HomeMy WebLinkAbout2025-03-31 St Lucie County 457(b) Plans (Performance Report)St. Lucie County
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lnve,(s)tME.hnt Performance Revie
Period Ending March 31, 2025
1
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EA
MARINER
1st Quarter 2025 Market Environment
Page 1
The Economy
The US Federal Reserve (the Fed) continued its shift away from contractionary
monetary policy during the quarter and held policy rates steady at a range of
4.25%-4.50%. New language was inserted into the most recent press release
following the March 2025 Federal Open Markets Committee (FOMC) meeting,
which referred to increased uncertainty regarding the country's economic outlook
moving forward. The release also conveyed the Treasury Department would slow
the pace of the reduction of their balance sheet beginning in April, which may be
an indication of a policy shift away from quantitative tightening. The FOMC's
March "Dot Plot" released after the meeting projected that by year end, the
appropriate midpoint target rate would be 3.875%, which at the time implied
0.50% of policy rate cuts by year-end.
Growth in the US labor market continued during the first quarter. US payrolls grew
by 228,000 in March, up from the previous month's revised total of 117,000, and
well above the 140,000 projected. Unemployment rose to 4.2% as the labor force
participation rate increased during the month, which increased the denominator in
the calculation. With labor market statistics as a key input into the FOMC's target
policy rate decision, persistent strength in private sector employment could lead to
a reduction in the pace and magnitude of policy rate decreases in the coming
quarters.
Equity (Domestic and International)
Domestic equity results were broadly lower for the quarter as concerns regarding
future economic growth guided by increased uncertainty surrounding geopolitics
and domestic policy took hold. Value stocks outperformed growth stocks and
large cap stocks outperformed small cap stocks in a rotation characteristic of a
"risk -off' trade. 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 30% of the index.
Most international stocks advanced during the first quarter on the backs of a
declining US dollar (USD) and concerns regarding US economic growth. The
USD's depreciation boosted returns for USD-denominated returns over local
currency returns for most international indexes. 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.
The Market Environment
Executive Summary
As of March 31, 2025
Fixed Income
Fixed -income markets gained during the quarter, driven by their coupons and
declining Treasury yields for maturities of one year and longer. Shorter term
Treasury yields remained relatively stable due to the FOMC leaving rates
unchanged during the January and March meetings, while longer term yields fell
slightly based on expectations of lower long-term GDP growth. The yield on the
bellwether 10-year Treasury declined by 0.35% during the quarter, closing March
at a yield of 4.23%. The inverse relationship between prices and yields resulted in
the Bloomberg US Aggregate Bond Index posting a return of 2.8% for the quarter.
■ The US TIPS Index was the best -performing fixed -income index for the quarter,
amassing a solid 4.2% return as TIPS yields declined. US High Yield bonds
lagged all other bond sectors, returning a small, but positive, 1.0% for the quarter,
largely due to a widening of the High Yield option -adjusted spread (OAS).
Global bond returns also rose during the quarter, with the Bloomberg Global
Aggregate ex -US returning 2.5% in USD terms.
Market Themes
Weakness in the USD during the quarter led to relative strength in international
equity markets as many major non -US currencies appreciated. Volatility in the
financial markets increased amid uncertainty about US economic growth amid US
tariff policies. The potential impact of US tariffs and foreign retaliation are still
evolving, so it is not advisable to draw definitive conclusions regarding their
breadth or magnitude. However, the resulting uncertainty has a near -term
negative impact on global economic growth and capital markets.
The equity rotation away from risky trades has exacerbated the performance
disparity between large and small cap stocks as concerns about the economy
weigh more heavily on small cap stocks
Page 2
■ Volatility in the domestic equity markets ticked up mid -quarter leading to
disappointing results across broad -based domestic equity benchmarks. Small -
cap equities were the worst -performing domestic segment with the Russell
2000 Index returning -9.5% for the quarter. The Russell Midcap Index was less
negative, posting a return of -3.4% while the large -cap Russell 1000 and S&P
500 Indexes were down slightly more, returning -4.5% and -4.3%, respectively.
■ International equity markets surged in USD terms as the USD weakened
relative to major world currencies. The developed market EAFE Index was the
greatest beneficiary of the USD weakness as the index jumped 6.9% for the
quarter. Emerging market equities were also positive but struggled to keep
pace with developed markets, returning 2.9% for the quarter.
■ Broad -based fixed income indexes ended the quarter on a high note with the
TIPS Index climbing 4.2%, the best among the bond indexes tracked during
the quarter. There was only moderate performance dispersion among the
remaining indexes with the Mortgage -Backed Security (MBS) Index returning a
solid 3.1 % and the Corporate Investment Grade Index returning a lower 2.3%.
■ Despite this quarter's setback, large and mid -cap domestic equities have still
posted solid performance on a trailing -year basis. The small -cap Russell 2000
Index has fallen slightly over the same period. This continues a trend of large
cap dominance that has persisted for several quarters.
■ Domestic bonds have continued to perform well, aided by the Federal
Reserve's shift away from the contractionary monetary policy it adopted in
mid-2022. The TIPS Index has been the best performer over the previous 12
months, climbing 6.2%, aided by more recent performance. The remainder of
the indexes displayed similar results during the same 12-month period, all
finishing within 1.0% of each other. The 3-Month T-Bill displayed a strong
5.0% return during the year, aided by high short-term interest rates.
■ International equity markets had a strong showing for the year in USD terms.
The MSCI Emerging Markets Index's return of 8.1% outpaced the developed
market index's performance of 4.9% while the MSCI ACWI ex US Index
finished the trailing 12 months in the middle, with a return of 6.1 %.
Source: Investment Metrics
Quarter Performance
S&P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000
MSCI ACWxUS
MSCI EAFE
MSCI Emerg Mkts
Bloomberg US Agg
Bloomberg US Govt
Bloomberg US TIPS
Bloomberg MBS
Bloomberg Corp IG
3-Month T-Bill
-12.0%
-4.7%l
-4.5%
-9.5%
The Market Environment
Major Market Index Performance
As of March 31, 2025
5.2%
6.9%
2.9%
- 2.8%
2.9%
1 4.2%
=3.1%
2.3%
1.0%
-9.0% -6.0% -3.0% 0.0% 3.0% 6.0%
1-Year Performance
S&P 500
Russell 3000
Russell 1000
Russell MidCap
Russell 2000 -4.0%
MSCI ACWxUS
MSCIEAFE
MSCI Emerg Mkts
Bloomberg US Agg
Bloomberg US Govt
Bloomberg US TIPS
Bloomberg MBS
Bloomberg Corp IG
8.3%
7.2%
7.8%
2.6%
6.1%
4.9%
8.1 %
4.9%
4.5%
6.2%
5.4%
4.9%
9.0%
3-Month T-Bill I 5.0%
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Page 3
■ Domestic equities were challenged during the quarter with small -cap stocks
faring worst. The Russell 2000 Index, which consists of the smallest
companies in the Russell 3000 Index, fell by -9.5% during the quarter, more
than double the decline of either the large -cap Russell 1000 or the Russell
Midcap Indexes.
■ Growth stocks experienced a significant pullback during the quarter with the
Russell 1000 Growth Index, which represents the large -cap growth segment of
the market, returning-10.0%. This was the first double-digit loss quarter for the
benchmark since the second quarter of 2022. While the decline was only
about half as deep as the -20.9% loss experienced in the 2022 quarter, it
marked at least a temporary reversal of a trend wherein large cap growth
stocks led the way among domestic equities. The best -performing segment of
the domestic equity market was large cap value, which posted a positive
return of 2.1 %. The worst -performing segment was small cap growth which fell
-11.1 % for the quarter. Value outperformed growth across the capitalization
spectrum as the large cap segment experienced the greatest performance
disparity with value outpacing growth by 12.1 %.
■ Large -cap stocks also outperformed smaller -cap issues during the trailing year
with the Russell 1000 Index advancing 7.8% versus a lower 2.6% for the
Russell Midcap Index and a return of -4.0% for the Russell 2000 Index. Much
of the trailing year's strong performance is attributable to the "Magnificent 7"
stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) which
have dominated the large -cap core and growth indexes and media headlines
over the past several years.
■ This quarter's value -led results narrowed the disparity between growth and
value stocks over the trailing year but growth still outpaced value by a narrow
0.5% margin for the all -cap Russell 3000 Index. The strength of the growth
sectors is also evident in the trailing one-year period, which shows growth
benchmarks in nearly all capitalization ranges outpacing their value
counterparts. The only exception occurred with small -cap stocks, where the
value benchmark was down 1.8% less than the growth benchmark.
Source: Investment Metrics
The Market Environment
Domestic Equity Style Index Performance
As of March 31, 2025
Quarter Performance - Russell Style Series
3000 Value
3000 Index
3000 Growth
-10.0%-
1000 Value
1000 Index
1000 Growth
-10.0%-
MidCap Value
MidCap Index
MidCap Growth
-7.1%
2000 Value -7.
20001ndex -9.5% C
2000 Growth
1.6%
2.1 %
-14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%
3000 Value
3000 Index
3000 Growth
1000 Value
1000 Index
1000 Growth
MidCap Value
MidCap Index
MidCap Growth
2000 Value
2000 Index
2000 Growth
1-Year Performance - Russell Style Series
-3.1 %
-4.0% F
6.7%
7.2%
17.2%
7.2%
7.8%
17.8%
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Page 4
■ Economic sector performance was mixed in the first quarter. Seven of the 11 Russell 1000
economic sectors posted gains within the large -cap index, but four sectors
that make up more than 50% of the benchmark were negative. While Comm Services (9.4%)
performance during 2024 was characterized by broad sector participation in Consumer Disc (11.3%)
domestic equity markets, this was not the case during the first quarter as
communication services, consumer discretionary, industrials and information Consumer Staples (5.5%)
technology stocks all fell. The energy sector led the way, returning 9.6% for Energy (3.3%)
the quarter while the worst performing sectors (consumer discretionary and
information technology) fell by -13.3% and-12.8%, respectively. Financials (14.5%)
■ Trailing year results still showcased strong performance across most Health Care (10.4%)
economic sectors with nine of the 11 economic sectors posting positive Industrials (9.1%)
results. Utilities was the best -performing sector during the trailing year,
soaring by 24.5%, followed by financials, which advanced by 19.4%. Info Technology (29.6%)
Industrials and health care were the only two sectors to decline for the full Materials (2.3%)
year, posting returns of -6.0% and -0.0%, respectively.
Real Estate (2.4%)
Utilities (2.3%)
The Market Environment GICS
Sector Performance & (Sector Weight)
As of March 31, 2025
■Quarter ❑1-Year
-6.2%
14.1%
-13.3%
5.7%
4.9%
11.7%
9.6%
4.0%
2.4%
19.4%
5.7%
-0.0%
-1.8%
3.5%
-12.8%
5.9%
1.7%
-6.0%
9.8%
5.2%
24.5%
-20.0% -10.0%
■ Most small cap sectors lost value this quarter with 10 of 11 economic
sectors declining. The only sector to post a positive performance for the Russell 2000
quarter was utilities, which climbed by 4.9%. The worst performing sector in Comm Services (2.7%)
the index was information technology, which declined by-18.5%. Four other
sectors, communication services, consumer discretionary, energy, and Consumer Disc (9.5%)
industrials were each down by more than-10.0%. Consumer Staples (2.9%)
■ The first quarter's sector declines weighed on full -year results across the Energy (5.0%)
benchmark. Only five of the 11 sectors were higher for the full year.
Consumer staples led other sector results with a return of 12.6%, followed Financials (19.0%)
closely by financials and utilities, which returned 12.0% and 12.2%, Health Care (16.6%)
respectively. Energy was the worst performing sector for the year, returning -
24.8%. Three other sectors in the small cap index also fell by double digits Industrials (17.8%)
over the trailing year: consumer discretionary, health care, and information
Info Technology (13.5%)
technology.
Materials (4.1%)
Real Estate (6.1%)
Utilities (2.7%)
0.0% 10.0% 20.0% 30.0%
❑Quarter 01-Year
-12.5%
2.6%
-14.9%
-14.1 %
-0.2%
12.6%
-12.7%
-24.8%
-4.3%
-8.2°i°
-11.0°%
-4.4%
-18.5%
12.1%
-6.6%
-7.0%
-3.3%
4.2%
4.9 %
12.2%
-30.0% -20.0% -10.0% 0.0% 10.0% 20.0%
Source: Morningstar Direct
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking
performance for the prior year of each sector's current constituency, post creation of the Communication Services sector.
Page 5
The Market Environment
e
Apple Inc
6.4%
11.2%
30.1%
Information Technology
Microsoft Corp
5.4%
-10.8%
-10.1 %
Information Technology
IN VIDIA Corp
4.9%
-19.3%
20.0%
Information Technology
Amazon.com Inc
3.5%
-13.3%
5.5%
Consumer Discretionary
Meta Platforms Inc Class A
2.5%
-1.5%
19.1 %
Communication Services
Berkshire Hathaway Inc Class B
1.9%
17.5%
26.6%
Financials
Alphabet Inc Class A
1.8%
-18.2%
3.0%
Communication Services
Broadcom Inc
1.5%
-27.6%
27.9%
Information Technology
Alphabet Inc Class C
1.5%
-17.9%
3.1 %
Communication Services
Tesla Inc
1.4%
-35.8%
47.4%
Consumer Discretionary
111�rfor�t..Iks (by
1000
own tQ.trr.
Intra-Cellular Therapies Inc 0.0% 58.0%
e
1 -Year
Retunn
90.6%
Sector
Health Care
MP Materials Corp Ordinary Shares
0.0%
56.5%
70.7%
Materials
Medical Properties Trust Inc
0.0%
54.7%
43.5%
Real Estate
CVS Health Corp
0.2%
52.8%
-11.2%
Health Care
GRAIL Inc
0.0%
43.1 %
N/A
Health Care
Celsius Holdings Inc
0.0%
35.2%
-57.0%
Consumer Staples
Okta Inc Class A
0.0%
33.5%
0.6%
Information Technology
Philip Morris International Inc
0.5%
33.1%
81.0%
Consumer Staples
National Fuel Gas Co
0.0%
31.4%
52.3%
Utilities
Newmont Corp
0.1%
30.5%
37.8%
Materials
Bottom
Russell 1000
Fortrea Holdings Inc
10 Performing
Weight
0.0%
Stocks (by
1 -Qtr
Return
-59.5%
Quarter)
1 Year
I
-81.2%
Sector
Health Care
Astera Labs Inc
0.0%
-54.9%
-19.6%
Information Technology
Wolfspeed Inc
0.0%
-54.1%
-89.6%
Information Technology
The Trade Desk Inc Class A
0.0%
-53.4%
-37.4%
Communication Services
e.l.f. Beauty Inc
0.0%
-50.0%
-68.0%
Consumer Staples
Sarepta Therapeutics Inc
0.0%
-47.5%
-50.7%
Health Care
BILL Holdings Inc Ordinary Shares
0.0%
-45.8%
-33.2%
Information Technology
Globant SA
0.0%
-45.1%
-41.7%
Information Technology
New Fortress Energy Inc Class A
0.0%
-45.0%
-72.5%
Energy
Deckers Outdoor Corp
0.0%
-44.9%
-28.7%
Consumer Discretionary
Source: Morningstar Direct
Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000
As of March 31, 2025
Sprouts Farmers Market Inc
0.6%
20.1%
136.7%
Consumer Staples
Insmed Inc
0.5%
10.5%
181.2%
Health Care
FTAI Aviation Ltd
0.5%
-22.7%
66.9%
Industrials
Corcept Therapeutics Inc
0.4%
126.7%
353.4%
Health Care
SouthState Corp
0.4%
-6.2%
11.7%
Financials
Carpenter Technology Corp
0.4%
6.9%
155.3%
Materials
Applied Industrial Technologies Inc
0.4%
-5.7%
14.9%
Industrials
Mueller Industries Inc
0.4%
-3.8%
42.9%
Industrials
Halozyme Therapeutics Inc
0.3%
33.5%
56.9%
Health Care
Beacon Roofing Supply Inc Class A
0.3%
21.8%
26.2%
Industrials
Quarter)erforming Stocks (by
-Qtr I -Year Sector
2000Russell Weight 1 qq1 Return Return
FuboTV Inc 0.0% 137.5% 72.7% Communication Services
QVC Group Inc Ordinary Shares
0.0%
129.8%
46.6%
Consumer Discretionary
Agilon Health Inc
0.1%
127.9%
-29.0%
Health Care
Corcept Therapeutics Inc
0.4%
126.7%
353.4%
Health Care
Accolade Inc Ordinary Shares
0.0%
104.1 %
-33.4%
Health Care
908 Devices Inc Ordinary Shares
0.0%
103.6%
-40.7%
Information Technology
H&E Equipment Services Inc
0.1%
94.1%
50.5%
Industrials
Radius Recycling Inc Ordinary Shares
0.0%
92.7%
43.1 %
Materials
Root Inc Ordinary Shares
0.0%
83.8%
118.5%
Financials
OptimizeRx Corp
0.0%
78.0%
-28.8%
Health Care
Bottom i
Russell i0iWeight _Alke
Neumora Therapeutics Inc 0.0%
-90.6%
Quarter)
-92.7%
Health Care
Pliant Therapeutics Inc Ordinary Shares
0.0%
-89.7%
-90.9%
Health Care
Sunnova Energy International Inc
0.0%
-89.2%
-93.9%
Utilities
ModivCare Inc
0.0%
-88.9%
-94.4%
Health Care
Conduit Pharmaceuticals Inc
0.0%
-88.5%
-99.8%
Health Care
Solo Brands Inc
0.0%
-85.3%
-92.3%
Consumer Discretionary
Solidion Technology Inc
0.0%
-82.7%
-95.6%
Industrials
LanzaTech Global Inc Ordinary Shares
0.0%
-82.3%
-92.2%
Industrials
IGM Biosciences Inc Ordinary Shares
0.0%
-81.2%
-88.1 %
Health Care
Jasper Therapeutics Inc Ordinary
0.0%
-79.9%
-85.4%
Health Care
Page 6
■ Performance among headline international equity indexes in USD terms was
positive and mostly higher than local currency (LCL) returns during the quarter.
The USD's weakness relative to many major currencies was a substantial
tailwind for the USD performance of non -US regional benchmark returns. The
developed -market MSCI EAFE Index returned a solid 2.9% in LCL terms but
advanced a strong 6.9% in USD terms. The MSCI ACWI ex -US Index climbed
2.7% in LCL and 5.2% in USD terms for the quarter.
• The MSCI EM Latin America Index was the best performing regional index for
the quarter, returning 7.4% in LCL terms and a double-digit 12.7% in USD
terms. The MSCI Pacific Index was the only regional index to fall during the
quarter. The benchmark slid -3.1 % in LCL terms, yet advanced by 0.3% in
USD terms due to local currency appreciation. The MSCI EM Asia Index was
the only regional index to depreciate relative to the USD, which caused its
1.3% return in USD terms to be lower than its 1.6% gain in LCL currency
terms.
■ Full year results for most broad and regional international indexes finished
higher except for the EM Latin America Index. Despite its weakness in the first
quarter, the USD generally strengthened during the trailing year. While this led
to lower USD returns than LCL currency returns for many regions during the
period, the developed market MSCI EAFE Index bucked the trend by
advancing 4.9% in USD terms and slightly lower 4.1 % in LCL terms. The
broad MSCI ACWI ex US Index advanced 6.1% in USD terms and 6.9% in
LCL terms.
■ Most broad and regional indexes were positive for the trailing 12 months in
both USD and LCL terms. The exception to these positive results was the EM
Latin America Index, where negative USD performance was primarily driven
by local currency depreciation. It was the only index to decline over the
previous 12 months, falling by -13.6% in USD terms and -0.9% in LCL terms.
The MSCI EM EMEA (Europe, Middle East, Africa) Index performed the best
among regional indexes, returning 12.9% in both LCL and USD terms.
Source: MSCI Global Index Monitor (Returns are Net)
The Market Environment
International and Regional Market Index Performance (Country Count)
As of March 31, 2025
AC World x US (48)
WORLD x US (22)
EAFE (21)
Europe & ME (16)
Pacific (5)
Emerging Mkt (26)
EM EMEA (11)
EM Asia (9)
EM Latin Amer (6)
Quarter Performance
■USD ❑LOCAL
5.2%
2.7%
6.2 %
2.7
6.9%
2.9%
o9/6
10.3%
6.1 %
P39%/.
-3.1
2.9%
2.7%
8.1 %
6.9%
12.7%
7.4%
-5.0% 0.0%
AC World x US (48)
WORLD x US (22)
EAFE (21)
Europe & ME (16)
Pacific (5)
Emerging Mkt (26)
EM EMEA(11)
EM Asia (9)
EM Latin Amer (6)
1-Year Performance
-13.6%
-18.0% -12.0% -6.0%
5.0% 10.0% 15.0%
❑USD ❑Local Currency
i1T.1
6.9%
5.3%
7 5.3%
4.9%
4.1 %
7.0%
5.9%
0.6%
0.8%
8.1 %
11.1%
12.9%
12.9%
12.2%
0.9%
0.0% 6.0% 12.0% 18.0%
Page 7
Sector Weight
QuarterMSCI-EAFE
Communication Services
5.0%
10.9%
18.4%
Consumer Discretionary
10.4%
-0.7%
-9.4%
Consumer Staples
8.3%
8.3%
3.0%
Energy
3.7%
15.2%
0.9%
Financials
23.6%
15.2%
28.3%
Health Care
12.2%
2.8%
-3.3%
Industrials
17.8%
6.9%
8.7%
Information Technology
8.0%
-2.8%
-11.7%
Materials
5.8%
2.3%
-10.0%
Real Estate
1.9%
1.3%
-4.0%
Utilities
Total
3.4%
rr i
12.5%
13.5%
Communication Services
6.2%
e
11.5%
22.8%
Consumer Discretionary
11.1%
4.2%
1.7%
Consumer Staples
6.9%
6.5%
1.4%
Energy
5.0%
8.3%
-0.8%
Financials
24.8%
10.2%
22.3%
Health Care
8.7%
2.6%
-2.4%
Industrials
14.0%
5.4%
5.9%
Information Technology
12.2%
-6.3%
4.7%
Materials
6.3%
6.5%
-5.3%
Real Estate
1.7%
1.0%
-0.4%
Utilities
Total
3.1%
ii i
- Emerging Mkt
Communication Services
Sector Weight
10.3%
QuarterMSCI
12.7%
29.6%
Consumer Discretionary
14.6%
13.1 %
27.0%
Consumer Staples
4.7%
2.0%
-5.3%
Energy
4.5%
2.5%
-9.8%
Financials
24.4%
5.8%
14.8%
Health Care
3.4%
1.0%
4.8%
Industrials
6.3%
0.2%
-0.6%
Information Technology
21.7%
-8.8%
-0.1%
Materials
5.9%
9.3%
-7.9%
Real Estate
1.7%
0.9%
11.3%
Utilities
Total
2.6%
it i
1.2%
0.9%
The Market Environment
US Dollar International Index Attribution & Country Detail
As of March 31, 2025
Country
Japan
Weight
21.7%
Weight
13.7%
Quarter
Return
0.3%
Return
-2.1 %
United Kingdom
15.2%
9.6%
9.7%
14.4%
France
11.6%
7.3%
10.3%
-1.4%
Germany
10.1 %
6.3%
15.6%
19.0%
Switzerland
10.0%
6.3%
11.4%
10.6%
Australia
6.6%
4.2%
-2.6%
-2.2%
Netherlands
4.4%
2.8%
2.0%
-10.5%
Sweden
3.7%
2.3%
12.3%
6.9%
Spain
3.1%
2.0%
22.4%
24.2%
Italy
3.1%
1.9%
17.2%
14.7%
Denmark
2.4%
1.5%
-12.1%
-33.5%
Hong Kong
2.0%
1.2%
4.4%
18.3%
Singapore
1.7%
1.1 %
9.5%
44.7%
Finland
1.0%
0.7%
13.3%
9.6%
Belgium
1.0%
0.6%
6.1%
13.1%
Israel
0.9%
0.6%
-2.0%
20.6%
Norway
0.7%
0.4%
20.7%
24.2%
Ireland
0.3%
0.2%
15.9%
14.3%
New Zealand
0.2%
0.1%
-8.9%
-6.6%
Austria
0.2%
0.1%
13.2%
33.2%
PO u al
Canada
Total Developed Countries
0.2°%
100.0%
0.1%
63.0%
7.8%
r
3.4%
1.1%
-5.8%
8.8%
China
9.1%
15.0%
40.4%
Taiwan
4.9%
-12.6%
4.4%
India
5.4%
-3.0%
1.8%
Korea
2.6%
4.9%
-20.9%
Brazil
1.3%
14.1%
-13.5%
Saudi Arabia
1.2%
1.7%
-2.3%
South Africa
0.9%
13.8%
30.4%
Mexico
0.6%
8.6%
-21.3%
United Arab Emirates
0.4%
4.8%
24.9%
Malaysia
0.4%
-6.0%
10.2%
Indonesia
0.4%
-11.2%
-24.3%
Thailand
0.3%
-13.7%
-4.7%
Poland
0.3%
31.3%
18.4%
Kuwait
0.2%
11.4%
13.6%
Qatar
0.2%
-1.2%
8.8%
Turkey
0.2%
-9.0%
-6.4%
Greece
0.2%
23.4%
26.3%
Philippines
0.1%
-0.6%
-7.0%
Chile
0.1%
17.8%
14.1%
Peru
0.1%
5.4%
5.4%
Hungary
0.1%
18.0%
33.9%
Czech Republic
0.1%
28.7%
45.0%
Colombia
0.0%
33.3%
25.9%
ELat
Total Emerging Countries
Total ACWIxUS Countries
0.0%
00 i
5.1%
2.9%
3.0%
8.1%
Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)
As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents
backward looking performance for the prior year of each sector's current constituency, post creation of the Communication Services sector.
Page 8
■ Domestic fixed -income markets advanced during the first quarter as the
Fed held its benchmark rate steady during the quarter, maintaining a target
range 4.25%-4.50%. The US TIPS Index posted the quarter's strongest
bond index performance with a return of 4.9%. The bellwether US
Aggregate Index returned 2.8% for the quarter and international bonds, as
measured by the Global Agg ex US Index, returned a similar 2.5%.
■ Longer term Treasury yields experienced a slight downward shift during the
quarter with the benchmark 10 Year Treasury yield falling by 0.35% from the
previous quarter's close. This slight downward shift in the yield curve
boosted returns for the broad indexes, adding price appreciation to the
indexes' income returns.
■ High Yield bonds underperformed investment grade issues as the High
Yield OAS spread widened during the quarter. Despite their higher income,
below -investment grade issues returned just 1.0% for the quarter, and
lagged all other broad -based investment -grade fixed income indexes.
■ Over the trailing one-year period, the Bloomberg US Aggregate Bond Index
posted a solid 4.9% return. The benchmark's sub -components also posted
positive performance over the trailing 12 months with the Bloomberg US
Corporate Investment Grade Index rising 4.9% and the US Mortgage Index
returning 5.4%. US TIPS, which are excluded from the Bloomberg US
Aggregate Bond Index, returned 6.2% for the trailing year.
■ Performance across investment grade sub -indexes was within a 1.0% band
for the trailing year. The AAA index posted the year's strongest performance
with a return of 5.5%, while the A index returned a moderately lower 4.7%
for the year. Non -investment grade high yield bonds were the best
performing bond market segment for the year, returning 7.7%. Performance
for high yield bonds was spurred by largely stable credit spreads and higher
coupon income.
■ The Bloomberg Global Aggregate ex -US Index finished both the quarter and
the year with positive performance. While weakness in the USD boosted
returns this quarter, it still fell short of the performance of domestic bond
market indexes. The Global Aggregate ex -US Index ended the year 1.5%
higher, falling short of domestic bond market benchmarks.
Source: Bloomberg
The Market Environment
Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)
As of March 31, 2025
U.S. Treasury (5.9)
U.S. Mortgage (5.9)
U.S. Corporate IG (6.9)
U.S. High Yield (3.1)
U.S. TIPS (4.9)
AAA (4.2)
AA (5.9)
A (6.8)
Baa (6.8)
Aggregate (6.1)
Intermediate Agg (4.4)
Global Agg x US (6.9)
Multiverse (6.4)
Quarter Performance
2.9%
3.1 %
2.3%
1.0%
4.2%
2.4%
2.9%
2.4%
2.3%
2.8%
2.6%
2.5%
2.6%
-1.0% 0.0% 1.0%
1-Year Performance
U.S. Treasury (5.9)
U.S. Mortgage (5.9)
U.S. Corporate IG (6.9)
U.S. High Yield (3.1)
U.S. TIPS (4.9)
AAA (4.2)
AA (5.9)
A (6.8)
Baa (6.8)
Aggregate (6.1)
Intermediate Agg (4.4)
Global Agg x US (6.9)
Multiverse (6.4)
-1.0%
1.5%
1.0% 3.0%
2.0% 3.0% 4.0% 5.0%
4.5%
1 5.4%
4.9%
7.7%
6.2%
5.5%
4.8%
4.7%
1 5.2%
4.9%
5.6%
3.3%
5.0% 7.0% 9.0%
Page 9
• The gray band across the graph illustrates the fed funds target rate range over
the last 12 months. No action was taken by the Federal Open Market
Committee (FOMC) during the first quarter, so the Fund Funds rate
maintained a target range of 4.25-4.50%. The March 2025 FOMC press
release continued to emphasize economic data -dependent outcomes and
reduction of their balance sheet. The CME FedWatch tool, which forecasts the
Fed Funds rate based on fed fund futures pricing, showed a near 50/50
probability of no rate decrease at the FOMC meeting in May at the time of this
writing. Fed officials and market participants continued to express concern that
leaving rates at their current elevated level for an extended period could tip the
US economy into a recession.
■ The yield on the US 10-year Treasury (blue line of the top chart) rose slightly
to begin the quarter before falling off and ending March at 4.27%, an 0.35%
decline over the quarter. The bellwether benchmark rate closed at its highest
point on January 13th at 4.79%, before falling into the end of 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
experienced a slight widening of 0.18%, beginning January at 1.02% and
finishing March at 1.20%. High -yield OAS spreads (represented by the yellow
line in the top chart) also rose during the quarter, climbing 0.63% from 2.92%
to 3.55%. The spread measure's relative stability over the trailing year was
concurrent with moderate economic growth, stable monetary policy, and falling
inflation readings.
■ The lower graph provides a snapshot of the US Treasury yield curve at the
end of each of the last four quarters. While the yield curve's slope is positive
for maturities above two years, shorter term yields remain elevated. The
spread between the two-year yield and the 10-year yield was stable, ending
the quarter at the same 0.34% level it ended 2024.
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)
1-Year Trailing Market Rates
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
The Market Environment Market
Rate & Yield Curve Comparison
As of March 31, 2025
Fed Funds Rate BAA OAS
10yr Treasury High Yield OAS
0.00 I
Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
Treasury Yield Curve
6/30/2024 `-9/30/2024 12/31/2024 -----3/31/2025
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Page 10
The Market Environment
CME Fed Watch Tool - CME Group
Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)
ICE BofA US High Yield Index Option -Adjusted Spread (BAMLHOAOHYM2) I FRED I 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) I FRED I 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 March 2025: U.S. payrolls rose by 228,000 in March
Current Employment Statistics Highlights March 2025
Latam assets may receive a trade -war boost, investors say I Reuters
References
As of March 31, 2025
Page 11
Asset Growth
St. Lucie County
Since Inception Ending March 31, 2025
$32,500,000
$30,000,000
$27,500,000
$25,000,000
$22,500,000
$20,000,000
$17,500,000
$15,000,000
$12,500,000
$10,000,000
$7,500,000
$5,000,000
$2,500,000
$0
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25
— Ending Market Value
Page 12
Allocation
Dec-2024 : $25,069,193
Allocation
Asset Allocation by Asset Class
St. Lucie County
As of March 31, 2025
Mar-2025 : $24,826,207
Market Value Allocation Market Value Allocation
■ Equity
11,802,010
47.1
■ Equity
11,478,695
46.2
Fixed Income
7,096,732
28.3
Fixed Income
7,047,479
28.4
■ Balanced
5,923,635
23.6
■ Balanced
6,049,468
24.4
REIT (Real Estate Funds)
246,816
1.0
REIT (Real Estate Funds)
250,566
1.0
Page 13
Allocation
Dec-2024 : $25,069,193
Market Value
Allocation
Allocation
Asset Allocation by Management
St. Lucie County
As of March 31, 2025
Mar-2025 : $24,826,207
Market Value
Allocation
■ Active 11,012,213 43.9 ■ Active 10,723,192 43.2
Passive 14,056, 980 56.1 Passive 14,103, 015 56.8
Page 14
Asset Allocation Attributes
Total 457(b) Plan
Vanguard Target Retirement 2070 Fund
Vanguard Target Retirement 2065 Fund
Vanguard Target Retirement 2060 Fund
Vanguard Target Retirement 2055 Fund
Vanguard Target Retirement 2050 Fund
Vanguard Target Retirement 2045 Fund
Vanguard Target Retirement 2040 Fund
Vanguard Target Retirement 2035 Fund
Vanguard Target Retirement 2030 Fund
Vanguard Target Retirement 2025 Fund
Vanguard Target Retirement 2020 Fund
Vanguard Target Retirement Income Fund
Vanguard LifeStrategy Growth Inv
Vanguard LifeStrategy Mod Gr Inv Shrs
Vanguard LifeStrategy Cnsry Gr Inv
Vanguard LifeStrategy Income Inv
NYLI Winslow Large Cap Growth Class R6
Allspring Premier Large Co Gr R6
Vanguard Total Stock Mkt Idx Adm
Vanguard WindsorTM II Admiral TM
ClearBridge Mid Cap I
Vanguard Mid Cap Index Admiral
MassMutual Small Cap Opps (MSOOX)
Vanguard Small Cap Index Admiral Shares
Vanguard Total Intl Stock Index Admiral
American Funds Europacific Growth R6
Vanguard Real Estate Index Admiral
Vanguard Total Bond Market Index Adm
Dodge & Cox Income X
Dodge & Cox Income I
Columbia Trust Stable Govt Fund 1-0
Lincoln Stable Value Account
Loan Fund
Mar-2025
24,826,207 100.00
52,047
4,458
179,564
19,208
620,495
173,170
1,532,404
79,074
1,605,432
35,329
388,827
179,283
157,777
858,704
142,775
20,920
1,897,754
3,605,450
1,855,931
15,839
1,756,769
133,801
211.151
951,333
1,050,666
250,566
1,278,278
1,201,183
3,664,797
575,205
328,016
0.21
0.02
0.72
0.08
2.50
0.70
6.17
0.32
6.47
0.14
1.57
0.72
0.64
3.46
0.58
0.08
7.64
0.00
14.52
7.48
0.06
7.08
0.54
0.85
3.83
4.23
Rex
5.15
4.84
0.00
14.76
2.32
1.32
Dec-2024
25,069,193 100.00
52,174
3,403
167,421
14,902
586,661
93,195
1,500,288
66,080
1,618,772
87,022
401,938
175,346
147,973
845,189
142,407
20,863
2,066,961
3,810,162
1,849,764
15,028
1,791,210
140,473
219,565
823,881
1,084,965
246,816
1,241,711
1,185,759
3,927,561
373,349
368,353
Sep-2024
26,169,456 100.00
0.21
50,973
0.19
0.01
2,586
0.01
0.67
158,657
0.61
0.06
10,855
0.04
2.34
557,630
2.13
0.37
79,650
0.30
5.98
1,470,199
5.62
0.26
57,679
0.22
6.46
1,625,621
6.21
0.35
35,340
0.14
1.60
510,307
1.95
0.70
178,170
0.68
0.59
150,118
0.57
3.37
867,161
3.31
0.57
139,944
0.53
0.08
22,224
0.08
Jun-2024
25,139,559 100.00
47,712
1,534
137,714
5,361
491,246
62,350
1,357,112
45,617
1,487,127
29,445
465,839
169,516
147,602
958,553
126,534
21.116
Asset Allocation History
St. Lucie County
As of March 31, 2025
Mar-2024
26,097,332 100.00
0.19
46,772
0.18
0.01
425
0.00
0.55
175,343
0.67
0.02
1,420
0.01
1.95
468,191
1.79
0.25
9,657
0.04
5.40
1,292,121
4.95
0.18
38,313
0.15
5.92
1,529,751
5.86
0.12
482
0.00
1.85
495,523
1.90
0.67
171,684
0.66
0.59
145,668
0.56
3.81
944,052
3.62
0.50
120,993
0.46
0.08
65,370
0.25
8.25
-
0.00
-
0.00
-
0.00
1,924,901
7.36
1,808,737
7.19
1,702,157
15.20
3,631,214
13.88
3,500,131
13.92
3,467,389
7.38
2,134,485
8.16
2,147,559
8.54
2,242,532
0.06
14,315
0.05
12,948
0.05
12,671
7.15
1,832,865
7.00
1,666,667
6.63
1,768,321
0.56
192,790
0.74
220,181
0.88
249,857
0.88
286,705
1.10
266,530
1.06
291,936
3.29
991,929
3.79
935,834
3.72
935,349
4.33
1,245,173
4.76
1,224,031
4.87
1,348,668
0.98
297,852
1.14
265,761
1.06
280,934
4.95
1,531,984
5.85
1,317,628
5.24
1,477,651
0.00
-
0.00
-
0.00
-
4.73
1,280,043
4.89
1,220,186
4.85
1,323,493
15.67
4,162,448
15.91
4,171,380
16.59
4,838,015
1.49
377,249
1.44
476,341
1.89
361,923
1.47
348,390
1.33
351,265
1.40
290,670
0.00
6.52
13.29
8.59
0.05
6.78
0.96
1.12
3.58
5.17
1.08
5.66
0.00
5.07
18.54
1.39
ME
Page 15
Fund Name
Manager Tenure
g
3 YR Return
5 YR Return
3 YR Sharpe Ratio
> 50th %-tile
> 50th %-tile
> 50th %-tile
Vanguard Target Retirement 2070 Fund
2.8
N/A
N/A
N/A
Vanguard Target Retirement 2065 Fund
7.7
30
53 (1)
27
Vanguard Target Retirement 2060 Fund
12.1
27
52 (1)
26
Vanguard Target Retirement 2055 Fund
12.1
26
46
25
Vanguard Target Retirement 2050 Fund
12.1
24
38
23
Vanguard Target Retirement 2045 Fund
12.1
34
44
32
Vanguard Target Retirement 2040 Fund
12.1
40
66 (1)
39
Vanguard Target Retirement 2035 Fund
12.1
29
61 (1)
29
Vanguard Target Retirement 2030 Fund
12.1
21
32
22
Vanguard Target Retirement 2025 Fund
12.1
15
29
14
Vanguard Target Retirement 2020 Fund
12.1
38
59 (1)
39
Vanguard Target Retirement Income Fund
12.1
32
54 (1)
43
Comments
No data found.
Scorecard
Target Date
As of March 31, 2025
5 YR Sharpe Ratio
Heightened Scrutiny
> 50th /o-tile
N/A
No
26
No
28
No
26
No
23
No
26
No
44
No
40
No
31
No
24
No
43
No
47
No
Green Text = Fund Meets Criteria
Yellow Text = Fund Does Not Currently Meet Criteria
Red Text = Fund Has Not Met Criteria For More Than Four Quarters
Page 16
Fund Name
Manager
Tenure
NYLI Winslow Large Cap Growth Class R6 19.4
Vanguard Windsor TM II Admiral TM 21.3
ClearBridge Mid Cap 1 19.8
MassMutual Small Cap Opps (MSOOX) 15.8
American Funds Europacific Growth R6 23.8
Dodge & Cox Income X 36.2
Comments
No data found.
Scorecard
Active Management
As of March 31, 2025
Current
Current
3 YR Return 5 YR Return 3 YR Return 5 YR Return
3 YR Sharpe 5 YR Sharpe
3 YR
5 YR
Quarter
Quarter
> Index
> Index
> 50th %-tile
> 50th %-tile
Ratio
Ratio
Ratio
Positive
Positive
Return
Rank
> % -tile
> 50th %-tile
Alpha
Alpha
Pass
Pass
Pass
Fail (5)
10
29
11
38
0.3
-1.7(5)
Pass
Pass
Pass
Pass
39
19
39
33
1.2
1.4
Pass
Pass
Fail (5)
Fail (5)
97 (5)
90 (5)
98 (5)
93 (5)
-5.0 (5)
-3.1 (5)
Pass
Pass
Pass
Pass
19
14
19
15
3.3
4.8
Pass
Pass
Fail (5)
Watch (3)
90 (5)
82 (4)
90 (5)
92 (5)
-1.1 (5)
-2.2 (3)
Pass
Pass
Pass
Pass
3
2
2
2
1.7
2.5
Heightened
Scrutiny
No
No
No
No
No
No
Green Text = Fund Meets Criteria
Yellow Text = Fund Does Not Currently Meet Criteria
Red Text = Fund Has Not Met Criteria For More Than Four Quarters
Page 17
Scorecard
Passive Management
As of March 31, 2025
Fund Name
Manager Tenure
3 YR Tracking Error Rank
5 YR Tracking Error Rank
Heightened Scrutiny
Vanguard Total Stock Mkt Idx Adm
30.3
100
100
No
Vanguard Mid Cap Index Admiral
2.1
100
100
No
Vanguard Small Cap Index Admiral Shares
8.9
100
100
No
Vanguard Total Intl Stock Index Admiral
16.6
99
99
No
Vanguard Real Estate Index Admiral
28.8
47
65
No
Vanguard Total Bond Market Index Adm
12.1
92
90
No
Vanguard LifeStrategy Cnsry Gr Inv
3.1
100
100
No
Vanguard LifeStrategy Growth Inv
3.1
100
100
No
Vanguard LifeStrategy Income Inv
3.1
100
100
No
Vanguard LifeStrategy Mod Gr Inv Shrs
3.1
100
100
No
Comments
No data found.
Green Text = Fund Meets Criteria
Yellow Text = Fund Does Not Currently Meet Criteria
Red Text = Fund Has Not Met Criteria For More Than Four Quarters
Page 18
Manager Rankings vs. Peers
St. Lucie County
As of March 31, 2025
3
5
7
10
Percentile
Years
Years
Years
Years
Return
Return
Return
Return
5th
Dodge & Cox Income X (3)
Dodge & Cox Income X (2)
Dodge & Cox Income X (1)
Dodge & Cox Income X (1)
25th
NYLI Winslow Large Cap Growth Class R6 (10)
Vanguard LifeStrategy Growth Inv (11)
Vanguard WindsorTm II AdmiralTM^ (6)
Vanguard WindsorTm II AdmiralTM (10)
Vanguard Target Retirement 2025 Fund (15)
MassMutual Small Cap Opps (MSOOX) (14)
MassMutual Small Cap Opps (MSOOX) (8)
MassMutual Small Cap Opps (MSOOX) (11)
MassMutual Small Cap Opps (MSOOX) (19)
Vanguard Windsor TM II AdmiralTM" (19)
NYLI Winslow Large Cap Growth Class R6 (18)
Vanguard Mid Cap Index Admiral (18)
Vanguard LifeStrategy Growth Inv (20)
Vanguard Small Cap Index Admiral Shares (18)
Vanguard Small Cap Index Admiral Shares (18)
Vanguard Target Retirement 2030 Fund (21)
Vanguard Mid Cap Index Admiral (19)
Vanguard Target Retirement 2025 Fund (19)
Vanguard Target Retirement 2050 Fund (24)
Vanguard Target Retirement 2025 Fund (21)
NYLI Winslow Large Cap Growth Class R6 (19)
Vanguard Target Retirement 2030 Fund (24)
Vanguard LifeStrategy Growth Inv (21)
50th
Vanguard Target Retirement 2055 Fund (26)
Vanguard Target Retirement 2025 Fund (29)
Vanguard LifeStrategy Growth Inv (28)
Vanguard Target Retirement 2050 Fund (28)
Vanguard Target Retirement 2060 Fund (27)
NYLI Winslow Large Cap Growth Class R6 (29)
Vanguard Target Retirement 2050 Fund (30)
Vanguard Target Retirement 2045 Fund (28)
Vanguard Target Retirement 2035 Fund (29)
Vanguard Target Retirement 2030 Fund (32)
Vanguard Target Retirement 2045 Fund (31)
Vanguard Target Retirement 2030 Fund (29)
Vanguard Target Retirement 2065 Fund (30)
Vanguard Small Cap Index Admiral Shares (36)
Vanguard Target Retirement 2060 Fund (32)
Vanguard Target Retirement Income Fund (30)
Vanguard Target Retirement Income Fund (32)
Vanguard Target Retirement 2050 Fund (38)
Vanguard Target Retirement 2055 Fund (32)
Vanguard Target Retirement 2055 Fund (33)
Vanguard Small Cap Index Admiral Shares (32)
Vanguard Total Stock Mkt Idx Adm (38)
Vanguard Target Retirement 2035 Fund (33)
Vanguard Total Stock Mkt Idx Adm (34)
Vanguard Target Retirement 2045 Fund (34)
Vanguard Target Retirement 2045 Fund (44)
Vanguard Target Retirement Income Fund (34)
Vanguard Target Retirement 2040 Fund (35)
Vanguard Mid Cap Index Admiral (34)
Vanguard Target Retirement 2055 Fund (46)
Vanguard Total Stock Mkt Idx Adm (37)
Vanguard Target Retirement 2035 Fund (35)
Vanguard Target Retirement 2020 Fund (38)
Vanguard Mid Cap Index Admiral (46)
Vanguard Target Retirement 2040 Fund (38)
Vanguard Target Retirement 2020 Fund (39)
Vanguard Windsor TM II AdmiralTM (39)
Vanguard Target Retirement 2020 Fund (45)
American Funds Europacific Growth R6 (42)
Vanguard Target Retirement 2040 Fund (40)
Vanguard Total Bond Market Index Adm (46)
Vanguard LifeStrategy Cnsry Gr Inv (46)
Vanguard Total Bond Market Index Adm (41)
Vanguard Total Bond Market Index Adm (48)
Vanguard Real Estate Index Admiral (49)
Vanguard Total Intl Stock Index Admiral (49)
Vanguard LifeStrategy Cnsry Gr Inv (50)
75th
Vanguard Total Stock Mkt Idx Adm (52)
Vanguard Target Retirement 2060 Fund (52)
Vanguard Real Estate Index Admiral (51)
Vanguard Target Retirement 2060 Fund (52)
Vanguard LifeStrategy Mod Gr Inv Shrs (56)
Vanguard Target Retirement 2065 Fund (53)
Vanguard LifeStrategy Cnsry Gr Inv (54)
Vanguard Real Estate Index Admiral (52)
Vanguard Total Intl Stock Index Admiral (71)
Vanguard Target Retirement Income Fund (54)
Vanguard LifeStrategy Mod Gr Inv Shrs (65)
Vanguard LifeStrategy Mod Gr Inv Shrs (61)
Vanguard Total Intl Stock Index Admiral (56)
Vanguard Total Intl Stock Index Admiral (65)
Vanguard Real Estate Index Admiral (58)
American Funds Europacific Growth R6 (74)
Vanguard Target Retirement 2020 Fund (59)
Vanguard Target Retirement 2035 Fund (61)
Vanguard Target Retirement 2040 Fund (66)
Vanguard Total Bond Market Index Adm (73)
Vanguard LifeStrategy Mod Gr Inv Shrs (74)
Vanguard LifeStrategy Cnsry Gr Inv (75)
95th
American Funds Europacific Growth R6 (90)
American Funds Europacific Growth R6 (82)
ClearBridge Mid Cap I (82)
ClearBridge Mid Cap I (84)
Vanguard LifeStrategy Income Inv (94)
ClearBridge Mid Cap I (90)
Vanguard LifeStrategy Income Inv (89)
Vanguard LifeStrategy Income Inv (89)
ClearBridge Mid Cap 1 (97)
Vanguard LifeStrategy Income Inv (99)
Columbia Trust Stable Govt Fund 1-0 (99)
Columbia Trust Stable Govt Fund 1-0 (91)
Columbia Trust Stable Govt Fund 1-0 (100)
Columbia Trust Stable Govt Fund I-0 (100)
Page 19
Comparative Performance
St. Lucie County
As of March 31, 2025
Comparative Performance
QTR
YTD
1 YR
3 YR
5 YR
7 YR
10 YR
15 YR
Inception
Inception
Date
Vanguard Target Retirement 2070 Fund
-0.56
(37)
-0.56
(37)
6.61
(12)
N/A
N/A
N/A
N/A
N/A
12.96
(46)
07/01/2022
Vanguard Target 2070 Composite Index
-0.88
(56)
-0.88
(56)
6.55
(15)
N/A
N/A
N/A
N/A
N/A
13.17
(35)
Target -Date 2065+ Median
-0.73
-0.73
5.30
5.90
13.88
N/A
N/A
N/A
12.91
Vanguard Target Retirement 2065 Fund
-0.54
(35)
-0.54
(35)
6.67
(10)
6.24
(30)
13.84
(53)
8.51
(N/A)
N/A
N/A
8.71
(N/A)
08/01/2017
Vanguard Target 2065 Composite Index
-0.88
(56)
-0.88
(56)
6.55
(15)
6.30
(27)
14.09
(36)
8.87
(N/A)
N/A
N/A
9.05
(N/A)
Target -Date 2065+ Median
-0.73
-0.73
5.30
5.90
13.88
N/A
N/A
N/A
N/A
Vanguard Target Retirement 2060 Fund
-0.57
(40)
-0.57
(40)
6.65
(12)
6.23
(27)
13.83
(52)
8.52
(32)
8.38
(52)
N/A
9.64
(N/A)
02/01/2012
Vanguard Target 2060 Composite Index
-0.88
(56)
-0.88
(56)
6.55
(14)
6.30
(23)
14.09
(35)
8.87
(9)
8.70
(21)
N/A
9.93
(N/A)
Target -Date 2060 Median
-0.75
-0.75
5.35
5.88
13.87
8.19
8.39
N/A
N/A
Vanguard Target Retirement 2055 Fund
-0.56
(40)
-0.56
(40)
6.67
(13)
6.23
(26)
13.84
(46)
8.52
(32)
8.38
(33)
N/A
10.17
(36)
09/01/2010
Vanguard Target 2055 Composite Index
-0.88
(56)
-0.88
(56)
6.55
(17)
6.30
(22)
14.09
(29)
8.87
(9)
8.70
(13)
N/A
10.45
(20)
Target -Date 2055 Median
-0.71
-0.71
5.34
5.88
13.77
8.14
8.07
9.04
9.92
Vanguard Target Retirement 2050 Fund
-0.56
(43)
-0.56
(43)
6.65
(11)
6.22
(24)
13.84
(38)
8.53
(30)
8.40
(28)
9.28
(26)
7.67
(1)
07/01/2006
Vanguard Target 2050 Composite Index
-0.88
(61)
-0.88
(61)
6.55
(15)
6.30
(19)
14.09
(23)
8.87
(11)
8.70
(12)
9.58
(17)
7.89
(1)
Target -Date 2050 Median
-0.65
-0.65
5.41
5.81
13.69
8.13
8.01
8.88
6.74
Vanguard Target Retirement 2045 Fund
-0.40
(42)
-0.40
(42)
6.57
(14)
5.90
(34)
13.56
(44)
8.34
(31)
8.27
(28)
9.19
(23)
8.05
(N/A)
11/01/2003
Vanguard Target 2045 Composite Index
-0.69
(63)
-0.69
(63)
6.44
(17)
5.96
(29)
13.79
(29)
8.66
(14)
8.56
(15)
9.48
(15)
8.26
(N/A)
Target -Date 2045 Median
-0.51
-0.51
5.49
5.63
13.47
7.99
7.91
8.75
N/A
Vanguard Target Retirement 2040 Fund
-0.21
(50)
-0.21
(50)
6.42
(15)
5.47
(40)
12.36
(66)
7.78
(38)
7.80
(35)
8.88
(31)
7.36
(17)
07/01/2006
Vanguard Target 2040 Composite Index
-0.46
(72)
-0.46
(72)
6.29
(19)
5.54
(35)
12.59
(52)
8.11
(26)
8.09
(23)
9.17
(20)
7.57
(6)
Target -Date 2040 Median
-0.21
-0.21
5.48
5.26
12.61
7.60
7.57
8.63
6.91
Vanguard Target Retirement 2035 Fund
0.04
(71)
0.04
(71)
6.26
(17)
5.01
(29)
11.15
(61)
7.22
(33)
7.26
(35)
8.42
(27)
7.38
(N/A)
11/01/2003
Vanguard Target 2035 Composite Index
-0.23
(86)
-0.23
(86)
6.14
(23)
5.11
(25)
11.40
(46)
7.56
(20)
7.55
(22)
8.70
(18)
7.58
(N/A)
Target -Date 2035 Median
0.21
0.21
5.45
4.68
11.31
7.02
6.99
8.18
N/A
Vanguard Target Retirement 2030 Fund
0.21
(86)
0.21
(86)
6.03
(20)
4.51
(21)
9.94
(32)
6.65
(24)
6.70
(29)
7.88
(26)
6.62
(16)
07/01/2006
Vanguard Target 2030 Composite Index
-0.01
(93)
-0.01
(93)
5.97
(23)
4.67
(15)
10.20
(17)
7.00
(11)
7.00
(11)
8.17
(13)
6.85
(5)
Target -Date 2030 Median
0.65
0.65
5.40
3.95
9.65
6.28
6.36
7.55
6.13
Vanguard Target Retirement 2025 Fund
0.64
(85)
0.64
(85)
6.10
(20)
4.08
(15)
8.77
(29)
6.09
(21)
6.16
(19)
7.35
(21)
6.57
(N/A)
11/01/2003
Vanguard Target 2025 Composite Index
0.44
(91)
0.44
(91)
6.00
(24)
4.24
(8)
9.04
(11)
6.44
(9)
6.45
(7)
7.63
(12)
6.77
(N/A)
Target -Date 2025 Median
1.11
1.11
5.39
3.53
8.34
5.62
5.66
6.87
N/A
Vanguard Target Retirement 2020 Fund
1.13
(69)
1.13
(69)
5.97
(22)
3.50
(38)
7.40
(59)
5.40
(45)
5.47
(39)
6.73
(29)
5.93
(17)
07/01/2006
Vanguard Target 2020 Composite Index
0.96
(82)
0.96
(82)
5.89
(26)
3.61
(30)
7.61
(44)
5.68
(21)
5.73
(14)
6.98
(11)
6.13
(7)
Target -Date 2020 Median
1.35
1.35
5.41
3.30
7.54
5.35
5.35
6.42
5.50
Returns for periods greater than one year are annualized
Returns are expressed as percentages.
Page 20
Vanguard Target Retirement Income Fund
Vanguard Target Income Composite Index
Target -Date Retirement Median
Vanguard LifeStrategy Growth Inv
Vanguard LifeStrategy Growth Index
Moderate Allocation Median
Vanguard LifeStrategy Mod Gr Inv Shrs
Vanguard LifeStrategy Moderate Growth Index
Moderate Allocation Median
Vanguard LifeStrategy Cnsry Gr Inv
Vanguard LifeStrategy Conservative Growth Index
Moderately Conservative Allocation Median
Vanguard LifeStrategy Income Inv
Vanguard LifeStrategy Income Composite Index
Target -Date Retirement Median
NYLI Winslow Large Cap Growth Class R6
Russell 1000 Growth Index
Large Growth Median
Vanguard Total Stock Mkt Idx Adm
CRSP U.S. Total Market TR Index
Large Blend Median
Vanguard Windsor TM II Admiral TM
Russell 1000 Value Index
Large Value Median
ClearBridge Mid Cap I
Russell Midcap Index
Mid -Cap Blend Median
Vanguard Mid Cap Index Admiral
CRSP U.S. Mid Cap TR Index
Mid -Cap Blend Median
MassMutual Small Cap Opps (MSOOX)
Russell 2000 Index
Small Blend Median
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Comparative Performance
St. Lucie County
As of March 31, 2025
QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception
Date
1.37
(48)
1.37
(48)
5.82
(18)
3.11
(32)
5.14
(54)
4.35
(34)
4.15
(30)
4.99
(20)
4.93
(16)
11/01/2003
1.21
(58)
1.21
(58)
5.73
(22)
3.18
(28)
5.31
(48)
4.57
(20)
4.36
(19)
5.17
(12)
5.05
(9)
1.34
1.34
5.29
2.80
5.21
4.10
3.78
4.49
3.96
-0.32
(42)
-0.32
(42)
6.37
(23)
5.55
(20)
12.18
(11)
7.76
(28)
7.67
(21)
8.55
(24)
8.07
(32)
10/01/1994
-0.59
(49)
-0.59
(49)
6.36
(24)
5.72
(17)
12.49
(10)
8.15
(21)
7.99
(16)
8.86
(16)
8.27
(27)
-0.63
-0.63
5.18
4.52
10.09
6.78
6.51
7.65
7.67
0.22
(23)
0.22
(23)
5.93
(33)
4.37
(56)
9.01
(74)
6.28
(65)
6.20
(61)
7.13
(68)
7.36
(68)
10/01/1994
0.02
(29)
0.02
(29)
5.93
(33)
4.56
(49)
9.31
(70)
6.64
(54)
6.51
(51)
7.43
(58)
7.55
(57)
-0.63
-0.63
5.18
4.52
10.09
6.78
6.51
7.65
7.67
0.79
(50)
0.79
(50)
5.53
(40)
3.19
(50)
5.90
(75)
4.76
(54)
4.69
(46)
5.56
(46)
6.42
(48)
10/01/1994
0.64
(54)
0.64
(54)
5.49
(40)
3.35
(41)
6.14
(70)
5.05
(42)
4.95
(35)
5.77
(37)
6.42
(48)
0.77
0.77
5.17
3.18
7.00
4.86
4.62
5.44
6.25
1.43
(45)
1.43
(45)
5.11
(69)
1.95
(94)
2.78
(99)
3.16
(89)
3.10
(89)
3.98
(67)
5.50
(N/A)
10/01/1994
1.30
(52)
1.30
(52)
5.05
(72)
2.10
(87)
2.98
(98)
3.38
(84)
3.32
(76)
4.20
(64)
5.51
(N/A)
1.34
1.34
5.29
2.80
5.21
4.10
3.78
4.49
N/A
-8.11
(33)
-8.11
(33)
5.34
(40)
10.47
(10)
18.16
(29)
14.85
(18)
14.10
(19)
14.20
(25)
10.01
(45)
08/01/1995
-9.97
(62)
-9.97
(62)
7.76
(18)
10.10
(13)
20.09
(7)
16.09
(7)
15.12
(8)
15.29
(8)
10.46
(26)
-9.18
-9.18
4.30
8.07
16.88
13.30
12.82
13.31
9.84
-4.83
(66)
-4.83
(66)
7.06
(40)
8.10
(52)
18.08
(38)
12.40
(37)
11.74
(34)
12.73
(24)
8.41
(20)
12/01/2000
-4.82
(66)
-4.82
(66)
7.09
(39)
8.11
(52)
18.10
(38)
12.41
(37)
11.75
(34)
12.74
(24)
N/A
-4.39
-4.39
6.32
8.13
17.66
11.93
11.27
12.08
7.80
-0.66
(88)
-0.66
(88)
4.27
(78)
7.46
(39)
18.57
(19)
11.54
(6)
10.37
(10)
11.16
(17)
8.06
(17)
06/01/2001
2.14
(42)
2.14
(42)
7.18
(41)
6.64
(57)
16.15
(57)
9.19
(56)
8.79
(53)
10.42
(39)
7.48
(38)
1.74
1.74
6.74
6.93
16.58
9.32
8.84
10.12
7.18
-6.56
(79)
-6.56
(79)
-2.87
(62)
-0.84
(97)
12.64
(90)
6.75
(82)
6.35
(84)
9.45
(66)
8.02
(66)
01/01/1999
-3.40
(22)
-3.40
(22)
2.59
(14)
4.62
(30)
16.28
(42)
9.18
(23)
8.82
(19)
11.22
(12)
9.29
(27)
-4.85
-4.85
-1.37
3.96
16.05
7.95
7.84
9.99
8.66
-1.58
(9)
-1.58
(9)
5.14
(8)
4.51
(34)
16.21
(46)
9.37
(19)
8.92
(18)
11.25
(12)
9.77
(7)
12/01/2001
-1.57
(8)
-1.57
(8)
5.19
(7)
4.53
(33)
16.23
(44)
9.39
(18)
8.94
(16)
11.39
(10)
9.62
(11)
-4.85
-4.85
-1.37
3.96
16.05
7.95
7.84
9.99
8.72
-5.93
(16)
-5.93
(16)
-0.55
(17)
3.92
(19)
17.63
(14)
8.54
(8)
8.12
(11)
10.75
(6)
8.80
(8)
05/01/2014
-9.48
(76)
-9.48
(76)
-4.01
(56)
0.52
(66)
13.27
(74)
5.41
(69)
6.30
(60)
8.98
(58)
6.91
(57)
-8.42
-8.42
-3.61
1.60
14.75
6.07
6.55
9.27
7.09
Page 21
Vanguard Small Cap Index Admiral Shares
CRSP U.S. Small Cap TR Index
Small Blend Median
Vanguard Total Intl Stock Index Admiral
Vanguard Total International Stock Index Hybrid
Foreign Large Blend Median
American Funds Europacific Growth R6
MSCI AC World ex USA (Net)
Foreign Large Blend Median
Vanguard Total Bond Market Index Adm
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median
Vanguard Real Estate Index Admiral
Vanguard Spliced REIT Index
Real Estate Median
Dodge & Cox Income X
Blmbg. U.S. Aggregate Index
Intermediate Core Bond Median
Columbia Trust Stable Govt Fund I-0
FTSE 3 Month T-Bill
Money Market -Taxable Median
Lincoln Stable Value Account
Morningstar US CIT Stable Value
IM U.S. GIC/Stable Value (SA+CF) Median
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Comparative Performance
St. Lucie County
As of March 31, 2025
QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception
Date
-7.37
(36)
-7.37
(36)
-1.58
(28)
3.01
(32)
15.62
(36)
7.62
(18)
-7.37
(36)
-7.37
(36)
-1.59
(28)
2.96
(33)
15.58
(37)
7.59
(19)
-8.42
-8.42
-3.61
1.60
14.75
6.07
5.51
(78)
5.51
(78)
6.37
(39)
4.65
(71)
11.44
(56)
4.48
(65)
4.55
(91)
4.55
(91)
5.73
(52)
4.21
(79)
11.30
(60)
4.55
(62)
6.82
6.82
5.81
5.55
11.59
4.82
2.62
(98)
2.62
(98)
0.34
(97)
3.28
(90)
9.93
(82)
4.23
(74)
5.23
(82)
5.23
(82)
6.09
(45)
4.48
(74)
10.92
(68)
4.47
(66)
6.82
6.82
5.81
5.55
11.59
4.82
2.77
(37)
2.77
(37)
4.87
(53)
0.52
(41)
-0.41
(73)
1.58
(46)
2.78
(33)
2.78
(33)
4.88
(52)
0.52
(42)
-0.40
(71)
1.58
(46)
2.72
2.72
4.89
0.44
0.03
1.54
2.66
(28)
2.66
(28)
9.00
(51)
-1.86
(49)
9.41
(58)
6.66
(51)
2.69
(27)
2.69
(27)
9.13
(49)
-1.74
(43)
9.53
(53)
6.77
(45)
1.63
1.63
9.03
-1.89
9.59
6.66
2.91
(15)
2.91
(15)
5.65
(10)
2.23
(3)
2.04
(2)
2.79
(1)
2.78
(33)
2.78
(33)
4.88
(52)
0.52
(42)
-0.40
(71)
1.58
(46)
2.72
2.72
4.89
0.44
0.03
1.54
0.48
(100)
0.48
(100)
1.87
(100)
1.64
(100)
1.35
(100)
1.45
(99)
1.10
(1)
1.10
(1)
5.17
(1)
4.42
(1)
2.69
(1)
2.51
(1)
1.00
1.00
4.74
4.06
2.42
2.20
0.05
(100)
0.05
(100)
2.03
(98)
N/A
N/A
N/A
0.74
(28)
0.74
(28)
3.04
(25)
2.70
(24)
2.38
(17)
2.39
(18)
0.66
0.66
2.68
2.38
2.06
2.11
7.75
(18)
10.38
(13)
7.72
(19)
10.50
(10)
6.55
9.27
5.21
(49)
5.10
(72)
5.21
(48)
5.30
(63)
5.17
5.57
5.33
(42)
5.92
(29)
4.98
(61)
4.92
(77)
5.17
5.57
1.44
(48)
2.40
(53)
1.46
(45)
2.44
(50)
1.41
2.43
4.85
(52)
8.39
(44)
4.97
(48)
8.49
(39)
4.93
8.27
2.66
(1)
3.42
(3)
1.46
(45)
2.44
(50)
1.41
2.43
1.39
(91)
1.57
(1)
1.90
(1)
1.29
(1)
1.61
1.07
N/A
N/A
2.23
(18)
2.24
(28)
1.96
1.97
9.10
(23)
12/01/2000
N/A
8.03
5.27
(71)
12/01 /2010
5.36
(67)
5.70
6.97
(30)
06/01/2009
6.13
(72)
6.59
3.37
(51)
12/01 /2001
3.47
(40)
3.37
9.10
(51)
06/01/1996
9.10
(51)
9.10
5.89
(1)
02/01/1989
5.26
(15)
4.98
3.49
(1)
04/01/1993
2.50
(14)
2.30
2.08
(97)
03/01/2024
3.04
(25)
2.68
Page 22
Comparative Performance
St. Lucie County
As of March 31, 2025
Comparative Performance
2025
2024
2023
2022
2021
2020
2019
2018
Vanguard Target Retirement 2070 Fund
-0.56
(37)
14.59
(46)
20.24
(49)
N/A
N/A
N/A
N/A
N/A
Vanguard Target 2070 Composite Index
-0.88
(56)
14.92
(41)
20.48
(41)
N/A
N/A
N/A
N/A
N/A
Target -Date 2065+ Median
-0.73
14.45
20.20
-18.60
17.21
16.49
25.71
-9.37
Vanguard Target Retirement 2065 Fund
-0.54
(35)
14.62
(45)
20.15
(53)
-17.39
(17)
16.46
(68)
16.17
(60)
24.96
(61)
-7.95
(7)
Vanguard Target 2065 Composite Index
-0.88
(56)
14.92
(41)
20.48
(41)
-17.07
(16)
16.75
(62)
17.17
(32)
25.37
(53)
-7.77
(1)
Target -Date 2065+ Median
-0.73
14.45
20.20
-18.60
17.21
16.49
25.71
-9.37
Vanguard Target Retirement 2060 Fund
-0.57
(40)
14.63
(45)
20.18
(46)
-17.46
(24)
16.44
(78)
16.32
(41)
24.96
(56)
-7.87
(30)
Vanguard Target 2060 Composite Index
-0.88
(56)
14.92
(39)
20.48
(35)
-17.07
(18)
16.75
(70)
17.17
(31)
25.37
(41)
-7.77
(27)
Target -Date 2060 Median
-0.75
14.40
20.00
-18.40
17.36
15.78
25.07
-8.66
Vanguard Target Retirement 2055 Fund
-0.56
(40)
14.64
(42)
20.16
(43)
-17.46
(25)
16.44
(76)
16.32
(41)
24.98
(45)
-7.89
(33)
Vanguard Target 2055 Composite Index
-0.88
(56)
14.92
(36)
20.48
(34)
-17.07
(18)
16.75
(65)
17.17
(29)
25.37
(35)
-7.77
(29)
Target -Date 2055 Median
-0.71
14.33
19.96
-18.36
17.23
15.69
24.85
-8.59
Vanguard Target Retirement 2050 Fund
-0.56
(43)
14.64
(39)
20.17
(39)
-17.46
(29)
16.41
(71)
16.39
(36)
24.98
(42)
-7.90
(33)
Vanguard Target 2050 Composite Index
-0.88
(61)
14.92
(32)
20.48
(28)
-17.07
(20)
16.75
(60)
17.17
(28)
25.37
(31)
-7.77
(27)
Target -Date 2050 Median
-0.65
14.18
19.86
-18.31
17.03
15.61
24.71
-8.63
Vanguard Target Retirement 2045 Fund
-0.40
(42)
13.91
(50)
19.48
(40)
-17.36
(31)
16.16
(67)
16.30
(35)
24.94
(39)
-7.90
(38)
Vanguard Target 2045 Composite Index
-0.69
(63)
14.08
(42)
19.77
(33)
-16.93
(24)
16.45
(58)
17.02
(28)
25.37
(28)
-7.77
(34)
Target -Date 2045 Median
-0.51
13.91
19.26
-18.19
16.74
15.38
24.61
-8.33
Vanguard Target Retirement 2040 Fund
-0.21
(50)
12.88
(47)
18.34
(45)
-16.98
(34)
14.56
(81)
15.47
(40)
23.86
(45)
-7.32
(31)
Vanguard Target 2040 Composite Index
-0.46
(72)
12.99
(41)
18.60
(40)
-16.51
(23)
14.84
(74)
16.31
(29)
24.19
(37)
-7.22
(27)
Target -Date 2040 Median
-0.21
12.80
18.11
-17.85
15.80
14.88
23.67
-8.02
Vanguard Target Retirement 2035 Fund
0.04
(71)
11.78
(26)
17.14
(26)
-16.62
(38)
12.96
(79)
14.79
(40)
22.44
(47)
-6.58
(28)
Vanguard Target 2035 Composite Index
-0.23
(86)
11.90
(21)
17.43
(18)
-16.10
(25)
13.24
(71)
15.67
(26)
22.76
(38)
-6.46
(25)
Target -Date 2035 Median
0.21
11.22
16.40
-17.13
13.91
14.10
22.33
-7.35
Vanguard Target Retirement 2030 Fund
0.21
(86)
10.64
(13)
16.03
(6)
-16.27
(47)
11.38
(55)
14.10
(36)
21.07
(35)
-5.86
(33)
Vanguard Target 2030 Composite Index
-0.01
(93)
10.82
(9)
16.26
(5)
-15.71
(34)
11.66
(49)
14.98
(19)
21.34
(29)
-5.72
(30)
Target -Date 2030 Median
0.65
9.44
14.46
-16.37
11.58
13.17
20.41
-6.50
Vanguard Target Retirement 2025 Fund
0.64
(85)
9.44
(8)
14.55
(5)
-15.55
(52)
9.80
(51)
13.30
(35)
19.63
(21)
-5.15
(42)
Vanguard Target 2025 Composite Index
0.44
(91)
9.63
(5)
14.74
(2)
-15.02
(37)
10.09
(42)
14.19
(16)
19.93
(14)
-5.00
(36)
Target -Date 2025 Median
1.11
8.25
12.65
-15.49
9.80
12.51
18.38
-5.43
Vanguard Target Retirement 2020 Fund
1.13
(69)
7.75
(41)
12.51
(27)
-14.15
(40)
8.17
(65)
12.04
(41)
17.63
(27)
-4.24
(40)
Vanguard Target 2020 Composite Index
0.96
(82)
7.91
(36)
12.65
(26)
-13.77
(33)
8.43
(59)
12.85
(23)
17.87
(23)
-4.13
(36)
Target -Date 2020 Median
1.35
7.47
11.66
-14.46
8.71
11.03
16.24
-4.58
Returns for periods greater than one year are annualized
Returns are expressed as percentages.
Page 23
Comparative Performance
St. Lucie County
As of March 31, 2025
2025
2024
2023
2022
2021
2020
2019
2018
Vanguard Target Retirement Income Fund
1.37
(48)
6.58
(51)
10.74
(40)
-12.74
(52)
5.25
(62)
10.02
(29)
13.16
(45)
-1.99
(15)
Vanguard Target Income Composite Index
1.21
(58)
6.74
(44)
10.80
(37)
-12.44
(47)
5.44
(59)
10.70
(15)
13.41
(40)
-1.97
(14)
Target -Date Retirement Median
1.34
6.58
10.47
-12.59
5.79
9.12
12.86
-3.36
Vanguard LifeStrategy Growth Inv
-0.32
(42)
13.18
(34)
18.55
(12)
-17.09
(82)
14.35
(40)
15.45
(22)
23.13
(11)
-6.90
(69)
Vanguard LifeStrategy Growth Index
-0.59
(49)
13.41
(32)
18.91
(10)
-16.50
(71)
14.60
(39)
16.37
(17)
23.46
(9)
-6.78
(68)
Moderate Allocation Median
-0.63
11.80
14.43
-15.47
13.64
12.17
19.56
-5.58
Vanguard LifeStrategy Mod Gr Inv Shrs
0.22
(23)
10.31
(69)
15.49
(35)
-16.00
(61)
10.08
(88)
13.59
(35)
19.37
(54)
-4.91
(39)
Vanguard LifeStrategy Moderate Growth Index
0.02
(29)
10.53
(67)
15.79
(32)
-15.45
(50)
10.38
(86)
14.50
(28)
19.67
(48)
-4.81
(37)
Moderate Allocation Median
-0.63
11.80
14.43
-15.47
13.64
12.17
19.56
-5.58
Vanguard LifeStrategy Cnsry Gr Inv
0.79
(50)
7.54
(63)
12.48
(19)
-14.99
(74)
6.05
(94)
11.51
(21)
15.68
(45)
-2.95
(13)
Vanguard LifeStrategy Conservative Growth Index
0.64
(54)
7.68
(60)
12.69
(16)
-14.50
(61)
6.25
(92)
12.27
(16)
15.94
(40)
-2.88
(12)
Moderately Conservative Allocation Median
0.77
8.09
10.99
-14.02
8.52
9.08
15.38
-4.41
Vanguard LifeStrategy Income Inv
1.43
(45)
4.66
(77)
9.48
(63)
-13.93
(66)
1.92
(95)
9.13
(50)
12.05
(62)
-1.05
(5)
Vanguard LifeStrategy Income Composite Index
1.30
(52)
4.86
(77)
9.61
(62)
-13.66
(63)
2.21
(94)
9.71
(40)
12.26
(60)
-0.98
(5)
Target -Date Retirement Median
1.34
6.58
10.47
-12.59
5.79
9.12
12.86
-3.36
NYLI Winslow Large Cap Growth Class R6
-8.11
(33)
29.77
(52)
43.09
(30)
-31.16
(50)
24.85
(29)
37.44
(44)
33.87
(41)
3.82
(9)
Russell 1000 Growth Index
-9.97
(62)
33.36
(28)
42.68
(33)
-29.14
(34)
27.60
(15)
38.49
(40)
36.39
(20)
-1.51
(52)
Large Growth Median
-9.18
30.00
39.34
-31.16
21.89
36.16
32.89
-1.36
Vanguard Total Stock Mkt Idx Adm
-4.83
(66)
23.74
(45)
26.01
(31)
-19.53
(75)
25.71
(62)
20.99
(20)
30.80
(41)
-5.17
(45)
CRSP U.S. Total Market TR Index
-4.82
(66)
23.77
(44)
25.98
(32)
-19.49
(75)
25.72
(62)
20.99
(20)
30.84
(40)
-5.17
(45)
Large Blend Median
-4.39
23.26
24.67
-18.23
26.78
17.64
30.05
-5.50
Vanguard Windsor TM II Admiral TM
-0.66
(88)
14.29
(52)
21.07
(5)
-13.14
(93)
29.08
(19)
14.53
(2)
29.16
(14)
-8.53
(46)
Russell 1000 Value Index
2.14
(42)
14.37
(51)
11.46
(47)
-7.54
(69)
25.16
(62)
2.80
(51)
26.54
(37)
-8.27
(42)
Large Value Median
1.74
14.39
11.07
-5.52
25.98
2.83
25.60
-8.82
ClearBridge Mid Cap 1
-6.56
(79)
10.15
(82)
13.80
(72)
-25.00
(96)
28.91
(12)
16.47
(26)
33.23
(12)
-12.61
(75)
Russell Midcap Index
-3.40
(22)
15.34
(30)
17.23
(29)
-17.32
(71)
22.58
(67)
17.10
(24)
30.54
(24)
-9.06
(25)
Mid -Cap Blend Median
-4.85
13.59
15.95
-14.58
24.18
13.08
27.02
-11.29
Vanguard Mid Cap Index Admiral
-1.58
(9)
15.22
(32)
15.98
(50)
-18.71
(80)
24.51
(43)
18.24
(20)
31.03
(21)
-9.23
(28)
CRSP U.S. Mid Cap TR Index
-1.57
(8)
15.25
(32)
15.98
(50)
-18.68
(79)
24.52
(43)
18.24
(20)
31.09
(19)
-9.22
(28)
Mid -Cap Blend Median
-4.85
13.59
15.95
-14.58
24.18
13.08
27.02
-11.29
MassMutual Small Cap Opps (MSOOX)
-5.93
(16)
12.96
(27)
18.11
(27)
-15.77
(33)
22.42
(52)
20.39
(14)
26.31
(28)
-10.50
(31)
Russell 2000 Index
-9.48
(76)
11.54
(41)
16.93
(42)
-20.44
(82)
14.82
(86)
19.96
(17)
25.53
(38)
-11.01
(38)
Small Blend Median
-8.42
10.98
16.35
-16.84
22.61
12.97
24.67
-11.97
Returns for periods greater than one year are annualized
Returns are expressed as percentages.
Page 24
Comparative Performance
St. Lucie County
As of March 31, 2025
2025
2024
2023
2022
2021
2020
2019
2018
Vanguard Small Cap Index Admiral Shares
-7.37
(36)
14.23
(19)
18.20
(26)
-17.61
(57)
17.73
(78)
19.11
(26)
27.37
(21)
-9.31
(22)
CRSP U.S. Small Cap TR Index
-7.37
(36)
14.22
(20)
18.09
(27)
-17.64
(58)
17.71
(78)
19.07
(27)
27.35
(21)
-9.33
(22)
Small Blend Median
-8.42
10.98
16.35
-16.84
22.61
12.97
24.67
-11.97
Vanguard Total Intl Stock Index Admiral
5.51
(78)
5.14
(39)
15.52
(65)
-16.01
(53)
8.62
(69)
11.28
(38)
21.51
(61)
-14.43
(44)
Vanguard Total International Stock Index Hybrid
4.55
(91)
5.53
(33)
15.79
(58)
-16.10
(55)
8.84
(66)
11.24
(38)
21.80
(54)
-14.61
(47)
Foreign Large Blend Median
6.82
4.29
16.36
-15.82
10.41
9.35
22.05
-14.89
American Funds Europacific Growth R6
2.62
(98)
5.04
(41)
16.05
(54)
-22.72
(96)
2.84
(95)
25.27
(2)
27.40
(10)
-14.91
(51)
MSCI AC World ex USA (Net)
5.23
(82)
5.53
(33)
15.62
(61)
-16.00
(53)
7.82
(74)
10.65
(43)
21.51
(61)
-14.20
(40)
Foreign Large Blend Median
6.82
4.29
16.36
-15.82
10.41
9.35
22.05
-14.89
Vanguard Real Estate Index Admiral
2.66
(28)
4.92
(72)
11.81
(57)
-26.20
(48)
40.40
(65)
-4.65
(48)
28.94
(36)
-5.95
(53)
Vanguard Spliced REIT Index
2.69
(27)
5.05
(66)
11.96
(52)
-26.12
(45)
40.56
(62)
-4.55
(47)
29.03
(35)
-5.86
(51)
Real Estate Median
1.63
6.02
12.07
-26.29
41.44
-4.84
27.78
-5.85
Vanguard Total Bond Market Index Adm
2.77
(37)
1.24
(67)
5.70
(44)
-13.16
(35)
-1.67
(56)
7.72
(54)
8.71
(38)
-0.03
(27)
Blmbg. U.S. Aggregate Index
2.78
(33)
1.25
(66)
5.53
(56)
-13.01
(27)
-1.55
(49)
7.51
(60)
8.72
(38)
0.01
(24)
Intermediate Core Bond Median
2.72
1.48
5.58
-13.41
-1.57
7.83
8.49
-0.43
Dodge & Cox Income X
2.91
(15)
2.34
(13)
7.76
(1)
-10.77
(8)
-0.91
(20)
9.45
(15)
9.73
(8)
-0.31
(42)
Blmbg. U.S. Aggregate Index
2.78
(33)
1.25
(66)
5.53
(56)
-13.01
(27)
-1.55
(49)
7.51
(60)
8.72
(38)
0.01
(24)
Intermediate Core Bond Median
2.72
1.48
5.58
-13.41
-1.57
7.83
8.49
-0.43
Columbia Trust Stable Govt Fund 1-0
0.48
(100)
1.87
(100)
1.84
(100)
0.89
(97)
0.72
(1)
1.37
(1)
1.92
(41)
1.46
(53)
FTSE 3 Month T-Bill
1.10
(1)
5.45
(1)
5.26
(1)
1.50
(20)
0.05
(6)
0.58
(1)
2.25
(2)
1.86
(2)
Money Market -Taxable Median
1.00
5.00
4.82
1.36
0.01
0.28
1.83
1.47
Lincoln Stable Value Account
0.05
(100)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Morningstar US CIT Stable Value
0.74
(28)
3.03
(22)
2.86
(26)
1.88
(17)
1.74
(20)
2.24
(17)
2.51
(22)
2.23
(14)
IM U.S. GIC/Stable Value (SA+CF) Median
0.66
2.73
2.53
1.61
1.43
1.99
2.28
1.94
Returns for periods greater than one year are annualized.
Returns are expressed as percentages.
Page 25
Total 457(b) Plan
Vanguard Target Retirement 2070 Fund
Vanguard Target Retirement 2065 Fund
Vanguard Target Retirement 2060 Fund
Vanguard Target Retirement 2055 Fund
Vanguard Target Retirement 2050 Fund
Vanguard Target Retirement 2045 Fund
Vanguard Target Retirement 2040 Fund
Vanguard Target Retirement 2035 Fund
Vanguard Target Retirement 2030 Fund
Vanguard Target Retirement 2025 Fund
Vanguard Target Retirement 2020 Fund
Vanguard Target Retirement Income Fund
Vanguard LifeStrategy Growth Inv
Vanguard LifeStrategy Mod Gr Inv Shrs
Vanguard LifeStrategy Cnsry Gr Inv
Vanguard LifeStrategy Income Inv
NYLI Winslow Large Cap Growth Class R6
Vanguard Total Stock Mkt Idx Adm
Vanguard WindsorTM II Admiral TM
ClearBridge Mid Cap I
Vanguard Mid Cap Index Admiral
MassMutual Small Cap Opps (MSOOX)
Vanguard Small Cap Index Admiral Shares
Vanguard Total Intl Stock Index Admiral
American Funds Europacific Growth R6
Vanguard Real Estate Index Admiral
Vanguard Total Bond Market Index Adm
Dodge & Cox Income X
Columbia Trust Stable Govt Fund 1-0
Lincoln Stable Value Account
Loan Fund
Fee Analysis
St. Lucie County
As of March 31, 2025
Market Value
Net
Net
Revenue
Revenue Median
Expense Ratio
Estimated Expense
Ticker
Share
Share Expense Ratio
24,826,207
0.21
51,246
0.00
N/A
52,047
0.08
42
VSVNX
0.00
0.60
4,458
0.08
4
VLXVX
0.00
0.60
179,564
0.08
144
VTTSX
0.00
0.65
19,208
0.08
15
VFFVX
0.00
0.65
620,495
0.08
496
VFIFX
0.00
0.70
173,170
0.08
139
VTIVX
0.00
0.65
1,532,404
0.08
1,226
VFORX
0.00
0.70
79,074
0.08
63
VTTHX
0.00
0.64
1,605,432
0.08
1,284
VTHRX
0.00
0.66
35,329
0.08
28
VTTVX
0.00
0.61
388,827
0.08
311
VTWNX
0.00
0.65
179,283
0.08
143
VTINX
0.00
0.66
157,777
0.14
221
VASGX
0.00
0.94
858,704
0.13
1,116
VSMGX
0.00
0.94
142,775
0.12
171
VSCGX
0.00
0.91
20,920
0.11
23
VASIX
0.00
0.66
1,897,754
0.62
11,766
MLRSX
0.00
0.88
3,605,450
0.04
1,442
VTSAX
0.00
0.74
1,855,931
0.23
4,269
VWNAX
0.00
0.82
15,839
0.85
135
SMBYX
0.00
0.85
1,756,769
0.05
878
VIMAX
0.00
0.85
133,801
0.65
870
MSOOX
0.00
0.99
211,151
0.05
106
VSMAX
0.00
0.99
951,333
0.09
856
VTIAX
0.00
0.89
1,050,666
0.47
4,938
RERGX
0.00
0.89
250,566
0.13
326 VGSLX
0.00
1.00
1,278,278
0.04
511 VBTLX
0.00
0.54
1,201,183
0.33
3,964 DOXIX
0.00
0.54
3,664,797
0.43
15,759
0.00
0.35
575,205
N/A
-
0.00
N/A
328,016
N/A
0.00
N/A
Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest.
Page 26
Vanguard Target Retirement
Target Date Fund Universe Ranges
March 31, 2025
Asset Class
2065+
2060
2055
2050
2045
2040
2035
2030
2025 2020 Retirement
Equity Range
FM
Maximum
100%
100%
100%
100%
95%
90%
85%
80%
70% 65% 45%
Minimum
60%
50%
50%
50%
45%
45%
40%
35%
20% 15% 5%
Fixed Income Range
-AWE -
Maximum
20%
20%
25%
30%
35%
40%
50%
55%
70% 75% 85%
Minimum
0%
0%
0%
0%
0%
5%
10%
15%
20% 25% 45%
Cash Range
Maximum
20%
20%
20%
30%
30%
30%
30%
30%
30% 35% 35%
Minimum
0%
0%
0%
0%
0%
0%
0%
0%
0% 0% 0%
Other Range
Maximum
20%
20%
20%
20%
20%
20%
20%
20%
20% 20% 20%
Minimum
0%
0%
0%
0%
0%
0%
0%
0%
0% 0% 0%
Target Date Universe
'
46
47
33
Morningstar Definitions:
1. Cash - The percentage of the fund's assets in cash. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.
2. Other - The percentage of the fund's assets in other instruments. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.
3. Target Date Universe - Based on the number of unique glide paths in the Morningstar Target Date Universe. Only one share class is selected to represent the fund manager.
Page 27
Vanguard Target Retirement
Target Date Fund Asset Allocation
March 31, 2025
Asset Class
2065
2060
2055
2050
2045
2040
2035
2030
2025 2020 Retirement
Total Equity
XPEM
86%
78%
62%
154% 32% ' 25%'
Domestic Equity
51%
51%
51%
51%
47%
42%
37%
32%
26% 18% 15%
International Equity
27%
27%
27%
27%
23%
20%
17%
14%
10% 5% 2%
Emerging Equity
8%
8%
8%
8%
8%
8%
8%
8%
8% 9% 9%
Total Fixed Income
10%
30%
C 37%
Domestic Bonds
7%
7%
7%
7%
11%
16%
20%
25%
32% 42% 47%
International Bonds
3%
3%
3%
3%
6%
8%
10%
12%
13% 15% 16%
Cash
4%
8%
Other
0% 0% 0%
Total 100% 100% 100%
Terminal Equity Date: 7 years after Retirement
Active/Passive/Blend Allocation: Passive
0% 0%
100% 100% 100% ' 100%
Morningstar Definitions:
1. Cash - The percentage of the fund's assets in cash. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.
2. Other - The percentage of the fund's assets in other instruments. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.
Page 28
100%
90%
80%
70%
c
0
m
60%
Q
a)
U)
U)
50%
LL
40%
21
M
30%
20%
10%
0%
2065
2060
■ Domestic Equity
2055 2050
International Equity
2045
Emerging Equity
Vanguard Target Retirement
Target Date Fund Asset Allocation Graph
March 31, 2025
2040 2035 2030 2025 2020 Retirement
Domestic Bonds International Bonds Cash Other
Page 29
100%
80%
60%
40%
20%
0%
2065 2060 2055 2050 2045 2040 2035 2030
Vanguard Target Retirement Industry Average
1. Industry Range (Gray Bar) - Represents the equity allocation range of the Target Date Funds in the universe.
2. Industry Average - The average equity allocation of the investments included in the universe.
Vanguard Target Retirement
Target Date Fund Equity Glide Path Ranges
March 31, 2025
2025 2020 Retirement
Page 30
2025 Fiduciary Education
Investment Policy Statement
An nvestment Policy Statement (IPA is designed to provide a framework to guide Trustees in
fiduciary matters relating to the structure of investment offerings, selection/monitoring of
investment managers, and duties of service providers in support of the Plan. Although not
explicitly required under ERISA, it is considered an ndusti, best practic,. and highly regarded
by the Department of Labor to demonstrate N, w%,edural prudence and consistency with
prescribed fiduciary obligations'.
Benefits & Considerations
• Foundation for documented prudent investment process
• Disciplined investment selection and monitoring process should help avoid excessive
manager turnover and disturbance to participant offerings
• Encourages consistency in decisions as Board/Committee members change over time
• Quarterly investment performance report should be designed to create a direct feedback loop
to the IPS and reinforce monitoring criteria
• Reduces potential for conflicts of interest
• May contain directives on preferred treatment of plan assets, qualified plan expenses, or
other plan design features
Department of Labor, Interpretive Bulletin 2016-01
For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is
not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance.
Page 31
2025 Fiduciary Education
Investment Policy Statement
Structural Elements
A comprehensive IPS should include the following elements as part of a documented prudent
process for discharging fiduciary investment oversight duties:
Purpose &
Objective
Purpose &
Objective
Roles &
Responsibilities
Investment
Lineup
Diversification
Roles & Investment Lineup Manager Selection
Responsibilities Diversification & Monitoring
w.
Outlines scope of policy and fiduciary authority. Plan design structured to
meet the objective of providing retirement benefits, education, and flexibility to
participants.
Identify scope of responsibilities and expectations for participants, plan
sponsor, administrator, consultants, investment managers and other service
providers.
Intent to comply with ERISA Section 404(c) and provide participants the
flexibility to construct appropriately diversified portfolios through broad access
to the capital markets, including the selection of a Qualified Default
Investment Alternative (QDIA).
Manager Defines qualitative and quantitative metrics used to assess the risk/return
Selection & characteristics of each investment offering. Outlines "Watchlist" triggers and
Monitoring process for addressing manager deficiencies (retention or replacement).
For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is
not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance.
Page 32
2025 Fiduciary Education
Investment Policy Statement
Other Notable Considerations
• Trustees should periodically review and understand IPS guidelines and make any necessary
modifications to reflect prevailing processes or changes in plan design. Notate periodic
reviews in the meeting minutes for documentation.
• Once adopted the IPS is considered a governing plan document, failure to comply may be
viewed as a breach of fiduciary duty.
• Ensure that all service providers understand their duties and responsibilities within the IPS.
• Investment monitoring language should strike a balance between providing clear guidance on
the status of a holding, while providing the Board/Committee with flexibility to incorporate
external market factors or idiosyncratic strategy considerations on the timing of any action.
Effective maintenance, application, and documentation of an Investment Policy Statement
plays an integral role in the prudent process and building the plan's fiduciary defenses.
o °°° o
Sponsor
Prudent Process
For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is
not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance.
Page 33
2025 Fiduciary Education
Legal and Regulatory Updates
SECURF 2.0 (Section 603) — 2026 Mandatory Roth Catch-up Contributions
• Starting January 1, 2026, catch-up contributions for participants in 401(k), 403(b), and
governmental 457(b) plans who earned more than $145,000 in Federal Insurance
Contributions Act (FICA) wages from their employer in the prior calendar year must be made
on a Roth (after-tax) basis. FICA wage threshold subject to annual inflation adjustments.
• Originally planned for 2024, the IRS delayed implementation via Notice 2023-62 to give plan
sponsors, payroll providers, and recordkeepers more time to adapt systems and processes.
FOCUS: Employers should prepare by ensuring payroll systems track prior -year FICA wages
and coordinating with plan providers to add Roth features if needed. Proposed IRS regulations
from January 2025 further clarify that plans can automatically treat a participant's pre-tax catch-
up election as a Roth election, provided they meet the applicable income threshold and can opt
out. If Roth is not offered in the plan, participants above the income wage threshold will be
unable to make catch-up contributions.
Q�%
401(k) plans that offer Roth
contributions
Source: Department of the Treasury; IRS, Treasury Release Proposed Regulations on SECURE 2.0 Provisions, Plan adviser (top); Vanguard How America Saves 2024 (bottom).
For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is
not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance.
Page 34
St. Lucie County
2025 Fiduciary Documentation
As of March 31, 2025
Quarterly 1st Quarter 2nd Quarter V Quarter 41h Quarter
Follow procedures, including documentation of all meetings ✓
and decisions
Review of plan investments and compliance with investment ✓
policy statement
Fiduciary education
Periodically
Investment policy statement review
Review QDIA selection
Plan fee analysis
Plan recordkeeping & administration services review
Employee education review
Review of ancillary products, if applicable (self -directed
brokerage, managed accounts, etc.)
Other Projects
Current Fiduciary Module
Page 35
Strategy Review
Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+
20.0 36.0 -
17.0
14.000
■
11.0
8.0
c
d
O•
5.0
2.0
-1.0 O • O •
-4.0
-7.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment -0.56 (37) -0.56 (37)
6.61 (12)
13.35 (40)
N/A
N/A
N/A
• Index -0.88 (56) -0.88 (56)
6.55 (15)
13.47 (31)
N/A
N/A
N/A
Median -0.73 -0.73
5.30
13.08
5.90
5.57
13.88
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Investment -1.53 (39)
Index -1.50 (38)
Median -1.83
6.73 (23)
6.91 (13)
6.20
2.01 (32)
2.09 (28)
1.81
28.0 -
20.0 -
O
•
12.0 -
c
4.0 -
-4.0
-12.0
-20.0
-28.0
2024
2023
2022
2021
2020
2019
2018
O Investment
14.59 (46)
20.24 (49)
N/A
N/A
N/A
N/A
N/A
• Index
14.92 (41)
20.48 (41)
N/A
N/A
N/A
N/A
N/A
Median
14.45
20.20
-18.60
17.21
16.49
25.71
-9.37
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
6.88 (89)
6.90 (87)
7.65
10.83 (65)
10.78 (66)
11.12
-3.47 (18)
-3.20 It 1)
-3.85
Page 36
Strategy Review
Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment N/A N/A
N/A
N/A
N/A
N/A
N/A
Investment N/A N/A
N/A
N/A
N/A
N/A
N/A
Index N/A N/A
N/A
N/A
N/A
N/A
N/A
Index N/A N/A
N/A
N/A
N/A
N/A
N/A
No data found.
3 Years Rolling Percentile Ranking vs. Target -Date 2065+
0.0
Y
C
25.0
m
c
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
No data found.
5 Years Rolling Percentile Ranking vs. Target -Date 2065+
0.0
Y
C
25.0 -
m
c
c� 50.0 -
a
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 0 0 0 0 0 Investment 0 0 0 0 0
Index 0 0 0 0 0 Index 0 0 0 0 0
Page 37
Strategy Review
Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2065+
=
Peer Group Analysis - Target -Date 2065+
20.0
36.0
-
17.0
28.0 -
00
14.0
00
20.0-
00
11.0
12.0 -
8.0
E
E
00
00
a.o-
5.0
-4.0
2.0
0
12.0
0•
-4.0
-20.0
-7.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -0.54 (35) -0.54 (35)
6.67 (10)
13.33 (40)
6.24 (30)
5.96 (31)
13.84 (53)
O Investment
14.62 (45)
20.15 (53) -17.39 (17)
16.46 (68)
16.17 (60)
24.96 (61) -7.95 (7)
• Index -0.88 (56) -0.88 (56)
6.55 (15)
13.47 (31)
6.30 (27)
6.17 (25)
14.09 (36)
• Index
14.92 (41)
20.48 (41) -17.07 (16)
16.75 (62)
17.17 (32)
25.37 (53) -7.77 (1)
Median -0.73 -0.73
5.30
13.08
5.90
5.57
13.88
Median
14.45
20.20 -18.60
17.21
16.49
25.71 -9.37
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.53 (38)
Index -1.50 (38)
Median -1.83
6.74 (23)
6.91 (13)
6.20
2.03 (31)
2.09 (28)
1.81
6.88 (89)
6.90 (87)
7.65
10.79 (66)
10.78 (66)
11.12
-3.46 (17)
-3.20 It 1)
-3.85
Page 38
Strategy Review
Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 6.24 15.23
0.20
101.22
7
101.83
5
Investment 13.84 14.71
0.79
100.16
13
101.80
7
Index 6.30 15.02
0.21
100.00
7
100.00
5
Index 14.09 14.63
0.80
100.00
13
100.00
7
Risk and Return 3 Years
6.4
e
y 6.3
6.2
14.9
15.0 15.1
Risk (Standard Deviation %)
15.2
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2065+
0.0---
'0 25.0
cdi 50.0 V v
d
IL
e
y 75.0
Risk and Return 5 Years
14.2
14.0
e
13.8
13.6
15.3 14.6
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
14.7
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2065+
0.0----------+
10 25.0
_ ♦O
c� 50.0 -
d
IL
c
m 75.0 -
� i
100.0
6/20
12/20 6/21 12/21
Total Period 5-25
Count
14.8
6/22 12/22 6/23 12/23 6/24 3/25
25-Median Median-75 75-95
Count Count Count
Investment 19 1 (5%) 14 (74%) 4 (21%) 0 (0%) Investment 11 1 (9%) 4 (36%) 5 (45%) 1 (9%)
Index 19 10 (53%) 9 (47%) 0 (0%) 0 (0%) Index 11 6 (55%) 5 (45%) 0 (0%) 0 (0%)
Page 39
Strategy Review
Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2060
Peer Group Analysis - Target -Date 2060
20.0
36.0
-
17.0
28.0 -
O0
14.0
00
20.0-
00
11.0
O•
O•
12.0 -
8.0 -
E
E
O•
00
00
0 a.o-
5.0 -
-4.0
2.0 -
0 0
-12.0
00
-4.0 -
-20.0
-7.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -0.57 (40) -0.57 (40)
6.65 (12)
13.34 (38)
6.23 (27)
5.93 (29)
13.83 (52)
O Investment
14.63 (45)
20.18 (46) -17.46 (24)
16.44 (78)
16.32 (41)
24.96 (56) -7.87 (30)
• Index -0.88 (56) -0.88 (56)
6.55 (14)
13.47 (31)
6.30 (23)
6.17 (21)
14.09 (35)
• Index
14.92 (39)
20.48 (35) -17.07 (18)
16.75 (70)
17.17 (31)
25.37 (41) -7.77 (27)
Median -0.75 -0.75
5.35
13.10
5.88
5.54
13.87
Median
14.40
20.00 -18.40
17.36
15.78
25.07 -8.66
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.50 (38)
Index -1.50 (39)
Median -1.76
6.72 (25)
6.91 (15)
6.29
2.03 (32)
2.09 (27)
1.79
6.87 (86)
6.90 (85)
7.59
10.79 (69)
10.78 (69)
11.05
-3.48 (20)
-3.20 It 1)
-3.86
Page 40
Strategy Review
Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 6.23 15.24
0.20
101.24
7
101.90
5
Investment 13.83 14.72
0.78
100.15
13
101.80
7
Index 6.30 15.02
0.21
100.00
7
100.00
5
Index 14.09 14.63
0.80
100.00
13
100.00
7
Risk and Return 3 Years
6.4
e
3 6.3
v
6.2
14.9 15.0 15.1 15.2
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2060
0.0
s
25.0
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
15.3
Risk and Return 5 Years
14.2
14.0
13.6
14.6
14.7
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2060
0.0
_
25.0
.c
c�
IL
50.0
c
m
a
75.0
:
100.0
6/20 12/20 6/21
12/21 6/22 12/22 6/23
12/23
6/24 3/2
Total Period
5-25 25-Median
Median-75
75-95
Count Count
Count
Count
Investment 20 3 (15%) 13 (65%) 4 (20%) 0 (0%) Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%)
Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)
14.8
Page 41
Strategy Review
Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2055
Peer Group Analysis - Target -Date 2055
20.0
36.0
-
17.0
28.0 -
00
14.0
00
20.0-
00
1.0
1�
O•
O•
12.0 -
8.0
c
c
00
00
00
0 a.o-
5.0
-4.0
2.0
0
12.0
00
-4.0
-20.0
-7.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -0.56 (40) -0.56 (40)
6.67 (13)
13.34 (36)
6.23 (26)
5.94 (29)
13.84 (46)
O Investment
14.64 (42)
20.16 (43) -17.46 (25)
16.44 (76)
16.32 (41)
24.98 (45) -7.89 (33)
• Index -0.88 (56) -0.88 (56)
6.55 (17)
13.47 (30)
6.30 (22)
6.17 (20)
14.09 (29)
• Index
14.92 (36)
20.48 (34) -17.07 (18)
16.75 (65)
17.17 (29)
25.37 (35) -7.77 (29)
Median -0.71 -0.71
5.34
13.04
5.88
5.51
13.77
Median
14.33
19.96 -18.36
17.23
15.69
24.85 -8.59
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.49 (39)
Index -1.50 (40)
Median -1.72
6.73 (25)
6.91 (14)
6.28
2.02 (32)
2.09 (26)
1.80
6.88 (84)
6.90 (84)
7.59
10.78 (67)
10.78 (67)
11.08
-3.46 (17)
-3.20 It 1)
-3.88
Page 42
Strategy Review
Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 6.23 15.25
0.20
101.35
7
102.02
5
Investment 13.84 14.74
0.78
100.25
13
101.94
7
Index 6.30 15.02
0.21
100.00
7
100.00
5
Index 14.09 14.63
0.80
100.00
13
100.00
7
Risk and Return 3 Years
6.4
e
y 6.3
6.2
14.9
15.0 15.1 15.2
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2055
0.0
25.0
cdi 50.0
d
IL
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
Risk and Return 5 Years
14.2
14.0
e
13.8
13.6
15.3 14.6
14.7
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2055
0.0 -
25.0 - ♦ �♦.��dN��I
m
5 - -
0 50.0 -
d
a
m 75.0
a
14.8
100.0
3/25 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
75-95 Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count Count
Investment 20 3 (15%) 13 (65%) 4 (20%) 0 (0%)
Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)
Investment 20 2 (10%) 18 (90%) 0 (0%) 0 (0%)
Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)
Page 43
Strategy Review
Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2050 Peer Group Analysis - Target -Date 2050
20.0 36.0
17.0
14.0
O•
11.0
8.0
c
�
��
00
p•
5.0
2.0
-1.0 0• 0•
-4.0
-7.0
-
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment -0.56 (43) -0.56 (43)
6.65 (11)
13.34 (34)
6.22 (24)
5.93 (26)
13.84 (38)
• Index -0.88 (61) -0.88 (61)
6.55 (15)
13.47 (26)
6.30 (19)
6.17 (14)
14.09 (23)
Median -0.65 -0.65
5.41
13.03
5.81
5.49
13.69
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Investment -1.48 (38)
Index -1.50 (38)
Median -1.79
6.71 (22)
6.91 (14)
6.28
2.02 (30)
2.09 (25)
1.75
28.0
20.0 -
12.0 -
c
4.0 -
-4.0
-12.0
-20.0
I.�
00
O• 00
00
O•
-28.0
2024
2023 2022
2021
2020
2019 2018
O Investment
14.64 (39)
20.17 (39) -17.46 (29)
16.41 (71)
16.39 (36)
24.98 (42) -7.90 (33)
• Index
14.92 (32)
20.48 (28) -17.07 (20)
16.75 (60)
17.17 (28)
25.37 (31) -7.77 (27)
Median
14.18
19.86 -18.31
17.03
15.61
24.71 -8.63
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
6.89 (83)
6.90 (80)
7.58
10.79 (66)
10.78 (66)
11.05
-3.46 (18)
-3.20 (13)
-3.84
Page 44
Strategy Review
Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 6.22 15.25
0.20
101.29
7
102.01
5
Investment 13.84 14.73
0.78
100.25
13
101.94
7
Index 6.30 15.02
0.21
100.00
7
100.00
5
Index 14.09 14.63
0.80
100.00
13
100.00
7
Risk and Return 3 Years
6.4
e
3 6.3
v
6.2
14.9 15.0 15.1
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2050
0.0
15.2
25.0
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
15.3
3/25
75-95
Count
Risk and Return 5 Years
14.2
14.0
3
v
13.8
13.6
14.6 14.7 14.8
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2050
0.0
25.0 "���irrr�i N..
m 6k �\
c
c� 50.0 -
d
a
c
m 75.0 '
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 5 (25%) 14 (70%) 1 (5%) 0 (0%) Investment 20 3 (15%) 17 (85%) 0 (0%) 0 (0%)
Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Page 45
Strategy Review
Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2045
Peer Group Analysis - Target -Date 2045
17.0
36.0
14.0
28.0
�
0
��
20.0
00
11.0
00
00
O•
12.0
8.0
c
c
00
4.0
O•
O•
5.0
-4.0
O•
2.0
-12.0
O� O�
p•
-1.0
-20.0
-4.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -0.40 (42) -0.40 (42)
6.57 (14)
12.83 (46)
5.90 (34)
5.64 (33)
13.56 (44)
O Investment
13.91 (50)
19.48 (40) -17.36 (31)
16.16 (67)
16.30 (35)
24.94 (39) -7.90 (38)
• Index -0.69 (63) -0.69 (63)
6.44 (17)
12.91 (41)
5.96 (29)
5.87 (20)
13.79 (29)
• Index
14.08 (42)
19.77 (33) -16.93 (24)
16.45 (58)
17.02 (28)
25.37 (28) -7.77 (34)
Median -0.51 -0.51
5.49
12.68
5.63
5.42
13.47
Median
13.91
19.26 -18.19
16.74
15.38
24.61 -8.33
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.46 (31)
Index -1.54 (35)
Median -1.82
6.57 (25)
6.77 (15)
6.29
1.90 (37)
1.95 (32)
1.75
6.45 (83)
6.44 (84)
7.27
10.57 (70)
10.54 (74)
10.88
-3.45 (18)
-3.15 (11)
-3.79
Page 46
Strategy Review
Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 5.90 14.82
0.18
101.39
7
102.06
5
Investment 13.56 14.45
0.78
100.40
13
102.06
7
Index 5.96 14.59
0.19
100.00
7
100.00
5
Index 13.79 14.33
0.80
100.00
13
100.00
7
Risk and Return 3 Years
6.0
e
E 5.9
v
5.8
14.5 14.6 14.7 14.8
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2045
0.0
00
25.0 to
m
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
14.9
Risk and Return 5 Years
13.9
13.8
13.6
13.5
14.3 14.4
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2045
0.0
25.0
m
c
c� 50.0
d
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Investment 20 5 (25%) 15 (75%) 0 (0%) 0 (0%)
Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%) Index 20 19 (95%) 1 (5%) 0 (0%) 0 (0%)
14.5
Page 47
Peer Group Analysis - Target -Date 2040
18.0
16.0
14.0
12.0
10.0
8.0
3
4.0
2.0
0.0 0 O
-2.0
-4.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR
O Investment -0.21 (50) -0.21 (50) 6.42 (15) 12.03 (47) 5.47 (40) 5.12 (42) 12.36 (66)
• Index -0.46 (72) -0.46 (72) 6.29 (19) 12.09 (45) 5.54 (35) 5.35 (29) 12.59 (52)
Median -0.21 -0.21 5.48 12.01 5.26 4.98 12.61
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024
Strategy Review
Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2040
38.0
32.0
26.0
O•
20.0
O•
14.0
8.0
3
2.0 -
-4.0
O•
-10.0
-16.0
O
-22.0
-28.0
2024
2023 2022
2021
2020
2019 2018
O Investment
12.88 (47)
18.34 (45) -16.98 (34)
14.56 (81)
15.47 (40)
23.86 (45) -7.32 (31)
• Index
12.99 (41)
18.60 (40) -16.51 (23)
14.84 (74)
16.31 (29)
24.19 (37) -7.22 (27)
Median
12.80
18.11 -17.85
15.80
14.88
23.67 -8.02
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment -1.50 (23) 6.43 (25) 1.73 (38) 5.85 (80) 10.23 (73) -3.34 (20)
Index -1.58 (29) 6.61 (14) 1.77 (31) 5.81 (81) 10.20 (75) -3.10 (12)
Median -1.90 6.15 1.59 6.69 10.53 -3.68
Page 48
Strategy Review
Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Down
Up
Down Standard
Sharpe
Up
Down Down
Up
Return
Deviation
Ratio
Market
Market
Quarters
Return
Quarters Deviation
Ratio
Market
Market
Quarters Quarters
Capture
Capture
Capture
Capture
Investment 5.47 14.03
0.16
101.37
7 102.11
5 Investment 12.36 13.55
0.74
100.29
13 102.01 7
Index 5.54 13.81
0.16
100.00
100.00
Index 12.59 13.45
0.76
100.00
100.00
Risk and Return 3 Years
5.6
e
c
5.5
3
v
5.4
13.7 13.8 13.9 14.0 14.1
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2040
0.0
25.0
40
50.0
`w
a
c
y 75.0
0 1
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
12.7
12.6
12.5
w
12.4
-J
12.3
13.4 13.5 13.6
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2040
0.0
25.0
c ,
c2i 50.0
v
a
E
v 75.0
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 2 (10%) 11 (55%) 7 (35%) 0 (0%) Investment 20 2 (10%) 15 (75%) 3 (15%) 0 (0%)
Index 20 7 (35%) 12 (60%) 1 (5% 0 (0%) Index 20 13 (65%) 6 (30%) 1 (5%) 0 (0%)
Page 49
Strategy Review
Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2035 Peer Group Analysis - Target -Date 2035
16.0 38.0
14.0 32.0
26.0
12.0
O•
20.0
10.0
14.0
8.0
c c 8.0
00
L L
6.0
p• 00 2.0-
4.0
-4.0
O•
2.0
-10.0
0.0 00 00 -16.0 00
-2.0
-22.0
-4.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment 0.04 (71) 0.04 (71)
6.26 (17)
11.20 (32)
5.01 (29)
4.57 (33)
11.15 (61)
O Investment
11.78 (26)
17.14 (26) -16.62 (38)
12.96 (79)
14.79 (40)
22.44 (47) -6.58 (28)
• Index -0.23 (86) -0.23 (86)
6.14 (23)
11.28 (27)
5.11 (25)
4.82 (21)
11.40 (46)
• Index
11.90 (21)
17.43 (18) -16.10 (25)
13.24 (71)
15.67 (26)
22.76 (38) -6.46 (25)
Median 0.21 0.21
5.45
10.82
4.68
4.33
11.31
Median
11.22
16.40 -17.13
13.91
14.10
22.33 -7.35
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.61 (18)
Index -1.62 (19)
Median -2.00
6.30 (19)
6.44 (13)
6.02
1.55 (30)
1.60 (27)
1.39
5.24 (75)
5.19 (76)
5.67
9.82 (65)
9.86 (65)
10.03
-3.28 (24)
-3.04 (10)
-3.60
Page 50
Strategy Review
Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 5.01 13.27
0.12
101.71
8
102.77
4
Investment 11.15 12.69
0.70
100.49
14
102.58
6
Index 5.11 13.04
0.13
100.00
7
100.00
5
Index 11.40 12.58
0.72
100.00
13
100.00
7
Risk and Return 3 Years
5.2 1
5.1
e
3
G1
5.0
4.9
13.0 13.1 13.2 13.3 13.4
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2035
0.0
25.0
50.0 ♦I�
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
11.5
ism!
11.3
Gl
11.2
11.1
12.5 12.6 12.7
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2035
0.0
c '``ter N��r ►� ����� ��
25.0 - �wN�N`v�I ♦♦
d ♦
50.0
L - -'
a
c
m 75.0 � � -
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 3 (15%) 12 (60%) 5 (25%) 0 (0%) Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%)
Index 20 13 (65%) 6 (30%) 1 (5% 0 (0%) Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%)
12.8
Page 51
Strategy Review
Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2030 Peer Group Analysis - Target -Date 2030
14.0 32.0
26.0
12.0
20.0 Q •
10.0 Q •
14.0 - Q 0
8.0 Q) 0 Q •
8.0 -
c c
L L
6.0 00 2.0-
� lY
Q 4 -4.0
4.0 Q 00
-10.0
2.0
-16.0 Q
0.0 Q Q
-22.0
-2.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023
2022
2021
2020
2019 2018
O Investment 0.21 (86) 0.21 (86)
6.03 (20)
10.33 (17)
4.51 (21)
4.01 (24)
9.94 (32)
O Investment
10.64 (13)
16.03 (6)
-16.27 (47)
11.38 (55)
14.10 (36)
21.07 (35) -5.86 (33)
• Index -0.01 (93) -0.01 (93)
5.97 (23)
10.46 (14)
4.67 (15)
4.28 (14)
10.20 (17)
• Index
10.82 (9)
16.26 (5)
-15.71 (34)
11.66 (49)
14.98 (19)
21.34 (29) -5.72 (30)
Median 0.65 0.65
5.40
9.59
3.95
3.58
9.65
Median
9.44
14.46
-16.37
11.58
13.17
20.41 -6.50
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.69 (18)
Index -1.66 (16)
Median -2.04
6.17 (14)
6.27 It 1)
5.81
1.37 (23)
1.42 (19)
1.15
4.57 (56)
4.57 (56)
4.62
9.53 (39)
9.51 (41)
9.37
-3.20 (32)
-2.98 (19)
-3.44
Page 52
Strategy Review
Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 4.51 12.51
0.09
101.59
8
102.95
4
Investment 9.94 11.83
0.65
100.36
14
102.57
6
Index 4.67 12.29
0.10
100.00
7
100.00
5
Index 10.20 11.72
0.67
100.00
13
100.00
7
Risk and Return 3 Years
4.8
4.7 1
3 4.6
G1
K
4.5 O
4.4
12.2 12.3 12.4 12.5
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2030
0.0
25.0
m
cdi 50.0
d
IL
eka
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
12.6
3/25
75-95
Count
Risk and Return 5 Years
10.4
10.2
c
3
G1
R'
10.0
9.8
11.7 11.8
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Target -Date 2030
0.0
� 25.0 -
m
c
c� 50.0 -
d
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 6 (30%) 14 (70%) 0 (0%) 0 (0%) Investment 20 3 (15%) 17 (85%) 0 (0%) 0 (0%)
Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
11.9
Page 53
Strategy Review
Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2025 Peer Group Analysis - Target -Date 2025
12.0 30.0
25.0
10.0
Q 20.0 0
8.0 15.0 00 •
10.0 00 0•
6.0 - 00
5.0
L L
3 3
d d
� lY
4.0 - 00 0.0
� I
-5.0 00
2.0 - -10.0
Rol
-15.0 0
0.0 -
-20.0
-2.0
-25.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023
2022
2021
2020
2019 2018
O Investment 0.64 (85) 0.64 (85)
6.10 (20)
9.47 (12)
4.08 (15)
3.52 (19)
8.77 (29)
O Investment
9.44 (8)
14.55 (5)
-15.55 (52)
9.80 (51)
13.30 (35)
19.63 (21) -5.15 (42)
• Index 0.44 (91) 0.44 (91)
6.00 (24)
9.58 (8)
4.24 (8)
3.78 (11)
9.04 (11)
• Index
9.63 (5)
14.74 (2)
-15.02 (37)
10.09 (42)
14.19 (16)
19.93 (14) -5.00 (36)
Median 1.11 1.11
5.39
8.71
3.53
3.08
8.34
Median
8.25
12.65
-15.49
9.80
12.51
18.38 -5.43
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.64 (14)
Index -1.59 It 1)
Median -2.06
5.85 (28)
5.89 (25)
5.61
1.26 (20)
1.28 (16)
1.04
3.81 (43)
3.87 (37)
3.73
8.87 (33)
8.85 (34)
8.64
-2.99 (34)
-2.77 (20)
-3.18
Page 54
Strategy Review
Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 4.08 11.46
0.05
101.70
8
103.15
4
Investment 8.77 10.78
0.60
100.39
14
102.85
6
Index 4.24 11.24
0.06
100.00
8
100.00
4
Index 9.04 10.66
0.63
100.00
14
100.00
6
Risk and Return 3 Years
4.3
4.2
c
3 4.1
G1
C
4.0
3.9
11.1 11.2 11.3 11.4 11.5 11.6
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2025
0.0
25.0 -
m
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
9.1
9.0
8.9
3
G1
C
8.8
8.7
10.6 10.7 10.8
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Target -Date 2025
0.0
c
25.0 -
m
c
c� 50.0 -
N
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
10.9
3/25
75-95
Count
Investment 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Investment 20 9 (45%) 11 (55%) 0 (0%) 0 (0%)
Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Page 55
Strategy Review
Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date 2020 ' Peer Group Analysis - Target -Date 2020
12.0 25.0 -
20.0 -
10.0 O
15.0 -
■
8.0
10.0 - O• 00
5.0 -
6.0 00
c c
L
7 7 0.0
d N
lY lY
4.0 00 0 0 •
-5.0
2.0 -10.0
00 00 -15.0 00
0.0
-20.0
-2.0
-25.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment 1.13 (69) 1.13 (69)
5.97 (22)
8.17 (40)
3.50 (38)
2.97 (40)
7.40 (59)
O Investment
7.75 (41)
12.51 (27) -14.15 (40)
8.17 (65)
12.04 (41)
17.63 (27) -4.24 (40)
• Index 0.96 (82) 0.96 (82)
5.89 (26)
8.28 (33)
3.61 (30)
3.16 (27)
7.61 (44)
• Index
7.91 (36)
12.65 (26) -13.77 (33)
8.43 (59)
12.85 (23)
17.87 (23) -4.13 (36)
Median 1.35 1.35
5.41
8.07
3.30
2.82
7.54
Median
7.47
11.66 -14.46
8.71
11.03
16.24 -4.58
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.59 (12)
Index -1.55 (10)
Median -2.11
5.37 (60)
5.41 (53)
5.46
1.05 (38)
1.06 (35)
0.99
2.83 (81)
2.89 (81)
3.32
8.00 (66)
7.97 (67)
8.18
-2.65 (18)
-2.47 (12)
-2.96
Page 56
Strategy Review
Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.50 9.95
-0.02
101.37
8
102.61
4
Investment 7.40 9.30
0.54
100.38
14
102.64
6
Index 3.61 9.78
-0.01
100.00
8
100.00
4
Index 7.61 9.22
0.57
100.00
14
100.00
6
Risk and Return 3 Years
3.7
3.6
e
3
3.5
3.4
9.7 9.8 9.9
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date 2020
0.0
25.0 ♦a��,♦ ,II♦,, 40
����M���r�,
N go
10.0
cdi 50.0
d
IL
e
y 75.0
13
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
7.7
7.6
y 7.5
7.4
7.3
9.2 9.3
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Target -Date 2020
0.0
25.0
c - �
c� 50.0 -
d
IL
c
m 75.0 ■
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
9.4
3/25
75-95
Count
Investment 20 3 (15%) 14 (70%) 3 (15%) 0 (0%) Investment 20 3 (15%) 16 (80%) 1 (5%) 0 (0%)
Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%)
Page 57
Peer Group Analysis - Target -Date Retirement
10.0
M
6.0
c
4.0 -
2.0 -
0.0
00
00 Ad
00
-2.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
-
5 YR
O Investment 1.37 (48) 1.37 (48)
5.82 (18)
7.14 (46)
3.11 (32)
2.36 (39)
5.14 (54)
• Index 1.21 (58) 1.21 (58)
5.73 (22)
7.22 (42)
3.18 (28)
2.50 (32)
5.31 (48)
Median 1.34 1.34
5.29
7.07
2.80
2.20
5.21
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Strategy Review
Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date Retirement
25.0
20.0
15.0 -
Q•
10.0-
moo•
Q�
5.0 -
0
Q
c
0.0
Q•
-5.0
-10.0
00
-15.0
-20.0
-25.0
2024
2023 2022
2021
2020
2019 2018
O Investment
6.58 (51)
10.74 (40) -12.74 (52)
5.25 (62)
10.02 (29)
13.16 (45) -1.99 (15)
• Index
6.74 (44)
10.80 (37) -12.44 (47)
5.44 (59)
10.70 (15)
13.41 (40) -1.97 (14)
Median
6.58
10.47 -12.59
5.79
9.12
12.86 -3.36
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment -1.57 (12) 5.12 (47) 0.89 (43) 2.09 (71) 7.34 (56) -2.35 (23)
Index -1.53 It 1) 5.14 (46) 0.91 (39) 2.17 (69) 7.33 (57) -2.26 (14)
Median -2.10 5.07 0.85 2.49 7.54 -2.64
Page 58
Strategy Review
Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.11 8.57
-0.09
101.56
8
102.60
4
Investment 5.14 7.58
0.37
100.42
14
102.66
6
Index 3.18 8.44
-0.08
100.00
8
100.00
4
Index 5.31 7.51
0.39
100.00
14
100.00
6
Risk and Return 3 Years Risk and Return 5 Years
3.2 5.4
5.3
e e
3.1 •
3 3
Gl Gl
C C
5.2
3.0 5.1
8.4 8.5 8.6 7.4 7.5 7.6
Risk (Standard Deviation %) Risk (Standard Deviation %)
O Investment is Index O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date Retirement 5 Years Rolling Percentile Ranking vs. Target -Date Retirement
0.0 i 0.0
25.0 `�4.00 �, 25.0 - ,�i,
c
coi 50.0 chi 50.0 L -
d
a a
e c
y 75.0 m 75.0
K a'
100.0 100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95 Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count Count Count Count Count
Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Investment 20 4 (20%) 14 (70%) 2 (10%) 0 (0%)
Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)
Page 59
Peer Group Analysis - Moderate Allocation
17.0
14.0
00
11.0
8.0
E O•
5.0 -
2.0 -
-1.0 -
-4.0
Strategy Review
Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index
As of March 31, 2025
Peer Group Analysis - Moderate Allocation
32.0
26.0
00
20.0 00
-
1
14.0 - 00
8.0 -
00
2.0 -
-4.0 -
O•
-10.0
-16.0 •
-22.0
-7.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -0.32 (42) -0.32 (42)
6.37 (23)
12.21 (20)
5.55 (20)
5.15 (35)
12.18 (11)
O Investment
13.18 (34)
18.55 (12) -17.09 (82)
14.35 (40)
15.45 (22)
23.13 (11) -6.90 (69)
• Index -0.59 (49) -0.59 (49)
6.36 (24)
12.35 (18)
5.72 (17)
5.46 (30)
12.49 (10)
• Index
13.41 (32)
18.91 (10) -16.50 (71)
14.60 (39)
16.37 (17)
23.46 (9) -6.78 (68)
Median -0.63 -0.63
5.18
10.43
4.52
4.50
10.09
Median
11.80
14.43 -15.47
13.64
12.17
19.56 -5.58
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.56 (65) 6.50 (10) 1.79 (34) 6.06 (38) 10.36 (8) -3.40 (68)
Index -1.55 (65) 6.69 (8) 1.86 (33) 6.01 (39) 10.33 (8) -3.12 (51)
Median -1.00 5.53 1.30 5.66 9.39 -3.11
Page 60
Strategy Review
Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 5.55 14.21
0.16
101.28
7
102.47
5
Investment 12.18 13.57
0.73
100.24
13
102.39
7
Index 5.72 13.97
0.17
100.00
7
100.00
5
Index 12.49 13.45
0.76
100.00
13
100.00
7
Risk and Return 3 Years
5.8
5.7
e
3
5.6
5.5
13.9 14.0
14.1
14.2
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking
vs. Moderate Allocation
0.0
25.0
cdi
d
IL
50.0
e
y
75.0
K
100.0
6/20 12/20 6/21
12/21 6/22 12/22 6/23
12/23 6/24 3/2
Total Period
5-25 25-Median
Median-75 75-95
Count Count
Count Count
14.3
Risk and Return 5 Years
12.6
12.4
12.2
12.0
13.4 13.5
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Moderate Allocation
0.0
Y _
� 25.0
c
c� 50.0 -
d
a
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Investment 20 12 (60%) 8 (40%) 0 (0%) 0 (0%)
Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%)
13.6
Page 61
Strategy Review
Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index
As of March 31, 2025
Peer Group Analysis - Moderate Allocation Peer Group Analysis - Moderate Allocation
17.0 32.0
26.0
14.0
20.0 - O
11.0 1
14.0 - • O
8.0
8.0 -
sib
E � � E
5.0 - O• � 2.0 -
-
2.0 - 4.0 -
-10.0
-1.0 -
-16.0 00
-4.0
-22.0
-7.0
-28.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment 0.22 (23) 0.22 (23)
5.93 (33)
10.01 (61)
4.37 (56)
3.74 (71)
9.01 (74)
O Investment
10.31 (69)
15.49 (35) -16.00 (61)
10.08 (88)
13.59 (35)
19.37 (54) -4.91 (39)
• Index 0.02 (29) 0.02 (29)
5.93 (33)
10.18 (57)
4.56 (49)
4.03 (63)
9.31 (70)
• Index
10.53 (67)
15.79 (32) -15.45 (50)
10.38 (86)
14.50 (28)
19.67 (48) -4.81 (37)
Median -0.63 -0.63
5.18
10.43
4.52
4.50
10.09
Median
11.80
14.43 -15.47
13.64
12.17
19.56 -5.58
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -1.74 (69)
Index -1.67 (68)
Median -1.00
6.16 (21)
6.24 (17)
5.53
1.33 (50)
1.38 (48)
1.30
4.37 (84)
4.36 (84)
5.66
9.40 (50)
9.41 (49)
9.39
-3.21 (56)
-2.97 (41)
-3.11
Page 62
Strategy Review
Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 4.37 12.17
0.07
101.51
8
103.05
4
Investment 9.01 11.29
0.60
100.34
14
102.82
6
Index 4.56 11.95
0.09
100.00
8
100.00
4
Index 9.31 11.17
0.63
100.00
14
100.00
6
Risk and Return 3 Years
4.6 1
4.5
e
3
4.4
u
4.3
11.9 12.0 12.1 12.2 12.3
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Moderate Allocation
0.0
Y
C
25.0
50.0 ,� �40
10
IL
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
9.4
9.2
9.0
8.8
11.1 11.2
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Moderate Allocation
0.0
Y
C
25.0 -
11.3
50.0
NIL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
11.4
3/25
75-95
Count
Investment 20 0 (0%) 4 (20%) 9 (45%) 7 (35%) Investment 20 0 (0%) 3 (15%) 17 (85%) 0 (0%)
Index 20 0 (0%) 7 (35%) 13 (65%) 0 (0%) Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%)
Page 63
Peer Group Analysis - Moderately Conservative Allocation
14.0 r
12.0 -
10.0 -
8.0 -
6.0 -
c
3
d
lY
4.0 -
2.0 -
0.0 -
-2.0 -
00
0•
00
0
Strategy Review
Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index
As of March 31, 2025
-4.0
-
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment 0.79 (50) 0.79 (50)
5.53 (40)
7.85 (53)
3.19 (50)
2.34 (67)
5.90 (75)
• Index 0.64 (54) 0.64 (54)
5.49 (40)
8.02 (46)
3.35 (41)
2.56 (58)
6.14 (70)
Median 0.77 0.77
5.17
7.90
3.18
2.79
7.00
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Peer Group Analysis - Moderately Conservative Allocation
25.0
20.0
00
15.0
00
00
10.0
040
O•
5.0
c
0.0
0•
-5.0
-10.0
-15.0
00
-20.0
-25.0
2024
2023 2022
2021
2020
2019 2018
O Investment
7.54 (63)
12.48 (19) -14.99 (74)
6.05 (94)
11.51 (21)
15.68 (45) -2.95 (13)
• Index
7.68 (60)
12.69 (16) -14.50 (61)
6.25 (92)
12.27 (16)
15.94 (40) -2.88 (12)
Median
8.09
10.99 -14.02
8.52
9.08
15.38 -4.41
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment -1.86 (54) 5.74 (42) 0.90 (39) 2.71 (79) 8.43 (42) -2.99 (56)
Index -1.79 (49) 5.77 (39) 0.91 (39) 2.73 (79) 8.48 (38) -2.83 (48)
Median -1.82 5.57 0.74 3.34 8.31 -2.86
Page 64
Strategy Review
Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.19 10.17
-0.05
101.30
8
102.82
4
Investment 5.90 9.11
0.40
100.58
14
103.09
6
Index 3.35 10.02
-0.04
100.00
8
100.00
4
Index 6.14 9.02
0.43
100.00
14
100.00
6
Risk and Return 3 Years
3.4
3.3
e
v
3.2
3.1
9.9 10.0 10.1 10.2
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation
0.0
25.0
m %
50.0 , ♦♦♦�♦ rrr�,,
L ♦hr �r�i
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
10.3
Risk and Return 5 Years
6.2
40
6.1
� 6.0
v
5.9 I Q
5.8
9.0 9.1 9.2
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation
0.0
Y
25.0
c ♦♦ram ♦♦
50.0 ♦r�r�►M�+
d
IL
E
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 3 (15%) 4 (20%) 9 (45%) 4 (20%) Investment 20 3 (15%) 9 (45%) 8 (40%) 0 (0%)
Index 20 4 (20%) 5 (25%) 10 (50%) 1 (5%) Index 20 3 (15%) 14 (70%) 3 (15%) 0 (0%)
Page 65
Peer Group Analysis - Target -Date Retirement
10.0
c
6.0
4.0
2.0 -
0.0
00
Strategy Review
Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index
As of March 31, 2025
Peer Group Analysis - Target -Date Retirement
25.0
20.0
15.0 -
0•
10.0- � 00
5.0 -
0•
_ 0.0 0
0 -5.0
00
-10.0
0 -15.0 0•
-20.0
-2.0
-25.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment 1.43 (45) 1.43 (45)
5.11 (69)
5.68 (82)
1.95 (94)
0.88 (98)
2.78 (99)
O Investment
4.66 (77)
9.48 (63) -13.93 (66)
1.92 (95)
9.13 (50)
12.05 (62) -1.05 (5)
• Index 1.30 (52) 1.30 (52)
5.05 (72)
5.88 (76)
2.10 (87)
1.05 (97)
2.98 (98)
• Index
4.86 (77)
9.61 (62) -13.66 (63)
2.21 (94)
9.71 (40)
12.26 (60) -0.98 (5)
Median 1.34 1.34
5.29
7.07
2.80
2.20
5.21
Median
6.58
10.47 -12.59
5.79
9.12
12.86 -3.36
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment -2.04 (43)
Index -1.91 (33)
Median -2.10
5.30 (33)
5.28 (35)
5.07
0.45 (90)
0.42 (91)
0.85
1.01 (99)
1.12 (93)
2.49
7.51 (52)
7.56 (50)
7.54
-2.80 (62)
-2.69 (55)
-2.64
Page 66
Strategy Review
Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 1.95 8.33
-0.23
100.16
8
101.51
4
Investment 2.78 7.17
0.07
99.53
13
101.55
7
Index 2.10 8.26
-0.21
100.00
8
100.00
4
Index 2.98 7.13
0.09
100.00
13
100.00
7
Risk and Return 3 Years
2.2
1.9
8.2 8.3
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Target -Date Retirement
0.0
Y
� 25.0
m
cdi 50.0
d
IL
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
8.4
3/25
75-95
Count
Risk and Return 5 Years
3.2
3.0
2.8
2.6
7.1
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Target -Date Retirement
0.0
Y
25.0 -
m
c
c� 50.0IL
r
d
E
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
7.2
3/25
75-95
Count
Investment 20 2 (10%) 1 (5%) 3 (15%) 14 (70%) Investment 20 1 (5%) 1 (5%) 1 (5%) 17 (85%)
Index 20 3 (15%) 1 (5%) 3 (15%) 13 (65%) Index 20 2 (10%) 1 (5%) 6 (30%) 11 (55%)
Page 67
Strategy Review
NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index
As of March 31, 2025
Peer Group Analysis - Large Growth ' Peer Group Analysis - Large Growth
32.0 100.0
26.0 80.0
O
20.0 60.0 -
14.0 40.0 - 00
00 O0
8.0 0 20.0-
c c
7 O 3
N d
lY lY 0
2.0 0.0 - •
-4.0 -20.0
-10.0 -40.0 00
-16.0 -60.0
-22.0 -80.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018
O Investment -8.19 (35) -8.19 (35) 5.26 (41) 23.81 (15) 10.38 (10) 9.70 (20) 18.07 (30) O Investment 29.72 (52) 42.99 (31) -31.25 (51) 24.81 (29) 37.38 (45) 33.67 (43) 3.74 (9)
• Index -9.97 (62) -9.97 (62) 7.76 (18) 22.39 (29) 10.10 (13) 11.30 (4) 20.09 (7) • Index 33.36 (28) 42.68 (33) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (20) -1.51 (52)
Median -9.18 -9.18 4.30 21.02 8.07 7.81 16.88 Median 30.00 39.34 -31.16 21.89 36.16 32.89 -1.36
Comparative Performance
1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023
Investment 4.89 (55)
Index 7.07 (22)
Median 5.26
2.23 (69)
3.19 (49)
3.14
6.92 (38)
8.33 (16)
5.99
13.14 (41)
11.41 (64)
12.52
17.98 (5)
14.16 (46)
14.02
-3.40 (40)
-3.13 (32)
-3.68
Page 68
Strategy Review
NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 10.38 21.29
0.38
105.90
8
106.78
4
Investment 18.07 20.97
0.78
99.34
15
106.35
5
Index 10.10 20.19
0.38
100.00
8
100.00
4
Index 20.09 20.13
0.89
100.00
15
100.00
5
Risk and Return 3 Years
10.6
10.0
19.8 20.1
20.4 20.7 21.0
21.3
Risk (Standard Deviation %)
O Investment • Index
3 Years Rolling Percentile Ranking vs. Large Growth
0.0
Y
,
25.0
IL
e
50.0
y
75.0
K
'
100.0
6/20 12/20 6/21
12/21 6/22 12/22 6/23 12/23
6/24
Total Period
5-25 25-Median Median-75
Count Count Count
21.6
3/25
75-95
Count
Risk and Return 5 Years
20.8
20.0
19.2
c
3
18.4
O
17.6
16.8
19.8 20.0 20.2 20.4 20.6 20.8 21.0 21.2 21.4
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Large Growth
0.0
Y
25.0
m
c
c� 50.0 -
a
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
3/25
75-95
Count
Investment 20 5 (25%) 10 (50%) 5 (25%) 0 (0%) Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%)
Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%)
Page 69
Strategy Review
Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market TR Index
As of March 31, 2025
Peer Group Analysis - Large Blend Peer Group Analysis - Large Blend
28.0 44.0 -
24.0 36.0
O•
20.0 28.0- O• O•
16.0 20.0- 00
12.0 12.0-
8.0 0• 00 ��
+� 4.0-
4.0 -4.0- O •
0.0 -12.0
-4.0 00 00 -20.0 O•
-8.0 -28.0
-12.0 -36.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018
O Investment -4.83 (66) -4.83 (66) 7.06 (40) 17.68 (43) 8.10 (52) 8.98 (59) 18.08 (38) O Investment 23.74 (45) 26.01 (31) -19.53 (75) 25.71 (62) 20.99 (20) 30.80 (41) -5.17 (45)
• Index -4.82 (66) -4.82 (66) 7.09 (39) 17.68 (43) 8.11 (52) 9.00 (59) 18.10 (38) • Index 23.77 (44) 25.98 (32) -19.49 (75) 25.72 (62) 20.99 (20) 30.84 (40) -5.17 (45)
Median -4.39 -4.39 6.32 17.26 8.13 9.40 17.66 Median 23.26 24.67 -18.23 26.78 17.64 30.05 -5.50
Comparative Performance
1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023
Investment 2.62 (21)
Index 2.63 (20)
Median 2.06
6.17 (30)
6.18 (29)
5.76
3.25 (51)
3.25 (51)
3.27
10.00 (68)
10.01 (68)
10.47
12.16 (26)
12.14 (27)
11.64
-3.29 (53)
-3.30 (53)
-3.28
Page 70
Strategy Review
Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market TR Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 8.10 17.54
0.30
99.99
8
100.03
4
Investment 18.08 17.25
0.91
99.98
14
100.04
6
Index 8.11 17.53
0.30
100.00
8
100.00
4
Index 18.10 17.25
0.91
100.00
14
100.00
6
Risk and Return 3 Years
8.2
e
y 8.1
8.0
17.5
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Large Blend
0.0
x I
25.0
m
cdi 50.0
d
IL
e
y 75.0
IY
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
17.6
Risk and Return 5 Years
18.1
e
18.0
17.2
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Large Blend
0.0 r
Y J
� 25.0r//J
m
c
c� 50.0 -
d
IL
c
m 75.0 -
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 4 (20%) 8 (40%) 8 (40%) 0 (0%) Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%)
Index 20 4 (20%) 8 (40%) 8 (40%) 0 (0%) Index 20 4 (20%) 16 (80%) 0 (0%) 0 (0%)
17.3
Page 71
Strategy Review
Vanguard Windsor TM II AdmiralTM I Russell 1000 Value Index
As of March 31, 2025
Peer Group Analysis - Large Value Peer Group Analysis - Large Value
26.0 44.0 -
23.0
36.0 -
20.0 ■
28.0 - � 0
17.0 •
� 20.0 -
14.0 •
11.0 12.0 -
7 3
N d
8.0 O
• 4.0 - •
5.0 -
-4.0 -
2.0 - 0 •
-12.0 0
-20.0
-4.0 -
-7.0 -28.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018
O Investment -0.66 (88) -0.66 (88) 4.27 (78) 14.60 (31) 7.46 (39) 8.48 (47) 18.57 (19) O Investment 14.29 (52) 21.07 (5) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (46)
• Index 2.14 (42) 2.14 (42) 7.18 (41) 13.54 (49) 6.64 (57) 7.88 (62) 16.15 (57) • Index 14.37 (51) 11.46 (47) -7.54 (69) 25.16 (62) 2.80 (51) 26.54 (37) -8.27 (42)
Median 1.74 1.74 6.74 13.44 6.93 8.32 16.58 Median 14.39 11.07 -5.52 25.98 2.83 25.60 -8.82
Comparative Performance
1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023
Investment -1.19 (36)
Index -1.98 (56)
Median -1.81
5.15 (95)
9.43 (21)
8.12
1.03 (8)
-2.17 (70)
-1.41
8.89 (48)
8.99 (46)
8.80
11.74 (12)
9.50 (52)
9.54
-2.30 (39)
-3.16 (65)
-2.67
Page 72
Strategy Review
Vanguard WindsorTPA II AdmiralTM I Russell 1000 Value Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 7.46 16.54
0.27
94.50
7
89.05
5
Investment 18.57 16.39
0.97
99.79
13
86.58
7
Index 6.64 16.76
0.22
100.00
7
100.00
5
Index 16.15 16.28
0.85
100.00
13
100.00
7
Risk and Return 3 Years
8.0
7.6
7.2
3
v
6.8
6.4
16.4 16.5
16.6 16.7
16.8 16.9
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking
vs. Large Value
0.0
Y
C
�
m
25.0
-r
,�,
d
50.0 ♦��
♦♦
IL
�,, j
`, ♦��♦♦
y
75.0
K
100.0
6/20 12/20 6/21
12/21 6/22 12/22
6/23 12/23 6/24 3/2
Total Period
5-25 25-Median
Median-75 75-95
Count Count
Count Count
17.0
Risk and Return 5 Years
19.8
18.9
O
18.0
E
3
17.1
16.2
15.3
16.2 16.3 16.4 16.5
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Large Value
0.0
Y
C
25.0 -
m
50.0
IL
E
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Index 20 0 (0%) 5 (25%) 15 (75%) 0 (0%) Index 20 0 (0%) 4 (20%) 16 (80%) 0 (0%)
Page 73
Peer Group Analysis - Mid -Cap Blend
24.0
841101
16.0
12.0
8.0
c
4.0 -
0.0 -
-4.0 -
-12.0 -
Strategy Review
ClearBridge Mid Cap I I Russell Midcap Index
As of March 31, 2025
Peer Group Analysis - Mid -Cap Blend
52.0
44.0
36.0
28.0 O •
20.0
O 00
� 12.0 �
3 O
m
4.0
-4.0
-12.0 0
-20.0
-28.0
-16.0
-36.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024
2023 2022
2021
2020
2019 2018
O Investment -6.56 (79) -6.56 (79)
-2.87 (62)
7.27 (88)
-0.84 (97)
0.48 (96)
12.64 (90)
O Investment
10.15 (82)
13.80 (72) -25.00 (96)
28.91 (12)
16.47 (26)
33.23 (12) -12.61 (75)
• Index -3.40 (22) -3.40 (22)
2.59 (14)
12.04 (25)
4.62 (30)
5.19 (35)
16.28 (42)
• Index
15.34 (30)
17.23 (29) -17.32 (71)
22.58 (67)
17.10 (24)
30.54 (24) -9.06 (25)
Median -4.85 -4.85
-1.37
9.58
3.96
4.33
16.05
Median
13.59
15.95 -14.58
24.18
13.08
27.02 -11.29
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment 2.51 (9)
Index 0.62 (27)
Median 0.00
7.59 (57)
9.21 (22)
7.92
-5.75 (94)
-3.35 (31)
-3.59
5.97 (93)
8.60 (64)
9.34
9.88 (88)
12.82 (22)
11.61
-3.74 (30)
-4.68 (69)
-4.30
Page 74
Strategy Review
ClearBridge Mid Cap I I Russell Midcap Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment -0.84 19.83
-0.15
91.94
7
110.38
5
Investment 12.64 19.22
0.58
96.20
14
109.23
6
Index 4.62 19.83
0.12
100.00
7
100.00
5
Index 16.28 19.03
0.76
100.00
13
100.00
7
Risk and Return 3 Years
6.0
4.0
3
2.0
v
0.0
2.0
19.8 19.9
Risk (Standard Deviation %)
O Investment • Index
3 Years Rolling Percentile Ranking vs. Mid -Cap Blend
0.0
Y
C
25.0
m
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
20.0
Risk and Return 5 Years
18.0
16.0
12.0
18.9 19.0 19.1 19.2
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Mid -Cap Blend
0.0
C t
N�������� +�
10 25.0
m �
chi 50.0
d
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
19.3
Investment 20 5 (25%) 4 (20%) 0 (0%) 11 (55%) Investment 20 0 (0%) 5 (25%) 10 (50%) 5 (25%)
Index 20 7 (35%) 2 (10%) 11 (55%) 0 (0%) Index 20 8 (40%) 12 (60%) 0 (0%) 0 (0%)
Page 75
Peer Group Analysis - Mid -Cap Blend
24.0
20.0
16.0
12.0
8.0
E O•
4.0
0.0 -
-4.0 -
-8.0 -
-12.0 -
O•
-16.0
-
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment -1.58 (9) -1.58 (9)
5.14 (8)
12.53 (20)
4.51 (34)
5.57 (32)
16.21 (46)
• Index -1.57 (8) -1.57 (8)
5.19 (7)
12.55 (19)
4.53 (33)
5.59 (31)
16.23 (44)
Median -4.85 -4.85
-1.37
9.58
3.96
4.33
16.05
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Strategy Review
Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap TR Index
As of March 31, 2025
Peer Group Analysis - Mid -Cap Blend
52.0
44.0
36.0
O•
28.0
O•
20.0
00
O•
O•
12.0
3
m
4.0
-4.0
O•
-12.0
00
-20.0
-28.0
-36.0
2024
2023 2022
2021
2020
2019 2018
O Investment
15.22 (32)
15.98 (50) -18.71 (80)
24.51 (43)
18.24 (20)
31.03 (21) -9.23 (28)
• Index
15.25 (32)
15.98 (50) -18.68 (79)
24.52 (43)
18.24 (20)
31.09 (19) -9.22 (28)
Median
13.59
15.95 -14.58
24.18
13.08
27.02 -11.29
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment 0.44 (32) 9.36 (19) -2.75 (23) 7.86 (79) 12.27 (35) -5.07 (81)
Index 0.46 (30) 9.37 (18) -2.74 (22) 7.85 (79) 12.27 (35) -5.06 (81)
Median 0.00 7.92 -3.59 9.34 11.61 -4.30
Page 76
Strategy Review
Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap TR Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 4.51 19.27
0.11
99.96
7
100.02
5
Investment 16.21 18.68
0.76
99.96
14
100.04
6
Index 4.53 19.27
0.11
100.00
7
100.00
5
Index 16.23 18.68
0.76
100.00
14
100.00
6
Risk and Return 3 Years
4.6
e
4.5
19.2
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Mid -Cap Blend
0.0
Y
C
25.0
m
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
19.3
Risk and Return 5 Years
16.3
e
16.2
18.5 18.6 18.7
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Mid -Cap Blend
0.0
Y
C
25.0 -
m
c
c� 50.0 -
d
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 8 (40%) 3 (15%) 8 (40%) 1 (5%) Investment 20 10 (50%) 8 (40%) 2 (10%) 0 (0%)
Index 20 8 (40%) 3 (15%) 8 (40%) 1 (5%) Index 20 11 (55%) 7 (35%) 2 (10%) 0 (0%)
Page 77
Strategy Review
MassMutual Small Cap Opps I I Russell 2000 Index
As of March 31, 2025
Peer Group Analysis - Small Blend
Peer Group Analysis - Small Blend
24.0
44.0
20.0
36.0
16.0
28.0 -
00
12.0
20.0-
O
O
O
O
8.0
12.0-
c
L
•
c
L
3 4.0
O
4.0 -
0.0
O
-4.0 -
00
-4.0
-12.0
O O
O
-8.0
-20.0
-12.0
-28.0
-16.0
-36.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
2024 2023 2022
2021
2020
2019 2018
O Investment -5.93 (16) -5.93 (16)
-0.55 (17)
10.02 (15)
3.92 (19)
3.42 (20)
17.63 (14)
O Investment 12.96 (27) 18.11 (27) -15.77 (33)
22.42 (52)
20.39 (14)
26.31 (28) -10.50 (31)
• Index -9.48 (76) -9.48 (76)
-4.01 (56)
7.20 (48)
0.52 (66)
-1.09 (86)
13.27 (74)
• Index 11.54 (41) 16.93 (42) -20.44 (82)
14.82 (86)
19.96 (17)
25.53 (38) -11.01 (38)
Median -8.42 -8.42
-3.61
7.01
1.60
1.39
14.75
Median 10.98 16.35 -16.84
22.61
12.97
24.67 -11.97
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Mar-2024
Dec-2023
Sep-2023
Investment 0.01 (50)
Index 0.33 (36)
Median 0.00
9.73 (22)
9.27 (34)
8.82
-3.67 (64)
-3.28 (46)
-3.35
6.85 (38)
5.18 (61)
5.82
13.19 (44)
14.03 (21)
12.93
-4.63 (51)
-5.13 (72)
-4.62
Page 78
Strategy Review
MassMutual Small Cap Opps I I Russell 2000 Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.92 21.76
0.09
98.40
7
89.09
5
Investment 17.63 21.10
0.75
100.81
13
86.66
7
Index 0.52 23.21
-0.04
100.00
7
100.00
5
Index 13.27 22.25
0.56
100.00
13
100.00
7
Risk and Return 3 Years
6.0
4.5
O
3.0
E
3
1.5
Ah
0.0
-1.5
21.3 21.6 21.9 22.2 22.5 22.8 23.1 23.4 23.7
Risk (Standard Deviation %)
OInvestment • Index
3 Years Rolling Percentile Ranking vs. Small Blend
0.0
Y
25.0 __��MM�`♦
m
50.0IL
♦♦♦♦
d
75.0
�,r,,, ,♦♦ I �-•
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
20.0
18.0
E 16.0
3
14.0
12.0
20.7 21.0 21.3 21.6 21.9 22.2 22.5
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Small Blend
0.0
10 25.0
K
m ♦♦
50.0
L
E
m 75.0 �'���`y���►�,r��� ���
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Index 20 4 (20%) 3 (15%) 6 (30%) 7 (35%) Index 20 5 (25%) 3 (15%) 12 (60%) 0 (0%)
22.8
Page 79
Strategy Review
Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap TR Index
As of March 31, 2025
Peer Group Analysis - Small Blend Peer Group Analysis - Small Blend
24.0 44.0
20.0 36.0
16.0 28.0 - O
12.0 20.0- 0 •
O•
8.0 12.0 -
c c
' 4.0 w 4.0 -
O• 00
0.0 -4.0 -
O•
O•
-4.0 -12.0
O• O• O•
-8.0 -20.0
-12.0 -28.0
-16.0 -36.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018
O Investment -7.37 (36) -7.37 (36) -1.58 (28) 9.80 (18) 3.01 (32) 2.43 (36) 15.62 (36) O Investment 14.23 (19) 18.20 (26) -17.61 (57) 17.73 (78) 19.11 (26) 27.37 (21) -9.31 (22)
• Index -7.37 (36) -7.37 (36) -1.59 (28) 9.76 (18) 2.96 (33) 2.39 (37) 15.58 (37) • Index 14.22 (20) 18.09 (27) -17.64 (58) 17.71 (78) 19.07 (27) 27.35 (21) -9.33 (22)
Median -8.42 -8.42 -3.61 7.01 1.60 1.39 14.75 Median 10.98 16.35 -16.84 22.61 12.97 24.67 -11.97
Comparative Performance
1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023
Investment 1.66 (15)
Index 1.66 (15)
Median 0.00
9.02 (44)
9.02 (44)
8.82
-4.14 (76)
-4.15 (77)
-3.35
7.52 (26)
7.51 (26)
5.82
13.41 (38)
13.41 (38)
12.93
-4.61 (50)
-4.64 (51)
-4.62
Page 80
Strategy Review
Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap TR Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.01 21.76
0.05
100.03
7
99.87
5
Investment 15.62 20.74
0.68
100.03
13
99.89
7
Index 2.96 21.77
0.05
100.00
7
100.00
5
Index 15.58 20.75
0.68
100.00
13
100.00
7
Risk and Return 3 Years Risk and Return 5 Years
3.1 15.7
O e p
3.0 E 15.6
3 3
Gl Gl
C C
2.9 15.5
21.7 21.8 20.7 20.8
Risk (Standard Deviation %) Risk (Standard Deviation %)
O Investment is Index O Investment • Index
3 Years Rolling Percentile Ranking vs. Small Blend 5 Years Rolling Percentile Ranking vs. Small Blend
0.0 0.0
Y Y
C C
25.0 25.0 -
m m
c c
coi 50.0 chi 50.0 L -
d
a a
e c
y 75.0 m 75.0
K a'
100.0 100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95 Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count Count Count Count Count
Investment 20 6 (30%) 8 (40%) 6 (30%) 0 (0%) Investment 20 12 (60%) 8 (40%) 0 (0%) 0 (0%)
Index 20 6 (30%) 8 (40%) 6 (30%) 0 (0%) Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)
Page 81
Strategy Review
Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid
As of March 31, 2025
Peer Group Analysis - Foreign Large Blend
18.0
16.0 -
14.0 - ■
12.0 -
10.0 -
c
L
8.0 -
lY
6.0
4.0 - O
O•
2.0 -
0.0
-2.0 -
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR
O Investment 5.51 (78) 5.51 (78) 6.37 (39) 9.61 (51) 4.65 (71) 2.98 (69) 11.44 (56)
• Index 4.55 (91) 4.55 (91) 5.73 (52) 9.56 (52) 4.21 (79) 2.96 (69) 11.30 (60)
Median 6.82 6.82 5.81 9.64 5.55 3.76 11.59
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024
Investment -7.42 (44)
Index -7.49 (48)
Median -7.54
8.03 (29)
8.39 (19)
7.13
0.80 (34)
0.86 (32)
0.04
Peer Group Analysis - Foreign Large Blend
36.0
28.0
20.0 -
12.0 -
4.0
=K1=
-12.0 -
-20.0
-28.0
O•
M
O•
O•
M
O•
O•
O•
-36.0
2024
2023 2022
2021
2020
2019 2018
O Investment
5.14 (39)
15.52 (65) -16.01 (53)
8.62 (69)
11.28 (38)
21.51 (61) -14.43 (44)
• Index
5.53 (33)
15.79 (58) -16.10 (55)
8.84 (66)
11.24 (38)
21.80 (54) -14.61 (47)
Median
4.29
16.36 -15.82
10.41
9.35
22.05 -14.89
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
4.30 (77)
4.34 (75)
5.30
9.97 (53)
9.77 (59)
10.03
-4.02 (28)
-3.33 (16)
-4.74
Page 82
Strategy Review
Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 4.65 16.55
0.11
107.53
8
106.89
4
Investment 11.44 15.65
0.61
103.44
14
104.88
6
Index 4.21 15.82
0.08
100.00
8
100.00
4
Index 11.30 15.27
0.61
100.00
14
100.00
6
Risk and Return 3 Years
4.8
N
4.6
3
4.4
v
4.2
4.0 '
15.4 15.6 15.8 16.0 16.2 16.4 16.6 16.8
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Foreign Large Blend
0.0
Y -r
C
'0 25.0
� w
50.0
IL
`
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
11.5 1
X
11.4
11.2
15.2 15.3 15.4 15.5 15.6 15.7 15.8
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Foreign Large Blend
0.0
Y
25.0 .�
;
c ,
50.0
IL
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 0 (0%) 9 (45%) 11 (55%) 0 (0%) Investment 20 1 (5%) 9 (45%) 10 (50%) 0 (0%)
Index 20 0 (0%) 10 (50%) 9 (45%) 1 (5%) Index 20 2 (10%) 11 (55%) 7 (35%) 0 (0%)
Page 83
Strategy Review
American Funds Europacific Growth R6 1 MSCI AC World ex USA (Net)
As of March 31, 2025
Peer Group Analysis - Foreign Large Blend Peer Group Analysis - Foreign Large Blend
18.0 36.0
16.0 -
28.0
14.0 -
12.0 -
10.0 -
c 8.0 -
3
d
lY
6.0 -
4.0 -
0
•
2.0 -
O
0.0
p
-2.0
-4.0
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment
2.62 (98) 2.62 (98)
0.34 (97)
6.71 (91)
3.28 (90)
-0.04 (96)
9.93 (82)
• Index
5.23 (82) 5.23 (82)
6.09 (45)
9.61 (51)
4.48 (74)
2.96 (69)
10.92 (68)
Median
6.82 6.82
5.81
9.64
5.55
3.76
11.59
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Investment -7.03 (28)
Index -7.60 (53)
Median -7.54
5.41 (84)
8.06 (27)
7.13
-0.23 (63)
0.96 (28)
0.04
20.0 -
12.0 -
4.0
S912
-12.0 -
-20.0
-28.0
00
M
■i
00
-36.0
2024
2023 2022
2021
2020
2019 2018
O Investment
5.04 (41)
16.05 (54) -22.72 (96)
2.84 (95)
25.27 (2)
27.40 (10) -14.91 (51)
• Index
5.53 (33)
15.62 (61) -16.00 (53)
7.82 (74)
10.65 (43)
21.51 (61) -14.20 (40)
Median
4.29
16.36 -15.82
10.41
9.35
22.05 -14.89
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
7.44 (13)
4.69 (66)
5.30
10.37 (42)
9.75 (60)
10.03
-6.33 (86)
-3.77 (21)
-4.74
Page 84
Strategy Review
American Funds Europacific Growth R6 1 MSCI AC World ex USA (Net)
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 3.28 17.17
0.03
106.98
7
113.95
5
Investment 9.93 17.08
0.49
107.03
11
116.04
9
Index 4.48 15.96
0.10
100.00
8
100.00
4
Index 10.92 15.27
0.59
100.00
14
100.00
6
Risk and Return 3 Years
5.0
4.5
4.0
3
v
3.5
3.0
15.6 15.9 16.2 16.5 16.8 17.1
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Foreign Large Blend
0.0
I
25.0
m
50.0
d
IL
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
11.2
10.8
c
3 10.4
v
10.0
17.4 14.8 15.2 15.6 16.0 16.4 16.8 17.2 17.6
Risk (Standard Deviation %)
OInvestment • Index
5 Years Rolling Percentile Ranking vs. Foreign Large Blend
0.0
25.0 I0��
K
I **. II�����♦
u50.0IL
d
3 75.0
m
a
100.0
25 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 7 (35%) 3 (15%) 2 (10%) 8 (40%) Investment 20 10 (50%) 6 (30%) 3 (15%) 1 (5%)
Index 20 0 (0%) 9 (45%) 11 (55%) 0 (0%) Index 20 1 (5%) 8 (40%) 11 (55%) 0 (0%)
Page 85
Strategy Review
Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index
As of March 31, 2025
Peer Group Analysis - Real Estate Peer Group Analysis - Real Estate
17.0 65.0
14.0
11.0 M
Q Q
8.0
5.0 -
E
3 Q
m
tr
2.0 -
Q
-4.0 -
-7.0
-10.0
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR
O Investment 2.66 (28) 2.66 (28) 9.00 (51) 8.77 (51) -1.86 (49) 3.51 (66) 9.41 (58)
• Index 1.07 (62) 1.07 (62) 10.26 (31) 10.32 (12) -0.55 (13) 5.56 (8) 11.32 (12)
Median 1.63 1.63 9.03 8.77 -1.89 4.09 9.59
Comparative Performance
1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024
Investment -7.64 (69)
Index -6.12 (31)
Median -6.97
17.19 (13)
16.12 (43)
15.92
-1.90 (84)
0.08 (31)
-0.75
.1 1
35.0
20.0
Q�
E �
5.0 Q
tr
-10.0
-25.0
-40.0
00
Q •
Q •
-55.0
2024
2023 2022
2021
2020
2019 2018
O Investment
4.92 (72)
11.81 (57) -26.20 (48)
40.40 (65)
-4.65 (48)
28.94 (36) -5.95 (53)
• Index
8.75 (19)
13.74 (18) -24.51 (9)
43.06 (31)
-7.57 (78)
25.84 (70) -4.57 (28)
Median
6.02
12.07 -26.29
41.44
-4.84
27.78 -5.85
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
-1.18 (58)
-0.32 (20)
-1.05
18.13 (12)
16.00 (62)
16.40
-8.53 (76)
-7.02 (30)
-7.80
Page 86
Strategy Review
Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment -1.86 20.78
-0.19
99.06
6
103.03
6
Investment 9.41 19.49
0.43
98.74
13
105.35
7
Index -0.55 20.22
-0.13
100.00
7
100.00
5
Index 11.32 18.99
0.53
100.00
14
100.00
6
Risk and Return 3 Years
0.5
0.0
-0.5 Ah
IRV
3
-1.0
v
-1.5
-2.0 •
-2.5
20.0 20.2 20.4 20.6 20.8
Risk (Standard Deviation %)
OInvestment • Index
3 Years Rolling Percentile Ranking vs. Real Estate
0.0
Y
C
25.0 -
m
cdi 50.0
d
IL
e
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
21.0
Risk and Return 5 Years
11.9
ISM
� 10.5
v
9.8
9.1
18.9 19.0 19.1 19.2 19.3 19.4 19.5
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Real Estate
0.0
Y
C
25.0
m
c
c� 50.0
d
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/2
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 0 (0%) 7 (35%) 12 (60%) 1 (5%) Investment 20 0 (0%) 6 (30%) 14 (70%) 0 (0%)
Index 20 9 (45%) 1 (5%) 9 (45%) 1 (5%) Index 20 2 (10%) 5 (25%) 13 (65%) 0 (0%)
19.6
Page 87
Peer Group Analysis - Intermediate Core Bond
8.0 r
6.0 -
4.0 -
c
` 6 00
2.0 -
lY
0.0
-2.0
Q•
Q•
-4.0
-
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment 2.77 (37) 2.77 (37)
4.87 (53)
3.25 (54)
0.52 (41)
-0.65 (38)
-0.41 (73)
• Index 2.78 (33) 2.78 (33)
4.88 (52)
3.28 (51)
0.52 (42)
-0.67 (39)
-0.40 (71)
Median 2.72 2.72
4.89
3.29
0.44
-0.75
0.03
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Strategy Review
Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index
As of March 31, 2025
Peer Group Analysis - Intermediate Core Bond
16.0
-
12.0 -
Q 0
8.0 -
00
00
4.0 -
0.0 -
00
Q•
d
-4.0 -
-8.0 -
-12.0 -
Q•
-16.0
-20.0
2024
2023 2022
2021
2020
2019 2018
O Investment
1.24 (67)
5.70 (44) -13.16 (35)
-1.67 (56)
7.72 (54)
8.71 (38) -0.03 (27)
• Index
1.25 (66)
5.53 (56) -13.01 (27)
-1.55 (49)
7.51 (60)
8.72 (38) 0.01 (24)
Median
1.48
5.58 -13.41
-1.57
7.83
8.49 -0.43
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment -3.04 (47) 5.06 (63) 0.18 (50) -0.79 (74) 6.69 (51) -3.09 (40)
Index -3.06 (50) 5.20 (37) 0.07 (78) -0.78 (72) 6.82 (35) -3.23 (61)
Median -3.07 5.13 0.17 -0.63 6.69 -3.16
Page 88
Strategy Review
Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 0.52 7.48
-0.46
98.99
6
98.91
6
Investment -0.41 6.32
-0.44
100.63
11
100.82
9
Index 0.52 7.56
-0.45
100.00
6
100.00
6
Index -0.40 6.33
-0.44
100.00
12
100.00
8
Risk and Return 3 Years
0.6
e
G1
C
X
0.5
7.4 7.5 7.6
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0
x I
C
25.0
chi 50.0
IL Imo,
e
I
y 75.0
IY
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
-0.2
-0.3
3 -0.4
G1
C
0.5
6.3 6.4
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0
Y
C
25.0
m
a
c I�
chi 50.0 `
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 20 1 (5%) 11 (55%) 7 (35%) 1 (5%) Investment 20 1 (5%) 12 (60%) 7 (35%) 0 (0%)
Index 20 1 (5%) 11 (55%) 8 (40%) 0 (0%) Index 20 0 (0%) 11 (55%) 9 (45%) 0 (0%)
Page 89
Peer Group Analysis - Intermediate Core Bond
8.0 r
6.0 -
4.0 -
c
2.0 -
lY
0.0
-2.0
0
-4.0
-
QTR YTD
1 YR
2 YR
3 YR
4 YR
5 YR
O Investment 2.91 (15) 2.91 (15)
5.65 (10)
4.90 (4)
2.23 (3)
0.73 (2)
2.04 (2)
• Index 2.78 (33) 2.78 (33)
4.88 (52)
3.28 (51)
0.52 (42)
-0.67 (39)
-0.40 (71)
Median 2.72 2.72
4.89
3.29
0.44
-0.75
0.03
Comparative Performance
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Dec-2024
Sep-2024
Jun-2024
Strategy Review
Dodge & Cox Income X I Blmbg. U.S. Aggregate Index
As of March 31, 2025
Peer Group Analysis - Intermediate Core Bond
16.0
-
12.0 -
8.0 -
O
4.0 -
LP
0.0 -
00
E
3
O
•
d
-4.0 -
-8.0 -
-12.0 -
-16.0
-20.0
2024
2023 2022
2021
2020
2019 2018
O Investment
2.34 (13)
7.76 (1) -10.77 (8)
-0.91 (20)
9.45 (15)
9.73 (8) -0.31 (42)
• Index
1.25 (66)
5.53 (56) -13.01 (27)
-1.55 (49)
7.51 (60)
8.72 (38) 0.01 (24)
Median
1.48
5.58 -13.41
-1.57
7.83
8.49 -0.43
1 Qtr
1 Qtr
1 Qtr
Ending
Ending
Ending
Mar-2024
Dec-2023
Sep-2023
Investment -3.30 (86) 5.61 (7) 0.52 (7) -0.31 (18) 7.33 (8) -2.67 (12)
Index -3.06 (50) 5.20 (37) 0.07 (78) -0.78 (72) 6.82 (35) -3.23 (61)
Median -3.07 5.13 0.17 -0.63 6.69 -3.16
Performance of this share class is extended past the share class' inception date, to that of the first share class of the fund
Page 90
Strategy Review
Dodge & Cox Income X I Blmbg. U.S. Aggregate Index
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 2.23 7.73
-0.22
107.47
7
91.82
5
Investment 2.04 6.56
-0.05
116.02
12
87.77
8
Index 0.52 7.56
-0.45
100.00
6
100.00
6
Index -0.40 6.33
-0.44
100.00
12
100.00
8
Risk and Return 3 Years
3.0
2.4
1.8
c
3
G
� 1.2
0.6
0.0
7.5 7.6 7.7 7.8
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0
Y I
25.0
10
50.0
IL
E I�
y 75.0
K
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Risk and Return 5 Years
3.0
2.0
E 1.0
3
C
0.0
-1.0
6.2 6.3 6.4 6.5 6.6 6.7
Risk (Standard Deviation %)
O Investment • Index
5 Years Rolling Percentile Ranking vs. Intermediate Core Bond
0.0
25.0
50.0
00
E
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 3/25
Total Period 5-25 25-Median Median-75 75-95
Count Count Count Count
Investment 0 0 0 0 0 Investment 0 0 0 0 0
Index 20 1 (5%) 11 (55%) 8 (40%) 0 (0%) Index 20 0 (0%) 11 (55%) 9 (45%) 0 (0%)
Performance of this share class is extended past the share class' inception date, to that of the first share class of the fund
Page 91
Strategy Review
Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill
As of March 31, 2025
Peer Group Analysis - Money Market -Taxable Peer Group Analysis - Money Market -Taxable
6.4 6.4
5.7 5.6 -
5.0 4.8 -
4.3 • 4.0 -
3.6 3.2 -
•
c c
' 2.9 2.4 -
• p O •
2.2 1.6 • O O
1.5 O O • 0.8 O
•
0.8 0.0 •
O O
0.1 -0.8
-0.6 -1.6
QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018
O Investment 0.48 (100) 0.48 (100) 1.87 (100) 1.88 (100) 1.64 (100) 1.39 (100) 1.35 (100) O Investment 1.87 (100) 1.84 (100) 0.89 (97) 0.72 (1) 1.37 (1) 1.92 (41) 1.46 (53)
• Index 1.10 (1) 1.10 (1) 5.17 (1) 5.34 (1) 4.42 (1) 3.31 (1) 2.69 (1) • Index 5.45 (1) 5.26 (1) 1.50 (20) 0.05 (6) 0.58 (1) 2.25 (2) 1.86 (2)
Median 1.00 1.00 4.74 4.90 4.06 3.02 2.42 Median 5.00 4.82 1.36 0.01 0.28 1.83 1.47
Comparative Performance
1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr
Ending Ending Ending Ending Ending Ending
Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023
Investment 0.48 (100)
Index 1.23 (1)
Median 1.13
0.49 (100)
1.37 (1)
1.26
0.40 (100)
1.37 (1)
1.27
0.48 (100)
1.37 (1)
1.26
0.40 (100)
1.41 (1)
1.29
0.49 (100)
1.38 (1)
1.26
Page 92
Strategy Review
Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill
As of March 31, 2025
Historical Statistics 3 Years
Historical Statistics 5 Years
Standard
Sharpe
Up
Up
Down
Down
Standard
Sharpe
Up
Up
Down
Down
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Return Deviation
Ratio
Market
Quarters
Market
Quarters
Capture
Capture
Capture
Capture
Investment 1.64 0.16
-6.54
37.52
12
N/A
N/A
Investment 1.35 0.19
-2.10
50.40
20
N/A
N/A
Index 4.42 0.45
1.63
100.00
12
N/A
N/A
Index 2.69 0.69
1.30
100.00
20
N/A
N/A
Risk and Return 3 Years
5.0
4.0
3.0
3
G1
C
2.0
1.0
0.1 0.2 0.3 0.4 0.5
Risk (Standard Deviation %)
O Investment is Index
3 Years Rolling Percentile Ranking vs. Money Market -Taxable
x I
C
25.0
m
cdi 50.0
d
IL
e
y 75.0
IY
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
0.6
3/25
75-95
Count
Risk and Return 5 Years
3.0
2.5
2.0
3
G1
C
1.5
1.0
0.1 0.2 0.3 0.4 0.5 0.6 0.7
Risk (Standard Deviation %)
O Investment is Index
5 Years Rolling Percentile Ranking vs. Money Market -Taxable
0.0-----------------------
Y
C
25.0
m
c
c� 50.0
N
IL
c
m 75.0
a
100.0
6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24
Total Period 5-25 25-Median Median-75
Count Count Count
0.8
3/25
75-95
Count
Investment 20 12 (60%) 0 (0%) 0 (0%) 8 (40%) Investment 20 12 (60%) 0 (0%) 1 (5%) 7 (35%)
Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
Page 93
Report Statistics
Definitions and Descriptions
Active Return - Arithmetic difference between the manager's performance and the designated benchmark return over a specified time period.
Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's
non -systemic return, or its historical performance not explained by movements of the market.
Beta A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk.
Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the
product's performance.
Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple
shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against.
Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance
Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative
quarterly set of returns. A higher factor is indicative of a riskier product.
Excess Return - Arithmetic difference between the manager's performance and the risk -free return over a specified time period.
Excess Risk A measure of the standard deviation of a portfolio's performance relative to the risk free return.
Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the
Information Ratio, the more the manager has added value to the portfolio.
Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index.
R-Squared
- The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has
historically moved in the same direction as the appropriate benchmark.
Return
- Compounded rate of return for the period.
Sharpe Ratio
Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A
higher value demonstrates better historical risk -adjusted performance.
Standard Deviation
- A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period.
Total Value to Paid In (TVPI)
- The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund
to date. It is a good measure of performance before the end of a fund's life
Tracking Error
- This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark.
Treynor Ratio
- Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free
rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk -adjusted performance.
Up Market Capture
- The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.
Page 94
Disclosures
Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment
advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and
recommendations to the client. Mariner Institutional uses time -weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information
that is received from custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner
Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a
practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated.
This performance report is based on data obtained by the client's custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data
providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various
asset positions.
The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant or guarantee its accuracy or completeness. Past performance is not an indication of
future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities or any investment advisory services.
Please note that Neuberger Berman (NB) owns a non -controlling minority stake in Mariner. Certain NB strategies may hold an allocation to the investment in Mariner. For specific impacted strategies,
please reach out to your investment consultant or Mariner Institutional at institutionalcompliance@mariner.com
Additional information included in this document may contain data provided by index databases, public economic sources, and the managers themselves.
This document may contain data provided by Bloomberg.
This document may contain data provided by Standard and Poor's. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P
Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided
within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results.
This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or disseminated
in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an "as is" basis and the user of this information assumes the entire risk of any use it
may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied
warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including,
without limitation, all warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the
foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive,
consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related
thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment
Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof.
This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is
proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not
guarantee of future results.
*IMPORTANT DISCLOSURE INFORMATION RE COALITION GREENWICH BEST INVESTMENT CONSULTANT AWARD (formerly known as the Greenwich Quality Leader Award):
The awards are not indicative of any future performance. The awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client
will experience a certain level of results or satisfaction, nor should it be construed as a current or past endorsement by any of our clients. No fee was paid to participate in this award survey.
The 2024-25 award was issued in February 2025, based on data from February to September of 2024. The 2023 award was issued in April 2024, based on data from Feb to November of 2023. The 2022 award was
issued in April 2023, based on data from Feb to November of 2022. The 2021 award was issued in April of 2022, based on data from July to October 2021. Data was collected via interviews conducted by Coalition
Greenwich. The 2024 and 2023 awards were issued to Mariner Institutional (formerly AndCo Consulting). The 2021 and 2022 awards were issued to AndCo, prior to becoming Mariner Institutional. The methodology:
For the 2024-25 Coalition Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting — Midsize Consultants — Between February and September 2024, Crisil Coalition Greenwich conducted
interviews with 699 individuals from 563 of the largest tax-exempt funds in the United States. For the 2023 Greenwich Best Investment Consultant Award for Overall U.S. Investment Consulting — Midsize Consultants
— Between February and November 2023, Coalition Greenwich conducted interviews with 708 individuals from 575 of the largest tax-exempt funds in the United States. For the 2022 Greenwich Best Investment
Consultant Award for Overall U.S. Investment Consulting — Midsize Consultants — Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-
exempt funds in the United States. For the 2021 Greenwich Best Investment Consultant Award — Overall U.S. Investment Consulting — Midsize Consultants — Between July and October 2021, Coalition Greenwich
conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate, public, union, and endowment and foundation funds
with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers,
including qualitative assessments of those firms soliciting their business and detailed information on important market trends.
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MARINER
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