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HomeMy WebLinkAbout2025-06-30 St Lucie County 457(b) Plans (Performance Report)St. Lucie County F—I lnve,(s)tME.hnt Performance Revie Period Ending June 30, 2025 2EE Lem r .I -TI I'llk MARINER ONE YEAR LATER Mariner Institutional Mariner Institutional (formerly AndCo Consulting) once again received the Coalition ■ ■■ Coalition Greenwich Best Greenwich Investment Consultant Award for ON■■ i Awards 2024-25. They also received the Best Investmennt t ■■■■ Con2021 award for 2023, 2022, and 2021. This 2022 2023 2024-25 award recognizes quality leaders in institutional investment consulting services. The rankings are based on interviews with individuals from hundreds of the largest tax-exempt funds in the United States.* A year ago, when AndCo joined Mariner to form Mariner Institutional, we committed to continue providing a high level of service while expanding corporate support to provide additional solutions for our clients. In the past year, we've attained: • A client retention rate of 99% through March 2025* • An employee retention rate of 99% through March 2025 • Expanded resources via multiple support teams, including finance, accounting, research, compliance, technology and marketing *retention rate reflective of acquisition date through March 2025 Page 1 MARINER INSTITUTIONAL Core Services Mariner's Institutional core services can be implemented within a non -discretionary or discretionary framework, depending on client needs and preferences. These services are designed to provide leadership guidance, strategy, and oversight to any institutional pool of assets. Traditional Plan Services • Investment Policy Development • Asset Allocation and Liability Modeling Analysis • Manager Research and Selection • Service Provider Search and Selection • Performance Measurement and Reporting • Client -Specific Research • Investment and Governance Education • Economic Commentary and Overview • Trustee Education FOR INVESTMENT PROFESSIONAL AND PLAN SPONSOR USE ONLY. Defined Contribution Plan Services • Investment Policy Development • Fund Lineup Selection • Performance Measurement and Reporting • Fee Benchmarking • Recordkeeper Search and Review • Regulatory and Governance Education • Fiduciary Resource for Strategic Decision -Making • Financial Wellness • Participant Education Page 2 For Individuals • Wealth Planning and Strategy • Estate Planning • Investment Management • Insurance Solutions • Investment Banking • Tax Planning and Prep For Businesses • Mariner Financial Wellness • Specialty Tax • Executive Financial Planning • Trust Services 0 2nd Quarter 2025 Market Environment Page 4 The Economy The US Federal Reserve (the Fed) held policy rates steady at a range of 4.25%- 4.50% during the quarter. The press release from the June Federal Open Market Committee (FOMC) indicated new risks present in the economy since their press release in March. While the FOMC maintains that economic data appears healthy, there has been an increased emphasis on the US trade balance and its effects on the committee's dual mandate of maximum employment and stable prices. The committee mentioned that while uncertainty regarding the economic outlook has diminished, it remains elevated. The committee's deletion of the phrase "[The unemployment rate] has stabilized at a low level..." shows possible concern for the labor market for the remainder of the year. Growth in the US labor market continued during the second quarter. US non -farm payrolls grew by 147,000 in June, in line with the previous month's revised total of 139,000, and well above the 110,000 projected for the month. Unemployment fell slightly from 4.2% to 4.1 %. With labor market statistics as a key input into the FOMC's target policy rate decision, persistent strength in private sector employment has contributed to a reduction in the pace and magnitude of policy rate decreases so far during the year. Equity (Domestic and International) Domestic equity results were broadly higher for the quarter and the dominance of growth stocks resumed. Large capitalization (cap) stocks outperformed small cap stocks for the quarter. Other pockets of the domestic equity market also exuded strength with the Russell MidCap Growth Index returning a strong 18.2% for the quarter. Large -cap equity benchmarks continue to represent a heavy concentration among a limited number of stocks. As of quarter -end, the top 10 stocks in the S&P 500 Index comprised more than 35% of the index. All international stock indexes advanced during the quarter and their domestic performance was boosted further by the impact of a declining US dollar (USD). 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 June 30, 2025 Fixed Income Fixed -income markets gained during the quarter, driven primarily by their coupons and a relatively stable yield curve. Shorter term Treasury yields remained stable due to the FOMC leaving rates unchanged during their May and June meetings. While not directly impacted by the FOMC's actions, longer term yields also finished largely in line with where they began the quarter after a short-lived "risk - off' trade unwound as the current White House Administration's stance on tariffs softened during the quarter. The yield on the bellwether 10-year Treasury rose by just 0.01 % during the quarter, closing June at a yield of 4.24%. The US High Yield Index was the best -performing US fixed -income index for the quarter, posting a solid 3.5% return. The index received a boost from a narrowing high yield option adjusted spread (OAS), which declined 0.59% during the quarter, as well as receiving a boost from their higher coupon rates. While the spread narrowed for the quarter, the high yield OAS actually widened from 3.55% to a peak of 4.61 % during a relatively short time frame in early April, before narrowing as the quarter's early tension and uncertainty eased. ■ Global bonds outpaced domestic bonds due to the continued weakening of the US dollar (USD). The Bloomberg Global Aggregate ex -US climbed 7.3% in USD terms, while the Bloomberg US Aggregate index rose just 1.2%. Market Themes Weakness in the USD during the quarter led to relative strength in international equity and fixed income markets as many major non -US currencies appreciated. Volatility in the financial markets increased early in the quarter amid uncertainty about US economic growth and US tariff policies. Ultimately these concerns subsided as the quarter drew on while the potential impact of US tariffs and foreign retaliation receded. The economic and geopolitical situation continues to evolve and the associated uncertainty will likely continue to weigh on global economic growth and capital markets. Tensions in the Middle East drew the ire of market participants, mainly in the energy sector, as the Israel/Iran conflict escalated further. Tensions seemed to subside by early July, but events in the region can change quickly. Page 5 ■ The volatility that characterized the performance of many broad domestic equity benchmarks during the first quarter subsided, leading to double-digit S&P 500 results for the broad- and large -cap indexes. While mid- and small -cap Russell3000 equities lagged larger domestic indexes, the Russell MidCap Index and the Russell 1000 Russell 2000 Index both posted solid returns of 8.5% for the quarter. Russell MidCap ■ International equity markets continued to surge in USD terms as the USD Russell 2000 weakened relative to major world currencies. Both the developed market and emerging market benchmarks returned more than 10% for the quarter. MSCI ACwxus MSCIEAFE ■ US investment -grade fixed income results were positive but muted with no MSCI Emerg Mkts major index posting a return of more than 2% during the quarter. The corporate bond index led the way with a return of 1.8% for the quarter, while Bloomberg US Agg the TIPS index gained a smaller 0.5%. The muted returns were driven by a Bloomberg US Govt stable yield curve and credit spreads that finished the quarter at similar levels Bloomberg US TIPS to where they began. Bloomberg MBs Bloomberg Corp IG 3-Month T-Bill The Market Environment Major Market Index Performance As of June 30, 2025 Quarter Performance 10.9% 11.0% 11.1% 8.5% 8.5% 12.0% 11.8% 12.0% 1.2% 0.9% 0.5% 1.1% 1.8% 1.1% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% ■ Equity markets continue to exhibit resilience over the trailing year. Large -cap stocks led the way with the Russell 1000 climbing 15.7% over the trailing year and the S&P 500 rising 15.2%. The Russell MidCap Index managed to keep S&P 500 pace with the large -cap indexes while small -cap stocks, as measured by the Russell 3000 Russell 2000 Index, lagged other market segments rising by a smaller but still Russell 1000 solid 7.7% over the trailing year. Russell MidCap ■ International equity markets continued to perform well on a USD basis, helped Russell 2000 by a persistently weakening dollar over the trailing year. Developed market indexes led the way with the MSCI ACWIxUS and the MSCI EAFE indexes MSCI ACwxus both returning 17.7%. The MSCI Emerging Market equity benchmark returned MSCI EAFE a slightly lower, but strong absolute return of 15.3%. MSCI Emerg Mkts ■ Trailing one-year returns for fixed income indexes benefited from a strong first Bloomberg US Agg quarter. Returns were positive across the major bond indexes with the Bloomberg US Govt Bloomberg Corporate IG Index leading results with a return of 6.9% for the Bloomberg US TIPS year. The Bloomberg US Govt Index lagged its peers, returning 5.3% over the Bloomberg MBs same time period. Bloomberg Corp IG Source: Investment Metrics 3-Month T-Bill 1-Year Performance 15.2% 15.3% 15.7% 15.2% 7% 17.7% 17.7% 15.3% 6.1 % 5.3% 5.8% 6.5% 6.9% 4.7% -1.0% 4.0% 9.0% 14.0% 19.0% Page 6 ■ After a rough start to the 2025 calendar year, domestic equities bounced back meaningfully during the quarter, shaking off economic and geopolitical uncertainties. Large -cap stocks outpaced small -cap stocks for the third consecutive quarter, returning 11.1 % and 8.5%, respectively. ■ Growth stocks dominated their value counterparts across all capitalizations, a reversal from the previous quarter. The best performing segment of the market was mid -cap growth stocks, which returned 18.2% during the second quarter. Large -cap growth stocks were also strong returning a slightly lower 17.8% for the period. The weakest performing segment of the market was large -cap value which posted a return of 3.8% for the quarter. The biggest performance disparity between growth and value was in the large -cap segment where growth stocks outpaced their value counterparts by 14.0%. ■ Full -year style index performance shows a tight dispersion among the broad-, large-, and mid -cap core index results with the small -cap core index lagging during the same period. ■ The trailing one-year results also tell a slightly different story relative to the prevailing narrative over the last several quarters. While large -cap stocks have outperformed many other capitalization segments, augmented by the capitulation of value stocks to growth stocks, mid -cap growth stocks were the best performing category during the period. Like the large -cap growth indexes, the Russell MidCap Growth Index has seen increased concentration in the benchmark and was led by just a few high -flying information technology stocks. Over the trailing year, the information technology sector alone contributed 40% of the index's total return during the period with eight stocks soaring over 100% during the trailing year. Source: Investment Metrics 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth The Market Environment Domestic Equity Style Index Performance As of June 30, 2025 Quarter Performance - Russell Style Series 3.8% 3.8% 5.3% 8.5% ■ 5.0% 8.5% 11.0% 12.0% 17.6 % 7.8% 18.2% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 1-Year Performance - Russell Style Series 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth -1.0% 13.3 % 15.3 % 16.9% 13.7 % 15.7% 17.2 % 11.5% 15.2 % 26.5% 5.5% 7.7% 9.7 4.0% 9.0% 14.0% 19.0% 24.0% 29.0% Page 7 ■ Economic sector performance within the large -cap Russell 1000 index was largely higher as eight of the 11 economic sectors rose during the quarter. The Information Technology sector led results for the quarter, advancing Comm Services (9.2%) 23.6%. Communication Services followed closely behind with a return of Consumer Disc (10.5%) 19.1%. The Industrials and Consumer Discretionary sectors also managed double-digit returns for the quarter. In contrast to some sectors' strong, Consumer Staples (5.9%) positive results, the Energy, Health Care, and Real Estate sectors posted Energy (3.3%) negative returns for the quarter. Financials (14.9%) ■ Trailing one-year results revealed broad participation in the equity market's ascension with nine of the 11 economic sectors finishing with positive Health Care (10.5%) performance. Of the nine sectors that advanced for the year, only the Industrials (9.4%) Materials sector failed to post a double-digit gain. Financial stocks dominated sector performance with a return of 30.1 % over the trailing year Info Technology (29.1 %) with elevated rates and stable credit conditions helping to boost the sector Materials (2.3%) overall. Healthcare performance was the most negative over the same time period, falling by -5.2%. Real Estate (2.5%) Russell 1000 -7.7% -6.3% 1 -5.2% Utilities (2.4%) -11.0% • Small -cap economic sector performance was more mixed than in the large- Comm Services (2.6%) cap segment but seven of the 11 economic sectors climbed during the quarter. Information Technology led sector performance with a return of Consumer Disc (9.3%) 21.0%, followed by Industrials at 15.4% and Materials at 13.1%. The four economic sectors that declined during the quarter were each down by less Consumer staples (3.3%) than -2.0%. Energy (4.7%) ■ Trailing one-year small -cap results continue to show the robust performance Financials (19.6%) of the domestic equity markets, although to a lesser degree than in the large -cap index results. Eight of the 11 economic sectors were up for the Health Care (16.6%) year in the small -cap index, with the Financials return of 21.8% leading the Industrials (17.7%) way. Performance struggles within the Energy sector affected small -cap stocks far greater as the sector fell by -23.6% and is by far the worst Info Technology (12.7%) performer in the index. The Health Care sector also struggled, finishing the Materials (3.9%) trailing 12 months at -4.7%. Real Estate (6.2%) Utilities (3.2%) -0.5% The Market Environment GICS Sector Performance & (Sector Weight) As of June 30, 2025 ■Quarter 111-Year 19.1 % 24.3% 1 11.6% 18.1 % 3% 11.9% 6.7% 30.1 % 13.5% 21.2 % 23.6% 16.1 % 2.1 % 11.2% 4.2% 23.8 % 1.0% 9.0% Russell 2000 -28.4% 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. -0.1 % 0.6% -1.0% -4.7% E -1.9% E -1.5% -18.4% -8.4% 19.0% 29.0% ❑Quarter ❑1-Year 9.5% 13.0% 9.6% 9.5% 6.6% 21.8 % 2.6% 15.4 % 15.6 % 9.7% 21.0 % 13.1 % 9.0% 5.1 % 10.4% 1.6% 11.6% 21.6% Page 8 The Market Environment NVIDIACorp 6.5% 45.8% 27.9% Information Technology Microsoft Corp 6.4% 32.7% 12.1 % Information Technology Apple Inc 5.3% -7.5% -2.1% Information Technology Amazon.com Inc 3.7% 15.3% 13.5% Consumer Discretionary Meta Platforms Inc Class A 2.8% 28.2% 46.9% Communication Services Broadcom Inc 2.2% 65.0% 73.6% Information Technology Alphabet Inc Class A 1.8% 14.1% -2.8% Communication Services Berkshire Hathaway Inc Class B 1.6% -8.8% 19.4% Financials Tesla Inc 1.6% 22.6% 60.5% Consumer Discretionary Alphabet Inc Class C 1.5% 13.7% -2.8% Communication Services jjPRWrf.rjWt..ks I IlEdle2utr, Robinhood Markets Inc (by 0.1% 125.0% e Return 312.3% Financials Avis Budget Group Inc 0.0% 122.7% 61.7% Industrials AST SpaceMobile Inc Ordinary Shares 0.0% 105.5% 302.5% Communication Services Coinbase Global Inc Ordinary Shares 0.1% 103.5% 57.7% Financials Rocket Lab USA Inc 0.0% 100.1% 645.2% Industrials e.l.f. Beauty Inc 0.0% 98.2% 40.9% Consumer Staples Roblox Corp Ordinary Shares 0.1% 80.5% 182.7% Communication Services Vertiv Holdings Co Class A 0.1% 77.9% 48.5% Industrials Five Below Inc 0.0% 75.1 % 20.4% Consumer Discretionary Cloudflare Inc 0.1% 73.8% 136.4% Information Technology AMBottom 10 Performing Weight Russele Stocks (by 1 Return Quarter) Yt.; Sarepta Therapeutics Inc 0.0% -73.2% -89.2% Health Care UnitedHealth Group Inc 0.5% -40.0% -37.6% Health Care Enphase Energy Inc 0.0% -36.1% -60.2% Information Technology Corcept Therapeutics Inc 0.0% -35.7% 125.9% Health Care Organon & Co Ordinary Shares 0.0% -34.8% -50.7% Health Care Huntsman Corp 0.0% -32.5% -51.3% Materials ManpowerGroup Inc 0.0% -29.0% -39.6% Industrials Medical Properties Trust Inc 0.0% -27.2% 6.9% Real Estate Acadia Healthcare Co Inc 0.0% -25.2% -66.4% Health Care Lineage Inc REIT 0.0% -24.9% N/A Real Estate Source: Morningstar Direct Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of June 30, 2025 Credo Technology Group Holding Ltd 0.5% 130.6% 189.9% Information Technology Fabrinet 0.4% 49.2% 20.4% Information Technology IonQ Inc Class A 0.4% 94.7% 511.2% Information Technology Hims & Hers Health Inc 0.4% 68.7% 146.9% Health Care HealthEquity Inc 0.4% 18.5% 21.5% Health Care Ensign Group Inc 0.3% 19.3% 24.9% Health Care Fluor Corp 0.3% 43.1% 17.7% Industrials Blueprint Medicines Corp 0.3% 44.8% 18.9% Health Care AeroVironment Inc 0.3% 139.1% 56.4% Industrials Brinker International Inc 0.3% 21.0% 149.1 % Consumer Discretionary 0111L Top i Quarter) -Qtr 1 -Year Sector Return Return Aeva Technologies Inc Ordinary Shares 0.0% 439.9% 1399.6% Information Technology Sezzle Inc 0.1% 413.8% 1119.1% Financials Tango Therapeutics Inc 0.0% 273.7% -40.3% Health Care TSS Inc 0.0% 267.3% 1213.4% Information Technology The Arena Group Holdings Inc 0.0% 258.4% 705.2% Communication Services PaySign Inc 0.0% 239.6% 67.1% Financials Dave Inc 0.1% 224.7% 785.8% Financials Navitas Semiconductor Corp Class A 0.0% 219.5% 66.7% Information Technology Neonode Inc 0.0% 213.0% 1133.8% Information Technology ThredUp Inc Ordinary Shares - Class A 0.0% 210.8% 340.6% Consumer Discretionary Bottom i i�i Weight Wolfspeed Inc 0.0% Qtr -87.0% Quarter) Wear -98.3% Sect Information Technology Newsmax Inc Class B Shares 0.0% -81.9% N/A Communication Services INmune Bio Inc 0.0% -70.4% -73.8% Health Care Compass Diversified Holdings 0.0% -65.9% -69.9% Financials Omeros Corp 0.0% -63.5% -26.1% Health Care The Hain Celestial Group Inc 0.0% -63.4% -78.0% Consumer Staples Rocket Pharmaceuticals Inc 0.0% -63.3% -88.6% Health Care Pulmonx Corp Ordinary Shares 0.0% -61.5% -59.2% Health Care New Fortress Energy Inc Class A 0.0% -60.0% -84.8% Energy ZSPACE Inc 0.0% -56.0% N/A Consumer Discretionary Page 9 ■ Performance among headline international equity indexes in USD terms was positive and broadly higher than local currency (LCL) returns during the quarter. The USD's weakness relative to many major currencies continued to represent a substantial tailwind for the USD performance of non -US benchmark returns. The developed -market MSCI EAFE Index returned a solid 4.8% in LCL terms and an amplified 11.8% in USD terms. The MSCI ACWI ex - US Index climbed 6.0% in LCL terms with USD returns doubling the LCL result to 12.0% for the quarter. ■ The MSCI EM Latin America Index was the best performing regional index for the quarter on both counts, returning 9.8% in LCL terms and 15.2% in USD terms. While none of the regional indexes contracted during the quarter, the laggard performer in LCL currency terms was the MSCI Europe & Middle East index which posted a more subtle 3.1 % return while the laggard in USD terms was the MSCI EMEA index which still advanced a solid 7.6% during the quarter. ■ International equity markets exuded broad strength across multiple regions in the trailing one-year period. The prolonged weakening of the USD has boosted domestic investor returns across many regions except for the MSCI EM Latin America index. The broad -based MSCI ACWI ex US and MSCI EAFE indexes finished the year roughly in line with each other returning 17.7% in USD terms. In LCL teams, the MSCI ACWI ex US Index was the stronger of the two benchmarks returning 10.8% versus a LCL return of 8.0% for the MSCI EAFE Index. Both developed market indexes outperformed the MSCI Emerging Markets Index on a USD basis for the year, but emerging markets outperformed on a LCL basis, receiving less of a performance boost than the developed market indexes from USD depreciation. ■ The strongest local market performance over the trailing year was the MSCI EMEA Index, which climbed 17.8% in LCL terms and 19.5% in USD terms. The index that received the largest boost from a weakening USD was the MSCI Europe & Middle East Index which saw more than a 10% performance differential between its LCL and USD results. All broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms with each single -digit LCL return morphing into a double-digit result in USD teams. Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of June 30, 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 3.1 % ■USD ❑LOCAL 12.0% 6.0% 12.0% 5.2% 11.8% 4.8% 11.5% 12.3% 8.3% 12.0% 7.9% 7.6% 5.3% 12.4% 8.2% 15.2 % 9.8% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 1-Year Performance I❑USD ❑Local Currency 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) -1.0% 17.7% 10.8% 18.7% 9.9% 17.7% 8.0% 18.8% 8.3% 15.5% 7.7% 15.3% 12.9% 19.50/ 17.8% 14.9% 12.2% 13.4% 13.4% 2.0% 5.0% 8.0% 11.0% 14.0% 17.0% 20.0% Page 10 The Market Environment Sector Weight QuarterMSCI-EAFE Communication Services 5.5% 20.5% 41.9% Consumer Discretionary 9.8% 5.5% 5.1% Consumer Staples 8.0% 7.7% 12.7% Energy 3.2% -1.6% -2.0% Financials 23.8% 13.7% 41.2% Health Care 11.3% 2.9% -5.0% Industrials 19.0% 17.8% 28.9% Information Technology 8.5% 19.0% 4.8% Materials 5.6% 8.0% 0.4% Real Estate 1.9% 1 16.8% 20.1 % Utilities Total 3.5% 0i i 16.7% 1 31.5% Communication Services 6.4% e 15.0% 35.7% Consumer Discretionary 10.1% 2.6% 9.6% Consumer Staples 6.7% 7.5% 10.8% Energy 4.6% 2.5% 0.4% Financials 25.1 % 14.1 % 36.1 % Health Care 8.0% 3.5% -2.7% Industrials 14.8% 18.1% 25.6% Information Technology 13.3% 21.8% 10.3% Materials 6.2% 8.5% 4.7% Real Estate 1.7% 13.6% 18.6% Utilities M MIL 3.2% 100.0% 13.7% 12.0% 22.9% - Emerging Mkt Communication Services Sector Weight 9.8% QuarterMSCI 9.2% 30.7% Consumer Discretionary 12.7% -2.7% 17.6% Consumer Staples 4.5% 5.7% 3.1 % Energy 4.3% 6.3% -7.2% Financials 24.5% 13.4% 25.8% Health Care 3.3% 7.9% 18.2% Industrials 6.9% 21.8% 16.4% Information Technology 1 24.1% 1 24.3% 11.6% Materials 5.8% 7.4% 0.8% Real Estate 1.6% 6.2% 15.0% Utilities 2.6% 7.1% 1.8% 100.0% 12.0% US Dollar International Index Attribution & Country Detail As of June 30, 2025 Country Japan WeIghW 21.8% Weight 13.7% Return 11.4% Return 13.9% United Kingdom 14.6% 9.2% 8.7% 20.0% France 11.1 % 7.0% 9.3% 16.4% Germany 10.4% 6.5% 16.3% 40.3% Switzerland 9.6% 6.0% 7.5% 15.4% Australia 6.9% 4.3% 15.1% 10.7% Netherlands 4.7% 3.0% 18.3% 0.8% Sweden 3.6% 2.3% 10.4% 15.5% Spain 3.3% 2.1 % 16.9% 47.6% Italy 3.1% 2.0% 15.4% 37.1% Denmark 2.3% 1.4% 7.5% -33.5% Hong Kong 2.0% 1.3% 15.8% 35.7% Singapore 1.7% 1.1% 9.9% 46.0% Finland 1.1 % 0.7% 15.3% 22.7% Belgium 1.0% 0.6% 10.3% 23.7% Israel 1.0% 0.6% 22.1 % 53.6% Norway 0.6% 0.4% 9.1 % 27.1 % Ireland 0.5% 0.3% 16.7% 34.5% Austria 0.2% 0.1% 21.9% 51.7% New Zealand 0.2% 0.1% 9.9% -0.5% Portugal Canada DevelopedTotal 0.2% 0.1% 8.1% 23.8% 14.2% 7.5% 27.0% China 8.3% 2.0% 33.8% Taiwan 5.5% 26.1% 14.4% India 5.3% 9.2% 0.9% Korea 3.1 % 32.7% 6.2% Brazil 1.3% 13.3% 11.6% Saudi Arabia 1.0% -5.1% 0.1% South Africa 0.9% 13.6% 32.0% Mexico 0.6% 20.5% 13.1 % United Arab Emirates 0.5% 15.2% 47.3% Malaysia 0.4% 6.7% 12.6% Poland 0.3% 15.8% 29.3% Indonesia 0.3% 8.0% -6.7% Thailand 0.3% 0.4% 0.5% Kuwait 0.2% 8.2% 26.4% Qatar 0.2% 5.5% 15.1 % Greece 0.2% 29.6% 65.7% Turkey 0.2% 2.9% -20.7% Philippines 0.1% 5.3% 9.6% Chile 0.1% 10.5% 27.7% Hungary 0.1% 21.0% 48.3% Peru 0.1% 18.8% 22.7% Czech Republic 0.1% 16.3% 58.7% Colombia 0.0% 12.4% 48.3% Egypt 0.0% 4.9% 12.7% ��ing Countries Total ACWIxUS Countries 100.0% i 12.0% 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 11 ■ Domestic fixed -income markets traded higher during the second quarter while the Fed held its benchmark rate steady in a target range of 4.25%- 4.50%. The US High Yield Index posted the quarter's strongest domestic bond index performance with a return of 3.5%. The bellwether US Aggregate Index returned 1.2% for the quarter and international bonds, as measured by the Global Agg ex US Index, returned a much stronger 7.3% in USD terms, helped by a weakening dollar. ■ Treasury yields remained relatively stable across the yield curve during the quarter with the benchmark 10-Year Treasury yield rising by a scant 0.01 % from the previous quarter's close. Relatively stable US Treasury yields allowed coupon differences between bonds to drive much of the remaining dispersion in domestic investment -grade indexes' returns for the quarter. ■ High yield bonds outperformed investment grade issues given their higher income component and the high yield OAS spread narrowing during the quarter which returned the measure to a similar level at which it began the year. ■ Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a solid 6.1 % return. The benchmark's sub -components also posted positive performance over the trailing 12 months with the Bloomberg US Treasury advancing 5.3%, the US Mortgage Index returning 6.5%, and the Bloomberg US Corporate Investment Grade Index rising 6.9%. US TIPS, which are excluded from the Bloomberg US Aggregate Bond Index, returned 5.8% for the trailing year. ■ Performance across investment grade sub -indexes was broadly higher for the trailing one-year period. The AAA index posted a solid 6.6% return, while the AA index returned a slightly lower 5.8% for the year. The A and BAA indexes saw slightly better results with returns of 6.7% and 7.3%, respectively. High yield bonds were the best performing US bond market segment for the year, returning 10.3%. Performance for high yield bonds was spurred by largely stable end -to -end credit spreads and higher coupon income. • The Bloomberg Global Aggregate ex -US Index finished both the quarter and the year with the strongest results across the major fixed income indexes as weakness in the USD pushed international index returns higher. The Global Aggregate ex -US Index ended the year 11.2% higher, with the domestic bond market index falling short of the international benchmark's performance by 5.1 %. Source: MomingstarDirect; Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of June 30, 2025 U.S. Treasury(5.8) U.S. Mortgage (5.9) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.9) AAA (4.2) AA (5.9) A (6.7) Baa (6.7) Aggregate (6.0) Intermediate Agg (4.4) Global Agg x US (6.9) Multiverse (6.3) Quarter Performance 0.9% 1.1% 1.8% 3.5% 0.5% 1.6% 1.0% 1.8% 2.0% 1.2% 1.5% 7.3% 4.6% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% U.S. Treasury(5.8) U.S. Mortgage (5.9) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.9) AAA (4.2) AA (5.9) A (6.7) Baa (6.7) Aggregate (6.0) Intermediate Agg (4.4) Global Agg x US (6.9) Multiverse (6.3) 1-Year Performance 5.3% 6.5% 6.9% 10.3% 5.8% 6.6% 5.8% 6.7% 7.3% 6.1 6.7% 11.2% 9.1 -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% Page 12 The Market Environment The gray band across the graph illustrates the fed funds target rate range over the trailing 12 months. No action was taken by the Federal Open Market Committee (FOMC) during the second quarter, so the fed funds rate remained in a target range of 4.25%-4.50%. This marks the fourth consecutive meeting the FOMC has taken no action on its policy rates. The June 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 greater than 95% probability of no rate decrease at the FOMC meeting in July at the time of this writing. Many market watchers continue to express concern that leaving rates at their current elevated level for an extended period, coupled with slower economic growth and persistently elevated inflation, could tip the US economy into a recession. The yield on the US 10-year Treasury (blue line of the top chart) remained in a fairly narrow yield range during the quarter, finishing at 4.24%. While the point - in -time level of the 10-year yield shows no change over the quarter, the path was not as straightforward. The benchmark yield rose throughout April and May as economic uncertainty unfolded and briefly eclipsed 4.50%, reaching as high as 4.58% before falling during most of the month of June to end the quarter near where it began. 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 narrowing of 0.12%, finishing the quarter with a spread of 1.08%. High yield OAS spreads (represented by the yellow line in the top chart) fell by 0.59% during the quarter from 3.55% to 2.96%. The finishing value of both the high yield and BAA OAS spreads are nearly identical to where they began the year. Similar to the path of the 10-Year Treasury yield, the path of point-to-point stability was non -linear. The high yield OAS spread had a volatile quarter as it rose sharply in April, up to 4.61 % from 3.55%, then gradually fell the rest of the quarter. ■ The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. At quarter -end, the curve exhibited a more pronounced positive butterfly shape with medium term rates lower and short/long term rates higher, but relatively unchanged from the prior quarter. 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 Market Rate & Yield Curve Comparison As of June 30, 2025 Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 0.00 i Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 Treasury Yield Curve 9/30/2024 `-12/31/2024 3/31/2025 `�--6/30/2025 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Page 13 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 June 2025 Current Emglovment Statistics - CES (National) : U.S. Bureau of Labor Statistics Latam assets may receive a trade -war boost, investors say I Reuters The Market Environment References As of June 30, 2025 Page 14 $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 Asset Growth St. Lucie County Since Inception Ending June 30, 2025 719,128 $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 6/25 — Ending Market Value Page 15 Allocation Mar-2025 : $24,826,207 Allocation Asset Allocation by Asset Class St. Lucie County As of June 30, 2025 Jun-2025 : $24,719,128 Market Value Allocation Market Value Allocation ■ Equity 11,478,695 46.2 ■ Equity 11,417,950 46.2 Fixed Income 7,047,479 28.4 Fixed Income 6,883,338 27.8 ■ Balanced 6,049,468 24.4 ■ Balanced 6,224,642 25.2 REIT (Real Estate Funds) 250,566 1.0 REIT (Real Estate Funds) 193,199 0.8 Page 16 Allocation Mar-2025 : $24,826,207 Market Value Allocation Allocation Asset Allocation by Management St. Lucie County As of June 30, 2025 Jun-2025 : $24,719,128 Market Value Allocation ■ Active 10,723,192 43.2 ■ Active 10,929,585 44.2 Passive 14,103, 015 56.8 Passive 13,789, 543 55.8 Page 17 Asset Allocation History St. Lucie County As of June 30, 2025 Asset Allocation Attributes Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Total 457(b) Plan 24,719,128 100.00 24,826,207 100.00 25,069,193 100.00 26,169,456 100.00 25,139,559 100.00 Vanguard Target Retirement 2070 Fund 57,697 0.23 52,047 0.21 52,174 0.21 50,973 0.19 47,712 0.19 Vanguard Target Retirement 2065 Fund 3,871 0.02 4,458 0.02 3,403 0.01 2,586 0.01 1,534 0.01 Vanguard Target Retirement 2060 Fund 210,423 0.85 179,564 0.72 167,421 0.67 158,657 0.61 137,714 0.55 Vanguard Target Retirement 2055 Fund 20,829 0.08 19,208 0.08 14,902 0.06 10,855 0.04 5,361 0.02 Vanguard Target Retirement 2050 Fund 716,755 2.90 620,495 2.50 586,661 2.34 557,630 2.13 491,246 1.95 Vanguard Target Retirement 2045 Fund 205,493 0.83 173,170 0.70 93,195 0.37 79,650 0.30 62,350 0.25 Vanguard Target Retirement 2040 Fund 1,644,432 6.65 1,532,404 6.17 1,500,288 5.98 1,470,199 5.62 1,357,112 5.40 Vanguard Target Retirement 2035 Fund 101,053 0.41 79,074 0.32 66,080 0.26 57,679 0.22 45,617 0.18 Vanguard Target Retirement 2030 Fund 1,595,864 6.46 1,605,432 6.47 1,618,772 6.46 1,625,621 6.21 1,487,127 5.92 Vanguard Target Retirement 2025 Fund 39,045 0.16 35,329 0.14 87,022 0.35 35,340 0.14 29,445 0.12 Vanguard Target Retirement 2020 Fund 217,781 0.88 388,827 1.57 401,938 1.60 510,307 1.95 465,839 1.85 Vanguard Target Retirement Income Fund 187,417 0.76 179,283 0.72 175,346 0.70 178,170 0.68 169,516 0.67 Vanguard LifeStrategy Growth Inv 179,622 0.73 157,777 0.64 147,973 0.59 150,118 0.57 147,602 0.59 Vanguard LifeStrategy Mod Gr Inv Shrs 929,605 3.76 858,704 3.46 845,189 3.37 867,161 3.31 958,553 3.81 Vanguard LifeStrategy Cnsry Gr Inv 93,347 0.38 142,775 0.58 142,407 0.57 139,944 0.53 126,534 0.50 Vanguard LifeStrategy Income Inv 21,408 0.09 20,920 0.08 20,863 0.08 22,224 0.08 21,116 0.08 NYLI Winslow Large Cap Growth Class R6 2,037,133 8.24 1,897,754 7.64 2,066,961 8.25 - 0.00 - 0.00 Allspring Premier Large Co Gr R6 - 0.00 - 0.00 - 0.00 1,924,901 7.36 1,808,737 7.19 Vanguard Total Stock Mkt Idx Adm 3,656,653 14.79 3,605,450 14.52 3,810,162 15.20 3,631,214 13.88 3,500,131 13.92 Vanguard WindsorTM II Admiral TM 1,708,997 6.91 1,855,931 7.48 1,849,764 7.38 2,134,485 8.16 2,147,559 8.54 Harbor Mid Cap Retirement 13,605 0.06 - 0.00 - 0.00 - 0.00 - 0.00 ClearBridge Mid Cap I - 0.00 15,839 0.06 15,028 0.06 14,315 0.05 12,948 0.05 Vanguard Mid Cap Index Admiral 1,757,197 7.11 1,756,769 7.08 1,791,210 7.15 1,832,865 7.00 1,666,667 6.63 MassMutual Small Cap Opps (MSOOX) 98,159 0.40 133,801 0.54 140,473 0.56 192,790 0.74 220,181 0.88 Vanguard Small Cap Index Admiral Shares 227,972 0.92 211,151 0.85 219,565 0.88 286,705 1.10 266,530 1.06 Vanguard Total Intl Stock Index Admiral 844,697 3.42 951,333 3.83 823,881 3.29 991,929 3.79 935,834 3.72 Goldman Sachs GQG Ptnrs Intl Opps R6 1,073,418 4.34 - 0.00 - 0.00 - 0.00 - 0.00 DFA International Value I 119 0.00 - 0.00 - 0.00 - 0.00 - 0.00 American Funds EUPAC R6 - 0.00 1,050,666 4.23 1,084,965 4.33 1,245,173 4.76 1,224,031 4.87 Vanguard Real Estate Index Admiral 193,199 0.78 250,566 1.01 246,816 0.98 297,852 1.14 265,761 1.06 Vanguard Total Bond Market Index Adm 885,184 3.58 1,278,278 5.15 1,241,711 4.95 1,531,984 5.85 1,317,628 5.24 Dodge & Cox Income X 1,066,717 4.32 1,201,183 4.84 - 0.00 - 0.00 - 0.00 Dodge & Cox Income I - 0.00 - 0.00 1,185,759 4.73 1,280,043 4.89 1,220,186 4.85 Columbia Trust Stable Govt Fund 1-0 - 0.00 3,664,797 14.76 3,927,561 15.67 4,162,448 15.91 4,171,380 16.59 Lincoln Stable Value Account 4,576,826 18.52 575,205 2.32 373,349 1.49 377,249 1.44 476,341 1.89 Page 18 Loan Fund Jun-2025 354,611 1.43 Mar-2025 328,016 1.32 Dec-2024 ($) % 368,353 1.47 Sep-2024 348,390 1.33 Asset Allocation History St. Lucie County As of June 30, 2025 Jun-2024 351,265 1.40 Page 19 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 3.0 N/A N/A N/A Vanguard Target Retirement 2065 Fund 7.9 49 49 26 Vanguard Target Retirement 2060 Fund 12.3 40 39 23 Vanguard Target Retirement 2055 Fund 12.3 37 37 23 Vanguard Target Retirement 2050 Fund 12.3 31 31 19 Vanguard Target Retirement 2045 Fund 12.3 43 45 28 Vanguard Target Retirement 2040 Fund 12.3 46 57 (2) 34 Vanguard Target Retirement 2035 Fund 12.3 31 48 23 Vanguard Target Retirement 2030 Fund 12.3 6 18 15 Vanguard Target Retirement 2025 Fund 12.3 4 17 7 Vanguard Target Retirement 2020 Fund 12.3 57 (1) 62 (2) 36 Vanguard Target Retirement Income Fund 12.3 49 46 42 Comments No data found. Scorecard Target Date As of June 30, 2025 5 YR Sharpe Ratio Heightened Scrutiny > 50th /o-tile N/A No 24 No 23 No 23 No 19 No 25 No 41 No 31 No 19 No 17 No 45 No 41 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 20 Fund Name NYLI Winslow Large Cap Growth Class R6 Vanguard Windsor TM II Admiral TM Harbor Mid Cap Retirement MassMutual Small Cap Opps (MSOOX) Dodge & Cox Income X Goldman Sachs GQG Ptnrs Intl Opps R6 DFA International Value I Comments No data found. Scorecard Active Management As of June 30, 2025 Manager Current Current 3 YR Return 5 YR Return 3 YR Return 5 YR Return 3 YR Sharpe 5 YR Sharpe 3 YR 5 YR Tenure Quarter Quarter > Index > Index > 50th %-tile > 50th %-tile Ratio Ratio Positive Positive Return Rank > 50th %-tile > 50th %-tile Alpha Alpha 19.7 Pass Pass Pass Fail (5) 14 20 12 31 1.5 -1.5 (5) 21.5 Pass Pass Pass Pass 14 20 10 25 4.3 1.8 5.5 Fail Pass Watch (3) N/A 93 (5) N/A 93 (5) N/A -5.5 (3) N/A 16.1 Pass Pass Pass Pass 18 21 16 15 3.1 4.3 36.4 Pass Pass Pass Pass 1 2 1 2 1.8 1.9 8.5 Pass Pass Pass Pass 30 4 27 1 3.8 5.3 15.3 Pass Pass Pass Pass 27 7 15 6 2.1 3.3 Heightened Scrutiny No 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 21 Scorecard Passive Management As of June 30, 2025 Fund Name Manager Tenure 3 YR Tracking Error Rank 5 YR Tracking Error Rank Heightened Scrutiny Vanguard Total Stock Mkt Idx Adm 9.2 100 100 No Vanguard Mid Cap Index Admiral 1.8 100 100 No Vanguard Small Cap Index Admiral Shares 9.2 100 100 No Vanguard Total Intl Stock Index Admiral 16.8 100 100 No Vanguard Real Estate Index Admiral 29.1 45 68 No Vanguard Total Bond Market Index Adm 12.3 90 90 No Vanguard LifeStrategy Cnsry Gr Inv 3.3 100 100 No Vanguard LifeStrategy Growth Inv 3.3 100 100 No Vanguard LifeStrategy Income Inv 3.3 100 100 No Vanguard LifeStrategy Mod Gr Inv Shrs 3.3 100 100 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 22 Manager Rankings vs. Peers St. Lucie County As of June 30, 2025 3 5 7 10 Percentile Years Years Years Years Return Return Return Return 5th Dodge & Cox Income X (1) Dodge & Cox Income X (2) Dodge & Cox Income X (1) Dodge & Cox Income X (1) Vanguard Target Retirement 2025 Fund (4) Goldman Sachs GQG Ptnrs Intl Opps R6 (4) Goldman Sachs GQG Ptnrs Intl Opps R6 (2) Vanguard LifeStrategy Growth Inv (4) Vanguard WindsorTm II AdmiralTM (4) 25th Vanguard Target Retirement 2030 Fund (6) DFA International Value 1 (7) MassMutual Small Cap Opps (MSOOX) (11) Vanguard Windsorrm II AdmiralTM" (10) NYLI Winslow Large Cap Growth Class R6 (14) Vanguard LifeStrategy Growth Inv (9) Vanguard Mid Cap Index Admiral (15) MassMutual Small Cap Opps (MSOOX) (12) Vanguard Windsor TM II Admiral M (14) Vanguard Target Retirement 2025 Fund (17) NYLI Winslow Large Cap Growth Class R6 (16) NYLI Winslow Large Cap Growth Class R6 (16) MassMutual Small Cap Opps (MSOOX) (18) Vanguard Target Retirement 2030 Fund (18) Vanguard Target Retirement 2025 Fund (17) Vanguard Mid Cap Index Admiral (16) Vanguard Mid Cap Index Admiral (21) NYLI Winslow Large Cap Growth Class R6 (20) Vanguard Target Retirement 2030 Fund (20) Vanguard Small Cap Index Admiral Shares (17) Vanguard Small Cap Index Admiral Shares (23) Vanguard WindsorTM II AdmiralM (20) Vanguard LifeStrategy Growth Inv (20) Vanguard Target Retirement 2025 Fund (18) MassMutual Small Cap Opps (MSOOX) (21) Vanguard Small Cap Index Admiral Shares (21) Vanguard LifeStrategy Growth Inv (19) Vanguard Target Retirement 2050 Fund (22) Vanguard Target Retirement 2030 Fund (20) Vanguard Target Retirement 2055 Fund (23) DFA International Value 1 (20) Vanguard Target Retirement 2060 Fund (24) Vanguard Target Retirement 2050 Fund (25) 50th DFA International Value 1 (27) Vanguard Target Retirement 2050 Fund (31) DFA International Value 1 (26) Vanguard Target Retirement 2055 Fund (29) Goldman Sachs GQG Ptnrs Intl Opps R6 (30) Vanguard Target Retirement 2055 Fund (37) Vanguard Target Retirement 2035 Fund (29) Vanguard Target Retirement 2045 Fund (29) Vanguard Target Retirement 2050 Fund (31) Vanguard Target Retirement 2060 Fund (39) Vanguard Target Retirement 2045 Fund (30) Vanguard Target Retirement 2035 Fund (32) Vanguard Target Retirement 2035 Fund (31) Vanguard Small Cap Index Admiral Shares (43) Vanguard Target Retirement Income Fund (33) Vanguard Target Retirement Income Fund (32) Vanguard Target Retirement 2055 Fund (37) Vanguard Mid Cap Index Admiral (44) Vanguard Target Retirement 2040 Fund (37) Vanguard Total Stock Mkt Idx Adm (34) Vanguard Target Retirement 2060 Fund (40) Vanguard Target Retirement 2045 Fund (45) Vanguard Total Stock Mkt Idx Adm (41) Vanguard Target Retirement 2040 Fund (35) Vanguard Total Stock Mkt Idx Adm (41) Vanguard Target Retirement Income Fund (46) Vanguard Total Bond Market Index Adm (42) Vanguard Target Retirement 2020 Fund (38) Vanguard LifeStrategy Cnsry Gr Inv (42) Vanguard Total Stock Mkt Idx Adm (46) Vanguard Target Retirement 2020 Fund (46) Vanguard LifeStrategy Cnsry Gr Inv (40) Vanguard Target Retirement 2045 Fund (43) Vanguard Target Retirement 2035 Fund (48) Vanguard LifeStrategy Cnsry Gr Inv (46) Vanguard Target Retirement 2060 Fund (46) Vanguard Target Retirement 2040 Fund (46) Vanguard Target Retirement 2065 Fund (49) Vanguard Total Bond Market Index Adm (46) Vanguard Target Retirement 2070 Fund (48) Vanguard Total Intl Stock Index Admiral (47) Vanguard LifeStrategy Mod Gr Inv Shrs (48) Vanguard Real Estate Index Admiral (49) Vanguard Target Retirement 2065 Fund (49) Vanguard Target Retirement Income Fund (49) Vanguard Total Bond Market Index Adm (50) 75th Vanguard Real Estate Index Admiral (53) Vanguard Target Retirement 2040 Fund (57) Vanguard Real Estate Index Admiral (54) Vanguard LifeStrategy Mod Gr Inv Shrs (54) Vanguard Target Retirement 2020 Fund (57) Vanguard Total Bond Market Index Adm (58) Vanguard LifeStrategy Mod Gr Inv Shrs (57) Vanguard Total Intl Stock Index Admiral (74) Vanguard Total Intl Stock Index Admiral (61) Vanguard Total Intl Stock Index Admiral (57) Vanguard Target Retirement 2020 Fund (62) Vanguard Real Estate Index Admiral (66) Vanguard LifeStrategy Mod Gr Inv Shrs (70) Vanguard LifeStrategy Cnsry Gr Inv (70) 95th Vanguard LifeStrategy Income Inv (81) Harbor Mid Cap Retirement (83) Vanguard LifeStrategy Income Inv (88) Vanguard LifeStrategy Income Inv (83) Harbor Mid Cap Retirement (93) Vanguard LifeStrategy Income Inv (99) Page 23 Comparative Performance Vanguard Target Retirement 2070 Fund Vanguard Target 2070 Composite Index Target -Date 2065+ Median Vanguard Target Retirement 2065 Fund Vanguard Target 2065 Composite Index Target -Date 2065+ Median Vanguard Target Retirement 2060 Fund Vanguard Target 2060 Composite Index Target -Date 2060 Median Vanguard Target Retirement 2055 Fund Vanguard Target 2055 Composite Index Target -Date 2055 Median Vanguard Target Retirement 2050 Fund Vanguard Target 2050 Composite Index Target -Date 2050 Median Vanguard Target Retirement 2045 Fund Vanguard Target 2045 Composite Index Target -Date 2045 Median Vanguard Target Retirement 2040 Fund Vanguard Target 2040 Composite Index Target -Date 2040 Median Vanguard Target Retirement 2035 Fund Vanguard Target 2035 Composite Index Target -Date 2035 Median Vanguard Target Retirement 2030 Fund Vanguard Target 2030 Composite Index Target -Date 2030 Median Vanguard Target Retirement 2025 Fund Vanguard Target 2025 Composite Index Target -Date 2025 Median Vanguard Target Retirement 2020 Fund Vanguard Target 2020 Composite Index Target -Date 2020 Median Returns for periods greater than one year are annualized. Returns are expressed as percentages. Comparative Performance St. Lucie County As of June 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 10.55 (49) 9.93 (40) 15.54 (19) 15.62 (48) N/A N/A N/A N/A 15.62 (48) 07/01/2022 10.76 (41) 9.78 (43) 15.60 (17) 15.89 (33) N/A N/A N/A N/A 15.89 (33) 10.53 9.52 14.56 15.57 12.23 N/A N/A N/A 15.57 10.53 (51) 9.93 (39) 15.55 (18) 15.59 (49) 12.24 (49) 9.92 (N/A) N/A N/A 9.80 (N/A) 08/01/2017 10.76 (41) 9.78 (43) 15.60 (17) 15.89 (33) 12.56 (30) 10.28 (N/A) N/A N/A 10.16 (N/A) 10.53 9.52 14.56 15.57 12.23 N/A N/A N/A N/A 10.56 (36) 9.93 (26) 15.57 (13) 15.59 (40) 12.24 (39) 9.94 (24) 9.47 (46) N/A 10.27 (N/A) 02/01/2012 10.76 (30) 9.78 (30) 15.60 (11) 15.89 (27) 12.56 (25) 10.28 (12) 9.80 (19) N/A 10.58 (N/A) 10.28 8.98 14.17 15.31 12.12 9.50 9.44 N/A N/A 10.54 (29) 9.93 (25) 15.58 (12) 15.59 (37) 12.24 (37) 9.94 (23) 9.47 (29) N/A 10.73 (36) 09/01/2010 10.76 (26) 9.78 (29) 15.60 (12) 15.89 (24) 12.56 (19) 10.28 (10) 9.80 (12) 11.10 (25) 11.03 (26) 10.22 8.99 14.17 15.27 12.04 9.48 9.10 10.53 10.47 10.55 (23) 9.93 (24) 15.57 (9) 15.59 (31) 12.24 (31) 9.95 (22) 9.48 (25) 10.81 (28) 8.14 (1) 07/01/2006 10.76 (20) 9.78 (26) 15.60 (9) 15.89 (18) 12.56 (14) 10.28 (9) 9.80 (11) 11.10 (17) 8.37 (1) 10.04 8.93 13.97 15.12 11.93 9.43 9.07 10.37 7.19 9.75 (34) 9.30 (31) 14.78 (19) 14.84 (43) 11.80 (45) 9.64 (30) 9.27 (29) 10.66 (26) 8.42 (N/A) 11/01/2003 9.87 (29) 9.11 (35) 14.71 (20) 15.08 (34) 12.08 (28) 9.95 (17) 9.56 (14) 10.95 (15) 8.63 (N/A) 9.43 8.64 13.76 14.69 11.73 9.27 8.92 10.21 N/A 9.09 (28) 8.86 (29) 14.12 (16) 13.80 (46) 10.74 (57) 8.99 (37) 8.73 (35) 10.30 (31) 7.75 (17) 07/01/2006 9.18 (28) 8.68 (33) 14.02 (18) 14.03 (37) 11.01 (40) 9.30 (22) 9.03 (24) 10.58 (19) 7.97 (4) 8.55 8.19 13.01 13.69 10.85 8.74 8.50 10.03 7.26 8.38 (18) 8.42 (25) 13.41 (9) 12.73 (31) 9.67 (48) 8.34 (29) 8.13 (32) 9.78 (25) 7.69 (N/A) 11/01/2003 8.47 (13) 8.22 (28) 13.32 (10) 12.97 (20) 9.94 (29) 8.65 (14) 8.43 (20) 10.06 (16) 7.90 (N/A) 7.57 7.73 11.96 12.29 9.62 7.99 7.84 9.42 N/A 7.67 (4) 7.89 (23) 12.61 (7) 11.64 (6) 8.58 (18) 7.66 (20) 7.52 (20) 9.11 (24) 6.95 (11) 07/01/2006 7.74 (3) 7.73 (27) 12.58 (7) 11.90 (2) 8.86 (7) 7.99 (6) 7.82 (8) 9.39 (12) 7.17 (4) 6.49 7.05 10.87 10.70 8.09 7.08 7.06 8.68 6.42 6.65 (11) 7.33 (30) 11.74 (8) 10.43 (4) 7.48 (17) 6.97 (17) 6.89 (18) 8.41 (21) 6.80 (N/A) 11/01/2003 6.71 (6) 7.18 (32) 11.69 (8) 10.66 (2) 7.76 (6) 7.30 (6) 7.18 (5) 8.69 (13) 7.01 (N/A) 5.36 6.36 10.07 9.39 6.93 6.40 6.33 7.93 N/A 5.12 (56) 6.31 (53) 10.23 (31) 8.67 (57) 6.16 (62) 6.06 (46) 6.06 (38) 7.59 (35) 6.13 (21) 07/01/2006 5.19 (53) 6.20 (60) 10.22 (32) 8.86 (46) 6.38 (46) 6.33 (27) 6.32 (19) 7.84 (14) 6.32 (9) 5.28 6.50 9.74 8.81 6.29 6.03 5.99 7.46 5.77 Page 24 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 Harbor Mid Cap Retirement 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 June 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 4.55 (27) 5.98 (21) 9.66 (12) 7.36 (49) 4.49 (46) 4.95 (33) 4.71 (32) 5.39 (27) 5.09 (16) 11/01/2003 4.61 (25) 5.87 (29) 9.60 (14) 7.50 (43) 4.65 (39) 5.17 (17) 4.92 (19) 5.58 (16) 5.21 (9) 4.11 5.58 8.54 7.30 4.40 4.64 4.30 4.99 4.09 9.58 (3) 9.23 (1) 14.51 (4) 14.09 (4) 10.75 (9) 9.04 (20) 8.66 (19) 9.88 (19) 8.32 (31) 10/01/1994 9.74 (3) 9.09 (2) 14.59 (3) 14.43 (2) 11.11 (7) 9.42 (14) 9.00 (12) 10.21 (13) 8.53 (25) 6.74 5.76 10.63 11.11 8.72 7.57 7.21 8.56 7.83 7.65 (28) 7.89 (9) 12.53 (14) 11.28 (48) 7.92 (70) 7.30 (57) 7.05 (54) 8.08 (66) 7.55 (66) 10/01/1994 7.72 (27) 7.74 (11) 12.55 (14) 11.57 (41) 8.23 (62) 7.66 (48) 7.36 (46) 8.39 (56) 7.75 (54) 6.74 5.76 10.63 11.11 8.72 7.57 7.21 8.56 7.83 5.66 (17) 6.49 (14) 10.51 (18) 8.47 (42) 5.11 (70) 5.51 (46) 5.38 (40) 6.17 (43) 6.56 (47) 10/01/1994 5.70 (15) 6.38 (15) 10.50 (18) 8.72 (34) 5.35 (63) 5.80 (35) 5.64 (32) 6.40 (34) 6.56 (47) 4.65 5.44 9.38 8.23 5.84 5.40 5.16 6.01 6.36 3.52 (63) 5.00 (78) 8.31 (58) 5.63 (81) 2.27 (99) 3.62 (88) 3.62 (83) 4.22 (74) 5.58 (N/A) 10/01/1994 3.53 (62) 4.88 (83) 8.30 (59) 5.83 (76) 2.44 (99) 3.85 (82) 3.84 (71) 4.44 (67) 5.58 (N/A) 4.11 5.58 8.54 7.30 4.40 4.64 4.30 4.99 N/A 20.63 (17) 10.84 (10) 18.89 (22) 27.86 (14) 16.71 (20) 16.77 (16) 16.14 (16) 16.73 (21) 10.61 (40) 08/01/1995 17.84 (48) 6.09 (61) 17.22 (30) 25.76 (29) 18.15 (6) 17.90 (7) 17.01 (8) 17.54 (8) 10.98 (27) 17.75 6.95 15.41 24.01 14.96 15.05 14.65 15.60 10.36 10.99 (37) 5.63 (55) 15.09 (26) 19.02 (41) 15.85 (46) 13.47 (41) 12.90 (34) 14.43 (26) 8.79 (20) 12/01/2000 11.00 (37) 5.65 (54) 15.13 (24) 19.03 (41) 15.87 (45) 13.48 (40) 12.91 (33) 14.43 (26) N/A 10.80 5.77 13.65 18.51 15.63 13.10 12.38 13.85 8.15 6.80 (10) 6.09 (43) 10.22 (77) 15.45 (14) 15.91 (20) 12.24 (4) 10.98 (10) 12.76 (9) 8.27 (15) 06/01/2001 3.79 (55) 6.00 (46) 13.70 (35) 12.76 (48) 13.93 (54) 9.59 (55) 9.19 (53) 11.57 (40) 7.57 (38) 4.08 5.81 12.72 12.69 14.16 9.74 9.29 11.31 7.28 4.26 (84) 0.55 (63) 5.48 (87) 7.95 (93) 10.62 (83) N/A N/A N/A 8.32 (70) 01/01/2020 8.53 (30) 4.84 (17) 15.21 (15) 14.33 (20) 13.11 (40) 10.02 (19) 9.89 (17) 12.60 (12) 9.92 (26) 6.90 1.92 8.78 12.39 12.85 8.48 8.66 11.33 9.09 8.69 (27) 6.97 (6) 17.50 (6) 14.32 (21) 13.01 (44) 10.28 (15) 9.96 (16) 12.65 (12) 10.05 (7) 12/01/2001 8.71 (26) 7.00 (5) 17.56 (5) 14.34 (19) 13.04 (43) 10.30 (14) 9.98 (14) 12.76 (8) 9.90 (10) 6.90 1.92 8.78 12.39 12.85 8.48 8.66 11.33 8.97 7.68 (37) 1.30 (11) 11.17 (8) 12.54 (18) 13.56 (21) 8.39 (11) 8.88 (12) 12.02 (5) 9.32 (8) 05/01/2014 8.50 (23) -1.79 (44) 7.68 (36) 10.00 (45) 10.04 (71) 5.52 (65) 7.12 (55) 10.35 (54) 7.53 (51) 6.57 -1.98 6.42 9.67 11.43 6.06 7.24 10.43 7.54 Page 25 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 Goldman Sachs GQG Ptnrs Intl Opps R6 MSCI World ex U.S Growth Foreign Large Growth Median DFA International Value I MSCI AC World ex USA Value (net) Foreign Value 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 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 June 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 7.28 (43) -0.62 (29) 10.14 (14) 12.16 (23) 11.84 (43) 7.28 (43) -0.62 (29) 10.14 (14) 12.11 (24) 11.81 (44) 6.57 -1.98 6.42 9.67 11.43 12.08 (37) 18.26 (69) 18.27 (47) 13.81 (74) 10.28 (61) 12.43 (32) 17.54 (78) 17.86 (58) 13.98 (70) 10.40 (56) 11.54 19.57 18.12 14.82 10.66 7.04 (98) 15.86 (49) 5.03 (93) 14.80 (30) 11.20 (4) 13.80 (34) 16.27 (43) 12.98 (58) 14.10 (45) 8.47 (40) 12.87 15.79 13.87 13.75 7.53 10.66 (64) 23.06 (41) 23.61 (42) 18.35 (27) 17.21 (7) 10.42 (69) 19.90 (79) 21.42 (58) 15.62 (62) 13.15 (49) 11.50 22.48 22.69 16.56 13.07 1.29 (37) 4.10 (34) 6.04 (46) 2.59 (50) -0.71 (58) 1.21 (54) 4.02 (42) 6.08 (41) 2.55 (52) -0.73 (59) 1.22 3.98 5.99 2.58 -0.59 -0.70 (42) 1.94 (24) 10.33 (28) 3.55 (53) 6.53 (66) -0.66 (40) 2.00 (23) 10.48 (26) 3.68 (48) 6.65 (62) -0.88 0.61 8.92 3.60 7.20 1.43 (16) 4.39 (10) 6.60 (13) 4.37 (1) 1.15 (2) 1.21 (54) 4.02 (42) 6.08 (41) 2.55 (52) -0.73 (59) 1.22 3.98 5.99 2.58 -0.59 N/A N/A N/A N/A N/A 0.76 (27) 1.51 (27) 3.06 (26) 2.82 (23) 2.42 (17) 0.68 1.33 2.62 2.48 2.07 7.78 (21) 7.75 (21) 6.06 6.69 (57) 6.71 (56) 6.82 10.64 (2) 7.38 (40) 6.48 8.21 (26) 6.66 (63) 7.14 1.81 (42) 1.77 (46) 1.75 5.27 (54) 5.37 (50) 5.32 3.05 (1) 1.77 (46) 1.75 N/A 2.42 (20) 2.19 8.57 (17) 11.68 (11) 8.55 (18) 11.79 (9) 7.24 10.43 6.28 (47) 6.92 (72) 6.34 (44) 7.03 (66) 6.21 7.33 N/A N/A 7.08 (36) 8.00 (42) 6.53 7.59 7.12 (20) 7.59 (36) 5.70 (67) 6.13 (86) 6.11 7.30 1.76 (46) 2.31 (50) 1.76 (46) 2.29 (52) 1.72 2.31 5.94 (49) 8.64 (42) 6.06 (45) 8.74 (37) 5.90 8.48 2.93 (1) 3.38 (2) 1.76 (46) 2.29 (52) 1.72 2.31 N/A N/A 2.26 (21) 2.24 (30) 2.04 1.99 9.31 (19) 12/01/2000 N/A 8.22 6.00 (71) 12/01 /2010 6.12 (66) 6.41 12.52 (4) 01 /01 /2017 9.08 (43) 8.60 6.79 (16) 03/01/1994 N/A 5.72 3.41 (50) 12/01/2001 3.48 (40) 3.40 8.99 (51) 06/01/1996 8.99 (51) 9.00 5.89 (1) 02/01/1989 5.26 (17) 4.98 N/A 03/01/2024 3.05 (24) 2.62 Page 26 Comparative Performance St. Lucie County As of June 30, 2025 Comparative Performance 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2070 Fund 9.93 (40) 14.59 (46) 20.24 (49) N/A N/A N/A N/A N/A Vanguard Target 2070 Composite Index 9.78 (43) 14.92 (41) 20.48 (41) N/A N/A N/A N/A N/A Target -Date 2065+ Median 9.52 14.45 20.20 -18.60 17.21 16.49 25.71 -9.37 Vanguard Target Retirement 2065 Fund 9.93 (39) 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 9.78 (43) 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 9.52 14.45 20.20 -18.60 17.21 16.49 25.71 -9.37 Vanguard Target Retirement 2060 Fund 9.93 (26) 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 9.78 (30) 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 8.98 14.40 20.00 -18.40 17.36 15.78 25.07 -8.66 Vanguard Target Retirement 2055 Fund 9.93 (25) 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 9.78 (29) 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 8.99 14.33 19.96 -18.36 17.23 15.69 24.85 -8.59 Vanguard Target Retirement 2050 Fund 9.93 (24) 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 9.78 (26) 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 8.93 14.18 19.86 -18.31 17.03 15.61 24.71 -8.63 Vanguard Target Retirement 2045 Fund 9.30 (31) 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 9.11 (35) 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 8.64 13.91 19.26 -18.19 16.74 15.38 24.61 -8.33 Vanguard Target Retirement 2040 Fund 8.86 (29) 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 8.68 (33) 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 8.19 12.80 18.11 -17.85 15.80 14.88 23.67 -8.02 Vanguard Target Retirement 2035 Fund 8.42 (25) 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 8.22 (28) 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 7.73 11.22 16.40 -17.13 13.91 14.10 22.33 -7.35 Vanguard Target Retirement 2030 Fund 7.89 (23) 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 7.73 (27) 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 7.05 9.44 14.46 -16.37 11.58 13.17 20.41 -6.50 Vanguard Target Retirement 2025 Fund 7.33 (30) 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 7.18 (32) 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 6.36 8.25 12.65 -15.49 9.80 12.51 18.38 -5.43 Vanguard Target Retirement 2020 Fund 6.31 (53) 7.75 (42) 12.51 (28) -14.15 (38) 8.17 (65) 12.04 (41) 17.63 (27) -4.24 (40) Vanguard Target 2020 Composite Index 6.20 (60) 7.91 (37) 12.65 (27) -13.77 (31) 8.43 (59) 12.85 (23) 17.87 (23) -4.13 (36) Target -Date 2020 Median 6.50 7.56 11.73 -14.47 8.71 11.03 16.24 -4.58 Returns for periods greater than one year are annualized Returns are expressed as percentages. Page 27 Comparative Performance St. Lucie County As of June 30, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement Income Fund 5.98 (21) 6.58 (51) 10.74 (41) -12.74 (50) 5.25 (62) 10.02 (29) 13.16 (45) -1.99 (15) Vanguard Target Income Composite Index 5.87 (29) 6.74 (44) 10.80 (37) -12.44 (46) 5.44 (59) 10.70 (15) 13.41 (40) -1.97 (14) Target -Date Retirement Median 5.58 6.59 10.47 -12.74 5.79 9.12 12.86 -3.36 Vanguard LifeStrategy Growth Inv 9.23 (1) 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 9.09 (2) 13.41 (32) 18.91 (10) -16.50 (71) 14.60 (39) 16.37 (17) 23.46 (9) -6.78 (68) Moderate Allocation Median 5.76 11.80 14.43 -15.47 13.64 12.17 19.56 -5.58 Vanguard LifeStrategy Mod Gr Inv Shrs 7.89 (9) 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 7.74 (11) 10.53 (67) 15.79 (32) -15.45 (50) 10.38 (86) 14.50 (28) 19.67 (48) -4.81 (37) Moderate Allocation Median 5.76 11.80 14.43 -15.47 13.64 12.17 19.56 -5.58 Vanguard LifeStrategy Cnsry Gr Inv 6.49 (14) 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 6.38 (15) 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 5.44 8.09 10.99 -14.02 8.52 9.08 15.38 -4.41 Vanguard LifeStrategy Income Inv 5.00 (78) 4.66 (78) 9.48 (64) -13.93 (67) 1.92 (95) 9.13 (50) 12.05 (62) -1.05 (5) Vanguard LifeStrategy Income Composite Index 4.88 (83) 4.86 (77) 9.61 (63) -13.66 (64) 2.21 (94) 9.71 (40) 12.26 (60) -0.98 (5) Target -Date Retirement Median 5.58 6.59 10.47 -12.74 5.79 9.12 12.86 -3.36 NYLI Winslow Large Cap Growth Class R6 10.84 (10) 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 6.09 (61) 33.36 (28) 42.68 (33) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (20) -1.51 (52) Large Growth Median 6.95 30.01 39.35 -31.16 21.89 36.17 32.89 -1.35 Vanguard Total Stock Mkt Idx Adm 5.63 (55) 23.74 (45) 26.01 (32) -19.53 (75) 25.71 (62) 20.99 (20) 30.80 (41) -5.17 (45) CRSP U.S. Total Market TR Index 5.65 (54) 23.77 (44) 25.98 (32) -19.49 (74) 25.72 (62) 20.99 (20) 30.84 (40) -5.17 (45) Large Blend Median 5.77 23.29 24.70 -18.23 26.78 17.64 30.05 -5.50 Vanguard Windsor TM II Admiral TM 6.09 (43) 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 6.00 (46) 14.37 (50) 11.46 (47) -7.54 (69) 25.16 (61) 2.80 (51) 26.54 (38) -8.27 (42) Large Value Median 5.81 14.37 11.07 -5.50 25.98 2.82 25.61 -8.85 Harbor Mid Cap Retirement 0.55 (63) 7.36 (95) 16.88 (32) -17.06 (68) 24.68 (40) 18.96 (17) N/A N/A Russell Midcap Index 4.84 (17) 15.34 (31) 17.23 (29) -17.32 (71) 22.58 (67) 17.10 (24) 30.54 (24) -9.06 (25) Mid -Cap Blend Median 1.92 13.59 15.94 -14.58 24.17 13.07 27.03 -11.30 Vanguard Mid Cap Index Admiral 6.97 (6) 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 7.00 (5) 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 1.92 13.59 15.94 -14.58 24.17 13.07 27.03 -11.30 MassMutual Small Cap Opps (MSOOX) 1.30 (11) 12.96 (27) 18.11 (27) -15.77 (33) 22.42 (52) 20.39 (14) 26.31 (28) -10.50 (31) Russell 2000 Index -1.79 (44) 11.54 (41) 16.93 (42) -20.44 (82) 14.82 (86) 19.96 (17) 25.53 (38) -11.01 (38) Small Blend Median -1.98 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 28 Comparative Performance St. Lucie County As of June 30, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Small Cap Index Admiral Shares -0.62 (29) 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 -0.62 (29) 14.22 (20) 18.09 (27) -17.64 (58) 17.71 (78) 19.07 (27) 27.35 (21) -9.33 (22) Small Blend Median -1.98 10.98 16.35 -16.84 22.61 12.97 24.67 -11.97 Vanguard Total Intl Stock Index Admiral 18.26 (69) 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 17.54 (78) 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 19.57 4.29 16.36 -15.82 10.41 9.35 22.05 -14.89 Goldman Sachs GQG Ptnrs Intl Opps R6 15.86 (49) 6.02 (38) 21.21 (7) -11.03 (1) 12.45 (17) 15.86 (78) 27.59 (62) -6.02 (3) MSCI World ex U.S Growth 16.27 (43) 3.15 (62) 17.87 (34) -22.40 (33) 11.91 (24) 18.81 (67) 28.47 (45) -12.79 (37) Foreign Large Growth Median 15.79 4.68 15.97 -25.00 8.70 22.13 28.14 -14.16 DFA International Value 1 23.06 (41) 6.88 (26) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (81) 15.67 (78) -17.49 (64) MSCI AC World ex USA Value (net) 19.90 (79) 6.04 (32) 17.30 (56) -8.59 (38) 10.46 (68) -0.77 (74) 15.72 (78) -13.97 (23) Foreign Value Median 22.48 4.50 17.77 -9.94 11.97 2.71 18.43 -16.41 Vanguard Real Estate Index Admiral 1.94 (24) 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 2.00 (23) 5.05 (66) 11.96 (52) -26.12 (45) 40.56 (62) -4.55 (47) 29.03 (35) -5.86 (51) Real Estate Median 0.61 6.02 12.07 -26.29 41.44 -4.84 27.78 -5.85 Vanguard Total Bond Market Index Adm 4.10 (34) 1.24 (67) 5.70 (44) -13.16 (35) -1.52 (48) 7.72 (54) 8.71 (38) -0.23 (38) Blmbg. U.S. Aggregate Index 4.02 (42) 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 3.98 1.48 5.58 -13.41 -1.57 7.83 8.49 -0.43 Dodge & Cox Income X 4.39 (10) 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 4.02 (42) 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 3.98 1.48 5.58 -13.41 -1.57 7.83 8.49 -0.43 Lincoln Stable Value Account N/A N/A N/A N/A N/A N/A N/A N/A Morningstar US CIT Stable Value 1.51 (27) 3.03 (24) 2.86 (29) 1.88 (19) 1.74 (21) 2.24 (20) 2.51 (20) 2.23 (17) IM U.S. GIC/Stable Value (SA+CF) Median 1.33 2.73 2.54 1.61 1.43 2.00 2.30 1.95 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 29 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 Harbor Mid Cap Retirement Vanguard Mid Cap Index Admiral MassMutual Small Cap Opps (MSOOX) Vanguard Small Cap Index Admiral Shares Vanguard Total Intl Stock Index Admiral Goldman Sachs GQG Ptnrs Intl Opps R6 DFA International Value I Vanguard Real Estate Index Admiral Vanguard Total Bond Market Index Adm Dodge & Cox Income X Lincoln Stable Value Account Loan Fund Fee Analysis St. Lucie County As of June 30, 2025 Market Value Net Net Revenue Revenue Median Expense Ratio Estimated Expense Ticker Share Share Expense Ratio 24,719,128 0.15 38,296 0.00 N/A 57,697 0.08 46 VSVNX 0.00 0.60 3,871 0.08 3 VLXVX 0.00 0.60 210,423 0.08 168 VTTSX 0.00 0.65 20,829 0.08 17 VFFVX 0.00 0.65 716,755 0.08 573 VFIFX 0.00 0.69 205,493 0.08 164 VTIVX 0.00 0.65 1,644,432 0.08 1,316 VFORX 0.00 0.69 101,053 0.08 81 VTTHX 0.00 0.64 1,595,864 0.08 1,277 VTHRX 0.00 0.66 39,045 0.08 31 VTTVX 0.00 0.60 217,781 0.08 174 VTWNX 0.00 0.65 187,417 0.08 150 VTINX 0.00 0.66 179,622 0.14 251 VASGX 0.00 0.94 929,605 0.13 1,208 VSMGX 0.00 0.94 93,347 0.12 112 VSCGX 0.00 0.90 21,408 0.11 24 VASIX 0.00 0.66 2,037,133 0.62 12,630 MLRSX 0.00 0.88 3,656,653 0.04 1,463 VTSAX 0.00 0.74 1,708,997 0.23 3,931 VWNAX 0.00 0.82 13,605 0.80 109 HMCRX 0.00 0.85 1,757,197 0.05 879 VIMAX 0.00 0.85 98,159 0.65 638 MSOOX 0.00 0.99 227,972 0.05 114 VSMAX 0.00 0.99 844,697 0.09 760 VTIAX 0.00 0.89 1,073,418 0.75 8,051 GSIYX 0.00 0.96 119 0.28 - DFIVX 0.00 0.96 193,199 0.13 251 VGSLX 0.00 1.00 885,184 0.04 354 VBTLX 0.00 0.54 1,066,717 0.33 3,520 DOXIX 0.00 0.54 4,576,826 N/A - 0.00 N/A 354,611 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 30 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 31 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 32 100% 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 33 100% 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 34 2025 Fiduciary Education Understanding Plan Fees Plan sponsors have a fiduciary duty to ensure that fees are reasonable and customary, especially when paid for by plan assets or participant accounts. In order to accomplish this, sponsors must first understand all fees associated with the plan and periodically benchmark them to determine if they are appropriate. Common Types of Defined Contribution Plan Fees Recordkeeping Audit Consulting Fund Changes Fee Transparency Under ERISA' Lega Communications Distributions Brokerage (SDBA) Loans QDROs ERISA requires annual fee disclosures for participants (§404(a)(5)) which summarizes all applicable expenses that may be charged. Service providers are also required to disclose all revenue (§408(b)(2)), either direct or indirect, earned as part of their agreement with the client. While these disclosure requirements are NOT applicable to non-ERISA DC Plans, we consider it best practice for all clients to request itemized fee disclosures for review from their respective administrator or recordkeeper. 1 Department of Labor, ERISA §2550.404a-5 and §2550.408b-2. Page 35 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. 2025 Fiduciary Education How Plan Fees Are Allocated Plan sponsors have several options when considering the most appropriate and equitable fee structure given their unique organizational and budgetary circumstances. Who is responsible for each expense and how that fee is determined may also be dependent on participant status (active vs. inactive/term) or balance. Whu rays for Plan rees e Both Fee Methodologies • Asset -Based Fees (%): assessed on the value of account balances; also known as Pro -Rats • Per Head Fee ($): fixed dollar fee on each participant; also known as Per -Capita • Hybrid (% + $): combination of both methods According to recent surveys, a majority of large plans now use a fixed per head fee methodology for recordkeeping1. Recent trends have favored this approach since it more closely aligns with the cost driver of delivering contracted services. 1 Encore Fiduciary - "Large -Plan Recordkeeping Benchmark Study" January 2024. Page 36 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. 2025 Fiduciary Education Investment Fees — Fund Types and Share Class Investment expenses are a meaningful component of total plan fees and are subject to the same fiduciary duty of oversight as other expenses. Expense ratios may vary based on fund structure, management style and asset class. In addition to selecting funds with competitive expenses in their respective asset class, two other areas of focus related to investment expenses are Share Class Optimizatior, and Revenue Share. Impact of Fund Characteristics on Expenses' Active Management Mutual Fund Niche Asset Class Greater than Share Class Ontimization Passive Management Collective Investment Trust Broad Asset Class Funds commonly have different share classes available for purchase by investors, with varying expense ratios, eligibility and minimum investment requirements. Plan sponsors should have a documented arocess to aeriodically validate utilization of the lowest cost share class of each fund offered in the plar. Failure to adopt the lowest cost share class based on plan eligibility is a common citation in breach of fiduciary duty litigation. 1 General representation. Results may vary based on specific asset class and market -based considerations. Page 37 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. 2025 Fiduciary Education Investment Fees — Revenue Share Revenue Share Considerations • Historically used to compensate for the administration and distribution of certain funds. • Increased fiduciary pressure and transparency into fee rebate arrangements. • Plan sponsors have the duty to understand and direct how any rebates embedded within the expense ratio of certain fund share classes are utilized: - Credit back to participants invested in the fund which generated the rebate (considered best practice and referred to as `Fee Levelization'). - Direct funds into an expense account used to pay for qualified plan expenses Sample Revenue Share Fee Analysis, Fund X Class A 0.75% Fund X Class 1 0.50% 0.25% 0.00% 0.50% 0.50% Sponsors should document their decision and rationale for allocating revenue share within the plan. 1 Fictional representation for illustrative purposes only. Page 38 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. 2025 Fiduciary Education Legal and Regulatory Updates 1 Senate Confirmation Hearing for EBSA — Daniel Aronowitz • Nominated to lead the Employee Benefits Security Administration (EBSA), Mr. Aronowitz highlighted areas of focus if confirmed, including providing regulatory clarity on — alternative investments, ESG considerations, IRA rollover fiduciary rule, plan forfeitures, pension risk transfers, and cybersecurity. • Mr. Aronowitz stated during a hearing on June 5, 2025: "We will end the era of regulation by litigation by providing clear and effective rules for America's employee benefit system. We will restore discretion to plan fiduciaries as Congress intended in the ERISA statute, so that fiduciaries, not the government or plaintiff lawyers, decide what is best for plan participants". z RetirernenL Nidn bavikigb rXdLes emu, All- i erne Higns — Vanguard • Based on results from 2024 `How America Saves' report, average plan participant savings rates reached 7.7%, a new all-time high. When combined with employer contributions, the average savings rate was 12.0%. Increases are due to auto-enrollment/escalation, and net voluntary increases. 3 DOL Rescinds 2022 "Exercise Extreme Care" Guidance on Crypto • On May 28, 2025, the DOL rescinded guidance issued in 2022 that plan fiduciaries exercise extreme care when considering the addition of cryptocurrency. The new bulletin explains that this standard is not defined and differs from the fiduciary standards under ERISA. • Restores historically neutral approach and is not an endorsement. Fiduciaries must apply the standards of prudence under ERISA when selecting plan investment offerings. NAPA "EBSA Nominee Aronowitz Pledges to End ERISA Litigation Abuse', June S, 202S. z Vanguard "How American Saves 2024" a Department of Labor, Compliance Assistance Release No. 202S-01 Page 39 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. Quarterly 1st Quarter 2nd 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 St. Lucie County 2025 Fiduciary Documentation As of June 30, 2025 3rd Quarter 41h Quarter Page 40 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+ 20.0 36.0 - 18.0 tJ 16.0 � � 00 O0 14.0 12.0 c L 3 m 10.0 8.0 - 6.0 4.0 2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 10.55 (49) 9.93 (40) 15.54 (19) 16.09 (31) 15.62 (48) N/A N/A • Index 10.76 (41) 9.78 (43) 15.60 (17) 16.32 (24) 15.89 (33) N/A N/A Median 10.53 9.52 14.56 15.59 15.57 6.50 12.23 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Investment -0.56 (37) Index -0.88 (56) Median -0.73 -1.53 (39) -1.50 (38) -1.83 6.73 (23) 6.91 (13) 6.20 28.0 - 20.0 - O 12.0 - c L 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 Jun-2024 Mar-2024 Dec-2023 2.01 (32) 2.09 (28) 1.81 6.88 (89) 6.90 (87) 7.65 10.83 (65) 10.78 (66) 11.12 Page 41 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of June 30, 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 15.62 13.90 0.80 100.64 8 102.83 4 Investment N/A N/A N/A N/A N/A N/A N/A Index 15.89 13.61 0.83 100.00 8 100.00 4 Index N/A N/A N/A N/A N/A N/A N/A Risk and Return 3 Years 16.0 15.4 13.5 13.6 13.7 13.8 13.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 x I C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 14.0 6/25 75-95 Count Investment 1 0 (0%) 1 (100%) 0 (0%) 0 (0%) Index 1 0 (0%) 1 (100%) 0 (0%) 0 (0%) No data found. 5 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 Y C 25.0 — m c c� 50.0 — d IL c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 6/25 75-95 Count Investment 0 0 0 0 0 Index 0 0 0 0 0 Page 42 Strategy Review Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+ 20.0 36.0 - 18.0 28.0 - J O• 16.0 00 O• 20.0- O• 14.0 r O� O• 00 12.0 - 12.0 c c L L 3 3 m 4.0- 10.0 -4.0 8.0 - O• � • -12.0 6.0 � O• 4.0 -20.0 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 10.53 (51) 9.93 (39) 15.55 (18) 16.09 (32) 15.59 (49) 6.92 (33) 12.24 (49) O Investment 14.62 (45) 20.15 (53) -17.39 (17) 16.46 (68) 16.17 (60) 24.96 (61) -7.95 (7) • Index 10.76 (41) 9.78 (43) 15.60 (17) 16.32 (24) 15.89 (33) 7.17 (21) 12.56 (30) • Index 14.92 (41) 20.48 (41) -17.07 (16) 16.75 (62) 17.17 (32) 25.37 (53) -7.77 (1) Median 10.53 9.52 14.56 15.59 15.57 6.50 12.23 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -0.54 (35) Index -0.88 (56) Median -0.73 -1.53 (38) -1.50 (38) -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 Page 43 Strategy Review Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index As of June 30, 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 15.59 13.89 0.80 100.59 8 102.89 4 Investment 12.24 14.21 0.70 99.96 13 101.80 7 Index 15.89 13.61 0.83 100.00 8 100.00 4 Index 12.56 14.12 0.72 100.00 13 100.00 7 Risk and Return 3 Years 16.0 15.4 13.5 13.6 13.7 13.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ o.o Y C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 13.9 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 14.0 6/25 75-95 Count Risk and Return 5 Years 12.8 1 12.6 411, IF 3 12.4 v Q: 12.2 12.0 14.1 14.2 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0----------25.0 ♦ ' I c c� 50.0 - d IL c 75.0 - m a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 14.3 6/25 75-95 Count Investment 20 1 (5%) 15 (75%) 4 (20%) 0 (0%) Investment 12 1 (8%) 5 (42%) 5 (42%) 1 (8%) Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 12 6 (50%) 6 (50%) 0 (0%) 0 (0%) Page 44 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2060 Peer Group Analysis - Target -Date 2060 20.0 36.0 - 18.0 28.0 - O0 16.0 � � O• 00 20.0- O• 14.0 0 00 00 12.0- 12.0 • c c L L 3 3 m 4.0- 10.0 -4.0 8.0 - 00 � • -12.0 6.0 � 00 4.0 -20.0 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 10.56 (36) 9.93 (26) 15.57 (13) 16.08 (31) 15.59 (40) 6.90 (26) 12.24 (39) O Investment 14.63 (45) 20.18 (46) -17.46 (24) 16.44 (78) 16.32 (41) 24.96 (56) -7.87 (30) • Index 10.76 (30) 9.78 (30) 15.60 (11) 16.32 (23) 15.89 (27) 7.17 (14) 12.56 (25) • Index 14.92 (39) 20.48 (35) -17.07 (18) 16.75 (70) 17.17 (31) 25.37 (41) -7.77 (27) Median 10.28 8.98 14.17 15.55 15.31 6.44 12.12 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -0.57 (40) Index -0.88 (56) Median -0.75 -1.50 (38) -1.50 (39) -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 Page 45 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of June 30, 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 15.59 13.90 0.80 100.62 8 102.96 4 Investment 12.24 14.22 0.70 99.96 13 101.80 7 Index 15.89 13.61 0.83 100.00 100.00 Index 12.56 14.12 100.00 Risk and Return 3 Years 16.0 15.4 13.5 13.6 13.7 13.8 13.9 14.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 25.0 c c� 50.0 `w IL c y 75.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.8 1 12.6 12.4 w 12.2 12.0 14.1 14.2 14.3 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 25.0 w �► c /50.0 - v EL E v 75.0 - 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 14 (70%) 4 (20%) 0 (0%) Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Page 46 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2055 Peer Group Analysis - Target -Date 2055 20.0 36.0 - 18.0 28.0 - O0 16.0 � � O• 00 20.0- O• 14.0 �0 O• O• 12.0- 12.0 O • c c L L 3 3 4.0 - 10.0 -4.0 8.0 - 0 -12.0 O• 6.0 00 4.0 -20.0 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 10.54 (29) 9.93 (25) 15.58 (12) 16.09 (31) 15.59 (37) 6.90 (26) 12.24 (37) O Investment 14.64 (42) 20.16 (43) -17.46 (25) 16.44 (76) 16.32 (41) 24.98 (45) -7.89 (33) • Index 10.76 (26) 9.78 (29) 15.60 (12) 16.32 (22) 15.89 (24) 7.17 (12) 12.56 (19) • Index 14.92 (36) 20.48 (34) -17.07 (18) 16.75 (65) 17.17 (29) 25.37 (35) -7.77 (29) Median 10.22 8.99 14.17 15.49 15.27 6.43 12.04 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -0.56 (40) Index -0.88 (56) Median -0.71 -1.49 (39) -1.50 (40) -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 Page 47 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of June 30, 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 15.59 13.92 0.80 100.69 8 103.10 4 Investment 12.24 14.23 0.70 100.03 13 101.94 7 Index 15.89 13.61 0.83 100.00 8 100.00 4 Index 12.56 14.12 0.72 100.00 13 100.00 7 Risk and Return 3 Years 16.0 15.4 13.5 13.6 13.7 13.8 13.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 x ♦♦♦a �, ,�_d�� ♦♦a-_ 25.0 cdi 50.0 d IL y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 14.0 Risk and Return 5 Years 12.8 1 12.6 1 � 12.4 v Q: 12.2 12.0 14.1 14.2 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 c 'ice- -�•���� �� �. _I � 25.0 d c� 50.0 d E m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 14 (70%) 4 (20%) 0 (0%) Investment 20 1 (5%) 19 (95%) 0 (0%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) 14.3 Page 48 Strategy Review Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2050 Peer Group Analysis - Target -Date 2050 20.0 36.0 18.0 16.0 00 00 00 1 14.0 12.0 c L 3 m 10.0 9 8.0 - 6.0 4.0 2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 10.55 (23) 9.93 (24) 15.57 (9) 16.10 (25) 15.59 (31) 6.90 (18) 12.24 (31) • Index 10.76 (20) 9.78 (26) 15.60 (9) 16.32 (18) 15.89 (18) 7.17 (9) 12.56 (14) Median 10.04 8.93 13.97 15.40 15.12 6.35 11.93 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Investment -0.56 (43) Index -0.88 (61) Median -0.65 -1.48 (38) -1.50 (38) -1.79 6.71 (22) 6.91 (14) 6.28 28.0 20.0 - 12.0 - c L 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 Jun-2024 Mar-2024 Dec-2023 2.02 (30) 2.09 (25) 1.75 6.89 (83) 6.90 (80) 7.58 10.79 (66) 10.78 (66) 11.05 Page 49 Strategy Review Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index As of June 30, 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 15.59 13.90 0.80 100.64 8 103.04 4 Investment 12.24 14.22 0.70 100.02 13 101.94 7 Index 15.89 13.61 0.83 100.00 8 100.00 4 Index 12.56 14.12 0.72 100.00 13 100.00 7 Risk and Return 3 Years 16.0 15.4 13.5 13.6 13.7 13.8 13.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 25.0 cdi 50.0 d IL y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 14.0 Risk and Return 5 Years 12.8 1 12.6 e 3 12.4 v Q: 12.2 12.0 14.1 14.2 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 25.0 m c 50.0 I d a E m 75.0 - : a ■ 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 4 (20%) 15 (75%) 1 (5%) 0 (0%) Investment 20 2 (10%) 18 (90%) 0 (0%) 0 (0%) Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) 14.3 Page 50 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2045 = Peer Group Analysis - Target -Date 2045 20.0 36.0 18.0 16.0 00 0 14.0 12.0 c L 3 N 10.0 8.0 - O� 6.0 4.0 2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 9.75 (34) 9.30 (31) 14.78 (19) 15.29 (39) 14.84 (43) 6.43 (33) 11.80 (45) • Index 9.87 (29) 9.11 (35) 14.71 (20) 15.44 (33) 15.08 (34) 6.67 (19) 12.08 (28) Median 9.43 8.64 13.76 15.03 14.69 6.15 11.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Investment -0.40 (42) Index -0.69 (63) Median -0.51 -1.46 (31) -1.54 (35) -1.82 6.57 (25) 6.77 (15) 6.29 28.0 20.0 0 0• 12.0 c 4.0 lY -4.0 -12.0 00 -20.0 00 00 00 0• -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 13.91 (50) 19.48 (40) -17.36 (31) 16.16 (67) 16.30 (35) 24.94 (39) -7.90 (38) • Index 14.08 (42) 19.77 (33) -16.93 (24) 16.45 (58) 17.02 (28) 25.37 (28) -7.77 (34) Median 13.91 19.26 -18.19 16.74 15.38 24.61 -8.33 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 1.90 (37) 1.95 (32) 1.75 6.45 (83) 6.44 (84) 7.27 10.57 (70) 10.54 (74) 10.88 Page 51 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of June 30, 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 14.84 13.46 0.77 100.80 8 103.03 4 Investment 11.80 13.89 0.68 100.21 13 102.06 7 Index 15.08 13.17 0.80 100.00 8 100.00 4 Index 12.08 13.77 0.70 100.00 13 100.00 7 Risk and Return 3 Years 15.2 14.6 13.1 13.2 13.3 13.4 13.5 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 ♦ IOON cdi 50.0 IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 13.6 Risk and Return 5 Years 12.2 12.0 11.6 13.7 13.8 13.9 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 25.0 m c c� 50.0 - 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 14.0 6/25 75-95 Count Investment 20 3 (15%) 17 (85%) 0 (0%) 0 (0%) Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Page 52 Peer Group Analysis - Target -Date 2040 20.0 18.0 16.0 14.0 12.0 c L 10.0 G O• 8.0 - 6.0 4.0 2.0 00 00 O4D 00 0.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 9.09 (28) 8.86 (29) 14.12 (16) 14.43 (37) 13.80 (46) 5.85 (38) 10.74 (57) • Index 9.18 (28) 8.68 (33) 14.02 (18) 14.51 (34) 14.03 (37) 6.09 (24) 11.01 (40) Median 8.55 8.19 13.01 14.04 13.69 5.62 10.85 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2040 38.0 32.0 26.0 O• 20.0 O• 14.0 most 8.0 L 3 d 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 Jun-2024 Mar-2024 Dec-2023 Investment -0.21 (50) -1.50 (23) 6.43 (25) 1.73 (38) 5.85 (80) 10.23 (73) Index -0.46 (72) -1.58 (29) 6.61 (14) 1.77 (31) 5.81 (81) 10.20 (75) Median -0.21 -1.90 6.15 1.59 6.69 10.53 Page 53 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of June 30, 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 13.80 12.75 0.73 100.84 8 103.09 4 Investment 10.74 13.04 0.64 100.16 13 102.01 7 Index 14.03 12.47 0.76 100.00 8 100.00 4 Index 11.01 12.92 0.67 100.00 13 100.00 7 Risk and Return 3 Years 14.1 14.0 13.7 12.4 12.5 12.6 12.7 12.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 25.0 *all 0- I� cdi 50.0 d IL y 75.0 . K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 12.9 Risk and Return 5 Years 11.2 11.0 10.6 12.9 13.0 13.1 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 w 25.0 00.0 m � I c� d a 50.0 E m a 75.0 - 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 1 (5%) 12 (60%) 7 (35%) 0 (0%) Investment 20 1 (5%) 15 (75%) 4 (20%) 0 (0%) Index 20 6 (30%) 13 (65%) 1 (5%) 0 (0%) Index 20 12 (60%) 7 (35%) 1 (5%) 0 (0%) Page 54 Peer Group Analysis - Target -Date 2035 18.0 16.0 14.0 00 00 12.0 1 d 10.0 - E 3 .r 8.0 - 0 4.0 - 2.0 0.0 L - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 8.38 (18) 8.42 (25) 13.41 (9) 13.46 (21) 12.73 (31) 5.24 (22) 9.67 (48) • Index 8.47 (13) 8.22 (28) 13.32 (10) 13.57 (16) 12.97 (20) 5.49 (14) 9.94 (29) Median 7.57 7.73 11.96 12.70 12.29 4.78 9.62 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2035 38.0 32.0 26.0 O• 20.0 14.0 8.0 3 .r 2.0 - -4.0 - O• -10.0 -16.0 O -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 11.78 (26) 17.14 (26) -16.62 (38) 12.96 (79) 14.79 (40) 22.44 (47) -6.58 (28) • Index 11.90 (21) 17.43 (18) -16.10 (25) 13.24 (71) 15.67 (26) 22.76 (38) -6.46 (25) Median 11.22 16.40 -17.13 13.91 14.10 22.33 -7.35 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 0.04 (71) -1.61 (18) 6.30 (19) 1.55 (30) 5.24 (75) 9.82 (65) Index -0.23 (86) -1.62 (19) 6.44 (13) 1.60 (27) 5.19 (76) 9.86 (65) Median 0.21 -2.00 6.02 1.39 5.67 10.03 Page 55 Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of June 30, 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 12.73 12.07 0.69 101.20 9 104.02 3 Investment 9.67 12.21 0.60 100.41 14 102.58 6 Index 12.97 11.79 0.72 100.00 8 100.00 4 Index 9.94 12.09 0.62 100.00 13 100.00 7 Risk and Return 3 Years 13.2 12.6 11.7 11.8 11.9 12.0 12.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 ♦♦' , m ,fir♦ �, ♦♦I cdi 50.0 ,�♦ d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 12.2 Risk and Return 5 Years 10.0 9.9 9.8 9.7 9.6 12.0 12.1 12.2 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 25.0 - ���N►�`aII�� ,� c c� 50.0 - d a c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 13 (65%) 5 (25%) 0 (0%) Investment 20 0 (0%) 19 (95%) 1 (5%) 0 (0%) Index 20 13 (65%) 6 (30%) 1 (5% 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) 12.3 Page 56 Peer Group Analysis - Target -Date 2030 16.0 r 14.0 - 12.0 - 10.0 - c L p 8.0 - 6.0 - 4.0 - 2.0 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of June 30, 2025 r Group Analysis - Target -Date 2030 32.0 26.0 20.0 Q • 14.0 00 Q 0 Q- 00 8.0 - c L 2.0 - -4.0 - Q• 0 10.0 -16.0 Q -22.0 - 0.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.67 (4) 7.89 (23) 12.61 (7) 12.50 (7) 11.64 (6) 4.61 (11) 8.58 (18) O Investment 10.64 (13) 16.03 (6) -16.27 (47) 11.38 (55) 14.10 (36) 21.07 (35) -5.86 (33) • Index 7.74 (3) 7.73 (27) 12.58 (7) 12.62 (5) 11.90 (2) 4.88 (7) 8.86 (7) • Index 10.82 (9) 16.26 (5) -15.71 (34) 11.66 (49) 14.98 (19) 21.34 (29) -5.72 (30) Median 6.49 7.05 10.87 11.39 10.70 3.87 8.09 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment 0.21 (86) Index -0.01 (93) Median 0.65 -1.69 (18) -1.66 (16) -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 Page 57 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of June 30, 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 11.64 11.38 0.64 101.12 9 104.10 3 Investment 8.58 11.40 0.54 100.28 14 102.57 6 Index 11.90 11.11 0.67 100.00 8 100.00 4 Index 8.86 11.27 0.57 100.00 13 100.00 7 Risk and Return 3 Years 12.0 11.8 e 3 11.6 11.4 11.0 11.1 11.2 11.3 11.4 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 11.5 6/25 75-95 Count Risk and Return 5 Years 9.0 8.8 v 8.6 8.4 11.2 11.3 11.4 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 N.O**N I 25.0 - m c c� 50.0 - d a c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 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%) 11.5 Page 58 Peer Group Analysis - Target -Date 2025 14.0 12.0 00 00 10.0 i 8.0 - E 3 .r m 6.0 - 4.0 - , 2.0 - 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 6.65 (11) 7.33 (30) 11.74 (8) 11.38 (7) 10.43 (4) 3.98 (11) 7.48 (17) • Index 6.71 (6) 7.18 (32) 11.69 (8) 11.52 (5) 10.66 (2) 4.24 (6) 7.76 (6) Median 5.36 6.36 10.07 10.25 9.39 3.28 6.93 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2025 30.0 25.0 20.0 0 15.0 0 10.0 00 0• 5.0 3 d 0.0 -5.0 00 -10.0 - -15.0 0 -20.0 -25.0 2024 2023 2022 2021 2020 2019 2018 O Investment 9.44 (8) 14.55 (5) -15.55 (52) 9.80 (51) 13.30 (35) 19.63 (21) -5.15 (42) • Index 9.63 (5) 14.74 (2) -15.02 (37) 10.09 (42) 14.19 (16) 19.93 (14) -5.00 (36) Median 8.25 12.65 -15.49 9.80 12.51 18.38 -5.43 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 0.64 (85) -1.64 (14) 5.85 (28) 1.26 (20) 3.81 (43) 8.87 (33) Index 0.44 (91) -1.59 It 1) 5.89 (25) 1.28 (16) 3.87 (37) 8.85 (34) Median 1.11 -2.06 5.61 1.04 3.73 8.64 Page 59 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of June 30, 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 10.43 10.39 0.58 101.21 9 104.19 3 Investment 7.48 10.37 0.49 100.37 14 102.85 6 Index 10.66 10.14 0.61 100.00 9 100.00 3 Index 7.76 10.23 0.52 100.00 14 100.00 6 Risk and Return 3 Years 10.8 10.2 10.0 10.1 10.2 10.3 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2025 0.0 25.0 10.4 10.5 c cdi 50.0 d IL y 75.0 K 9 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 8.0 1 7.8 eIRV E 3 v 7.6 E 7.4 10.2 10.3 10.4 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 - d IL E m 75.0 : a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count 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 60 Peer Group Analysis - Target -Date 2020 14.0 12.0 8.0 6.0 4.0 - f•�1l 0• 00 00 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 5.12 (56) 6.31 (53) 10.23 (31) 9.74 (50) 8.67 (57) 3.19 (38) 6.16 (62) • Index 5.19 (53) 6.20 (60) 10.22 (32) 9.85 (44) 8.86 (46) 3.40 (28) 6.38 (46) Median 5.28 6.50 9.74 9.73 8.81 3.01 6.29 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date 2020 25.0 20.0 - 00 15.0 - 0• 00 10.0 - 60M.0 0 • 5.0 - c L 0.0 00 -5.0 -10.0 0 • -15.0 -20.0 -25.0 2024 2023 2022 2021 2020 2019 2018 O Investment 7.75 (42) 12.51 (28) -14.15 (38) 8.17 (65) 12.04 (41) 17.63 (27) -4.24 (40) • Index 7.91 (37) 12.65 (27) -13.77 (31) 8.43 (59) 12.85 (23) 17.87 (23) -4.13 (36) Median 7.56 11.73 -14.47 8.71 11.03 16.24 -4.58 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 1.13 (67) -1.59 (12) 5.37 (59) 1.05 (39) 2.83 (83) 8.00 (67) Index 0.96 (81) -1.55 (10) 5.41 (53) 1.06 (37) 2.89 (83) 7.97 (69) Median 1.35 -2.12 5.46 1.00 3.34 8.20 Page 61 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of June 30, 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 8.67 9.01 0.48 100.91 9 103.55 3 Investment 6.16 8.91 0.41 100.38 14 102.64 6 Index 8.86 8.82 0.50 100.00 9 100.00 3 Index 6.38 8.82 0.44 100.00 14 100.00 6 Risk and Return 3 Years 8.9 8.8 e 3 8.7 8.6 8.7 8.8 8.9 9.0 9.1 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date 2020 0.0 25.0 ���, 40 cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 6.5 6.4 y 6.3 6.2 6.1 8.8 8.9 9.0 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2020 0.0 25.0 m � 0 50.0 - d IL c m 75.0 If a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 14 (70%) 4 (20%) 0 (0%) Investment 20 2 (10%) 16 (80%) 2 (10%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) Page 62 Peer Group Analysis - Target -Date Retirement 12.0 00 8.0 c 6.0 -I lY 4.0 ■ 2.0 00 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.55 (27) 5.98 (21) 9.66 (12) 8.81 (32) 7.36 (49) 2.69 (34) 4.49 (46) • Index 4.61 (25) 5.87 (29) 9.60 (14) 8.88 (30) 7.50 (43) 2.84 (27) 4.65 (39) Median 4.11 5.58 8.54 8.44 7.30 2.41 4.40 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date Retirement 25.0 20.0 15.0 - Q• 10.0- moo• Q� 5.0 - Q c L 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 (41) -12.74 (50) 5.25 (62) 10.02 (29) 13.16 (45) -1.99 (15) • Index 6.74 (44) 10.80 (37) -12.44 (46) 5.44 (59) 10.70 (15) 13.41 (40) -1.97 (14) Median 6.59 10.47 -12.74 5.79 9.12 12.86 -3.36 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 1.37 (48) -1.57 (11) 5.12 (49) 0.89 (42) 2.09 (72) 7.34 (57) Index 1.21 (60) -1.53 It 1) 5.14 (47) 0.91 (38) 2.17 (70) 7.33 (58) Median 1.33 -2.09 5.09 0.85 2.51 7.57 Page 63 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of June 30, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Down Up Down Standard Sharpe Up Down Up Down Return Deviation Ratio Market Market Quarters Return Quarters Deviation Ratio Market Market Quarters Quarters Capture Capture Capture Capture Investment 7.36 7.88 0.38 101.14 9 103.69 3 Investment 4.49 7.39 0.26 100.52 14 102.66 6 Index 7.50 7.72 0.40 100.00 100.00 Index 4.65 7.30 0.29 100.00 100.00 6 Risk and Return 3 Years 7.6 N 7.3 7.6 7.7 7.8 7.9 8.0 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 ♦♦ Y ♦♦N�.0 25.0 c c� `w IL c 50.0 `- y 0: 75.0 MW 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 4.7 4.6 E w 4.5 O 4.4 7.2 7.3 7.4 7.5 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 25.0 w ,,,ram,• 2 50.0 v EL E v 75.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 3 (15%) 17 (85%) 0 (0%) 0 (0%) Investment 20 3 (15%) 15 (75%) 2 (10%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Page 64 Peer Group Analysis - Moderate Allocation 18.0 r 16.0 - 14.0 - 12.0 - 10.0 - E 3 d lY 8.0 - 6.0 - 4.0 - 2.0 - Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of June 30, 2025 Peer Group Analysis - Moderate Allocation 32.0 26.0 00 20.0 00 - 1 0 14.0 - 0 8.0 - E 2.0 - lY -4.0 - 00 -10.0 -16.0 • -22.0 0.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 9.58 (3) 9.23 (1) 14.51 (4) 14.80 (10) 14.09 (4) 6.03 (23) 10.75 (9) O Investment 13.18 (34) 18.55 (12) -17.09 (82) 14.35 (40) 15.45 (22) 23.13 (11) -6.90 (69) • Index 9.74 (3) 9.09 (2) 14.59 (3) 15.00 (8) 14.43 (2) 6.35 (17) 11.11 (7) • Index 13.41 (32) 18.91 (10) -16.50 (71) 14.60 (39) 16.37 (17) 23.46 (9) -6.78 (68) Median 6.74 5.76 10.63 12.00 11.11 4.78 8.72 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -0.32 (42) Index -0.59 (49) Median -0.63 -1.56 (65) -1.55 (65) -1.00 6.50 (10) 6.69 (8) 5.53 1.79 (34) 1.86 (33) 1.30 6.06 (38) 6.01 (39) 5.66 10.36 (8) 10.33 (8) 9.39 Page 65 Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of June 30, 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 14.09 12.96 0.74 100.74 8 103.63 4 Investment 10.75 13.11 0.64 100.08 13 102.39 7 Index 14.43 12.67 0.78 100.00 8 100.00 4 Index 11.11 12.99 0.67 100.00 13 100.00 7 Risk and Return 3 Years 14.6 14.0 12.6 12.7 12.8 12.9 13.0 13.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 Y !. 25.0 ,�� ♦ `♦ I��d� cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 11.2 11.0 10.8 10.6 12.9 13.0 13.1 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 25.0 - 00 c c� 50.0 - d IL c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 11 (55%) 9 (45%) 0 (0%) 0 (0%) Investment 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) 13.2 Page 66 Peer Group Analysis - Moderate Allocation 18.0 r 16.0 - 14.0 - 12.0 - 10.0 - c 3 m 8.0 - 6.0 - 4.0 - 2.0 - Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of June 30, 2025 Peer Group Analysis - Moderate Allocation 32.0 26.0 20.0 - O 1 14.0 - • 8.0 - sib - c 2.0 - -4.0 - -10.0 O� -16.0 00 -22.0 0.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.65 (28) 7.89 (9) 12.53 (14) 12.26 (44) 11.28 (48) 4.42 (61) 7.92 (70) O Investment 10.31 (69) 15.49 (35) -16.00 (61) 10.08 (88) 13.59 (35) 19.37 (54) -4.91 (39) • Index 7.72 (27) 7.74 (11) 12.55 (14) 12.43 (40) 11.57 (41) 4.72 (52) 8.23 (62) • Index 10.53 (67) 15.79 (32) -15.45 (50) 10.38 (86) 14.50 (28) 19.67 (48) -4.81 (37) Median 6.74 5.76 10.63 12.00 11.11 4.78 8.72 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment 0.22 (23) Index 0.02 (29) Median -0.63 -1.74 (69) -1.67 (68) -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 Page 67 Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of June 30, 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 11.28 11.12 0.62 101.02 9 104.15 3 Investment 7.92 10.94 0.51 100.29 14 102.82 6 Index 11.57 10.86 0.66 100.00 9 100.00 3 Index 8.23 10.80 0.54 100.00 14 100.00 6 Risk and Return 3 Years 11.8 11.2 10.8 10.9 11.0 11.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 Risk and Return 5 Years 8.4 8.2 e �3r 8.0 7.8 11.2 10.7 x C 25.0 I 50.0 � �40 IL y 75.0 IY 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 10.8 10.9 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 l- Y C 25.0 ` 50.0 IL L m 75.0 a 11.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 4 (20%) 9 (45%) 7 (35%) Investment 20 0 (0%) 2 (10%) 18 (90%) 0 (0%) Index 20 0 (0%) 7 (35%) 13 (65%) 0 (0%) Index 20 0 (0%) 9 (45%) 11 (55%) 0 (0%) Page 68 Peer Group Analysis - Moderately Conservative Allocation 16.0 r 14.0 - 12.0 - 10.0 - 8.0 - c L 3 N ll' 6.0 - 4.0 - 2.0 - 0.0 - 0• 00 00 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of June 30, 2025 -2.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 5.66 (17) 6.49 (14) 10.51 (18) 9.76 (37) 8.47 (42) 2.80 (54) 5.11 (70) • Index 5.70 (15) 6.38 (15) 10.50 (18) 9.89 (34) 8.72 (34) 3.04 (45) 5.35 (63) Median 4.65 5.44 9.38 9.27 8.23 2.88 5.84 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Peer Group Analysis - Moderately Conservative Allocation 25.0 20.0 00 15.0 00 00 10.0 00 O• 5.0 c 0.0 ll' 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 Jun-2024 Mar-2024 Dec-2023 Investment 0.79 (50) -1.86 (54) 5.74 (42) 0.90 (39) 2.71 (79) 8.43 (42) Index 0.64 (54) -1.79 (49) 5.77 (39) 0.91 (39) 2.73 (79) 8.48 (38) Median 0.77 -1.82 5.57 0.74 3.34 8.31 Page 69 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of June 30, 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 8.47 9.33 0.44 100.98 9 104.02 3 Investment 5.11 8.87 0.30 100.61 14 103.09 6 Index 8.72 9.15 0.47 100.00 9 100.00 3 Index 5.35 8.76 0.33 100.00 14 100.00 6 Risk and Return 3 Years 8.8 8.7 3 8.6 v 8.5 8.4 9.1 9.2 9.3 9.4 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 Y , C 25.0 50.0IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 5.4 5.3 c 3 5.2 v 5.1 O 5.0 8.7 8.8 8.9 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 Y �S. 25.0 50.0 d IL � E m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 5 (25%) 9 (45%) 4 (20%) Investment 20 2 (10%) 9 (45%) 9 (45%) 0 (0%) Index 20 3 (15%) 6 (30%) 10 (50%) 1 (5%) Index 20 2 (10%) 14 (70%) 4 (20%) 0 (0%) Page 70 Peer Group Analysis - Target -Date Retirement 12.0 E d W 8.0 6.0 4.0 O• 2.0 0.0 00 O• Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of June 30, 2025 Peer Group Analysis - Target -Date Retirement 25.0 20.0 15.0 - O• 01 10.0- � 00 5.0 - ■ E 00 tY 0.0 0 • -5.0 0 0 -10.0 .9 -15.0 O • -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 3.52 (63) 5.00 (78) 8.31 (58) 7.17 (76) 5.63 (81) 1.11 (98) 2.27 (99) O Investment 4.66 (78) 9.48 (64) -13.93 (67) 1.92 (95) 9.13 (50) 12.05 (62) -1.05 (5) • Index 3.53 (62) 4.88 (83) 8.30 (59) 7.29 (73) 5.83 (76) 1.28 (96) 2.44 (99) • Index 4.86 (77) 9.61 (63) -13.66 (64) 2.21 (94) 9.71 (40) 12.26 (60) -0.98 (5) Median 4.11 5.58 8.54 8.44 7.30 2.41 4.40 Median 6.59 10.47 -12.74 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment 1.43 (43) Index 1.30 (53) Median 1.33 -2.04 (45) -1.91 (34) -2.09 5.30 (35) 5.28 (37) 5.09 0.45 (88) 0.42 (89) 0.85 1.01 (99) 1.12 (94) 2.51 7.51 (53) 7.56 (51) 7.57 Page 71 Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of June 30, 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 5.63 7.72 0.17 100.04 9 102.26 3 Investment 2.27 7.04 -0.03 99.67 13 101.55 7 Index 5.83 7.63 0.20 100.00 9 100.00 3 Index 2.44 6.99 -0.01 100.00 13 100.00 7 Risk and Return 3 Years 5.9 5.8 3 5.7 v 5.6 5.5 7.6 7.7 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y C 25.0 50.0 IL ` y 75.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 7.8 6/25 75-95 Count Risk and Return 5 Years 2.5 2.4 c 3 v 2.3 2.2 6.9 7.0 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y 25.0 -16.3 u 50.0 - d ,� IL m 75.0 ♦�,��� �� ♦4�N 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 Total Period 5-25 25-Median Median-75 Count Count Count 7.1 6/25 75-95 Count Investment 20 1 (5%) 1 (5%) 3 (15%) 15 (75%) Investment 20 0 (0%) 1 (5%) 1 (5%) 18 (90%) Index 20 2 (10%) 1 (5%) 3 (15%) 14 (70%) Index 20 1 (5%) 1 (5%) 6 (30%) 12 (60%) Page 72 Peer Group Analysis - Large Growth mm 40.0 36.0 32.0 28.0 24.0 - c 20.0 - L 3 d tY 16.0 - 12.0 - 8.0 - 4.0 - 0.0 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 20.61 (17) 10.73 (11) 18.73 (23) 27.94 (12) 27.78 (14) 11.80 (14) 16.63 (22) • Index 17.84 (48) 6.09 (61) 17.22 (30) 25.09 (35) 25.76 (29) 12.74 (6) 18.15 (6) Median 17.75 6.95 15.41 23.73 24.01 9.19 14.96 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of June 30, 2025 Peer Group Analysis - Large Growth 100.0 80.0 60.0 - 40.0 - 20.0 c 3 d tY 0.0 - -20.0 - -40.0 -60.0 00 00 -80.0 2024 2023 2022 2021 2020 2019 2018 O Investment 29.72 (52) 42.99 (31) -31.25 (51) 24.81 (29) 37.38 (45) 33.67 (43) 3.74 (9) • Index 33.36 (28) 42.68 (33) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (20) -1.51 (52) Median 30.01 39.35 -31.16 21.89 36.17 32.89 -1.35 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment -8.19 (35) 4.89 (55) 2.23 (69) 6.92 (38) 13.14 (41) 17.98 (5) Index -9.97 (62) 7.07 (22) 3.19 (49) 8.33 (16) 11.41 (64) 14.16 (46) Median -9.19 5.27 3.14 6.01 12.52 14.02 Page 73 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of June 30, 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 27.78 19.59 1.13 107.10 9 106.57 3 Investment 16.63 20.50 0.73 100.43 15 106.35 5 Index 25.76 18.36 1.11 100.00 9 100.00 3 Index 18.15 19.46 0.82 100.00 15 100.00 5 Risk and Return 3 Years 28.8 28.0 27.2 c 3 26.4 25.6 24.8 I 18.0 18.3 18.6 18.9 19.2 19.5 19.8 20.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Growth 0.0 C 25.0 �I c 50.0 IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 18.6 18.0 17.4 3 C 16.8 16.2 19.2 19.5 19.8 20.1 20.4 20.7 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Growth 0.0 Y 25.0 c IL 50.0 c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 5-25 25-Median Median-75 75-95 Total Period Count Count Count Count Investment 20 5 (25%) 10 (50%) 5 (25%) 0 (0%) Investment 20 5 (25%) 15 (75%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) 21.0 Page 74 Peer Group Analysis - Large Blend 29.0 26.0 23.0 20.0 • O• 17.0 c 14.0 L 3 m 11.0 0 8.0 - 5.0 - 2.0 - -1.0 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 10.99 (37) 5.63 (55) 15.09 (26) 19.07 (43) 19.02 (41) 9.66 (57) 15.85 (46) • Index 11.00 (37) 5.65 (54) 15.13 (24) 19.08 (43) 19.03 (41) 9.67 (56) 15.87 (45) Median 10.80 5.77 13.65 18.64 18.51 9.90 15.63 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market TR Index As of June 30, 2025 Peer Group Analysis - Large Blend 44.0 - 36.0 -I 28.0 - 20.0 - 12.0 - -4.0 - -12.0 -20.0 -28.0 O• O• kh 06 O• O• -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 23.74 (45) 26.01 (32) -19.53 (75) 25.71 (62) 20.99 (20) 30.80 (41) -5.17 (45) • Index 23.77 (44) 25.98 (32) -19.49 (74) 25.72 (62) 20.99 (20) 30.84 (40) -5.17 (45) Median 23.29 24.70 -18.23 26.78 17.64 30.05 -5.50 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment -4.83 (66) 2.62 (21) 6.17 (30) 3.25 (51) 10.00 (68) 12.16 (26) Index -4.82 (66) 2.63 (20) 6.18 (29) 3.25 (51) 10.01 (68) 12.14 (27) Median -4.39 2.06 5.76 3.26 10.47 11.65 Page 75 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market TR Index As of June 30, 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 19.02 16.03 0.89 99.99 9 100.06 3 Investment 15.85 16.57 0.81 99.98 14 100.05 6 Index 19.03 16.03 0.90 100.00 9 100.00 3 Index 15.87 16.57 0.81 100.00 14 100.00 6 Risk and Return 3 Years 19.1 e C 19.0 16.0 16.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Blend 0.0 Y C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 15.9 e 15.8 16.5 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Blend 0.0 25.0 m c c� 50.0 - d a c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 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%) 16.6 Page 76 Strategy Review Vanguard Windsor TM II AdmiralTM I Russell 1000 Value Index As of June 30, 2025 Peer Group Analysis - Large Value Peer Group Analysis - Large Value 23.0 44.0 - 20.0 36.0 - 17.0 ■ 280- 0 � 14.0 20.0 - 11.0 - 12.0 - c c 3 3 d d � O � 8.0 - • 4.0 - • 5.0 - -4.0 - 0• 2.0 - -12.0 O -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 6.80 (10) 6.09 (43) 10.22 (77) 15.06 (26) 15.45 (14) 8.44 (39) 15.91 (20) O Investment 14.29 (52) 21.07 (5) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (46) • Index 3.79 (55) 6.00 (46) 13.70 (35) 13.38 (52) 12.76 (48) 7.51 (61) 13.93 (54) • Index 14.37 (50) 11.46 (47) -7.54 (69) 25.16 (61) 2.80 (51) 26.54 (38) -8.27 (42) Median 4.08 5.81 12.72 13.50 12.69 8.00 14.16 Median 14.37 11.07 -5.50 25.98 2.82 25.61 -8.85 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -0.66 (88) Index 2.14 (42) Median 1.75 -1.19 (36) -1.98 (56) -1.81 5.15 (95) 9.43 (21) 8.13 1.03 (8) -2.17 (70) -1.41 8.89 (48) 8.99 (46) 8.79 11.74 (12) 9.50 (51) 9.53 Page 77 Strategy Review Vanguard WindsorTPA II AdmiralTM I Russell 1000 Value Index As of June 30, 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 15.45 15.14 0.73 97.12 8 81.86 4 Investment 15.91 15.74 0.85 99.60 13 88.85 7 Index 12.76 15.66 0.56 100.00 8 100.00 4 Index 13.93 15.79 0.73 100.00 13 100.00 7 Risk and Return 3 Years 16.0 O 15.0 e c 14.0 3 v 13.0 12.0 15.0 15.2 15.4 15.6 15.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Value 0.0 Y C 25.0 m 50.0 IL ♦ w y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 16.8 16.0 15.2 c 3 14.4 13.6 12.8 15.7 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Value 0.0 Y C � 25.0 -� m u 50.0 y~ m 75.0 a 15.8 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 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%) 6 (30%) 14 (70%) 0 (0%) Index 20 0 (0%) 3 (15%) 17 (85%) 0 (0%) Page 78 Peer Group Analysis - Mid -Cap Blend 23.0 84101 17.0 • 14.0 11.0 - c 8.0 - O 5.0 - 2.0 - -1.0 - -4.0 Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of June 30, 2025 Peer Group Analysis - Mid -Cap Blend 52.0 44.0 36.0 28.0 • O� 20.0 O• 0• 12.0 3 d O 4.0 O -4.0 -12.0 O• -20.0 -28.0 -7.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 4.26 (84) 0.55 (63) 5.48 (87) 7.80 (87) 7.95 (93) 3.52 (74) 10.62 (83) O Investment 7.36 (95) 16.88 (32) -17.06 (68) 24.68 (40) 18.96 (17) N/A N/A • Index 8.53 (30) 4.84 (17) 15.21 (15) 14.03 (20) 14.33 (20) 5.44 (38) 13.11 (40) • Index 15.34 (31) 17.23 (29) -17.32 (71) 22.58 (67) 17.10 (24) 30.54 (24) -9.06 (25) Median 6.90 1.92 8.78 10.81 12.39 4.98 12.85 Median 13.59 15.94 -14.58 24.17 13.07 27.03 -11.30 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -3.56 (26) Index -3.40 (22) Median -4.85 -3.05 (93) 0.62 (27) -0.01 8.20 (46) 9.21 (22) 7.92 -5.21 (88) -3.35 (31) -3.59 7.96 (78) 8.60 (64) 9.34 12.84 (22) 12.82 (23) 11.61 Page 79 Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of June 30, 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 7.95 17.28 0.27 86.00 7 104.68 5 Investment 10.62 16.59 0.53 90.32 12 96.20 8 Index 14.33 18.45 0.58 100.00 8 100.00 4 Index 13.11 18.09 0.62 100.00 13 100.00 7 Risk and Return 3 Years 18.0 15.0 6.0 17.1 17.4 17.7 18.0 18.3 18.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 Y 25.0 ,I 50.0 IL ° y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 18.9 Risk and Return 5 Years 14.4 13.5 e 12.6 c 3 11.7 10.8 O 9.9 16.0 16.4 16.8 17.2 17.6 18.0 18.4 18.8 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 25.0 IL 50.0 E m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 11 1 (9%) 0 (0%) 7 (64%) 3 (27%) Investment 3 0 (0%) 0 (0%) 1 (33%) 2 (67%) Index 20 7 (35%) 2 (10%) 11 (55%) 0 (0%) Index 20 7 (35%) 13 (65%) 0 (0%) 0 (0%) Page 80 Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap TR Index As of June 30, 2025 Peer Group Analysis - Mid -Cap Blend Peer Group Analysis - Mid -Cap Blend 23.0 52.0 20.0 44.0 17.0 14.0 11.0 c L 8.0 - LY 5.0 - 2.0 - -1.0 - -4.0 -7.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 8.69 (27) 6.97 (6) 17.50 (6) 14.62 (16) 14.32 (21) 5.84 (32) 13.01 (44) • Index 8.71 (26) 7.00 (5) 17.56 (5) 14.65 (15) 14.34 (19) 5.86 (31) 13.04 (43) Median 6.90 1.92 8.78 10.81 12.39 4.98 12.85 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 36.0 O• 28.0 O• 20.0 049 O• O• 12.0 L 3 N ll' 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 15.94 -14.58 24.17 13.07 27.03 -11.30 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment -1.58 (9) 0.44 (32) 9.36 (19) -2.75 (23) 7.86 (79) 12.27 (35) Index -1.57 (8) 0.46 (30) 9.37 (18) -2.74 (22) 7.85 (79) 12.27 (35) Median -4.85 -0.01 7.92 -3.59 9.34 11.61 Page 81 Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap TR Index As of June 30, 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 14.32 17.89 0.59 99.95 8 100.03 4 Investment 13.01 17.70 0.63 99.96 14 100.04 6 Index 14.34 17.90 0.59 100.00 8 100.00 4 Index 13.04 17.70 0.63 100.00 14 100.00 6 Risk and Return 3 Years 14.4 e 14.3 17.7 17.8 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 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 17.9 Risk and Return 5 Years 13.1 e 13.0 17.7 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 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 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 9 (45%) 9 (45%) 2 (10%) 0 (0%) Index 20 8 (40%) 3 (15%) 8 (40%) 1 (5%) Index 20 10 (50%) 8 (40%) 2 (10%) 0 (0%) 17.8 Page 82 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of June 30, 2025 Peer Group Analysis - Small Blend Peer Group Analysis - Small Blend 20.0 44.0 17.0 36.0 14.0 - 28.0 - 0• 11.0- 0 20.0- O 0 00 • • �• • 8.0 - • 12.0 - L L ' 5.0 - w 4.0 - 2.0 -0 -4.0 - • -1.0 -12.0 00 • O -4.0 -20.0 • -7.0 -28.0 -10.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.68 (37) 1.30 (11) 11.17 (8) 11.14 (18) 12.54 (18) 4.34 (17) 13.56 (21) O Investment 12.96 (27) 18.11 (27) -15.77 (33) 22.42 (52) 20.39 (14) 26.31 (28) -10.50 (31) • Index 8.50 (23) -1.79 (44) 7.68 (36) 8.86 (41) 10.00 (45) -0.11 (82) 10.04 (71) • Index 11.54 (41) 16.93 (42) -20.44 (82) 14.82 (86) 19.96 (17) 25.53 (38) -11.01 (38) Median 6.57 -1.98 6.42 8.30 9.67 2.06 11.43 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -5.93 (16) Index -9.48 (76) Median -8.42 0.01 (50) 0.33 (36) 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 Page 83 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of June 30, 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 12.54 20.78 0.46 96.79 8 88.14 4 Investment 13.56 19.94 0.60 98.22 13 85.92 7 Index 10.00 22.22 0.34 100.00 8 100.00 4 Index 10.04 21.58 0.42 100.00 13 100.00 7 Risk and Return 3 Years 14.0 13.0 12.0 c 3 11.0 10.0 9.0 20.4 20.7 21.0 21.3 21.6 21.9 22.2 22.5 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 � 25.0 50.0 ,,�, d e y 75.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 22.8 Risk and Return 5 Years 16.0 14.0 12.0 3 10.0 8.0 19.6 20.0 20.4 20.8 21.2 21.6 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Small Blend 0.0 10 25.0 K m � 50.0 a m 75.0 a �► a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 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 3 (15%) 4 (20%) 6 (30%) 7 (35%) Index 20 4 (20%) 3 (15%) 13 (65%) 0 (0%) 22.0 Page 84 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap TR Index As of June 30, 2025 Peer Group Analysis - Small Blend Peer Group Analysis - Small Blend 20.0 44.0 17.0 36.0 14.0- 28.0- 00 11.0- 20.0- Q• 00, 8.0 - 12.0 - c c L L 5.0 - 4.0 - 2.0 - - -4.0 - -1.0 00 -12.0 00 O• -4.0 -20.0 -7.0 -28.0 -10.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.28 (43) -0.62 (29) 10.14 (14) 10.82 (21) 12.16 (23) 2.83 (39) 11.84 (43) O Investment 14.23 (19) 18.20 (26) -17.61 (57) 17.73 (78) 19.11 (26) 27.37 (21) -9.31 (22) • Index 7.28 (43) -0.62 (29) 10.14 (14) 10.79 (22) 12.11 (24) 2.80 (40) 11.81 (44) • Index 14.22 (20) 18.09 (27) -17.64 (58) 17.71 (78) 19.07 (27) 27.35 (21) -9.33 (22) Median 6.57 -1.98 6.42 8.30 9.67 2.06 11.43 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 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment -7.37 (36) Index -7.37 (36) Median -8.42 1.66 (15) 1.66 (15) 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 Page 85 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap TR Index As of June 30, 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 12.16 20.66 0.44 100.02 8 99.85 4 Investment 11.84 19.85 0.53 100.02 13 99.89 7 Index 12.11 20.66 0.44 100.00 8 100.00 4 Index 11.81 19.85 0.52 100.00 13 100.00 7 Risk and Return 3 Years 12.2 12.0 20.5 20.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 20.7 Risk and Return 5 Years 11.9 l- 11.7 19.8 19.9 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y C 25.0 - m c c� 50.0 - d IL c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 6 (30%) 8 (40%) 6 (30%) 0 (0%) Investment 20 11 (55%) 9 (45%) 0 (0%) 0 (0%) Index 20 6 (30%) 8 (40%) 6 (30%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Page 86 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of June 30, 2025 Peer Group Analysis - Foreign Large Blend 29.0 26.0 23.0 20.0 17.0 14.0 I 00 L 3 N 11.0 - 8.0 - 5.0 - O 2.0 - -1.0 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 12.08 (37) 18.26 (69) 18.27 (47) 14.56 (46) 13.81 (74) 4.55 (68) 10.28 (61) • Index 12.43 (32) 17.54 (78) 17.86 (58) 14.73 (41) 13.98 (70) 4.57 (67) 10.40 (56) Median 11.54 19.57 18.12 14.42 14.82 5.29 10.66 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Investment 5.51 (78) Index 4.55 (91) Median 6.82 -7.42 (44) -7.49 (48) -7.54 8.03 (29) 8.39 (19) 7.13 Peer Group Analysis - Foreign Large Blend 36.0 28.0 20.0 - 12.0 - 4.0 MIM -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 Jun-2024 Mar-2024 Dec-2023 0.80 (34) 0.86 (32) 0.04 4.30 (77) 4.34 (75) 5.30 9.97 (53) 9.77 (59) 10.03 Page 87 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of June 30, 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 13.81 15.44 0.63 105.02 9 110.29 3 Investment 10.28 15.33 0.54 102.60 14 104.88 6 Index 13.98 14.59 0.67 100.00 9 100.00 3 Index 10.40 14.99 0.56 100.00 14 100.00 6 Risk and Return 3 Years 14.1 14.0 Ah IRV E 13.9 3 Gl K 13.8 I e 13.7 14.2 14.4 14.6 14.8 15.0 15.2 15.4 15.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 Y C 25.0 - m 50.0 IL •••�� e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 10.5 10.4 3 G1 C 10.3 10.2 14.9 15.0 15.1 15.2 15.3 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 Y C 25.0 • 4% u 50.0 IL • m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 8 (40%) 12 (60%) 0 (0%) Investment 20 1 (5%) 8 (40%) 11 (55%) 0 (0%) Index 20 0 (0%) 9 (45%) 10 (50%) 1 (5%) Index 20 2 (10%) 10 (50%) 8 (40%) 0 (0%) 15.4 Page 88 Peer Group Analysis - Foreign Small/Mid Blend 36.0 32.0 28.0 Q Q 24.0 20.0 - Q c 16.0 - 3 d lY 12.0 - 8.0 - Q 4.0 - 0.0 -4.0 -8.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 17.88 (38) 26.04 (14) 26.82 (14) 20.02 (2) 16.60 (14) 5.72 (13) 11.66 (33) • Index 16.26 (71) 21.61 (67) 24.43 (30) 16.49 (40) 14.99 (42) 4.22 (53) 10.40 (64) Median 17.49 22.97 22.22 15.46 14.27 4.30 11.18 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Investment 6.92 (3) Index 4.60 (52) Median 4.64 -7.80 (35) -7.22 (18) -8.02 9.14 (29) 10.27 (20) 8.69 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of June 30, 2025 Peer Group Analysis - Foreign Small/Mid Blend 36.0 28.0 20.0 - Q• 12.0 - Q 1 Q 4.0 - • c 3 d lY -4.0 - -12.0 - -20.0 Q -28.0 Q • -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 5.57 (14) 15.21 (36) -18.58 (43) 13.03 (46) 7.66 (79) 21.66 (53) -18.79 (36) • Index 4.13 (32) 15.30 (31) -19.84 (57) 9.95 (84) 11.70 (35) 25.39 (20) -17.00 (19) Median 2.60 14.73 -18.82 12.92 9.83 21.91 -19.83 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 -1.39 (61) -1.51 (64) -0.82 6.39 (6) 3.34 (47) 3.22 10.16 (78) 10.35 (73) 10.71 Page 89 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of June 30, 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 16.60 16.20 0.76 100.46 7 92.53 5 Investment 11.66 16.28 0.60 99.95 12 94.04 8 Index 14.99 16.21 0.67 100.00 8 100.00 4 Index 10.40 16.78 0.51 100.00 13 100.00 7 Risk and Return 3 Years 17.4 16.8 16.2 c 3 15.6 15.0 14.4 16.0 16.1 16.2 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 Y C 25.0 m 50.0 IL e y 75.0 K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 16.3 Risk and Return 5 Years 12.0 i1w 10.5 10.0 16.2 16.3 16.4 16.5 16.6 16.7 16.8 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 25.0 - ,,►� I�� ��,� 50.0 -6 a m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 5 (25%) 3 (15%) 11 (55%) 1 (5%) Investment 20 1 (5%) 8 (40%) 11 (55%) 0 (0%) Index 20 3 (15%) 8 (40%) 8 (40%) 1 (5%) Index 20 3 (15%) 12 (60%) 5 (25%) 0 (0%) 16.9 Page 90 Peer Group Analysis - Foreign Value 36.0 32.0 28.0 24.0 O 20.0 c L O 3 IX • 16.0 12.0 - 8.0 - 4.0 0.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 10.66 (64) 23.06 (41) 23.61 (42) 18.48 (27) 18.35 (27) 11.13 (10) 17.21 (7) • Index 10.42 (69) 19.90 (79) 21.42 (58) 17.37 (41) 15.62 (62) 7.75 (57) 13.15 (49) Median 11.50 22.48 22.69 16.70 16.56 8.12 13.07 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review DFA International Value I I MSCI AC World ex USA Value (net) As of June 30, 2025 Peer Group Analysis - Foreign Value 36.0 28.0 20.0- O 00 00 12.0 - 4.0 - c L 3 d -4.0 - -12.0 - 0 -20.0 -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 6.88 (26) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (81) 15.67 (78) -17.49 (64) • Index 6.04 (32) 17.30 (56) -8.59 (38) 10.46 (68) -0.77 (74) 15.72 (78) -13.97 (23) Median 4.50 17.77 -9.94 11.97 2.71 18.43 -16.41 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 11.20 (32) -5.93 (19) 6.78 (74) -0.52 (63) 6.95 (13) 6.49 (91) Index 8.58 (67) -7.31 (51) 9.26 (22) 1.26 (16) 3.40 (67) 8.43 (56) Median 9.73 -7.23 7.88 0.05 4.39 8.63 Page 91 Strategy Review DFA International Value I I MSCI AC World ex USA Value (net) As of June 30, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Down Up Down Standard Sharpe Up Down Up Down Return Deviation Ratio Market Market Quarters Return Quarters Deviation Ratio Market Market Quarters Quarters Capture Capture Capture Capture Investment 18.35 15.56 0.88 112.43 9 107.34 3 Investment 17.21 17.58 0.84 118.28 15 108.25 5 Index 0 100.00 100.00 Index 13.15 15.35 0.71 100.00 100.00 5 Risk and Return 3 Years 19.0 E 18.0 15.0 13.2 13.6 14.0 14.4 14.8 15.2 15.6 16.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Value 0.0 x I C 25.0 ` 50.0 - ,� ftM 0 d 75.0 L I i 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 18.0 16.0 E w 14.0 12.0 ' 14.5 15.0 15.5 16.0 16.5 17.0 17.5 18.0 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Foreign Value 0.0 Y C 25.0 -� w c 3 �,,,� ♦♦ ,�A,, �I v 75.0 ♦��� ♦��.,r�I, 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 13 (65%) 1 (5%) 3 (15%) 3 (15%) - Investment 20 11 (55%) 7 (35%) 2 (10%) 0 (0%) Index 0 (0%) 5 (25%) 14 (70%) 1 (5%) Index 2( 0 (0%) 5 (25%) 12 (60%) 3 (15%) Page 92 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of June 30, 2025 Peer Group Analysis - Real Estate Peer Group Analysis - Real Estate 17.0 65.0 14.0 50.0 O� 11.0 35.0 - � O 8.0 20.0 - E i 5.0 5.0 - ■ 2.0 - -10.0 - 00 -25.0 O -4.0 -40.0 -7.0 -55.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment -0.70 (42) 1.94 (24) 10.33 (28) 7.51 (42) 3.55 (53) 0.52 (65) 6.53 (66) O Investment 4.92 (72) 11.81 (57) -26.20 (48) 40.40 (65) -4.65 (48) 28.94 (36) -5.95 (53) • Index -1.14 (63) -0.09 (66) 8.92 (51) 8.26 (21) 5.40 (12) 2.31 (9) 8.63 (12) • Index 8.75 (19) 13.74 (18) -24.51 (9) 43.06 (31) -7.57 (78) 25.84 (70) -4.57 (27) Median -0.88 0.61 8.92 7.36 3.60 0.92 7.20 Median 6.02 12.07 -26.29 41.44 -4.84 27.78 -5.85 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Investment 2.66 (28) Index 1.07 (62) Median 1.63 -7.64 (69) -6.12 (31) -6.97 17.19 (13) 16.12 (43) 15.92 -1.90 (84) 0.08 (31) -0.75 -1.18 (58) -0.32 (20) -1.05 18.13 (12) 16.00 (62) 16.40 Page 93 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of June 30, 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 3.55 20.00 0.05 98.00 6 103.89 6 Investment 6.53 19.18 0.28 97.07 12 103.93 8 Index 5.40 19.27 0.14 100.00 7 100.00 5 Index 8.63 18.77 0.39 100.00 13 100.00 7 Risk and Return 3 Years 6.3 5.6 4.9 c 3 4.2 3.5 2.8 18.8 19.0 19.2 19.4 19.6 19.8 20.0 20.2 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Real Estate 0.0 25.0 .L 50.0 d IL � r 75.0II K 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 20.4 Risk and Return 5 Years 9.6 8.8 8.0 c 3 7.2 6.4 O 5.6 18.5 18.6 18.7 18.8 18.9 19.0 19.1 19.2 19.3 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Real Estate 0.0 25.0 - u50.0 - I~�ti�••�N.00, d L m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 6 (30%) 13 (65%) 1 (5%) Investment 20 0 (0%) 5 (25%) 15 (75%) 0 (0%) Index 20 10 (50%) 1 (5%) 8 (40%) 1 (5%) Index 20 3 (15%) 5 (25%) 12 (60%) 0 (0%) Page 94 Peer Group Analysis - Intermediate Core Bond 10.0 8.0 6.0 O• 4.0 00 O• c 3 d O• 2.0 00 0.0 -2.0 o1 -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.29 (37) 4.10 (34) 6.04 (46) 4.39 (53) 2.59 (50) -0.78 (35) -0.71 (58) • Index 1.21 (54) 4.02 (42) 6.08 (41) 4.34 (56) 2.55 (52) -0.82 (40) -0.73 (59) Median 1.22 3.98 5.99 4.41 2.58 -0.93 -0.59 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of June 30, 2025 Peer Group Analysis - Intermediate Core Bond 16.0 - 12.0 - 00 8.0- 00 00 4.0 - 0.0 - O c O• m -4.0 - -8.0 - -12.0 O• -16.0 -20.0 2024 2023 2022 2021 2020 2019 2018 O Investment 1.24 (67) 5.70 (44) -13.16 (35) -1.52 (48) 7.72 (54) 8.71 (38) -0.23 (38) • 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 Jun-2024 Mar-2024 Dec-2023 Investment 2.77 (37) -3.04 (47) 5.06 (63) 0.18 (50) -0.79 (74) 6.69 (51) Index 2.78 (33) -3.06 (50) 5.20 (37) 0.07 (78) -0.78 (72) 6.82 (35) Median 2.72 -3.06 5.13 0.17 -0.63 6.69 Page 95 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of June 30, 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 2.59 7.11 -0.23 99.40 7 98.80 5 Investment -0.71 6.31 -0.52 100.63 12 100.44 8 Index 2.55 7.20 -0.24 100.00 7 100.00 5 Index -0.73 6.32 -0.52 100.00 12 100.00 8 Risk and Return 3 Years 2.7 e 3 2.6 2.5 ' 7.0 7.1 7.2 7.3 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 x I C 25.0 50.0 C IL e y 75.0 IY 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years -0.7 e E -0.8 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 50.0 E m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 15 (75%) 5 (25%) 0 (0%) Investment 20 0 (0%) 12 (60%) 8 (40%) 0 (0%) Index 20 0 (0%) 11 (55%) 9 (45%) 0 (0%) Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Page 96 Peer Group Analysis - Intermediate Core Bond 10.0 8.0 6.0 4.0 00 0.0 -2.0 IIIIIIIIII� a ; -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.43 (16) 4.39 (10) 6.60 (13) 5.64 (6) 4.37 (1) 0.59 (3) 1.15 (2) • Index 1.21 (54) 4.02 (42) 6.08 (41) 4.34 (56) 2.55 (52) -0.82 (40) -0.73 (59) Median 1.22 3.98 5.99 4.41 2.58 -0.93 -0.59 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Dodge & Cox Income X I Blmbg. U.S. Aggregate Index As of June 30, 2025 Peer Group Analysis - Intermediate Core Bond 16.0 - 12.0 - 8.0 - 0 4.0 - 0.0 - 0 E 3 0 • Gf -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 Jun-2024 Mar-2024 Dec-2023 Investment 2.91 (14) -3.30 (86) 5.61 (7) 0.52 (7) -0.31 (18) 7.33 (8) Index 2.78 (33) -3.06 (50) 5.20 (37) 0.07 (78) -0.78 (72) 6.82 (35) Median 2.72 -3.06 5.13 0.17 -0.63 6.69 Performance of this share class is extended past the share class' inception date, to that of the first share class of the fund Page 97 Strategy Review Dodge & Cox Income X I Blmbg. U.S. Aggregate Index As of June 30, 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 7.39 0.01 107.67 8 90.13 4 Investment 1.15 6.44 -0.22 109.72 12 87.96 8 Index 2.55 7.20 -0.24 100.00 7 100.00 5 Index -0.73 6.32 -0.52 100.00 12 100.00 8 Risk and Return 3 Years Risk and Return 5 Years 4.9 2.1 0 1.4 4.2 0 e e 0.7 E 3.5 3 3 C C 0.0 2.8 -0.7 2.1 -1.4 7.1 7.2 7.3 7.4 7.5 6.3 6.4 6.5 Risk (Standard Deviation %) Risk (Standard Deviation %) O Investment is Index O Investment • Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 5 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 0.0 Y I 25.0 x 25.0 -� 50.0 ♦♦��i���I��� 0110 ♦ 50.0 ♦♦♦ �00 w~�♦���� IL ,�, y 75.0 m 75.0 K a' 100.0 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 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 1 1 (100%) 0 (0%) 0 (0%) 0 (0%) Investment 0 0 0 0 0 Index 20 0 (0%) 11 (55%) 9 (45%) 0 (0%) Index 20 0 (0%) 10 (50%) 10 (50%) 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 98 Peer Group Analysis - Money Market -Taxable 6.2 5.6 5.0 • 4.4 3.8 3.2 I E 3 • N 2.6 • 2.0 1.4 0.8 0.2 -0.4 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment N/A N/A N/A N/A N/A N/A N/A • Index 1.09 (1) 2.21 (1) 4.88 (1) 5.26 (1) 4.75 (1) 3.59 (1) 2.88 (1) Median 1.01 2.02 4.49 4.81 4.37 3.28 2.62 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Mar-2025 Dec-2024 Sep-2024 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of June 30, 2025 Peer Group Analysis - Money Market -Taxable 6.4 5.6 - 4.8 - 4.0 - 3.2 - E 3 2.4 - tY • • p O • 1.6 O O 0.8 O 0.0 -0.8 -1.6 2024 2023 2022 2021 2020 2019 2018 O Investment 1.87 (100) 1.84 (100) 0.89 (97) 0.72 (1) 1.37 (1) 1.92 (41) 1.46 (53) • Index 5.45 (1) 5.26 (1) 1.50 (20) 0.05 (6) 0.58 (1) 2.25 (2) 1.86 (2) Median 5.00 4.83 1.36 0.01 0.28 1.83 1.47 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2024 Mar-2024 Dec-2023 Investment 0.48 (100) 0.48 (100) 0.49 (100) 0.40 (100) 0.48 (100) 0.40 (100) Index 1.10 (1) 1.23 (1) 1.37 (1) 1.37 (1) 1.37 (1) 1.41 (1) Median 1.01 1.13 1.26 1.26 1.26 1.29 Page 99 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of June 30, 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 4.75 0.31 1.71 100.00 12 N/A N/A Index 2.88 0.68 1.25 100.00 20 N/A N/A Risk and Return 3 Years 4.8 e 4.7 0.3 0.4 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Money Market -Taxable 0.0 -------------------- x I C 25.0 m cdi 50.0 d IL e y 75.0 IY 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 2.9 e 2.8 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 — d IL c m 75.0 a 100.0 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 6/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 19 11 (58%) 0 (0%) 0 (0%) 8 (42%) Investment 19 11 (58%) 0 (0%) 1 (5%) 7 (37%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Page 100 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 101 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. Page 102 MARINER Access to a wealth of knowledge and solutions. Page 103