Board of Trustees

BOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, NOVEMBER 20, 2025 - 5:30 PM CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1

CALL TO ORDER Roll Call Invocation Pledge of Allegiance Agenda Changes AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. CONSENT AGENDA 300. Approval of the Minutes: Thursday, August 19, 2025 Board of Trustees Regular Meeting 2025 08 19 Board of Trustees Regular Meeting Minutes.pdf PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report from Mariner 2025-09-30 Winter Springs General (Quarterly Report).pdf 501. Update to the Investment Policy Statement 2025-11 Winter Springs IPS (Redline).pdf 2025-11 Winter Springs IPS (clean).pdf REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT PUBLIC NOTICE 2

This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. "If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she 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 to be based" - per Section 286.0105 Florida Statutes. 3

CONSENT AGENDA ITEM 300 BOARD OF TRUSTEES AGENDA | NOVEMBER 20, 2025 REGULAR MEETING TITLE Approval of the Minutes: Thursday, August 19, 2025 Board of Trustees Regular Meeting SUMMARY FUNDING SOURCE RECOMMENDATION Staff recommends the Board review the attached minutes and approve as presented. 4

CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 19, 2025 (Rescheduled from August 14, 2025) CALL TO ORDER Chairperson Marco Santoro called the Regular Meeting of Thursday, August 19, 2025, of the Board of Trustees to order at 5:32 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Marco Santoro, present Vice-Chairperson Arif Fareed, present Board Member Michael Blake, present via telephone Board Member Brandon Fair, present Board Member David Withee, absent City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida Mr. Jack Evatt, Director, Institutional Advisory Services, Mariner Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, May 8, 2025 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE ." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 4-0. PUBLIC HEARINGS AGENDA 400. Not Used 5

CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – AUGUST 19, 2025 PAGE 2 OF 2 REGULAR AGENDA 500) Quarterly Investment Return Report from Mariner Mr. West introduced Mr. Jack Evatt who would be attending upcoming meetings alongside Mr. West who was in the process of retiring. Mr. West then presented the quarterly investment report, discussed the economic impact of tariffs and associated uncertainty, reviewed the Treasuries yield curve, and discussed the bond market. Mr. West recommended that the Board close out their stake in the Vanguard Short Term Bond Index Fund and transfer that to the PIMCO Diversified Income Fund. Additionally, Mr. West recommended taking $1 million from receipts and disbursements and placing that in the previously mentioned PIMCO fund. Mr. West noted previous discussion on asset allocations where the fund was overweight and nearing the policy limits. Mr. West recommended a two percent reduction in domestic equity to be invested in the PIMCO Diversified Income Fund. Discussion followed on remaining deposits expected this fiscal year, the run rate, and differing approaches seeking growth and balancing fiduciary responsibilities. “MOTION TO CLOSE OUT THE VANGUARD SHORT TERM BOND INDEX FUND (VSCSX) AND PLACE FUNDS IN THE PIMCO DIVERSIFIED INCOME FUND (PDIIX) AND ADDITIONALLY MOVE $1 MILLION FROM RECEIPTS AND DISBURSEMENTS TO PDIIX.” DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 4-0. “MOTION TO MOVE $1.6 MILLION FROM VANGUARD TOTAL STOCK MARKET INDEX (VITSX) TO THE PIMCO DIVERSIFIED INCOME FUND (PDIIX).” MOTION BY BOARD MEMBER FAIR. SECONDED BY VICE-CHAIR FAREED. DISCUSSION. VOTE: BLAKE (NAY); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 3-1. REPORTS PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the Regular Meeting at 6:49 p.m. RESPECTFULLY SUBMITTED: ___________________________________ CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK NOTE: These Minutes were approved at the _________________________________ Board of Trustees Regular Meeting. 6

REGULAR AGENDA ITEM 500 BOARD OF TRUSTEES AGENDA | NOVEMBER 20, 2025 REGULAR MEETING TITLE Quarterly Investment Return Report from Mariner SUMMARY N/A FUNDING SOURCE N/A RECOMMENDATION Mariner requests the Board accept the Quarterly Investment Return Report for the period ending September 30, 2025. 7

<CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="09/30/2025" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending September 30, 2025 Winter Springs General Employees General Plan and Trust 8

3rd Quarter 2025 Market Environment Page 1 9

The Market Environment Executive Summary As of September 30, 2025 The Economy  The US Federal Reserve (the Fed) decreased their policy rate by 0.25% to a range of 4.00%-4.25% during their September 2025 meeting. The press release from the Federal Open Market Committee (FOMC) stated that recent indicators suggest economic growth moderated during the year as job gains have slowed. The FOMC highlighted the downside risks in the labor markets while also mentioning that inflation remains elevated, which suggests that the most recent rate cut is in response to concerns about the health of the labor market.  Growth in the US labor market continued during the third quarter although at a slower pace with US non-farm payrolls growing by just 22,000 in August. Unemployment also continued to tick higher from 4.2% to 4.3% during the quarter. The more recent trend of slowing growth in the labor market, coupled with the large downward revisions for the trailing 12 months ended March 2025 have introduced added uncertainty into markets and economic projections. With labor market statistics as a key input into the FOMC’s target policy rate decisions, weakening private sector employment contributed to a reduction in the policy rate during the quarter. Equity (Domestic and International)  Domestic equity results were broadly higher for the quarter. Growth stocks dominated, and the exuberant information technology sector has grown to over 30% of the Russell 1000 index. Small-capitalization (cap) stocks outperformed large-cap stocks for the quarter, a reversal of the recent trend in the domestic equity market. Large-cap equity benchmarks continue to represent a heavy concentration among a limited number of stocks. As of quarter-end, the top 10 stocks in the S&P 500 index comprised more than 35% of the index.  All international stock indexes advanced during the quarter despite a drag from US dollar (USD) strength. International equities have experienced recent tailwinds due to investor shifts from domestic markets and into international markets based on greater economic uncertainty in the US and challenging trade relations associated with US tariff policies. Fixed Income  Fixed-income markets gained during the quarter, driven primarily by their coupons and a decline in shorter term Treasury yields from the FOMC’s 0.25% policy rate cut at the September 2025 meeting. While not directly impacted by the FOMC’s actions, longer term yields fell slightly relative to where they began the quarter after a short-lived “risk-off” trade unwound as the US government’s stance on tariffs softened during the quarter. The yield on the bellwether 10-year Treasury fell by just 0.05% during the quarter, closing September at a yield of 4.16%.  The US Corporate IG index was the best-performing US fixed-income index for the quarter, posting a solid 2.6% return. The index received a boost from a narrowing BAA option adjusted spread (OAS), which declined 0.11% during the quarter, as well as its higher yield relative to other bond market segments. The spread measure remained relatively stable throughout the quarter despite large revisions in jobs numbers and the Fed signaling increased risks present in the job market.  Despite USD strength during the quarter, global bonds underperformed domestic bonds. The Bloomberg Global Aggregate ex-US fell -0.6% in USD terms, while the Bloomberg US Aggregate index rose by 2.0%. Market Themes  Market participants long-awaited Fed rate cuts finally came to fruition in September with its first reduction since December of 2024. Markets still expect at least one additional rate cut to come in October, with a greater than 95% forecasted probability that the policy rate will be in the 3.50%-3.75% range (0.50% lower) by year end. As we enter the fourth quarter of 2025, market participants are already forecasting a high 90% probability of additional rate cuts in 2026.  Third quarter domestic equity performance showed a capitulation of large-cap stocks versus smaller-cap stocks as the Russell 2000 outpaced larger-cap indexes during the quarter. While its unknown if this trend will continue, the shift was welcome relief for portfolios with exposure to the small cap segment of the market which has lagged large-cap stocks persistently over the past several quarters. Page 2 10

The Market Environment Major Market Index Performance As of September 30, 2025  Equity markets surged during the third quarter with small cap stocks outpacing all other asset classes in a trend reversal from the large-cap-dominated market environment of the last several quarters. The Russell 2000 climbed a strong 12.4%, lifted by the Fed’s interest rate actions, while the large cap S&P 500 posted a solid 8.1% due to similar factors. The Russell MidCap index, which was the best-performing domestic equity index in the second quarter, lagged other capitalization ranges as many high-flying technology stocks that powered the index’s prior quarter results were reconstituted out of the mid-cap index in June.  International equity markets continued to surge in USD terms despite the USD strengthening relative to major world currencies. The emerging market benchmark continued its strong year posting back-to-back quarters of double- digit USD growth.  US investment-grade fixed income results were broadly higher during the quarter. The corporate bond index led the way with a return of 2.6% for the quarter, while the US Government index gained a smaller 1.5%. Returns were driven by a small change at the front end of the yield curve and credit spreads that finished the quarter at similar levels to where they began.  Equity markets continue to be resilient in the face of rising economic uncertainty over the trailing year. Large-cap stocks led the way with the Russell 1000 climbing 17.7% over the trailing year and the S&P 500 rising a similar 17.6%. Despite strong results in recent quarters, the Russell MidCap index and the small-cap Russell 2000 index lagged other market segments, advancing by a lesser but still solid 11.1% and 10.8%, respectively, over the trailing year.  International equity markets continued to perform well on a USD basis over the trailing year. Emerging market indexes have led the way with the MSCI EM returning 17.3%. The MSCI EAFE equity benchmark posted a strong but slightly lower 15.0% return for the year.  Trailing one-year returns for fixed income indexes benefited from a strong first quarter and stability in the credit markets over the trailing year. Returns were positive across the major bond indexes with the Bloomberg US TIPS index leading results with a return of 3.8% for the year closely followed by the corporate investment grade index at 3.6%. The Bloomberg US Government index lagged its peers returning a lower 2.1% over the same time period. Source: Investment Metrics 1.1% 2.6% 2.4% 2.1% 1.5% 2.0% 10.6% 4.8% 6.9% 12.4% 5.3% 8.0% 8.2% 8.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 Quarter Performance 4.4% 3.6% 3.4% 3.8% 2.1% 2.9% 17.3% 15.0% 16.4% 10.8% 11.1% 17.7% 17.4% 17.6% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 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 11

Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of September 30, 2025  Domestic equity indexes appeared to discount much of the current economic uncertainty and extended their strong performance in the third quarter. In a reversal of more recent dynamics, small-cap stocks outpaced large-cap stocks, with the Russell 2000 index beating the Russell 1000 index by 4.4%.  Growth stocks continued to outpace their value counterparts in the large cap segment while small-cap value stocks narrowly outperformed small-cap growth, a reversal from the previous quarter. The best-performing segment of the market was small-cap value stocks, which returned 12.6% during the third quarter, just 0.4% ahead of the small-cap growth index. Large-cap growth stocks were also strong returning a slightly lower 10.4% for the period.  The weakest performing segment of the market was mid-cap growth which posted a relatively mild 2.8% for the quarter. The largest performance disparity between growth and value was in the large-cap segment where growth stocks outpaced their value counterparts by 5.2%.  Full-year style index performance shows a large distribution in results between the large cap core index’s return of 17.7% relative to the small- and mid-cap segment returns of 11.1% and 10.8% respectively. The trailing one-year results reflect the strong relative performance of large-cap stocks over the last several quarters. Augmented by the capitulation of value stocks to growth stocks, large-cap growth stocks were the best-performing investment style during the period.  Like the large-cap growth indexes, the Russell MidCap Growth index has seen increased concentration in the benchmark and was led by just a few high- flying information technology stocks which have now been reconstituted out of the index. Over the trailing year, the mid-cap growth index returned 22.0%, making it the second-best-performing segment of the market for the period. Despite dominating small-cap index style performance, the small-cap growth index returned a lower 13.6% over the trailing year. 12.2% 12.4% 12.6% 2.8% 5.3% 6.2% 10.5% 8.0% 5.3% 10.4% 8.2% 5.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 13.6% 10.8% 7.9% 22.0% 11.1% 7.6% 25.5% 17.7% 9.4% 24.8% 17.4% 9.3% 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 12

The Market Environment GICS Sector Performance & (Sector Weight) As of September 30, 2025 Source: Morningstar Direct  Economic sector performance within the large-cap Russell 1000 index was broadly higher as 10 of the 11 economic sectors rose during the quarter. The information technology sector led results for the quarter, advancing 13.0%. Communication services followed closely behind with a return of 11.8%. In contrast to most sectors’ strongly positive results, consumer staples stocks were the only detractor, returning -2.6% for the quarter.  Trailing one-year results also show broad participation in the equity market’s ascension with eight of the 11 economic sectors finishing with positive performance. Of the eight sectors that advanced for the year, only the energy sector failed to post a double-digit gain. Communication services stocks dominated sector performance with a return of 36.1% over the trailing year. Information technology and financials each advanced more than 20% for the year while the health care, materials and real estate sectors each declined.  Small-cap economic sector performance saw all 11 economic sectors climbing during the quarter. Materials led sector performance with a return of 25.3%, followed by communication services at 17.1%. Eight of the 11 sectors saw double-digit gains during the quarter with consumer staples, financials and real estate positive but lagging.  Trailing one-year small-cap results continued to showcase the robust performance of the domestic equity markets. Eight of the 11 economic sectors were up for the year in the small-cap index. The materials sector led the way with a return of 26.1%, followed closely by the information technology (25.9%) and industrials (24.5%) sectors. Energy (-2.6%), health care (-0.8%), and real estate (-4.6%) all fell during the quarter, detracting from the index’s strong overall return of 10.8%. 11.7% -4.6% 26.1% 25.9% 24.5% -0.8% 10.1% -2.6% 5.6% 1.9% 11.9% 12.8% 7.0% 25.3% 16.2% 16.5% 13.9% 4.3% 15.8% 1.1% 11.2% 17.1% -10.0% 0.0% 10.0% 20.0% 30.0% Utilities (3.2%) Real Estate (6.0%) Materials (3.9%) Info Technology (14.6%) Industrials (17.5%) Health Care (15.4%) Financials (19.0%) Energy (4.8%) Consumer Staples (2.3%) Consumer Disc (10.2%) Comm Services (2.7%) Russell 2000 Quarter 1-Year 12.1% -2.3% -2.0% 28.8% 14.8% -6.8% 22.0% 6.3% 0.4% 18.8% 36.1% 7.8% 3.1% 5.4% 13.0% 5.3% 4.5% 3.5% 5.5% -2.6% 8.8% 11.8% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Utilities (2.3%) Real Estate (2.3%) Materials (2.2%) Info Technology (31.8%) Industrials (9.4%) Health Care (9.1%) Financials (14.3%) Energy (3.0%) Consumer Staples (5.2%) Consumer Disc (10.7%) Comm Services (9.7%) Russell 1000 Quarter 1-Year Page 5 13

The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 30, 2025 Source: Morningstar Direct Top 10 Weighted Stocks Sector 1-Year Return 1-Qtr Return WeightRussell 1000 Information Technology53.7%18.1%7.1%NVIDIA Corp Information Technology21.3%4.3%6.2%Microsoft Corp Information Technology9.8%24.2%6.1%Apple Inc Consumer Discretionary17.8%0.1%3.4%Amazon.com Inc Communication Services28.7%-0.4%2.6%Meta Platforms Inc Class A Information Technology93.1%19.9%2.5%Broadcom Inc Communication Services47.2%38.1%2.3%Alphabet Inc Class A Consumer Discretionary70.0%40.0%2.0%Tesla Inc Communication Services46.3%37.4%1.9%Alphabet Inc Class C Financials9.2%3.5%1.5%Berkshire Hathaway Inc Class B Top 10 Weighted Stocks Sector 1-Year Return 1-Qtr Return WeightRussell 2000 Information Technology372.8%57.3%0.8%Credo Technology Group Holding Ltd Industrials700.9%253.6%0.6%Bloom Energy Corp Class A Industrials292.1%96.7%0.5%Kratos Defense & Security Solutions Inc Information Technology603.7%43.1%0.5%IonQ Inc Class A Information Technology54.2%23.7%0.5%Fabrinet Materials172.7%111.7%0.4%Coeur Mining Inc Utilities1279.9%99.4%0.4%Oklo Inc Class A Shares Information Technology146.8%62.8%0.4%Rambus Inc Health Care207.9%13.8%0.4%Hims & Hers Health Inc Ordinary Industrials97.4%36.1%0.4%Nextracker Inc Ordinary Shares Top 10 Performing Stocks (by Quarter) Sector 1-Year Return 1-Qtr Return WeightRussell 2000 Information Technology1312.6%538.4%0.0%Mercurity Fintech Holding Inc Financials215.2%353.1%0.0%Better Home & Finance Holding Co Health Care527.2%338.9%0.0%Kodiak Sciences Inc Health Care43.3%283.4%0.0%Korro Bio Inc Health Care231.3%270.0%0.1%Celcuity Inc Industrials700.9%253.6%0.6%Bloom Energy Corp Class A Materials354.2%200.0%0.0%American Battery Technology Co Health Care86.0%199.1%0.0%Tourmaline Bio Inc Real Estate108.5%192.5%0.0%Anywhere Real Estate Inc Materials206.4%186.7%0.0%NioCorp Developments Ltd Bottom 10 Performing Stocks (by Quarter) Sector 1-Year Return 1-Qtr Return WeightRussell 2000 IndustrialsN/A-92.4%0.0%Spirit Aviation Holdings Inc Information Technology-61.7%-86.3%0.0%Neonode Inc Health Care-59.0%-85.8%0.0%aTyr Pharma Inc Consumer DiscretionaryN/A-69.9%0.0%ZSPACE Inc Information Technology340.7%-61.6%0.0%Aeva Technologies Inc Ordinary Shares Health Care-77.8%-58.7%0.0%Myomo Inc Financials179.7%-55.6%0.0%Sezzle Inc Health Care-73.8%-55.2%0.0%Agilon Health Inc Health Care-61.8%-54.9%0.0%Replimune Group Inc Energy-45.5%-52.3%0.0%ProFrac Holding Corp Ordinary Shares Top 10 Performing Stocks (by Quarter) Sector 1-Year Return 1-Qtr Return WeightRussell 1000 Information TechnologyN/A147.4%0.0%SanDisk Corp Ordinary Shares Information Technology273.7%116.5%0.0%Astera Labs Inc Information Technology450.4%105.3%0.3%AppLovin Corp Ordinary Shares Materials280.0%101.6%0.0%MP Materials Corp Ordinary Shares Information Technology147.1%87.8%0.1%Western Digital Corp Consumer Discretionary114.3%83.3%0.0%QuantumScape Corp Ordinary Information Technology136.5%79.1%0.0%Ciena Corp Consumer Discretionary59.0%74.7%0.0%Wayfair Inc Class A Information Technology156.7%71.2%0.0%Lumentum Holdings Inc Communication Services136.7%70.4%0.1%Warner Bros. Discovery Inc Ordinary Bottom 10 Performing Stocks (by Quarter) Sector 1-Year Return 1-Qtr Return WeightRussell 1000 Health Care-64.8%-42.8%0.0%Inspire Medical Systems Inc Communication Services-41.3%-41.7%0.0%Iridium Communications Inc Consumer Staples-40.1%-37.3%0.0%BellRing Brands Inc Class A Information Technology-71.0%-36.8%0.0%Globant SA Health Care-44.5%-35.8%0.0%Molina Healthcare Inc Financials-37.1%-35.8%0.0%FactSet Research Systems Inc Information Technology-48.1%-35.0%0.0%Gartner Inc Health Care-52.6%-34.3%0.0%Centene Corp Consumer Staples-1.5%-33.9%0.0%Sprouts Farmers Market Inc Health Care-50.8%-33.9%0.0%Align Technology Inc Page 6 14

Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2025  Performance among headline international equity indexes was positive during the quarter in USD terms. The USD advanced versus several major currencies but exhibited some weakness that was captured in the USD versus LCL returns of the MSCI EMEA and MSCI Latin America indexes. In the MSCI EMEA and Latin America indexes, the USD declined relative to currencies in the region while the USD rose relative to currencies in Europe and Asia. The developed-market MSCI EAFE index returned a solid 4.8% in USD terms, slightly lower than its 5.4% return in local currency (LCL) terms. The MSCI ACWI ex-US index climbed 6.9% in USD terms, which was also lower than its LCL performance of 7.9%.  The MSCI EM Asia index was the best-performing regional index for the quarter on both counts, returning 13.2% in LCL terms and 10.9% in USD terms. While none of the regional indexes contracted during the quarter, the laggard performer in both USD and LCL currency terms was the MSCI Europe & Middle East index which posted a more muted 3.6% return in USD and 3.9% in LCL terms during the quarter.  International equity markets exuded broad strength across multiple regions in the trailing one-year period. The prolonged weakening of the USD has boosted dollar-denominated returns across many developed regions. The broad-based MSCI ACWI ex US and MSCI EAFE indexes finished the year with double-digit returns in both USD and LCL terms with the ACWI index outpacing on both counts due to its emerging market component. Both developed market indexes underperformed the MSCI Emerging Markets index with the benchmark returning 17.3% in USD and 18.8% in LCL terms.  The strongest regional performance over the trailing year was the MSCI EMEA index, which climbed 21.3% in LCL and 21.7% in USD terms. The indexes that earned higher LCL than USD returns due to a locally strengthening currency were the MSCI Pacific and EM Asia indexes, which saw excess returns of 3.8% and 2.2% in LCL versus USD results, respectively. All broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms. 8.1% 13.2% 8.3% 12.2% 8.5% 3.9% 5.4% 6.1% 7.9% 10.2% 10.9% 9.1% 10.6% 7.1% 3.6% 4.8% 5.3% 6.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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) Quarter Performance USD LOCAL 17.3% 18.6% 21.3% 18.8% 17.9% 10.7% 12.9% 14.6% 15.8% 20.4% 16.4% 21.7% 17.3% 14.1% 15.4% 15.0% 16.0% 16.4% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% 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 15

The Market Environment US Dollar International Index Attribution & Country Detail As of September 30, 2025 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) 1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE 27.2%1.5%4.9%Communication Services 4.7%6.1%10.2%Consumer Discretionary -1.7%-1.3%7.5%Consumer Staples 5.0%4.7%3.2%Energy 33.7%7.8%24.7%Financials -10.3%0.3%10.8%Health Care 22.4%5.4%19.4%Industrials 9.4%2.7%8.3%Information Technology -6.6%4.9%5.6%Materials 3.1%3.3%1.9%Real Estate 12.1%0.6%3.4%Utilities 15.0%4.8%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS 29.2%9.6%6.3%Communication Services 7.0%10.4%10.7%Consumer Discretionary -2.8%-1.0%6.2%Consumer Staples 3.8%4.3%4.5%Energy 25.4%5.5%24.9%Financials -8.5%1.5%7.7%Health Care 19.1%4.6%14.7%Industrials 22.8%10.6%13.8%Information Technology 7.6%14.3%6.7%Materials 1.5%2.9%1.6%Real Estate 6.7%1.0%3.0%Utilities 16.4%6.9%100.0%Total 1- YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 14.0%7.2%13.7%22.3%Japan 13.6%5.1%9.0%14.7%United Kingdom 8.9%3.0%6.7%10.9%France 22.9%-1.1%6.1%9.9%Germany 5.6%1.4%5.7%9.3%Switzerland -0.7%2.3%4.2%6.8%Australia 13.7%9.1%3.0%5.0%Netherlands 8.5%3.7%2.2%3.6%Sweden 42.4%12.6%2.2%3.6%Spain 31.6%7.9%2.0%3.2%Italy 14.1%7.9%1.3%2.1%Hong Kong -36.8%-13.5%1.2%1.9%Denmark 29.6%7.2%1.1%1.8%Singapore 15.8%5.4%0.7%1.1%Finland 40.5%3.7%0.7%1.1%Israel 14.8%8.2%0.7%1.1%Belgium 20.3%0.3%0.4%0.6%Norway 16.7%1.5%0.3%0.5%Ireland 46.3%9.1%0.1%0.2%Austria 1.9%6.0%0.1%0.2%Portugal -7.6%-1.0%0.1%0.2%New Zealand 15.0%4.8%61.3%100.0%Total EAFE Countries 21.9%9.2%8.3%Canada 16.0%5.3%69.6%Total Developed Countries 27.8%20.1%31.2%China 27.4%13.1%19.4%Taiwan -12.2%-7.0%15.2%India 24.8%12.5%11.0%Korea 5.9%6.9%4.3%Brazil 33.2%19.5%3.5%South Africa -2.6%5.0%3.3%Saudi Arabia 27.2%12.4%2.0%Mexico 27.0%1.5%1.4%United Arab Emirates -4.6%4.8%1.2%Malaysia -24.9%-3.2%1.1%Indonesia -11.3%16.5%1.0%Thailand 29.5%-2.2%1.0%Poland 22.2%2.6%0.7%Kuwait 4.5%3.5%0.7%Qatar 62.0%11.6%0.6%Greece -4.3%7.5%0.5%Turkey 24.3%5.0%0.5%Chile -18.8%-8.2%0.4%Philippines 34.0%22.8%0.3%Peru 41.0%5.9%0.3%Hungary 55.3%6.9%0.2%Czech Republic 63.7%19.5%0.1%Colombia 21.0%24.8%0.1%Egypt 17.3%10.6%100.0%Total Emerging Countries 16.4%6.9%169.6%Total ACWIxUS Countries 1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt 33.0%19.0%10.5%Communication Services 10.2%18.5%13.6%Consumer Discretionary -8.5%0.5%4.0%Consumer Staples -8.7%-1.1%3.9%Energy 11.2%-0.2%22.2%Financials 5.3%10.2%3.5%Health Care 11.5%4.0%6.6%Industrials 31.9%16.4%25.5%Information Technology 15.7%22.9%6.5%Materials -1.7%1.4%1.4%Real Estate -7.9%1.2%2.3%Utilities 17.3%10.6%100.0%Total Page 8 16

Source: Morningstar Direct; Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2025  Domestic fixed-income markets traded higher during the third quarter with some help from the Fed lowering its policy rate 0.25% to a range of 4.00%- 4.25%. The US Corporate IG index posted the quarter’s strongest domestic bond index performance with a return of 2.6%. The bellwether US Aggregate index returned 2.0% for the quarter and international bonds, as measured by the Global Agg ex US index, slid by -0.6% in USD terms.  Treasury yields remained relatively stable at the longer end of the yield curve during the quarter with the benchmark 10-Year Treasury yield falling a scant 0.08% from the previous quarter’s close. Relatively stable US Treasury yields allowed coupon differences between bonds to drive much of the remaining dispersion in domestic investment-grade indexes’ returns for the quarter.  High yield bonds slightly underperformed investment grade issues due to their lower duration. This overshadowed high yield bonds’ higher income and a narrowing in the high yield option-adjusted spread (OAS). While investment grade outperformed high yield during the quarter, lower quality investment grade issues (as measured by the Baa index) outpaced higher quality issues (AAA – A) as the former were aided by the longer duration impact of spread compression.  Over the trailing one-year period, the Bloomberg US Aggregate Bond index posted a 2.9% return. Its major sub-components also posted positive performance over the trailing 12 months with the Bloomberg US Treasury index advancing 2.1%, the US Mortgage index returning 3.4%, and the Bloomberg US Corporate Investment Grade index rising 3.6%.  Performance across investment grade quality indexes was broadly higher for the trailing one-year period. The AAA index posted a solid 3.8% return, while the BAA index saw slightly better results with a return of 4.3%. High yield bonds were the best performing US bond market segment for the year, returning 7.4%. Performance for high yield bonds was spurred by largely stable end-to-end credit spreads and higher coupon income.  The Bloomberg Global Aggregate ex-US index finished both the quarter and the year with the weakest results across the major fixed income indexes. Despite performance boost from a weakening USD, the Global Aggregate ex-US index ended the year just 1.9% higher and finished behind the domestic Aggregate Bond index return of 2.9%. 0.7% -0.6% 1.8% 2.0% 2.8% 2.5% 1.8% 1.6% 2.1% 2.5% 2.6% 2.4% 1.5% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Multiverse (6.2) Global Agg x US (6.7) Intermediate Agg (4.3) Aggregate (6.0) Baa (6.7) A (6.8) AA (5.8) AAA (4.2) U.S. TIPS (4.9) U.S. High Yield (2.7) U.S. Corporate IG (6.8) U.S. Mortgage (5.7) U.S. Treasury (5.8) Quarter Performance 2.7% 1.9% 3.8% 2.9% 4.3% 3.4% 2.5% 3.8% 3.8% 7.4% 3.6% 3.4% 2.1% 0.0% 2.0% 4.0% 6.0% 8.0% Multiverse (6.2) Global Agg x US (6.7) Intermediate Agg (4.3) Aggregate (6.0) Baa (6.7) A (6.8) AA (5.8) AAA (4.2) U.S. TIPS (4.9) U.S. High Yield (2.7) U.S. Corporate IG (6.8) U.S. Mortgage (5.7) U.S. Treasury (5.8) 1-Year Performance Page 9 17

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2025  The gray band across the graph illustrates the fed funds target rate range over the trailing 12 months. The Federal Open Market Committee (FOMC) cut its policy rate by 0.25% during the third quarter, lowering the fed funds rate to a target range of 4.00%-4.25%. This marks the first meeting in 2025 that the FOMC has changed its policy rates. The September 2025 FOMC press release continued to emphasize economic data-dependent outcomes and the continued reduction of its balance sheet. It also addressed new concerns on softness in the labor market. The CME FedWatch tool, which forecasts the fed funds rate based on fed fund futures pricing, showed a greater than 95% probability of an additional 0.25% rate decrease at the FOMC meeting in October at the time of this writing. Many market prognosticators continue to express concern that leaving rates at elevated levels for an extended period, coupled with softness in the labor market, could tip the US economy into a recession. However, reducing the rate could worsen persistently elevated inflation.  The yield of the US 10-year Treasury (blue line of the top chart) remained in a narrow range during the quarter, finishing at 4.16%. While the point-to-point level of the 10-year yield shows little change over the quarter, the path was not linear. The benchmark yield was elevated in July, changed little in August, and hit a low in mid-September before rising toward where it began the quarter.  The red line in the top chart shows the option-adjusted spread (OAS) for BAA- rated corporate bonds. This measure quantifies the additional yield premium investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating. During the quarter, the yield spread narrowed by 0.11%, finishing the quarter at a level of 0.97%. High yield OAS spreads (represented by the yellow line in the top chart) narrowed by 0.16% during the quarter from 2.96% to 2.80%. The finishing level of both the high yield and BAA OAS spreads are now just a few basis points lower than where they began the year.  The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. At quarter-end, the curve exhibited a more pronounced butterfly shape. Short-to-medium-term rates were lower than at each of the previous four quarter ends, while the one-month and long- term rates were little changed. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 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 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Page 10 18

The Market Environment References As of September 30, 2025 CME FedWatch Tool - CME Group Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org) The Fed - Meeting calendars and information Federal Reserve Board - Monetary Policy Global index lens – MSCI U.S. Department of the Treasury 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) | FRED | St. Louis Fed (stlouisfed.org) The Fed's dot plot shows only two rate cuts in 2025, fewer than previously projected March Fed meeting: Here's what changed in the new statement Jobs report June 2025 Current Employment Statistics - CES (National) : U.S. Bureau of Labor Statistics Latam assets may receive a trade-war boost, investors say | Reuters Page 11 19

Executive Summary Policy Target In Policy Outside Policy 0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0% 56.0% 64.0% 72.0% Receipt & Disbursement $2,835,218.9 (3.4%) Direct Real Estate $2,983,509.9 (3.5%) Non-Core Fixed Income $9,375,168.9 (11.1%) Broad Mkt Fixed Income $12,902,058.2 (15.3%) Foreign Equity Securities $11,409,785.7 (13.5%) Domestic Equity Securities $44,769,633.4 (53.1%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 84,275,375 100.0 N/A N/A 100.0 Domestic Equity Securities 44,769,633 53.1 45.0 55.0 50.0 Foreign Equity Securities 11,409,786 13.5 10.0 20.0 15.0 Broad Mkt Fixed Income 12,902,058 15.3 10.0 30.0 15.0 Non-Core Fixed Income 9,375,169 11.1 0.0 20.0 10.0 Direct Real Estate 2,983,510 3.5 0.0 15.0 10.0 Receipt & Disbursement 2,835,219 3.4 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of September 30, 2025 Page 12 20

Asset Allocation By Segment as of June 30, 2025 : $80,216,790 Asset Allocation By Segment as of September 30, 2025 : $84,275,375 Allocation Segments Market Value Allocation Domestic Equity 42,725,001 53.3¢ Foreign Equity 11,014,336 13.7¢ Broad Mkt Fixed Income 12,680,813 15.8¢ Non-Core Fixed Income 6,991,741 8.7¢ Real Estate 3,246,782 4.0¢ Cash Equivalent 3,558,117 4.4¢ Allocation Segments Market Value Allocation Domestic Equity 44,769,633 53.1¢ Foreign Equity 11,409,786 13.5¢ Broad Mkt Fixed Income 12,902,058 15.3¢ Non-Core Fixed Income 9,375,169 11.1¢ Real Estate 2,842,286 3.4¢ Cash Equivalent 2,976,443 3.5¢ Asset Allocation Summary Total Fund As of September 30, 2025 NONE Page 13 21

Asset Allocation By Manager as of Jun-2025 : $80,216,790 Asset Allocation By Manager as of Sep-2025 : $84,275,375 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX) 42,725,001 53.3¢ Galliard Core Fixed Income 12,680,813 15.8¢ RBC Global (Voyageur) 11,014,336 13.7¢ Receipt & Disbursement 3,483,992 4.3¢ Vanguard Short Term Bond Index (VSCSX) 3,119,728 3.9¢ Intercontinental 2,737,353 3.4¢ PIMCO Diversified Income Fund Instl (PDIIX) 2,089,537 2.6¢ Vanguard Inflation-Protected Secs (VAIPX) 1,444,002 1.8¢ ARA Core Property Fund 583,555 0.7¢ Crescent Direct Lending II Fund 334,256 0.4¢ Crescent Direct Lending Fund 4,218 0.0¢ DFA World ex US Core Equity Inst l (DFWIX) - 0.0¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX) 44,769,633 53.1¢ Galliard Core Fixed Income 12,902,058 15.3¢ DFA World ex US Core Equity Inst l (DFWIX) 11,409,786 13.5¢ PIMCO Diversified Income Fund Instl (PDIIX) 7,636,505 9.1¢ Receipt & Disbursement 2,835,219 3.4¢ Intercontinental 2,469,990 2.9¢ Vanguard Inflation-Protected Secs (VAIPX) 1,458,293 1.7¢ ARA Core Property Fund 513,520 0.6¢ Crescent Direct Lending II Fund 276,608 0.3¢ Crescent Direct Lending Fund 3,763 0.0¢ RBC Global (Voyageur) - 0.0¢ Vanguard Short Term Bond Index (VSCSX) - 0.0¢ Asset Allocation Summary Total Fund As of September 30, 2025 NONE Page 14 22

Historical Asset Allocation by Segment Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 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 9/25 Historical Asset Allocation by Segment Total Fund October 1, 2007 To September 30, 2025 Page 15 23

-12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 84.0 Allocation (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Portfolio 53.12 (19) 13.54 (61) 9.06 (16) 17.04 (84) 0.33 (100) 3.54 (85) 3.36 (22)˜ 5th Percentile 62.88 24.45 13.24 69.92 32.54 11.77 8.21 1st Quartile 50.92 18.44 6.58 33.86 17.26 8.30 2.98 Median 41.67 14.97 4.79 24.91 9.31 6.18 1.47 3rd Quartile 31.29 11.26 3.06 19.46 4.86 4.46 0.72 95th Percentile 16.10 5.53 1.56 11.58 1.41 2.04 0.12 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of September 30, 2025 Page 16 24

Historical Asset Allocation by Portfolio Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 ($) % ($) % ($) % ($) % ($) % Total Equity 56,179,419 66.66 53,739,337 66.99 48,377,292 64.15 51,391,308 66.59 51,390,679 65.56 Domestic Equity Securities 44,769,633 53.12 42,725,001 53.26 38,609,224 51.20 40,567,140 52.57 39,528,851 50.43 Vanguard Total Stock Market (VITSX) 44,769,633 53.12 42,725,001 53.26 38,609,224 51.20 40,567,140 52.57 39,528,851 50.43 Foreign Equity Securities 11,409,786 13.54 11,014,336 13.73 9,768,068 12.95 10,824,168 14.03 11,861,828 15.13 RBC Global (Voyageur) - 0.00 11,014,336 13.73 9,768,068 12.95 10,824,168 14.03 11,861,828 15.13 DFA World ex US Core Equity Inst l (DFWIX) 11,409,786 13.54 - 0.00 - 0.00 - 0.00 - 0.00 Total Fixed Income 22,277,227 26.43 19,672,554 24.52 19,399,982 25.72 16,449,033 21.31 16,735,281 21.35 Galliard Core Fixed Income 12,902,058 15.31 12,680,813 15.81 12,478,628 16.55 12,178,122 15.78 12,371,422 15.78 Vanguard Short Term Bond Index (VSCSX) - 0.00 3,119,728 3.89 3,064,358 4.06 352,647 0.46 352,903 0.45 Vanguard Inflation-Protected Secs (VAIPX) 1,458,293 1.73 1,444,002 1.80 1,434,023 1.90 1,380,684 1.79 1,410,030 1.80 PIMCO Diversified Income Fund Instl (PDIIX) 7,636,505 9.06 2,089,537 2.60 2,033,382 2.70 1,992,503 2.58 2,006,202 2.56 Crescent Direct Lending Fund 3,763 0.00 4,218 0.01 7,215 0.01 9,060 0.01 43,282 0.06 Crescent Direct Lending II Fund 276,608 0.33 334,256 0.42 382,377 0.51 536,017 0.69 551,442 0.70 Direct Real Estate 2,983,510 3.54 3,320,908 4.14 4,367,866 5.79 4,682,795 6.07 4,764,025 6.08 ARA Core Property Fund 513,520 0.61 583,555 0.73 727,667 0.96 908,631 1.18 957,188 1.22 Intercontinental 2,469,990 2.93 2,737,353 3.41 3,640,199 4.83 3,774,164 4.89 3,806,837 4.86 Receipt & Disbursement 2,835,219 3.36 3,483,992 4.34 3,270,252 4.34 4,648,568 6.02 5,492,236 7.01 Total Fund Portfolio 84,275,375 100.00 80,216,790 100.00 75,415,392 100.00 77,171,704 100.00 78,382,221 100.00 Asset Allocation Asset Allocation History By Portfolio As of September 30, 2025 Page 17 25

Historical Asset Allocation by Portfolio Domestic Equity Foreign Equity Broad Mkt Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent Total Fund ($) % ($) % ($) % ($) % ($) % ($) % ($) % Total Equity 44,769,633 79.69 11,409,786 20.31 - - - - - - - - 56,179,419 66.66 Domestic Equity Securities 44,769,633 100.00 - - - - - - - - - - 44,769,633 53.12 Vanguard Total Stock Market (VITSX) 44,769,633 100.00 - - - - - - - - - - 44,769,633 53.12 Foreign Equity Securities - - 11,409,786 100.00 - - - - - - - - 11,409,786 13.54 RBC Global (Voyageur) - - - - - - - - - - - - - 0.00 DFA World ex US Core Equity Inst l (DFWIX) - - 11,409,786 100.00 - - - - - - - - 11,409,786 13.54 Total Fixed Income - - - - 12,902,058 57.92 9,375,169 42.08 - - - - 22,277,227 26.43 Galliard Core Fixed Income - - - - 12,902,058 100.00 - - - - - - 12,902,058 15.31 Vanguard Short Term Bond Index (VSCSX) - - - - - - - - - - - - - 0.00 Vanguard Inflation-Protected Secs (VAIPX) - - - - - - 1,458,293 100.00 - - - - 1,458,293 1.73 PIMCO Diversified Income Fund Instl (PDIIX) - - - - - - 7,636,505 100.00 - - - - 7,636,505 9.06 Crescent Direct Lending Fund - - - - - - 3,763 100.00 - - - - 3,763 0.00 Crescent Direct Lending II Fund - - - - - - 276,608 100.00 - - - - 276,608 0.33 Direct Real Estate - - - - - - - - 2,842,286 95.27 141,224 4.73 2,983,510 3.54 ARA Core Property Fund - - - - - - - - 372,296 72.50 141,224 27.50 513,520 0.61 Intercontinental - - - - - - - - 2,469,990 100.00 - - 2,469,990 2.93 Receipt & Disbursement - - - - - - - - - - 2,835,219 100.00 2,835,219 3.36 Total Fund Portfolio 44,769,633 53.12 11,409,786 13.54 12,902,058 15.31 9,375,169 11.12 2,842,286 3.37 2,976,443 3.53 84,275,375 100.00 Asset Allocation Asset Allocation History By Portfolio As of September 30, 2025 Page 18 26

Schedule of Investable Assets Total Fund Portfolio Net Cash Flow $0.0 $9,000,000.0 $18,000,000.0 $27,000,000.0 $36,000,000.0 $45,000,000.0 $54,000,000.0 $63,000,000.0 $72,000,000.0 $81,000,000.0 $90,000,000.0 $99,000,000.0 $108,000,000.0 -$9,000,000.0 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 9/25 $11,242,762.0 $84,275,375.0 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Sep-2025 16,259,673 -5,016,910 73,032,613 84,275,375 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To September 30, 2025 Page 19 27

Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net) 5.50 (11) 12.09 (11) 12.09 (11) 16.16 (7) 11.22 (4) 9.50 (5) 10.30 (2) 7.16 (19) 11/01/2000 Total Fund Policy 5.61 (9) 12.82 (4) 12.82 (4) 15.95 (9) 10.43 (10) 9.48 (5) 9.99 (5) 6.87 (39) Difference -0.11 -0.73 -0.73 0.21 0.78 0.01 0.31 0.29 All Public Plans-Total Fund Median 4.73 10.38 10.38 13.79 8.91 8.08 8.66 6.68 Total Fund (Gross) 5.62 12.35 12.35 16.41 11.49 9.78 10.60 7.68 11/01/2000 Total Fund Policy 5.61 12.82 12.82 15.95 10.43 9.48 9.99 6.87 Difference 0.01 -0.47 -0.47 0.45 1.05 0.30 0.62 0.81 Total Equity 7.80 16.71 16.71 23.59 15.87 12.70 13.74 8.77 01/01/2001 Total Equity Policy 7.89 17.34 17.34 23.43 14.55 12.27 13.20 7.76 Difference -0.08 -0.63 -0.63 0.16 1.32 0.43 0.54 1.01 Domestic Equity Securities 8.59 (21) 17.37 (41) 17.37 (41) 24.12 (52) 16.64 (35) 14.39 (39) 15.23 (39) 9.30 (36) 11/01/2000 Domestic Equity Securities Policy 8.18 (28) 17.41 (40) 17.41 (40) 24.12 (52) 15.74 (51) 13.71 (55) 14.71 (54) 8.20 (89) Difference 0.42 -0.04 -0.04 0.00 0.89 0.67 0.52 1.10 IM U.S. Large Cap Core Equity (SA+CF) Median 7.21 15.88 15.88 24.16 15.75 14.04 14.85 9.05 Foreign Equity Securities 3.97 (80) 13.41 (81) 13.41 (81) 21.61 (76) 13.23 (62) 6.94 (89) 8.78 (62) 6.86 (87) 11/01/2000 Foreign Equity Securities Policy 6.89 (43) 16.45 (65) 16.45 (65) 20.67 (81) 10.26 (87) 7.26 (86) 8.00 (82) 5.38 (100) Difference -2.92 -3.04 -3.04 0.94 2.97 -0.31 0.78 1.48 IM International Large Cap Value Equity (SA+CF) Median 6.13 19.15 19.15 23.60 14.24 9.10 9.13 7.65 Total Fixed Income 1.76 4.36 4.36 6.45 2.41 3.71 3.69 4.54 11/01/2000 Total Fixed Policy 1.86 4.47 4.47 6.17 1.74 3.19 2.51 4.04 Difference -0.10 -0.11 -0.11 0.28 0.67 0.53 1.18 0.50 Broad Mkt Fixed Income 1.81 (33) 4.49 (19) 4.49 (19) 5.91 (19) 1.17 (37) 2.99 (18) 2.54 (23) 4.04 (28) 11/01/2000 Broad Mkt Fixed Income Policy 1.79 (35) 3.82 (72) 3.82 (72) 5.14 (67) 0.49 (90) 2.27 (86) 1.87 (86) 3.78 (57) Difference 0.02 0.66 0.66 0.76 0.68 0.71 0.67 0.26 IM U.S. Intermediate Duration (SA+CF) Median 1.66 4.03 4.03 5.27 0.99 2.65 2.19 3.91 Non-Core Fixed Income 1.68 4.42 4.42 7.32 3.71 4.29 7.03 7.18 10/01/2014 Non-Core Fixed Policy 1.97 5.43 5.43 7.70 3.62 4.20 4.15 3.88 Difference -0.28 -1.01 -1.01 -0.38 0.10 0.09 2.88 3.30 Direct Real Estate 1.07 (79) 3.85 (77) 3.85 (77) -7.54 (92) 2.60 (78) 3.43 (74) 5.52 (65) 5.11 (30) 10/01/2007 NCREIF Fund Index-OEDC (EW) 0.65 (95) 3.80 (77) 3.80 (77) -5.69 (79) 3.57 (68) 3.68 (70) 5.27 (70) 4.61 (65) Difference 0.42 0.05 0.05 -1.85 -0.98 -0.24 0.26 0.51 IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 4.99 Comparative Performance Trailing Returns Total Fund As of September 30, 2025 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 20 28

Comparative Performance Trailing Returns Total Fund As of September 30, 2025 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities 8.59 17.37 17.37 24.12 16.64 14.39 15.23 9.30 11/01/2000 Domestic Equity Securities Policy 8.18 17.41 17.41 24.12 15.74 13.71 14.71 8.20 Difference 0.42 -0.04 -0.04 0.00 0.89 0.67 0.52 1.10 Vanguard Total Stock Market (VITSX) 8.57 (12) 17.35 (27) 17.35 (27) 24.09 (40) 15.66 (43) 13.65 (38) 14.67 (30) 14.05 (31) 02/01/2013 Vanguard Total Stock Market Index Hybrid 8.24 (18) 17.37 (26) 17.37 (26) 24.08 (40) 15.66 (43) 13.65 (38) 14.67 (30) 14.07 (30) Difference 0.33 -0.02 -0.02 0.01 0.00 0.00 0.00 -0.01 Large Blend Median 7.28 15.59 15.59 23.43 15.37 13.17 14.00 13.54 Foreign Equity Securities 3.97 13.41 13.41 21.61 13.23 6.94 8.78 6.86 11/01/2000 Foreign Equity Securities Policy 6.89 16.45 16.45 20.67 10.26 7.26 8.00 5.38 Difference -2.92 -3.04 -3.04 0.94 2.97 -0.31 0.78 1.48 DFA World ex US Core Equity Inst l (DFWIX) N/A N/A N/A N/A N/A N/A N/A N/A 09/30/2025 MSCI AC World ex USA (Net) 6.89 (15) 16.45 (48) 16.45 (48) 20.67 (59) 10.26 (56) 7.49 (57) 8.23 (39) 3.60 (25) Difference N/A N/A N/A N/A N/A N/A N/A N/A Foreign Large Blend Median 5.20 16.19 16.19 21.10 10.43 7.66 8.00 2.89 RBC Global (Voyageur) 2.96 (91) 12.31 (85) 12.31 (85) 21.22 (79) 13.01 (66) 6.80 (90) 8.68 (67) 5.60 (34) 11/01/2007 MSCI EAFE (Net) Index 4.77 (70) 14.99 (73) 14.99 (73) 21.70 (75) 11.15 (81) 7.71 (72) 8.17 (77) 3.65 (94) Difference -1.80 -2.67 -2.67 -0.48 1.86 -0.92 0.51 1.95 MSCI EAFE Value Index (Net) 7.39 (32) 22.53 (26) 22.53 (26) 25.66 (31) 15.66 (38) 8.17 (60) 8.16 (77) 3.16 (97) Difference -4.42 -10.22 -10.22 -4.44 -2.65 -1.38 0.52 2.44 IM International Large Cap Value Equity (SA+CF) Median 6.13 19.15 19.15 23.60 14.24 9.10 9.13 5.17 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 21 29

Comparative Performance Trailing Returns Total Fund As of September 30, 2025 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income 1.76 4.36 4.36 6.45 2.41 3.71 3.69 4.54 11/01/2000 Total Fixed Policy 1.86 4.47 4.47 6.17 1.74 3.19 2.51 4.04 Difference -0.10 -0.11 -0.11 0.28 0.67 0.53 1.18 0.50 Galliard Core Fixed Income 1.81 (43) 4.55 (32) 4.55 (32) 5.95 (29) 1.25 (53) 3.05 (40) 2.56 (41) 3.35 (64) 10/01/2007 Bloomberg Intermed Aggregate Index 1.79 (45) 3.82 (90) 3.82 (90) 5.14 (90) 0.49 (98) 2.27 (100) 1.87 (100) 2.95 (94) Difference 0.02 0.73 0.73 0.80 0.76 0.77 0.69 0.40 IM U.S. Intermediate Duration (SA+CF) Median 1.75 4.34 4.34 5.64 1.29 2.93 2.48 3.46 Vanguard Inflation-Protected Secs (VAIPX) 0.99 (99) 3.42 (60) 3.42 (60) 5.01 (32) 1.12 (52) 3.16 (51) N/A 2.74 (50) 01/01/2017 Bloomberg U.S. TIPS Index 2.10 (35) 3.79 (37) 3.79 (37) 4.88 (36) 1.42 (32) 3.42 (23) 3.01 (22) 2.98 (21) Difference -1.11 -0.37 -0.37 0.13 -0.30 -0.27 N/A -0.24 Inflation-Protected Bond Median 1.99 3.60 3.60 4.70 1.15 3.16 2.76 2.73 Vanguard Short Term Bond Index (VSCSX) 2.13 (4) 5.13 (16) 5.13 (16) 6.16 (20) 2.19 (47) 3.21 (19) 2.70 (23) 2.65 (20) 01/01/2015 Blmbg. U.S. Corporate 1-5 Year Index 1.62 (17) 5.06 (18) 5.06 (18) 6.22 (18) 2.23 (43) 3.30 (14) 2.83 (16) 2.78 (13) Difference 0.52 0.07 0.07 -0.07 -0.05 -0.09 -0.12 -0.13 Short-Term Bond Median 1.37 4.54 4.54 5.43 2.14 2.70 2.24 2.17 PIMCO Diversified Income Fund Instl (PDIIX) 3.30 (1) 7.59 (4) 7.59 (4) 10.00 (8) 2.84 (6) 3.88 (5) N/A 3.77 (5) 04/01/2018 Blmbg. Global Credit (Hedged) 2.20 (7) 4.82 (23) 4.82 (23) 7.77 (23) 1.42 (22) 3.26 (7) 3.52 (5) 3.11 (6) Difference 1.09 2.77 2.77 2.24 1.42 0.62 N/A 0.66 Global Bond Median 0.92 3.24 3.24 6.02 -0.99 1.00 1.49 0.36 Direct Real Estate 1.07 3.85 3.85 -7.54 2.60 3.43 5.52 5.11 10/01/2007 NCREIF Fund Index-ODCE (EW) 0.65 3.80 3.80 -5.69 3.57 3.68 5.27 4.61 Difference 0.42 0.05 0.05 -1.85 -0.98 -0.24 0.26 0.51 American Core Realty Fund 1.08 (73) 4.45 (67) 4.45 (67) -5.63 (78) 3.71 (67) 3.85 (67) 5.18 (72) 4.60 (68) 10/01/2007 American Core Realty Policy 0.65 (95) 3.80 (77) 3.80 (77) -5.69 (79) 3.57 (68) 3.68 (70) 5.27 (70) 5.83 (20) Difference 0.43 0.65 0.65 0.06 0.14 0.17 -0.09 -1.24 IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 4.99 Intercontinental 1.06 (79) 3.72 (78) 3.72 (78) -8.03 (95) 2.30 (87) 3.44 (74) 5.99 (29) 8.93 (38) 10/01/2010 NCREIF Fund Index-OEDC (EW) 0.65 (95) 3.80 (77) 3.80 (77) -5.69 (79) 3.57 (68) 3.68 (70) 5.27 (70) 8.05 (74) Difference 0.41 -0.09 -0.09 -2.34 -1.27 -0.23 0.72 0.87 IM U.S. Open End Private Real Estate (SA+CF) Median 1.36 5.06 5.06 -4.64 3.93 4.08 5.82 8.78 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 22 30

Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund -10.79 -49.12 2.27 6.55 5.29 6.95 10/14/2014 Crescent Direct Lending II Fund -2.19 -7.47 7.70 11.02 8.35 8.57 03/13/2018 Comparative Performance - IRR As of September 30, 2025 Page 23 31

Financial Reconciliation Quarter to Date Market Value 07/01/2025 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2025 Total Equity 53,739,337 -1,521,465 - - -78,535 -824 280,620 3,760,286 56,179,419 Domestic Equity Securities 42,725,001 -1,600,000 - - - - 251,593 3,393,039 44,769,633 Vanguard Total Stock Market (VITSX) 42,725,001 -1,600,000 - - - - 251,593 3,393,039 44,769,633 Foreign Equity Securities 11,014,336 78,535 - - -78,535 -824 29,027 367,246 11,409,786 RBC Global (Voyageur) 11,014,336 -11,261,252 - - -78,535 -824 29,027 297,248 - DFA World ex US Core Equity Inst l (DFWIX) - 11,339,787 - - - - - 69,999 11,409,786 Total Fixed Income 19,672,554 2,262,673 - - -7,926 - 67,608 282,318 22,277,227 Galliard Core Fixed Income 12,680,813 - - - -7,926 - - 229,171 12,902,058 Vanguard Short Term Bond Index (VSCSX) 3,119,728 -3,186,320 - - - - 23,094 43,498 - Vanguard Inflation-Protected Secs (VAIPX) 1,444,002 - - - - - 15,441 -1,150 1,458,293 PIMCO Diversified Income Fund Instl (PDIIX) 2,089,537 5,500,000 - - - - 29,073 17,895 7,636,505 Crescent Direct Lending Fund 4,218 - - - - - - -455 3,763 Crescent Direct Lending II Fund 334,256 -51,007 - - - - - -6,641 276,608 Direct Real Estate 3,320,908 -363,139 - - -5,830 - 29,297 2,274 2,983,510 ARA Core Property Fund 583,555 -74,126 - - -1,416 - 1,416 4,091 513,520 Intercontinental 2,737,353 -289,013 - - -4,414 - 27,881 -1,817 2,469,990 Receipt & Disbursement 3,483,992 -378,068 1,020,501 -1,316,618 - -32,730 58,143 - 2,835,219 Total Fund Portfolio 80,216,790 - 1,020,501 -1,316,618 -92,290 -33,554 435,668 4,044,877 84,275,375 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending September 30, 2025 Page 24 32

Financial Reconciliation Fiscal Year to Date Market Value 10/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2025 Total Equity 51,390,679 -3,168,240 - - -131,761 -7,256 850,118 7,245,878 56,179,419 Domestic Equity Securities 39,528,851 -1,600,000 - - - - 520,978 6,319,805 44,769,633 Vanguard Total Stock Market (VITSX) 39,528,851 -1,600,000 - - - - 520,978 6,319,805 44,769,633 Foreign Equity Securities 11,861,828 -1,568,240 - - -131,761 -7,256 329,140 926,074 11,409,786 RBC Global (Voyageur) 11,861,828 -12,908,027 - - -131,761 -7,256 329,140 856,075 - DFA World ex US Core Equity Inst l (DFWIX) - 11,339,787 - - - - - 69,999 11,409,786 Total Fixed Income 16,735,281 4,735,686 - - -31,068 - 256,590 580,739 22,277,227 Galliard Core Fixed Income 12,371,422 - - - -31,068 - 8 561,696 12,902,058 Vanguard Short Term Bond Index (VSCSX) 352,903 -485,066 - - - - 71,638 60,526 - Vanguard Inflation-Protected Secs (VAIPX) 1,410,030 - - - - - 71,521 -23,258 1,458,293 PIMCO Diversified Income Fund Instl (PDIIX) 2,006,202 5,500,000 - - - - 113,424 16,879 7,636,505 Crescent Direct Lending Fund 43,282 -35,424 - - - - - -4,095 3,763 Crescent Direct Lending II Fund 551,442 -243,824 - - - - - -31,010 276,608 Direct Real Estate 4,764,025 -1,889,953 - - -29,817 - 83,464 55,790 2,983,510 ARA Core Property Fund 957,188 -465,464 - - -7,538 - 23,136 6,197 513,520 Intercontinental 3,806,837 -1,424,489 - - -22,279 - 60,328 49,593 2,469,990 Receipt & Disbursement 5,492,236 323,761 2,311,161 -5,337,827 - -144,339 192,004 -1,777 2,835,219 Total Fund Portfolio 78,382,221 1,254 2,311,161 -5,337,827 -192,645 -151,596 1,382,176 7,880,630 84,275,375 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2024 To September 30, 2025 Page 25 33

Comparative Performance Fiscal Year Returns Oct-2024 To Sep-2025 Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Total Fund (Net) 12.09 (11) 23.78 (14) 12.98 (16) -14.02 (54) 26.26 (5) 7.92 (42) 2.78 (85) 11.28 (3) 14.16 (10) 11.15 (12) Total Fund Policy 12.82 (4) 22.55 (26) 12.76 (19) -13.16 (45) 21.33 (41) 10.06 (15) 4.31 (51) 9.85 (11) 12.90 (30) 10.79 (17) Difference -0.73 1.23 0.22 -0.86 4.93 -2.14 -1.53 1.43 1.26 0.35 All Public Plans-Total Fund Median 10.38 19.97 10.70 -13.67 20.66 7.44 4.32 7.56 12.11 9.79 Total Fund (Gross) 12.35 24.01 13.22 -13.66 26.48 8.16 3.16 11.63 14.52 11.51 Total Fund Policy 12.82 22.55 12.76 -13.16 21.33 10.06 4.31 9.85 12.90 10.79 Difference -0.47 1.46 0.46 -0.50 5.15 -1.90 -1.15 1.78 1.63 0.72 Total Equity 16.71 32.77 21.83 -19.30 37.06 9.65 0.85 15.01 19.50 14.20 Total Equity Policy 17.34 32.91 20.58 -19.37 30.05 11.69 2.09 14.18 19.00 13.13 Difference -0.63 -0.13 1.25 0.07 7.01 -2.04 -1.24 0.82 0.50 1.07 Domestic Equity Securities 17.37 (41) 35.29 (51) 20.41 (54) -17.47 (78) 36.79 (16) 15.35 (37) 2.89 (53) 17.88 (44) 18.64 (58) 15.21 (25) Domestic Equity Securities Policy 17.41 (40) 35.19 (53) 20.46 (54) -17.63 (80) 31.88 (40) 15.00 (40) 2.92 (52) 17.58 (49) 18.71 (57) 14.96 (30) Difference -0.04 0.10 -0.05 0.16 4.92 0.35 -0.02 0.30 -0.07 0.25 IM U.S. Large Cap Core Equity (SA+CF) Median 15.88 35.30 20.77 -14.80 30.89 13.17 3.16 17.47 19.06 13.33 Foreign Equity Securities 13.41 (81) 24.32 (41) 27.57 (58) -25.79 (77) 39.45 (15) -9.19 (86) -5.36 (72) 6.76 (3) 22.69 (37) 10.74 (27) Foreign Equity Securities Policy 16.45 (65) 25.35 (34) 20.39 (89) -25.17 (75) 23.92 (79) 1.03 (25) -0.82 (27) 3.25 (24) 19.65 (56) 7.06 (62) Difference -3.04 -1.03 7.19 -0.62 15.54 -10.22 -4.54 3.51 3.04 3.69 IM International Large Cap Value Equity (SA+CF) Median 19.15 23.44 28.95 -22.60 31.55 -5.63 -3.30 1.36 20.98 8.36 Total Fixed Income 4.36 11.44 3.71 -9.92 3.66 5.44 8.69 2.41 3.59 4.93 Total Fixed Policy 4.47 10.58 3.58 -10.72 2.04 5.71 8.08 -0.93 0.25 3.57 Difference -0.11 0.86 0.13 0.80 1.63 -0.28 0.60 3.34 3.34 1.36 Broad Mkt Fixed Income 4.49 (19) 10.91 (24) 2.50 (38) -10.50 (61) -0.30 (71) 7.53 (8) 7.81 (45) -0.21 (29) 0.61 (44) 4.21 (26) Broad Mkt Fixed Income Policy 3.82 (72) 10.39 (34) 1.42 (80) -11.49 (82) -0.38 (73) 5.66 (67) 8.08 (25) -0.93 (80) 0.25 (64) 3.57 (53) Difference 0.66 0.52 1.09 0.99 0.07 1.88 -0.28 0.72 0.36 0.64 IM U.S. Intermediate Duration (SA+CF) Median 4.03