and seconded by Ms. Cajuste to approve the payments as presented. The motion passed. 7.C. Recurring Monthly Pension Distribution Approvals $13,538.28 The Board reviewed the recurring payments. A motion made by Ms. Phillips and seconded by Ms. Cajuste to approve the payments as presented. The motion passed. 7.D. Recurring Monthly Health Insurance Subsidy Approvals $1,500.00 The Board reviewed the monthly subsidy payments. A motion made by Ms. Cajuste and seconded by Mr. Sims to approve the payments as presented. The motion passed. 8. Investment Performance Report: March 31, 2025 Mr. Blomeley presented the investment report. He informed the Board that the fund ended the quarter up at 1%. The Board discussed the current market conditions. 8.A. Market Update & Navigating Tariffs in 2025 Mr. Blomeley informed the Board that the investment consultant prepared the reports for their information. 4/104

9. Reports 9.A. Chairman The Board discussed the benefits of attending FPPTA schools and conferences and maintaining their certification program. A motion made by Ms. Durgan and seconded by Mr. Sims to approve all the Trustees to attend the FPPTA school and complete the first three courses and attend continuing education courses. The motion passed. 9.B. Secretary Mr. Sims did not have anything to present to the Board. 9.B.i. Attorney Ms. Garber reminded the Trustees to file their Florida Commission on Ethics Form 1 by July 1st. She also informed the Board that a member informational meeting was held earlier in the day. 9.C. Administrator Mr. Blomeley did not have anything else to present to the Board. 10. Next Regular Quarterly Meeting Date: September 2, 2025 11. Adjournment With no further business before the Board, the meeting was adjourned at 4:14 p.m. A motion made by Ms. Durgan and seconded by Mr. Sims to adjourn the meeting. The motion passed. _________________________________________________________________ Secretary _________________________________________________________________ Date 5/104

_____________________________________________ Retirement Services Florida Municipal Pension Trust P.O. Box 1757 301 S. Bronough St. Suite 300 Tallahassee, FL 32302-1757 Invoice Number: I-2025-05-00202 Invoice Date: 05/01/2025 Print Date: 08/27/2025 Acct. Cust ID: Tamarac Bill to: Mr. James Twigger Chief Information Officer Tamarac Executive & Professional 7525 NW 88th Avenue Tamarac, FL 33321 Description Amount Invoice No. 312-0425b Respond to auditor's questions. 225.00 *If paying by check, please make the check payable to Florida Municipal Pension Trust Fund and return 1 copy of the invoice with the payment. Thank you. 6/104

_____________________________________________ Retirement Services Florida Municipal Pension Trust P.O. Box 1757 301 S. Bronough St. Suite 300 Tallahassee, FL 32302-1757 Invoice Number: I-2025-05-00215 Invoice Date: 05/14/2025 Print Date: 08/27/2025 Acct. Cust ID: Tamarac Bill to: Mr. James Twigger Chief Information Officer Tamarac Executive & Professional 7525 NW 88th Avenue Tamarac, FL 33321 Description Amount Invoice No. 312-0525. Individual benefit calculation for Dibb Machua. 262.50 *If paying by check, please make the check payable to Florida Municipal Pension Trust Fund and return 1 copy of the invoice with the payment. Thank you. 7/104

_____________________________________________ Retirement Services Florida Municipal Pension Trust P.O. Box 1757 301 S. Bronough St. Suite 300 Tallahassee, FL 32302-1757 Invoice Number: I-2025-05-00216 Invoice Date: 05/14/2025 Print Date: 08/27/2025 Acct. Cust ID: Tamarac Bill to: Mr. James Twigger Chief Information Officer Tamarac Executive & Professional 7525 NW 88th Avenue Tamarac, FL 33321 Description Amount Invoice No. 312-0525a. Final individual benefit calculation for Vincent Bernd. 337.50 *If paying by check, please make the check payable to Florida Municipal Pension Trust Fund and return 1 copy of the invoice with the payment. Thank you. 8/104

INVOICE James Twigger (Tamarac Elected & Appointed Officers & Non- Represented Employees Pension Plan) 7525 NW 88TH AVE TAMARAC, FL 33321 United States For organization: Tamarac Elected & Appointed Officers & Non- Represented Employees Pension Plan Invoice Date: 06/20/2025 Invoice Number: INV_14712 Reference: Online Event Registration: Pension Fundamentals for New Trustees Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Description Quantity Unit Price Sales Tax Amount USD Pension Fundamentals for New Trustees Program - Pension Fundamentals For New Trustees (James Twigger, Attendee) 1 $150.00 - $150.00 Sub Total $150.00 TOTAL USD $150.00 Payment: Credit Card (Visa: 8787) 06/20/25 ($150.00) Amount Paid ($150.00) AMOUNT DUE: $0.00 9/104

Paid with R-2025-Qrtly3-063 6/30/2025 Balances per Plan Tamarac Exe. & Prof. Employees' $85,953,580.57 Balance per Tier Fee* First $7,499,999 @ .24% $7,499,999.00 $4,500.00 Next $10,500,000 @ .155% $10,500,000.00 $4,068.75 Next $12,000,000 @ .10% $12,000,000.00 $3,000.00 Next $22,500,000 @ .05% $22,500,000.00 $2,812.50 $52,499,999.00 $14,381.25 * Fee equals tier balance multiplied by the tier fee percent divided by four for quarterly fees. Tamarac Executive and Professional Employees' Quarterly Fee Allocation Fee Structure 10/104

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301 S. Bronough Street P.O. Box 1757 Tallahassee, FL 32302 (800) 342 - 8112 Tamarac Executive & Professional Plan Account Statement for 04/01/2025 to 06/30/2025 Lump Sum Detail Recurring Payment Detail Date Participant Type Amount 05/16/2025 Lump Sum ($1,503.62) 05/16/2025 Lump Sum ($26,962.87) Total ($28,466.49) Date Participant Amount 04/01/2025 ($2,212.86) 04/01/2025 ($1,857.36) 04/01/2025 ($1,800.17) 04/01/2025 ($1,868.24) 04/01/2025 ($2,073.64) 04/01/2025 ($1,100.95) 04/01/2025 ($1,892.08) 04/01/2025 ($3,078.87) 04/01/2025 ($7,677.19) 04/01/2025 ($1,037.92) 04/01/2025 ($1,500.00) 04/01/2025 ($13,538.28) 04/01/2025 ($3,568.18) 04/01/2025 ($1,920.00) 04/01/2025 ($10,440.38) 04/01/2025 ($1,538.21) 04/01/2025 ($2,957.39) 04/01/2025 ($614.64) 04/01/2025 ($653.18) 04/01/2025 ($995.27) 04/01/2025 ($647.20) 04/01/2025 ($937.21) 04/01/2025 ($937.21) 04/01/2025 ($6,983.14) 04/01/2025 ($3,269.88) 04/01/2025 ($959.59) 04/01/2025 ($4,811.19) 04/01/2025 ($1,122.16) 04/01/2025 ($1,512.77) 04/01/2025 ($6,793.09) 04/01/2025 ($5,976.33) 04/01/2025 ($1,074.34) 04/01/2025 ($1,254.09) 04/01/2025 ($300.00) 04/01/2025 ($519.97) 04/01/2025 ($7,618.62) 04/01/2025 ($2,089.63) 04/01/2025 ($1,142.43) 04/01/2025 ($3,408.75) 04/01/2025 ($2,336.75) 04/01/2025 ($4,587.68) 04/01/2025 ($7,470.27) 04/01/2025 ($3,352.34) 04/01/2025 ($5,510.98) 04/01/2025 ($4,910.89) 04/01/2025 ($3,500.00) 04/01/2025 ($6,734.28) 04/01/2025 ($2,536.90) 04/01/2025 ($2,117.55) 04/01/2025 ($3,926.56) 04/01/2025 ($3,660.34) 21/104

301 S. Bronough Street P.O. Box 1757 Tallahassee, FL 32302 (800) 342 - 8112 Tamarac Executive & Professional Plan Account Statement for 04/01/2025 to 06/30/2025 04/01/2025 ($11,119.65) 04/01/2025 ($1,817.09) 04/01/2025 ($1,812.31) 04/01/2025 ($2,619.65) 04/01/2025 ($2,807.60) 04/01/2025 ($4,648.60) 04/01/2025 ($352.19) 04/01/2025 ($2,850.77) 04/01/2025 ($1,453.71) 04/01/2025 ($4,830.91) 04/01/2025 ($3,545.06) 04/01/2025 ($2,792.79) 04/01/2025 ($1,385.15) 04/01/2025 ($840.97) 04/01/2025 ($849.85) 04/01/2025 ($277.58) 04/01/2025 ($4,115.87) 04/01/2025 ($5,069.97) 04/01/2025 ($1,421.93) 04/01/2025 ($8,835.90) 04/01/2025 ($7,528.90) 04/01/2025 ($7,193.49) 04/01/2025 ($2,931.39) 04/01/2025 ($2,776.59) 04/01/2025 ($6,497.93) 04/01/2025 ($5,787.70) 04/01/2025 ($4,093.52) 04/01/2025 ($8,432.51) 04/01/2025 ($300.00) 04/01/2025 ($4,547.28) 04/01/2025 ($1,294.39) 04/01/2025 ($3,808.33) 04/01/2025 ($1,596.18) 05/01/2025 ($2,212.86) 05/01/2025 ($1,857.36) 05/01/2025 ($1,800.17) 05/01/2025 ($1,868.24) 05/01/2025 ($2,073.64) 05/01/2025 ($1,100.95) 05/01/2025 ($1,892.08) 05/01/2025 ($3,078.87) 05/01/2025 ($7,677.19) 05/01/2025 ($1,037.92) 05/01/2025 ($500.00) 05/01/2025 ($4,512.76) 05/01/2025 ($3,568.18) 05/01/2025 ($480.00) 05/01/2025 ($10,440.38) 05/01/2025 ($1,538.21) 05/01/2025 ($2,957.39) 05/01/2025 ($614.64) 05/01/2025 ($653.18) 05/01/2025 ($995.27) 05/01/2025 ($647.20) 22/104

301 S. Bronough Street P.O. Box 1757 Tallahassee, FL 32302 (800) 342 - 8112 Tamarac Executive & Professional Plan Account Statement for 04/01/2025 to 06/30/2025 05/01/2025 ($6,497.93) 05/01/2025 ($5,787.70) 05/01/2025 ($4,093.52) 05/01/2025 ($8,432.51) 05/01/2025 ($300.00) 05/01/2025 ($4,547.28) 05/01/2025 ($1,294.39) 05/01/2025 ($3,808.33) 05/01/2025 ($1,596.18) 06/01/2025 ($2,212.86) 06/01/2025 ($1,857.36) 06/01/2025 ($950.00) 06/01/2025 ($8,530.04) 06/01/2025 ($1,800.17) 06/01/2025 ($1,868.24) 06/01/2025 ($2,073.64) 06/01/2025 ($1,100.95) 06/01/2025 ($1,892.08) 06/01/2025 ($3,078.87) 06/01/2025 ($7,677.19) 06/01/2025 ($1,037.92) 06/01/2025 ($500.00) 06/01/2025 ($4,512.76) 06/01/2025 ($3,568.18) 06/01/2025 ($480.00) 06/01/2025 ($10,440.38) 06/01/2025 ($1,538.21) 06/01/2025 ($2,957.39) 06/01/2025 ($614.64) 06/01/2025 ($653.18) 06/01/2025 ($995.27) 06/01/2025 ($647.20) 06/01/2025 ($937.21) 06/01/2025 ($937.21) 06/01/2025 ($6,983.14) 06/01/2025 ($3,269.88) 06/01/2025 ($959.59) 06/01/2025 ($4,811.19) 06/01/2025 ($1,122.16) 06/01/2025 ($1,512.77) 06/01/2025 ($6,793.09) 06/01/2025 ($5,976.33) 06/01/2025 ($1,074.34) 06/01/2025 ($1,254.09) 06/01/2025 ($60.00) 06/01/2025 ($519.97) 06/01/2025 ($7,618.62) 06/01/2025 ($2,089.63) 06/01/2025 ($1,142.43) 06/01/2025 ($3,408.75) 06/01/2025 ($2,336.75) 06/01/2025 ($4,587.68) 06/01/2025 ($7,470.27) 06/01/2025 ($3,352.34) 24/104

301 S. Bronough Street P.O. Box 1757 Tallahassee, FL 32302 (800) 342 - 8112 Tamarac Executive & Professional Plan Account Statement for 04/01/2025 to 06/30/2025 06/01/2025 ($5,510.98) 06/01/2025 ($4,910.89) 06/01/2025 ($500.00) 06/01/2025 ($6,734.28) 06/01/2025 ($2,536.90) 06/01/2025 ($2,117.55) 06/01/2025 ($3,926.56) 06/01/2025 ($3,660.34) 06/01/2025 ($11,119.65) 06/01/2025 ($1,817.09) 06/01/2025 ($1,812.31) 06/01/2025 ($2,619.65) 06/01/2025 ($2,807.60) 06/01/2025 ($4,648.60) 06/01/2025 ($352.19) 06/01/2025 ($2,850.77) 06/01/2025 ($1,453.71) 06/01/2025 ($4,830.91) 06/01/2025 ($3,545.06) 06/01/2025 ($2,792.79) 06/01/2025 l ($1,385.15) 06/01/2025 ($840.97) 06/01/2025 ($849.85) 06/01/2025 ($277.58) 06/01/2025 ($4,115.87) 06/01/2025 ($5,069.97) 06/01/2025 ($3,388.35) 06/01/2025 ($1,421.93) 06/01/2025 ($8,835.90) 06/01/2025 ($7,528.90) 06/01/2025 ($7,193.49) 06/01/2025 ($2,931.39) 06/01/2025 ($2,776.59) 06/01/2025 ($6,497.93) 06/01/2025 ($5,787.70) 06/01/2025 ($4,093.52) 06/01/2025 ($8,432.51) 06/01/2025 ($300.00) 06/01/2025 ($4,547.28) 06/01/2025 ($1,294.39) 06/01/2025 ($3,808.33) 06/01/2025 ($1,596.18) Total ($837,145.48) 25/104

© 2025 Asset Consulting Group All Rights Reserved Florida Municipal Pension Trust Fund – DB 60% Equity Allocation Executive Summary As of June 30, 2025 DB 60% Equity Allocation  The US Fed held its benchmark rate steady at a range of 4.25% - 4.50%, but a few Fed officials have started to express support for a cut as long as inflation shows minimal response from tariff pressures. The deadline for the 90-day tariff pause looms in July, and while markets seem to have grown accustomed to higher tariffs, a widespread return to “Liberation Day” levels would be an unwelcome development. US equities rebounded in the second quarter as the S&P 500 reached a new all-time high. Non-US equity markets continued their YTD outperformance as a weaker dollar provided a tailwind. Core real estate returns maintained momentum with a 4th consecutive quarter of positive returns. However, the return is comprised almost entirely of income as price appreciation remains flat. The 60% Equity Allocation slightly trailed the Target Index in the second quarter, up 6.5% versus up 6.9%.  This allocation has earned an 10.9% return over the past year, and has outpaced the performance of the Target Index over the past 5 years (up 8.5% vs. up 8.0%).  Over the past 10 years, this allocation is up 7.1% on average annually. While this performance is slightly behind the target index (up 7.4%) the risk- controlled nature of many of the underlying strategies are designed to provide downside protection should the markets continue to moderate or decline. FMIvT Broad Market High Quality Bond Fund  The Broad Market High Quality Bond Fund outpaced the Bloomberg US Aggregate A+ Index in the second quarter (up 1.4% vs up 1.1%), and ranked in the top 31st percentile of its peer group of US core fixed income managers. The Fund has continued to benefit from its exposure to the ABS sector and security selection within the MBS sector. Over the past 3 years, the Fund has achieved over 40 basis points of excess return on average annually relative to the benchmark.  The portfolio’s conservative risk profile and high quality bias are in line with the objectives for this fund. This bias has rewarded investors in the form of a more favorable relative risk-adjusted return comparison over the long-term. FMIvT Core Plus Fixed Income Fund  The Core Plus Fixed Income Fund trailed the Bloomberg Multiverse in the second quarter, up 2.8% vs. up 4.6%, as the underweight to non-US markets slowed performance. The fund benefited from an overweight to the belly of the yield curve, notably the 5-year portion. Strong security selection within the Financials and industrial sectors continues to move the Fund forward. The fund has outpaced the benchmark by nearly 100 basis points over the past year and ranks in the top 32nd percentile of its peer group of global unconstrained fixed income managers.  In the10 years since inception, the Core Plus Fixed Income Fund has posted absolute returns of 2.5% on average annually, ahead of the benchmark (up 1.4%). FMIvT Diversified Large Cap Equity Portfolio  The fund is allocated 60% to the SSgA S&P 500 Fund, and 20% each to the Hotchkis & Wiley Diversified Value Fund and the Atlanta Capital High Quality Growth Fund. This fund provides investors with exposure to core, value, and growth opportunities within the US large cap equity marketplace. The SSgA S&P 500 Fund replaced Intech in the fourth quarter 2023.  U.S. equities bounced back from the first quarter struggles with the S&P 500 reaching a new all-time high as investors became increasingly optimistic for trade deals. The underweight to the information technology and consumer discretionary sectors, and thus, being underweight to the Magnificent 7, continues to be a headwind as the Diversified Large Cap Equity Portfolio trailed the Russell 1000, up 8.3% vs. up 11.1%.  The Diversified Large Cap Equity portfolio has achieved a 15.5% return on average annually over the past 5 years. 26/104

© 2025 Asset Consulting Group All Rights Reserved Florida Municipal Pension Trust Fund – DB 60% Equity Allocation Executive Summary As of June 30, 2025 FMIvT Diversified Small to Mid Cap Equity Fund  The Diversified Small to Mid Cap Equity Fund trailed the benchmark in the second quarter, up 3.6% vs. up 8.6%, as lower quality factors like high beta, high valuation, and companies with negative earnings outperformed. While markets have become more optimistic, economic factors like growing budget deficits, unsettled tariff policy and persistent inflation remain real concerns. Despite the difficulties facing the asset class, the Fund outpaced the benchmark by 160 basis points over the past 5 years.  This strategy has generated very strong results over the past 10 years, rising 11.9% on average annually compared with 8.4% for the benchmark. Furthermore, the fund ranked in the top 12th percentile of its peer group, with a more modest risk profile and very strong risk-adjusted returns. FMIvT International Equity Portfolio  The FMIvT International Equity Portfolio’s momentum continued in the second quarter with the fund rising 15.6% vs. up 12.0% for the MSCI ACWI ex US – Net benchmark, and ranking in the top 19th percentile of its peer group universe. Non-US equity markets outperformed their US counterparts as a weaker dollar provided a tailwind. Stock picking in industrials and IT, as well as in Germany and Switzerland, drove performance the most in the quarter. The fund has outpaced the benchmark by over 330 basis points over the past year (up 21.1% vs. up 17.7%). The portfolio has outperformed the benchmark over all longer term time periods.  This strategy is intended to provide strong diversification across the broad spectrum of equity markets outside the US, with exposure to both developed and emerging markets. FMIvT Core Real Estate Portfolio  In early 2023, a $50 million redemption was submitted in order to rebalance the portfolio with the proceeds scheduled to be paid out over several quarters. This will reduce the total commitment to $100 million once all the proceeds are received.  Core real estate returns maintained momentum with a fourth consecutive quarter of positive returns. However, the return is comprised almost entirely of income as price appreciation remains flat. While rising 3.4% over the trailing one year, the FMIVT Core Real Estate portfolio significantly outperformed the benchmark (up 2.7%). Commercial real estate seems to have stabilized overall even as office vacancy rates remain elevated. A resumption of Fed rate cutting could act as a catalyst for transaction volume and price appreciation.  The portfolio has outperformed the NFI ODCE Net benchmark over the past 5 years and has achieved nearly 300 basis points of excess return over the benchmark over the past 7 years. 27/104

FMPTF - DB 60% Equity Allocation For the Periods Ending June 30, 2025 Total Portfolio 5 Year Risk / Return 5 Year Portfolio Statistics 8. 00 9. 00 10. 00 11. 00 12. 00 13. 00 14. 00 6. 00 7. 00 8. 00 9. 00 10. 00 11. 00 12. 00 Tot al Port folio * Target I ndex St andard Dev iat ion ( %) Retu rn (%) Total Portfolio * Target Index Benchmark Relative Statistics Return (%) 8.45 8.02 Standard Deviation (%) 10.20 10.74 Sharpe Ratio 0.55 0.48 Beta 0.94 Up Capture (%) 97.60 Down Capture (%) 94.18 5 Year Growth of a Dollar 5 Year Return Analysis Total Portfolio * Target Index Number of Months 60 60 Highest Monthly Return (%) 8.19 7.83 Lowest Monthly Return (%) -6.04 -7.00 Number of Positive Months 38 37 Number of Negative Months 22 23 % of Positive Months 63.33 61.67$1.00 $1.10 $1.20 $1.30 $1.40 $1.50 $1.60 Jun-20 Apr-21 Feb-22 Dec-22 Oct-23 Aug-24 Jun-25 Tot al Port folio * Target I ndex * Performance is calculated using net of fee returns. Statistics are calculated using monthly return data. © 2025 Asset Consulting Group All Rights Reserved 33/104

FMPTF - DB 60% Equity Allocation For the Periods Ending June 30, 2025 Rates of Return Summary Market Value ($000s) Actual Allocation (%) 3 Months (%) FYTD (%) 1 Year (%) 3 Years 5 Years (%) (%) 10 Years (%) 642,109 100.00 6.49 5.27 10.85 9.46 8.45 7.14Total Portfolio * ¹ 6.88 4.94 11.19 9.65 8.02 7.35Target Index ² 28,888 4.50Cash and Equivalents 3,966 0.62FMPTF Operating 24,921 3.88 2.05 7.15 9.03 -- -- --FMPTF Capital City * 1.04 3.27 4.68 4.56 2.76 1.98US T-Bills 90 Day 179,116 27.89Fixed Income Core Bonds 90,162 14.04 1.36 1.20 6.28 2.30 -0.70 1.46FMIvT Broad Market High Quality Bond Fund * 1.10 0.76 5.91 2.19 -0.97 1.51Bloomberg US Aggregate A+ Core Plus Bonds 88,954 13.85 2.71 3.09 9.52 5.41 2.08 1.94FMIvT Core Plus Fixed Income Fund * ³ 4.55 1.97 9.08 3.10 0.87 1.36Bloomberg Multiverse 380,498 59.26Equity 235,924 36.74US Equity 155,730 24.25 8.22 6.37 12.65 16.57 14.86 11.82US Large Cap Equity * ⁴ 11.11 9.03 15.66 19.59 16.30 13.35Russell 1000 155,730 24.25 8.21 6.37 12.65 16.58 14.84 --FMIvT Diversified Large Cap Equity Portfolio * 11.11 9.03 15.66 19.59 16.30 13.35Russell 1000 US Small/Mid Cap Equity 80,193 12.49 3.42 -4.17 5.75 11.93 12.35 11.24FMIvT Diversified SMID Cap Equity Portfolio * ⁵ 8.59 1.06 9.91 11.31 11.44 8.39SMID Benchmark ⁶ Non-US Equity 144,574 22.52 15.46 16.20 20.32 15.36 10.32 6.26FMIvT International Equity Portfolio * ⁷ 12.03 8.94 17.72 13.99 10.13 6.12MSCI ACWI ex US NetDiv © 2025 Asset Consulting Group All Rights Reserved * Net of fee return data. FYTD: Fiscal year ending September. 35/104

FMPTF - DB 60% Equity Allocation For the Periods Ending June 30, 2025 Rates of Return Summary Market Value ($000s) Actual Allocation (%) 3 Months (%) FYTD (%) 1 Year (%) 3 Years 5 Years (%) (%) 10 Years (%) 53,607 8.35Core Real Estate 53,607 8.35 0.25 1.91 2.09 -3.17 4.42 --FMIvT Core Real Estate Portfolio * ⁸ 0.81 2.64 2.66 -6.22 2.54 4.42NFI ODCE Net Notes: 1 Market values and Total Portfolio performance includes all fees and expenses. Beginning July 2008 and ending September 2010, the net of fee performance includes the impact of securities lending activity, which may increase or decrease the total expenses of the portfolio. 2 Target Index: Effective April 2021, the index consists of 30.00% Bloomberg US Aggregate, 25.00% S&P 500, 14.00% Russell 2500, 21.00% MSCI ACWI ex US NetDiv, 10.00% NFI ODCE Net. 3 The performance inception date of the FMIvT Core Plus Fixed Income Fund is 4/1/2014. 4 Represents the FMPTF Large Cap Equity Composite net of fees returns. 5 Custom Index consists of the Russell 2500 beginning June 1, 2010 and prior to that the Russell 2000. 6 SMID Benchmark: Effective June 2010, the index consists of 100.0% Russell 2500. 7 Allspring EM was added to the portfolio in October 2017. Portfolio renamed and manager changed in October 2014 and April 2011. 8 The performance inception date of the FMIvT Core Real Estate Portfolio is 4/1/2018. © 2025 Asset Consulting Group All Rights Reserved * Net of fee return data. FYTD: Fiscal year ending September. 36/104

© 2025 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Protecting Florida Investment Act - Quarterly Disclosure As of June 30, 2025 This Disclosure is intended to provide information with respect to Chapter 175 and 185 Police and Fire Plan’s required disclosure of direct or indirect holdings in any “scrutinized companies” as defined in the FSBA PFIA Quarterly Report for Quarter 2 2025. It is important to note that individual Police and Fire Plans have no direct interests in any scrutinized companies. Police and Fire Plans hold an interest in the Florida Municipal Pension Trust Fund. It is also important to note that the Florida Municipal Pension Trust Fund has no direct interests in any scrutinized companies as all of its interests are invested in the Florida Municipal Investment Trust. The Florida Municipal Investment Trust is the only entity that could possibly have direct interests in any scrutinized companies. ACG has reviewed the Protecting Florida’s Investments Act (PFIA) Quarterly Report- June 10, 2025 that is available on the Florida SBA website. We have reviewed the list of companies appearing in Tables 1 and 3- Scrutinized Companies with Activities in Sudan and Iran, and compared these lists to securities of companies held directly by the Florida Municipal Investment Trust. As of 6/30/2025, the Florida Municipal Investment Trust had no direct interest in securities on the above referenced lists. ACG also requested that investment managers, who manage commingled funds that are owned by the Florida Municipal Investment Trust, review the Protecting Florida’s Investments Act (PFIA) Quarterly Report-June 10, 2025 and disclose whether the Florida Municipal Investment Trust may hold any scrutinized companies indirectly through investment in their respective commingled funds. The FMIvT International Equity Portfolio owns units in the Allspring Emerging Markets Large-Mid Cap Equity Fund. The Allspring Emerging Markets Large- Mid Cap Equity Fund holds Sberbank of Russia PJSC, which represents 0.00% of their respective portion of the FMIvT International Equity. All other managers have confirmed that they do not hold any of these securities. 37/104

Interest Rate Term Structure Government Issues - 3 Months to 30 Years Maturity Yield to Maturity (%) Years to Maturity Jun 2025 Mar 2025 Jun 2024 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 0 5 10 15 20 25 30 90 Days 4.30 4.30 5.36 180 Days 4.25 4.23 5.33 1 Year 3.97 4.03 5.12 2 Years 3.72 3.89 4.75 3 Years 3.69 3.88 4.55 4 Years 3.75 3.92 4.45 5 Years 3.80 3.95 4.38 7 Years 3.99 4.08 4.37 10 Years 4.23 4.21 4.40 20 Years 4.78 4.60 4.66 30 Years 4.78 4.57 4.56 Source: Bloomberg © 2025 Asset Consulting Group All Rights Reserved 44/104

Florida Municipal Investment Trust FMIvT Broad Market High Quality Bond Fund For the Periods Ending June 30, 2025 Portfolio Description Strategy Expanded High Quailty Fixed Income Manager Atlanta Capital Management Company Vehicle Separately Managed Account Benchmark Barclays Aggregate A+ Performance Inception Date January 1998 Fees Manager Fees - 15 bps; Admin Fees - 14.5 bps Total Expenses Approximately 32 bps Portfolio Objectives and Constraints Invests in Government and high quality securities while maintaining an average maturity of approximately eight and one-half years. Outperform the Bloomberg US Aggregate A+ over a complete market cycle (usually 3 to 5 years). Rank above median in a relevant peer group universe. The Portfolio is subject to interest rate, credit and liquidity risk, which may cause a loss of principal. Neither the Fund nor its yield is guaranteed by the US Government. Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the month. The Administrator must have advance written notification of Member contributions or redemptions 5 days prior to the Portfolio Valuation date. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 168,451 160,628 Net Additions 8,692 8,344 Return on Investment 2,671 10,842 Income 4,930 6,493 Gain/Loss -2,259 4,349 Ending Market Value 179,814 179,814 © 2025 Asset Consulting Group All Rights Reserved 47/104

Florida Municipal Investment Trust Portfolio Sector Allocations Max.% Min. % U.S. Govt Oblig., U.S. Govt Agency Oblig, or U.S. Govt Instrum. Oblig. 75.00% 30.00% Mortgage Securities including CMO's 50.00% 0.00% Corporate and Yankee Debt Obligations 30.00% 0.00% Asset Backed Securities 30.00% 0.00% Reverse Repurchase Agreements and/or other forms of financial leverage * 30.00% 0.00% Other (Cash) 25.00% 0.00% Portfolio Duration/Quality Policy Expectations Modified Duration Credit quality Portfolio should Maintain a minimum bond fund rating of AA (Fitch). Individual Securities Final stated maturity of 31.0 years or less for all securities. Yes 2.67% 2.62% 4.18 to 7.00 Yes 0.00% Within Guidelines? Actual Portfolio Yes *Asset Consulting Group is unable to verify the actual percentages in the portfolio. However, ACG has confirmed the actual portfolio allocation is less than the maximum percentage allowed. 0.31% Comments Yes Comments Minimum credit rating of A by any NRSRO for all corporate securities. Largest Position Noted Largest Position NotedYes Yes Yes AAf Maximum of 3% at time of purchase and 5% of the portfolio value may be invested in corporate securities of an individual issuer. A maximum of 5% of the portfolio, at market, may be invested in individual trusts of ABS and Non-Agency CMOs. Portfolio should maintain a duration equal to the Bloomberg US Aggregate A+ Index plus or minus 30% but no greater than 7 years. 46.61% 2.41% Yes Yes 21.95% Yes Within Guidelines? 28.72% 5.58 Yes Yes Investment Guidelines Broad Market High Quality Bond Fund For the Periods Ending June 30, 2025 CommentsActual Portfolio Within Guidelines? © 2025 Asset Consulting Group All Rights Reserved 52/104

Florida Municipal Investment Trust FMIvT Core Plus Fixed Income Fund For the Periods Ending June 30, 2025 Portfolio Description Strategy Core Plus Fixed Income Manager Pioneer Institutional Investment Vehicle Non-Mutual Commingled Benchmark Barclays Multiverse Performance Inception Date April 2014 Fees Manager Fee - 55 bps; Admin Fee - 14.5 bps Total Expenses Approximately 72 bps Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 The Portfolio is open once a month, on the first business day following a Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the month. The Administrator must have advance written notification of Member contributions or redemptions 5 days prior to the Portfolio Valuation date. Portfolio Objectives and Constraints Invests in a broad spectrum of fixed and floating rate debt securities that are diversified by credit quality, geography and duration. Outperform the Bloomberg Multiverse over a complete market cycle (usually 3 to 5 years). Rank above median in a relevant peer group universe. The Portfolio is subject to interest rate, credit and liquidity risk, which may cause a loss of prinicpal. Neither the Fund nor its yield is guaranteed by the US Government. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 167,280 155,381 Net Additions 7,207 9,186 Return on Investment 6,244 16,163 Ending Market Value 180,731 180,731 © 2025 Asset Consulting Group All Rights Reserved 53/104

Florida Municipal Investment Trust FMIvT Diversified Large Cap Equity Portfolio For the Periods Ending June 30, 2025 Portfolio Description Strategy Large Cap US Equity Manager StateStreet, Hotchkis & Wiley, & Atlanta Capital Vehicle Non-Mutual Commingled Benchmark Russell 1000 Performance Inception Date October 2017 Fees Manager Fee - 27 bps; Admin Fee - 14.5 bps Total Expenses Approximately 43 bps Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the month. The Administrator must have advance written notification of Member contributions or redemptions 5 days prior to the Portfolio Valuation date. Portfolio Objectives and Constraints Invests in large cap US stocks that are diversified by industry and sector. Outperform the Russell 1000 over a complete market cycle (usually 3 to 5 years). Rank above median in a relevant peer group universe. Stock values fluctuate in response to the activities of individual companies, the general market and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 300,035 292,116 Net Additions 5,502 -4,067 Return on Investment 20,603 38,091 Ending Market Value 326,140 326,140 © 2025 Asset Consulting Group All Rights Reserved 62/104

Florida Municipal Investment Trust Manager Allocations Target % SSgA S&P 500 Index 60.0% Atlanta Capital High Quality Growth 20.0% Hotchkis & Wiley Diversified Value 20.0% Allocation Max. % 10.0% N/A Investment Guidelines Diversified Large Cap Equity Portfolio For the Periods Ending June 30, 2025 Actual Portfolio Within Guidelines? CommentsRange% 59.68% Yes 20.28% Yes The portfolio shall not own private placements, unregistered or registered stock, options, futures, or commodities, nor participate in margin trading. N/A Yes Actual Portfolio Within Guidelines? Comments 50% - 70% 10% - 30% 10% - 30% A maximum of 10% of the portfolio, valued at market, may be invested in cash. 1.13% Yes 20.04% Yes © 2025 Asset Consulting Group All Rights Reserved 67/104

Florida Municipal Investment Trust Portfolio Sector Allocations Maximum Communication Services 30.00% Consumer Discretionary 30.00% Consumer Staples 30.00% Energy 30.00% Financials 30.00% Health Care 30.00% Industrials 30.00% Information Technology 30.00% Materials 30.00% Real Estate 30.00% Utilities 30.00% Allocation Max. % 10.0% 5.0% 10.0% 5.0% 20.0% Investment Guidelines Atlanta Capital High Quality Growth For the Periods Ending June 30, 2025 Within Guidelines?Actual Portfolio Maximum sector concentration shall be no more than 30% in any one sector as defined by the Standard & Poor's GICS. 4.80% Comments Yes Maximum of 20% of the Portfolio, valued at market, may be invested in ADRs and common stocks of corporations organized under the laws of any country other than the United States, which are traded primarily on a US stock exchange. Comments 0.00% Yes 3.55% Yes Yes A maximum of 5% of the portfolio, valued at market, may be invested in any one convertible issuer. 5.40% 0.00% Largest Position Noted Yes0.00% Yes Yes 3.66% Actual Portfolio Within Guidelines? Yes 21.73% 10.09% 8.05% Yes Yes A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa/BBB or better). A maximum of 10% of the portfolio, valued at market, may be invested in cash. 5.33% 0.00% 22.76% 2.76% 17.27% 4.82% A maximum of 5% of the portfolio may be invested in the securities of an individual corporation. Yes Yes Yes Yes Yes Yes © 2025 Asset Consulting Group All Rights Reserved 72/104

Florida Municipal Investment Trust Portfolio Sector Allocations Maximum Communication Services 35.00% Consumer Discretionary 35.00% Consumer Staples 35.00% Energy 35.00% Financials 35.00% Health Care 35.00% Industrials 35.00% Information Technology 35.00% Materials 35.00% Real Estate 35.00% Utilities 35.00% Allocation Max. % 10.0% 5.0% 7.5% 10.0% 5.0% 20.0% A maximum of 10% of the portfolio, valued at market, may be invested in cash. 14.40% Yes Yes0.00% Actual Portfolio Within Guidelines? A maximum of 7.5% of the portfolio may be invested in the securities of an individual corporation. Yes 4.23% 10.22% Yes 8.56% Actual Portfolio 14.57% 3.60% Maximum sector concentration shall be no more than 35% for any sector as defined by the Standard & Poor's GICS. Within Guidelines? 0.00% Yes N/A Yes 2.05% A maximum of 20% of the portfolio, valued at cost, may be invested in common stocks of corporations that are organized under the laws of any country other than the United States and traded on the NYSE, AMEX, or NASDAQ. A maximum of 5% of the portfolio, valued at market, may be invested in any one convertible issuer. Yes Yes 16.62% 0.00% Investment Guidelines Hotchkis & Wiley Diversified Value A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa/BBB or better). Yes 4.95% Yes Comments Largest Position Noted For the Periods Ending June 30, 2025 The portfolio shall not own more than 5% of the outstanding common stock of any individual corporation. Yes Comments 6.32% Yes 11.43% Yes Yes 2.11% Yes 22.51% Yes Yes © 2025 Asset Consulting Group All Rights Reserved 77/104

Florida Municipal Investment Trust FMIvT Diversified SMID Cap Equity Portfolio For the Periods Ending June 30, 2025 Portfolio Description Strategy Small to Mid (SMID) (Strategy change in 2010) Manager Atlanta Capital Management Company Vehicle Separately Managed Account Benchmark A blend of Russell 2500 and Russell 2000 Performance Inception Date January 2000 Fees Manager Fee - 45 bps; Admin Fee - 14.5 bps Total Expenses Approximately 62 bps Portfolio Objectives and Constraints Invests in small to mid cap core style common stocks of companies domiciled in the US or traded on the New York Stock Exchange. Outperform a blended index of the Russell 2500 beginning June 1, 2010 and the Russell 2000 prior to that, over a complete market cycle (usually 3 to 5 years). Rank above median in a relevant peer group universe. Stock values fluctuate in response to the activities of individual companies, the general market and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the month. The Administrator must have advance written notification of Member contributions or redemptions 5 days prior to the Portfolio Valuation date. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 220,449 197,189 Net Additions -1,978 559 Return on Investment -8,252 12,470 Income 1,667 2,153 Gain/Loss -9,919 10,317 Ending Market Value 210,219 210,219 © 2025 Asset Consulting Group All Rights Reserved 78/104

Florida Municipal Investment Trust Portfolio Sector Allocations Maximum Actual Portfolio Communication Services 30.00% 0.00% Consumer Discretionary 30.00% 14.13% Consumer Staples 30.00% 3.26% Energy 30.00% 0.00% Financials 30.00% 22.79% Health Care 30.00% 3.88% Industrials 30.00% 27.34% Information Technology 30.00% 15.81% Materials 30.00% 7.08% Real Estate 30.00% 2.08% Utilities 30.00% 0.00% Allocation Max. % Actual Portfolio 10.00% 3.63% 5.00% 4.52% 10.00% 0.00% 5.00% 0.00% 10.00% 0.00% Investment Guidelines Diversified Small to Mid (SMID) Cap Equity Portfolio For the Periods Ending June 30, 2025 Yes Maximum sector concentration shall be no more than 30% in any one sector Yes A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa/BBB or better). A maximum of 5% of the portfolio, valued at market, may be invested in any one convertible issuer. A maximum of 10% of the portfolio, valued at cost, may be invested in common stocks of corporations that are organized under the laws of any country other than the United States and traded on the NYSE, AMEX, or NASDAQ. Yes Yes Yes Largest Position Noted Yes A maximum of 5% of the portfolio may be invested in the securities of an individual corporation. Yes Yes Yes Yes Within Guidelines? A maximum of 10% of the portfolio, valued at market, may be invested in cash. Yes Yes Within Guidelines? Yes Yes Yes Yes Comments Comments © 2025 Asset Consulting Group All Rights Reserved 83/104

Florida Municipal Investment Trust FMIvT International Equity Portfolio For the Periods Ending June 30, 2025 Portfolio Description Strategy International Equity Manager Ninety One Asset Management and Allspring Global Investments Vehicle Non-Mutual Commingled Benchmark MSCI ACWI ex US Performance Inception Date June 2005 (Manager changes April 2011, October 2014 & October 2017) Fees Manager Fee - 43 bps; Admin Fee - 14.5 bps Total Expenses Approximately 59 bps Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the month. The Administrator must have advance written notification of Member contributions or redemptions 5 days prior to the Portfolio Valuation date. Portfolio Objectives and Constraints Invests in developed and emerging markets outside the US. Maintains approximately equal weightings to both growth and value securities through a systematic rebalancing process. Outperform the MSCI ACWI ex US NetDiv over a complete market cycle (usually 3 to 5 years). Rank above median in a relevant peer group universe. Stock values fluctuate in response to the activities of individual companies, the general market and economic conditions. Investments in foreign securities generally pose greater risk than domestic securities. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 232,932 221,997 Net Additions 3,937 6,609 Return on Investment 40,007 48,271 Ending Market Value 276,876 276,876 © 2025 Asset Consulting Group All Rights Reserved 84/104

Florida Municipal Investment Trust Manager Allocations Target % Ninety One International Equity Fund 90.00% Allspring EM Large/Mid Cap Eq Fund 10.00% Allocation Max. % 10.0% Investment Guidelines International Equity Portfolio For the Periods Ending June 30, 2025 Actual Portfolio Within Guidelines? CommentsRange% 92.67% Yes 7.33% Yes 80% - 100% 0% - 20% A maximum of 10% of the portfolio, valued at market, may be invested in cash. 1.28% Yes Actual Portfolio Within Guidelines? Comments © 2025 Asset Consulting Group All Rights Reserved 89/104

Florida Municipal Investment Trust For the Periods Ending June 30, 2025 Allspring EM Large/Mid Cap Eq Risk / Return Since Nov 2017 Portfolio Statistics Since Nov 2017 14. 00 15. 00 16. 00 17. 00 18. 00 19. 00 20. 00 0. 00 1. 00 2. 00 3. 00 4. 00 5. 00 6. 00 7. 00 8. 00 Alls pring M SCI EM Net Div St andard Dev iat ion ( %) Retu rn (%) Allspring MSCI EM NetDiv Benchmark Relative Statistics Return (%) 4.11 3.65 Standard Deviation (%) 17.73 17.25 Sharpe Ratio 0.09 0.07 Beta 1.00 R Squared (%) 94.89 Alpha (%) 0.52 Tracking Error (%) 4.01 Batting Average (%) 55.43 Up Capture (%) 103.69 Down Capture (%) 101.08 Growth of a Dollar Since Nov 2017 Return Analysis Since Nov 2017 Allspring MSCI EM NetDiv Number of Months 92 92 Highest Monthly Return (%) 14.02 14.83 Lowest Monthly Return (%) -14.87 -15.40 Number of Positive Months 50 52 Number of Negative Months 42 40 % of Positive Months 54.35 56.52$0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 Jun-17 Oct-18 Feb-20 Jun-21 Oct-22 Feb-24 Jun-25 Alls pring M SCI EM Net Div Statistics are calculated using monthly return data. © 2025 Asset Consulting Group All Rights Reserved 95/104

Florida Municipal Investment Trust FMIvT Core Real Estate Portfolio For the Periods Ending June 30, 2025 Portfolio Description Strategy Core Real Estate Manager Morgan Stanley Real Estate Advisor, Inc. Vehicle Non-Mutual Commingled Benchmark NFI ODCE Net Index Performance Inception Date April 2018 Fees Manager Fees - 124 bps; Admin Fees - 14.5 bps Total Expenses Approximately 141 bps Portfolio Objectives and Constraints Invests in real estate properties diversified by type and location. Outperform the NFI ODCE Net index on an annual basis. Portfolio Information Minimum initial investment $50,000 Minimum subsequent investments $5,000 Minimum redemption $5,000 or Member's entire remaining account balance if the Member's balance falls below $50,000 The Portfolio is open once a quarter, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. The Portfolio is valued on the last business day of the calendar quarter. The Administrator must have advance written notification of Member contributions or redemptions 90 days prior to the Portfolio Valuation date. Dollar Growth Summary ($000s) 1 YearFYTD Beginning Market Value 162,937 162,648 Net Additions -20,380 -21,020 Return on Investment 4,261 5,192 Ending Market Value 146,819 146,819 © 2025 Asset Consulting Group All Rights Reserved 98/104

Florida Municipal Investment Trust FMIvT Core Real Estate Portfolio For the One Year Periods Ending June -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 Jun 2025 Jun 2024 Jun 2023 Jun 2022 Jun 2021 3.39 -2.80 -6.10 29.33 8.69 2.66 -9.99 -10.74 28.31 7.09 FMIvT Core RE NFI ODCE Net Return (%) © 2025 Asset Consulting Group All Rights Reserved 102/104

MEMORANDUM To: Boards of Trustees From: Klausner, Kaufman, Jensen & Levinson Subject: Entities that Boycott Israel Date: July 2025 Effective July 1, 2025, Florida House Bill 1519, “Entities that Boycott Israel,” amending Chapter 215.4725, Florida Statutes, expands state public investment and contracting prohibitions on entities that boycott Israel to include local government entities. The bill prohibits contracts of $100,000 or more with companies or other entities engaged in a boycott of Israel. Additionally, contracts entered into or renewed on or after July 1, 2025, must contain a provision that allows for termination of the agreement if a company or other entity is found to be engaged in a boycott. We recommend the following provision: This Agreement may be immediately terminated, at no cost to the Plan, in the event that the [COMPANY OR OTHER ENTITY] is found to have been placed on the Scrutinized Companies or Other Entities that Boycott Israel List or is engaged in the prohibited boycott of Israel. The Bill requires the State Board of Administration (SBA) to determine which “other entities” boycott Israel, and if required, place them on the Scrutinized Companies or Other Entities that Boycott Israel List. Further, the bill requires the Department of Management Services (DMS) to collaborate with the SBA to identify companies and other entities with which the state currently contracts or has grant agreements. If any of those companies 103/104

July 2025 Page 2 are placed on the Boycott Israel List, DMS must notify them that they may be barred from receiving future state contracts or grant awards. Under the Bill there is a distinction between direct and indirect investments, with there being an exception for indirect holdings. The Bill states that the public fund should submit letters to the managers of such investment funds containing companies or other entities that boycott Israel, requesting that they consider removing such companies from the fund, or create a similar fund having indirect holdings devoid of such companies. In the event the manager creates a similar fund, the public fund shall replace all applicable investments with investments in the similar fund. (Alternative investments and securities that are not publicly traded are deemed to be indirect holdings.). However, it is important to note that in terms of identification of companies or other entities that boycott Israel, the public fund shall use best efforts to identify all scrutinized companies or entities in which the public fund has direct or indirect holdings. The company or other entity has ninety (90) days to cease the boycott to avoid qualifying for investment prohibition or divestment. If the boycott is continued, the public fund must sell, redeem, divest or withdraw within twelve (12) months after the company or other entity’s most recent appearance on the Scrutinized Companies/Boycott Israel list. We recommend that this memo be provided to your Plan’s Investment Consultant so that they may distribute it to all investment managers. Please contact us if you have any questions. 104/104