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Home My WebLink About2025-12-31 St Lucie County 457(b) Plans (Performance Report)St. Lucie County InveSAME.int Performance Review Period Ending December 31, 2 25 - F 2EE MARINER I 4th Quarter 2025 Market Environment Page 1 The Economy Economic conditions in the United States continued to moderate during the fourth quarter as inflation pressures eased and labor market momentum softened. Measures of headline and core inflation trended lower over the period, providing the Federal Reserve with additional flexibility to continue easing monetary policy. In December, the Federal Open Market Committee reduced the federal funds target range by 0.25%, bringing the policy rate to 3.50%-3.75% and marking the third rate cut of the year. Despite progress on inflation, policymakers continued to emphasize a data -dependent approach amid lingering uncertainty tied to fiscal policy and trade developments. Labor market conditions showed further signs of cooling during the quarter. Job growth slowed relative to earlier in the year, and unemployment edged higher, reflecting a transition away from the post -pandemic hiring surge toward a more balanced labor environment. Wage growth moderated but remained elevated relative to pre -pandemic norms, helping to support consumer spending late in the year. However, disruptions to economic data collection during the federal government shutdown limited visibility into certain labor market indicators, contributing to increased uncertainty around the pace of economic growth entering year-end. Market Themes Several themes shaped market performance during the fourth quarter, including a continued shift toward easier monetary policy, evolving inflation dynamics, and heightened sensitivity to valuation and concentration risks within equity markets. The Federal Reserve's third rate cut of the year reinforced expectations for additional policy easing in 2026, contributing to stability in bond markets and supporting risk assets. At the same time, concerns around fiscal deficits, trade policy, and geopolitical developments intermittently weighed on investor sentiment and contributed to episodes of volatility. Another key theme during the quarter was the broadening of market leadership across asset classes and regions. Within equities, performance became less concentrated among a narrow group of mega -cap stocks, while international markets benefited from improving relative fundamentals. In fixed income, income generation remained the primary driver of returns as yields stabilized. Together, these dynamics marked a transition toward a more balanced market environment entering year-end, though uncertainty remained elevated across global markets. The Market Environment Executive Summary As of December 31, 2025 Fixed Income Fixed income markets delivered positive returns during the fourth quarter, driven primarily by coupon income rather than price appreciation. Treasury yields remained largely range -bound as declining inflation expectations were offset by elevated government bond issuance and ongoing fiscal uncertainty. Shorter- and intermediate -duration bonds generally outperformed longer -duration segments as investors remained cautious toward interest rate risk. The Bloomberg U.S. Aggregate Bond Index advanced modestly, adding 1.1%, reflecting stable yields and attractive carry across core fixed income sectors. Core investment -grade bonds yielded roughly 4.5%-5% annualized through much of the quarter. Within credit markets, investment -grade corporate spreads remained tight and largely unchanged from roughly 80 bps by quarter -end, contributing to modest excess returns. Securitized sectors outperformed within investment -grade fixed income, supported by stable fundamentals and limited supply. High yield bonds also generated positive returns during the quarter, though performance dispersion increased across quality tiers. Lower -rated CCC segments lagged, reflecting a growing preference for balance -sheet strength and more defensive positioning. Equity (Domestic and International) Domestic equity markets posted gains during the fourth quarter, though returns were more subdued compared to earlier periods in the year. Performance leadership broadened as value -oriented stocks outperformed growth within large - cap equities, reflecting increased investor sensitivity to valuation levels and earnings sustainability among mega -cap technology companies. Market volatility increased at times as investors responded to tariff -related headlines, shifting expectations for monetary policy, and intermittent gaps in economic data availability. Despite these challenges, most domestic equity benchmarks finished the quarter higher, supported by resilient corporate earnings and improving inflation trends. International equity markets outperformed domestic equities during the quarter, aided by its greater exposure to value -oriented stocks, which generated solid gains. Emerging market equities also advanced, extending their strong performance for the year. Over the trailing twelve months, international equities significantly outpaced U.S. markets in dollar terms, reflecting a combination of improving relative valuations, favorable currency movements, and broad -based participation across regions. Page 2 Domestic Equity Markets - Quarter ■ Domestic equities posted modest gains during the quarter ■ Large -cap stocks outperformed smaller capitalization segments ■ Value stocks led as growth performance moderated ■ Volatility increased amid valuation and policy -related uncertainty International Equity Markets - Quarter ■ International equities outperformed U.S. markets during the quarter ■ Developed markets benefited from value -oriented exposure ■ Regional performance varied across Europe, Asia, and emerging markets Fixed Income Markets - Quarter ■ Fixed income markets generated positive quarterly returns ■ Returns were driven primarily by coupon income ■ Shorter- and intermediate -duration bonds outperformed ■ Credit spreads remained stable across most sectors Domestic Equity Markets - One Year ■ U.S. equities delivered strong trailing one-year returns ■ Large -cap stocks led performance across equity markets ■ Returns were concentrated among a limited number of stocks ■ Small- and mid -cap stocks lagged but posted solid double-digit gains International Equity Markets - One Year ■ International equities significantly outperformed U.S. markets ■ Dollar depreciation boosted returns in USD terms ■ Developed and emerging markets posted robust gains ■ Broad participation supported strong annual performance Fixed Income Markets - One Year ■ Fixed income markets produced positive annual returns ■ Higher yields supported income generation ■ Price appreciation remained limited across bond sectors ■ Credit -oriented sectors outperformed government bonds Source: Investment Metrics Quarter Performance S&P 500 Russell 3000 Russell 1000 Russell MidCap 0.2% Russell 2000 MSCI ACWxUS MSCIEAFE MSCI Emerg Mkts Bloomberg US Agg Bloomberg US Govt Bloomberg US TIPS Bloomberg MBS Bloomberg Corp IG 0.1 % 2.7% 2.4% 2.4% 2.2% 1.1% 0.9% �1.7% 0.8% 3-Month T-Bill 1.0% 0.0% 1.0% 2.0% 1-Year Performance 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 0.0% 1 7.3°% 6.3% 7.0% 8.6% 7 7.8% 4.2% 10.6% --112.8% The Market Environment Major Market Index Performance As of December 31, 2025 3.0% 4.0% 5.0% 6.0% ' 17.9% 17.1 % 17.4% 32.4% 31.2% 33.6% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Page 3 Large -Cap Styles — Quarter • Large -cap stocks posted positive returns during the quarter • Value stocks outperformed growth within large caps • Growth returns moderated after strong earlier performance • Style leadership shifted away from high -growth stocks Mid -Cap Styles — Quarter • Mid -cap equities underperformed large -cap and small cap stocks • Mid -cap value outperformed mid -cap growth, which declined • Earlier growth leadership faded during the quarter Small -Cap Styles — Quarter • Small -cap stocks advanced during the quarter • Value modestly outperformed growth in small caps • Returns were more volatile than large -cap equities • Investor interest increased in valuation -sensitive segments Large -Cap Styles — One Year • Large -cap growth led style performance over the year • Returns were supported by resilient earnings trends • Index concentration remained elevated throughout the year • Value narrowed the performance gap late in the period Mid -Cap Styles — One Year • Mid -cap stocks posted solid trailing one-year returns • Growth benefited from strong earlier -year performance • Performance became more balanced late in the year Small -Cap Styles — One Year • Small -cap stocks delivered positive annual returns • Performance lagged large -cap equities • Growth and value returns were more balanced • Volatility remained higher than larger capitalization segments Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31, 2025 Quarter Performance - Russell Style Series 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth -3.7% 2000 Value 2000 Index 2000 Growth 3.8 % 2.4 % 2.4% 1.4% 0.2% 3.3% 2.2% -5.0% -2.5% 0.0% 2.5% 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% 5.0% 10.0% 15.0% 20.0% Page 4 Russell 1000 - Quarter • Most large -cap sectors posted positive quarterly returns • Health Care and Communication Services led performance • Defensive and yield -oriented sectors lagged • Real Estate, Utilities and Consumer Staples all declined during the quarter Russell 1000 - One Year • All sectors posted positive returns for the year • Communication Services and Information Technology led gains • Financials benefited from stable credit conditions • Energy lagged amid declining oil prices Russell 1000 -Sector Composition • Sector weights remained concentrated in large -cap benchmarks • Technology and Communication Services dominated index exposure • Concentration influenced overall index performance • Sector composition increased sensitivity to leadership shifts Russell 2000 - Quarter • Small -cap sector performance was mixed during the quarter • Health Care led returns, boosted by biotechnology stocks • Information Technology stocks lagged • Volatility remained higher than in large -cap sectors Russell 2000 - One Year • Materials, Health Care, and Industrials led performance • Consumer Discretionary, Technology and Consumer Staples lagged • Sector results reflected economic sensitivity Russell 2000 - Sector Composition • Sector weights were more evenly distributed than large caps • Lower concentration reduced single -sector dominance • Performance dispersion remained elevated • Smaller companies increased sector -level volatility Source: Morningstar Direct Russell 1000 Comm Services (10.1%) Consumer Disc (10.6%) Consumer Staples (4.7%) Energy (2.9%) Financials (13.4%) Health Care (9.3%) Industrials (9.1 %) Info Technology (33.3%) Materials (2.0%) Real Estate (2.1 %) Utilities (2.3%) The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2025 ■Quarter Ell Year] 6.0% 32.4 0 5.7% 3.1% % 8.1 2.1 % 15.5% 11.2% 15.0% 3% 18.8% 2% 23.2 1% 13.2% 3.1% 16.5% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Russell 2000 1❑Quarter Ell- Year Comm Services (2.7%) Consumer Disc (9.4%) _ .o ° _0.9% Consumer Staples (1.9%) -4.2% -3.4% Energy (4.9%) Financials (17.3%) Health Care (17.1%) Industrials (17.6%) 1.5 Info Technology (15.6%) -4.5 Materials (4.1 %) Real Estate (5.7%) Utilities (3.3%) -1.7% -10.0% -5.0% 0.0% 1 4.4% 16.7% 1.3% 1.5% 8.1 18.7 27.4 % 19.2% � 9.6% � 5.2% 32.6 0 8% 3.6% 15.5% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Page 5 The Market Environment NVIDIA Corp 7.0 % 0.0% 38.9 % Information Technology Apple Inc 6.3% 6.9% 9.0% Information Technology Microsoft Corp 5.7% -6.5% 15.6% Information Technology Amazon.com Inc 3.5% 5.1% 5.2% Consumer Discretionary Alphabet Inc Class A 2.9% 28.8% 66.0% Communication Services Broadcom Inc 2.5% 5.1% 50.6% Information Technology Alphabet Inc Class C 2.4% 28.9% 65.4% Communication Services Meta Platforms Inc Class A 2.3% -10.0% 13.1% Communication Services Tesla Inc 2.0% 1.1% 11.4% Consumer Discretionary Berkshire Hathaway Inc Class B 1.5% 0.0% 10.9% Financials i Russell 1000 Weight 11 Lumentum Holdings Inc 0.0% 1 e Return 126.5% e Rt.:jN 339.1% Information Technology SanDisk Corp Ordinary Shares 0.1% 111.6% N/A Information Technology Exact Sciences Corp 0.0% 85.6% 80.7% Health Care Albemarle Corp 0.0% 75.0% 67.7% Materials Coherent Corp 0.0% 71.3% 94.8% Information Technology Micron Technology Inc 0.5% 70.7% 240.2% Information Technology Revolution Medicines Inc Ordinary 0.0% 70.6% 82.1% Health Care Alcoa Corp 0.0% 62.0% 42.5% Materials Ciena Corp 0.1% 60.5% 175.8% Information Technology Confluent Inc Class A 0.0% 52.7% 8.2% Information Technology Russell 1000 FMC Corp 10 Performing Weight 0.0% Stocks (by 1 e Return -58.5% Quarter)Bottom -70.0% Materials Corcept Therapeutics Inc 0.0% -58.1 % -30.9% Health Care Lucid Group Inc Shs 0.0% -55.6% -65.0% Consumer Discretionary Strategy Inc Class A 0.1% -52.8% -47.5% Information Technology Fisery Inc 0.1% -47.9% -67.3% Financials Duolingo Inc 0.0% -45.5% -45.9% Consumer Discretionary Acadia Healthcare Co Inc 0.0% -42.7% -64.2% Health Care e.l.f. Beauty Inc 0.0% -42.6% -39.4% Consumer Staples Roblox Corp Ordinary Shares 0.1% -41.5% 40.0% Communication Services Bullish 0.0% -40.5% N/A Financials Source: Morningstar Direct Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2025 Credo Technology Group Holding Ltd 0.8 % -1.2 % 114.1 % Information Technology Bloom Energy Corp Class A 0.7% 2.7% 291.2% Industrials Fabrinet 0.6% 24.9% 107.1% Information Technology IonQ Inc Class A 0.5% -27.0% 7.4% Information Technology EchoStar Corp Class A 0.5% 42.4% 374.7% Communication Services Nextpower Inc Class A 0.4% 17.7% 138.5% Industrials Kratos Defense & Security Solutions Inc 0.4% -16.9% 187.8% Industrials Guardant Health Inc 0.4% 63.5% 234.3% Health Care Hecla Mining Co 0.4% 58.6% 291.7% Materials BridgeBio Pharma Inc 0.4% 47.3% 178.8% Health Care e Russell 000 Sector Return Return Praxis Precision Medicines Inc Ordinary 0.2% 456.1% 283.0% Health Care Terns Pharmaceuticals Inc Ordinary 0.1% 437.9% 629.2% Health Care Omeros Corp 0.0% 318.9% 73.8% Health Care Capricor Therapeutics Inc 0.0% 300.3% 109.1% Health Care T1 Energy Inc 0.0% 206.4% 158.9% Industrials Resolute Holdings Management Inc 0.0% 186.1% N/A Industrials PACS Group Inc 0.1% 179.6% 192.8% Health Care Forge Global Holdings Inc 0.0% 163.7% 219.1% Financials Ironwood Pharmaceuticals Inc 0.0% 157.3% -23.9% Health Care Olema Pharmaceuticals inc Ordinary 0.1% 155.4% 328.8% Health Care nc 0.0% 96.1% -98.7% Financials r eutics Inc 0.0% 89.0% N/A Health Care 0.0% -83.3% -79.0% Health Care Chaince Digital Holdings Inc 0.0% -79.8% -27.2% Information Technology Picard Medical Inc 0.0% -79.4% N/A Health Care XCF Global Inc Class A 0.0% -79.2% N/A Energy Trinseo PLC 0.0% -78.9% -90.2% Materials AirSculpt Technologies Inc 0.0% -75.3% -61.8% Health Care Rezolute Inc 0.0% -74.9% -51.8% Health Care Outset Medical Inc Ordinary 0.0% -73.7% -77.7% Health Care Page 6 International Markets - Quarter (USD vs. Local) • International equities posted positive quarterly returns • Local currency returns were generally higher • Currency effects drove return differences Regional Performance - Quarter • Emerging Markets Latin America led quarterly performance • Europe and Middle East posted moderate gains • Pacific markets lagged other regions in USD terms • No major region posted negative returns Developed vs. Emerging Markets - Quarter • Both Developed and Emerging Markets advanced • USD returns narrowed performance gaps • Results reflected broad international participation International Markets - One Year (USD vs. Local) • International equities delivered strong annual returns • Dollar depreciation significantly boosted USD results • Developed markets posted strong gains • Emerging markets also delivered robust performance Regional Performance - One Year • All major regions posted positive one-year returns • Emerging Markets and Europe led performance in USD terms • Pacific markets trailed other regions in USD terms • Currency movements materially affected outcomes Developed vs. Emerging Markets - One Year • Emerging Markets outperformed in local currency terms • USD returns were more closely aligned between EM and Developed • Both Developed and Emerging Markets delivered strong gains • International equities began to narrow the long-term performance gap versus U.S. equity markets Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2025 AC World x US (48) World x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (26) EM EMEA (11) EM Asia (9) EM Latin Amer (6) Quarter Performance I■USD ❑LOCAL 5.1 6.0% 6.1 % 4.9% 6.1% 6.2% 6.1 % 2.2% 6.3% 5.6% 4.0% 4.5 % 5.8% 8.2% 8.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 1-Year Performance I❑USD ❑Local Currency AC World x US (48) World x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (26) EM EMEA (11) EM Asia (9) EM Latin Amer (6) 32.4% z4.4 i° 31.9% 21.7% 31.2% 20.6% 35.4% 20.6% 23.3% 21.0% 33.6% 31.3% 25.1 % 32.1 % 31.7% 54.8% 38.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Page 7 The Market Environment MSCI-EAFE Sector Weight Quarter Return 1 -Year Return Communication Services 4.4% -7.3% 26.3% Consumer Discretionary 9.8% 1.3% 13.1% Consumer Staples 7.4% 3.7% 19.8% Energy 3.1% 5.6% 26.7% Financials 25.3% 7.6% 52.8% Health Care 11.4% 9.7% 16.9% Industrials 19.2% 3.1% 37.3% Information Technology 8.4% 4.1% 24.0% Materials 5.6% 7.2% 25.2% Real Estate 1.8% 1 1.0% 1 24.2% Utilities 3.7% Total ii i Communication Services Weight 5.6% QuarterSector -6.9% 31.5% Consumer Discretionary 9.9% -2.5% 15.5% Consumer Staples 6.0% 2.8% 17.0% Energy 4.4% 4.9% 22.7% Financials 25.5% 7.7% 43.8% Health Care 7.9% 7.5% 16.2% Industrials 14.7% 3.3% 34.8% Information Technology 14.7% 11.0% 40.6% Materials 6.9% 9.3% 45.5% Real Estate 1.5% -0.5% 18.0% Utilities 3.2% 00 7.9% 36.5% MSCI - Emerging Mkt Communication Services Sector Weight 9.3% Quarter Return -6.6% 1 -Year Return 37.3% Consumer Discretionary 11.7% -9.1% 18.8% Consumer Staples 3.7% -2.1% 6.6% Energy 3.9% 6.8% 16.7% Financials 22.3% 6.1% 27.7% Health Care 3.1% -6.7% 12.2% Industrials 7.0% 6.3% 35.7% Information Technology 28.3% 16.4% 54.3% Materials 7.1 % 11.6% 62.5% Real Estate 1.3% -3.6% 5.3% Utilities 2.3% 2.0% 12.8% Total ii i Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) US Dollar International Index Attribution & Country Detail As of December 31, 2025 Country Japan 11 MSVCe'igqhf=jr 22.1% Weight 71 13.5% Return 3.2% Return 24.6% United Kingdom 14.9% 9.1% 7.0% 35.1% France 10.7% 6.5% 3.4% 28.4% Germany 9.7% 5.9% 2.6% 36.3% Switzerland 9.6% 5.9% 9.8% 33.5% Australia 6.4% 3.9% -1.0% 14.7% Netherlands 5.0% 3.0% 3.6% 36.9% Spain 3.9% 2.4% 13.0% 82.4% Sweden 3.7% 2.3% 6.1% 36.5% Italy 3.3% 2.0% 6.2% 55.5% Hong Kong 2.0% 1.2% 2.2% 34.8% Denmark 1.9% 1.2% 5.4% -13.5% Singapore 1.7% 1.0% 1.0% 32.4% Finland 1.2% 0.7% 14.1% 57.2% Belgium 1.1% 0.7% 7.8% 36.4% Israel 1.1% 0.7% 6.1% 32.2% Norway 0.6% 0.4% 1.1% 34.0% Ireland 0.5% 0.3% 14.1% 57.2% Austria 0.3% 0.2% 17.9% 77.6% Portugal 0.2% 0.1% 0.7% 37.0% New Zealand 0.2% 0.1% -0.4% 0.5°/0 Canada Total Developed � � i 8.5% 7.7% 36.5% China 8.4% -7.4% 31.2% Taiwan 6.3% 10.4% 39.1 % India 4.7% 4.8% 2.6% Korea 4.1 % 27.3% 99.9% Brazil 1.3% 7.0% 49.7% South Africa 1.2% 14.1% 77.6% Saudi Arabia 0.9% -7.6% -5.1% Mexico 0.6% 5.4% 56.1% United Arab Emirates 0.4% 3.0% 26.7% Malaysia 0.4% 8.2% 15.5% Indonesia 0.4% 4.6% -2 8% Poland 0.3% 14.6% 74.6% Thailand 0.3% 4.9% 6.8% Kuwait 0.2% -0.8% 23.3% Qatar 0.2% -1.9% 7.5% Chile 0.2% 25.3% 71.2% Greece 0.2% 1.8% 82.8% Turkey 0.1% -3.5% -2.3% Philippines 0.1% 3.4% -0.3% Peru 0.1% 12.7% 73.6% Hungary 0.1% 18.4% 78.9% Czech Republic 0.1% 6.8% 70.80 Colombia 0.0% 18.4% 112.0% Egypt 0.0% 12.4% 54.8% Total ACWlxUS Countries 00 Page 8 Domestic Fixed Income - Quarter • Domestic bonds posted positive quarterly returns • Returns were driven primarily by coupon income • Shorter- and intermediate -duration bonds outperformed • Long-term Treasury yields remained largely range -bound Credit & Quality - Quarter • Credit markets generated modest positive returns • Higher -quality bonds outperformed lower -quality segments • Corporate credit spreads remained tight • Investor risk appetite moderated late in the quarter Global Bonds - Quarter • Global bond performance was negative • Domestic bonds outperformed international bonds driven by supportive rate moves in the U.S. • Yields across developed markets remained stable Domestic Fixed Income - One Year • Domestic bonds delivered positive one-year returns • Higher starting yields supported income generation • Core investment -grade sectors advanced • Longer -duration bonds lagged overall performance Credit & Quality - One Year • Credit -oriented sectors led fixed income performance • High yield bonds benefited from coupon income • Investment -grade corporates posted solid gains • Performance dispersion remained across credit quality Global Bonds - One Year • Global bonds outperformed U.S .bonds • Currency effects varied across regions • Developed market bonds advanced at a measured pace • Volatility was higher in emerging market debt Source: Momingstar Direct, Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2025 U.S. Treasury (5.8) U.S. Mortgage (5.6) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.6) AAA (4.1) AA (5.8) A (6.8) Baa (6.7) Aggregate (5.9) Intermediate Agg (4.2) Global Agg x US (6.6) Multiverse (6.2) Quarter Performance 0.9% 1.7% 0.8% 1.3% 0.1 % 1.2% 0.9% 0.8% 1.1% 1.4% -0.5% 0.3% -1.0% -0.5% 0.0% 0.5% 1.0% 1-Year Performance U.S. Treasury (5.8) U.S. Mortgage (5.6) U.S. Corporate IG (6.8) U.S. High Yield (2.7) U.S. TIPS (4.6) AAA (4.1) AA (5.8) A (6.8) Baa (6.7) Aggregate (5.9) Intermediate Agg (4.2) Global Agg x US (6.6) Multiverse (6.2) 0.0% 6.3% 1.5% 2.0% 8.6% 7.8% 1 8.6% 7.0% 6.9% 7.1 % 7.9% 8.2% 7.3% 7.5% 8.8% 8.4% 2.0% 4.0% 6.0% 8.0% 10.0% Page 9 Federal Funds & Policy Rates — Trailing Year • Federal Reserve shifted toward policy easing during the year • Multiple rate cuts lowered the fed funds target range • Policy decisions reflected easing inflation pressures • Data -dependent guidance contributed to rate volatility Treasury Yields — Trailing Year • Treasury yields fluctuated within a defined range • Inflation expectations influenced yield movements • Fiscal dynamics and issuance affected longer rates • The 10-year Treasury yield finished at 4.17%, near mid -year levels Credit Spreads — Trailing Year • Credit spreads remained tight throughout the year • Brief widening occurred during volatility episodes • Spreads ended near starting levels • Stable fundamentals supported credit markets Yield Curve Shape — Quarter -End • Yield curve showed a modest positive slope at year-end • Short-term yields declined following policy easing • Longer -term yields remained relatively stable • Curve steepened compared to earlier periods Yield Curve Dynamics — Historical Comparison • Quarter -end curves showed gradual structural shifts • Short maturities experienced the largest changes • Intermediate and long maturities moved less • The curve retained a mild butterfly shape Yield Curve Implications — Rate Distribution • Front-end rates reflected recent rate cuts • Long-term rates were anchored by inflation expectations • Markets priced gradual easing rather than aggressive cuts • Yield dispersion persisted across maturities 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 The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2025 Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 0.00 I i Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Treasury Yield Curve 5.50 5.00 4.50 4.00 3.50 3.00 `-3/31/2025 6/30/2025 t9/30/2025 12/31/2025 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Page 10 The Market Environment Global Index lens — MSCI Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) Daily Treasury Yield Curve - Data Chart Center (treasury.gov) ICE BofA BBB US Corporate Index Option -Adjusted Spread (BAMLCOA4CBBB) I FRED I St. Louis Fed (stlouisfed.org) ICE BofA US High Yield Index Option -Adjusted Spread (BAMLHOAOHYM2) 1 FRED I St. Louis Fed (stlouisfed.org) References As of December 31, 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 December 31, 2025 $26,157,619 $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 12/25 — Ending Market Value Page 12 Allocation Sep-2025 : $25,286,110 Allocation Asset Allocation by Asset Class St. Lucie County As of December 31, 2025 Dec-2025 : $26,157,619 Market Value Allocation Market Value Allocation ■ Equity 11,893,086 47.0 ■ Equity 12,309,798 47.1 Fixed Income 6,542,989 25.9 Fixed Income 6,644,294 25.4 ■ Balanced 6,654,093 26.3 ■ Balanced 7,008,855 26.8 REIT (Real Estate Funds) 195,941 0.8 REIT (Real Estate Funds) 194,671 0.7 Page 13 Asset Allocation by Management St. Lucie County Allocation Sep-2025 : $25,286,110 Market Value Allocation Allocation Dec-2025 : $26,157,619 Market Value As of December 31, 2025 Allocation ■ Active 10,670,975 42.2 ■ Active 10,956,345 41.9 Passive 14,615,135 57.8 Passive 15,201,273 58.1 Page 14 Asset Allocation History St. Lucie County As of December 31, 2025 Asset Allocation Attributes Dec-2025 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Total 457(b) Plan 26,157,619 100.00 25,286,110 100.00 24,719,128 100.00 24,826,207 100.00 25,069,193 100.00 Vanguard Target Retirement 2070 Fund 66,175 0.25 62,239 0.25 57,697 0.23 52,047 0.21 52,174 0.21 Vanguard Target Retirement 2065 Fund 6,954 0.03 5,199 0.02 3,871 0.02 4,458 0.02 3,403 0.01 Vanguard Target Retirement 2060 Fund 248,958 0.95 235,865 0.93 210,423 0.85 179,564 0.72 167,421 0.67 Vanguard Target Retirement 2055 Fund 68,949 0.26 27,205 0.11 20,829 0.08 19,208 0.08 14,902 0.06 Vanguard Target Retirement 2050 Fund 864,515 3.31 808,283 3.20 716,755 2.90 620,495 2.50 586,661 2.34 Vanguard Target Retirement 2045 Fund 276,472 1.06 249,200 0.99 205,493 0.83 173,170 0.70 93,195 0.37 Vanguard Target Retirement 2040 Fund 1,919,759 7.34 1,815,792 7.18 1,644,432 6.65 1,532,404 6.17 1,500,288 5.98 Vanguard Target Retirement 2035 Fund 144,744 0.55 124,700 0.49 101,053 0.41 79,074 0.32 66,080 0.26 Vanguard Target Retirement 2030 Fund 1,780,108 6.81 1,691,744 6.69 1,595,864 6.46 1,605,432 6.47 1,618,772 6.46 Vanguard Target Retirement 2025 Fund 56,433 0.22 50,862 0.20 39,045 0.16 35,329 0.14 87,022 0.35 Vanguard Target Retirement 2020 Fund 215,169 0.82 206,047 0.81 217,781 0.88 388,827 1.57 401,938 1.60 Vanguard Target Retirement Income Fund 114,650 0.44 116,826 0.46 187,417 0.76 179,283 0.72 175,346 0.70 Vanguard LifeStrategy Growth Inv 184,062 0.70 192,959 0.76 179,622 0.73 157,777 0.64 147,973 0.59 Vanguard LifeStrategy Mod Gr Inv Shrs 933,065 3.57 944,336 3.73 929,605 3.76 858,704 3.46 845,189 3.37 Vanguard LifeStrategy Cnsry Gr Inv 107,027 0.41 101,067 0.40 93,347 0.38 142,775 0.58 142,407 0.57 Vanguard LifeStrategy Income Inv 21,816 0.08 21,769 0.09 21,408 0.09 20,920 0.08 20,863 0.08 NYLI Winslow Large Cap Growth Class R6 2,121,936 8.11 2,124,401 8.40 2,037,133 8.24 1,897,754 7.64 2,066,961 8.25 Allspring Premier Large Co Gr R6 - 0.00 - 0.00 - 0.00 - 0.00 - 0.00 Vanguard Total Stock Mkt Idx Adm 4,025,128 15.39 3,900,900 15.43 3,656,653 14.79 3,605,450 14.52 3,810,162 15.20 Vanguard Windsor II Admiral 1,870,255 7.15 1,718,637 6.80 1,708,997 6.91 1,855,931 7.48 1,849,764 7.38 Harbor Mid Cap Retirement 15,095 0.06 14,176 0.06 13,605 0.06 - 0.00 - 0.00 ClearBridge Mid Cap I - 0.00 - 0.00 - 0.00 15,839 0.06 15,028 0.06 Vanguard Mid Cap Index Admiral 1,828,477 6.99 1,838,803 7.27 1,757,197 7.11 1,756,769 7.08 1,791,210 7.15 MassMutual Small Cap Opps (MSOOX) 109,427 0.42 104,644 0.41 98,159 0.40 133,801 0.54 140,473 0.56 Vanguard Small Cap Index Admiral Shares 262,704 1.00 250,891 0.99 227,972 0.92 211,151 0.85 219,565 0.88 Vanguard Total Intl Stock Index Admiral 964,695 3.69 875,474 3.46 844,697 3.42 951,333 3.83 823,881 3.29 Goldman Sachs GQG Ptnrs Intl Opps R6 1,108,294 4.24 1,062,346 4.20 1,073,418 4.34 - 0.00 - 0.00 DFA International Value I 3,788 0.01 2,814 0.01 119 0.00 - 0.00 - 0.00 American Funds EUPAC R6 - 0.00 - 0.00 - 0.00 1,050,666 4.23 1,084,965 4.33 Vanguard Real Estate Index Admiral 194,671 0.74 195,941 0.77 193,199 0.78 250,566 1.01 246,816 0.98 Vanguard Total Bond Market Index Adm 916,743 3.50 899,033 3.56 885,184 3.58 1,278,278 5.15 1,241,711 4.95 Dodge & Cox Income X 894,219 3.42 879,964 3.48 1,066,717 4.32 1,201,183 4.84 - 0.00 Dodge & Cox Income I - 0.00 - 0.00 - 0.00 - 0.00 1,185,759 4.73 Columbia Trust Stable Govt Fund 1-0 - 0.00 - 0.00 - 0.00 3,664,797 14.76 3,927,561 15.67 Lincoln Stable Value Account 4,482,395 17.14 4,430,740 17.52 4,576,826 18.52 575,205 2.32 373,349 1.49 Page 15 Loan Fund Dec-2025 350,936 1.34 Sep-2025 333,252 1.32 Jun-2025 354,611 1.43 Mar-2025 328,016 1.32 Asset Allocation History St. Lucie County As of December 31, 2025 Dec-2024 368,353 1.47 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 3.5 N/A N/A N/A Vanguard Target Retirement 2065 Fund 8.4 34 35 12 Vanguard Target Retirement 2060 Fund 12.8 32 30 15 Vanguard Target Retirement 2055 Fund 12.8 30 27 13 Vanguard Target Retirement 2050 Fund 12.8 24 23 10 Vanguard Target Retirement 2045 Fund 12.8 36 38 15 Vanguard Target Retirement 2040 Fund 12.8 37 44 18 Vanguard Target Retirement 2035 Fund 12.8 18 23 10 Vanguard Target Retirement 2030 Fund 12.8 3 10 9 Vanguard Target Retirement 2025 Fund 12.8 7 16 5 Vanguard Target Retirement 2020 Fund 12.8 51 (3) 56 (4) 26 Vanguard Target Retirement Income Fund 12.8 46 46 28 Comments No data found. Scorecard Target Date As of December 31, 2025 5 YR Sharpe Ratio Heightened Scrutiny > 50th /o-tile N/A No 28 No 21 No 21 No 14 No 23 No 32 No 23 No 15 No 19 No 49 No 45 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 Fund Name NYLI Winslow Large Cap Growth Class R6 Vanguard Windsor II Admiral Harbor Mid Cap Retirement MassMutual Small Cap Opps (MSOOX) Dodge & Cox Income X Goldman Sachs GQG Ptnrs Intl Opps R6 DFA International Value I Comments No data found. Scorecard Active Management As of December 31, 2025 Manager Current Current 3 YR Return 5 YR Return 3 YR Return 5 YR Return 3 YR Sharpe 5 YR Sharpe 3 YR 5 YR Tenure Quarter Quarter > Index > Index > 50th %-tile > 50th %-tile Ratio Ratio Positive Positive Return Rank > 50th %-tile > 50th %-tile Alpha Alpha 20.2 Pass Pass Watch (1) Fail (5) 46 31 50 38 -1.8 (1) -2.2 (5) 22.0 Pass Pass Pass Pass 10 25 8 28 6.2 1.7 6.0 Pass Pass Fail (5) Fail (5) 71 (5) 73 (5) 71 (5) 70 (5) -2.0 (5) -0.2 (5) 16.6 Pass Pass Watch (1) Pass 33 31 24 27 2.4 3.0 36.9 Pass Pass Pass Pass 2 2 3 1 1.4 1.5 9.0 Pass Pass Pass Pass 27 3 16 1 6.7 5.4 15.8 Pass Pass Pass Pass 18 5 8 4 3.2 3.5 Heightened Scrutiny No No No No No No No Green Text = Fund Meets Criteria Yellow Text = Fund Does Not Currently Meet Criteria Red Text = Fund Has Not Met Criteria For More Than Four Quarters Page 18 Scorecard Passive Management As of December 31, 2025 Fund Name Manager Tenure 3 YR Tracking Error Rank 5 YR Tracking Error Rank Heightened Scrutiny Vanguard Total Stock Mkt Idx Adm 9.7 100 100 No Vanguard Mid Cap Index Admiral 2.3 100 100 No Vanguard Small Cap Index Admiral Shares 9.7 100 100 No Vanguard Total Intl Stock Index Admiral 17.3 99 99 No Vanguard Real Estate Index Admiral 29.6 65 71 No Vanguard Total Bond Market Index Adm 12.8 90 90 No Vanguard LifeStrategy Cnsry Gr Inv 3.8 100 100 No Vanguard LifeStrategy Growth Inv 3.8 100 100 No Vanguard LifeStrategy Income Inv 3.8 100 100 No Vanguard LifeStrategy Mod Gr Inv Shrs 3.8 100 100 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 December 31, 2025 3 5 7 10 Percentile Years Years Years Years Return Return Return Return 5th Dodge & Cox Income X (2) Dodge & Cox Income X (2) Dodge & Cox Income X (1) Dodge & Cox Income X (1) Vanguard Target Retirement 2030 Fund (3) Goldman Sachs GQG Ptnrs Intl Opps R6 (3) Goldman Sachs GQG Ptnrs Intl Opps R6 (3) Vanguard LifeStrategy Growth Inv (5) DFA International Value 1 (5) Vanguard Windsor II Admiral (5) 25th Vanguard Target Retirement 2025 Fund (7) Vanguard Target Retirement 2030 Fund (10) Vanguard LifeStrategy Growth Inv (10) Vanguard Windsor II Admiral (8) Vanguard Windsor II Admiral (10) Vanguard Target Retirement 2025 Fund (16) Vanguard Target Retirement 2030 Fund (13) DFA International Value 1 (8) Vanguard Target Retirement 2035 Fund (18) Vanguard LifeStrategy Growth Inv (17) DFA International Value 1 (13) Vanguard LifeStrategy Growth Inv (11) DFA International Value 1 (18) Vanguard Target Retirement 2050 Fund (23) Vanguard Target Retirement 2025 Fund (15) MassMutual Small Cap Opps (MSOOX) (14) Vanguard Target Retirement 2050 Fund (24) Vanguard Target Retirement 2035 Fund (23) MassMutual Small Cap Opps (MSOOX) (18) Vanguard Target Retirement 2050 Fund (17) Vanguard LifeStrategy Cnsry Gr Inv (25) Vanguard Windsor II Admiral (25) Vanguard Mid Cap Index Admiral (22) Vanguard Target Retirement 2030 Fund (17) Vanguard Mid Cap Index Admiral (25) Vanguard Target Retirement 2050 Fund (24) Vanguard Target Retirement 2025 Fund (17) Vanguard Target Retirement 2055 Fund (19) Vanguard Small Cap Index Admiral Shares (19) Vanguard Mid Cap Index Admiral (23) Vanguard Target Retirement 2045 Fund (24) Vanguard Target Retirement 2035 Fund (25) 50th Vanguard Small Cap Index Admiral Shares (26) Vanguard Target Retirement 2055 Fund (27) Vanguard Target Retirement 2055 Fund (27) NYLI Winslow Large Cap Growth Class R6 (26) Goldman Sachs GQG Ptnrs Intl Opps R6 (27) Vanguard Target Retirement 2060 Fund (30) Vanguard Target Retirement 2045 Fund (29) Vanguard Target Retirement 2040 Fund (29) Vanguard Target Retirement 2055 Fund (30) NYLI Winslow Large Cap Growth Class R6 (31) Vanguard Target Retirement 2060 Fund (30) Vanguard Target Retirement 2060 Fund (30) Vanguard Target Retirement 2060 Fund (32) MassMutual Small Cap Opps (MSOOX) (31) Vanguard Target Retirement 2035 Fund (31) Vanguard Total Stock Mkt Idx Adm (31) Vanguard Target Retirement 2070 Fund (33) Vanguard Target Retirement 2065 Fund (35) NYLI Winslow Large Cap Growth Class R6 (31) Vanguard Total Intl Stock Index Admiral (36) MassMutual Small Cap Opps (MSOOX) (33) Vanguard Target Retirement 2045 Fund (38) Vanguard Small Cap Index Admiral Shares (32) Vanguard Target Retirement Income Fund (38) Vanguard Target Retirement 2065 Fund (34) Vanguard Target Retirement 2040 Fund (44) Vanguard Target Retirement 2040 Fund (40) Vanguard Real Estate Index Admiral (49) Vanguard Target Retirement 2045 Fund (36) Vanguard Target Retirement Income Fund (46) Vanguard Target Retirement Income Fund (40) Vanguard Target Retirement 2020 Fund (50) Vanguard Target Retirement 2040 Fund (37) Vanguard Small Cap Index Admiral Shares (47) Vanguard Total Stock Mkt Idx Adm (40) Vanguard Total Stock Mkt Idx Adm (40) Vanguard Real Estate Index Admiral (49) Vanguard LifeStrategy Mod Gr Inv Shrs (45) Vanguard Real Estate Index Admiral (45) Vanguard Target Retirement Income Fund (46) NYLI Winslow Large Cap Growth Class R6 (46) Vanguard Total Intl Stock Index Admiral (48) 75th Vanguard Target Retirement 2020 Fund (51) Vanguard Total Stock Mkt Idx Adm (52) Vanguard Target Retirement 2020 Fund (52) Vanguard LifeStrategy Cnsry Gr Inv (52) Vanguard Total Bond Market Index Adm (56) Vanguard Mid Cap Index Admiral (52) Vanguard LifeStrategy Cnsry Gr Inv (53) Vanguard Total Bond Market Index Adm (55) Harbor Mid Cap Retirement (71) Vanguard Total Bond Market Index Adm (53) Vanguard Total Bond Market Index Adm (53) Vanguard LifeStrategy Mod Gr Inv Shrs (62) Vanguard Total Intl Stock Index Admiral (54) Vanguard Total Intl Stock Index Admiral (58) Vanguard Target Retirement 2020 Fund (56) Vanguard LifeStrategy Mod Gr Inv Shrs (66) Vanguard Real Estate Index Admiral (57) Vanguard LifeStrategy Cnsry Gr Inv (73) Harbor Mid Cap Retirement (73) Vanguard LifeStrategy Mod Gr Inv Shrs (75) 95th Vanguard LifeStrategy Income Inv (76) Vanguard LifeStrategy Income Inv (99) Vanguard LifeStrategy Income Inv (92) Vanguard LifeStrategy Income Inv (90) 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 December 31, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 3.07 (35) 21.42 (24) 21.42 (24) 18.71 (33) N/A N/A N/A N/A 16.51 (39) 07/01/2022 3.21 (20) 21.49 (20) 21.49 (20) 18.93 (25) N/A N/A N/A N/A 16.81 (26) 2.98 20.38 20.38 18.13 9.65 N/A N/A N/A 16.21 3.07 (36) 21.43 (22) 21.43 (22) 18.70 (34) 9.98 (35) 12.88 (N/A) N/A N/A 10.49 (N/A) 08/01/2017 3.21 (20) 21.49 (20) 21.49 (20) 18.93 (25) 10.25 (27) 13.27 (N/A) N/A N/A 10.86 (N/A) 2.98 20.38 20.38 18.13 9.65 N/A N/A N/A N/A 3.06 (37) 21.42 (16) 21.42 (16) 18.71 (32) 9.96 (30) 12.89 (30) 11.02 (30) N/A 10.67 (N/A) 02/01/2012 3.21 (21) 21.49 (13) 21.49 (13) 18.93 (23) 10.25 (20) 13.27 (13) 11.34 (13) N/A 10.98 (N/A) 2.94 19.94 19.94 18.04 9.56 12.46 10.70 N/A N/A 3.06 (32) 21.43 (15) 21.43 (15) 18.71 (30) 9.96 (27) 12.89 (27) 11.02 (19) 10.06 (25) 11.08 (33) 09/01/2010 3.21 (20) 21.49 (13) 21.49 (13) 18.93 (21) 10.25 (17) 13.27 (9) 11.34 (11) 10.37 (15) 11.39 (15) 2.94 19.89 19.89 17.96 9.53 12.43 10.52 9.55 10.78 3.05 (30) 21.41 (13) 21.41 (13) 18.70 (24) 9.95 (23) 12.90 (24) 11.02 (17) 10.05 (18) 8.47 (1) 07/01/2006 3.19 (18) 21.47 (12) 21.47 (12) 18.92 (15) 10.24 (11) 13.27 (6) 11.34 (8) 10.37 (12) 8.71 (1) 2.86 19.53 19.53 17.92 9.43 12.36 10.45 9.49 7.36 2.87 (38) 19.99 (25) 19.99 (25) 17.76 (36) 9.41 (38) 12.48 (29) 10.74 (24) 9.86 (21) 8.68 (N/A) 11/01/2003 3.00 (28) 20.00 (25) 20.00 (25) 17.92 (32) 9.66 (20) 12.82 (17) 11.03 (13) 10.16 (12) 8.89 (N/A) 2.76 18.75 18.75 17.33 9.18 12.15 10.29 9.30 N/A 2.69 (35) 18.76 (28) 18.76 (28) 16.63 (37) 8.57 (44) 11.61 (40) 10.13 (29) 9.45 (26) 8.02 (10) 07/01/2006 2.81 (25) 18.77 (27) 18.77 (27) 16.76 (33) 8.82 (29) 11.95 (25) 10.42 (19) 9.76 (17) 8.25 (4) 2.58 17.55 17.55 16.21 8.47 11.45 9.82 9.10 7.54 2.49 (21) 17.54 (14) 17.54 (14) 15.46 (18) 7.71 (23) 10.70 (31) 9.40 (25) 8.90 (21) 7.90 (N/A) 11/01/2003 2.62 (11) 17.54 (14) 17.54 (14) 15.59 (12) 7.97 (14) 11.06 (16) 9.70 (15) 9.20 (13) 8.11 (N/A) 2.31 15.98 15.98 14.59 7.31 10.41 9.01 8.42 N/A 2.30 (16) 16.24 (10) 16.24 (10) 14.27 (3) 6.83 (10) 9.79 (13) 8.66 (17) 8.30 (19) 7.17 (6) 07/01/2006 2.43 (6) 16.28 (10) 16.28 (10) 14.42 (1) 7.11 (5) 10.15 (2) 8.96 (7) 8.60 (12) 7.40 (4) 2.04 14.45 14.45 12.90 6.08 9.16 8.07 7.75 6.51 2.00 (34) 14.60 (24) 14.60 (24) 12.84 (7) 5.90 (16) 8.81 (15) 7.87 (17) 7.66 (21) 6.96 (N/A) 11/01/2003 2.13 (13) 14.65 (23) 14.65 (23) 12.98 (3) 6.17 (6) 9.17 (2) 8.17 (2) 7.95 (11) 7.17 (N/A) 1.92 13.33 13.33 11.53 5.33 8.26 7.35 7.18 N/A 1.63 (79) 12.15 (75) 12.15 (75) 10.78 (51) 4.77 (56) 7.54 (52) 6.87 (50) 6.87 (36) 6.26 (18) 07/01/2006 1.74 (66) 12.22 (73) 12.22 (73) 10.91 (45) 4.98 (38) 7.84 (27) 7.13 (23) 7.13 (21) 6.46 (10) 1.83 12.87 12.87 10.79 4.80 7.55 6.87 6.70 5.93 Page 21 Comparative Performance St. Lucie County As of December 31, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date Vanguard Target Retirement Income Fund 1.55 (40) 11.31 (31) 11.31 (31) 9.52 (46) 3.82 (46) 5.98 (40) 5.33 (38) 5.19 (25) 5.21 (16) Vanguard Target Income Composite Index 1.61 (36) 11.37 (29) 11.37 (29) 9.62 (41) 3.99 (38) 6.23 (28) 5.53 (27) 5.38 (12) 5.33 (9) Target -Date Retirement Median 1.44 10.50 10.50 9.35 3.76 5.76 5.02 4.68 4.20 Vanguard LifeStrategy Growth Inv 2.79 (23) 19.63 (2) 19.63 (2) 17.08 (5) 8.76 (17) 11.65 (10) 10.03 (11) 9.18 (22) 8.50 (35) Vanguard LifeStrategy Growth Index 2.95 (17) 19.76 (2) 19.76 (2) 17.33 (4) 9.10 (11) 12.07 (8) 10.37 (7) 9.57 (15) 8.71 (28) Moderate Allocation Median 2.14 13.15 13.15 13.67 7.57 9.92 8.48 8.21 8.04 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 II Admiral 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. 11/01/2003 10/01/1994 2.32 (41) 16.24 (15) 16.24 (15) 13.98 (45) 6.49 (75) 9.24 (66) 8.09 (62) 7.57 (66) 7.68 (69) 10/01/1994 2.45 (35) 16.33 (15) 16.33 (15) 14.18 (41) 6.80 (68) 9.63 (59) 8.40 (53) 7.94 (58) 7.88 (59) 2.14 13.15 13.15 13.67 7.57 9.92 8.48 8.21 8.04 1.83 (55) 12.86 (25) 12.86 (25) 10.93 (25) 4.24 (73) 6.82 (53) 6.12 (52) 5.84 (45) 6.65 (40) 10/01/1994 1.95 (43) 12.96 (24) 12.96 (24) 11.08 (22) 4.48 (64) 7.14 (45) 6.38 (43) 6.12 (36) 6.65 (39) 1.87 11.53 11.53 10.16 4.96 6.90 6.13 5.70 6.32 1.33 (65) 9.42 (81) 9.42 (81) 7.83 (76) 1.92 (99) 4.32 (92) 4.06 (90) 4.08 (70) 5.62 (N/A) 10/01/1994 1.44 (49) 9.50 (81) 9.50 (81) 7.97 (74) 2.12 (97) 4.58 (79) 4.28 (78) 4.35 (67) 5.64 (N/A) 1.44 10.50 10.50 9.35 3.76 5.76 5.02 4.68 N/A 0.28 (62) 14.72 (60) 14.72 (60) 28.67 (46) 12.86 (31) 18.95 (31) 16.32 (26) 15.06 (31) 10.56 (46) 08/01/1995 1.12 (45) 18.56 (24) 18.56 (24) 31.15 (26) 15.32 (7) 21.25 (9) 18.13 (8) 16.58 (8) 11.19 (25) 0.89 15.63 15.63 28.29 11.50 17.81 15.42 14.36 10.43 2.44 (49) 17.12 (40) 17.12 (40) 22.23 (40) 13.06 (52) 16.56 (40) 14.24 (31) 13.54 (30) 9.05 (18) 12/01/2000 2.45 (48) 17.15 (40) 17.15 (40) 22.24 (39) 13.08 (51) 16.58 (40) 14.25 (30) 13.52 (31) N/A 2.42 16.43 16.43 21.48 13.09 16.10 13.60 13.02 8.34 4.47 (25) 18.69 (15) 18.69 (15) 17.98 (10) 12.99 (25) 15.39 (5) 12.70 (8) 12.16 (9) 8.59 (14) 06/01/2001 3.81 (38) 15.91 (44) 15.91 (44) 13.90 (46) 11.33 (59) 12.10 (55) 10.53 (55) 10.78 (41) 7.80 (45) 3.25 15.46 15.46 13.63 11.73 12.30 10.64 10.55 7.63 4.01 (9) 9.78 (39) 9.78 (39) 11.27 (71) 7.33 (73) N/A N/A N/A 9.19 (57) 01 /01 /2020 0.16 (68) 10.60 (30) 10.60 (30) 14.36 (24) 8.67 (48) 12.75 (24) 11.01 (17) 11.15 (12) 10.04 (30) 1.27 8.00 8.00 12.37 8.62 11.83 10.16 10.08 9.37 -0.82 (80) 11.67 (24) 11.67 (24) 14.27 (25) 8.60 (52) 12.91 (22) 10.91 (23) 11.12 (14) 10.02 (8) 12/01/2001 -0.82 (79) 11.70 (23) 11.70 (23) 14.30 (25) 8.62 (51) 12.94 (20) 10.94 (20) 11.20 (12) 9.88 (13) 1.27 8.00 8.00 12.37 8.62 11.83 10.16 10.08 9.01 2.55 (25) 8.75 (44) 8.75 (44) 13.21 (33) 8.39 (31) 12.46 (18) 10.66 (14) 10.88 (5) 9.57 (13) 05/01/2014 2.19 (39) 12.81 (18) 12.81 (18) 13.73 (24) 6.09 (72) 10.60 (52) 9.62 (41) 9.47 (47) 8.48 (40) 1.89 8.22 8.22 11.95 7.19 10.65 9.35 9.37 8.19 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 December 31, 2025 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR Inception Inception Date 1.81 (53) 8.83 (44) 8.83 (44) 13.69 (26) 7.34 (47) 11.65 (32) 10.43 (19) 10.43 (12) 1.82 (52) 8.82 (44) 8.82 (44) 13.65 (27) 7.31 (48) 11.61 (33) 10.40 (20) 10.53 (10) 1.89 8.22 8.22 11.95 7.19 10.65 9.35 9.37 4.50 (46) 32.18 (39) 32.18 (39) 17.09 (48) 7.93 (54) 10.25 (58) 8.51 (36) 6.05 (66) 4.85 (33) 31.95 (42) 31.95 (42) 17.26 (43) 8.04 (51) 10.37 (53) 8.56 (33) 6.21 (58) 4.36 31.18 31.18 16.98 8.06 10.46 8.12 6.38 3.97 (12) 20.88 (41) 20.88 (41) 15.81 (27) 9.22 (3) 12.62 (3) N/A N/A 2.24 (32) 22.31 (35) 22.31 (35) 14.14 (48) 5.25 (33) 10.18 (41) 8.05 (42) 6.69 (42) 1.36 19.81 19.81 13.82 3.72 9.79 7.74 6.36 8.44 (13) 45.21 (15) 45.21 (15) 22.27 (18) 15.93 (5) 13.12 (13) 10.33 (8) 7.06 (27) 7.61 (22) 39.50 (45) 39.50 (45) 20.17 (41) 11.87 (43) 10.50 (62) 8.74 (38) 5.73 (80) 6.35 38.75 38.75 19.62 11.32 11.10 8.27 6.56 0.99 (50) 7.15 (49) 7.15 (49) 4.67 (56) -0.42 (53) 1.97 (53) 1.98 (55) 2.42 (52) 1.10 (23) 7.30 (36) 7.30 (36) 4.66 (56) -0.36 (45) 1.99 (52) 2.01 (51) 2.42 (52) 0.99 7.14 7.14 4.70 -0.41 2.01 2.01 2.43 -2.41 (75) 3.19 (20) 3.19 (20) 6.58 (45) 4.64 (57) 6.38 (49) 5.14 (49) 7.32 (42) -2.39 (73) 3.31 (19) 3.31 (19) 6.71 (39) 4.76 (51) 6.50 (45) 5.26 (46) 7.42 (37) -1.85 1.47 1.47 6.43 4.79 6.37 5.12 7.20 1.33 (4) 8.45 (3) 8.45 (3) 6.15 (2) 1.12 (2) 3.47 (1) 3.39 (1) 3.46 (2) 1.10 (23) 7.30 (36) 7.30 (36) 4.66 (56) -0.36 (45) 1.99 (52) 2.01 (51) 2.42 (52) 0.99 7.14 7.14 4.70 -0.41 2.01 2.01 2.43 0.63 (90) 2.55 (85) 2.55 (85) N/A N/A N/A N/A N/A 0.79 (31) 3.10 (28) 3.10 (28) 2.99 (25) 2.52 (19) 2.48 (17) 2.33 (19) 2.24 (25) 0.71 2.79 2.79 2.66 2.18 2.20 2.10 1.99 9.51 (21) 12/01 /2000 N/A 8.69 6.58 (64) 12/01/2010 6.72 (58) 6.87 12.32 (2) 01/01/2017 9.17 (44) 8.86 7.24 (15) 03/01/1994 N/A 5.94 3.45 (52) 12/01/2001 3.54 (43) 3.47 8.87 (52) 06/01/1996 8.88 (52) 8.89 5.91 (1) 02/01/1989 5.28 (14) 5.00 2.60 (64) 03/01/2024 3.08 (26) 2.70 Page 23 Comparative Performance St. Lucie County As of December 31, 2025 Comparative Performance 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2070 Fund 21.42 (24) 14.59 (46) 20.24 (50) N/A N/A N/A N/A N/A Vanguard Target 2070 Composite Index 21.49 (20) 14.92 (41) 20.48 (42) N/A N/A N/A N/A N/A Target -Date 2065+ Median 20.38 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 Vanguard Target Retirement 2065 Fund 21.43 (22) 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 21.49 (20) 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 20.38 14.46 20.22 -18.60 17.16 16.45 25.71 -9.37 Vanguard Target Retirement 2060 Fund 21.42 (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 21.49 (13) 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 19.94 14.42 20.03 -18.44 17.32 15.75 25.06 -8.66 Vanguard Target Retirement 2055 Fund 21.43 (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 21.49 (13) 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 19.89 14.33 19.98 -18.38 17.19 15.69 24.85 -8.59 Vanguard Target Retirement 2050 Fund 21.41 (13) 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 21.47 (12) 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 19.53 14.20 19.87 -18.33 17.00 15.57 24.70 -8.58 Vanguard Target Retirement 2045 Fund 19.99 (25) 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 20.00 (25) 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 18.75 13.91 19.27 -18.19 16.73 15.35 24.58 -8.32 Vanguard Target Retirement 2040 Fund 18.76 (28) 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 18.77 (27) 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 17.55 12.80 18.10 -17.85 15.78 14.74 23.63 -7.99 Vanguard Target Retirement 2035 Fund 17.54 (14) 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 17.54 (14) 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 15.98 11.22 16.37 -17.13 13.87 14.05 22.33 -7.34 Vanguard Target Retirement 2030 Fund 16.24 (10) 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 16.28 (10) 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 14.45 9.47 14.45 -16.35 11.53 13.10 20.38 -6.49 Vanguard Target Retirement 2025 Fund 14.60 (24) 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 14.65 (23) 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 13.33 8.17 12.58 -15.49 9.76 12.49 18.34 -5.38 Vanguard Target Retirement 2020 Fund 12.15 (75) 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 12.22 (73) 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 12.87 7.53 11.70 -14.47 8.63 10.98 16.21 -4.54 Returns for periods greater than one year are annualized Returns are expressed as percentages. Page 24 Comparative Performance St. Lucie County As of December 31, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement Income Fund 11.31 (31) 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 11.37 (29) 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 10.50 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 Vanguard LifeStrategy Growth Inv 19.63 (2) 13.18 (36) 18.55 (13) -17.09 (83) 14.35 (46) 15.45 (24) 23.13 (12) -6.90 (66) Vanguard LifeStrategy Growth Index 19.76 (2) 13.41 (35) 18.91 (11) -16.50 (75) 14.60 (44) 16.37 (19) 23.46 (9) -6.78 (65) Moderate Allocation Median 13.15 11.81 14.17 -14.85 14.13 12.28 19.51 -5.54 Vanguard LifeStrategy Mod Gr Inv Shrs 16.24 (15) 10.31 (71) 15.49 (35) -16.00 (66) 10.08 (90) 13.59 (34) 19.37 (54) -4.91 (41) Vanguard LifeStrategy Moderate Growth Index 16.33 (15) 10.53 (69) 15.79 (33) -15.45 (56) 10.38 (88) 14.50 (29) 19.67 (48) -4.81 (39) Moderate Allocation Median 13.15 11.81 14.17 -14.85 14.13 12.28 19.51 -5.54 Vanguard LifeStrategy Cnsry Gr Inv 12.86 (25) 7.54 (59) 12.48 (12) -14.99 (81) 6.05 (96) 11.51 (18) 15.68 (43) -2.95 (13) Vanguard LifeStrategy Conservative Growth Index 12.96 (24) 7.68 (56) 12.69 (10) -14.50 (73) 6.25 (94) 12.27 (15) 15.94 (38) -2.88 (12) Moderately Conservative Allocation Median 11.53 8.15 10.51 -12.82 8.62 8.43 15.20 -4.52 Vanguard LifeStrategy Income Inv 9.42 (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 9.50 (81) 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 10.50 6.62 10.51 -12.82 5.81 9.06 12.92 -3.37 NYLI Winslow Large Cap Growth Class R6 14.72 (60) 29.77 (50) 43.09 (29) -31.16 (50) 24.85 (30) 37.44 (44) 33.87 (42) 3.82 (9) Russell 1000 Growth Index 18.56 (24) 33.36 (29) 42.68 (32) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (21) -1.51 (51) Large Growth Median 15.63 29.77 39.34 -31.16 21.97 35.98 33.02 -1.43 Vanguard Total Stock Mkt Idx Adm 17.12 (40) 23.74 (45) 26.01 (33) -19.53 (74) 25.71 (61) 20.99 (22) 30.80 (41) -5.17 (41) CRSP U.S. Total Market Index 17.15 (40) 23.77 (45) 25.98 (34) -19.49 (73) 25.72 (61) 20.99 (22) 30.84 (40) -5.17 (41) Large Blend Median 16.43 23.22 24.61 -18.19 26.61 17.53 29.99 -5.63 Vanguard Windsor II Admiral 18.69 (15) 14.29 (53) 21.07 (6) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (48) Russell 1000 Value Index 15.91 (44) 14.37 (52) 11.46 (48) -7.54 (67) 25.16 (61) 2.80 (53) 26.54 (37) -8.27 (44) Large Value Median 15.46 14.51 11.22 -5.63 26.03 2.95 25.54 -8.72 Harbor Mid Cap Retirement 9.78 (39) 7.36 (94) 16.88 (36) -17.06 (68) 24.68 (45) 18.96 (17) N/A N/A Russell Midcap Index 10.60 (30) 15.34 (30) 17.23 (32) -17.32 (72) 22.58 (67) 17.10 (22) 30.54 (25) -9.06 (28) Mid -Cap Blend Median 8.00 13.62 16.07 -14.62 24.42 12.57 27.21 -11.24 Vanguard Mid Cap Index Admiral 11.67 (24) 15.22 (32) 15.98 (53) -18.71 (79) 24.51 (48) 18.24 (19) 31.03 (23) -9.23 (31) CRSP U.S. Mid Cap Index 11.70 (23) 15.25 (32) 15.98 (53) -18.68 (79) 24.52 (48) 18.24 (19) 31.09 (21) -9.22 (31) Mid -Cap Blend Median 8.00 13.62 16.07 -14.62 24.42 12.57 27.21 -11.24 MassMutual Small Cap Opps (MSOOX) 8.75 (44) 12.96 (28) 18.11 (28) -15.77 (34) 22.42 (52) 20.39 (14) 26.31 (31) -10.50 (32) Russell 2000 Index 12.81 (18) 11.54 (43) 16.93 (44) -20.44 (84) 14.82 (87) 19.96 (18) 25.53 (41) -11.01 (39) Small Blend Median 8.22 10.98 16.43 -16.75 22.73 12.84 24.67 -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 December 31, 2025 2025 2024 2023 2022 2021 2020 2019 2018 Vanguard Small Cap Index Admiral Shares 8.83 (44) 14.23 (22) 18.20 (28) -17.61 (59) 17.73 (79) 19.11 (25) 27.37 (24) -9.31 (22) CRSP U.S. Small Cap Index 8.82 (44) 14.22 (22) 18.09 (28) -17.64 (59) 17.71 (80) 19.07 (25) 27.35 (24) -9.33 (22) Small Blend Median 8.22 10.98 16.43 -16.75 22.73 12.84 24.67 -12.02 Vanguard Total Intl Stock Index Admiral 32.18 (39) 5.14 (43) 15.52 (63) -16.01 (52) 8.62 (67) 11.28 (40) 21.51 (61) -14.43 (43) Vanguard Total International Stock Index Hybrid 31.95 (42) 5.53 (36) 15.79 (56) -16.10 (54) 8.84 (65) 11.24 (40) 21.80 (54) -14.61 (45) Foreign Large Blend Median 31.18 4.62 16.28 -15.93 10.28 9.66 22.06 -15.01 Goldman Sachs GQG Ptnrs Intl Opps R6 20.88 (41) 6.02 (39) 21.21 (7) -11.03 (1) 12.45 (19) 15.86 (80) 27.59 (62) -6.02 (3) MSCI World ex U.S Growth 22.31 (35) 3.15 (63) 17.87 (37) -22.40 (30) 11.91 (25) 18.81 (68) 28.47 (46) -12.79 (37) Foreign Large Growth Median 19.81 4.79 16.09 -25.16 8.79 22.18 28.15 -14.37 DFA International Value 1 45.21 (15) 6.88 (27) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (82) 15.67 (80) -17.49 (61) MSCI AC World ex USA Value (Net) 39.50 (45) 6.04 (33) 17.30 (55) -8.59 (36) 10.46 (69) -0.77 (75) 15.72 (80) -13.97 (23) Foreign Value Median 38.75 4.51 17.77 -10.38 12.09 2.63 18.54 -16.64 Vanguard Real Estate Index Admiral 3.19 (20) 4.92 (70) 11.81 (57) -26.20 (49) 40.40 (66) -4.65 (49) 28.94 (38) -5.95 (53) Vanguard Spliced REIT Index 3.31 (19) 5.05 (63) 11.96 (51) -26.12 (44) 40.56 (64) -4.55 (48) 29.03 (36) -5.86 (50) Real Estate Median 1.47 5.73 12.03 -26.27 41.48 -4.76 27.81 -5.89 Vanguard Total Bond Market Index Adm 7.15 (49) 1.24 (70) 5.70 (44) -13.16 (35) -1.67 (56) 7.72 (55) 8.71 (38) -0.23 (38) Blmbg. U.S. Aggregate Index 7.30 (36) 1.25 (69) 5.53 (57) -13.01 (27) -1.55 (49) 7.51 (61) 8.72 (37) 0.01 (25) Intermediate Core Bond Median 7.14 1.50 5.59 -13.45 -1.57 7.86 8.49 -0.44 Dodge & Cox Income X 8.45 (3) 2.34 (14) 7.76 (1) -10.77 (10) -0.91 (19) 9.45 (16) 9.73 (9) -0.31 (42) Blmbg. U.S. Aggregate Index 7.30 (36) 1.25 (69) 5.53 (57) -13.01 (27) -1.55 (49) 7.51 (61) 8.72 (37) 0.01 (25) Intermediate Core Bond Median 7.14 1.50 5.59 -13.45 -1.57 7.86 8.49 -0.44 Lincoln Stable Value Account 2.55 (85) N/A N/A N/A N/A N/A N/A N/A Morningstar US CIT Stable Value 3.10 (28) 3.03 (24) 2.86 (29) 1.88 (20) 1.74 (22) 2.24 (22) 2.51 (23) 2.23 (20) IM U.S. GIC/Stable Value (SA+CF) Median 2.79 2.73 2.54 1.64 1.45 2.01 2.32 2.00 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 Windsor II Admiral 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 December 31, 2025 Market Value Net Net Revenue Revenue Median Expense Ratio Estimated Expense Ticker Share Share Expense Ratio 26,157, 619 0.15 39,940 0.00 N/A 66,175 0.08 53 VSVNX 0.00 0.60 6,954 0.08 6 VLXVX 0.00 0.60 248,958 0.08 199 VTTSX 0.00 0.64 68,949 0.08 55 VFFVX 0.00 0.64 864,515 0.08 692 VFIFX 0.00 0.69 276,472 0.08 221 VTIVX 0.00 0.64 1,919,759 0.08 1,536 VFORX 0.00 0.70 144,744 0.08 116 VTTHX 0.00 0.64 1,780,108 0.08 1,424 VTH RX 0.00 0.67 56,433 0.08 45 VTTVX 0.00 0.60 215,169 0.08 172 VTWNX 0.00 0.65 114,650 0.08 92 VTINX 0.00 0.66 184,062 0.14 258 VASGX 0.00 0.99 933,065 0.13 1,213 VSMGX 0.00 0.99 107,027 0.12 128 VSCGX 0.00 0.96 21,816 0.11 24 VASIX 0.00 0.66 2,121,936 0.62 13,156 MLRSX 0.00 0.90 4,025,128 0.04 1,610 VTSAX 0.00 0.75 1,870,255 0.23 4,302 VWNAX 0.00 0.82 15,095 0.80 121 HMCRX 0.00 0.86 1,828,477 0.05 914 VIMAX 0.00 0.86 109,427 0.65 711 MSOOX 0.00 1.00 262,704 0.05 131 VSMAX 0.00 1.00 964,695 0.09 868 VTIAX 0.00 0.90 1,108,294 0.75 8,312 GSIYX 0.00 0.95 3,788 0.28 11 DFIVX 0.00 0.95 194,671 0.13 253 VGSLX 0.00 1.00 916,743 0.04 367 VBTLX 0.00 0.53 894,219 0.33 2,951 DOXIX 0.00 0.53 4,482,395 N/A - 0.00 N/A 350,936 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 December 31, 2025 Asset Class 2065+ 2060 2055 2050 2045 2040 2035 2030 2025 2020 Retirement Equity Range FM Maximum 100% 100% 100% 100% 95% 90% 85% 80% 70% 65% 45% Minimum 60% 50% 50% 50% 45% 45% 40% 35% 20% 15% 5% Fixed Income Range -AWE - Maximum 20% 20% 25% 30% 35% 40% 50% 55% 70% 75% 85% Minimum 0% 0% 0% 0% 0% 5% 10% 15% 20% 25% 45% Cash Range Maximum 20% 20% 20% 30% 30% 30% 30% 30% 30% 35% 35% Minimum 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Other Range Maximum 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% Minimum 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Target Date Universe ' 46 47 33 Morningstar Definitions: 1. Cash - The percentage of the fund's assets in cash. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%. 2. Other - The percentage of the fund's assets in other instruments. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%. 3. Target Date Universe - Based on the number of unique glide paths in the Morningstar Target Date Universe. Only one share class is selected to represent the fund manager. Page 28 Vanguard Target Retirement Target Date Fund Asset Allocation December 31, 2025 Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 2020 Retirement Total Equity XPEW 89% 8% 80% 63% 155% 32% ' 28%' Domestic Equity 53% 53% 53% 52% 47% 42% 38% 33% 27% 19% 16% International Equity 27% 27% 27% 27% 24% 20% 17% 14% 10% 4% 3% Emerging Equity 8% 8% 8% 8% 8% 8% 8% 8% 8% 9% 9% Total Fixed Income 21% 28% Domestic Bonds 5% 5% 5% 5% 10% 14% 18% 22% 31% 40% 42% International Bonds 3% 3% 3% 3% 5% 7% 9% 12% 13% 15% 15% Cash 4% 7% 9% Other 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 December 31, 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 December 31, 2025 2025 2020 Retirement Page 31 Fiduciary Roles & Responsibilities 2026 Fiduciary Education Plan Sponsor • Usually, the Employer but may delegate responsibilities to a Board/Committee, including the designation `Named Fiduciary' Plan Administrator • Oversee Plan operations; commonly supported by a third -party administrator (TPA) • May be a single individual or designated Board/Committee • May delegate to TPA serving as a fiduciary 3(16) plan administrator, but retains fiduciary responsibility • Prepare and provide participant notices such as blackouts, terminations, fee disclosures, and benefit statements • Maintain qualified status of the Plan through amendments, restatements, and filing required reports • Administer loans, hardship distributions, payroll changes, and other participant events Plan Trustee • May be a single individual, a designated Board/Committee, or a third -party serving in either a directed or discretionary manner • Safekeep Plan assets • Prudently select and monitor service providers • Ensure expenses paid by the Plan are reasonable and pursue monies owed to the Plan • Follow participant directions consistent with Plan guidelines This material is provided for informational and educational purposes only. It does not consider any individual or personal financial, legal, or tax circumstances. As such, the information contained herein is not intended and should not be construed as individualized advice or recommendation of any kind. Page 32 Fiduciary Roles & Responsibilities 2026 Fiduciary Education Recordkeeper • Handling and processing of participant "money -in" and "money -out" transactions • Invest / track participant fund positions according to participant elections • Create required notices and report to participants and the Plan Sponsor • Provide participants with account access and updating system with daily investment pricing Third Party Administrator • Services commonly performed by the recordkeeper • Determine participant eligibility • Perform nondiscrimination testing and top-heavy testing required • Monitor limits (compensation, deferral, deductions) and annual additions/catchups • Assure Plan operation follows Plan documents and regulations • Preparing participant notices and disclosures 3(16) Plan Administrator • Takes responsibility for either all daily operations of the plan or agrees to take responsibility for only certain functions This material is provided for informational and educational purposes only. It does not consider any individual or personal financial, legal, or tax circumstances. As such, the information contained herein is not intended and should not be construed as individualized advice or recommendation of any kind. Page 33 Fiduciary Roles & Responsibilities 2026 Fiduciary Education 3(21) Investment Advisor • Render investment advice for a fee, on a regular basis, that will serve as the primary basis of committee investment decisions • Assist with drafting, maintaining and executing the investment policy statement • Advise on fund menus and provides ongoing monitoring • Recommend changes in accordance with the investment policy statement • No administrative responsibilities 3(38) Investment Manager • "Discretionary" fiduciary • Power to manage, acquire and dispose of Plan assets • Assist with drafting, maintaining and executing the investment policy statement • Determine the fund menu • Authority to change investment options in accordance with the investment policy statement This material is provided for informational and educational purposes only. It does not consider any individual or personal financial, legal, or tax circumstances. As such, the information contained herein is not intended and should not be construed as individualized advice or recommendation of any kind. Page 34 Quarterly Follow procedures, including documentation of all meetings and decisions Review of plan investments and compliance with investment policy statement Fiduciary education Periodically Investment policy statement review Review QDIA selection Plan fee analysis Plan recordkeeping & administration services review Employee education review Review of ancillary products, if applicable (self -directed brokerage, managed accounts, etc.) Other Projects Current Fiduciary Module St. Lucie County 2025 Fiduciary Documentation As of December 31, 2025 1st Quarter 2nd Quarter 3rd Quarter 41h Quarter ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Page 35 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+ 29.0 36.0 - 26.0 28.0 - 23.0 00 00 20.0- O• 20.0 040 17.0 O• �� 12.0 - 14.0 L L 3 3 4.0 - � 11.0 . MWIE 8.0 -4.0 5.0 -12.0 O• 2.0 -20.0 -1.0 -4.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 3.07 (35) 21.42 (24) 21.42 (24) 17.96 (30) 18.71 (33) N/A N/A O Investment 14.59 (46) 20.24 (50) N/A N/A N/A N/A N/A • Index 3.21 (20) 21.49 (20) 21.49 (20) 18.16 (21) 18.93 (25) N/A N/A • Index 14.92 (41) 20.48 (42) N/A N/A N/A N/A N/A Median 2.98 20.38 20.38 17.24 18.13 7.79 9.65 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 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.16 (23) 10.55 (49) -0.56 (36) -1.53 (39) 6.73 (24) 2.01 (32) Index 7.23 (18) 10.76 (41) -0.88 (56) -1.50 (38) 6.91 (13) 2.09 (27) Median 6.68 10.53 -0.73 -1.82 6.20 1.80 Page 36 Strategy Review Vanguard Target Retirement 2070 Fund I Vanguard Target 2070 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 18.71 10.59 1.24 99.56 9 100.67 3 Investment N/A N/A N/A N/A N/A N/A N/A Index 18.93 10.49 1.27 100.00 9 100.00 3 Index N/A N/A N/A N/A N/A N/A N/A Risk and Return 3 Years 19.0 18.4 10.4 10.5 10.6 10.7 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 x I C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count No data found. 5 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0 Y C 25.0 — m c c� 50.0 — d IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 3 0 (0%) 3 (100%) 0 (0%) 0 (0%) Investment 0 0 0 0 0 Index 3 1 (33%) 2 (67%) 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 December 31, 2025 Peer Group Analysis - Target -Date 2065+ Peer Group Analysis - Target -Date 2065+ 29.0 36.0 - 26.0 28.0 - 00 23.0 00 00 20.0- Q• 20.0 17.0 12.0 - 14.0 L L 3 3 4.0- m � tY 11.0 00 Q -4.0 8.0 Q• 5.0 -12.0 Q• 2.0 Q • -20.0 -1.0 -4.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 3.07 (36) 21.43 (22) 21.43 (22) 17.98 (28) 18.70 (34) 8.41 (19) 9.98 (35) O Investment 14.62 (45) 20.15 (54) -17.39 (18) 16.46 (67) 16.17 (58) 24.96 (61) -7.95 (7) • Index 3.21 (20) 21.49 (20) 21.49 (20) 18.16 (21) 18.93 (25) 8.68 (13) 10.25 (27) • Index 14.92 (41) 20.48 (42) -17.07 (17) 16.75 (62) 17.17 (29) 25.37 (53) -7.77 (1) Median 2.98 20.38 20.38 17.24 18.13 7.79 9.65 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 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.17 (22) Index 7.23 (18) Median 6.68 10.53 (51) 10.76 (41) 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 Page 38 Strategy Review Vanguard Target Retirement 2065 Fund I Vanguard Target 2065 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 18.70 10.60 1.24 99.58 9 100.92 3 Investment 9.98 13.02 0.56 100.17 13 101.96 7 Index 18.93 10.49 1.27 100.00 9 100.00 3 Index 10.25 12.87 0.59 100.00 13 100.00 7 Risk and Return 3 Years 19.0 18.4 10.4 10.5 10.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2065+ o.o Y C � 25.0 - m c cdi 50.0 N IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 10.7 12/25 75-95 Count Risk and Return 5 Years 10.3 10.2 y 10.1 10.0 Ee 9.9 12.8 12.9 13.0 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2065+ 0.0----------- ♦ 40 04 090 25.0 00 = c c� 50.0 - d IL c m 75.0 - a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 13.1 12/25 75-95 Count Investment 20 0 (0%) 16 (80%) 4 (20%) 0 (0%) Investment 14 1 (7%) 8 (57%) 4 (29%) 1 (7%) Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%) Index 14 8 (57%) 6 (43%) 0 (0%) 0 (0%) Page 39 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2060 Peer Group Analysis - Target -Date 2060 26.0 36.0 - 23.0 28.0 - O• O• 00 20.0 00 20.0- O• 00 17.0 12.0 - 14.0 E E 11.0 - y 4.0 - tY tY 8.0 - -4.0 00 5.0- -12.0 2.0 - 00 -20.0 -1.0 -4.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 3.06 (37) 21.42 (16) 21.42 (16) 17.97 (29) 18.71 (32) 8.40 (17) 9.96 (30) O Investment 14.63 (45) 20.18 (47) -17.46 (24) 16.44 (77) 16.32 (40) 24.96 (55) -7.87 (30) • Index 3.21 (21) 21.49 (13) 21.49 (13) 18.16 (20) 18.93 (23) 8.68 (9) 10.25 (20) • Index 14.92 (39) 20.48 (36) -17.07 (19) 16.75 (69) 17.17 (31) 25.37 (41) -7.77 (27) Median 2.94 19.94 19.94 17.27 18.04 7.73 9.56 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 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.17 (17) Index 7.23 (12) Median 6.63 10.56 (37) 10.76 (30) 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 Page 40 Strategy Review Vanguard Target Retirement 2060 Fund I Vanguard Target 2060 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 18.71 10.61 1.24 99.62 9 100.92 3 Investment 9.96 13.02 0.56 100.12 13 101.97 7 Index 18.93 10.49 1.27 100.00 9 100.00 3 Index 10.25 12.87 0.59 100.00 13 100.00 7 Risk and Return 3 Years 19.0 18.4 10.4 10.5 10.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 25.0 ��y� ♦♦ ,mod cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 10.7 12/25 75-95 Count Risk and Return 5 Years 10.3 10.2 y 10.1 10.0 9.9 12.8 12.9 13.0 13.1 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2060 0.0 f � 25.0 c� 50.0 d IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 14 (70%) 4 (20%) 0 (0%) Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%) Page 41 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2055 Peer Group Analysis - Target -Date 2055 26.0 36.0 23.0 28.0 - O• O• 00 20.0 ai 20.0- O• 00 17.0 60L• 12.0 - 14.0 c c 11.0 - y 4.0 - tY O • tY O 8.0 - -4.0 O• 5.0- -12.0 2.0 - 00 -20.0 -1.0 -4.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 3.06 (32) 21.43 (15) 21.43 (15) 17.99 (26) 18.71 (30) 8.40 (16) 9.96 (27) O Investment 14.64 (43) 20.16 (45) -17.46 (25) 16.44 (75) 16.32 (40) 24.98 (45) -7.89 (34) • Index 3.21 (20) 21.49 (13) 21.49 (13) 18.16 (19) 18.93 (21) 8.68 (10) 10.25 (17) • Index 14.92 (36) 20.48 (35) -17.07 (18) 16.75 (64) 17.17 (29) 25.37 (34) -7.77 (29) Median 2.94 19.89 19.89 17.21 17.96 7.70 9.53 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 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.18 (11) Index 7.23 (9) Median 6.59 10.54 (29) 10.76 (26) 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 Page 42 Strategy Review Vanguard Target Retirement 2055 Fund I Vanguard Target 2055 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 18.71 10.62 1.24 99.72 9 101.19 3 Investment 9.96 13.04 0.56 100.20 13 102.08 7 Index 18.93 10.49 1.27 100.00 9 100.00 3 Index 10.25 12.87 0.59 100.00 13 100.00 7 Risk and Return 3 Years 19.0 18.4 10.4 10.5 10.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 25.0 �� ♦ ��I �� = b cdi 50.0 d IL e y 75.0 ' K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 10.7 12/25 75-95 Count Risk and Return 5 Years 10.3 10.2 y 10.1 10.0 u 9.9 12.8 12.9 13.0 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2055 0.0 c 25.0 K m c c� 50.0 - d IL c m 75.0 a ir 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 13.1 12/25 75-95 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 December 31, 2025 Peer Group Analysis - Target -Date 2050 Peer Group Analysis - Target -Date 2050 26.0 36.0 - 23.0 28.0 - 0• 0• 00 20.0 00 20.0- 00 00 17.0 00 00 0 12.0 - 14.0 E E 11.0 - y 4.0 - tY tY � � 8.0 - 4.0 00 5.0- -12.0 2.0 - 00 -20.0 -1.0 -4.0 -28.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 3.05 (30) 21.41 (13) 21.41 (13) 17.98 (20) 18.70 (24) 8.39 (11) 9.95 (23) O Investment 14.64 (40) 20.17 (39) -17.46 (29) 16.41 (71) 16.39 (35) 24.98 (42) -7.90 (33) • Index 3.19 (18) 21.47 (12) 21.47 (12) 18.15 (14) 18.92 (15) 8.67 (7) 10.24 (11) • Index 14.92 (32) 20.48 (29) -17.07 (19) 16.75 (59) 17.17 (27) 25.37 (30) -7.77 (27) Median 2.86 19.53 19.53 17.04 17.92 7.50 9.43 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 Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.17 (9) 10.55 (24) Index 7.23 (6) 10.76 (20) Median 6.54 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 Page 44 Strategy Review Vanguard Target Retirement 2050 Fund I Vanguard Target 2050 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 18.70 10.61 1.24 99.67 9 101.02 3 Investment 9.95 13.03 0.56 100.19 13 102.10 7 Index 18.92 10.49 1.27 100.00 9 100.00 3 Index 10.24 12.87 0.59 100.00 13 100.00 7 Risk and Return 3 Years 19.0 18.4 10.4 10.5 10.6 10.7 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 25.0 ��y� �`�i��y►..�� cdi 50.0 d ir a y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 10.3 10.2 e 3 10.1 G1 10.0 9.9 12.8 12.9 13.0 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Target -Date 2050 0.0 25.0 m c c� 50.0 - d IL E m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 13.1 12/25 75-95 Count Investment 20 5 (25%) 14 (70%) 1 (5%) 0 (0%) Investment 20 6 (30%) 14 (70%) 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 45 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2045 Old Peer Group Analysis - Target -Date 2045 26.0 1 36.0 23.0 20.0 00 O O• 17.0 O • 14.0 c 11.0 - tY ■8.0 - 5.0 - 2.0 - -1.0 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.87 (38) 19.99 (25) 19.99 (25) 16.91 (35) 17.76 (36) 7.79 (27) 9.41 (38) • Index 3.00 (28) 20.00 (25) 20.00 (25) 17.00 (33) 17.92 (32) 8.03 (17) 9.66 (20) Median 2.76 18.75 18.75 16.50 17.33 7.21 9.18 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Investment 6.72 (22) Index 6.77 (18) Median 6.32 9.75 (32) 9.87 (27) 9.39 -0.40 (41) -0.69 (62) -0.52 NM ME -12.0 -20.0 -28.0 O• 00 00 00 O0 O• 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 Dec-2024 Sep-2024 Jun-2024 -1.46 (32) -1.54 (36) -1.32 6.57 (25) 6.77 (15) 6.28 1.90 (36) 1.95 (31) 1.71 Page 46 Strategy Review Vanguard Target Retirement 2045 Fund I Vanguard Target 2045 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 17.76 10.20 1.20 99.84 9 101.00 3 Investment 9.41 12.65 0.53 100.33 13 102.16 7 Index 17.92 10.08 1.23 100.00 9 100.00 3 Index 9.66 12.48 0.56 100.00 13 100.00 7 Risk and Return 3 Years 18.0 17.7 10.0 10.1 10.2 10.3 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 ,, '00k, 25.0 cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 9.8 9.6 9.4 9.2 12.4 12.5 12.6 12.7 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2045 0.0 25.0 K d c c� 50.0 - a c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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 3 (15%) 17 (85%) 0 (0%) 0 (0%) Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Index 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Page 47 Peer Group Analysis - Target -Date 2040 26.0 c PAKI] 20.0 0• 0• 17.0 0 • 0• 14.0 11.0 8.0 61111 2.0 O• -1.0 0 • 09 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.69 (35) 18.76 (28) 18.76 (28) 15.78 (36) 16.63 (37) 7.13 (27) 8.57 (44) • Index 2.81 (25) 18.77 (27) 18.77 (27) 15.84 (36) 16.76 (33) 7.37 (20) 8.82 (29) Median 2.58 17.55 17.55 15.30 16.21 6.62 8.47 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2040 38.0 32.0 26.0 0• 20.0 0• 14.0 • 8.0 3 d 2.0 - -4.0 - 0 -10.0 - -16.0 - 0 -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 Dec-2024 Sep-2024 Jun-2024 Investment 6.23 (25) 9.09 (26) -0.21 (48) -1.50 (24) 6.43 (26) 1.73 (37) Index 6.30 (19) 9.18 (26) -0.46 (70) -1.58 (29) 6.61 (15) 1.77 (31) Median 5.89 8.55 -0.22 -1.89 6.14 1.59 Page 48 Strategy Review Vanguard Target Retirement 2040 Fund I Vanguard Target 2040 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 16.63 9.66 1.16 99.93 9 101.09 3 Investment 8.57 11.93 0.49 100.29 13 102.15 7 Index 16.76 9.53 1.19 100.00 9 100.00 3 Index 8.82 11.77 0.52 100.00 13 100.00 7 Risk and Return 3 Years 16.8 16.7 16.5 9.5 9.6 9.7 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 '0 25.0 ♦� V ��oo cdi 50.0 �✓� d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 8.9 8.8 c 3 8.7 v D: 8.6 8.5 11.7 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2040 0.0 Y 'A, 25.0 ------�`�'I �`-------� ♦♦� chi 50.0 - ,�♦ d IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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 5 (25%) 14 (70%) 1 (5%) 0 (0%) Index 20 11 (55%) 8 (40%) 1 (5%) 0 (0%) Page 49 Peer Group Analysis - Target -Date 2035 23.0 rM 17.0 O• O• 14.0 11.0 c 3 N 8.0 5.0 2.0 O • -1.0 QJ O• 00 00 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.49 (21) 17.54 (14) 17.54 (14) 14.63 (16) 15.46 (18) 6.43 (13) 7.71 (23) • Index 2.62 (11) 17.54 (14) 17.54 (14) 14.69 (14) 15.59 (12) 6.69 (6) 7.97 (14) Median 2.31 15.98 15.98 13.72 14.59 5.64 7.31 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2035 32.0 26.0 O• 20.0 O• O • 14.0 O• O• 8.0 c 2.0 tY -4.0 O• -10.0 -16.0 O -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 11.78 (26) 17.14 (26) -16.62 (38) 12.96 (78) 14.79 (39) 22.44 (46) -6.58 (29) • Index 11.90 (21) 17.43 (18) -16.10 (25) 13.24 (70) 15.67 (25) 22.76 (37) -6.46 (26) Median 11.22 16.37 -17.13 13.87 14.05 22.33 -7.34 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 5.77 (10) 8.38 (18) 0.04 (71) -1.61 (18) 6.30 (19) 1.55 (29) Index 5.84 (4) 8.47 (13) -0.23 (86) -1.62 (19) 6.44 (13) 1.60 (26) Median 5.22 7.54 0.21 -2.00 6.00 1.38 Page 50 Historical Statistics 3 Years Return Standard Sharpe Market Up Up Market Down Down Deviation Ratio Capture Quarters Capture Quarters Strategy Review Vanguard Target Retirement 2035 Fund I Vanguard Target 2035 Composite Index As of December 31, 2025 Historical Statistics 5 Years Return Standard Sharpe Market Up Up Market Down Down Deviation Ratio Capture Quarters Capture Quarters Investment 15.46 9.15 1.11 100.36 10 102.55 2 Investment 7.71 Index 15.59 9.00 1.14 100.00 100.00 Index 7.97 Risk and Return 3 Years Risk and Return 5 Years 15.7 1 8.2 15.4 ' 8.9 9.0 9.1 9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 25.0 `w IL 50.0 E y 75.0 100.0 i 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 8.0 E w 7.8 11.24 0.45 100.51 14 102.73 6 11.07 0.47 7.6 11.0 11.1 11.2 11.3 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2035 0.0 25.0 __��►� �� 7c ti 50.0 I v a 3 v 75.0 - 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 3 (15%) 12 (60%) 5 (25%) 0 (0%) Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%) Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%) Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%) Page 51 Peer Group Analysis - Target -Date 2030 20.0 17.0 14.0 11.0 c L 8.0 5.0 2.0 0 • -1.0 0• 0• 0• 00 00 00 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.30 (16) 16.24 (10) 16.24 (10) 13.40 (3) 14.27 (3) 5.72 (4) 6.83 (10) • Index 2.43 (6) 16.28 (10) 16.28 (10) 13.52 (2) 14.42 (1) 6.01 (1) 7.11 (5) Median 2.04 14.45 14.45 12.05 12.90 4.75 6.08 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2030 32.0 26.0 0 • 20.0 00 14.0 0 0 0• 00 8.0 c 2.0 ti -4.0 0• -10.0 -16.0 0 -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 10.64 (13) 16.03 (6) -16.27 (47) 11.38 (54) 14.10 (35) 21.07 (33) -5.86 (34) • Index 10.82 (9) 16.26 (5) -15.71 (34) 11.66 (47) 14.98 (17) 21.34 (27) -5.72 (30) Median 9.47 14.45 -16.35 11.53 13.10 20.38 -6.49 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 5.31 (2) 7.67 (5) 0.21 (86) -1.69 (18) 6.17 (15) 1.37 (22) Index 5.37 (1) 7.74 (3) -0.01 (93) -1.66 (16) 6.27 (11) 1.42 (19) Median 4.68 6.49 0.63 -2.01 5.80 1.15 Page 52 Strategy Review Vanguard Target Retirement 2030 Fund I Vanguard Target 2030 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 14.27 8.62 1.05 100.26 10 102.55 2 Investment 6.83 10.55 0.39 100.38 14 102.79 6 Index 14.42 8.48 1.09 100.00 9 100.00 3 Index 7.11 10.38 0.42 100.00 13 100.00 7 Risk and Return 3 Years 14.5 14.2 8.4 8.5 8.6 8.7 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 ••••��, ,or 25.0 �rI ��►� m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 7.2 7.0 6.8 6.6 10.3 10.4 10.5 10.6 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2030 0.0 m 25.0 - c c� d IL 50.0 - c m 75.0 : a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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 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%) Page 53 Peer Group Analysis - Target -Date 2025 20.0 18.0 16.0 O• O• 14.0 00 12.0 Q 10.0 L 7 N 8.0 6.0 O 00 4.0 2.0 Q 0.0 -2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.00 (34) 14.60 (24) 14.60 (24) 11.99 (9) 12.84 (7) 4.95 (8) 5.90 (16) • Index 2.13 (13) 14.65 (23) 14.65 (23) 12.11 (6) 12.98 (3) 5.22 (1) 6.17 (6) Median 1.92 13.33 13.33 10.83 11.53 4.15 5.33 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of December 31, 2025 Peer Group Analysis - Target -Date 2025 30.0 25.0 20.0 O 15.0 O 10.0 00 0• 5.0 3 d tY 0.0 -5.0 p -10.0 -15.0 O -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 Dec-2024 Sep-2024 Jun-2024 Investment 4.69 (17) 6.65 (12) 0.64 (86) -1.64 (15) 5.85 (26) 1.26 (19) Index 4.73 (14) 6.71 (6) 0.44 (92) -1.59 (12) 5.89 (24) 1.28 (14) Median 4.30 5.34 1.11 -2.04 5.60 1.04 Page 54 Strategy Review Vanguard Target Retirement 2025 Fund I Vanguard Target 2025 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 12.84 7.81 0.99 100.34 10 102.89 2 Investment 5.90 9.62 0.32 100.46 14 103.04 6 Index 12.98 7.66 1.03 100.00 10 100.00 2 Index 6.17 9.45 0.36 100.00 14 100.00 6 Risk and Return 3 Years 13.1 13.0 c 3 G! C 12.9 0 12.8 - 7.6 7.7 7.8 7.9 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2025 0.0 c 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 6.4 6.2 c 3 G1 C 6.0 5.8 9.4 9.5 9.6 9.7 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date 2025 0.0 ,y'� c 25.0 - m c c� 50.0 - N IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 12/25 75-95 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 12.0 0 • 0 • 00 10.0 0 c 8.0 tY 6.0 4.0 2.0 0 • 0.0 -2.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.63 (79) 12.15 (75) 12.15 (75) 9.93 (64) 10.78 (51) 3.94 (42) 4.77 (56) • Index 1.74 (66) 12.22 (73) 12.22 (73) 10.04 (60) 10.91 (45) 4.14 (26) 4.98 (38) Median 1.83 12.87 12.87 10.27 10.79 3.77 4.80 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of December 31, 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 Dec-2024 Sep-2024 Jun-2024 Investment 3.80 (64) 5.12 (56) 1.13 (67) -1.59 (13) 5.37 (58) 1.05 (40) Index 3.86 (62) 5.19 (52) 0.96 (81) -1.55 It 1) 5.41 (52) 1.06 (36) Median 4.01 5.28 1.34 -2.12 5.45 1.00 Page 56 Strategy Review Vanguard Target Retirement 2020 Fund I Vanguard Target 2020 Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 10.78 6.69 0.87 100.05 10 102.15 2 Investment 4.77 8.29 0.23 100.42 14 102.79 6 Index 10.91 6.59 0.90 100.00 10 100.00 2 Index 4.98 8.17 0.26 100.00 14 100.00 6 Risk and Return 3 Years Risk and Return 5 Years 11.0 5.1 5.0 10.9 IRV e e c c 3 3 4.9 v v D: D: 10.8 4.8 10.7 4.7 6.5 6.6 6.7 6.8 8.1 8.2 8.3 8.4 Risk (Standard Deviation %) Risk (Standard Deviation %) OInvestment • Index O Investment • Index 3 Years Rolling Percentile Ranking vs. Target -Date 2020 5 Years Rolling Percentile Ranking vs. Target -Date 2020 0.0 0.0 O*ft4o 25.0 tiI �� ,� 25.0 I~�, go' K m d IL 50.0 ,M.0 chi d a 50.0 - y 75.0 m 75.0 100.0 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Count Count Count Count Investment 20 0 (0%) 15 (75%) 5 (25%) 0 (0%) Investment 20 1 (5%) 15 (75%) 4 (20%) 0 (0%) Index 20 8 (40%) 12 (60%) 0 (0%) 0 (0%) Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%) Page 57 Peer Group Analysis - Target -Date Retirement 16.0 14.0 12.0 Q• Q• 10.0 Q� 8.0 c L 3 d W 6.0 4.0 2.0 Q• 0.0 -2.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.55 (40) 11.31 (31) 11.31 (31) 8.91 (45) 9.52 (46) 3.47 (35) 3.82 (46) • Index 1.61 (36) 11.37 (29) 11.37 (29) 9.03 (41) 9.62 (41) 3.63 (28) 3.99 (38) Median 1.44 10.50 10.50 8.73 9.35 3.12 3.76 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of December 31, 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 Dec-2024 Sep-2024 Jun-2024 Investment 3.42 (51) 4.55 (28) 1.37 (47) -1.57 (12) 5.12 (50) 0.89 (41) Index 3.53 (47) 4.61 (26) 1.21 (59) -1.53 It 1) 5.14 (49) 0.91 (37) Median 3.42 4.12 1.31 -2.08 5.12 0.84 Page 58 Strategy Review Vanguard Target Retirement Income Fund I Vanguard Target Income Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Up Up Sharpe Down Down Standard Up Up Sharpe Down Down Return Deviation Market Ratio Quarters Market Quarters Return Deviation Market Ratio Quarters Market Quarters Capture Capture Capture Capture Investment 9.52 5.95 0.77 100.24 10 102.49 2 Investment 3.82 7.10 0.13 100.53 14 102.76 6 Index 9.62 5.86 0.80 100.00 100.00 Index 3.99 7.00 0.15 100.00 Risk and Return 3 Years Risk and Return 5 Years 9.7 4.1 4.0 9.6 E 3.9 w w 3.8 O 9.5 O 3.7 5.8 5.9 6.0 6.9 7.0 7.1 7.2 Risk (Standard Deviation %) Risk (Standard Deviation %) O Investment is Index O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 0.0 ti�� ♦♦ ��-�• 25.0 �� 10 25.0 �I�� A u 50.0 ` a u 50.0 - v a c y 75.0 E v 75.0 - 100.0 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Count Count Count Count Investment 20 1 (5%) 18 (90%) 1 (5%) 0 (0%) Investment 20 2 (10%) 16 (80%) 2 (10%) 0 (0%) Index 20 6 (30%) 14 (70%) 0 (0%) 0 (0%) Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%) Page 59 Peer Group Analysis - Moderate Allocation 23.0 20.0 00 Q 17.0 Q• 00 14.0 ' 11.0 c 3 N 8.0 5.0 00 2.0 -1.0 -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR - 5 YR O Investment 2.79 (23) 19.63 (2) 19.63 (2) 16.36 (5) 17.08 (5) 7.40 (8) 8.76 (17) • Index 2.95 (17) 19.76 (2) 19.76 (2) 16.54 (5) 17.33 (4) 7.76 (6) 9.10 (11) Median 2.14 13.15 13.15 12.86 13.67 5.83 7.57 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of December 31, 2025 Peer Group Analysis - Moderate Allocation 32.0 26.0 00 20.0 - ' 00 • 14.0 - 00 Q 8.0 - c 2.0 - -4.0 - Q• -10.0 - -16.0 Q -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 13.18 (36) 18.55 (13) -17.09 (83) 14.35 (46) 15.45 (24) 23.13 (12) -6.90 (66) • Index 13.41 (35) 18.91 (11) -16.50 (75) 14.60 (44) 16.37 (19) 23.46 (9) -6.78 (65) Median 11.81 14.17 -14.85 14.13 12.28 19.51 -5.54 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 6.55 (6) 9.58 (3) -0.32 (44) -1.56 (67) 6.50 (16) 1.79 (37) Index 6.63 (5) 9.74 (3) -0.59 (51) -1.55 (67) 6.69 (12) 1.86 (36) Median 4.77 6.89 -0.56 -0.83 5.55 1.31 Page 60 Strategy Review Vanguard LifeStrategy Growth Inv I Vanguard LifeStrategy Growth Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 17.08 9.90 1.18 99.79 9 101.85 3 Investment 8.76 12.09 0.50 100.17 13 102.55 7 Index 17.33 9.75 1.22 100.00 9 100.00 3 Index 9.10 11.91 0.54 100.00 13 100.00 7 Risk and Return 3 Years 17.4 1 17.3 E 17.2 3 G! C 17.0 9.7 9.8 9.9 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 00 25.0 cdi 50.0 d IL ek9 y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 10.0 Risk and Return 5 Years 9.2 9.0 3 G1 C 8.8 8.6 11.8 11.9 12.0 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 � 25.0 m � c c� 50.0 - 12.1 12.2 y m 75.0 a 100.0 12/25 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 75-95 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Count Investment 20 9 (45%) 7 (35%) 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%) Page 61 Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of December 31, 2025 Peer Group Analysis - Moderate Allocation 23.0 rM 17.0 00 00 14.0 ' 00 11.0 c 3 m 8.0 5.0 2.0 00 -1.0 -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.32 (41) 16.24 (15) 16.24 (15) 13.24 (46) 13.98 (45) 5.61 (57) 6.49 (75) • Index 2.45 (35) 16.33 (15) 16.33 (15) 13.39 (43) 14.18 (41) 5.92 (47) 6.80 (68) Median 2.14 13.15 13.15 12.86 13.67 5.83 7.57 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Peer Group Analysis - Moderate Allocation 32.0 26.0 20.0 - O 1 14.0 - • O 8.0 - c 2.0 - -4.0 - -10.0 - -16.0 O -22.0 -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 10.31 (71) 15.49 (35) -16.00 (66) 10.08 (90) 13.59 (34) 19.37 (54) -4.91 (41) • Index 10.53 (69) 15.79 (33) -15.45 (56) 10.38 (88) 14.50 (29) 19.67 (48) -4.81 (39) Median 11.81 14.17 -14.85 14.13 12.28 19.51 -5.54 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 5.29 (33) 7.65 (31) 0.22 (30) -1.74 (72) 6.16 (29) 1.33 (50) Index 5.39 (29) 7.72 (30) 0.02 (34) -1.67 (71) 6.24 (25) 1.38 (49) Median 4.77 6.89 -0.56 -0.83 5.55 1.31 Page 62 Strategy Review Vanguard LifeStrategy Mod Gr Inv Shrs I Vanguard LifeStrategy Moderate Growth Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 13.98 8.48 1.04 100.07 10 102.65 2 Investment 6.49 10.23 0.37 100.30 14 102.98 6 Index 14.18 8.35 1.08 100.00 10 100.00 2 Index 6.80 10.06 0.40 100.00 14 100.00 6 Risk and Return 3 Years 14.3 1 14.2 1 c 3 14.1 G! C 14.0 0 13.9 8.3 8.4 8.5 8.6 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 I 25.0 m 50.0IL •,,�, ,�� I 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 7.0 6.8 c 3 G1 C 6.6 6.4 10.0 10.1 10.2 10.3 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderate Allocation 0.0 � 25.0 -� m c 50.0 - ��►�M�� m 75.0 a d 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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%) 0 (0%) 12 (60%) 8 (40%) Index 20 0 (0%) 6 (30%) 7 (35%) 7 (35%) Index 20 0 (0%) 2 (10%) 17 (85%) 1 (5%) Page 63 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of December 31, 2025 Peer Group Analysis - Moderately Conservative Allocation 18.0 16.0 14.0 O• O• 12.0 10.0 00 8.0 3 d tY 6.0 _ 4.0 - 00 2.0 - 0 0.0 - -2.0 - -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.83 (55) 12.86 (25) 12.86 (25) 10.17 (44) 10.93 (25) 3.79 (56) 4.24 (73) • Index 1.95 (43) 12.96 (24) 12.96 (24) 10.29 (41) 11.08 (22) 4.05 (43) 4.48 (64) Median 1.87 11.53 11.53 10.01 10.16 3.84 4.96 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Peer Group Analysis - Moderately Conservative Allocation 30.0 25.0 20.0 15.0 00 O• O0 10.0 00 5.0 00 L 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 (59) 12.48 (12) -14.99 (81) 6.05 (96) 11.51 (18) 15.68 (43) -2.95 (13) • Index 7.68 (56) 12.69 (10) -14.50 (73) 6.25 (94) 12.27 (15) 15.94 (38) -2.88 (12) Median 8.15 10.51 -12.82 8.62 8.43 15.20 -4.52 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 4.07 (34) 5.66 (14) 0.79 (60) -1.86 (55) 5.74 (50) 0.90 (35) Index 4.15 (31) 5.70 (13) 0.64 (63) -1.79 (50) 5.77 (48) 0.91 (35) Median 3.76 4.47 1.04 -1.80 5.74 0.62 Page 64 Strategy Review Vanguard LifeStrategy Cnsry Gr Inv I Vanguard LifeStrategy Conservative Growth Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 10.93 7.16 0.83 100.21 10 102.77 2 Investment 4.24 8.46 0.17 100.58 14 103.24 6 Index 11.08 7.05 0.86 100.00 10 100.00 2 Index 4.48 8.34 0.20 100.00 14 100.00 6 Risk and Return 3 Years 11.2 ITU 10.9 7.0 7.1 7.2 Risk (Standard Deviation %) OInvestment • Index 3 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 Y 25.0 -----1 �, ♦♦ I m 'rrr I ` 50.0 IL E y 75.0 �� ♦♦♦ 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 4.6 4.4 c 3 G1 C 4.2 4.0 8.3 8.4 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Moderately Conservative Allocation 0.0 Y 25.0 8.5 C 4*` a50.0 - ``��r♦♦ ,,��N��1� E m 75.0 �r♦I 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 1 (5%) 5 (25%) 8 (40%) 6 (30%) Investment 20 0 (0%) 5 (25%) 14 (70%) 1 (5%) Index 20 1 (5%) 7 (35%) 9 (45%) 3 (15%) Index 20 0 (0%) 11 (55%) 8 (40%) 1 (5%) Page 65 Peer Group Analysis - Target -Date Retirement 16.0 14.0 12.0 10.0 0• 0• 8.0 c m 0• 6.0 4.0 2.0 00 0.0 an -2.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.33 (65) 9.42 (81) 9.42 (81) 7.01 (88) 7.83 (76) 1.92 (98) 1.92 (99) • Index 1.44 (49) 9.50 (81) 9.50 (81) 7.16 (82) 7.97 (74) 2.10 (94) 2.12 (97) Median 1.44 10.50 10.50 8.73 9.35 3.12 3.76 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of December 31, 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 Dec-2024 Sep-2024 Jun-2024 Investment 2.84 (74) 3.52 (64) 1.43 (42) -2.04 (46) 5.30 (37) 0.45 (87) Index 2.92 (66) 3.53 (64) 1.30 (52) -1.91 (35) 5.28 (38) 0.42 (88) Median 3.42 4.12 1.31 -2.08 5.12 0.84 Page 66 Strategy Review Vanguard LifeStrategy Income Inv I Vanguard LifeStrategy Income Composite Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 7.83 6.03 0.50 99.49 10 101.16 2 Investment 1.92 6.88 -0.15 99.37 13 101.56 7 Index 7.97 5.95 0.53 100.00 10 100.00 2 Index 2.12 6.83 -0.12 100.00 13 100.00 7 Risk and Return 3 Years 8.0 7.9 e 3 O 7.8 7.7 5.9 6.0 6.1 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y _r C � 25.0 m 50.0 IL ♦♦♦ 40 % %, y75.0 � ,, ,•••-• 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 2.2 `A y 2.0 1.9 1.8 6.8 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Target -Date Retirement 0.0 Y C 25.0 r m c 50.0 IL m � 75.0 ♦MN��••N♦ 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 6.9 12/25 75-95 Count Investment 20 0 (0%) 0 (0%) 3 (15%) 17 (85%) Investment 20 0 (0%) 0 (0%) 0 (0%) 20 (100%) Index 20 0 (0%) 1 (5%) 5 (25%) 14 (70%) Index 20 0 (0%) 0 (0%) 6 (30%) 14 (70%) Page 67 Peer Group Analysis - Large Growth 44.0 38.0 32.0 26.0 20.0 c 14.0 - lY 8.0 - 2.0 - 0 -4.0 - -10.0 - -16.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 0.21 (64) 14.60 (62) 14.60 (62) 21.92 (57) 28.57 (48) 9.95 (41) 12.77 (32) • Index 1.12 (45) 18.56 (24) 18.56 (24) 25.74 (24) 31.15 (26) 12.44 (11) 15.32 (7) Median 0.89 15.63 15.63 22.60 28.29 9.26 11.50 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of December 31, 2025 Peer Group Analysis - Large Growth 100.0 80.0 60.0 - 40.0 - 20.0 c 3 d tY 0.0 - -20.0 -40.0 -60.0 00 00 -80.0 2024 2023 2022 2021 2020 2019 2018 O Investment 29.72 (51) 42.99 (30) -31.25 (51) 24.81 (30) 37.38 (45) 33.67 (44) 3.74 (9) • Index 33.36 (29) 42.68 (32) -29.14 (34) 27.60 (15) 38.49 (40) 36.39 (21) -1.51 (51) Median 29.77 39.34 -31.16 21.97 35.98 33.02 -1.43 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 3.28 (90) 20.61 (19) -8.19 (35) 4.89 (55) 2.23 (68) 6.92 (38) Index 10.51 (17) 17.84 (48) -9.97 (61) 7.07 (24) 3.19 (48) 8.33 (16) Median 7.55 17.75 -9.27 5.25 3.12 5.92 Page 68 Strategy Review NYLI Winslow Large Cap Growth Class I I Russell 1000 Growth Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 28.57 16.00 1.37 99.01 10 114.78 2 Investment 12.77 19.52 0.56 98.73 15 108.38 5 Index 31.15 14.71 1.62 100.00 10 100.00 2 Index 15.32 18.26 0.71 100.00 15 100.00 5 Risk and Return 3 Years 32.0 31.0 30.0 3 Gl C 29.0 l-J 28.0 ' 14.4 14.7 15.0 15.3 15.6 15.9 16.2 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Growth 0.0 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 16.0 15.0 14.0 3 G1 C 13.0 12.0 I 18.0 18.3 18.6 18.9 19.2 19.5 19.8 20.1 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Large Growth 0.0 -------------- Y 25.0 -- i� m c c� 50.0 - d a c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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 32.0 28.0 24.0 20.0 16.0 O • c L 12.0 8.0 4.0 - 0.0 - -4.0 -8.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 2.44 (49) 17.12 (40) 17.12 (40) 20.38 (42) 22.23 (40) 10.10 (47) 13.06 (52) • Index 2.45 (48) 17.15 (40) 17.15 (40) 20.42 (42) 22.24 (39) 10.12 (46) 13.08 (51) Median 2.42 16.43 16.43 19.84 21.48 9.91 13.09 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market Index As of December 31, 2025 Peer Group Analysis - Large Blend 44.0 - 36.0 O• 28.0 O• O• 20.0- 00 12.0 - c L 4.0 - -4.0 - -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 (41) -5.17 (41) • Index 23.77 (45) 25.98 (34) -19.49 (73) 25.72 (61) 20.99 (22) 30.84 (40) -5.17 (41) Median 23.22 24.61 -18.19 26.61 17.53 29.99 -5.63 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 8.24 (18) 10.99 (40) -4.83 (65) 2.62 (22) 6.17 (29) 3.25 (51) Index 8.24 (18) 11.00 (39) -4.82 (65) 2.63 (22) 6.18 (29) 3.25 (51) Median 7.30 10.80 -4.39 2.04 5.74 3.27 Page 70 Strategy Review Vanguard Total Stock Mkt Idx Adm I CRSP U.S. Total Market Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 22.23 12.38 1.32 99.99 10 100.05 2 Investment 13.06 15.26 0.68 99.98 14 100.06 6 Index 22.24 12.38 1.32 100.00 10 100.00 2 Index 13.08 15.26 0.68 100.00 14 100.00 6 Risk and Return 3 Years 22.3 e ►-J 22.2 12.3 12.4 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Blend 0.0 25.0 m cdi 50.0 d IL eNF y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 13.1 e 13.0 15.2 15.3 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Blend 0.0 25.0 - m c c� 50.0 - d IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 2 (10%) 11 (55%) 7 (35%) 0 (0%) Investment 20 3 (15%) 16 (80%) 1 (5%) 0 (0%) Index 20 2 (10%) 11 (55%) 7 (35%) 0 (0%) Index 20 3 (15%) 16 (80%) 1 (5%) 0 (0%) Page 71 Peer Group Analysis - Large Value 26.0 23.0 20.0 O O 17.0 14.0 c 11.0 - tY 8.0 - 5.0 - 2.0 - -1.0 - -4.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.47 (25) 18.69 (15) 18.69 (15) 16.47 (26) 17.98 (10) 9.29 (35) 12.99 (25) • Index 3.81 (38) 15.91 (44) 15.91 (44) 15.13 (44) 13.90 (46) 8.11 (58) 11.33 (59) Median 3.25 15.46 15.46 14.73 13.63 8.52 11.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Investment 7.09 (15) Index 5.33 (48) Median 5.27 6.80 (12) 3.79 (57) 4.21 -0.66 (88) 2.14 (40) 1.57 Strategy Review Vanguard Windsor II Admiral I Russell 1000 Value Index As of December 31, 2025 Peer Group Analysis - Large Value 44.0 - 36.0 - 28.0 - 20.0 - 12.0 c 3 d tY MIN -4.0 - -12.0 -20.0 O• -28.0 2024 2023 2022 2021 2020 2019 2018 O Investment 14.29 (53) 21.07 (6) -13.14 (93) 29.08 (19) 14.53 (2) 29.16 (14) -8.53 (48) • Index 14.37 (52) 11.46 (48) -7.54 (67) 25.16 (61) 2.80 (53) 26.54 (37) -8.27 (44) Median 14.51 11.22 -5.63 26.03 2.95 25.54 -8.72 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 -1.19 (37) -1.98 (58) -1.74 5.15 (95) 9.43 (21) 8.07 1.03 (10) -2.17 (70) -1.38 Page 72 Strategy Review Vanguard Windsor II Admiral I Russell 1000 Value Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 17.98 11.14 1.13 98.13 9 68.28 3 Investment 12.99 14.34 0.71 98.62 13 88.38 7 Index 13.90 12.41 0.74 100.00 9 100.00 3 Index 11.33 14.55 0.60 100.00 13 100.00 7 Risk and Return 3 Years 20.0 18.0 O 16.0 3 Gl 14.0 12.0 10.8 11.1 11.4 11.7 12.0 12.3 12.6 12.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Large Value 0.0 I 25.0 m IL 50.0 , ♦h ,♦��♦♦ ♦ M I y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 13.8 13.2 12.6 c 3 12.0 11.4 10.8 14.3 14.4 14.5 14.6 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Large Value 0.0 � 25.0 -� m u 50.0 c�__---_M��♦ ��♦�� ``' ��'``♦♦�.��♦♦ram_ m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 13 (65%) 5 (25%) 2 (10%) 0 (0%) Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%) Index 20 0 (0%) 4 (20%) 16 (80%) 0 (0%) Index 20 0 (0%) 1 (5%) 19 (95%) 0 (0%) Page 73 Peer Group Analysis - Mid -Cap Blend 23.0 841101 17.0 14.0 11.0 O • O • E 8.0 - ' tY 5.0 - 2.0 - -1.0 - -4.0 -7.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.01 (9) 9.78 (39) 9.78 (39) 8.56 (74) 11.27 (71) 3.39 (79) 7.33 (73) • Index 0.16 (68) 10.60 (30) 10.60 (30) 12.95 (27) 14.36 (24) 5.45 (34) 8.67 (48) Median 1.27 8.00 8.00 10.83 12.37 5.12 8.62 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of December 31, 2025 Peer Group Analysis - Mid -Cap Blend 52.0 44.0 36.0 28.0 20.0 0• O• 12.0 - m 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 (36) -17.06 (68) 24.68 (45) 18.96 (17) N/A N/A • Index 15.34 (30) 17.23 (32) -17.32 (72) 22.58 (67) 17.10 (22) 30.54 (25) -9.06 (28) Median 13.62 16.07 -14.62 24.42 12.57 27.21 -11.24 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 4.97 (59) 4.26 (82) -3.56 (30) -3.05 (90) 8.20 (49) -5.21 (89) Index 5.33 (43) 8.53 (30) -3.40 (27) 0.62 (27) 9.21 (24) -3.35 (32) Median 5.19 7.06 -4.62 -0.40 8.09 -3.61 Page 74 Strategy Review Harbor Mid Cap Retirement I Russell Midcap Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 11.27 14.39 0.49 90.29 8 100.01 4 Investment 7.33 15.72 0.33 91.84 12 95.15 8 Index 14.36 15.28 0.65 100.00 9 100.00 3 Index 8.67 16.90 0.39 100.00 13 100.00 7 Risk and Return 3 Years 16.0 10.0 14.2 14.4 14.6 14.8 15.0 15.2 15.4 15.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 25.0 50.0 IL ° y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 9.0 8.5 7.5 EN 7.0 15.3 15.6 15.9 16.2 16.5 16.8 17.1 17.4 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 10 25.0 ` 50.0 - a E m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 13 1 (8%) 0 (0%) 8 (62%) 4 (31%) Investment 5 0 (0%) 0 (0%) 2 (40%) 3 (60%) Index 20 7 (35%) 3 (15%) 10 (50%) 0 (0%) Index 20 5 (25%) 15 (75%) 0 (0%) 0 (0%) Page 75 Peer Group Analysis - Mid -Cap Blend 23.0 alIi1 17.0 14.0 90 11.0 00 00 c 8.0 5.0 p -1.0 O • -4.0 -7.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment -0.82 (80) 11.67 (24) 11.67 (24) 13.43 (21) 14.27 (25) 4.95 (56) 8.60 (52) • Index -0.82 (79) 11.70 (23) 11.70 (23) 13.46 (20) 14.30 (25) 4.97 (54) 8.62 (51) Median 1.27 8.00 8.00 10.83 12.37 5.12 8.62 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap Index As of December 31, 2025 Peer Group Analysis - Mid -Cap Blend 52.0 44.0 36.0 O• 28.0 O• 20.0 j � O • � 12.0 4.0 - -4.0 - -12.0 00 -20.0 -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 15.22 (32) 15.98 (53) -18.71 (79) 24.51 (48) 18.24 (19) 31.03 (23) -9.23 (31) • Index 15.25 (32) 15.98 (53) -18.68 (79) 24.52 (48) 18.24 (19) 31.09 (21) -9.22 (31) Median 13.62 16.07 -14.62 24.42 12.57 27.21 -11.24 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 5.25 (48) 8.69 (28) -1.58 (12) 0.44 (31) 9.36 (21) -2.75 (25) Index 5.25 (48) 8.71 (27) -1.57 It 1) 0.46 (29) 9.37 (20) -2.74 (24) Median 5.19 7.06 -4.62 -0.40 8.09 -3.61 Page 76 Strategy Review Vanguard Mid Cap Index Admiral I CRSP U.S. Mid Cap Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 14.27 14.58 0.67 99.94 8 100.02 4 Investment 8.60 16.53 0.40 99.95 13 100.03 7 Index 14.30 14.58 0.67 100.00 8 100.00 4 Index 8.62 16.53 0.40 100.00 13 100.00 7 Risk and Return 3 Years 14.4 e 14.3 3 G1 14.2 14.5 14.6 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Mid -Cap Blend 0.0 Y C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 8.7 e 8.6 3 G1 C 8.5 16.5 16.6 Risk (Standard Deviation %) O Investment is 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 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 8 (40%) 4 (20%) 7 (35%) 1 (5%) Investment 20 5 (25%) 12 (60%) 3 (15%) 0 (0%) Index 20 8 (40%) 4 (20%) 7 (35%) 1 (5%) Index 20 6 (30%) 12 (60%) 2 (10%) 0 (0%) Page 77 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of December 31, 2025 Peer Group Analysis - Small Blend Peer Group Analysis - Small Blend 23.0 44.0 20.0 - 36.0 17.0 - 28.0 - 00 14.0 - 20.0 - O 6.0 11.0 - 12.0 - 8.0 - 4.0 - tY tY 5.0 - -4.0 - 00 2.0 - 12.0 -1.0 - -20.0 -4.0 - -28.0 -7.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 2.55 (25) 8.75 (44) 8.75 (44) 10.83 (40) 13.21 (33) 5.14 (25) 8.39 (31) O Investment 12.96 (28) 18.11 (28) -15.77 (34) 22.42 (52) 20.39 (14) 26.31 (31) -10.50 (32) • Index 2.19 (39) 12.81 (18) 12.81 (18) 12.17 (26) 13.73 (24) 4.02 (46) 6.09 (72) • Index 11.54 (43) 16.93 (44) -20.44 (84) 14.82 (87) 19.96 (18) 25.53 (41) -11.01 (39) Median 1.89 8.22 8.22 9.48 11.95 3.76 7.19 Median 10.98 16.43 -16.75 22.73 12.84 24.67 -12.02 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 4.68 (83) Index 12.39 (10) Median 8.26 7.68 (35) 8.50 (24) 6.52 -5.93 (17) -9.48 (77) -8.24 0.01 (47) 0.33 (38) -0.18 9.73 (21) 9.27 (34) 8.71 -3.67 (63) -3.28 (49) -3.31 Page 78 Strategy Review MassMutual Small Cap Opps I I Russell 2000 Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 13.21 18.14 0.52 88.89 9 84.75 3 Investment 8.39 18.54 0.36 95.26 13 85.88 7 Index 13.73 19.63 0.52 100.00 9 100.00 3 Index 6.09 19.80 0.24 100.00 13 100.00 7 Risk and Return 3 Years 14.0 13.8 13.6 c 3 13.4 13.2 O 13.0 17.6 18.0 18.4 18.8 19.2 19.6 20.0 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 25.0 ` 50.0 E y 75.0 **I ---------- 100.0 3/21 9/21 3/22 9/22 3123 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 9.0 N 8.1 7.2 3 6.3 5.4 ' 18.6 18.9 19.2 19.5 19.8 20.1 20.4 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y c 0 25.0 - %� m � c 50.0 F- a %i� mr ��' y��►`�'�I�~�~ 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 12 (60%) 8 (40%) 0 (0%) 0 (0%) Investment 20 18 (90%) 2 (10%) 0 (0%) 0 (0%) Index 20 2 (10%) 4 (20%) 6 (30%) 8 (40%) Index 20 2 (10%) 2 (10%) 13 (65%) 3 (15%) Page 79 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap Index As of December 31, 2025 Peer Group Analysis - Small Blend Peer Group Analysis - Small Blend 23.0 44.0 20.0 36.0 17.0 28.0 - O 14.0 20.0- O• O• O• 11.0 12.0 - E E 8.0 - 4.0 - 1 tY ■ tY 5.0 - e -4.0 - 1 O• 2.0 - -12.0 00 -1.0 - -20.0 -4.0 - -28.0 -7.0 -36.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 2024 2023 2022 2021 2020 2019 2018 O Investment 1.81 (53) 8.83 (44) 8.83 (44) 11.50 (34) 13.69 (26) 4.89 (29) 7.34 (47) O Investment 14.23 (22) 18.20 (28) -17.61 (59) 17.73 (79) 19.11 (25) 27.37 (24) -9.31 (22) • Index 1.82 (52) 8.82 (44) 8.82 (44) 11.49 (34) 13.65 (27) 4.86 (29) 7.31 (48) • Index 14.22 (22) 18.09 (28) -17.64 (59) 17.71 (80) 19.07 (25) 27.35 (24) -9.33 (22) Median 1.89 8.22 8.22 9.48 11.95 3.76 7.19 Median 10.98 16.43 -16.75 22.73 12.84 24.67 -12.02 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Dec-2024 Sep-2024 Jun-2024 Investment 7.57 (56) Index 7.55 (57) Median 8.26 7.28 (42) 7.28 (42) 6.52 -7.37 (38) -7.37 (38) -8.24 1.66 (17) 1.66 (17) -0.18 9.02 (40) 9.02 (40) 8.71 -4.14 (75) -4.15 (76) -3.31 Page 80 Strategy Review Vanguard Small Cap Index Admiral Shares I CRSP U.S. Small Cap Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 13.69 17.69 0.55 100.02 9 99.84 3 Investment 7.34 18.32 0.31 100.02 13 99.89 7 Index 13.65 17.70 0.55 100.00 9 100.00 3 Index 7.31 18.32 0.31 100.00 13 100.00 7 Risk and Return 3 Years 13.7 e 13.6 17.5 17.6 17.7 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y C 25.0 m cdi 50.0 d IL e y 75.0 K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 7.4 e 7.3 18.3 18.4 18.5 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Small Blend 0.0 Y C 25.0 m c c� 50.0 - d IL c m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 4 (20%) 9 (45%) 7 (35%) 0 (0%) Investment 20 6 (30%) 13 (65%) 1 (5%) 0 (0%) Index 20 4 (20%) 9 (45%) 7 (35%) 0 (0%) Index 20 6 (30%) 13 (65%) 1 (5%) 0 (0%) Page 81 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of December 31, 2025 Peer Group Analysis - Foreign Large Blend 50.0 45.0 40.0 35.0 O• O• 30.0 25.0 3 d lY 20.0 O• 00 15.0 10.0 _ 5.0 00• 0.0 -5.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 4.50 (46) 32.18 (39) 32.18 (39) 17.89 (43) 17.09 (48) 7.76 (46) 7.93 (54) • Index 4.85 (33) 31.95 (42) 31.95 (42) 18.00 (40) 17.26 (43) 7.85 (44) 8.04 (51) Median 4.36 31.18 31.18 17.32 16.98 7.63 8.06 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Investment 6.96 (13) Index 7.07 It 1) Median 5.16 12.08 (39) 12.43 (33) 11.58 5.51 (78) 4.55 (90) 6.78 Peer Group Analysis - Foreign Large Blend 36.0 28.0 20.0 - 12.0 - 4.0 MIM -12.0 - -20.0 -28.0 O• M O• M O• O• O• -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 5.14 (43) 15.52 (63) -16.01 (52) 8.62 (67) 11.28 (40) 21.51 (61) -14.43 (43) • Index 5.53 (36) 15.79 (56) -16.10 (54) 8.84 (65) 11.24 (40) 21.80 (54) -14.61 (45) Median 4.62 16.28 -15.93 10.28 9.66 22.06 -15.01 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 -7.42 (46) -7.49 (50) -7.49 8.03 (31) 8.39 (20) 7.14 0.80 (37) 0.86 (35) 0.12 Page 82 Strategy Review Vanguard Total Intl Stock Index Admiral I Vanguard Total International Stock Index Hybrid As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 17.09 11.72 1.01 102.96 10 109.17 2 Investment 7.93 14.06 0.40 104.09 14 106.76 6 Index 17.26 11.42 1.05 100.00 10 100.00 2 Index 8.04 13.53 0.41 100.00 14 100.00 6 Risk and Return 3 Years 17.3 17.2 e c 3 G1 K 17.1 O 17.0 11.3 11.4 11.5 11.6 11.7 11.8 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 Y C 25.0 - m w 50.0 �♦I,r �. I IL y 75.0 �♦ K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 8.1 7.9 13.4 13.6 13.8 14.0 14.2 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Foreign Large Blend 0.0 Y C 25.0 - , c IL 50.0 - � h ♦♦^.� m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 5-25 25-Median Median-75 75-95 Total Period Count Count Count Count Investment 20 0 (0%) 8 (40%) 12 (60%) 0 (0%) Investment 20 0 (0%) 7 (35%) 13 (65%) 0 (0%) Index 20 0 (0%) 8 (40%) 11 (55%) 1 (5%) Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Page 83 Peer Group Analysis - Foreign Small/Mid Blend 50.0 44.0 0 0 38.0 32.0 26.0 c L 20.0 14.0 8.0 2.0 -4.0 - -10.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 5.00 (7) 42.85 (1) 42.85 (1) 22.81 (1) 20.22 (1) 9.06 (2) 9.84 (2) • Index 3.69 (26) 34.04 (40) 34.04 (40) 18.14 (37) 17.19 (37) 6.57 (37) 7.24 (50) Median 2.55 30.61 30.61 15.80 15.35 5.77 7.21 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of December 31, 2025 Peer Group Analysis - Foreign Small/Mid Blend 36.0 O 20.0 - 0 12.0 - � � 4.0 - c L 3 d lY -4.0 - -12.0 -20.0 -28.0 -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 5.57 (15) 15.21 (35) -18.58 (40) 13.03 (42) 7.66 (77) 21.66 (52) -18.79 (38) • Index 4.13 (33) 15.30 (29) -19.84 (55) 9.95 (83) 11.70 (37) 25.39 (21) -17.00 (20) Median 2.28 14.78 -19.19 12.76 10.10 21.73 -19.75 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 7.94 (5) 17.88 (41) 6.92 (4) -7.80 (29) 9.14 (32) -1.39 (58) Index 6.30 (32) 16.26 (70) 4.60 (51) -7.22 (18) 10.27 (22) -1.51 (62) Median 3.72 17.54 4.62 -8.10 8.69 -0.97 Page 84 Strategy Review Goldman Sachs Intl Sm Cp Insghts R6 1 MSCI World ex U.S. SMID Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Down Up Down Standard Sharpe Up Down Down Up Return Deviation Ratio Market Market Quarters Return Quarters Deviation Ratio Market Market Quarters Quarters Capture Capture Capture Capture Investment 20.22 12.32 1.18 103.19 8 86.40 4 Investment 9.84 15.40 0.49 106.15 12 94.98 8 Index 3 100.00 100.00 Index 7.24 15.23 0.33 100.00 100.00 Risk and Return 3 Years 22.0 20.0 E v 18.0 16.0 12.0 12.2 12.4 12.6 12.8 13.0 13.2 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 25.0 ` 50.0 IL 75.0 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 11.0 10.0 9.0 8.0 7.0 6.0 15.1 15.2 15.3 15.4 15.5 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Foreign Small/Mid Blend 0.0 C 0 25.0 �► A c 50.0 ♦♦ ♦ I,~,� '000I v 75.0 L 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 6 (30%) 3 (15%) 10 (50%) 1 (5%) - Investment 20 2 (10%) 9 (45%) 9 (45%) 0 (0%) Index 1 (5%) 10 (50%) 8 (40%) 1 (5%) Index 2( 1 (5%) 13 (65%) 6 (30%) 0 (0%) Page 85 Peer Group Analysis - Foreign Value 56.0 50.0 44.0 O O 38.0 • • 32.0 26.0 3 O lY O 20.0 - 14.0 - O e 8.0 - 0 2.0 - -4.0 -10.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 8.44 (13) 45.21 (15) 45.21 (15) 24.58 (16) 22.27 (18) 15.26 (6) 15.93 (5) • Index 7.61 (22) 39.50 (45) 39.50 (45) 21.63 (41) 20.17 (41) 12.22 (36) 11.87 (43) Median 6.35 38.75 38.75 20.68 19.62 11.45 11.32 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Investment 8.82 (12) Index 8.13 (21) Median 6.32 10.66 (65) 10.42 (70) 11.50 11.20 (31) 8.58 (65) 9.76 Strategy Review DFA International Value I I MSCI AC World ex USA Value (Net) As of December 31, 2025 Peer Group Analysis - Foreign Value 36.0 28.0 20.0 - O 00 12.0 - i 4.0 - III E 3 � O -4.0 - -12.0 - -20.0 -28.0 O• -36.0 2024 2023 2022 2021 2020 2019 2018 O Investment 6.88 (27) 17.79 (50) -3.48 (10) 18.69 (5) -2.14 (82) 15.67 (80) -17.49 (61) • Index 6.04 (33) 17.30 (55) -8.59 (36) 10.46 (69) -0.77 (75) 15.72 (80) -13.97 (23) Median 4.51 17.77 -10.38 12.09 2.63 18.54 -16.64 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 -5.93 (21) -7.31 (51) -7.25 6.78 (73) 9.26 (21) 7.85 -0.52 (64) 1.26 (16) 0.10 Page 86 Strategy Review DFA International Value I I MSCI AC World ex USA Value (Net) As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 22.27 12.31 1.32 108.76 10 106.17 2 Investment 15.93 15.28 0.85 119.87 15 108.48 5 Index 20.17 11.08 1.30 100.00 10 100.00 2 Index 11.87 13.19 0.69 100.00 15 100.00 5 Risk and Return 3 Years 23.2 22.4 O 21.6 c 3 20.8 20.0 10.8 11.1 11.4 11.7 12.0 12.3 12.6 12.9 Risk (Standard Deviation %) O Investment • Index 3 Years Rolling Percentile Ranking vs. Foreign Value 0.0 x I C 25.0 m 00 I 40 J,.X, 75.0 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 18.0 16.0 14.0 3 C 12.0 10.0 ' 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.0 Risk (Standard Deviation %) OInvestment • Index 5 Years Rolling Percentile Ranking vs. Foreign Value 0.0 Y C 25.0 - m 50.0 - ti �� 0.0, IL m 75.0 ♦,.�� .�I� a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 15 (75%) 1 (5%) 1 (5%) 3 (15%) Investment 20 13 (65%) 6 (30%) 1 (5%) 0 (0%) Index 20 0 (0%) 6 (30%) 12 (60%) 2 (10%) Index 20 0 (0%) 6 (30%) 11 (55%) 3 (15%) Page 87 Peer Group Analysis - Real Estate 12.0 10.0 8.0 6.0 i 4.0 c 00 2.0 - tY 0.0 -2.0 - -4.0 - -6.0 - -8.0 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment -2.41 (75) 3.19 (20) 3.19 (20) 4.05 (40) 6.58 (45) -2.78 (48) 4.64 (57) • Index -1.69 (42) 2.95 (27) 2.95 (27) 5.81 (15) 8.39 (13) -0.98 (9) 6.58 (5) Median -1.85 1.47 1.47 3.62 6.43 -2.80 4.79 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of December 31, 2025 Peer Group Analysis - Real Estate 65.0 50.0 35.0 - 20.0 - c 5.0 - 0 tY -10.0 - -25.0 -40.0 00 0� O� 0• -55.0 2024 2023 2022 2021 2020 2019 2018 O Investment 4.92 (70) 11.81 (57) -26.20 (49) 40.40 (66) -4.65 (49) 28.94 (38) -5.95 (53) • Index 8.75 (16) 13.74 (18) -24.51 (8) 43.06 (32) -7.57 (77) 25.84 (69) -4.57 (27) Median 5.73 12.03 -26.27 41.48 -4.76 27.81 -5.89 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 3.72 (22) -0.70 (43) 2.66 (28) -7.64 (67) 17.19 (14) -1.90 (83) Index 4.81 (13) -1.14 (63) 1.07 (63) -6.12 (27) 16.12 (43) 0.08 (29) Median 2.30 -0.88 1.65 -7.10 15.92 -0.77 Page 88 Strategy Review Vanguard Real Estate Index Admiral I MSCI U.S. REIT Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 6.58 17.01 0.18 97.13 6 103.92 6 Investment 4.64 18.70 0.17 97.33 11 104.00 9 Index 8.39 16.24 0.29 100.00 7 100.00 5 Index 6.58 18.16 0.27 100.00 12 100.00 8 Risk and Return 3 Years 9.1 8.4INV 7.7 c 3 7.0 O 6.3 5.6 16.0 16.2 16.4 16.6 16.8 17.0 17.2 17.4 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Real Estate 0.0 x I 25.0ISO d � �I cdi 50.0 IL a �, ��►� 3 , 75.0 d T IY 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 7.0 6.3 5.6 3 C 4.9 4.2 18.0 18.2 18.4 18.6 18.8 Risk (Standard Deviation %) O Investment is Index 5 Years Rolling Percentile Ranking vs. Real Estate 0.0 25.0 50.0 d IL m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 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%) 3 (15%) 17 (85%) 0 (0%) Index 20 12 (60%) 1 (5%) 6 (30%) 1 (5%) Index 20 5 (25%) 6 (30%) 9 (45%) 0 (0%) Page 89 Peer Group Analysis - Intermediate Core Bond 10.0 8.0 6.0 4.0 c 3 d 2.0 00 0.0 -2.0 00 00 -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 0.99 (50) 7.15 (49) 7.15 (49) 4.15 (64) 4.67 (56) -0.11 (48) -0.42 (53) • Index 1.10 (23) 7.30 (36) 7.30 (36) 4.23 (54) 4.66 (56) -0.07 (43) -0.36 (45) Median 0.99 7.14 7.14 4.27 4.70 -0.11 -0.41 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of December 31, 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 (44) -13.16 (35) -1.67 (56) 7.72 (55) 8.71 (38) -0.23 (38) • Index 1.25 (69) 5.53 (57) -13.01 (27) -1.55 (49) 7.51 (61) 8.72 (37) 0.01 (25) Median 1.50 5.59 -13.45 -1.57 7.86 8.49 -0.44 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 1.93 (72) 1.29 (37) 2.77 (34) -3.04 (50) 5.06 (62) 0.18 (52) Index 2.03 (48) 1.21 (54) 2.78 (31) -3.06 (53) 5.20 (37) 0.07 (78) Median 2.02 1.22 2.70 -3.04 5.12 0.18 Page 90 Strategy Review Vanguard Total Bond Market Index Adm I Blmbg. U.S. Aggregate Index As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 4.67 5.92 0.01 99.49 8 99.07 4 Investment -0.42 6.28 -0.55 99.97 11 100.65 9 Index 4.66 5.98 0.01 100.00 8 100.00 4 Index -0.36 6.31 -0.53 100.00 12 100.00 8 Risk and Return 3 Years 4.7 e G1 C 4.6 5.9 6.0 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 x I C 25.0 m 50.0 IL e y 75.0 IY 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years -0.2 -0.3 3 -0.4 G1 C 0.5 6.2 6.3 6.4 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y C 10 25.0 K m c �Ir� 50.0 -ko,� �E 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 20 0 (0%) 8 (40%) 11 (55%) 1 (5%) Investment 20 0 (0%) 8 (40%) 12 (60%) 0 (0%) Index 20 0 (0%) 9 (45%) 10 (50%) 1 (5%) Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Page 91 Peer Group Analysis - Intermediate Core Bond 10.0 E d O O 8.0 6.0 4.0 0.0 -2.0 00 0 M -4.0 - QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment 1.33 (4) 8.45 (3) 8.45 (3) 5.35 (6) 6.15 (2) 1.64 (3) 1.12 (2) • Index 1.10 (23) 7.30 (36) 7.30 (36) 4.23 (54) 4.66 (56) -0.07 (43) -0.36 (45) Median 0.99 7.14 7.14 4.27 4.70 -0.11 -0.41 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Dodge & Cox Income X I Blmbg. U.S. Aggregate Index As of December 31, 2025 Peer Group Analysis - Intermediate Core Bond 16.0 12.0 8.0 O 4.0 O 0.0 O E O d lY -4.0 - -8.0 - -12.0 -16.0 -20.0 2024 2023 2022 2021 2020 2019 2018 O Investment 2.34 (14) 7.76 (1) -10.77 (10) -0.91 (19) 9.45 (16) 9.73 (9) -0.31 (42) • Index 1.25 (69) 5.53 (57) -13.01 (27) -1.55 (49) 7.51 (61) 8.72 (37) 0.01 (25) Median 1.50 5.59 -13.45 -1.57 7.86 8.49 -0.44 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 2.53 (5) 1.43 (17) 2.91 (14) -3.30 (86) 5.61 (6) 0.52 (8) Index 2.03 (48) 1.21 (54) 2.78 (31) -3.06 (53) 5.20 (37) 0.07 (78) Median 2.02 1.22 2.70 -3.04 5.12 0.18 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 December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment 6.15 6.24 0.23 108.22 9 91.17 3 Investment 1.12 6.38 -0.29 106.08 12 88.83 8 Index 4.66 5.98 0.01 100.00 8 100.00 4 Index -0.36 6.31 -0.53 100.00 12 100.00 8 Risk and Return 3 Years 6.6 N 6.0 4.8 5.9 6.0 6.1 6.2 6.3 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y _r C � 25.0 m ♦ �� -�, a50.0 �^��rl��; ♦I ♦♦ y 75.0 � �♦ K 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 1.8 1.2 0.6 c 3 0.0 -0.6 -1.2 6.2 6.3 6.4 Risk (Standard Deviation %) O Investment • Index 5 Years Rolling Percentile Ranking vs. Intermediate Core Bond 0.0 Y C 0 25.0 40 m 50.0 .0I m 75.0 a 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Investment 3 3 (100%) 0 (0%) 0 (0%) 0 (0%) Investment 0 0 0 0 0 Index 20 0 (0%) 9 (45%) 10 (50%) 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 Peer Group Analysis - Money Market -Taxable 6.2 5.6 5.0 . 4.4 3.8 E 3.2 3 tY 2.6 2.0 1.4 0.8 0.2 -0.4 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR O Investment N/A N/A N/A N/A N/A N/A N/A • Index 1.02 (1) 4.40 (1) 4.40 (1) 4.92 (1) 5.03 (1) 4.14 (1) 3.31 (1) Median 0.94 4.04 4.04 4.52 4.62 3.79 3.01 Comparative Performance 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Sep-2025 Jun-2025 Mar-2025 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of December 31, 2025 Peer Group Analysis - Money Market -Taxable 6.4 5.6 - 4.8 - 4.0 - 3.2 - E 3 2.4 - • p O • 1.6 • O O 0.8 0.0 -0.8 -1.6 2024 2023 2022 2021 2020 2019 2018 O Investment 1.87 (100) 1.84 (100) 0.89 (97) 0.72 (1) 1.37 (1) 1.92 (41) 1.46 (53) • Index 5.45 (1) 5.26 (1) 1.50 (19) 0.05 (6) 0.58 (1) 2.25 (2) 1.86 (2) Median 5.00 4.83 1.36 0.01 0.28 1.83 1.47 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Dec-2024 Sep-2024 Jun-2024 Investment 0.48 (99) 0.48 (100) 0.48 (100) 0.48 (100) 0.49 (100) 0.40 (100) Index 1.11 (1) 1.09 (1) 1.10 (1) 1.23 (1) 1.37 (1) 1.37 (1) Median 1.01 1.01 1.01 1.13 1.26 1.27 Page 94 Strategy Review Columbia Trust Stable Govt Fund 1-0 1 FTSE 3 Month T-Bill As of December 31, 2025 Historical Statistics 3 Years Historical Statistics 5 Years Standard Sharpe Up Up Down Down Standard Sharpe Up Up Down Down Return Deviation Ratio Market Quarters Market Quarters Return Deviation Ratio Market Quarters Market Quarters Capture Capture Capture Capture Investment N/A N/A N/A N/A N/A N/A N/A Investment N/A N/A N/A N/A N/A N/A N/A Index 5.03 0.16 2.36 100.00 12 N/A N/A Index 3.31 0.64 1.40 100.00 20 N/A N/A Risk and Return 3 Years 5.4 5.2 3 5.0 G1 C 4.8 4.6 0.1 0.2 Risk (Standard Deviation %) O Investment is Index 3 Years Rolling Percentile Ranking vs. Money Market -Taxable 0.0 x I C 25.0 m cdi 50.0 d IL e y 75.0 IY 100.0 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 12/25 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Risk and Return 5 Years 3.4 e G1 C 3.3 0.6 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 3/21 9/21 3/22 9/22 3/23 9/23 3/24 9/24 3/25 Total Period 5-25 25-Median Median-75 Count Count Count 0.7 12/25 75-95 Count Investment 19 9 (47%) 0 (0%) 0 (0%) 10 (53%) Investment 19 9 (47%) 0 (0%) 1 (5%) 9 (47%) 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