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Home My WebLink About2025-09-30 St Lucie County 457(b) Plans (Performance Report)St. Lucie County InveSAME.int Performance Review Period Ending September 30, 2 25 - I-- �--- . - F MARINER 3rd Quarter 2025 Market Environment Page 1 The Economy The US Federal Reserve (the Fed) decreased their policy rate by 0.25% to a range of 4.00%-4.25% during their September 2025 meeting. The press release from the Federal Open Market Committee (FOMC) stated that recent indicators suggest economic growth moderated during the year as job gains have slowed. The FOMC highlighted the downside risks in the labor markets while also mentioning that inflation remains elevated, which suggests that the most recent rate cut is in response to concerns about the health of the labor market. Growth in the US labor market continued during the third quarter although at a slower pace with US non -farm payrolls growing by just 22,000 in August. Unemployment also continued to tick higher from 4.2% to 4.3% during the quarter. The more recent trend of slowing growth in the labor market, coupled with the large downward revisions for the trailing 12 months ended March 2025 have introduced added uncertainty into markets and economic projections. With labor market statistics as a key input into the FOMC's target policy rate decisions, weakening private sector employment contributed to a reduction in the policy rate during the quarter. Equity (Domestic and International) Domestic equity results were broadly higher for the quarter. Growth stocks dominated, and the exuberant information technology sector has grown to over 30% of the Russell 1000 index. Small -capitalization (cap) stocks outperformed large -cap stocks for the quarter, a reversal of the recent trend in the domestic equity market. Large -cap equity benchmarks continue to represent a heavy concentration among a limited number of stocks. As of quarter -end, the top 10 stocks in the S&P 500 index comprised more than 35% of the index. • All international stock indexes advanced during the quarter despite a drag from US dollar (USD) strength. International equities have experienced recent tailwinds due to investor shifts from domestic markets and into international markets based on greater economic uncertainty in the US and challenging trade relations associated with US tariff policies. The Market Environment Executive Summary As of September 30, 2025 Fixed Income Fixed -income markets gained during the quarter, driven primarily by their coupons and a decline in shorter term Treasury yields from the FOMC's 0.25% policy rate cut at the September 2025 meeting. While not directly impacted by the FOMC's actions, longer term yields fell slightly relative to where they began the quarter after a short-lived "risk -off' trade unwound as the US government's stance on tariffs softened during the quarter. The yield on the bellwether 10-year Treasury fell by just 0.05% during the quarter, closing September at a yield of 4.16%. The US Corporate IG index was the best -performing US fixed -income index for the quarter, posting a solid 2.6% return. The index received a boost from a narrowing BAA option adjusted spread (OAS), which declined 0.11 % during the quarter, as well as its higher yield relative to other bond market segments. The spread measure remained relatively stable throughout the quarter despite large revisions in jobs numbers and the Fed signaling increased risks present in the job market. ■ Despite USD strength during the quarter, global bonds underperformed domestic bonds. The Bloomberg Global Aggregate ex -US fell -0.6% in USD terms, while the Bloomberg US Aggregate index rose by 2.0%. Market Themes ■ Market participants long-awaited Fed rate cuts finally came to fruition in September with its first reduction since December of 2024. Markets still expect at least one additional rate cut to come in October, with a greater than 95% forecasted probability that the policy rate will be in the 3.50%-3.75% range (0.50% lower) by year end. As we enter the fourth quarter of 2025, market participants are already forecasting a high 90% probability of additional rate cuts in 2026. Third quarter domestic equity performance showed a capitulation of large -cap stocks versus smaller -cap stocks as the Russell 2000 outpaced larger -cap indexes during the quarter. While its unknown if this trend will continue, the shift was welcome relief for portfolios with exposure to the small cap segment of the market which has lagged large -cap stocks persistently over the past several quarters. Page 2 ■ Equity markets surged during the third quarter with small cap stocks outpacing all other asset classes in a trend reversal from the large -cap -dominated market environment of the last several quarters. The Russell 2000 climbed a strong 12.4%, lifted by the Fed's interest rate actions, while the large cap S&P 500 posted a solid 8.1 % due to similar factors. The Russell MidCap index, which was the best -performing domestic equity index in the second quarter, lagged other capitalization ranges as many high -flying technology stocks that powered the index's prior quarter results were reconstituted out of the mid -cap index in June. ■ International equity markets continued to surge in USD terms despite the USD strengthening relative to major world currencies. The emerging market benchmark continued its strong year posting back-to-back quarters of double- digit USD growth. ■ US investment -grade fixed income results were broadly higher during the quarter. The corporate bond index led the way with a return of 2.6% for the quarter, while the US Government index gained a smaller 1.5%. Returns were driven by a small change at the front end of the yield curve and credit spreads that finished the quarter at similar levels to where they began. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 MSCI ACWxUS MSCIEAFE MSCI Emerg Mkts Bloomberg US Agg Bloomberg US Govt Bloomberg US TIPS Bloomberg MBS Bloomberg Corp IG 3-Month T-Bill The Market Environment Major Market Index Performance As of September 30, 2025 Quarter Performance 8.1 % 8.2% 8.0 5.3% 12.4% 6.9% 4.8% 10.6% - 2.0% 1 1.5% 2.1% �2.4% 2.6% 0.0% 2.0% 4.0% 6.0% ■ Equity markets continue to be resilient in the face of rising economic uncertainty over the trailing year. Large -cap stocks led the way with the Russell 1000 climbing 17.7% over the trailing year and the S&P 500 rising a S&P 500 similar 17.6%. Despite strong results in recent quarters, the Russell MidCap Russell3000 index and the small -cap Russell 2000 index lagged other market segments, Russell 1000 advancing by a lesser but still solid 11.1 % and 10.8%, respectively, over the Russell MidCap trailing year. Russell 2000 ■ International equity markets continued to perform well on a USD basis over MSCI ACWxUS the trailing year. Emerging market indexes have led the way with the MSCI EM MSCI EAFE returning 17.3%. The MSCI EAFE equity benchmark posted a strong but MSCI Emerg Mkts slightly lower 15.0% return for the year. ■ Trailing one-year returns for fixed income indexes benefited from a strong first Bloomberg US Agg Bloomberg US GOvt quarter and stability in the credit markets over the trailing year. Returns were Bloomberg TIPS positive across the major bond indexes with the Bloomberg US TIPS index leading results with a return of 3.8% for the year closely followed by the Bloomberg BloomberS Corp IMBS corporate investment grade index at 3.6%. The Bloomberg US Government g index lagged its peers returning a lower 2.1 % over the same time period. 3-Month T-Bill Source: Investment Metrics 1-Year Performance 3.6% 4.4 % 8.0% 10.0% 12.0% 14.0% 17.6% 17.4% 17.7% 11.1% 0.8% 16.4% 15.0% 17.3% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% Page 3 ■ Domestic equity indexes appeared to discount much of the current economic uncertainty and extended their strong performance in the third quarter. In a 3000 Value reversal of more recent dynamics, small -cap stocks outpaced large -cap stocks, with the Russell 2000 index beating the Russell 1000 index by 4.4%. 300o Index 3000 Growth ■ Growth stocks continued to outpace their value counterparts in the large cap segment while small -cap value stocks narrowly outperformed small -cap 1000 Value growth, a reversal from the previous quarter. The best -performing segment of 1000 Index the market was small -cap value stocks, which returned 12.6% during the third 1000 Growth quarter, just 0.4% ahead of the small -cap growth index. Large -cap growth stocks were also strong returning a slightly lower 10.4% for the period. ■ The weakest performing segment of the market was mid -cap growth which posted a relatively mild 2.8% for the quarter. The largest performance disparity between growth and value was in the large -cap segment where growth stocks outpaced their value counterparts by 5.2%. ■ Full -year style index performance shows a large distribution in results between the large cap core index's return of 17.7% relative to the small- and mid -cap segment returns of 11.1 % and 10.8% respectively. The trailing one-year results reflect the strong relative performance of large -cap stocks over the last several quarters. Augmented by the capitulation of value stocks to growth stocks, large -cap growth stocks were the best -performing investment style during the period. ■ Like the large -cap growth indexes, the Russell MidCap Growth index has seen increased concentration in the benchmark and was led by just a few high- flying information technology stocks which have now been reconstituted out of the index. Over the trailing year, the mid -cap growth index returned 22.0%, making it the second -best -performing segment of the market for the period. Despite dominating small -cap index style performance, the small -cap growth index returned a lower 13.6% over the trailing year. Source: Investment Metrics MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth The Market Environment Domestic Equity Style Index Performance As of September 30, 2025 Quarter Performance - Russell Style Series 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Page 4 ■ Economic sector performance within the large -cap Russell 1000 index was Russell 1000 broadly higher as 10 of the 11 economic sectors rose during the quarter. The information technology sector led results for the quarter, advancing Comm Services (9.7%) 13.0%. Communication services followed closely behind with a return of Consumer Disc (10.7%) 11.8%. In contrast to most sectors' strongly positive results, consumer staples stocks were the only detractor, returning -2.6% for the quarter. Consumer Staples (5.2%) ■ Trailing one-year results also show broad participation in the equity market's Energy (3.0%) ascension with eight of the 11 economic sectors finishing with positive Financials (14.3%) performance. Of the eight sectors that advanced for the year, only the energy sector failed to post a double-digit gain. Communication services Health Care (9.1%) stocks dominated sector performance with a return of 36.1 % over the trailing Industrials (9.4%) year. Information technology and financials each advanced more than 20% for the year while the health care, materials and real estate sectors each Info Technology (31.8%) declined. Materials (2.2%) Real Estate (2.3%) Utilities (2.3%) The Market Environment GICS Sector Performance & (Sector Weight) As of September 30, 2025 ■Quarter 111-Year 11.8% 36.1 s.s°i° 18.8 -2.s°r° 0.4 5.51 6.3 3. % 1 2z.o°i° 4.5% -6.8°]-2.3% 5.3 % 14.8% 13.0 28.8% .4% 3.1 % 7.8% 12.1 -10.0% 0.0% ■ Small -cap economic sector performance saw all 11 economic sectors Comm Services (2.7%) climbing during the quarter. Materials led sector performance with a return of 25.3%, followed by communication services at 17.1 %. Eight of the 11 Consumer Disc (10.2%) sectors saw double-digit gains during the quarter with consumer staples, Consumer Staples (2.3%) financials and real estate positive but lagging. Energy (4.8%) ■ Trailing one-year small -cap results continued to showcase the robust performance of the domestic equity markets. Eight of the 11 economic Financials (19.0%) sectors were up for the year in the small -cap index. The materials sector led Health Care (15.4%) the way with a return of 26.1 %, followed closely by the information technology (25.9%) and industrials (24.5%) sectors. Energy (-2.6%), health Industrials (17.5%) care (-0.8%), and real estate (4.6%) all fell during the quarter, detracting Info Technology (14.6%) from the index's strong overall return of 10.8%. Materials (3.9%) Real Estate (6.0%) Utilities (3.2%) Source: Morningstar Direct Russell 2000 -2.6% -0.8% -4.6 % 10.0% 20.0% 30.0% 40.0% ❑Quarter ❑1-Year 17.1% 11.9% 11.2% 5.6% 15.8% 4.3% �10.1% 13.9% 16.5% 24.5% 16.2% 25.9% 25.3% 26.1 % 7.0% 12.8% 11.7% -10.0% 0.0% 10.0% 20.0% 30.0% Page 5 The Market Environment NVIDIACorp 7.1% 18.1% 53.7% Information Technology Microsoft Corp 6.2% 4.3% 21.3% Information Technology Apple Inc 6.1 % 24.2% 9.8% Information Technology Amazon.com Inc 3.4% 1 0.1% 17.8% Consumer Discretionary Meta Platforms Inc Class A 2.6% -0.4% 28.7% Communication Services Broadcom Inc 2.5% 19.9% 93.1% Information Technology Alphabet Inc Class A 2.3% 38.1 % 47.2% Communication Services Tesla Inc 2.0% 40.0% 70.0% Consumer Discretionary Alphabet Inc Class C 1.9% 37.4% 46.3% Communication Services Berkshire Hathaway Inc Class B 1.5% 3.5% 9.2% Financials jWrfrj=t..ks (by 1000 _M�Rettr. SanDisk Corp Ordinary Shares 0.0% 147.4% Quarter) 1 -Year N/A Sector Information Technology Astera Labs Inc 0.0% 116.5% 273.7% Information Technology AppLovin Corp Ordinary Shares 0.3% 105.3% 450.4% Information Technology MP Materials Corp Ordinary Shares 0.0% 101.6% 280.0% Materials Western Digital Corp 0.1% 87.8% 147.1% Information Technology QuantumScape Corp Ordinary 0.0% 83.3% 114.3% Consumer Discretionary Ciena Corp 0.0% 79.1% 136.5% Information Technology Wayfair Inc Class A 0.0% 74.7% 59.0% Consumer Discretionary Lumentum Holdings Inc 0.0% 71.2% 156.7% Information Technology Warner Bros. Discovery Inc Ordinary 0.1% 70.4% 136.7% Communication Services Bottom Russe Inspire Medical Systems Inc 10 Performing Weight 0.0% Stocks (by 1.Qtr Return -42.8% Quarter) 1 Year jV.`t-- -64.8% Sector Health Care Iridium Communications Inc 0.0% -41.7% -41.3% Communication Services BellRing Brands Inc Class A 0.0% -37.3% 40.1 % Consumer Staples Globant SA 0.0% -36.8% -71.0% Information Technology Molina Healthcare Inc 0.0% -35.8% 44.5% Health Care FactSet Research Systems Inc 0.0% -35.8% -37.1 % Financials Gartner Inc 0.0% -35.0% 48.1 % Information Technology Centene Corp 0.0% -34.3% -52.6% Health Care Sprouts Farmers Market Inc 0.0% -33.9% -1.5% Consumer Staples Align Technology Inc 0.0% -33.9% -50.8% Health Care Source: Morningstar Direct Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 30, 2025 Credo Technology Group Holding Ltd 0.8% 57.3% 372.8% Information Technology Bloom Energy Corp Class A 0.6% 253.6% 700.9% Industrials Kratos Defense & Security Solutions Inc 0.5% 96.7% 292.1 % Industrials IonQ Inc Class A 0.5% 43.1% 603.7% Information Technology Fabrinet 0.5% 23.7% 54.2% Information Technology Coeur Mining Inc 0.4% 111.7% 172.7% Materials Oklo Inc Class A Shares 0.4% 99.4% 1279.9% Utilities Rambus Inc 0.4% 62.8% 146.8% Information Technology Hims & Hers Health Inc Ordinary 0.4% 13.8% 207.9% Health Care Nextracker Inc Ordinary Shares 0.4% 36.1% 97.4% Industrials Quarter)Mk Aldw.-rf-rming Stocks (by -Qtr I -Year Sector 441 Return Return Mercurity Fintech Holding Inc 0.0% 538.4% 1312.6% Information Technology Better Home & Finance Holding Co 0.0% 353.1 % 215.2% Financials Kodiak Sciences Inc 0.0% 338.9% 527.2% Health Care Korro Bio Inc 0.0% 283.4% 43.3% Health Care Celcuity Inc 0.1% 270.0% 231.3% Health Care Bloom Energy Corp Class A 0.6% 253.6% 700.9% Industrials American Battery Technology Co 0.0% 200.0% 354.2% Materials Tourmaline Bio Inc 0.0% 199.1 % 86.0% Health Care Anywhere Real Estate Inc 0.0% 192.5% 108.5% Real Estate NioCorp Developments Ltd 0.0% 186.7% 206.4% Materials Bottom i Quarter) e i�i Weight Spirit Aviation Holdings Inc 0.0% -92.4% N/A Industrials Neonode Inc 0.0% -86.3% -61.7% Information Technology aTyr Pharma Inc 0.0% -85.8% -59.0% Health Care ZSPACE Inc 0.0% -69.9% N/A Consumer Discretionary Aeva Technologies Inc Ordinary Shares 0.0% -61.6% 340.7% Information Technology Myomo Inc 0.0% -58.7% -77.8% Health Care Sezzle Inc 0.0% -55.6% 179.7% Financials Agilon Health Inc 0.0% -55.2% -73.8% Health Care Replimune Group Inc 0.0% -54.9% -61.8% Health Care ProFrac Holding Corp Ordinary Shares 0.0% -52.3% -45.5% Energy Page 6 The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2025 ■ Performance among headline international equity indexes was positive during the quarter in USD terms. The USD advanced versus several major currencies but exhibited some weakness that was captured in the USD versus LCL AC World x US (48) returns of the MSCI EMEA and MSCI Latin America indexes. In the MSCI EMEA and Latin America indexes, the USD declined relative to currencies in World x US (22) the region while the USD rose relative to currencies in Europe and Asia. The developed -market MSCI EAFE index returned a solid 4.8% in USD terms, EAFE (21) slightly lower than its 5.4% return in local currency (LCL) terms. The MSCI ACWI ex -US index climbed 6.9% in USD terms, which was also lower than its Europe & ME (16) LCL performance of 7.9%. Pacific (5) ■ The MSCI EM Asia index was the best -performing regional index for the quarter on both counts, returning 13.2% in LCL terms and 10.9% in USD Emerging Mkt (26) terms. While none of the regional indexes contracted during the quarter, the laggard performer in both USD and LCL currency terms was the MSCI Europe EM EMEA (11) & Middle East index which posted a more muted 3.6% return in USD and 3.9% in LCL terms during the quarter. EM Asia (9) EM Latin Amer (6) • International equity markets exuded broad strength across multiple regions in the trailing one-year period. The prolonged weakening of the USD has boosted dollar -denominated returns across many developed regions. The broad -based MSCI ACWI ex US and MSCI EAFE indexes finished the year with double-digit returns in both USD and LCL terms with the ACWI index outpacing on both counts due to its emerging market component. Both developed market indexes underperformed the MSCI Emerging Markets index with the benchmark returning 17.3% in USD and 18.8% in LCL terms. ■ The strongest regional performance over the trailing year was the MSCI EMEA index, which climbed 21.3% in LCL and 21.7% in USD terms. The indexes that earned higher LCL than USD returns due to a locally strengthening currency were the MSCI Pacific and EM Asia indexes, which saw excess returns of 3.8% and 2.2% in LCL versus USD results, respectively. All broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms. Source: MSCI Global Index Monitor (Returns are Net) Quarter Performance ■USD ❑LOCAL 7.9% 6.1 % 5.4% 3.6% 3.9% 7.1 8.5% 10.6% 12.2% 9.1 % 8.3% 10.9% 13. ° 10.2% 8.1 % V.V%o L.U%o 4.0 7. O.V%o O.V%o IV.V%o IL.U%o 14.U%o 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) 10.7% 15.8%8% 16.0% 14.6% 15.0% 12.9% 15.4% 14.1 % 17.9% 17.3% 18.8% 21.7% 21.3% 16.4 % 18.6% 20.4% 17.3% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% Page 7 The Market Environment Sector Weight QuarterMSCI-EAFE Communication Services 4.9% 1.5% 27.2% Consumer Discretionary 10.2% 6.1% 4.7% Consumer Staples 7.5% -1.3% -1.7% Energy 3.2% 4.7% 5.0% Financials 24.7% 7.8% 33.7% Health Care 10.8% 0.3% -10.3% Industrials 19.4% 5.4% 22.4% Information Technology 8.3% 2.7% 9.4% Materials 5.6% 4.9% -6.6% Real Estate 1 1.9% 1 3.3% 3.1 % Utilities Total 3.4% 100.0% 0.6% 4.8% 12.1% 15.0% Communication Services 6.3% 9.6% 29.2% Consumer Discretionary 10.7% 10.4% 7.0% Consumer Staples 6.2% -1.0% -2.8% Energy 4.5% 4.3% 3.8% Financials 24.9% 5.5% 25.4% Health Care 7.7% 1.5% -8.5% Industrials 14.7% 4.6% 19.1% Information Technology 13.8% 10.6% 22.8% Materials 6.7% 14.3% 7.6% Real Estate 1.6% 2.9% 1.5% Utilities Total 3.0% ii i 1.0% 6.7% - Emerging Mkt Communication Services Sector Weight 10.5% QuarterIVISCI 19.0% 33.0% Consumer Discretionary 13.6% 18.5% 10.2% Consumer Staples 4.0% 0.5% -8.5% Energy 3.9% -1.1% -8.7% Financials 22.2% -0.2% 11.2% Health Care 3.5% 10.2% 5.3% Industrials 6.6% 4.0% 11.5% Information Technology 25.5% 16.4% 31.9% Materials 6.5% 22.9% 15.7% Real Estate 1.4% 1.4% -1.7% Utilities Total 1 2.3% 100.0% 1 1.2% 10.6% 1 -7.9% Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) US Dollar International Index Attribution & Country Detail As of September 30, 2025 Country Japan We 22.3% Weight 13.7% Quarter Return 7.2% Return United Kingdom 14.7% 9.0% 5.1% 13.6% France 10.9% 6.7% 3.0% 8.9% Germany 9.9% 6.1% -1.1% 22.9% Switzerland 9.3% 5.7% 1.4% 5.6% Australia 6.8% 4.2% 2.3% -0.7% Netherlands 5.0% 3.0% 9.1% 13.7% Sweden 3.6% 2.2% 3.7% 8.5% Spain 3.6% 2.2% 12.6% 42.4% Italy 3.2% 2.0% 7.9% 31.6% Hong Kong 2.1 % 1.3% 7.9% 14.1 % Denmark 1.9% 1.2% -13.5% -36.8% Singapore 1.8% 1.1% 7.2% 29.6% Finland 1.1% 0.7% 5.4% 15.8% Israel 1.1% 0.7% 3.7% 40.5% Belgium 1.1% 0.7% 8.2% 14.8% Norway 0.6% 0.4% 0.3% 20.3% Ireland 0.5% 0.3% 1.5% 16.7% Austria 0.2% 0.1% 9.1% 46.3% Portugal 0.2% 0.1 % 6.0% 1.9% New Zealand Total EAFE Countries 0.2% 0i 0.1 % -1.0% -7.6% 0• Canada Total D- 8.3% 9.2% 21.9% 0• China 31.2% 20.1%° 27.8% Taiwan 19.4% 13.1% 27.4% India 15.2% -7.0% -12.2% Korea 11.0% 12.5% 24.8% Brazil 4.3% 6.9% 5.9% South Africa 3.5% 19.5% 33.2% Saudi Arabia 3.3% 5.0% -2.6% Mexico 2.0% 12.4% 27.2% United Arab Emirates 1.4% 1.5% 27.0% Malaysia 1.2% 4.8% -4.6% Indonesia 1.1% -3.2% -24.9% Thailand 1.0% 16.5% -11.3% Poland 1.0% -2.2% 29.5% Kuwait 0.7% 2.6% 22.2% Qatar 0.7% 3.5% 4.5% Greece 0.6% 11.6% 62.0% Turkey 0.5% 7.5% -4.3% Chile 0.5% 5.0% 24.3% Philippines 0.4% -8.2% -18.8% Peru 0.3% 22.8% 34.0% 0.3% 5.9% 41.0% -Hungary Czech Republic 0.2% 6.9% 55.3% Colombia 0.1 % 19.5% 63.7% Eq Pt Lrotai Emerging Countries 0.1 % i0 i 24.8% 21.0% Page 8 ■ Domestic fixed -income markets traded higher during the third quarter with some help from the Fed lowering its policy rate 0.25% to a range of 4.00%- 4.25%. The US Corporate IG index posted the quarter's strongest domestic bond index performance with a return of 2.6%. The bellwether US Aggregate index returned 2.0% for the quarter and international bonds, as measured by the Global Agg ex US index, slid by -0.6% in USD terms. ■ Treasury yields remained relatively stable at the longer end of the yield curve during the quarter with the benchmark 10-Year Treasury yield falling a scant 0.08% from the previous quarter's close. Relatively stable US Treasury yields allowed coupon differences between bonds to drive much of the remaining dispersion in domestic investment -grade indexes' returns for the quarter. ■ High yield bonds slightly underperformed investment grade issues due to their lower duration. This overshadowed high yield bonds' higher income and a narrowing in the high yield option -adjusted spread (OAS). While investment grade outperformed high yield during the quarter, lower quality investment grade issues (as measured by the Baa index) outpaced higher quality issues (AAA - A) as the former were aided by the longer duration impact of spread compression. ■ Over the trailing one-year period, the Bloomberg US Aggregate Bond index posted a 2.9% return. Its major sub -components also posted positive performance over the trailing 12 months with the Bloomberg US Treasury index advancing 2.1%, the US Mortgage index returning 3.4%, and the Bloomberg US Corporate Investment Grade index rising 3.6%. ■ Performance across investment grade quality indexes was broadly higher for the trailing one-year period. The AAA index posted a solid 3.8% return, while the BAA index saw slightly better results with a return of 4.3%. High yield bonds were the best performing US bond market segment for the year, returning 7.4%. Performance for high yield bonds was spurred by largely stable end -to -end credit spreads and higher coupon income. ■ The Bloomberg Global Aggregate ex -US index finished both the quarter and the year with the weakest results across the major fixed income indexes. Despite performance boost from a weakening USD, the Global Aggregate ex -US index ended the year just 1.9% higher and finished behind the domestic Aggregate Bond index return of 2.9%. Source: MomingstarDirect; Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2025 U.S. Treasury (5.8) U.S. Mortgage (5.7) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.9) AAA (4.2) AA (5.8) A (6.8) Baa (6.7) Aggregate (6.0) Intermediate Agg (4.3) Global Agg x US (6.7) Multiverse (6.2) Quarter Performance 1.5% 2.4% 2.6% 2.5% 2.1 % 1.6% 1.8% 2.5% 2.8% 2.0% 1.8% -0.6% 0.7% -1.0% 0.0% U.S. Treasury (5.8) U.S. Mortgage (5.7) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.9) AAA (4.2) AA (5.8) A (6.8) Baa (6.7) Aggregate (6.0) Intermediate Agg (4.3) Global Agg x US (6.7) Multiverse (6.2) 1-Year Performance 2.1 % 1.9% 1.0% 2.0% 3.0% 3.4% 3.6% 3.8% 3.8% 2.5% 3.4% �4.3% 2.9% 3.8% 2.7% 4.0% 7.4% 0.0% 2.0% 4.0% 6.0% 8.0% Page 9 The Market Environment The gray band across the graph illustrates the fed funds target rate range over the trailing 12 months. The Federal Open Market Committee (FOMC) cut its policy rate by 0.25% during the third quarter, lowering the fed funds rate to a target range of 4.00%-4.25%. This marks the first meeting in 2025 that the FOMC has changed its policy rates. The September 2025 FOMC press release continued to emphasize economic data -dependent outcomes and the continued reduction of its balance sheet. It also addressed new concerns on softness in the labor market. The CME FedWatch tool, which forecasts the fed funds rate based on fed fund futures pricing, showed a greater than 95% probability of an additional 0.25% rate decrease at the FOMC meeting in October at the time of this writing. Many market prognosticators continue to express concern that leaving rates at elevated levels for an extended period, coupled with softness in the labor market, could tip the US economy into a recession. However, reducing the rate could worsen persistently elevated inflation. The yield of the US 10-year Treasury (blue line of the top chart) remained in a narrow range during the quarter, finishing at 4.16%. While the point-to-point level of the 10-year yield shows little change over the quarter, the path was not linear. The benchmark yield was elevated in July, changed little in August, and hit a low in mid -September before rising toward where it began the quarter. The red line in the top chart shows the option -adjusted spread (OAS) for BAA- rated corporate bonds. This measure quantifies the additional yield premium investors require to purchase and hold non -US Treasury issues with the lowest investment grade rating. During the quarter, the yield spread narrowed by 0.11 %, finishing the quarter at a level of 0.97%. High yield OAS spreads (represented by the yellow line in the top chart) narrowed by 0.16% during the quarter from 2.96% to 2.80%. The finishing level of both the high yield and BAA OAS spreads are now just a few basis points lower than where they began the year. ■ The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. At quarter -end, the curve exhibited a more pronounced butterfly shape. Short -to -medium -term rates were lower than at each of the previous four quarter ends, while the one -month and long- term rates were little changed. Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) 1-Year Trailing Market Rates 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Sep-24 Market Rate & Yield Curve Comparison As of September 30, 2025 Dec-24 Mar-25 5.50 -r Treasury Yield Curve 5.00 4.50 4.00 3.50 3.00 Jun-25 Sep-25 �12/31/2024 =-3/31/2025--6/30/2025 9/30/2025 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Page 10 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 (T1 OY2Y) 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 September 30, 2025 Page 11 $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 September 30, 2025 $25,286,110 $0 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 9/25 — Ending Market Value Page 12 Allocation Jun-2025 : $24,719,128 Allocation Asset Allocation by Asset Class St. Lucie County As of September 30, 2025 Sep-2025 : $25,286,110 Market Value Allocation Market Value Allocation ■ Equity 11,417,950 46.2 ■ Equity 11,893,086 47.0 Fixed Income 6,883,338 27.8 Fixed Income 6,542,989 25.9 ■ Balanced 6,224,642 25.2 ■ Balanced 6,654,093 26.3 REIT (Real Estate Funds) 193,199 0.8 REIT (Real Estate Funds) 195,941 0.8 Page 13 Asset Allocation by Management St. Lucie County Allocation Jun-2025 : $24,719,128 Market Value Allocation Allocation Sep-2025 : $25,286,110 Market Value As of September 30, 2025 Allocation ■ Active 10,929,585 44.2 ■ Active 10,670,975 42.2 Passive 13,789,543 55.8 Passive 14,615,135 57.8 Page 14 Asset Allocation History St. Lucie County As of September 30, 2025 Asset Allocation Attributes Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Total 457(b) Plan 25,286,110 100.00 24,719,128 100.00 24,826,207 100.00 25,069,193 100.00 26,169,456 100.00 Vanguard Target Retirement 2070 Fund 62,239 0.25 57,697 0.23 52,047 0.21 52,174 0.21 50,973 0.19 Vanguard Target Retirement 2065 Fund 5,199 0.02 3,871 0.02 4,458 0.02 3,403 0.01 2,586 0.01 Vanguard Target Retirement 2060 Fund 235,865 0.93 210,423 0.85 179,564 0.72 167,421 0.67 158,657 0.61 Vanguard Target Retirement 2055 Fund 27,205 0.11 20,829 0.08 19,208 0.08 14,902 0.06 10,855 0.04 Vanguard Target Retirement 2050 Fund 808,283 3.20 716,755 2.90 620,495 2.50 586,661 2.34 557,630 2.13 Vanguard Target Retirement 2045 Fund 249,200 0.99 205,493 0.83 173,170 0.70 93,195 0.37 79,650 0.30 Vanguard Target Retirement 2040 Fund 1,815,792 7.18 1,644,432 6.65 1,532,404 6.17 1,500,288 5.98 1,470,199 5.62 Vanguard Target Retirement 2035 Fund 124,700 0.49 101,053 0.41 79,074 0.32 66,080 0.26 57,679 0.22 Vanguard Target Retirement 2030 Fund 1,691,744 6.69 1,595,864 6.46 1,605,432 6.47 1,618,772 6.46 1,625,621 6.21 Vanguard Target Retirement 2025 Fund 50,862 0.20 39,045 0.16 35,329 0.14 87,022 0.35 35,340 0.14 Vanguard Target Retirement 2020 Fund 206,047 0.81 217,781 0.88 388,827 1.57 401,938 1.60 510,307 1.95 Vanguard Target Retirement Income Fund 116,826 0.46 187,417 0.76 179,283 0.72 175,346 0.70 178,170 0.68 Vanguard LifeStrategy Growth Inv 192,959 0.76 179,622 0.73 157,777 0.64 147,973 0.59 150,118 0.57 Vanguard LifeStrategy Mod Gr Inv Shrs 944,336 3.73 929,605 3.76 858,704 3.46 845,189 3.37 867,161 3.31 Vanguard LifeStrategy Cnsry Gr Inv 101,067 0.40 93,347 0.38 142,775 0.58 142,407 0.57 139,944 0.53 Vanguard LifeStrategy Income Inv 21,769 0.09 21,408 0.09 20,920 0.08 20,863 0.08 22,224 0.08 NYLI Winslow Large Cap Growth Class R6 2,124,401 8.40 2,037,133 8.24 1,897,754 7.64 2,066,961 8.25 - 0.00 Allspring Premier Large Co Gr R6 - 0.00 - 0.00 - 0.00 - 0.00 1,924,901 7.36 Vanguard Total Stock Mkt Idx Adm 3,900,900 15.43 3,656,653 14.79 3,605,450 14.52 3,810,162 15.20 3,631,214 13.88 Vanguard WindsorTM II Admiral TM 1,718,637 6.80 1,708,997 6.91 1,855,931 7.48 1,849,764 7.38 2,134,485 8.16 Harbor Mid Cap Retirement 14,176 0.06 13,605 0.06 - 0.00 - 0.00 - 0.00 ClearBridge Mid Cap I - 0.00 - 0.00 15,839 0.06 15,028 0.06 14,315 0.05 Vanguard Mid Cap Index Admiral 1,838,803 7.27 1,757,197 7.11 1,756,769 7.08 1,791,210 7.15 1,832,865 7.00 MassMutual Small Cap Opps (MSOOX) 104,644 0.41 98,159 0.40 133,801 0.54 140,473 0.56 192,790 0.74 Vanguard Small Cap Index Admiral Shares 250,891 0.99 227,972 0.92 211,151 0.85 219,565 0.88 286,705 1.10 Vanguard Total Intl Stock Index Admiral 875,474 3.46 844,697 3.42 951,333 3.83 823,881 3.29 991,929 3.79 Goldman Sachs GQG Ptnrs Intl Opps R6 1,062,346 4.20 1,073,418 4.34 - 0.00 - 0.00 - 0.00 DFA International Value I 2,814 0.01 119 0.00 - 0.00 - 0.00 - 0.00 American Funds EUPAC R6 - 0.00 - 0.00 1,050,666 4.23 1,084,965 4.33 1,245,173 4.76 Vanguard Real Estate Index Admiral 195,941 0.77 193,199 0.78 250,566 1.01 246,816 0.98 297,852 1.14 Vanguard Total Bond Market Index Adm 899,033 3.56 885,184 3.58 1,278,278 5.15 1,241,711 4.95 1,531,984 5.85 Dodge & Cox Income X 879,964 3.48 1,066,717 4.32 1,201,183 4.84 - 0.00 - 0.00 Dodge & Cox Income I - 0.00 - 0.00 - 0.00 1,185,759 4.73 1,280,043 4.89 Columbia Trust Stable Govt Fund 1-0 - 0.00 - 0.00 3,664,797 14.76 3,927,561 15.67 4,162,448 15.91 Lincoln Stable Value Account 4,430,740 17.52 4,576,826 18.52 575,205 2.32 373,349 1.49 377,249 1.44 Page 15 Loan Fund Asset Allocation History St. Lucie County As of September 30, 2025 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 333,252 1.32 354,611 1.43 328,016 1.32 368,353 1.47 348,390 1.33 Page 16 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 3.3 N/A N/A N/A Vanguard Target Retirement 2065 Fund 8.2 37 38 15 Vanguard Target Retirement 2060 Fund 12.6 32 33 14 Vanguard Target Retirement 2055 Fund 12.6 31 30 14 Vanguard Target Retirement 2050 Fund 12.6 25 25 12 Vanguard Target Retirement 2045 Fund 12.6 37 41 13 Vanguard Target Retirement 2040 Fund 12.6 41 52 (3) 15 Vanguard Target Retirement 2035 Fund 12.6 25 36 11 Vanguard Target Retirement 2030 Fund 12.6 2 11 9 Vanguard Target Retirement 2025 Fund 12.6 9 11 6 Vanguard Target Retirement 2020 Fund 12.6 55 (2) 62 (3) 24 Vanguard Target Retirement Income Fund 12.6 50 49 33 Comments No data found. Scorecard Target Date As of September 30, 2025 5 YR Sharpe Ratio Heightened Scrutiny > 50th /o-tile N/A No 24 No 24 No 23 No 17 No 21 No 35 No 26 No 16 No 17 No 47 No 48 No Green Text = Fund Meets Criteria Yellow Text = Fund Does Not Currently Meet Criteria Red Text = Fund Has Not Met Criteria For More Than Four Quarters Page 17 Scorecard Active Management As of September 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 Heightened Fund Name Tenure Quarter Quarter > Index > Index > 50th %-tile > 50th %-tile Ratio Ratio Positive Positive Scrutiny Return Rank > 50th %-tile > 50th %-tile Alpha Alpha NYLI Winslow Large Cap Growth Class R6 19.9 Pass Pass Pass Fail (5) 21 36 22 44 1.5 -2.4 (5) No Vanguard Windsor TM II Admiral TM 21.8 Pass Pass Pass Pass 13 26 8 31 6.4 1.7 No Harbor Mid Cap Retirement 5.8 Fail Pass Watch (4) N/A 86 (5) N/A 84 (5) N/A -4.4 (4) N/A No MassMutual Small Cap Opps (MSOOX) 16.3 Pass Pass Pass Pass 34 33 27 27 3.1 3.0 No Dodge & Cox Income X 36.7 Pass Pass Pass Pass 1 3 2 2 1.6 1.8 No Goldman Sachs GQG Ptnrs Intl Opps R6 8.8 Pass Pass Pass Pass 39 8 23 3 6.5 4.4 No DFA International Value I 15.6 Pass Pass Pass Pass 21 6 12 4 2.2 3.5 No Comments No data found. Green Text = Fund Meets Criteria Yellow Text = Fund Does Not Currently Meet Criteria Red Text = Fund Has Not Met Criteria For More Than Four Quarters Page 18 Scorecard Passive Management As of September 30, 2025 Fund Name Manager Tenure 3 YR Tracking Error Rank 5 YR Tracking Error Rank Heightened Scrutiny Vanguard Total Stock Mkt Idx Adm 9.4 100 100 No Vanguard Mid Cap Index Admiral 2.1 100 100 No Vanguard Small Cap Index Admiral Shares 9.4 100 100 No Vanguard Total Intl Stock Index Admiral 17.1 99 99 No Vanguard Real Estate Index Admiral 29.3 62 74 No Vanguard Total Bond Market Index Adm 12.6 91 90 No Vanguard LifeStrategy Cnsry Gr Inv 3.6 100 100 No Vanguard LifeStrategy Growth Inv 3.6 100 100 No Vanguard LifeStrategy Income Inv 3.6 100 100 No Vanguard LifeStrategy Mod Gr Inv Shrs 3.6 100 100 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 19 Manager Rankings vs. Peers St. Lucie County As of September 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 (3) Dodge & Cox Income X (1) Dodge & Cox Income X (1) Vanguard Target Retirement 2030 Fund (2) Goldman Sachs GQG Ptnrs Intl Opps R6 (3) Vanguard LifeStrategy Growth Inv (2) 25th Vanguard Target Retirement 2025 Fund (9) DFA International Value 1 (6) Vanguard Windsorrm II AdmiralTM (6) DFA International Value 1 (8) Vanguard WindsorTM II Admiral TM (13) Goldman Sachs GQG Ptnrs Intl Opps R6 (8) Vanguard Target Retirement 2030 Fund (13) Vanguard WindsorTm II AdmiralTM^ (10) NYLI Winslow Large Cap Growth Class R6 (21) Vanguard LifeStrategy Growth Inv (10) Vanguard Target Retirement 2025 Fund (15) Vanguard LifeStrategy Growth Inv (11) Vanguard Mid Cap Index Admiral (21) Vanguard Target Retirement 2030 Fund (11) Vanguard Mid Cap Index Admiral (17) Vanguard Mid Cap Index Admiral (15) DFA International Value 1 (21) Vanguard Target Retirement 2025 Fund (11) Vanguard LifeStrategy Growth Inv (18) MassMutual Small Cap Opps (MSOOX) (15) Vanguard Target Retirement 2050 Fund (25) Vanguard Target Retirement 2050 Fund (25) MassMutual Small Cap Opps (MSOOX) (19) Vanguard Target Retirement 2025 Fund (16) Vanguard Target Retirement 2035 Fund (25) DFA International Value I (20) Vanguard Target Retirement 2050 Fund (17) Vanguard Target Retirement 2050 Fund (23) Vanguard Small Cap Index Admiral Shares (19) Vanguard Target Retirement 2055 Fund (25) Vanguard Target Retirement 2055 Fund (22) Vanguard Target Retirement 2030 Fund (23) NYLI Winslow Large Cap Growth Class R6 (23) Vanguard Target Retirement 2045 Fund (25) 50th Vanguard Small Cap Index Admiral Shares (26) Vanguard WindsorM II AdmiralT/ (26) Vanguard Target Retirement 2035 Fund (26) Vanguard Target Retirement 2035 Fund (29) Vanguard Target Retirement 2055 Fund (31) Vanguard Target Retirement 2055 Fund (30) Vanguard Small Cap Index Admiral Shares (26) Vanguard Target Retirement 2040 Fund (31) Vanguard Target Retirement 2060 Fund (32) Vanguard Target Retirement 2060 Fund (33) Vanguard Target Retirement 2060 Fund (27) Vanguard Total Stock Mkt Idx Adm (31) Vanguard LifeStrategy Cnsry Gr Inv (34) MassMutual Small Cap Opps (MSOOX) (33) NYLI Winslow Large Cap Growth Class R6 (29) Vanguard Total Intl Stock Index Admiral (35) MassMutual Small Cap Opps (MSOOX) (34) Vanguard Target Retirement 2035 Fund (36) Vanguard Target Retirement 2045 Fund (30) Vanguard Target Retirement 2060 Fund (36) Vanguard Target Retirement 2070 Fund (36) NYLI Winslow Large Cap Growth Class R6 (36) Vanguard Target Retirement Income Fund (30) Vanguard Target Retirement Income Fund (39) Vanguard Target Retirement 2065 Fund (37) Vanguard Target Retirement 2065 Fund (38) Vanguard Target Retirement 2040 Fund (36) Vanguard Real Estate Index Admiral (46) Vanguard Target Retirement 2045 Fund (37) Vanguard Target Retirement 2045 Fund (41) Vanguard Total Stock Mkt Idx Adm (39) Vanguard Target Retirement 2020 Fund (48) Vanguard Real Estate Index Admiral (37) Vanguard Total Stock Mkt Idx Adm (44) Vanguard LifeStrategy Cnsry Gr Inv (44) Vanguard LifeStrategy Cnsry Gr Inv (49) Goldman Sachs GQG Ptnrs Intl Opps R6 (39) Vanguard Target Retirement Income Fund (49) Vanguard Target Retirement 2020 Fund (47) Vanguard Total Stock Mkt Idx Adm (40) Vanguard Mid Cap Index Admiral (50) Vanguard Real Estate Index Admiral (48) Vanguard Target Retirement 2040 Fund (41) Vanguard Total Bond Market Index Adm (48) Vanguard LifeStrategy Mod Gr Inv Shrs (45) Vanguard Target Retirement Income Fund (50) 75th Vanguard Total Bond Market Index Adm (54) Vanguard Target Retirement 2040 Fund (52) Vanguard Total Intl Stock Index Admiral (52) Vanguard Total Bond Market Index Adm (53) Vanguard Target Retirement 2020 Fund (55) Vanguard Small Cap Index Admiral Shares (53) Vanguard LifeStrategy Mod Gr Inv Shrs (63) Vanguard LifeStrategy Mod Gr Inv Shrs (62) Vanguard Total Intl Stock Index Admiral (57) Vanguard Total Intl Stock Index Admiral (53) Vanguard Real Estate Index Admiral (56) Vanguard Total Bond Market Index Adm (59) Vanguard Target Retirement 2020 Fund (62) Vanguard LifeStrategy Cnsry Gr Inv (75) 95th Vanguard LifeStrategy Income Inv (79) Vanguard LifeStrategy Mod Gr Inv Shrs (76) Vanguard LifeStrategy Income Inv (85) Vanguard LifeStrategy Income Inv (90) Harbor Mid Cap Retirement (86) Harbor Mid Cap Retirement (85) Vanguard LifeStrategy Income Inv (99) Page 20 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 September 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 7.16 (23) 17.80 (26) 16.00 (16) 21.03 (36) N/A N/A N/A N/A 16.80 (37) 07/01/2022 7.23 (18) 17.72 (29) 15.95 (18) 21.18 (32) N/A N/A N/A N/A 17.07 (26) 6.68 16.87 15.05 20.54 12.03 N/A N/A N/A 16.48 7.17 (22) 17.82 (25) 16.02 (14) 21.02 (37) 12.20 (38) 10.40 (N/A) N/A N/A 10.42 (N/A) 08/01/2017 7.23 (18) 17.72 (29) 15.95 (18) 21.18 (32) 12.50 (30) 10.77 (N/A) N/A N/A 10.78 (N/A) 6.68 16.87 15.05 20.54 12.03 N/A N/A N/A N/A 7.17 (17) 17.81 (16) 16.05 (11) 21.03 (32) 12.20 (33) 10.41 (27) 11.15 (36) N/A 10.63 (N/A) 02/01/2012 7.23 (12) 17.72 (18) 15.95 (15) 21.18 (28) 12.50 (24) 10.77 (11) 11.50 (14) N/A 10.94 (N/A) 6.63 16.49 14.84 20.39 11.89 9.96 10.99 N/A N/A 7.18 (11) 17.82 (15) 16.07 (8) 21.03 (31) 12.20 (30) 10.42 (25) 11.15 (22) 10.51 (30) 11.06 (33) 09/01/2010 7.23 (9) 17.72 (18) 15.95 (13) 21.18 (25) 12.50 (21) 10.77 (9) 11.50 (10) 10.80 (14) 11.35 (16) 6.59 16.39 14.72 20.38 11.83 9.93 10.68 10.15 10.78 7.17 (9) 17.82 (12) 16.07 (2) 21.03 (25) 12.20 (25) 10.42 (23) 11.16 (17) 10.49 (18) 8.42 (1) 07/01/2006 7.23 (6) 17.71 (13) 15.94 (4) 21.18 (20) 12.50 (15) 10.77 (6) 11.50 (7) 10.80 (9) 8.65 (1) 6.54 16.12 14.54 20.23 11.77 9.85 10.60 9.93 7.33 6.72 (22) 16.65 (23) 14.94 (21) 20.02 (37) 11.66 (41) 10.04 (30) 10.89 (25) 10.32 (21) 8.64 (N/A) 11/01/2003 6.77 (18) 16.50 (28) 14.71 (25) 20.12 (34) 11.93 (24) 10.36 (18) 11.21 (12) 10.61 (14) 8.85 (N/A) 6.32 15.68 13.93 19.70 11.52 9.67 10.48 9.78 N/A 6.23 (25) 15.64 (25) 13.90 (20) 18.67 (41) 10.62 (52) 9.35 (36) 10.30 (31) 9.93 (28) 7.98 (12) 07/01/2006 6.30 (19) 15.53 (28) 13.70 (25) 18.77 (38) 10.88 (36) 9.67 (25) 10.61 (20) 10.22 (14) 8.20 (4) 5.89 14.65 12.79 18.38 10.63 9.10 9.98 9.62 7.51 5.77 (10) 14.68 (12) 12.84 (2) 17.29 (25) 9.56 (36) 8.68 (26) 9.55 (29) 9.38 (22) 7.87 (N/A) 11/01/2003 5.84 (4) 14.54 (17) 12.68 (5) 17.42 (16) 9.83 (21) 9.01 (12) 9.87 (16) 9.67 (12) 8.08 (N/A) 5.22 13.43 11.24 16.62 9.34 8.29 9.20 8.93 N/A 5.31 (2) 13.62 (11) 11.70 (1) 15.92 (2) 8.50 (11) 7.99 (13) 8.78 (23) 8.73 (18) 7.14 (6) 07/01/2006 5.37 (1) 13.52 (14) 11.63 (1) 16.07 (2) 8.77 (3) 8.33 (4) 9.11 (7) 9.01 (12) 7.37 (4) 4.68 12.16 9.84 14.57 7.83 7.33 8.21 8.15 6.53 4.69 (17) 12.36 (23) 10.52 (1) 14.31 (9) 7.38 (11) 7.26 (15) 7.99 (16) 8.04 (20) 6.95 (N/A) 11/01/2003 4.73 (14) 12.26 (25) 10.47 (2) 14.45 (6) 7.65 (3) 7.59 (4) 8.31 (2) 8.32 (11) 7.15 (N/A) 4.30 11.19 8.95 13.03 6.80 6.64 7.51 7.64 N/A 3.80 (64) 10.35 (67) 8.59 (40) 11.98 (55) 6.03 (62) 6.27 (47) 6.99 (48) 7.21 (36) 6.25 (18) 07/01/2006 3.86 (62) 10.29 (72) 8.59 (41) 12.12 (50) 6.23 (40) 6.55 (23) 7.26 (22) 7.47 (15) 6.45 (10) 4.01 10.84 8.36 12.06 6.14 6.23 6.97 7.05 5.91 Page 21 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 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 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 September 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 3.42 (51) 9.61 (33) 7.89 (14) 10.30 (50) 4.55 (49) 5.26 (30) 5.29 (39) 5.25 (25) 5.19 (16) 11/01/2003 3.53 (47) 9.61 (33) 7.93 (14) 10.45 (46) 4.72 (40) 5.49 (16) 5.51 (27) 5.44 (15) 5.32 (10) 3.42 8.89 6.84 10.26 4.51 4.90 5.00 4.79 4.18 6.55 (6) 16.38 (2) 14.56 (4) 19.11 (2) 10.73 (10) 9.49 (18) 10.13 (11) 9.57 (20) 8.47 (35) 10/01/1994 6.63 (5) 16.33 (2) 14.52 (5) 19.33 (2) 11.08 (7) 9.89 (10) 10.50 (6) 9.94 (13) 8.68 (28) 4.79 11.01 10.46 15.25 9.05 8.03 8.57 8.58 7.99 5.29 (33) 13.60 (12) 11.62 (27) 15.49 (45) 7.94 (76) 7.69 (63) 8.13 (62) 7.82 (70) 7.67 (71) 10/01/1994 5.39 (29) 13.55 (13) 11.65 (27) 15.69 (40) 8.25 (71) 8.06 (49) 8.47 (53) 8.17 (60) 7.86 (58) 4.79 11.01 10.46 15.25 9.05 8.03 8.57 8.58 7.99 4.07 (35) 10.83 (24) 8.77 (28) 11.94 (34) 5.19 (75) 5.86 (44) 6.10 (49) 5.98 (45) 6.64 (39) 10/01/1994 4.15 (32) 10.80 (24) 8.81 (27) 12.12 (31) 5.42 (67) 6.16 (31) 6.38 (39) 6.25 (35) 6.64 (39) 3.79 9.47 7.99 11.13 6.11 5.72 6.00 5.85 6.29 2.84 (74) 7.98 (81) 5.78 (85) 8.36 (79) 2.39 (99) 3.92 (85) 3.99 (90) 4.09 (74) 5.63 (N/A) 10/01/1994 2.92 (66) 7.94 (82) 5.87 (82) 8.54 (75) 2.57 (99) 4.15 (75) 4.22 (78) 4.35 (68) 5.63 (N/A) 3.42 8.89 6.84 10.26 4.51 4.90 5.00 4.79 N/A 3.21 (91) 14.40 (54) 19.98 (60) 31.63 (21) 14.83 (36) 15.98 (29) 17.24 (23) 15.85 (31) 10.64 (43) 08/01 /1995 10.51 (17) 17.24 (27) 25.53 (19) 31.61 (21) 17.58 (6) 18.10 (8) 18.83 (8) 17.36 (8) 11.25 (25) 7.54 14.65 21.33 28.93 13.94 14.92 16.16 15.17 10.48 8.24 (18) 14.33 (39) 17.33 (27) 24.07 (40) 15.65 (44) 13.64 (39) 14.66 (31) 14.20 (26) 9.04 (18) 12/01/2000 8.24 (18) 14.35 (38) 17.37 (26) 24.08 (40) 15.66 (43) 13.65 (38) 14.67 (30) 14.18 (27) N/A 7.28 13.57 15.59 23.43 15.37 13.17 14.00 13.60 8.33 7.09 (16) 13.61 (24) 12.25 (22) 20.36 (13) 15.76 (26) 12.25 (6) 12.70 (10) 12.54 (10) 8.49 (14) 06/01/2001 5.33 (48) 11.65 (50) 9.44 (55) 16.96 (50) 13.87 (57) 9.53 (55) 10.72 (55) 11.24 (40) 7.72 (44) 5.27 11.61 9.88 16.95 14.29 9.69 10.85 10.99 7.51 4.97 (59) 5.55 (66) 2.33 (80) 11.97 (86) 9.96 (85) N/A N/A N/A 8.86 (69) 01/01/2020 5.33 (44) 10.42 (24) 11.11 (22) 17.69 (22) 12.66 (44) 10.07 (21) 11.39 (15) 12.06 (11) 10.46 (29) 5.19 7.13 6.61 15.54 12.44 8.74 10.20 10.81 9.61 5.25 (48) 12.60 (9) 13.10 (13) 17.93 (21) 12.44 (50) 10.37 (17) 11.38 (15) 12.12 (9) 10.17 (8) 12/01/2001 5.25 (48) 12.63 (8) 13.14 (12) 17.96 (20) 12.47 (48) 10.39 (16) 11.41 (14) 12.18 (7) 10.03 (12) 5.19 7.13 6.61 15.54 12.44 8.74 10.20 10.81 9.00 4.68 (83) 6.04 (52) 6.05 (48) 15.33 (34) 13.22 (33) 8.55 (19) 10.76 (15) 11.65 (7) 9.54 (13) 05/01/2014 12.39 (11) 10.39 (16) 10.76 (17) 15.21 (38) 11.56 (65) 6.76 (54) 9.77 (40) 10.42 (49) 8.46 (40) 8.37 6.40 5.76 14.42 12.34 6.91 9.45 10.38 8.20 Page 22 Vanguard Small Cap Index Admiral Shares CRSP U.S. Small Cap 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 September 30, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 7.57 (57) 6.89 (46) 8.67 (31) 15.94 (26) 12.21 (53) 7.55 (58) 6.88 (46) 8.66 (31) 15.88 (27) 12.18 (53) 8.37 6.40 5.76 14.42 12.34 6.96 (13) 26.48 (40) 17.10 (41) 20.77 (57) 10.38 (53) 7.07 (12) 25.85 (49) 16.43 (48) 20.63 (60) 10.48 (49) 5.20 25.73 16.19 21.10 10.43 0.35 (71) 16.27 (64) 5.17 (75) 19.37 (39) 9.41 (8) 2.89 (39) 19.63 (43) 9.74 (55) 18.47 (53) 7.31 (36) 2.43 18.55 10.37 18.70 6.57 8.82 (12) 33.91 (25) 25.97 (18) 26.21 (21) 18.74 (6) 8.13 (21) 29.64 (54) 20.17 (54) 23.11 (60) 14.41 (38) 6.32 30.37 20.55 23.81 13.68 1.93 (72) 6.10 (48) 2.88 (48) 4.90 (54) -0.48 (59) 2.03 (49) 6.13 (43) 2.88 (48) 4.93 (50) -0.45 (54) 2.02 6.09 2.86 4.92 -0.38 3.72 (22) 5.74 (18) -2.34 (25) 8.97 (37) 7.03 (56) 3.76 (21) 5.84 (16) -2.22 (23) 9.11 (31) 7.15 (52) 2.30 3.26 -3.98 8.41 7.16 2.53 (5) 7.03 (3) 3.50 (15) 6.65 (1) 1.35 (3) 2.03 (49) 6.13 (43) 2.88 (48) 4.93 (50) -0.45 (54) 2.02 6.09 2.86 4.92 -0.38 0.63 (89) 1.91 (81) 2.58 (71) N/A N/A 0.78 (29) 2.29 (29) 3.07 (29) 2.92 (25) 2.46 (19) 0.71 2.07 2.69 2.58 2.12 8.18 (26) 10.57 (19) 11.37 (13) 9.54 (20) 12/01/2000 8.15 (27) 10.54 (20) 11.44 (11) N/A 6.91 9.45 10.38 8.69 7.64 (52) 8.32 (35) 6.22 (69) 6.38 (66) 12/01/2010 7.68 (49) 8.43 (31) 6.40 (59) 6.50 (58) 7.66 8.00 6.59 6.68 10.49 (3) N/A N/A 12.19 (5) 01/01/2017 7.59 (40) 8.41 (36) 7.11 (41) 9.16 (42) 7.18 8.02 6.75 8.82 9.32 (20) 9.75 (8) 6.99 (36) 7.02 (15) 03/01/1994 7.59 (60) 8.10 (48) 5.63 (82) N/A 8.02 8.00 6.63 5.76 2.06 (48) 1.82 (53) 2.26 (52) 3.45 (51) 12/01/2001 2.06 (48) 1.84 (51) 2.26 (52) 3.53 (42) 2.05 1.84 2.28 3.45 5.74 (48) 6.12 (46) 8.01 (40) 9.04 (51) 06/01/1996 5.86 (43) 6.24 (42) 8.11 (34) 9.05 (47) 5.70 6.03 7.83 9.04 3.32 (1) 3.27 (1) 3.38 (2) 5.92 (1) 02/01/1989 2.06 (48) 1.84 (51) 2.26 (52) 5.28 (14) 2.05 1.84 2.28 4.99 N/A N/A N/A 2.61 (56) 03/01/2024 2.45 (18) 2.30 (19) 2.24 (25) 3.06 (26) 2.22 2.01 1.95 2.67 Page 23 Comparative Performance St. Lucie County As of September 30, 2025 Comparative Performance 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2070 Fund 17.80 (26) 14.59 (46) 20.24 (50) N/A N/A N/A N/A N/A Vanguard Target 2070 Composite Index 17.72 (29) 14.92 (41) 20.48 (42) N/A N/A N/A N/A N/A Target -Date 2065+ Median 16.87 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 Vanguard Target Retirement 2065 Fund 17.82 (25) 14.62 (45) 20.15 (54) -17.39 (18) 16.46 (67) 16.17 (58) 24.96 (61) -7.95 (7) Vanguard Target 2065 Composite Index 17.72 (29) 14.92 (41) 20.48 (42) -17.07 (17) 16.75 (62) 17.17 (29) 25.37 (53) -7.77 (1) Target -Date 2065+ Median 16.87 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 Vanguard Target Retirement 2060 Fund 17.81 (16) 14.63 (45) 20.18 (47) -17.46 (24) 16.44 (77) 16.32 (40) 24.96 (55) -7.87 (30) Vanguard Target 2060 Composite Index 17.72 (18) 14.92 (39) 20.48 (36) -17.07 (19) 16.75 (69) 17.17 (31) 25.37 (41) -7.77 (27) Target -Date 2060 Median 16.49 14.42 20.03 -18.44 17.32 15.75 25.06 -8.66 Vanguard Target Retirement 2055 Fund 17.82 (15) 14.64 (43) 20.16 (45) -17.46 (25) 16.44 (75) 16.32 (40) 24.98 (45) -7.89 (34) Vanguard Target 2055 Composite Index 17.72 (18) 14.92 (36) 20.48 (35) -17.07 (18) 16.75 (64) 17.17 (29) 25.37 (34) -7.77 (29) Target -Date 2055 Median 16.39 14.33 19.98 -18.38 17.19 15.69 24.85 -8.59 Vanguard Target Retirement 2050 Fund 17.82 (12) 14.64 (40) 20.17 (39) -17.46 (29) 16.41 (71) 16.39 (35) 24.98 (42) -7.90 (33) Vanguard Target 2050 Composite Index 17.71 (13) 14.92 (32) 20.48 (29) -17.07 (19) 16.75 (59) 17.17 (27) 25.37 (30) -7.77 (27) Target -Date 2050 Median 16.12 14.20 19.87 -18.33 17.00 15.57 24.70 -8.58 Vanguard Target Retirement 2045 Fund 16.65 (23) 13.91 (51) 19.48 (41) -17.36 (31) 16.16 (66) 16.30 (35) 24.94 (38) -7.90 (39) Vanguard Target 2045 Composite Index 16.50 (28) 14.08 (43) 19.77 (34) -16.93 (23) 16.45 (57) 17.02 (27) 25.37 (28) -7.77 (35) Target -Date 2045 Median 15.68 13.91 19.27 -18.19 16.73 15.35 24.58 -8.32 Vanguard Target Retirement 2040 Fund 15.64 (25) 12.88 (47) 18.34 (45) -16.98 (34) 14.56 (81) 15.47 (39) 23.86 (44) -7.32 (31) Vanguard Target 2040 Composite Index 15.53 (28) 12.99 (42) 18.60 (39) -16.51 (22) 14.84 (74) 16.31 (28) 24.19 (36) -7.22 (27) Target -Date 2040 Median 14.65 12.80 18.10 -17.85 15.78 14.74 23.63 -7.99 Vanguard Target Retirement 2035 Fund 14.68 (12) 11.78 (26) 17.14 (26) -16.62 (38) 12.96 (78) 14.79 (39) 22.44 (46) -6.58 (29) Vanguard Target 2035 Composite Index 14.54 (17) 11.90 (21) 17.43 (18) -16.10 (25) 13.24 (70) 15.67 (25) 22.76 (37) -6.46 (26) Target -Date 2035 Median 13.43 11.22 16.37 -17.13 13.87 14.05 22.33 -7.34 Vanguard Target Retirement 2030 Fund 13.62 (11) 10.64 (13) 16.03 (6) -16.27 (47) 11.38 (54) 14.10 (35) 21.07 (33) -5.86 (34) Vanguard Target 2030 Composite Index 13.52 (14) 10.82 (9) 16.26 (5) -15.71 (34) 11.66 (47) 14.98 (17) 21.34 (27) -5.72 (30) Target -Date 2030 Median 12.16 9.47 14.45 -16.35 11.53 13.10 20.38 -6.49 Vanguard Target Retirement 2025 Fund 12.36 (23) 9.44 (8) 14.55 (5) -15.55 (52) 9.80 (49) 13.30 (34) 19.63 (19) -5.15 (43) Vanguard Target 2025 Composite Index 12.26 (25) 9.63 (5) 14.74 (2) -15.02 (37) 10.09 (40) 14.19 (14) 19.93 (12) -5.00 (37) Target -Date 2025 Median 11.19 8.17 12.58 -15.49 9.76 12.49 18.34 -5.38 Vanguard Target Retirement 2020 Fund 10.35 (67) 7.75 (42) 12.51 (29) -14.15 (38) 8.17 (63) 12.04 (39) 17.63 (25) -4.24 (41) Vanguard Target 2020 Composite Index 10.29 (72) 7.91 (37) 12.65 (27) -13.77 (30) 8.43 (57) 12.85 (21) 17.87 (21) -4.13 (37) Target -Date 2020 Median 10.84 7.53 11.70 -14.47 8.63 10.98 16.19 -4.53 Returns for periods greater than one year are annualized Returns are expressed as percentages. Page 24 Comparative Performance St. Lucie County As of September 30, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement Income Fund 9.61 (33) 6.58 (52) 10.74 (41) -12.74 (49) 5.25 (64) 10.02 (27) 13.16 (46) -1.99 (15) Vanguard Target Income Composite Index 9.61 (33) 6.74 (46) 10.80 (38) -12.44 (45) 5.44 (60) 10.70 (15) 13.41 (41) -1.97 (14) Target -Date Retirement Median 8.89 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 Vanguard LifeStrategy Growth Inv 16.38 (2) 13.18 (36) 18.55 (13) -17.09 (83) 14.35 (45) 15.45 (24) 23.13 (11) -6.90 (67) Vanguard LifeStrategy Growth Index 16.33 (2) 13.41 (34) 18.91 (11) -16.50 (75) 14.60 (43) 16.37 (19) 23.46 (9) -6.78 (65) Moderate Allocation Median 11.01 11.87 14.19 -14.88 14.09 12.27 19.51 -5.50 Vanguard LifeStrategy Mod Gr Inv Shrs 13.60 (12) 10.31 (71) 15.49 (35) -16.00 (65) 10.08 (90) 13.59 (34) 19.37 (54) -4.91 (40) Vanguard LifeStrategy Moderate Growth Index 13.55 (13) 10.53 (69) 15.79 (33) -15.45 (55) 10.38 (88) 14.50 (29) 19.67 (47) -4.81 (38) Moderate Allocation Median 11.01 11.87 14.19 -14.88 14.09 12.27 19.51 -5.50 Vanguard LifeStrategy Cnsry Gr Inv 10.83 (24) 7.54 (61) 12.48 (13) -14.99 (80) 6.05 (96) 11.51 (18) 15.68 (43) -2.95 (13) Vanguard LifeStrategy Conservative Growth Index 10.80 (24) 7.68 (58) 12.69 (11) -14.50 (71) 6.25 (95) 12.27 (15) 15.94 (37) -2.88 (12) Moderately Conservative Allocation Median 9.47 8.18 10.53 -12.99 8.73 8.44 15.21 -4.46 Vanguard LifeStrategy Income Inv 7.98 (81) 4.66 (80) 9.48 (66) -13.93 (66) 1.92 (95) 9.13 (49) 12.05 (63) -1.05 (5) Vanguard LifeStrategy Income Composite Index 7.94 (82) 4.86 (79) 9.61 (64) -13.66 (63) 2.21 (94) 9.71 (38) 12.26 (61) -0.98 (5) Target -Date Retirement Median 8.89 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 NYLI Winslow Large Cap Growth Class R6 14.40 (54) 29.77 (51) 43.09 (29) -31.16 (51) 24.85 (30) 37.44 (44) 33.87 (42) 3.82 (9) Russell 1000 Growth Index 17.24 (27) 33.36 (29) 42.68 (31) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (21) -1.51 (51) Large Growth Median 14.65 29.77 39.31 -31.15 22.00 35.97 33.02 -1.42 Vanguard Total Stock Mkt Idx Adm 14.33 (39) 23.74 (45) 26.01 (33) -19.53 (74) 25.71 (61) 20.99 (22) 30.80 (40) -5.17 (42) CRSP U.S. Total Market Index 14.35 (38) 23.77 (44) 25.98 (34) -19.49 (74) 25.72 (61) 20.99 (22) 30.84 (40) -5.17 (41) Large Blend Median 13.57 23.21 24.61 -18.19 26.61 17.56 29.96 -5.62 Vanguard Windsor TM II Admiral TM 13.61 (24) 14.29 (53) 21.07 (5) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (47) Russell 1000 Value Index 11.65 (50) 14.37 (52) 11.46 (48) -7.54 (67) 25.16 (62) 2.80 (52) 26.54 (37) -8.27 (44) Large Value Median 11.61 14.46 11.23 -5.68 26.11 2.91 25.53 -8.74 Harbor Mid Cap Retirement 5.55 (66) 7.36 (94) 16.88 (35) -17.06 (66) 24.68 (42) 18.96 (18) N/A N/A Russell Midcap Index 10.42 (24) 15.34 (33) 17.23 (31) -17.32 (69) 22.58 (65) 17.10 (24) 30.54 (25) -9.06 (27) Mid -Cap Blend Median 7.13 13.71 16.00 -14.77 24.17 12.96 27.42 -11.22 Vanguard Mid Cap Index Admiral 12.60 (9) 15.22 (35) 15.98 (51) -18.71 (78) 24.51 (45) 18.24 (21) 31.03 (21) -9.23 (30) CRSP U.S. Mid Cap Index 12.63 (8) 15.25 (34) 15.98 (51) -18.68 (78) 24.52 (45) 18.24 (21) 31.09 (20) -9.22 (29) Mid -Cap Blend Median 7.13 13.71 16.00 -14.77 24.17 12.96 27.42 -11.22 MassMutual Small Cap Opps (MSOOX) 6.04 (52) 12.96 (27) 18.11 (28) -15.77 (34) 22.42 (52) 20.39 (14) 26.31 (30) -10.50 (32) Russell 2000 Index 10.39 (16) 11.54 (42) 16.93 (44) -20.44 (84) 14.82 (88) 19.96 (17) 25.53 (40) -11.01 (39) Small Blend Median 6.40 10.93 16.49 -16.72 22.89 12.82 24.61 -12.02 Returns for periods greater than one year are annualized Returns are expressed as percentages. Page 25 Comparative Performance St. Lucie County As of September 30, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Small Cap Index Admiral Shares 6.89 (46) 14.23 (20) 18.20 (27) -17.61 (60) 17.73 (80) 19.11 (25) 27.37 (23) -9.31 (23) CRSP U.S. Small Cap Index 6.88 (46) 14.22 (20) 18.09 (28) -17.64 (60) 17.71 (80) 19.07 (25) 27.35 (23) -9.33 (23) Small Blend Median 6.40 10.93 16.49 -16.72 22.89 12.82 24.61 -12.02 Vanguard Total Intl Stock Index Admiral 26.48 (40) 5.14 (42) 15.52 (63) -16.01 (52) 8.62 (67) 11.28 (40) 21.51 (61) -14.43 (42) Vanguard Total International Stock Index Hybrid 25.85 (49) 5.53 (35) 15.79 (56) -16.10 (53) 8.84 (65) 11.24 (40) 21.80 (55) -14.61 (45) Foreign Large Blend Median 25.73 4.61 16.27 -15.95 10.27 9.72 22.08 -15.05 Goldman Sachs GQG Ptnrs Intl Opps R6 16.27 (64) 6.02 (39) 21.21 (7) -11.03 (1) 12.45 (18) 15.86 (81) 27.59 (62) -6.02 (3) MSCI World ex U.S Growth 19.63 (43) 3.15 (62) 17.87 (35) -22.40 (31) 11.91 (24) 18.81 (69) 28.47 (46) -12.79 (38) Foreign Large Growth Median 18.55 4.79 16.06 -25.12 8.68 22.25 28.15 -14.28 DFA International Value 1 33.91 (25) 6.88 (28) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (82) 15.67 (80) -17.49 (62) MSCI AC World ex USA Value (Net) 29.64 (54) 6.04 (34) 17.30 (56) -8.59 (36) 10.46 (69) -0.77 (75) 15.72 (80) -13.97 (25) Foreign Value Median 30.37 4.57 17.78 -10.04 12.06 2.67 18.57 -16.60 Vanguard Real Estate Index Admiral 5.74 (18) 4.92 (71) 11.81 (57) -26.20 (49) 40.40 (65) -4.65 (49) 28.94 (37) -5.95 (53) Vanguard Spliced REIT Index 5.84 (16) 5.05 (64) 11.96 (51) -26.12 (45) 40.56 (63) -4.55 (48) 29.03 (36) -5.86 (50) Real Estate Median 3.26 5.74 12.03 -26.25 41.48 -4.74 27.84 -5.90 Vanguard Total Bond Market Index Adm 6.10 (48) 1.24 (70) 5.70 (43) -13.16 (35) -1.67 (57) 7.72 (55) 8.71 (37) -0.23 (39) Blmbg. U.S. Aggregate Index 6.13 (43) 1.25 (69) 5.53 (56) -13.01 (28) -1.55 (50) 7.51 (61) 8.72 (37) 0.01 (26) Intermediate Core Bond Median 6.09 1.50 5.58 -13.45 -1.56 7.84 8.49 -0.43 Dodge & Cox Income X 7.03 (3) 2.34 (15) 7.76 (1) -10.77 (10) -0.91 (20) 9.45 (16) 9.73 (9) -0.31 (43) Blmbg. U.S. Aggregate Index 6.13 (43) 1.25 (69) 5.53 (56) -13.01 (28) -1.55 (50) 7.51 (61) 8.72 (37) 0.01 (26) Intermediate Core Bond Median 6.09 1.50 5.58 -13.45 -1.56 7.84 8.49 -0.43 Lincoln Stable Value Account 1.91 (81) N/A N/A N/A N/A N/A N/A N/A Morningstar US CIT Stable Value 2.29 (29) 3.03 (23) 2.86 (28) 1.88 (19) 1.74 (21) 2.24 (19) 2.51 (20) 2.23 (17) IM U.S. GIC/Stable Value (SA+CF) Median 2.07 2.73 2.53 1.59 1.43 2.00 2.30 1.97 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 26 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 September 30, 2025 Market Value Net Net Revenue Revenue Median Expense Ratio Estimated Expense Ticker Share Share Expense Ratio 25,286,110 0.15 38,763 0.00 N/A 62,239 0.08 50 VSVNX 0.00 0.60 5,199 0.08 4 VLXVX 0.00 0.60 235,865 0.08 189 VTTSX 0.00 0.65 27,205 0.08 22 VFFVX 0.00 0.65 808,283 0.08 647 VFIFX 0.00 0.69 249,200 0.08 199 VTIVX 0.00 0.65 1,815,792 0.08 1,453 VFORX 0.00 0.70 124,700 0.08 100 VTTHX 0.00 0.64 1,691,744 0.08 1,353 VTHRX 0.00 0.67 50,862 0.08 41 VTTVX 0.00 0.60 206,047 0.08 165 VTWNX 0.00 0.66 116,826 0.08 93 VTINX 0.00 0.66 192,959 0.14 270 VASGX 0.00 0.99 944,336 0.13 1,228 VSMGX 0.00 0.99 101,067 0.12 121 VSCGX 0.00 0.97 21,769 0.11 24 VASIX 0.00 0.66 2,124,401 0.62 13,171 MLRSX 0.00 0.90 3,900,900 0.04 1,560 VTSAX 0.00 0.75 1,718,637 0.23 3,953 VWNAX 0.00 0.83 14,176 0.80 113 HMCRX 0.00 0.87 1,838,803 0.05 919 VIMAX 0.00 0.87 104,644 0.65 680 MSOOX 0.00 1.00 250,891 0.05 125 VSMAX 0.00 1.00 875,474 0.09 788 VTIAX 0.00 0.90 1,062,346 0.75 7,968 GSIYX 0.00 0.95 2,814 0.28 8 DFIVX 0.00 0.96 195,941 0.13 255 VGSLX 0.00 1.00 899,033 0.04 360 VBTLX 0.00 0.53 879,964 0.33 2,904 DOXIX 0.00 0.53 4,430,740 N/A - 0.00 N/A 333,252 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 27 Vanguard Target Retirement Target Date Fund Universe Ranges September 30, 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 28 Vanguard Target Retirement Target Date Fund Asset Allocation September 30, 2025 Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 2020 Retirement Total Equity XPEW 89% 80% 64% 156% 33% ' 28%' Domestic Equity 53% 53% 53% 53% 48% 43% 38% 33% 28% 20% 17% International Equity 27% 27% 27% 27% 24% 20% 17% 14% 10% 5% 3% Emerging Equity 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% Total Fixed Income 28% Domestic Bonds 5% 5% 5% 5% 10% 14% 18% 22% 30% 40% 43% International Bonds 3% 3% 3% 3% 5% 7% 9% 12% 12% 15% 15% Cash 4% 7% 9% Other 0% 0% 0% 0% 0% 0% Total 100% 100% 100% 100% 100% 100% ' 100% Terminal Equity Date: 7 years after Retirement Active/Passive/Blend Allocation: Passive 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 29 100% 90% 80% 70% c 0 m 60% Q a) U) U) 50% LL 40% 21 co 30% 20% 10% 0% 2065 2060 ■ Domestic Equity 2055 2050 International Equity 2045 Emerging Equity Vanguard Target Retirement Target Date Fund Asset Allocation Graph September 30, 2025 2040 2035 2030 2025 2020 Retirement Domestic Bonds International Bonds Cash Other Page 30 100% 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 September 30, 2025 2025 2020 Retirement Page 31 2025 Fiduciary Education Asset Allocation Tools Most participants have heard the phrases "don't but all your eggs in one basket" or "divercifv and rebalance", but when faced with the responsibility of selecting their own investments, many are unsure how to implement appropriately. To help participants avoid common pitfalls, a variety of asset allocation solutions are available to help align broad market exposure and diversification based on an individual participant's risk tolerance, time horizon, or objectives. rDo It Types of Asset Allocation Vehicles Dynamic portfolios that adjust over time to changes in age or other inputs. For Me I Ex: Target Date, Managed Accounts Do It With Me Static portfolios aligned with specific risk profile or asset allocation objective. Ex: Target Risk, Traditional Balanced, Point -in -Time Advice Utilization of Solutions Target Date 96% 84% Managed Account 45% 9% Target Risk 3% <0.5% Traditional Balanced 60% 5% Source: Vanguard How America Saves 2025 Page 32 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 Asset Allocation Tools — Target Date Overview Given the prevalence and popularity of target date offerings, the Department of Labor (DOL) has issued guidelines to assist plan fiduciaries in selecting appropriate offerings': Periodically Review Target Date Selection Reasonable Fees & Expenses Other Target Date Considerations Effective Participant Communications One -Size -Fits -All: Age -driven approach may not be ideal for investors with specific goals, preferences or circumstances, particularly as you approach retirement Glide Path Suitability: Based on industry or company specific retirement assumptions, off -the - shelf offerings may be incompatible; consider custom solutions Proprietary / Co -Manufactured offerings: Many recordkeepers are launching platform specific offerings that blend proprietary products (stable value / fixed rate) with the traditional offering of a specific manager; consider impact on pricing and overall portfolio construction 1 DOL: Target Date Funds — Tips for ERISA Plan Fiduciaries, February 2013 For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance. Page 33 2025 Fiduciary Education Qualified Default Investment Alternative (QDIA) Qualified Default Investment Alternative (ODIA) Plan fiduciaries may designate a QDIA as a default option for specific participant circumstances such as failure to make an investment election, auto -enrollment, and fund mappings. Asset allocation vehicles designed to provide diversification, and long-term savings objectives are generally eligible, assuming they comply with one of the following primary structures': • A product with a mix of investments that consider the individual's age or retirement date (e.g. Target date funds) • An investment service that allocates contributions among existing plan options to provide an asset mix that considers the individual's age, retirement date, or other variable inputs (e.g. Managed Accounts) • A product with a mix of investments that consider the characteristics of employees (e.g. Balanced fund) When utilized appropriately, QDIA defaults provide fiduciary safe harbor, shielding plan sponsors from liability relating to investment losses. L.Accutive Ordei .,. i Altei i idtivt; investments President Trump issued an Executive Order in August 2025 directing the Secretary of Labor to examine guidance and safe harbors for plan sponsor when considering alternative assets — private credit, private equity, real estate, cryptocurrencies, commodities, infrastructure, lifetime income products. 1 DOL Fact Sheet — QDIA In Participant Directed Account Plans, April 2008 For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview, is not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance. Page 34 St. Lucie County 2025 Fiduciary Documentation As of September 30, 2025 Quarterly 1st Quarter 2nd Quarter V 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 41h Quarter Page 35 Peer Group Analysis - Target -Date 2065+ 29.0 26.0 23.0 O• O• 20.0 O• 17.0 c O• 3 d 14.0 11.0 8.0 O• 5.0 2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 7.16 (23) 17.80 (26) 16.00 (16) 22.32 (36) 21.03 (36) N/A N/A • Index 7.23 (18) 17.72 (29) 15.95 (18) 22.42 (30) 21.18 (32) N/A N/A Median 6.68 16.87 15.05 21.74 20.54 8.50 12.03 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Investment 10.55 (49) Index 10.76 (41) Median 10.53 -0.56 (36) -0.88 (56) -0.73 -1.53 (39) -1.50 (38) -1.82 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2065+ 36.0 - 28.0 - 20.0 - O 12.0 - c 4.0 - -4.0 -12.0 -20.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 14.59 (46) 20.24 (50) N/A N/A N/A N/A N/A • Index 14.92 (41) 20.48 (42) N/A N/A N/A N/A N/A Median 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 6.73 (24) 6.91 (13) 6.20 2.01 (32) 2.09 (27) 1.80 6.88 (89) 6.90 (87) 7.62 Page 36 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of September 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 21.03 11.86 1.28 100.54 9 102.70 3 Investment N/A N/A N/A N/A N/A N/A N/A Index 21.18 11.55 1.33 100.00 9 100.00 3 Index N/A N/A N/A N/A N/A N/A N/A Risk and Return 3 Years 21.3 1 21.2 1 21.1 3 G1 R' O 21.0 20.9 11.5 11.6 11.7 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 x I C 25.0 m c / cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 2 0 (0%) 2 (100%) 0 (0%) 0 (0%) Index 2 0 (0%) 2 (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 - N IL c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 0 0 0 0 0 Index 0 0 0 0 0 Page 37 Strategy Review Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+ 29.0 36.0 - 26.0 28.0 - O0 23.0 00 20.0- 00 20.0 12.0 - 00 17.0 c 00 c 4.0 - 14.0 O -4.0 11.0 O• 00 -12.0 8.0 00 00 5.0 -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 7.17 (22) 17.82 (25) 16.02 (14) 22.31 (37) 21.02 (37) 9.09 (26) 12.20 (38) O Investment 14.62 (45) 20.15 (54) -17.39 (18) 16.46 (67) 16.17 (58) 24.96 (61) -7.95 (7) • Index 7.23 (18) 17.72 (29) 15.95 (18) 22.42 (30) 21.18 (32) 9.30 (20) 12.50 (30) • Index 14.92 (41) 20.48 (42) -17.07 (17) 16.75 (62) 17.17 (29) 25.37 (53) -7.77 (1) Median 6.68 16.87 15.05 21.74 20.54 8.50 12.03 Median 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 10.53 (51) Index 10.76 (41) Median 10.53 -0.54 (34) -0.88 (56) -0.73 -1.53 (38) -1.50 (38) -1.82 6.74 (23) 6.91 (13) 6.20 2.03 (30) 2.09 (27) 1.80 6.88 (89) 6.90 (87) 7.62 Page 38 Strategy Review Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index As of September 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 21.02 11.86 1.28 100.57 9 102.85 3 Investment 12.20 13.96 0.69 100.13 13 102.00 7 Index 21.18 11.55 1.33 100.00 9 100.00 3 Index 12.50 13.84 0.71 100.00 13 100.00 7 Risk and Return 3 Years 21.3 1 21.2 1 21.1 3 G1 R' 21.0 Q 20.9 11.5 11.6 11.7 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 ---- 25.0 i cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.6 12.4 3 G1 R' 12.2 12.0 13.8 13.9 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0--------- ".► OWO 25.0 - c c� 50.0 - d IL c m 75.0AL - a 100.0 1 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 16 (80%) 4 (20%) 0 (0%) Investment 13 1 (8%) 7 (54%) 4 (31%) 1 (8%) Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 13 8 (62%) 5 (38%) 0 (0%) 0 (0%) 14.0 Page 39 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2060 Peer Group Analysis - Target -Date 2060 29.0 36.0 - 26.0 28.0 - O0 23.0 O • 20.0- O • 20.0 � CQ� O• O• 12.0 - � 00 17.0 E 3 • 3 4.0 - 14.0 -4.0 - 11.0 00 00 -12.0 8.0 00 5.0 -20.0 00 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 7.17 (17) 17.81 (16) 16.05 (11) 22.32 (33) 21.03 (32) 9.07 (23) 12.20 (33) O Investment 14.63 (45) 20.18 (47) -17.46 (24) 16.44 (77) 16.32 (40) 24.96 (55) -7.87 (30) • Index 7.23 (12) 17.72 (18) 15.95 (15) 22.42 (29) 21.18 (28) 9.30 (14) 12.50 (24) • Index 14.92 (39) 20.48 (36) -17.07 (19) 16.75 (69) 17.17 (31) 25.37 (41) -7.77 (27) Median 6.63 16.49 14.84 21.74 20.39 8.44 11.89 Median 14.42 20.03 -18.44 17.32 15.75 25.06 -8.66 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 10.56 (37) Index 10.76 (30) Median 10.28 -0.57 (39) -0.88 (56) -0.75 -1.50 (39) -1.50 (39) -1.74 6.72 (26) 6.91 (16) 6.27 2.03 (32) 2.09 (27) 1.77 6.87 (85) 6.90 (84) 7.57 Page 40 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of September 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 21.03 11.87 1.28 100.63 9 102.90 3 Investment 12.20 13.96 0.69 100.08 13 101.98 7 Index 21.18 11.55 1.33 100.00 9 100.00 3 Index 12.50 13.84 0.71 100.00 13 100.00 7 Risk and Return 3 Years 21.3 1 21.0 11.5 11.6 11.7 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 25.0, ' UO cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.6 12.4 12.2 12.0 13.8 13.9 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 40, c� 50.0 IL F c m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 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%) 18 (90%) 1 (5%) 0 (0%) Index 20 8 (40%) 12 (60%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) 14.0 Page 41 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2055 Peer Group Analysis - Target -Date 2055 29.0 36.0 26.0 28.0 - O0 23.0 O• 20.0- O• 00 00 00 20.0 p• 6L 12.0 - O• 17.0 E 3 • 3 4.0 - 14.0 00 -4.0 11.0 O• 00 -12.0 8.0 00 00 5.0 -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 7.18 (11) 17.82 (15) 16.07 (8) 22.33 (31) 21.03 (31) 9.07 (20) 12.20 (30) O Investment 14.64 (43) 20.16 (45) -17.46 (25) 16.44 (75) 16.32 (40) 24.98 (45) -7.89 (34) • Index 7.23 (9) 17.72 (18) 15.95 (13) 22.42 (29) 21.18 (25) 9.30 (13) 12.50 (21) • Index 14.92 (36) 20.48 (35) -17.07 (18) 16.75 (64) 17.17 (29) 25.37 (34) -7.77 (29) Median 6.59 16.39 14.72 21.68 20.38 8.43 11.83 Median 14.33 19.98 -18.38 17.19 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 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 10.54 (29) Index 10.76 (26) Median 10.21 -0.56 (39) -0.88 (55) -0.73 -1.49 (39) -1.50 (40) -1.73 6.73 (24) 6.91 (15) 6.25 2.02 (32) 2.09 (26) 1.80 6.88 (84) 6.90 (83) 7.57 Page 42 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of September 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 21.03 11.88 1.28 100.69 9 103.08 3 Investment 12.20 13.97 0.69 100.17 13 102.11 7 Index 21.18 11.55 1.33 100.00 9 100.00 3 Index 12.50 13.84 0.71 100.00 13 100.00 7 Risk and Return 3 Years 21.3 21.0 I 0 11.4 11.5 11.6 11.7 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 ♦ --tip .�� 25.0------� cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.6 12.4 12.2 12.0 13.8 13.9 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 10 25.0 --� K � m 14.0 c� 50.0 - d a c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 3 (15%) 15 (75%) 2 (10%) 0 (0%) Investment 20 1 (5%) 19 (95%) 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 43 Strategy Review Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2050 Peer Group Analysis - Target -Date 2050 29.0 36.0 - 26.0 28.0 - Q0 23.0 Q 00 20.0- 00 20.0 Q � Q � QI. 12.0- 17.0 00 E E 14.0 - y 4.0 - 11.0- -4.0 00 8.0 - -12.0 5.0 00 -20.0 2.0 -1.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.17 (9) 17.82 (12) 16.07 (2) 22.32 (27) 21.03 (25) 9.07 (15) 12.20 (25) O Investment 14.64 (40) 20.17 (39) -17.46 (29) 16.41 (71) 16.39 (35) 24.98 (42) -7.90 (33) • Index 7.23 (6) 17.71 (13) 15.94 (4) 22.42 (22) 21.18 (20) 9.30 (10) 12.50 (15) • Index 14.92 (32) 20.48 (29) -17.07 (19) 16.75 (59) 17.17 (27) 25.37 (30) -7.77 (27) Median 6.54 16.12 14.54 21.56 20.23 8.36 11.77 Median 14.20 19.87 -18.33 17.00 15.57 24.70 -8.58 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 10.55 (24) Index 10.76 (20) Median 10.02 -0.56 (40) -0.88 (59) -0.71 -1.48 (39) -1.50 (39) -1.78 6.71 (23) 6.91 (15) 6.27 2.02 (30) 2.09 (24) 1.74 6.89 (82) 6.90 (80) 7.55 Page 44 Strategy Review Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index As of September 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 21.03 11.87 1.28 100.66 9 103.00 3 Investment 12.20 13.97 0.69 100.17 13 102.09 7 Index 21.18 11.55 1.33 100.00 9 100.00 3 Index 12.50 13.84 0.71 100.00 13 100.00 7 Risk and Return 3 Years 21.3 O"M 21.1 3 G1 R' 21.0 20.9 11.5 11.6 11.7 11.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 50.0 v IL e y 75.0 K 11.9 12.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.6 12.4 12.0 13.8 13.9 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 0 25.0 K m c 50.0IL - d c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 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 5 (25%) 15 (75%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) 14.0 Page 45 Peer Group Analysis - Target -Date 2045 26.0 23.0 - O• 20.0- p 17.0- O• 00 14.0 - c p• 11.0- 00 8.0- Illlli� 5.0 2.0 -1.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 6.72 (22) 16.65 (23) 14.94 (21) 21.21 (41) 20.02 (37) 8.47 (30) 11.66 (41) • Index 6.77 (18) 16.50 (28) 14.71 (25) 21.21 (41) 20.12 (34) 8.67 (22) 11.93 (24) Median 6.32 15.68 13.93 21.10 19.70 8.07 11.52 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Investment 9.75 (32) Index 9.87 (27) Median 9.39 -0.40 (41) -0.69 (62) -0.52 -1.46 (32) -1.54 (36) -1.82 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2045 36.0 28.0 20.0 O 12.0 O • c 4.0 -4.0 -12.0 00 -20.0 00 00 00 O• -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 13.91 (51) 19.48 (41) -17.36 (31) 16.16 (66) 16.30 (35) 24.94 (38) -7.90 (39) • Index 14.08 (43) 19.77 (34) -16.93 (23) 16.45 (57) 17.02 (27) 25.37 (28) -7.77 (35) Median 13.91 19.27 -18.19 16.73 15.35 24.58 -8.32 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 6.57 (25) 6.77 (15) 6.28 1.90 (36) 1.95 (31) 1.71 6.45 (83) 6.44 (84) 7.26 Page 46 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of September 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 20.02 11.44 1.25 100.80 9 103.03 3 Investment 11.66 13.61 0.67 100.32 13 102.19 7 Index 20.12 11.13 1.29 100.00 9 100.00 3 Index 11.93 13.47 0.69 100.00 13 100.00 7 Risk and Return 3 Years - 20.3 20.2 c 3 Gl C 20.1 20.0 I • 11.0 11.1 11.2 11.3 11.4 11.5 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 100 Y , , '�� 25.0 y �•a� cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.0 ifs 11.8 3 G1 C 11.7 11.6 13.4 13.5 13.6 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 25.0 m c c� 50.0 - d a c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 18 (90%) 0 (0%) 0 (0%) Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) 13.7 Page 47 Peer Group Analysis - Target -Date 2040 26.0 23.0 NM 17.0 O• c 14.0 O • 3 d lY 11.0- 8.0 - 5.0 - ■ 2.0 O• 00 00 a -1.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 6.23 (25) 15.64 (25) 13.90 (20) 19.96 (44) 18.67 (41) 7.73 (34) 10.62 (52) • Index 6.30 (19) 15.53 (28) 13.70 (25) 19.94 (44) 18.77 (38) 7.93 (25) 10.88 (36) Median 5.89 14.65 12.79 19.75 18.38 7.42 10.63 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2040 38.0 32.0 26.0 O• 20.0 O• 14.0 • 8.0 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 (39) 23.86 (44) -7.32 (31) • Index 12.99 (42) 18.60 (39) -16.51 (22) 14.84 (74) 16.31 (28) 24.19 (36) -7.22 (27) Median 12.80 18.10 -17.85 15.78 14.74 23.63 -7.99 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 9.09 (26) -0.21 (48) -1.50 (24) 6.43 (26) 1.73 (37) 5.85 (79) Index 9.18 (26) -0.46 (70) -1.58 (29) 6.61 (15) 1.77 (31) 5.81 (81) Median 8.55 -0.22 -1.89 6.14 1.59 6.64 Page 48 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of September 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 18.67 10.81 1.21 100.82 9 103.08 3 Investment 10.62 12.80 0.63 100.28 13 102.17 7 Index 18.77 10.51 1.25 100.00 9 100.00 3 Index 10.88 12.66 0.65 100.00 13 100.00 7 Risk and Return 3 Years 18.8 18.5 10.4 10.5 10.6 10.7 10.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 25.0 ��►� I� �, d •``�� Imo, ,� "00 %40-�_ ��► cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 10.9 Risk and Return 5 Years 11.0 10.8 10.6 10.4 12.6 12.7 12.8 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 25.0 I chi 50.0 - d IL c m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 14 (70%) 6 (30%) 0 (0%) Investment 20 0 (0%) 16 (80%) 4 (20%) 0 (0%) Index 20 6 (30%) 13 (65%) 1 (5%) 0 (0%) Index 20 12 (60%) 7 (35%) 1 (5%) 0 (0%) 12.9 Page 49 Peer Group Analysis - Target -Date 2035 23.0 M 17.0 14.0 00 00 LM Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2035 32.0 26.0 O• 00 20.0 O• 00 14.0 0 • O• O• 8.0 c 2.0 - -4.0 00 -10.0 -16.0 O -22.0 -1.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 5.77 (10) 14.68 (12) 12.84 (2) 18.65 (22) 17.29 (25) 6.96 (17) 9.56 (36) O Investment 11.78 (26) 17.14 (26) -16.62 (38) 12.96 (78) 14.79 (39) 22.44 (46) -6.58 (29) • Index 5.84 (4) 14.54 (17) 12.68 (5) 18.66 (21) 17.42 (16) 7.18 (10) 9.83 (21) • Index 11.90 (21) 17.43 (18) -16.10 (25) 13.24 (70) 15.67 (25) 22.76 (37) -6.46 (26) Median 5.22 13.43 11.24 18.00 16.62 6.35 9.34 Median 11.22 16.37 -17.13 13.87 14.05 22.33 -7.34 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 8.38 (18) Index 8.47 (13) Median 7.54 0.04 (71) -0.23 (86) 0.21 -1.61 (18) -1.62 (19) -2.00 6.30 (19) 6.44 (13) 6.00 1.55 (29) 1.60 (26) 1.38 5.24 (74) 5.19 (75) 5.65 Page 50 Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of September 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 17.29 10.21 1.16 101.20 10 104.65 2 Investment 9.56 12.00 0.58 100.50 14 102.76 6 Index 17.42 9.90 1.21 100.00 9 100.00 3 Index 9.83 11.86 0.61 100.00 13 100.00 7 Risk and Return 3 Years 17.5 17.2 9.8 9.9 10.0 10.1 10.2 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 25.0 00 cdi 50.0 V IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 10.3 Risk and Return 5 Years 9.9 9.8 y 9.7 9.6 9.5 11.8 11.9 12.0 12.1 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 _ NON 25.0 ��► '�'"�r jI m , � y 50.0 IL c m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 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%) 7 (35%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Page 51 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2030 Peer Group Analysis - Target -Date 2030 20.0 32.0 18.0 26.0 Q• Q • 16.0 00 20.0 00 14.0 14.0 Q 0 00 00 00 12.0 Q • 8.0 c L c 10.0 2.0 8.0 -4.0 00 00 6.0 -10.0 0 � 4.0 -16.0 Q 2.0 - -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 5.31 (2) 13.62 (11) 11.70 (1) 17.34 (4) 15.92 (2) 6.18 (9) 8.50 (11) O Investment 10.64 (13) 16.03 (6) -16.27 (47) 11.38 (54) 14.10 (35) 21.07 (33) -5.86 (34) • Index 5.37 (1) 13.52 (14) 11.63 (1) 17.37 (2) 16.07 (2) 6.42 (4) 8.77 (3) • Index 10.82 (9) 16.26 (5) -15.71 (34) 11.66 (47) 14.98 (17) 21.34 (27) -5.72 (30) Median 4.68 12.16 9.84 16.05 14.57 5.26 7.83 Median 9.47 14.45 -16.35 11.53 13.10 20.38 -6.49 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 7.67 (5) 0.21 (86) Index 7.74 (3) -0.01 (93) Median 6.49 0.63 -1.69 (18) -1.66 (16) -2.01 6.17 (15) 6.27 It 1) 5.80 1.37 (22) 1.42 (19) 1.15 4.57 (55) 4.57 (55) 4.62 Page 52 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of September 30, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Down Up Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Market Quarters Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 15.92 9.60 1.11 101.11 10 104.60 2 Investment 8.50 11.22 0.53 100.42 14 102.79 6 Index 16.07 9.31 1.15 100.00 100.00 3 Index 8.77 11.07 0.55 100.00 13 100.00 7 Risk and Return 3 Years 16.4 u 15.8 9.2 9.3 9.4 9.5 9.6 9.7 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 25.0 v c c� 50.0 `w IL c y 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 9.0 8.8 8.6 8.4 11.0 11.1 11.2 11.3 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 Y 25.0 m c c� 50.0 N IL c m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 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 4 (20%) 16 (80%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Page 53 Peer Group Analysis - Target -Date 2025 18.0 16.0 0 • d lY 14.0 12.0 8.0 6.0 - 00 00 A 00 JJ 0.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.69 (17) 12.36 (23) 10.52 (1) 15.70 (12) 14.31 (9) 5.35 (12) 7.38 (11) • Index 4.73 (14) 12.26 (25) 10.47 (2) 15.74 (11) 14.45 (6) 5.59 (5) 7.65 (3) Median 4.30 11.19 8.95 14.53 13.03 4.53 6.80 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2025 30.0 25.0 20.0 0 15.0 0 10.0 00 0• E 5.0 lY 0.0 -5.0 0 -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 (49) 13.30 (34) 19.63 (19) -5.15 (43) • Index 9.63 (5) 14.74 (2) -15.02 (37) 10.09 (40) 14.19 (14) 19.93 (12) -5.00 (37) Median 8.17 12.58 -15.49 9.76 12.49 18.34 -5.38 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 6.65 (12) 0.64 (86) -1.64 (15) 5.85 (26) 1.26 (19) 3.81 (42) Index 6.71 (6) 0.44 (92) -1.59 (12) 5.89 (24) 1.28 (14) 3.87 (36) Median 5.34 1.11 -2.04 5.60 1.04 3.71 Page 54 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of September 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 14.31 8.70 1.05 101.20 10 105.01 2 Investment 7.38 10.22 0.47 100.53 14 103.13 6 Index 14.45 8.41 1.10 100.00 10 100.00 2 Index 7.65 10.06 0.50 100.00 14 100.00 6 Risk and Return 3 Years 14.5 14.2 8.3 8.4 8.5 8.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2025 0.0 8.7 8.8 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 7.8 7.6 7.4 7.2 10.0 10.1 10.2 10.3 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 a c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 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 15 (75%) 5 (25%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Page 55 Peer Group Analysis - Target -Date 2020 18.0 16.0 14.0 K. 12.0 10.0 00 c 3 0• 8.0 6.0 4.0 0 • 2.0 J 00 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 3.80 (64) 10.35 (67) 8.59 (40) 13.31 (66) 11.98 (55) 4.27 (39) 6.03 (62) • Index 3.86 (62) 10.29 (72) 8.59 (41) 13.36 (63) 12.12 (50) 4.45 (30) 6.23 (40) Median 4.01 10.84 8.36 13.77 12.06 4.13 6.14 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date 2020 25.0 - 20.0 - 00 15.0 - 0• 00 10.0 - 00 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 (29) -14.15 (38) 8.17 (63) 12.04 (39) 17.63 (25) -4.24 (41) • Index 7.91 (37) 12.65 (27) -13.77 (30) 8.43 (57) 12.85 (21) 17.87 (21) -4.13 (37) Median 7.53 11.70 -14.47 8.63 10.98 16.19 -4.53 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 5.12 (56) 1.13 (67) -1.59 (13) 5.37 (58) 1.05 (40) 2.83 (83) Index 5.19 (52) 0.96 (81) -1.55 It 1) 5.41 (52) 1.06 (36) 2.89 (83) Median 5.28 1.34 -2.12 5.45 1.00 3.32 Page 56 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of September 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 11.98 7.44 0.94 100.89 10 104.42 2 Investment 6.03 8.78 0.38 100.51 14 102.86 6 Index 12.12 7.22 0.98 100.00 10 100.00 2 Index 6.23 8.67 0.41 100.00 14 100.00 6 Risk and Return 3 Years 12.2 11.9 7.1 7.2 7.3 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2020 0.0 cdi 50.0 d IL e y 75.0 K 7.4 7.5 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 6.3 6.2 y 6.1 6.0 5.9 8.6 8.7 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2020 0.0 8.8 25.0 K m , � c� 50.0 - d a c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 5-25 25-Median Median-75 75-95 Total Period Count Count Count Count Investment 20 1 (5%) 15 (75%) 4 (20%) 0 (0%) Investment 20 2 (10%) 15 (75%) 3 (15%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%) Page 57 Peer Group Analysis - Target -Date Retirement 16.0 14.0 12.0 m Q• c L m 8.0 Q tY 6.0 4.0 00 2.0 EL �J 0.0 QTR YTD 1 YR 2 YR 3 YR 4 YR - 5 YR O Investment 3.42 (51) 9.61 (33) 7.89 (14) 11.98 (46) 10.30 (50) 3.59 (39) 4.55 (49) • Index 3.53 (47) 9.61 (33) 7.93 (14) 12.06 (44) 10.45 (46) 3.75 (30) 4.72 (40) Median 3.42 8.89 6.84 11.80 10.26 3.36 4.51 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date Retirement 25.0 20.0 15.0 - Q• 10.0- o• 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 (52) 10.74 (41) -12.74 (49) 5.25 (64) 10.02 (27) 13.16 (46) -1.99 (15) • Index 6.74 (46) 10.80 (38) -12.44 (45) 5.44 (60) 10.70 (15) 13.41 (41) -1.97 (14) Median 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 4.55 (28) 1.37 (47) -1.57 (12) 5.12 (50) 0.89 (41) 2.09 (74) Index 4.61 (26) 1.21 (59) -1.53 It 1) 5.14 (49) 0.91 (37) 2.17 (71) Median 4.12 1.31 -2.08 5.12 0.84 2.51 Page 58 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of September 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 10.30 6.52 0.83 100.85 10 104.87 2 Investment 4.55 7.34 0.25 100.55 14 102.85 6 Index 10.45 6.33 0.87 100.00 100.00 Index 4.72 7.24 0.27 100.00 100.00 6 Risk and Return 3 Years 10.5 10.2 6.3 6.4 6.5 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 6.6 25.0 _ v ,♦ I � ice, ��r�� ♦ c� 50.0 `w IL c y 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 4.8 4.7 E J W 4.6 N 4.5 7.2 7.3 7.4 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 C 10 25.0 - ♦♦ I� �� v , c2i 50.0 v a C v 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 17 (85%) 1 (5%) 0 (0%) Investment 20 2 (10%) 16 (80%) 2 (10%) 0 (0%) Index 20 7 (35%) 13 (65%) 0 (0%) 0 (0%) Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Page 59 Peer Group Analysis - Moderate Allocation 26.0 23.0 NM 17.0 O• 14.0 O • c 3 d tY 11.0- 8.0 - 5.0 - 2.0 O• -1.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 6.55 (6) 16.38 (2) 14.56 (4) 20.56 (3) 19.11 (2) 7.98 (15) 10.73 (10) • Index 6.63 (5) 16.33 (2) 14.52 (5) 20.65 (3) 19.33 (2) 8.29 (9) 11.08 (7) Median 4.79 11.01 10.46 16.88 15.25 6.59 9.05 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of September 30, 2025 Peer Group Analysis - Moderate Allocation 32.0 26.0 00 20.0 - 00 1 • 14.0 - O • O 8.0 - c 2.0 - -4.0 - O• -10.0 - -16.0 00 -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 13.18 (36) 18.55 (13) -17.09 (83) 14.35 (45) 15.45 (24) 23.13 (11) -6.90 (67) • Index 13.41 (34) 18.91 (11) -16.50 (75) 14.60 (43) 16.37 (19) 23.46 (9) -6.78 (65) Median 11.87 14.19 -14.88 14.09 12.27 19.51 -5.50 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 9.58 (3) -0.32 (45) -1.56 (68) 6.50 (16) 1.79 (37) 6.06 (38) Index 9.74 (3) -0.59 (51) -1.55 (68) 6.69 (12) 1.86 (36) 6.01 (38) Median 6.86 -0.50 -0.84 5.56 1.31 5.66 Page 60 Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of September 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 19.11 11.05 1.22 100.73 9 103.95 3 Investment 10.73 12.90 0.63 100.19 13 102.58 7 Index 19.33 10.72 1.28 100.00 9 100.00 3 Index 11.08 12.75 0.66 100.00 13 100.00 7 Risk and Return 3 Years 19.4 19.3 19.0 10.6 10.7 10.8 10.9 11.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 11.1 11.2 25.0 %, ,♦ I, ,♦��a��I cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 11.2 11.0 10.6 12.7 12.8 12.9 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 c �, �.1011~`* ♦Nip 25.0 - ♦` ��N m -♦♦ I _ ♦a��I c c� 50.0 - d IL c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 8 (40%) 8 (40%) 4 (20%) 0 (0%) Investment 20 11 (55%) 8 (40%) 1 (5%) 0 (0%) Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Index 20 16 (80%) 4 (20%) 0 (0%) 0 (0%) 13.0 Page 61 Peer Group Analysis - Moderate Allocation 23.0 NW 17.0 14.0 O • O• 11.0 8.0 5.0 O • 2.0 O• Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of September 30, 2025 -1.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 5.29 (33) 13.60 (12) 11.62 (27) 17.09 (46) 15.49 (45) 5.96 (65) 7.94 (76) • Index 5.39 (29) 13.55 (13) 11.65 (27) 17.18 (44) 15.69 (40) 6.25 (58) 8.25 (71) Median 4.79 11.01 10.46 16.88 15.25 6.59 9.05 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Peer Group Analysis - Moderate Allocation 32.0 26.0 20.0 - O 1 14.0 - • 8.0 - E 2.0 - -4.0 - O• -10.0 - -16.0 00 -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 10.31 (71) 15.49 (35) -16.00 (65) 10.08 (90) 13.59 (34) 19.37 (54) -4.91 (40) • Index 10.53 (69) 15.79 (33) -15.45 (55) 10.38 (88) 14.50 (29) 19.67 (47) -4.81 (38) Median 11.87 14.19 -14.88 14.09 12.27 19.51 -5.50 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 7.65 (31) 0.22 (29) -1.74 (73) 6.16 (29) 1.33 (50) 4.37 (81) Index 7.72 (30) 0.02 (34) -1.67 (72) 6.24 (24) 1.38 (49) 4.36 (81) Median 6.86 -0.50 -0.84 5.56 1.31 5.66 Page 62 Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of September 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 15.49 9.41 1.09 100.96 10 104.77 2 Investment 7.94 10.80 0.49 100.39 14 103.04 6 Index 15.69 9.12 1.14 100.00 10 100.00 2 Index 8.25 10.65 0.53 100.00 14 100.00 6 Risk and Return 3 Years 15.8 15.7 4111 e 15.6 v D: 15.5 I Q 15.4 9.0 9.1 9.2 9.3 9.4 9.5 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 I 25.0 50.0IL I� r 75.0 ♦♦`�� I' 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 8.4 8.2 3 v D: 8.0 7.8 10.6 10.7 10.8 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 25.0 10.9 m � 50.0 ��N��♦ IL 75.0 ♦ I 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 2 (10%) 6 (30%) 12 (60%) Investment 20 0 (0%) 1 (5%) 11 (55%) 8 (40%) Index 20 0 (0%) 6 (30%) 7 (35%) 7 (35%) Index 20 0 (0%) 4 (20%) 15 (75%) 1 (5%) Page 63 Peer Group Analysis - Moderately Conservative Allocation 18.0 16.0 14.0 W 12.0 O• 10.0 c 3 p• 8.0 6.0 4 4.0 O • 2.0 00 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of September 30, 2025 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.07 (35) 10.83 (24) 8.77 (28) 13.68 (41) 11.94 (34) 3.95 (59) 5.19 (75) • Index 4.15 (32) 10.80 (24) 8.81 (27) 13.77 (40) 12.12 (31) 4.18 (51) 5.42 (67) Median 3.79 9.47 7.99 13.32 11.13 4.19 6.11 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Peer Group Analysis - Moderately Conservative Allocation 30.0 25.0 20.0 00 15.0 O• O0 10.0 00 00 c 5.0 3 d tY 0.0 O • -5.0 -10.0 - -15.0 O -20.0 -25.0 2024 2023 2022 2021 2020 2019 2018 O Investment 7.54 (61) 12.48 (13) -14.99 (80) 6.05 (96) 11.51 (18) 15.68 (43) -2.95 (13) • Index 7.68 (58) 12.69 (11) -14.50 (71) 6.25 (95) 12.27 (15) 15.94 (37) -2.88 (12) Median 8.18 10.53 -12.99 8.73 8.44 15.21 -4.46 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 5.66 (14) 0.79 (59) -1.86 (56) 5.74 (48) 0.90 (36) 2.71 (71) Index 5.70 (14) 0.64 (62) -1.79 (51) 5.77 (46) 0.91 (36) 2.73 (70) Median 4.48 1.03 -1.79 5.65 0.64 3.30 Page 64 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of September 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 11.94 7.86 0.88 100.95 10 104.84 2 Investment 5.19 8.81 0.29 100.74 14 103.38 6 Index 12.12 7.65 0.93 100.00 10 100.00 2 Index 5.42 8.68 0.32 100.00 14 100.00 6 Risk and Return 3 Years 12.2 11.9 7.6 7.7 7.8 7.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 Y C 25.0 d 50.0 d IL E y 75.0 K 100.0 8.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 5.5 5.4 y 5.3 5.2 5.1 8.6 8.7 8.8 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 8.9 Y C , 10 25.0 K u 50.0 d a E m 75.0 - ,N�r a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 1 (5%) 5 (25%) 9 (45%) 5 (25%) Investment 20 1 (5%) 6 (30%) 11 (55%) 2 (10%) Index 20 2 (10%) 6 (30%) 9 (45%) 3 (15%) Index 20 1 (5%) 11 (55%) 7 (35%) 1 (5%) Page 65 Peer Group Analysis - Target -Date Retirement 16.0 14.0 12.0 10.0 c L 8.0 6.0 4.0 2.0 00 0• 00 1 00 ME 0 0 • � 0.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.84 (74) 7.98 (81) 5.78 (85) 10.23 (74) 8.36 (79) 1.86 (98) 2.39 (99) • Index 2.92 (66) 7.94 (82) 5.87 (82) 10.34 (72) 8.54 (75) 2.05 (96) 2.57 (99) Median 3.42 8.89 6.84 11.80 10.26 3.36 4.51 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Investment 3.52 (64) Index 3.53 (64) Median 4.12 1.43 (42) 1.30 (52) 1.31 -2.04 (46) -1.91 (35) -2.08 Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of September 30, 2025 Peer Group Analysis - Target -Date Retirement 25.0 20.0 15.0 - 0• 10.0- bam 00 5.0 0 - E 00 0.0 0 -5.0 -10.0 0 • -15.0 -20.0 -25.0 2024 2023 2022 2021 2020 2019 2018 O Investment 4.66 (80) 9.48 (66) -13.93 (66) 1.92 (95) 9.13 (49) 12.05 (63) -1.05 (5) • Index 4.86 (79) 9.61 (64) -13.66 (63) 2.21 (94) 9.71 (38) 12.26 (61) -0.98 (5) Median 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 5.30 (37) 5.28 (38) 5.12 0.45 (87) 0.42 (88) 0.84 1.01 (99) 1.12 (93) 2.51 Page 66 Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of September 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 8.36 6.53 0.55 100.07 10 103.09 2 Investment 2.39 7.02 -0.05 99.71 13 101.71 7 Index 8.54 6.40 0.59 100.00 10 100.00 2 Index 2.57 6.96 -0.02 100.00 13 100.00 7 Risk and Return 3 Years 8.6 8.5 e 3 8.4 N 8.3 6.3 6.4 6.5 6.6 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y 25.0 m ; 50.0 IL ♦ �,�1, ♦♦ , r 75.0 �♦, �► d K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 2.6 2.5 2.4 2.3 6.9 7.0 7.1 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y c 25.0 - m c 50.0 - d a � E 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 1 (5%) 3 (15%) 16 (80%) Investment 20 0 (0%) 0 (0%) 1 (5%) 19 (95%) Index 20 1 (5%) 1 (5%) 4 (20%) 14 (70%) Index 20 0 (0%) 1 (5%) 6 (30%) 13 (65%) Page 67 Peer Group Analysis - Large Growth 56.0 50.0 44.0 38.0 32.0 Q • Q 26.0 3 d lY 20.0 - Q 14.0 - 8.0 - 2.0 - -4.0 -10.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 3.28 (90) 14.36 (55) 19.95 (60) 32.29 (36) 31.57 (22) 11.87 (38) 14.76 (37) • Index 10.51 (17) 17.24 (27) 25.53 (19) 33.60 (22) 31.61 (21) 15.26 (5) 17.58 (6) Median 7.54 14.65 21.33 30.71 28.93 10.97 13.94 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of September 30, 2025 Peer Group Analysis - Large Growth 100.0 80.0 60.0 - 40.0 - 20.0 E 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 (51) 42.99 (30) -31.25 (52) 24.81 (30) 37.38 (44) 33.67 (43) 3.74 (9) • Index 33.36 (29) 42.68 (31) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (21) -1.51 (51) Median 29.77 39.31 -31.15 22.00 35.97 33.02 -1.42 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 20.61 (18) -8.19 (35) 4.89 (55) 2.23 (68) 6.92 (38) 13.14 (42) Index 17.84 (48) -9.97 (61) 7.07 (23) 3.19 (48) 8.33 (16) 11.41 (63) Median 17.74 -9.27 5.25 3.12 5.92 12.46 Page 68 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of September 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 31.57 16.95 1.44 101.90 10 105.28 2 Investment 14.76 19.80 0.65 97.29 15 106.51 5 Index 31.61 15.69 1.55 100.00 10 100.00 2 Index 17.58 18.76 0.81 100.00 15 100.00 5 Risk and Return 3 Years 31.7 31.5 15.3 15.6 15.9 16.2 16.5 16.8 17.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Growth 0.0 25.0 •v_+�I ,��I m cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 17.4 Risk and Return 5 Years 19.0 18.0 17.0 3 16.0 15.0 14.0 18.6 18.9 19.2 19.5 19.8 20.1 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Growth 0.0 Y � 25.0 y v- c c� 50.0 d IL c m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 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 15 (75%) 5 (25%) 0 (0%) 0 (0%) Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) Page 69 Peer Group Analysis - Large Blend 36.0 32.0 28.0 O• 24.0 20.0 E O• 16.0 O• - 12.0 8.0 4.0 - 0.0 - -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 8.24 (18) 14.33 (39) 17.33 (27) 25.97 (36) 24.07 (40) 11.87 (51) 15.65 (44) • Index 8.24 (18) 14.35 (38) 17.37 (26) 25.98 (35) 24.08 (40) 11.88 (50) 15.66 (43) Median 7.28 13.57 15.59 25.01 23.43 11.88 15.37 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market Index As of September 30, 2025 Peer Group Analysis - Large Blend 44.0 - 36.0 O• 28.0 O• O• 20.0- 00 12.0 - E 4.0 - -4.0 - O• -12.0 -20.0 O -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 23.74 (45) 26.01 (33) -19.53 (74) 25.71 (61) 20.99 (22) 30.80 (40) -5.17 (42) • Index 23.77 (44) 25.98 (34) -19.49 (74) 25.72 (61) 20.99 (22) 30.84 (40) -5.17 (41) Median 23.21 24.61 -18.19 26.61 17.56 29.96 -5.62 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 10.99 (39) -4.83 (65) 2.62 (22) 6.17 (30) 3.25 (51) 10.00 (68) Index 11.00 (39) -4.82 (64) 2.63 (22) 6.18 (29) 3.25 (51) 10.01 (68) Median 10.79 -4.39 1.99 5.74 3.25 10.48 Page 70 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market Index As of September 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 24.07 13.73 1.31 99.99 10 100.05 2 Investment 15.65 16.14 0.81 99.98 14 100.05 6 Index 24.08 13.72 1.31 100.00 10 100.00 2 Index 15.66 16.14 0.81 100.00 14 100.00 6 Risk and Return 3 Years 24.1 W e 24.0 13.7 13.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Blend 0.0 Y C 25.0 m c cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 15.7 e 15.6 16.1 16.2 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Blend 0.0 Y C 25.0 - m 16.3 chi 50.0 - d IL c m 75.0Jim, - a 100.0 i i 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 3 (15%) 10 (50%) 7 (35%) 0 (0%) Investment 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Index 20 3 (15%) 10 (50%) 7 (35%) 0 (0%) Index 20 4 (20%) 16 (80%) 0 (0%) 0 (0%) Page 71 Peer Group Analysis - Large Value 29.0 26.0 23.0 20.0 17.0 E 14.0 - O tY O _ 11.0- 8.0 - 5.0 - 2.0 - -1.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 7.09 (16) 13.61 (24) 12.25 (22) 20.45 (19) 20.36 (13) 10.35 (37) 15.76 (26) • Index 5.33 (48) 11.65 (50) 9.44 (55) 18.25 (50) 16.96 (50) 9.13 (64) 13.87 (57) Median 5.27 11.61 9.88 18.21 16.95 9.72 14.29 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Windsor TM II AdmiralTM I Russell 1000 Value Index As of September 30, 2025 Peer Group Analysis - Large Value 44.0 - 36.0 - 28.0 - 20.0 - 12.0 - E 3 m 4.0 - -4.0 - -12.0 O -20.0 0 O• -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 14.29 (53) 21.07 (5) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (47) • Index 14.37 (52) 11.46 (48) -7.54 (67) 25.16 (62) 2.80 (52) 26.54 (37) -8.27 (44) Median 14.46 11.23 -5.68 26.11 2.91 25.53 -8.74 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 6.80 (12) -0.66 (87) -1.19 (38) 5.15 (94) 1.03 (10) 8.89 (49) Index 3.79 (57) 2.14 (40) -1.98 (58) 9.43 (21) -2.17 (69) 8.99 (47) Median 4.17 1.54 -1.74 8.06 -1.41 8.82 Page 72 Strategy Review Vanguard WindsorTPA II AdmiralTM I Russell 1000 Value Index As of September 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 20.36 12.98 1.14 97.25 9 73.69 3 Investment 15.76 15.43 0.84 98.83 13 87.74 7 Index 16.96 14.06 0.86 100.00 9 100.00 3 Index 13.87 15.63 0.72 100.00 13 100.00 7 Risk and Return 3 Years 22.0 20.0 16.0 12.6 12.9 13.2 13.5 13.8 14.1 14.4 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Value 0.0 I 25.0 m ` 50.040 L ��, �� 14 , r d00 00 y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 16.8 16.1 O 15.4 c 3 14.7 14.0 13.3 15.3 15.4 15.5 15.6 15.7 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Value 0.0 Y \/ C � 25.0 -� m 50.0IL �� '••' � c moo**`' m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 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 19 (95%) 1 (5%) 0 (0%) 0 (0%) Index 20 0 (0%) 6 (30%) 14 (70%) 0 (0%) Index 20 0 (0%) 2 (10%) 18 (90%) 0 (0%) Page 73 Peer Group Analysis - Mid -Cap Blend 28.0 r 24.0 - 20.0 - 16.0 - 12.0 - E 3 d lY 8.0 - 4.0 - 0.0 - -4.0 - Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of September 30, 2025 mm Peer Group Analysis - Mid -Cap Blend 52.0 44.0 -8.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.97 (59) 5.55 (66) 2.33 (80) 13.08 (80) 11.97 (86) 5.15 (74) 9.96 (85) • Index 5.33 (44) 10.42 (24) 11.11 (22) 19.87 (22) 17.69 (22) 7.07 (39) 12.66 (44) Median 5.19 7.13 6.61 16.20 15.54 6.68 12.44 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 36.0 28.0 20.0 0• O• 12.0 - m lY 4.0 - -4.0 - -12.0 O• -20.0 -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 7.36 (94) 16.88 (35) -17.06 (66) 24.68 (42) 18.96 (18) N/A N/A • Index 15.34 (33) 17.23 (31) -17.32 (69) 22.58 (65) 17.10 (24) 30.54 (25) -9.06 (27) Median 13.71 16.00 -14.77 24.17 12.96 27.42 -11.22 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 4.26 (83) -3.56 (28) -3.05 (92) 8.20 (49) -5.21 (89) 7.96 (77) Index 8.53 (31) -3.40 (25) 0.62 (29) 9.21 (24) -3.35 (34) 8.60 (62) Median 7.21 -4.72 -0.23 8.10 -3.60 9.24 Page 74 Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of September 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 11.97 15.21 0.51 85.91 8 102.42 4 Investment 9.96 16.42 0.48 89.82 12 96.68 8 Index 17.69 16.50 0.79 100.00 9 100.00 3 Index 12.66 17.90 0.59 100.00 13 100.00 7 Risk and Return 3 Years 20.0 18.0 16.0 c 3 14.0 12.0 10.0 14.7 15.0 15.3 O Investment • Index 3 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 15.6 15.9 16.2 16.5 16.8 17.1 Risk (Standard Deviation %) 25.0 % IL 50.0 ,,� e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 14.0 13.0 e 12.0 c 3 11.0 10.0 O 9.0 15.9 16.2 16.5 16.8 17.1 17.4 17.7 18.0 18.3 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 Y 25.0 - •••��, 50.0 IL c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 12 1 (8%) 0 (0%) 7 (58%) 4 (33%) Investment 4 0 (0%) 0 (0%) 1 (25%) 3 (75%) Index 20 7 (35%) 2 (10%) 11 (55%) 0 (0%) Index 20 5 (25%) 15 (75%) 0 (0%) 0 (0%) Page 75 Peer Group Analysis - Mid -Cap Blend 28.0 r 24.0 - 20.0 - 16.0 - 12.0 - E 3 lY 8.0 - 4.0 - 0.0 - -4.0 - O• O• Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap Index As of September 30, 2025 mm Peer Group Analysis - Mid -Cap Blend 52.0 44.0 36.0 O• 28.0 O• 20.0 00 00 � 12.0 3 4.0 - 0 -4.0 - 09 -12.0 -20.0 00 -28.0 -8.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 5.25 (48) 12.60 (9) 13.10 (13) 20.69 (18) 17.93 (21) 7.20 (35) 12.44 (50) O Investment 15.22 (35) 15.98 (51) -18.71 (78) 24.51 (45) 18.24 (21) 31.03 (21) -9.23 (30) • Index 5.25 (48) 12.63 (8) 13.14 (12) 20.72 (17) 17.96 (20) 7.22 (33) 12.47 (48) • Index 15.25 (34) 15.98 (51) -18.68 (78) 24.52 (45) 18.24 (21) 31.09 (20) -9.22 (29) Median 5.19 7.13 6.61 16.20 15.54 6.68 12.44 Median 13.71 16.00 -14.77 24.17 12.96 27.42 -11.22 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 8.69 (29) -1.58 (9) 0.44 (33) Index 8.71 (28) -1.57 (9) 0.46 (32) Median 7.21 -4.72 -0.23 9.36 (21) 9.37 (20) 8.10 -2.75 (25) -2.74 (24) -3.60 7.86 (78) 7.85 (78) 9.24 Page 76 Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap Index As of September 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 17.93 15.79 0.83 99.95 9 100.03 3 Investment 12.44 17.48 0.59 99.95 14 100.03 6 Index 17.96 15.79 0.83 100.00 9 100.00 3 Index 12.47 17.48 0.59 100.00 14 100.00 6 Risk and Return 3 Years 18.0 e 17.9 15.7 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 C 25.0 m c cdi 50.0 d IL e y 75.0 K 100.0 15.8 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.5 e 12.4 17.4 17.5 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 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 8 (40%) 3 (15%) 8 (40%) 1 (5%) Investment 20 5 (25%) 13 (65%) 2 (10%) 0 (0%) Index 20 8 (40%) 4 (20%) 7 (35%) 1 (5%) Index 20 6 (30%) 13 (65%) 1 (5%) 0 (0%) Page 77 Peer Group Analysis - Small Blend 28.0 24.0 20.0 16.0 - 0 12.0 - c 3 m 8.0 - 4.0 - 0.0 - -4.0 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of September 30, 2025 Peer Group Analysis - Small Blend 44.0 36.0 28.0 - 00 20.0- 0 0 00 6.• 12.0 - c 4.0 - -4.0 - -12.0 0• -20.0 -28.0 -8.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 4.68 (83) 6.04 (52) 6.05 (48) 16.44 (37) 15.33 (34) 5.72 (31) 13.22 (33) O Investment 12.96 (27) 18.11 (28) -15.77 (34) 22.42 (52) 20.39 (14) 26.31 (30) -10.50 (32) • Index 12.39 (11) 10.39 (16) 10.76 (17) 18.49 (19) 15.21 (38) 4.00 (61) 11.56 (65) • Index 11.54 (42) 16.93 (44) -20.44 (84) 14.82 (88) 19.96 (17) 25.53 (40) -11.01 (39) Median 8.37 6.40 5.76 15.10 14.42 4.74 12.34 Median 10.93 16.49 -16.72 22.89 12.82 24.61 -12.02 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 7.68 (35) Index 8.50 (24) Median 6.44 -5.93 (17) -9.48 (78) -8.22 0.01 (47) 0.33 (37) -0.22 9.73 (22) 9.27 (35) 8.74 -3.67 (62) -3.28 (48) -3.33 6.85 (39) 5.18 (63) 5.99 Page 78 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of September 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 15.33 19.22 0.60 90.58 9 85.03 3 Investment 13.22 19.87 0.58 93.91 13 85.83 7 Index 15.21 20.88 0.56 100.00 9 100.00 3 Index 11.56 21.58 0.48 100.00 13 100.00 7 Risk and Return 3 Years 15.4 0 15.1 18.8 19.2 19.6 20.0 20.4 20.8 21.2 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y / c ��y 25.0 �I 50.0 IL Y y 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 14.0 13.3 y 12.6 11.9 11.2 19.6 20.0 20.4 20.8 21.2 21.6 22.0 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y 0 25.0 K c 50.0 IL c ;No a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Investment 20 19 (95%) 1 (5%) 0 (0%) 0 (0%) Index 20 2 (10%) 4 (20%) 6 (30%) 8 (40%) Index 20 3 (15%) 2 (10%) 12 (60%) 3 (15%) Page 79 Peer Group Analysis - Small Blend 28.0 24.0 NM 16.0 - 12.0 - c 3 m � 0 8.0 - 4.0 - 0.0 - -4.0 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap Index As of September 30, 2025 Peer Group Analysis - Small Blend 44.0 36.0 28.0- O 20.0 - O • 00 12.0 - 4.0 - -4.0 - O• O• -12.0 O• -20.0 -28.0 -8.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 7.57 (57) 6.89 (46) 8.67 (31) 17.68 (27) 15.94 (26) 5.42 (37) 12.21 (53) O Investment 14.23 (20) 18.20 (27) -17.61 (60) 17.73 (80) 19.11 (25) 27.37 (23) -9.31 (23) • Index 7.55 (58) 6.88 (46) 8.66 (31) 17.66 (27) 15.88 (27) 5.38 (38) 12.18 (53) • Index 14.22 (20) 18.09 (28) -17.64 (60) 17.71 (80) 19.07 (25) 27.35 (23) -9.33 (23) Median 8.37 6.40 5.76 15.10 14.42 4.74 12.34 Median 10.93 16.49 -16.72 22.89 12.82 24.61 -12.02 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 7.28 (41) Index 7.28 (41) Median 6.44 -7.37 (38) -7.37 (38) -8.22 1.66 (16) 1.66 (16) -0.22 9.02 (41) 9.02 (41) 8.74 -4.14 (74) -4.15 (75) -3.33 7.52 (28) 7.51 (29) 5.99 Page 80 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap Index As of September 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 15.94 18.91 0.63 100.04 9 99.84 3 Investment 12.21 19.73 0.53 100.02 13 99.89 7 Index 15.88 18.92 0.63 100.00 9 100.00 3 Index 12.18 19.74 0.53 100.00 13 100.00 7 Risk and Return 3 Years 16.0 15.8 18.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 x I C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 19.0 Risk and Return 5 Years 12.3 12.1 19.7 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 - N IL c m 75.0 - a 100.0 19.8 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 5 (25%) 8 (40%) 7 (35%) 0 (0%) Investment 20 8 (40%) 11 (55%) 1 (5%) 0 (0%) Index 20 5 (25%) 8 (40%) 7 (35%) 0 (0%) Index 20 8 (40%) 11 (55%) 1 (5%) 0 (0%) Page 81 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of September 30, 2025 Peer Group Analysis - Foreign Large Blend 40.0 35.0 30.0 25.0 O 20.0 00 00 c 3 � O 15.0 10.0 - 5.0 - 0.0 -5.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 6.96 (13) 26.48 (40) 17.10 (41) 20.93 (40) 20.77 (57) 7.14 (50) 10.38 (53) • Index 7.07 (12) 25.85 (49) 16.43 (48) 20.74 (44) 20.63 (60) 7.04 (53) 10.48 (49) Median 5.20 25.73 16.19 20.36 21.10 7.13 10.43 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Peer Group Analysis - Foreign Large Blend 36.0 28.0 O• 20.0- O• 12.0- 00 O• 4.0 - c 3 d -4.0 - -12.0 - 00 O• -20.0 -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 5.14 (42) 15.52 (63) -16.01 (52) 8.62 (67) 11.28 (40) 21.51 (61) -14.43 (42) • Index 5.53 (35) 15.79 (56) -16.10 (53) 8.84 (65) 11.24 (40) 21.80 (55) -14.61 (45) Median 4.61 16.27 -15.95 10.27 9.72 22.08 -15.05 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 12.08 (38) 5.51 (77) -7.42 (46) 8.03 (31) 0.80 (36) 4.30 (76) Index 12.43 (33) 4.55 (90) -7.49 (50) 8.39 (20) 0.86 (34) 4.34 (74) Median 11.58 6.77 -7.50 7.16 0.10 5.33 Page 82 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of September 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 20.77 13.75 1.11 105.71 10 114.61 2 Investment 10.38 15.28 0.53 103.71 14 106.65 6 Index 20.63 12.81 1.17 100.00 10 100.00 2 Index 10.48 14.84 0.55 100.00 14 100.00 6 Risk and Return 3 Years 21.0 20.8 3 Gl C 20.6 20.4 12.4 12.6 12.8 13.0 13.2 13.4 13.6 13.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 Y � 25.0 50.0 L �- E ---' I y 75.0 y , K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 14.0 Risk and Return 5 Years 10.5 10.3 14.7 14.8 14.9 15.0 15.1 15.2 15.3 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 25.0 -` u50.0 -IL A%r m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 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%) 7 (35%) 12 (60%) 0 (0%) Index 20 0 (0%) 8 (40%) 11 (55%) 1 (5%) Index 20 1 (5%) 10 (50%) 9 (45%) 0 (0%) 15.4 Page 83 Peer Group Analysis - Foreign Small/Mid Blend 45.0 40.0 35.0 0 30.0 • 25.0 O � 20.0 3 N 15.0 10.0 - 410 5.0 - 0.0 - -5.0 -10.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 7.94 (5) 36.05 (2) 25.43 (6) 25.79 (5) 24.48 (7) 8.02 (4) 11.32 (20) • Index 6.30 (31) 29.27 (46) 19.95 (41) 21.88 (43) 21.38 (45) 5.84 (38) 9.87 (55) Median 3.73 26.72 17.38 20.53 20.34 5.18 10.09 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of September 30, 2025 Peer Group Analysis - Foreign Small/Mid Blend 36.0 O 20.0 - 0 12.0 - 0 A o 4.0 - E 3 d lY -4.0 - -12.0 - -20.0 -28.0 0 • -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 5.57 (15) 15.21 (37) -18.58 (39) 13.03 (42) 7.66 (77) 21.66 (52) -18.79 (38) • Index 4.13 (34) 15.30 (31) -19.84 (54) 9.95 (83) 11.70 (37) 25.39 (21) -17.00 (20) Median 2.35 14.85 -19.38 12.73 10.11 21.73 -19.72 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 17.88 (42) 6.92 (4) -7.80 (30) 9.14 (32) -1.39 (57) 6.39 (7) Index 16.26 (70) 4.60 (49) -7.22 (20) 10.27 (22) -1.51 (61) 3.34 (50) Median 17.58 4.55 -8.08 8.69 -1.00 3.30 Page 84 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of September 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 24.48 13.86 1.32 103.08 8 86.71 4 Investment 11.32 16.27 0.56 102.37 12 96.71 8 Index 21.38 13.99 1.13 100.00 9 100.00 3 Index 9.87 16.59 0.48 100.00 13 100.00 7 Risk and Return 3 Years 26.0 24.0 e c 3 v 22.0 20.0 13.8 13.9 14.0 14.1 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 c 25.0 .♦ 50.0 IL ♦ ♦ _�I e y 75.0 �♦ 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 12.0 11.5 11.0 c 3 10.5 10.0 9.5 16.2 16.3 O Investment • Index 5 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 16.4 16.5 16.6 16.7 16.8 Risk (Standard Deviation %) c ♦♦ 25.0 ♦� ��♦ 50.0 ,♦ I♦ c m 75.0 - a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 6 (30%) 2 (10%) 11 (55%) 1 (5%) Investment 20 1 (5%) 9 (45%) 10 (50%) 0 (0%) Index 20 2 (10%) 10 (50%) 7 (35%) 1 (5%) Index 20 2 (10%) 12 (60%) 6 (30%) 0 (0%) Page 85 Strategy Review DFA International Value I I MSCI AC World ex USA Value (Net) As of September 30, 2025 Peer Group Analysis - Foreign Value Peer Group Analysis - Foreign Value 45.0 36.0 40.0 28.0 35.0 O 30.0 25.0 ° 0 c L 20.0 tt 15.0 10.0 5.0 0.0 - -5.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 8.82 (12) 33.91 (25) 25.97 (18) 23.45 (30) 26.21 (21) 13.64 (7) 18.74 (6) • Index 8.13 (21) 29.64 (54) 20.17 (54) 22.09 (45) 23.11 (60) 10.53 (47) 14.41 (38) Median 6.32 30.37 20.55 21.67 23.81 10.24 13.68 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Investment 10.66 (65) Index 10.42 (71) Median 11.52 11.20 (30) 8.58 (64) 9.73 -5.93 (20) -7.31 (52) -7.22 20.0- o 00 12.0 - i 4.0 - III E lY • -4.0 - -12.0 - -20.0 -28.0 o• -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 6.88 (28) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (82) 15.67 (80) -17.49 (62) • Index 6.04 (34) 17.30 (56) -8.59 (36) 10.46 (69) -0.77 (75) 15.72 (80) -13.97 (25) Median 4.57 17.78 -10.04 12.06 2.67 18.57 -16.60 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 6.78 (72) 9.26 (21) 7.82 -0.52 (65) 1.26 (17) 0.11 6.95 (14) 3.40 (68) 4.44 Page 86 Strategy Review DFA International Value I I MSCI AC World ex USA Value (Net) As of September 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 26.21 14.06 1.40 110.76 10 106.17 2 Investment 18.74 17.35 0.91 118.64 15 108.57 5 Index 23.11 12.39 1.37 100.00 10 100.00 2 Index 14.41 15.17 0.77 100.00 15 100.00 5 Risk and Return 3 Years 28.0 26.0 e E 3 v 24.0 Risk and Return 5 Years 20.0 • 18.0 E 16.0 3 v 14.0 22.0 12.0 12.4 12.8 13.2 13.6 14.0 14.4 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Value 0.0 x I C 25.0 • w� 50.0IL �I�, ``may►►�, ,� d Y-r0�►�, y 75.0 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 12.0 14.5 15.0 15.5 16.0 16.5 17.0 17.5 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Foreign Value 0.0 Y C 25.0 m 50.0 IL m 75.0 y ,�►►►� ,�� 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/2 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 18.0 Investment 20 14 (70%) 1 (5%) 1 (5%) 4 (20%) Investment 20 12 (60%) 6 (30%) 2 (10%) 0 (0%) Index 20 0 (0%) 5 (25%) 13 (65%) 2 (10%) Index 20 0 (0%) 6 (30%) 11 (55%) 3 (15%) Page 87 Peer Group Analysis - Real Estate 24.0 20.0 16.0 00 12.0 8.0 3 4.0 0.0 O� -4.0 -8.0 -12.0 -16.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 3.72 (22) 5.74 (18) -2.34 (25) 14.48 (22) 8.97 (37) 1.27 (48) 7.03 (56) • Index 4.81 (13) 4.72 (27) -1.69 (18) 14.94 (13) 10.87 (11) 3.27 (10) 9.30 (5) Median 2.30 3.26 -3.98 12.91 8.41 1.25 7.16 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of September 30, 2025 _ Peer Group Analysis - Real Estate 65.0 50.0 35.0 20.0 - o• E 5.0 - lb -10.0 -25.0 -40.0 00 O� O• O� 0• -55.0 2024 2023 2022 2021 2020 2019 2018 O Investment 4.92 (71) 11.81 (57) -26.20 (49) 40.40 (65) -4.65 (49) 28.94 (37) -5.95 (53) • Index 8.75 (17) 13.74 (18) -24.51 (9) 43.06 (32) -7.57 (77) 25.84 (70) -4.57 (27) Median 5.74 12.03 -26.25 41.48 -4.74 27.84 -5.90 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment -0.70 (43) 2.66 (28) -7.64 (67) 17.19 (15) -1.90 (82) -1.18 (55) Index -1.14 (63) 1.07 (63) -6.12 (28) 16.12 (43) 0.08 (30) -0.32 (20) Median -0.87 1.65 -7.10 15.93 -0.75 -1.08 Page 88 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of September 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 8.97 17.48 0.31 96.19 7 102.25 5 Investment 7.03 19.12 0.30 96.43 12 103.71 8 Index 10.87 16.82 0.42 100.00 8 100.00 4 Index 9.30 18.71 0.41 100.00 13 100.00 7 Risk and Return 3 Years 11.9 11.2 10.5 c 3 9.8 9.1 O 8.4 16.4 16.6 16.8 17.0 17.2 17.4 17.6 17.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Real Estate 0.0 x I 25.0 d 0 cdi 50.0 IL �I �� , N�►� y 75.0 IY 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 9.9 9.0 c 3 8.1 7.2 6.3 18.6 18.7 18.8 18.9 19.0 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Real Estate 0.0 19.1 19.2 25.0 ,�..►►�� chi 50.0 - d I0 IL m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 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%) 4 (20%) 16 (80%) 0 (0%) Index 20 11 (55%) 1 (5%) 7 (35%) 1 (5%) Index 20 4 (20%) 6 (30%) 10 (50%) 0 (0%) Page 89 Peer Group Analysis - Intermediate Core Bond 10.0 8.0 EL 6.0 O • 4.0 2.0 p 0.0 -2.0 O• -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.93 (72) 6.10 (48) 2.88 (48) 7.05 (62) 4.90 (54) -0.37 (46) -0.48 (59) • Index 2.03 (49) 6.13 (43) 2.88 (48) 7.14 (53) 4.93 (50) -0.34 (41) -0.45 (54) Median 2.02 6.09 2.86 7.16 4.92 -0.41 -0.38 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of September 30, 2025 Peer Group Analysis - Intermediate Core Bond 16.0 12.0 00 8.0 00 00 4.0 O• 0.0 O c O• d tY -4.0 - -8.0 - -12.0 O• -16.0 -20.0 2024 2023 2022 2021 2020 2019 2018 O Investment 1.24 (70) 5.70 (43) -13.16 (35) -1.67 (57) 7.72 (55) 8.71 (37) -0.23 (39) • Index 1.25 (69) 5.53 (56) -13.01 (28) -1.55 (50) 7.51 (61) 8.72 (37) 0.01 (26) Median 1.50 5.58 -13.45 -1.56 7.84 8.49 -0.43 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 1.29 (36) 2.77 (36) -3.04 (50) 5.06 (62) 0.18 (52) -0.79 (76) Index 1.21 (54) 2.78 (32) -3.06 (53) 5.20 (38) 0.07 (78) -0.78 (74) Median 1.22 2.71 -3.05 5.12 0.18 -0.61 Page 90 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of September 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 4.90 6.32 0.05 99.52 8 99.60 4 Investment -0.48 6.29 -0.52 100.29 11 100.70 9 Index 4.93 6.35 0.06 100.00 8 100.00 4 Index -0.45 6.32 -0.51 100.00 12 100.00 8 Risk and Return 3 Years 5.0 e E 4.9 3 v 4.8 6.3 6.4 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y � 25.0 50.0 IL E �I y 75.0 OF 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years -0.4 6.2 6.3 6.4 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y � 25.0 - ir 50.0 �♦ IL E m 75.0 a 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 9 (45%) 10 (50%) 1 (5%) Investment 20 0 (0%) 8 (40%) 12 (60%) 0 (0%) Index 20 0 (0%) 10 (50%) 9 (45%) 1 (5%) Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Page 91 Peer Group Analysis - Intermediate Core Bond 10.0 0 8.0 O • � 6.0 4.0 E O � � O 2.0 0.0 -2.0 -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.53 (5) 7.03 (3) 3.50 (15) 8.43 (4) 6.65 (1) 1.20 (3) 1.35 (3) • Index 2.03 (49) 6.13 (43) 2.88 (48) 7.14 (53) 4.93 (50) -0.34 (41) -0.45 (54) Median 2.02 6.09 2.86 7.16 4.92 -0.41 -0.38 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Strategy Review Dodge & Cox Income X I Blmbg. U.S. Aggregate Index As of September 30, 2025 Peer Group Analysis - Intermediate Core Bond 16.0 12.0 8.0 0 4.0 0 0.0 0 E 0 -4.0 - -8.0 - O -12.0 -16.0 -20.0 2024 2023 2022 2021 2020 2019 2018 O Investment 2.34 (15) 7.76 (1) -10.77 (10) -0.91 (20) 9.45 (16) 9.73 (9) -0.31 (43) • Index 1.25 (69) 5.53 (56) -13.01 (28) -1.55 (50) 7.51 (61) 8.72 (37) 0.01 (26) Median 1.50 5.58 -13.45 -1.56 7.84 8.49 -0.43 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2024 Jun-2024 Mar-2024 Investment 1.43 (17) 2.91 (15) -3.30 (86) 5.61 (7) 0.52 (8) -0.31 (20) Index 1.21 (54) 2.78 (32) -3.06 (53) 5.20 (38) 0.07 (78) -0.78 (74) Median 1.22 2.71 -3.05 5.12 0.18 -0.61 Performance of this share class is extended past the share class' inception date, to that of the first share class of the fund Page 92 Strategy Review Dodge & Cox Income X I Blmbg. U.S. Aggregate Index As of September 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 6.65 6.62 0.30 108.06 9 89.28 3 Investment 1.35 6.42 -0.22 108.91 12 88.03 8 Index 4.93 6.35 0.06 100.00 8 100.00 4 Index -0.45 6.32 -0.51 100.00 12 100.00 8 Risk and Return 3 Years 7.7 7.0 6.3 c 3 5.6 4.9 4.2 6.3 6.4 6.5 6.6 6.7 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 x I C 25.0 I50.0 IL c I y 75.0 K 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 2.4 1.6 0.8 c 3 0.0 IRV -0.8 -1.6 6.3 6.4 6.5 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y C 25.0 -� m 50.0 IL I m 75.0 a 100.0 1 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 2 2 (100%) 0 (0%) 0 (0%) 0 (0%) Investment 0 0 0 0 0 Index 20 0 (0%) 10 (50%) 9 (45%) 1 (5%) 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 93 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of September 30, 2025 Peer Group Analysis - Money Market -Taxable ' Peer Group Analysis - Money Market -Taxable 6.4 6.4 5.7 5.6 - 5.0 4.8 - 4.3 4.0 - 3.6 3.2 - . E E ' 2.9 3 2.4 - • p O 2.2 1.6 • O O 1.5 • 0.8 O 0.8 0.0 0.1 -0.8 -0.6 -1.6 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 0.48 (99) 1.44 (100) 1.93 (100) 1.86 (100) 1.83 (100) 1.55 (100) 1.40 (100) O Investment 1.87 (100) 1.84 (100) 0.89 (97) 0.72 (1) 1.37 (1) 1.92 (41) 1.46 (53) • Index 1.11 (1) 3.34 (1) 4.61 (1) 5.12 (1) 4.98 (1) 3.88 (1) 3.10 (1) • Index 5.45 (1) 5.26 (1) 1.50 (20) 0.05 (6) 0.58 (1) 2.25 (2) 1.86 (2) Median 1.01 3.05 4.21 4.70 4.58 3.54 2.83 Median 5.00 4.83 1.36 0.01 0.28 1.83 1.47 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Investment 0.48 (100) Index 1.09 (1) Median 1.01 0.48 (100) 1.10 (1) 1.01 0.48 (100) 1.23 (1) 1.13 0.49 (100) 1.37 (1) 1.26 0.40 (100) 1.37 (1) 1.27 0.48 (100) 1.37 (1) 1.26 Page 94 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of September 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 1.83 0.12 -11.63 37.21 12 N/A N/A Investment 1.40 0.19 -2.98 45.46 20 N/A N/A Index 4.98 0.19 2.00 100.00 12 N/A N/A Index 3.10 0.67 1.31 100.00 20 N/A N/A Risk and Return 3 Years 6.0 4.0 c 3 G! D: 2.0 0.0 0.1 0.2 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 IL d e y 75.0 IY 100.0 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 3.6 3.0 2.4 c 3 1.8 1.2 0.6 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Money Market -Taxable 0.0---------------------------- Y C 25.0 - m c c� 50.0 - N IL c m 75.0 - a 100.0 0.8 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 9/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 10 (50%) 0 (0%) 0 (0%) 10 (50%) Investment 20 10 (50%) 0 (0%) 1 (5%) 9 (45%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Page 95 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 96 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 97 MARINER Access to a wealth of knowledge and solutions. Page 98