Agenda 03.12.25CITY OF BOYNTON BEACH
BOARD OF TRUSTEES GENERAL EMPLOYEES’ PENSION PLAN
Quarterly Board Meeting
Wednesday, March 12, 2025
Location: City Chambers
100 East Ocean Avenue,
Boynton Beach, FL 33435
Plan Administrator: (561) 624-3277
Trustees:
Ty Penserga, Mayor Chairman Greg Malesev, Term 12/26
Daniel Dugger , City Manager Sheryl Claude, Term 12/27
Steven Grant . Term 12/26 Abaroa Belkis, Term 12/27
AGENDA
I. Call to Order
II. Approval of Agenda
III. Approval of Minutes
A. Regular Quarterly Meeting – November 25, 2025
IV. Presentations
A. Saltmarsh Cleveland and Gund: Chuck Landers (Audit Report)
B. Southeastern Advisory Services: Jeff Swanson (Investment Consultant)
1. Quarterly Investment Performance Report-December 30, 2024
V. Correspondence
VI. Old Business
VII. New Business
A. Attorney Report
1. IRS Mileage Rate
2. Social Security Fairness Act
3. New Withholding Rules
B. Administrative Report
1. SOC 1 Memo
2. Trustee Travel Procedure
3. Financials
4. Warrant for Invoices
5. Benefit Approvals
VIII. Public Comments
IX. Adjournment
❖ NEXT QUARTERLY MEETING DATE: Wednesday, June 11th, 2023, at 4:00 p.m.
If a person decides to appeal any decision made by this Board with respect to any matter considered at this meeting, he/she w ill
need a record of the proceedings, and that, for such purpose, he/she may need to ensure that a verbatim record of the
proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based . (F.S. 286.0105)
Notice: The City shall furnish appropriate auxiliary aids and services where necessary to afford an individual with a disability
an equal opportunity to participate in and enjoy the benefits of a service, program, or activity conducted by the Cit y. Please
contact the City Clerk’s office at (561) 742-6060 at least 24 hours prior to the program or activity in order for the City to
reasonably accommodate your request.
M E M O R A N D U M
TO:Board of Trustees
FROM:Bonni S. Jensen
Fund Legal Counsel
DATE:January 2025
SUBJECT:IRS Mileage Rate for 2025
This is to inform you that the Internal Revenue Service (“IRS”) released its
updated Standard Mileage Rate for 2025. The new rate is 70ents per mile for miles
driven on or after January 1, 2025 This is up 3 cents from the rate effective at the
end of last year.
As you know from previous years, the mileage rate can fluctuate within the
same year. W e will do our best to keep y ou and the adm inistrator informed. You
can find the current rate at the link below .
https://www.irs.gov/newsroom/irs-increases-the-standard-m ileage-rate-for-
business-use-in-2025-key-rate-increases-3-cents-to-70-cents-per-m ile.
If you have any questions, please do not hesitate to contact us.
BSJ/dze
Enclosure
E-Copy: Administrator
00250223.WPD;1
7080 NORTHWEST 4TH STREET, PLANTATION, FLORIDA 33317
PHONE: (954) 916-1202 – FAX: (954) 916-1232
www.klausnerkaufman.com
M E M O R A N D U M
To: Board of Trustees
From: Bonni S. Jensen
Subject: Social Security Fairness Act of 2025
Date: January 10, 2025
On January 5, 2025, President Biden signed into law the Social Security Fairness
Act of 2025 (see attached text of the law). This bill repeals the Windfall Elimination
Provision (WEP) and Governmental Pension Offset (GPO) sections of the Social Security
law. These were two laws that reduced benefits for retired governmental employees and
their spouses because the governmental employees did not contribute to social security
for their governmental work even though they qualified for social security through other
employment. Most governmental workers were not subject to the offset.
Implemented in 1983, the WEP was designed to improve the fairness of Social
Security by reducing benefits for individuals who would otherwise receive a full benefit
based on earnings in Social Security–covered employment as well as pension income
from noncovered employment. In 2024 the maximum reduction was $587 per month.
The GPO was enacted in 1977. It was an offset of the spousal benefits that a
governmental worker who did not contribute to social security would receive. This
reduction was a dollar for dollar offset of 67% of the noncovered employment pension.
The new law eliminated both the WEP and the GPO entirely. This raises the social
security benefits of all individuals who were subject to these offsets beginning with the
benefit that was received in January of 2024.
To: Board of Trustees – Florida Pension Clients
From: Klausner, Kaufman, Jensen & Levinson, Board Counsel
Re: New Withholding Requirements
Date: November 18, 2024
On October 21, 2024, the Internal Revenue Service (“IRS”) issued a final regulation
regarding income tax withholding rules for retirement plan payments to recipients located outside
of the United States. Individuals residing in the United States generally may elect no withholding
under the Internal Revenue Code (“IRC”), however, payments sent to pensioners outside of the
United States are subject to stricter rules.
The regulation finalizes proposed regulations issued in May 2019, with no substantive
modifications, except for the applicability date. The regulation applies to pension payments made
on or after January 1, 2026; however, taxpayers may apply the regulation to early payments and
distributions. The final regulation provides the following:
• A retiree cannot elect “no withholding” if the recipient provides a residence address
located outside of the US or fails to provide a residence address, even if the payment is
sent to a financial institution or other individual located in the US.
• A retiree cannot elect “no withholding,” if the distribution is sent to a financial institution
or other individual outside the US, even if the recipient has a US residence address.
• If a retiree uses a military or diplomatic address as their residence address, those
addresses are treated as within the US, so recipients at these addresses may elect “no
withholding.” Withholding is required if the recipient has a US residence address and
does not elect “no withholding.”
The regulation does not apply to non-U.S. citizens or nonresident aliens of the United
States.
Plan Administrators should be notified of the requirements of this regulation so that they
can instruct the custodian and other paymasters when to withhold. This memo should be placed
on the next available agenda for discussion by the Board.
Resource Centers LLC – Pension Resource Center LLC – Financial Resource Center LLC
THE R ESOURCE C ENTERS , LLC
4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 3341 0
Phone (561) 624-3277 ❖ Fax (56 1) 624 -3278 ❖ WWW.RESOURCECENTERS.COM
January 22, 2025
TO: Board of Trustees
FROM: Scott Baur and Sergio Giron
Partners, Resource Centers, LLC
RE: Resource Centers 2024 SSAE-18 SOC 1 Type 2 Audit Report
Dear Trustees,
We are pleased to share the results of our most recent SSAE-18 SOC 1 Type 2 Audit Report for the
year ending September 30, 2024. As part of our continued commitment to excellence and
transparency, we engaged an independent auditor to review and test our internal controls. These
controls are essential to safeguarding our clients’ assets, ensuring the accuracy of transactions,
and maintaining the reliability of benefits administration.
We are proud to announce that, for the 17th consecutive year, we have received a clean audit
report, free of exceptions. This remarkable achievement reflects our dedication to operating at
the highest standards and reinforces the trust our clients place in our processes.
As a brief distinction, a Type 1 SOC Audit Report only describes internal controls at a point in time,
while a Type 2 Audit Report, like ours, includes a detailed review and rigorous testing of those
controls over a defined period. This more comprehensive audit provides a higher level of
assurance, allowing your plan auditors to rely on our controls without requiring additional
independent testing.
The full audit report is available upon request and can be shared with your board for review. We
remain committed to this rigorous process to ensure the quality and integrity of our services, and
we are honored to uphold this distinction as the only administrator completing such an audit for
your plans.
Thank you for your continued confidence in our team. Should you have any questions or wish to
discuss the report further, please do not hesitate to contact us.
Sincerely,
J. Scott Baur Sergio Giron
Managing Partner Partner and CIO
Trustee Travel Procedure
Making Travel Easy: Step -by-Step Guide
The Resource Centers strives to make travel arrangements for trustees simple and
efficient. Here’s an overview of the travel process and responsibilities for
conferences or other board-related travel:
Step 1: Notify Our Office
• Action: Inform us of your intent to attend a conference or travel.
• How: Send an email to Conference@ResourceCenters.com with the following details:
o Plan Name
o Trustee Name
o Expected Travel Dates (Departure and Return)
• FPPTA Conferences and Trustee Schools
o Spouse or Guest
o CPPT Registration or Course Level (Basic, Intermediate, Advanced)
Step 2: Conference Registration
• Our Role: We will register you for the conference and pay the registration fee in advance.
• You Receive: A conflrmation email from the conference with details, including:
o Hotel booking link
o Contact information
o Conference discount code for hotel rooms
Step 3: Hotel Reservations
• Your Responsibility: Book your own hotel room using the provided link or information.
• Why: This allows you to select accommodations based on your preferences.
Step 4: Travel Arrangements
• Your Responsibility: Make your own air travel and/or car rental reservations.
• Why: This ensures fiexibility with airports, travel times, and preferences.
Step 5: Submit Expense Reimbursement Requests
• Before Travel:
1. Forward your hotel conflrmation with total cost and travel reservations to
Conference@ResourceCenters.com.
2. Submit an expense reimbursement form for mileage and per diem (meal allowances).
Advance reimbursements for meals and mileage will be issued prior to travel.
3. Our Role: We will prepay the hotel and issue you an advance for expenses.
• After Travel:
Submit an additional expense reimbursement request for any other out-of-pocket expenses
incurred during the trip, such as resort fees, parking, tolls, or gratuities.
Centralized Travel Communication: All travel-related communication
should go through our designated email:
Conference@ResourceCenters.com
Remember to include your name and the plan name in your email.
Tax Exempt Certificate: We recommend that you carry a copy of the
city or plan tax exempt certiflcate with you for all board related travel.
You can also flnd a copy of the tax-exempt certiflcate online under the
trustee section of your plan webpage at www.ResourceCenters.com.
MARCH 12TH, 2025
TO:Resource Centers, Plan Administrator
FROM:Board of Trustees
Paid by Custodian:
Date Check Number Amount
February 11, 2025 Pension Resource Center 3135 5,800.57$
Administrative Fee- January 2025 invoices 21384 & 21385
February 11, 2025 Klausner, Kaufman, Jensen & Levinson 3136 75.00$
Attorney Fees- January 2025 invoice 36947
February 11, 2025 Garcia, Hamilton & Associates 3137 5,970.34$
Investment Management Fees for QE 12/31/24, inv 40728
February 11, 2025 Clearbridge Investments 3138 25,920.01$
Investment Management Fees for QE 12/31/24
February 11, 2025 Principal Custody Solutions 3139 4,996.43$
Custodian Fees for December 2024
February 28, 2025 City of Boynton Beach (member insurance)3140 25,692.96$
TOTAL:68,455.31$
CHAIR _______________________________ SECRETARY _________________________
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
WARRANT - PAID INVOICES
Payee/Description
Dated this 12th Day of March, 2025.
BOYNTON BEACH GENERAL
EMPLOYEES’ PENSION FUND
QUARTERLY PERFORMANCE REPORT
As of December 31, 2024
Kit Connick
kit@seadvisory.com
Summer Adams
summer@seadvisory.com
Jeffrey Swanson
jeff@seadvisory.com
Ademir Zeco
ademir@seadvisory.com
Benchmark 1 Quarter 1 Year 3 Years 5 Years
S&P 500 Index 2.4 25.0 8.9 14.5
Russell 2000 Index 0.3 11.5 1.2 7.4
MSCI EAFE (Net)-8.1 3.8 1.6 4.7
FTSE NAREIT Equity REIT Index -6.2 8.7 -2.2 4.3
Credit Suisse Hedge Fund Index 0.7 9.0 5.2 6.1
Bitcoin (BTC)47.3 120.8 26.4 66.9
Blmbg. U.S. Aggregate Index -3.1 1.3 -2.4 -0.3
90 Day U.S. Treasury Bill 1.2 5.3 3.9 2.5
CPI (NSA)0.1 2.9 4.2 4.2
· The S&P 500 rose by 2.4% in Q4, ending the year with an impressive gain of 25.0%. However, the dominance of U.S. mega-cap stocks persisted, and the equal-weighted S&P 500 earned only
13% for the year. Many “diversified” managers and strategies did not keep pace with benchmarks.
· The presidential election outcome sparked a broad rally in November, driven by expectations of tax cuts, deregulation, and increased infrastructure spending. However, the rally lost momentum
in late December after the Federal Reserve prompted a market sell-off by reducing the anticipated number of interest rate cuts for 2025.
· Following their underperformance in the third quarter, growth stocks regained their leadership in Q4. Large-, mid-, and small-cap growth stocks all outpaced their value counterparts in the
quarter, which posted negative returns across all market-cap segments.
· International stocks underperformed U.S. stocks by over 10%, with emerging markets down -8.0% and developed markets declining -8.1% (MSCI indexes). Headwinds from a stronger U.S.
dollar and generally weak x-US economies weighed down these returns. Looking forward to 2025, the possibility of tariffs under the Trump administration adds continued uncertainty to global
markets.
· Inflation concerns and actions by the Federal Reserve pressured bonds this quarter. The 10-year Treasury yield climbed during the quarter despite two Fed rate cuts. Rising yields led to falling
bond prices, contributing to a -3.1% decline in the Bloomberg U.S. Aggregate Bond Index. Long-term Treasury bonds saw a sharper decline of -8.6%, driven by investor uncertainty over future
rate movements. High-yield bonds outperformed investment-grade corporate bonds for the quarter and the year.
· The Fed implemented two interest rate cuts this quarter, but the December cut could be the last. Although inflation has declined significantly since 2022, progress has plateaued recently. The
Fed's preferred inflation measure, Core PCE inflation, has remained steady between 2.6% and 2.8% since May, still exceeding the Fed's 2% target.
· Bitcoin, the leading digital currency, surged over 100% in 2024, driven by the SEC's approval of several spot Bitcoin ETFs. This drew a new wave of investors and broadened institutional
adoption. President-elect Donald Trump has bolstered the outlook for digital assets.
Portfolio Positioning
·Our theme for 2025 is to expect volatility.
· Real estate remains distressed and will require lower rates to achieve stated target returns.
· Opportunities persist in credit and alternative fixed income.
· Remain open to new ideas. Two Southeastern clients now own BTC as a treasury asset.
·Stay invested to policy targets with cash at the mid-point of allowable ranges.
Sources: U.S. Dept. of the Treasury, Bureau of Labor Statistics, eVestment, BCA Research, Cap Group, JP Morgan, ACM, ZCM, SEAS
Market Environment As of December 31, 2024
1
Total Fund (incl. R&D)Target Index Absolute Return Objective (Current 6.50%)Net Cash Flow
50.0
75.0
100.0
125.0
150.0
175.0
200.0
225.0
250.0
275.0
300.0
Market ValueIn Millions12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24
Summary ending December 31, 2024
Beginning Market Value Net Cash Flow Gain/Loss Ending Market Value % Return
10 Years $139,389,253 -$34,441,094 $130,386,212 $235,334,371 7.1
Growth of Assets: Total Fund (incl. R&D)10 Years Ending December 31, 2024
The current Policy Index composition is: ¹Russell 2000 Index: 15.00%, Blmbg. U.S. Aggregate Index: 15.00%, MSCI EAFE (Net): 10.00%, Russell 1000 Index: 35.00%, NCREIF ODCE: 15.00%,
CPI + 3%: 10.00%.
2
September 30, 2024 : $232,244,397 December 31, 2024 : $235,334,371
Segments Market Value Allocation (%)
U.S. Equity 124,248,697 53.5¢
International Equity 20,198,728 8.7¢
U.S. Fixed Income 41,359,012 17.8¢
Real Estate 38,081,245 16.4¢
Private Credit 4,906,911 2.1¢
Cash Equivalent 3,449,804 1.5¢
Segments Market Value Allocation (%)
U.S. Equity 123,624,960 52.5¢
International Equity 18,520,836 7.9¢
U.S. Fixed Income 41,726,571 17.7¢
Real Estate 37,761,886 16.0¢
Private Credit 4,522,746 1.9¢
Cash Equivalent 9,177,371 3.9¢
Asset Allocation By Asset Class
Total Fund (incl. R&D)
As of December 31, 2024
3
U.S. Equity International Equity U.S. Fixed Income Real Estate Private Credit Cash Equivalent
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Allocation (%)12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24
Historical Asset Allocation by Segment
Total Fund (incl. R&D)
10 Years Ending December 31, 2024
4
Market Value
10/01/2024 Contributions Distributions Gain/Loss Market Value
12/31/2024
Clearbridge Large Cap Equity $19,998,433 --$624,876 $20,623,310
Schwab Total Stock Market $25,987,824 --$699,281 $26,687,104
Vanguard Dividend Growth Fund $16,617,181 ---$784,189 $15,832,992
Vanguard 500 Index $17,980,611 --$431,592 $18,412,203
Atlanta Capital $27,546,813 ---$816,190 $26,730,623
Mutual of America S&P 400 $16,843,946 --$900,000 $57,479 $16,001,426
Domestic Equity $124,974,809 --$900,000 $212,849 $124,287,658
EuroPacific Growth R6 $6,463,169 ---$454,601 $6,008,568
Harding Loevner Intl Equity $13,735,559 ---$1,223,291 $12,512,268
International Equity $20,198,728 ---$1,677,893 $18,520,836
JPM RE Strategic Property $17,605,720 --$913,868 $295,587 $16,987,439
JPM RE Special Situation $11,435,714 --$120,516 $22,683 $11,337,881
Affiliated Housing Impact Fund I $5,450,477 --$44,543 $204,358 $5,610,292
Cohen & Steers Real Estate Opportunities I $2,201,859 $844,899 -$880,538 $131,118 $2,297,338
Principal Green Fund III $1,387,475 --$8,749 $150,211 $1,528,937
Real Estate $38,081,245 $844,899 -$1,968,215 $803,957 $37,761,886
ATEL Private Debt Partners III $1,833,275 $204,918 -$55,301 $377,486 $2,360,379
PennantPark Credit Opportunities IV $3,073,636 --$938,753 $27,485 $2,162,368
Private Credit $4,906,911 $204,918 -$994,053 $404,971 $4,522,746
Dodge & Cox Income $8,822,216 ---$293,379 $8,528,837
Garcia Hamilton $8,917,254 $1,008,684 --$435,470 $9,490,468
PIMCO Pref & Capital Secs $6,233,727 ---$5,361 $6,228,366
PIMCO Income Fund $6,527,161 ---$63,563 $6,463,598
Serenitas Credit Gamma Fund $10,918,266 --$88,681 $278,646 $11,108,231
Fixed Income $41,418,625 $1,008,684 -$88,681 -$519,127 $41,819,500
Mutual Fund Acct - Money Market $1,252,379 $1,892,318 -$118,237 $27,577 $3,054,038
Total Fund (ex. R&D)$230,832,696 $3,950,819 -$4,069,186 -$747,666 $229,966,664
Southstate - Receipts & Disbursements $1,411,701 $8,240,203 -$4,284,197 -$5,367,707
Total Fund (incl. R&D)$232,244,397 $12,191,022 -$8,353,383 -$747,666 $235,334,371
Financial Reconciliation 1 Quarter Ending December 31, 2024
5
Market Value
10/01/2024 Contributions Distributions Gain/Loss Market Value
12/31/2024
Clearbridge Large Cap Equity $19,998,433 --$624,876 $20,623,310
Schwab Total Stock Market $25,987,824 --$699,281 $26,687,104
Vanguard Dividend Growth Fund $16,617,181 ---$784,189 $15,832,992
Vanguard 500 Index $17,980,611 --$431,592 $18,412,203
Atlanta Capital $27,546,813 ---$816,190 $26,730,623
Mutual of America S&P 400 $16,843,946 --$900,000 $57,479 $16,001,426
Domestic Equity $124,974,809 --$900,000 $212,849 $124,287,658
EuroPacific Growth R6 $6,463,169 ---$454,601 $6,008,568
Harding Loevner Intl Equity $13,735,559 ---$1,223,291 $12,512,268
International Equity $20,198,728 ---$1,677,893 $18,520,836
JPM RE Strategic Property $17,605,720 --$913,868 $295,587 $16,987,439
JPM RE Special Situation $11,435,714 --$120,516 $22,683 $11,337,881
Affiliated Housing Impact Fund I $5,450,477 --$44,543 $204,358 $5,610,292
Cohen & Steers Real Estate Opportunities I $2,201,859 $844,899 -$880,538 $131,118 $2,297,338
Principal Green Fund III $1,387,475 --$8,749 $150,211 $1,528,937
Real Estate $38,081,245 $844,899 -$1,968,215 $803,957 $37,761,886
ATEL Private Debt Partners III $1,833,275 $204,918 -$55,301 $377,486 $2,360,379
PennantPark Credit Opportunities IV $3,073,636 --$938,753 $27,485 $2,162,368
Private Credit $4,906,911 $204,918 -$994,053 $404,971 $4,522,746
Dodge & Cox Income $8,822,216 ---$293,379 $8,528,837
Garcia Hamilton $8,917,254 $1,008,684 --$435,470 $9,490,468
PIMCO Pref & Capital Secs $6,233,727 ---$5,361 $6,228,366
PIMCO Income Fund $6,527,161 ---$63,563 $6,463,598
Serenitas Credit Gamma Fund $10,918,266 --$88,681 $278,646 $11,108,231
Fixed Income $41,418,625 $1,008,684 -$88,681 -$519,127 $41,819,500
Mutual Fund Acct - Money Market $1,252,379 $1,892,318 -$118,237 $27,577 $3,054,038
Total Fund (ex. R&D)$230,832,696 $3,950,819 -$4,069,186 -$747,666 $229,966,664
Southstate - Receipts & Disbursements $1,411,701 $8,240,203 -$4,284,197 -$5,367,707
Total Fund (incl. R&D)$232,244,397 $12,191,022 -$8,353,383 -$747,666 $235,334,371
Financial Reconciliation October 1, 2024 To December 31, 2024
6
Plan Sponsor Peer Group Analysis - All Public DB Plans
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
Return1
Quarter
Fiscal
Year to Date
1
Year
3
Years
5
Years
7
Years
10
Years
Total Fund (incl. R&D) - Net -0.47 (33)-0.47 (33)9.83 (71)0.75 (96)5.66 (90)6.06 (85)6.89 (59)¢£
Target Index 0.07 (13)0.07 (13)10.69 (55)1.91 (79)6.77 (60)6.95 (52)7.43 (28)pU
5th Percentile 0.57 0.57 14.54 4.45 8.66 8.34 8.28
1st Quartile -0.32 -0.32 12.08 3.52 7.62 7.50 7.50
Median -0.87 -0.87 10.94 2.78 6.99 6.98 7.02
3rd Quartile -1.45 -1.45 9.42 2.01 6.36 6.36 6.57
95th Percentile -2.22 -2.22 6.86 1.00 5.14 5.42 5.72
Population 537 537 526 503 488 474 424
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
All Public DB Plans
As of December 31, 2024
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
7
Plan Sponsor Peer Group Analysis - All Public DB Plans
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
ReturnFYTD FY
09/30/2024
FY
09/30/2023
FY
09/30/2022
FY
09/30/2021
FY
09/30/2020
FY
09/30/2019
Total Fund (incl. R&D) - Net -0.47 (33)16.90 (86)7.14 (95)-12.92 (31)19.57 (61)7.20 (63)3.36 (70)¢£
Target Index 0.07 (13)17.88 (78)8.00 (90)-12.46 (27)22.17 (26)7.94 (51)3.44 (67)pU
5th Percentile 0.57 25.61 14.26 -7.23 25.60 12.55 6.48
1st Quartile -0.32 23.31 12.11 -12.26 22.19 10.32 4.84
Median -0.87 21.26 10.84 -14.82 20.25 8.03 4.00
3rd Quartile -1.45 18.28 9.32 -17.25 18.30 6.20 3.04
95th Percentile -2.22 14.15 7.00 -19.03 14.60 3.21 1.34
Population 537 1,017 1,090 1,099 1,198 1,082 924
BOYNTON BEACH GENERAL EMPLOYEES' PENSION FUND
All Public DB Plans
As of December 31, 2024
Parentheses contain percentile rankings.
Calculation based on monthly periodicity.
8
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
Return (%)6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2 10.8 11.4 12.0 12.6 13.2
Risk (Standard Deviation %)
Return Standard
Deviation
Total Fund (incl. R&D) - Net 6.9 9.9¢£
Target Index 7.4 10.2pU
Median 7.0 10.1¾
Plan Sponsor Scattergram
All Public DB Plans
10 Years Ending December 31, 2024
Calculation based on monthly periodicity.
9
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Total Fund (incl. R&D) - Gross $235,334,371 100.0 -0.37 -0.37 10.29 1.17 6.00 7.14 6.91 Jul-2008
Total Fund (incl. R&D) - Net -0.47 (33)-0.47 (33)9.83 (71)0.75 (96)5.66 (90)6.89 (59)0.75 (96)Jan-2022
Target Index¹0.07 (13)0.07 (13)10.69 (55)1.91 (79)6.77 (60)7.43 (28)1.91 (79)
All Public DB Plans - Net -0.87 -0.87 10.94 2.78 6.99 7.02 2.78
Domestic Equity $124,287,658 52.8 0.17 (59)0.17 (59)18.83 (39)5.68 (53)10.94 (56)11.48 (42)9.54 (98)Aug-1991
80% Russell 1000/20% Russell 2500 2.35 (38)2.35 (38)22.02 (32)7.26 (40)13.25 (35)12.11 (36)10.78 (73)
IM U.S. Equity (SA+CF) Median 0.95 0.95 16.14 6.00 11.40 10.77 11.47
International Equity $18,520,836 7.9 -8.31 (72)-8.31 (72)2.52 (74)-2.20 (77)4.00 (76)5.53 (71)4.86 (90)Nov-2000
MSCI AC World ex USA index -7.50 (54)-7.50 (54)6.09 (45)1.35 (51)4.61 (64)5.31 (78)5.15 (85)
IM International Equity (SA+CF) Median -7.33 -7.33 5.45 1.36 5.16 6.14 6.23
Real Estate $37,761,886 16.0 2.13 (6)2.13 (6)-2.32 (72)-5.23 (86)1.24 (75)4.92 (79)4.69 (62)Jul-2007
NCREIF ODCE 1.16 (45)1.16 (45)-1.43 (58)-2.32 (51)2.87 (54)5.88 (61)4.82 (56)
IM U.S. Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 6.17 4.93
Private Credit $4,522,746 1.9 9.79 9.79 11.42 16.52 Sep-2023
Fixed Income $41,819,500 17.8 -1.24 (48)-1.24 (48)4.87 (33)0.33 (48)1.43 (52)2.25 (51)5.43 (32)Aug-1991
Blmbg. U.S. Aggregate Index -3.06 (85)-3.06 (85)1.25 (88)-2.41 (89)-0.33 (91)1.35 (95)4.79 (64)
IM U.S. Fixed Income (SA+CF) Median -1.36 -1.36 3.32 0.18 1.48 2.27 5.03
Cash & Equivalents $8,421,745 3.6 0.41 0.41 2.59 2.43 1.40 1.26 3.00 Aug-1991
90 Day U.S. Treasury Bill 1.17 1.17 5.25 3.89 2.46 1.76 2.59
Total Fund & Segment Evaluation As of December 31, 2024
The current Policy Index composition is: ¹Russell 2000 Index: 15.00%, Blmbg. U.S. Aggregate Index: 15.00%, MSCI EAFE (Net): 10.00%, Russell 1000 Index: 35.00%, NCREIF ODCE: 15.00%,
CPI + 3%: 10.00%
10
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Total Fund (incl. R&D) - Net $235,334,371 100.0 -0.47 (33)-0.47 (33)9.83 (71)0.75 (96)5.66 (90)6.89 (59)6.61 (62)Apr-08
Target Index 0.07 (13)0.07 (13)10.69 (55)1.91 (79)6.77 (60)7.43 (28)7.34 (17)
All Public DB Plans - Net -0.87 -0.87 10.94 2.78 6.99 7.02 6.74
Domestic Equity $124,287,658 52.8 0.17 0.17 18.83 5.68 10.94 11.48 9.54 Aug-91
80% Russell 1000/20% Russell 2500 2.35 2.35 22.02 7.26 13.25 12.11 10.78
Clearbridge Large Cap Equity $20,623,310 8.8 3.12 (72)3.12 (72)28.00 (58)7.65 (59)14.95 (67)15.24 (59)Feb-15
Russell 1000 Growth Index 7.07 (18)7.07 (18)33.36 (26)10.47 (25)18.96 (17)16.78 (13)16.84 (18)
IM U.S. Large Cap Growth Equity (SA+CF) Median 5.05 5.05 29.24 8.36 16.36 15.34 15.69
Schwab Total Stock Market $26,687,104 11.3 2.69 (23)2.69 (23)23.85 (50)7.90 (65)13.76 (59)12.94 (59)Sep-18
Russell 1000 Index 2.75 (21)2.75 (21)24.51 (45)8.41 (53)14.28 (49)12.87 (46)13.48 (44)
Large Blend Median 2.28 2.28 23.84 8.59 14.20 12.74 13.32
Vanguard Dividend Growth Fund $15,832,992 6.7 -4.72 (98)-4.72 (98)9.03 (94)3.88 (94)11.72 (85)Sep-20
Russell 1000 Value Index -1.98 (62)-1.98 (62)14.37 (56)5.63 (79)8.68 (81)8.49 (87)13.75 (53)
Large Value Median -1.58 -1.58 15.28 7.18 10.25 9.69 13.90
Vanguard 500 Index $18,412,203 7.8 2.40 (42)2.40 (42)24.96 (38)8.89 (47)17.71 (55)May-20
S&P 500 Index 2.41 (39)2.41 (39)25.02 (31)8.94 (39)14.53 (40)13.10 (32)17.62 (58)
Large Blend Median 2.28 2.28 23.84 8.59 14.20 12.74 17.94
Atlanta Capital $26,730,623 11.4 -2.96 (91)-2.96 (91)13.69 (44)6.31 (21)10.19 (51)12.36 (12)13.18 (16)Dec-10
Russell 2500 Index 0.62 (48)0.62 (48)11.99 (56)2.39 (56)8.77 (71)8.85 (72)10.41 (84)
IM U.S. SMID Cap Equity (SA+CF) Median 0.36 0.36 12.91 2.69 10.22 9.86 11.73
Mutual of America S&P 400 $16,001,426 6.8 0.36 (51)0.36 (51)13.93 (42)4.83 (33)10.20 (51)9.55 (56)10.75 (76)Dec-10
S&P MidCap 400 Index 0.34 (51)0.34 (51)13.93 (42)4.87 (33)10.34 (50)9.68 (54)10.99 (72)
IM U.S. SMID Cap Equity (SA+CF) Median 0.36 0.36 12.91 2.69 10.22 9.86 11.73
Segment & Asset Manager Evaluation As of December 31, 2024
11
Segment & Asset Manager Evaluation As of December 31, 2024
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
International Equity $18,520,836 7.9 -8.31 -8.31 2.52 -2.20 4.00 5.53 4.86 Nov-00
MSCI EAFE (Net)-8.11 -8.11 3.82 1.65 4.73 5.20 4.37
EuroPacific Growth R6 $6,008,568 2.6 -7.03 (46)-7.03 (46)5.04 (59)-1.80 (53)4.06 (79)5.72 (80)5.83 (60)Nov-00
MSCI AC World ex USA index -7.50 (56)-7.50 (56)6.09 (42)1.35 (12)4.61 (55)5.31 (89)5.36 (70)
Foreign Large Growth Median -7.28 -7.28 5.64 -1.62 4.82 6.43 6.01
Harding Loevner Intl Equity $12,512,268 5.3 -8.91 (87)-8.91 (87)1.35 (83)-2.24 (57)4.07 (78)5.88 (75)5.82 (80)Mar-13
MSCI AC World ex USA index -7.50 (56)-7.50 (56)6.09 (42)1.35 (12)4.61 (55)5.31 (89)5.19 (94)
Foreign Large Growth Median -7.28 -7.28 5.64 -1.62 4.82 6.43 6.74
Real Estate $37,761,886 16.0 2.13 2.13 -2.32 -5.23 1.24 4.92 4.69 Jul-07
NCREIF ODCE 1.16 1.16 -1.43 -2.32 2.87 5.88 4.82
JPM RE Strategic Property $16,987,439 7.2 1.76 (20)1.76 (20)-1.75 (67)-4.15 (77)1.51 (73)4.99 (78)4.70 (62)Jul-07
NCREIF ODCE 1.16 (45)1.16 (45)-1.43 (58)-2.32 (51)2.87 (54)5.88 (61)4.82 (56)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 6.17 4.93
JPM RE Special Situation $11,337,881 4.8 0.19 (85)0.19 (85)-9.69 (97)-11.41 (96)-2.24 (96)4.53 (87)5.32 (82)Apr-14
NCREIF ODCE 1.16 (45)1.16 (45)-1.43 (58)-2.32 (51)2.87 (54)5.88 (61)6.37 (55)
IM U.S. Open End Private Real Estate (SA+CF) Median 0.97 0.97 -1.35 -2.28 2.99 6.17 6.74
Affiliated Housing Impact Fund I $5,610,292 2.4
Cohen & Steers Real Estate Opportunities I $2,297,338 1.0
Principal Green Fund III $1,528,937 0.6
Private Credit $4,522,746 1.9 9.79 9.79 11.42 16.52 Sep-23
ATEL Private Debt Partners III $2,360,379 1.0
PennantPark Credit Opportunities IV $2,162,368 0.9
12
Segment & Asset Manager Evaluation As of December 31, 2024
Allocation
Market
Value %
Performance (%)
QTR FYTD 1 YR 3 YR 5 YR 10 YR Since
Inception
Inception
Date
Fixed Income $41,819,500 17.8 -1.24 -1.24 4.87 0.33 1.43 2.25 5.43 Aug-91
Blmbg. U.S. Aggregate Index -3.06 -3.06 1.25 -2.41 -0.33 1.35 4.79
Dodge & Cox Income $8,528,837 3.6 -3.33 (87)-3.33 (87)2.26 (78)-0.67 (16)-1.04 (22)Sep-21
Blmbg. U.S. Aggregate Index -3.06 (77)-3.06 (77)1.25 (92)-2.41 (84)-0.33 (95)1.35 (99)-2.48 (86)
Intermediate Core-Plus Bond Median -2.72 -2.72 2.84 -1.55 0.76 2.31 -1.63
Garcia Hamilton $9,490,468 4.0 -4.54 (92)-4.54 (92)0.24 (91)-1.71 (72)0.07 (85)1.60 (87)5.50 (30)Jul-91
Blmbg. U.S. Aggregate Index -3.06 (85)-3.06 (85)1.25 (88)-2.41 (89)-0.33 (91)1.35 (95)4.79 (66)
IM U.S. Fixed Income (SA+CF) Median -1.36 -1.36 3.32 0.18 1.48 2.27 5.07
PIMCO Pref & Capital Secs $6,228,366 2.6 -0.09 (50)-0.09 (50)10.84 (52)0.64 (84)2.67 (91)Sep-20
ICE BofA Preferred Stock, Fixed Rate -3.01 (88)-3.01 (88)7.05 (96)0.25 (88)1.96 (91)4.21 (89)1.49 (93)
Preferred Stock Median -0.12 -0.12 10.90 2.28 3.48 5.53 3.88
PIMCO Income Fund $6,463,598 2.7 -0.97 (64)-0.97 (64)5.42 (82)2.12 (39)3.05 (55)3.29 (72)Dec-17
Blmbg. U.S. Aggregate Index -3.06 (97)-3.06 (97)1.25 (100)-2.41 (100)-0.33 (99)1.35 (100)0.99 (99)
Multisector Bond Median -0.79 -0.79 6.76 1.97 3.12 4.14 3.67
Non-Core/Alt Fixed Income $11,108,231 4.7 2.56 2.56 8.64 9.95 May-23
Serenitas Credit Gamma Fund (Gross)$11,108,231 4.7 2.56 (1)2.56 (1)8.64 (3)9.95 (1)May-23
Serenitas Credit Gamma Fund (Net)1.74 (1)1.74 (1)5.57 (7)6.51 (6)
CPI + 3%0.84 (2)0.84 (2)5.97 (6)7.34 (1)7.31 (1)6.08 (1)5.47 (8)
IM U.S. Intermediate Duration (SA+CF) Median -1.52 -1.52 3.50 0.15 1.28 2.04 3.68
Cash & Equivalents $8,421,745 3.6 0.41 0.41 2.59 2.43 1.40 1.26 3.00 Aug-91
90 Day U.S. Treasury Bill 1.17 1.17 5.25 3.89 2.46 1.76 2.59
Mutual Fund Acct - Money Market $3,054,038 1.3 1.17 1.17 5.03 3.84 2.39 1.91 1.38 Oct-08
90 Day U.S. Treasury Bill 1.17 1.17 5.25 3.89 2.46 1.76 1.14
Southstate - Receipts & Disbursements $5,367,707 2.3 0.00 0.00 0.01 0.05 0.06 0.06 Jun-09
90 Day U.S. Treasury Bill 1.17 1.17 5.25 3.89 2.46 1.76 1.17
13
Private Investment Review As of December 31, 2024
14
Executive Summary
Policy Target In Policy Outside Policy
0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%
Cash & Equivalents
$8,421.7K (3.6%)
Non-Core/Alt Fixed Income
$11,108.2K (4.7%)
Core Fixed Income
$30,711.3K (13.1%)
Private Credit
$4,522.7K (1.9%)
Private Real Estate
$37,761.9K (16.0%)
Foreign Equity
$18,520.8K (7.9%)
Domestic Small / Mid Cap Equity
$42,732.0K (18.2%)
Domestic Large Cap Equity
$81,555.6K (34.7%)
Asset Allocation Compliance
Asset Allocation $Current Allocation (%)Minimum Allocation (%)Maximum Allocation (%)Target Allocation (%)
Domestic Large Cap Equity $81,555,609 34.7 20.0 40.0 35.0
Domestic Small / Mid Cap Equity $42,732,048 18.2 5.0 20.0 15.0
Foreign Equity $18,520,836 7.9 5.0 20.0 10.0
Private Real Estate $37,761,886 16.0 10.0 25.0 15.0
Private Credit $4,522,746 1.9 0.0 15.0 5.0
Core Fixed Income $30,711,269 13.1 5.0 25.0 15.0
Non-Core/Alt Fixed Income $11,108,231 4.7 0.0 15.0 5.0
Cash & Equivalents $8,421,745 3.6 0.0 10.0 0.0
Total $235,334,371 100.0 N/A N/A 100.0
Asset Allocation Compliance
Total Fund (incl. R&D)
As of December 31, 2024
15
Asset Allocation vs. All Public DB Plans
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Allocation (%)US Equity Global ex-US Equity US Fixed Alternatives Total Real Estate Cash & Equivalents
Total Fund (incl. R&D)52.81 (25)7.87 (90)17.77 (82)1.92 (93)16.05 (2)3.58 (17)z
5th Percentile 61.99 21.41 43.42 28.22 12.73 6.20
1st Quartile 52.62 15.88 31.83 15.49 9.12 2.56
Median 45.31 13.33 25.03 8.09 7.02 1.46
3rd Quartile 33.52 9.95 19.92 4.49 4.88 0.77
95th Percentile 17.57 5.62 11.51 1.21 2.51 0.11
Asset Allocation Comparison As of December 31, 2024
Parentheses contain percentile rankings.
16
September 30, 2024 : $232,244,397 Market Value Allocation (%)
Clearbridge Large Cap Equity $19,998,433 8.6¢
Schwab Total Stock Market $25,987,824 11.2¢
Vanguard Dividend Growth Fund $16,617,181 7.2¢
Vanguard 500 Index $17,980,611 7.7¢
Atlanta Capital $27,546,813 11.9¢
Mutual of America S&P 400 $16,843,946 7.3¢
EuroPacific Growth R6 $6,463,169 2.8¢
Harding Loevner Intl Equity $13,735,559 5.9¢
JPM RE Strategic Property $17,605,720 7.6¢
JPM RE Special Situation $11,435,714 4.9¢
Affiliated Housing Impact Fund I $5,450,477 2.3¢
Cohen & Steers Real Estate Opportunities I $2,201,859 0.9¢
Principal Green Fund III $1,387,475 0.6¢
ATEL Private Debt Partners III $1,833,275 0.8¢
PennantPark Credit Opportunities IV $3,073,636 1.3¢
Dodge & Cox Income $8,822,216 3.8¢
Garcia Hamilton $8,917,254 3.8¢
PIMCO Pref & Capital Secs $6,233,727 2.7¢
PIMCO Income Fund $6,527,161 2.8¢
Serenitas Credit Gamma Fund $10,918,266 4.7¢
Mutual Fund Acct - Money Market $1,252,379 0.5¢
Southstate - Receipts & Disbursements $1,411,701 0.6¢
Asset Allocation By Manager, Total Fund (Incl R&D)
17
December 31, 2024 : $235,334,371 Market Value Allocation (%)
Clearbridge Large Cap Equity $20,623,310 8.8¢
Schwab Total Stock Market $26,687,104 11.3¢
Vanguard Dividend Growth Fund $15,832,992 6.7¢
Vanguard 500 Index $18,412,203 7.8¢
Atlanta Capital $26,730,623 11.4¢
Mutual of America S&P 400 $16,001,426 6.8¢
EuroPacific Growth R6 $6,008,568 2.6¢
Harding Loevner Intl Equity $12,512,268 5.3¢
JPM RE Strategic Property $16,987,439 7.2¢
JPM RE Special Situation $11,337,881 4.8¢
Affiliated Housing Impact Fund I $5,610,292 2.4¢
Cohen & Steers Real Estate Opportunities I $2,297,338 1.0¢
Principal Green Fund III $1,528,937 0.6¢
ATEL Private Debt Partners III $2,360,379 1.0¢
PennantPark Credit Opportunities IV $2,162,368 0.9¢
Dodge & Cox Income $8,528,837 3.6¢
Garcia Hamilton $9,490,468 4.0¢
PIMCO Pref & Capital Secs $6,228,366 2.6¢
PIMCO Income Fund $6,463,598 2.7¢
Serenitas Credit Gamma Fund $11,108,231 4.7¢
Mutual Fund Acct - Money Market $3,054,038 1.3¢
Southstate - Receipts & Disbursements $5,367,707 2.3¢
Asset Allocation By Manager, Total Fund (Incl R&D)
18
U.S. Equity International Equity U.S. Fixed Income Real Estate Private Credit Cash Equivalent Total Fund
$%$%$%$%$%$%$%
Clearbridge Large Cap Equity 19,985 96.90 --------638 3.10 20,623 8.97
Schwab Total Stock Market 26,687 100.00 ----------26,687 11.60
Vanguard Dividend Growth Fund 15,833 100.00 ----------15,833 6.88
Vanguard 500 Index 18,412 100.00 ----------18,412 8.01
Atlanta Capital 26,731 100.00 ----------26,731 11.62
Mutual of America S&P 400 15,977 99.85 --------24 0.15 16,001 6.96
Domestic Equity 123,625 99.47 --------663 0.53 124,288 54.05
EuroPacific Growth R6 --6,009 100.00 --------6,009 2.61
Harding Loevner Intl Equity --12,512 100.00 --------12,512 5.44
International Equity --18,521 100.00 --------18,521 8.05
JPM RE Strategic Property ------16,987 100.00 ----16,987 7.39
JPM RE Special Situation ------11,338 100.00 ----11,338 4.93
Affiliated Housing Impact Fund I ------5,610 100.00 ----5,610 2.44
Cohen & Steers Real Estate Opportunities I ------2,297 100.00 ----2,297 1.00
Principal Green Fund III ------1,529 100.00 ----1,529 0.66
Real Estate ------37,762 100.00 ----37,762 16.42
ATEL Private Debt Partners III --------2,360 100.00 --2,360 1.03
PennantPark Credit Opportunities IV --------2,162 100.00 --2,162 0.94
Private Credit --------4,523 100.00 --4,523 1.97
Dodge & Cox Income ----8,529 100.00 ------8,529 3.71
Garcia Hamilton ----9,398 99.02 ----93 0.98 9,490 4.13
PIMCO Pref & Capital Secs ----6,228 100.00 ------6,228 2.71
PIMCO Income Fund ----6,464 100.00 ------6,464 2.81
Serenitas Credit Gamma Fund ----11,108 100.00 ------11,108 4.83
Fixed Income ----41,727 99.78 ----93 0.22 41,820 18.19
Mutual Fund Acct - Money Market ----------3,054 100.00 3,054 1.33
Total Fund (ex. R&D)123,625 53.76 18,521 8.05 41,727 18.14 37,762 16.42 4,523 1.97 3,810 1.66 229,967 100.00
Southstate - Receipts & Disbursements ----------5,368 100.00 5,368 2.33
Total Fund (incl. R&D)123,625 52.53 18,521 7.87 41,727 17.73 37,762 16.05 4,523 1.92 9,177 3.90 235,334 102.33
Manager Asset Allocation As of December 31, 2024
19
Manager Status As of December 31, 2024
20
Estimated
Annual Fee (%)
Estimated
Annual Fee
Market Value
As of 12/31/2024 Fee Schedule Fee Notes
Clearbridge Large Cap Equity 0.500 $103,117 $20,623,310 0.500 % of Assets
Schwab Total Stock Market 0.030 $8,006 $26,687,104 0.030 % of Assets
Vanguard Dividend Growth Fund 0.290 $45,916 $15,832,992 0.290 % of Assets
Vanguard 500 Index 0.040 $7,365 $18,412,203 0.040 % of Assets
Atlanta Capital 0.620 $165,730 $26,730,623 0.620 % of Assets
Mutual of America S&P 400 0.070 $11,201 $16,001,426 0.070 % of Assets
Domestic Equity 0.275 $341,334 $124,287,658
EuroPacific Growth R6 0.470 $28,240 $6,008,568 0.470 % of Assets
Harding Loevner Intl Equity 0.730 $91,340 $12,512,268 0.730 % of Assets
International Equity 0.646 $119,580 $18,520,836
JPM RE Strategic Property 1.000 $169,874 $16,987,439 1.000 % of Assets
JPM RE Special Situation 1.600 $181,406 $11,337,881 1.600 % of Assets Sched 1: Base fee of 1.25%+ 0.625% fee on share of debt+0.15%
fee on the cash alloc >5% of total NAV.
Sched 2: 1.60% of NAV.(Maximum fee)
Clients are charged the lower of Sched 1 or Sched 2.
Affiliated Housing Impact Fund I 1.500 $84,154 $5,610,292 1.500 % of Assets 20% above 8% prfd return
Cohen & Steers Real Estate Opportunities I 1.250 $28,717 $2,297,338 1.250 % of Assets 12.5% above 8% prfd return
Principal Green Fund III 1.350 $20,641 $1,528,937 1.350 % of Assets 20% above 8% prfd return
Real Estate 1.284 $484,792 $37,761,886
ATEL Private Debt Partners III 2.000 $47,208 $2,360,379 2.000 % of Assets 20% above 8% prfd return
PennantPark Credit Opportunities IV 1.250 $27,030 $2,162,368 1.250 % of Assets 12.5% above 8% prfd return
Private Credit 1.641 $74,237 $4,522,746
Dodge & Cox Income 0.410 $34,968 $8,528,837 0.410 % of Assets
Garcia Hamilton 0.250 $23,726 $9,490,468 0.250 % of Assets
PIMCO Pref & Capital Secs 0.790 $49,204 $6,228,366 0.790 % of Assets
PIMCO Income Fund 0.500 $32,318 $6,463,598 0.500 % of Assets
Serenitas Credit Gamma Fund 1.500 $166,623 $11,108,231 1.500 % of Assets 20% no hurdle, high-water mark
Fixed Income 0.734 $306,840 $41,819,500
Mutual Fund Acct - Money Market 0.000 -$3,054,038 0.000 % of Assets
Total Fund (ex. R&D)0.577 $1,326,783 $229,966,664
Southstate - Receipts & Disbursements N/A -$5,367,707
Total Fund (incl. R&D)0.564 $1,326,783 $235,334,371
Fee Schedule As of December 31, 2024
21
Peer Group Analysis - Large Growth Manager Risk/Return: 5 Year, Annualized
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Clearbridge LC Equity 3.12 (79)3.12 (79)28.00 (65)7.65 (62)14.95 (75)
Russell 1000 Growth 7.07 (24)7.07 (24)33.36 (32)10.47 (16)18.96 (16)z
Median 5.48 5.48 31.01 8.36 16.83
Large Growth Clearbridge LC Equity
Russell 1000 Growth Return/Risk Median
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Return (%)16.0 18.0 20.0 22.0 24.0 26.0 28.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Clearbridge LC Equity -2.77 0.96 -0.99 0.97 20.01 90.87 99.35
Russell 1000 Growth 0.00 1.00 N/A 1.00 20.50 100.00 100.00
Manager Review
Clearbridge Large Cap Equity
As of December 31, 2024
$20.6M and 8.8% of Plan Assets
22
Peer Group Analysis - Large Blend Manager Risk/Return: 5 Year, Annualized
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Schwab Total Stock Market 2.69 (23)2.69 (23)23.85 (50)7.90 (65)13.76 (59)
Russell 1000 Index 2.75 (21)2.75 (21)24.51 (45)8.41 (53)14.28 (49)z
Median 2.27 2.27 23.84 8.59 14.21
Large Blend Schwab Total Stock Market
Russell 1000 Index Return/Risk Median
8.0
10.0
12.0
14.0
16.0
18.0
Return (%)15.0 16.0 17.0 18.0 19.0 20.0 21.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Schwab Total Stock Market -0.59 1.01 -0.53 1.00 18.72 99.53 101.28
Russell 1000 Index 0.00 1.00 N/A 1.00 18.48 100.00 100.00
Manager Review
Schwab Total Stock Market
As of December 31, 2024
$26.7M and 11.3% of Plan Assets
23
Fund Information
Fund Name :Schwab Total Stock Market Index Portfolio Assets :$28,099 Million
Fund Family :Schwab Funds Portfolio Manager :Team Managed
Ticker :SWTSX PM Tenure :11 Years 10 Months
Inception Date :06/01/1999 Fund Assets :$28,099 Million
Portfolio Turnover :2%
Fund Characteristics As of 12/31/2024
Total Securities 3,120
Avg. Market Cap $222,213 Million
P/E 21.3
P/B 3.9
Div. Yield 1.4%
Fund Investment Policy
The investment seeks to track the total return of the entire U.S. stock market, as measured by the Dow Jones U.S. Total Stock Market IndexSM.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
0.4%
99.6%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Other
Asia Pacific
EMEA
Americas
0.0%
0.0%
0.6%
99.4%
Equity Sector Allocation As of 12/31/2024
0.0%15.0%30.0%45.0%
Information Technology
Financials
Consumer Discretionary
Health Care
Communication Services
Industrials
Consumer Staples
Energy
Real Estate
Utilities
Materials
32.2%
13.5%
11.4%
10.3%
8.7%
8.4%
5.2%
3.3%
2.6%
2.4%
2.0%
Market Capitalization As of 12/31/2024
0.0%20.0%40.0%60.0%
Micro
Small
Medium
Large
Giant
2.2%
6.4%
19.8%
30.7%
41.0%
Top Ten Securities As of 12/31/2024
Apple Inc 6.6 %
NVIDIA Corp 5.7 %
Microsoft Corp 5.4 %
Amazon.com Inc 3.6 %
Meta Platforms Inc Class A 2.2 %
Tesla Inc 2.0 %
Alphabet Inc Class A 1.9 %
Broadcom Inc 1.9 %
Alphabet Inc Class C 1.6 %
Berkshire Hathaway Inc Class B 1.4 %
Total 32.3 %
Mutual Fund Attributes
Schwab Total Stock Market Index
As of December 31, 2024
24
Peer Group Analysis - Large Value Manager Risk/Return: 5 Year, Annualized
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Vanguard Dividend Growth -4.72 (98)-4.72 (98)9.03 (94)3.88 (94)N/A
Russell 1000 Value Index -1.98 (62)-1.98 (62)14.37 (56)5.63 (79)8.68 (81)z
Median -1.58 -1.58 15.28 7.18 10.25
Large Value Vanguard Dividend Growth
Russell 1000 Value Index Return/Risk Median
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Vanguard Dividend Growth N/A N/A N/A N/A N/A N/A N/A
Russell 1000 Value Index 0.00 1.00 N/A 1.00 18.74 100.00 100.00
Manager Review
Vanguard Dividend Growth Fund
As of December 31, 2024
$15.8M and 6.7% of Plan Assets
25
Fund Information
Fund Name :Vanguard Dividend Growth Inv Portfolio Assets :$49,913 Million
Fund Family :Vanguard Portfolio Manager :Fisher,P
Ticker :VDIGX PM Tenure :2 Years 5 Months
Inception Date :05/15/1992 Fund Assets :$49,913 Million
Portfolio Turnover :9%
Fund Characteristics As of 12/31/2024
Total Securities 56
Avg. Market Cap $227,793 Million
P/E 22.3
P/B 6.4
Div. Yield 2.0%
Fund Investment Policy
The investment seeks to provide, primarily, a growing stream of income over time and, secondarily, long-term capital appreciation and current income.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
1.9%
98.1%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
EMEA
Americas
6.2%
93.8%
Equity Sector Allocation As of 12/31/2024
0.0%10.0%20.0%30.0%
Health Care
Information Technology
Industrials
Financials
Consumer Staples
Consumer Discretionary
Materials
Real Estate
Communication Services
Utilities
Energy
19.2%
18.7%
14.5%
14.2%
13.7%
11.4%
4.7%
2.0%
1.8%
0.0%
0.0%
Market Capitalization As of 12/31/2024
0.0%50.0%100.0%
Micro
Small
Medium
Large
Giant
0.0%
0.0%
2.9%
65.9%
31.3%
Top Ten Securities As of 12/31/2024
Apple Inc 4.5 %
Microsoft Corp 4.0 %
Stryker Corp 3.8 %
McDonald's Corp 3.8 %
UnitedHealth Group Inc 3.4 %
Mastercard Inc Class A 3.1 %
Danaher Corp 3.1 %
Accenture PLC Class A 3.1 %
Honeywell International Inc 3.0 %
Visa Inc Class A 2.9 %
Total 34.8 %
Mutual Fund Attributes
Vanguard Dividend Growth Inv
As of December 31, 2024
26
Peer Group Analysis - Large Blend Manager Risk/Return: 5 Year, Annualized
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Vanguard 500 Index 2.40 (42)2.40 (42)24.96 (38)8.89 (47)N/A
S&P 500 Index 2.41 (39)2.41 (39)25.02 (31)8.94 (39)14.53 (40)z
Median 2.27 2.27 23.84 8.59 14.21 Large Blend Vanguard 500 Index S&P 500 Index Return/Risk Median
8.0
10.0
12.0
14.0
16.0
18.0
Return (%)15.0 16.0 17.0 18.0 19.0 20.0 21.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Vanguard 500 Index N/A N/A N/A N/A N/A N/A N/A
S&P 500 Index 0.00 1.00 N/A 1.00 18.06 100.00 100.00
Manager Review
Vanguard 500 Index
As of December 31, 2024
$18.4M and 7.8% of Plan Assets
27
Fund Information
Fund Name :Vanguard 500 Index Admiral Portfolio Assets :$562,187 Million
Fund Family :Vanguard Portfolio Manager :Birkett,N/Choi,A/Louie,M
Ticker :VFIAX PM Tenure :7 Years 1 Month
Inception Date :11/13/2000 Fund Assets :$1,387,192 Million
Portfolio Turnover :2%
Fund Characteristics As of 12/31/2024
Total Securities 507
Avg. Market Cap $362,378 Million
P/E 21.8
P/B 4.3
Div. Yield 1.4%
Fund Investment Policy
The investment seeks to track the performance of the Standard & Poor‘s 500 Index that measures the investment return of large-capitalization stocks.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
0.1%
99.9%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Asia Pacific
EMEA
Americas
0.0%
0.5%
99.4%
Equity Sector Allocation As of 12/31/2024
0.0%20.0%40.0%60.0%
Information Technology
Financials
Consumer Discretionary
Health Care
Communication Services
Industrials
Consumer Staples
Energy
Utilities
Real Estate
Materials
33.7%
13.2%
11.4%
10.1%
9.4%
7.3%
5.5%
3.2%
2.5%
2.1%
1.7%
Market Capitalization As of 12/31/2024
0.0%25.0%50.0%75.0%
Micro
Small
Medium
Large
Giant
0.0%
0.6%
18.0%
34.6%
46.9%
Top Ten Securities As of 12/31/2024
Apple Inc 7.6 %
NVIDIA Corp 6.6 %
Microsoft Corp 6.3 %
Amazon.com Inc 4.1 %
Meta Platforms Inc Class A 2.6 %
Tesla Inc 2.3 %
Alphabet Inc Class A 2.2 %
Broadcom Inc 2.2 %
Alphabet Inc Class C 1.8 %
Berkshire Hathaway Inc Class B 1.7 %
Total 37.3 %
Mutual Fund Attributes
Vanguard 500 Index Admiral
As of December 31, 2024
28
Peer Group Analysis - IM U.S. SMID Cap Equity (SA+CF)Manager Risk/Return: 5 Year, Annualized
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Atlanta Capital -2.96 (91)-2.96 (91)13.69 (44)6.31 (21)10.19 (51)
Russell 2500 Index 0.62 (48)0.62 (48)11.99 (56)2.39 (56)8.77 (71)z
Median 0.36 0.36 12.91 2.69 10.22
IM U.S. SMID Cap Equity (SA+CF)Atlanta Capital
Russell 2500 Index Return/Risk Median
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Return (%)16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Atlanta Capital 2.63 0.82 0.08 0.91 19.94 86.41 78.50
Russell 2500 Index 0.00 1.00 N/A 1.00 23.21 100.00 100.00
Manager Review
Atlanta Capital
As of December 31, 2024
$26.7M and 11.4% of Plan Assets
29
Peer Group Analysis - IM U.S. SMID Cap Equity (SA+CF)Manager Risk/Return: 5 Year, Annualized
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Mutual of America S&P 400 0.36 (51)0.36 (51)13.93 (42)4.83 (33)10.20 (51)
S&P MidCap 400 Index 0.34 (51)0.34 (51)13.93 (42)4.87 (33)10.34 (50)z
Median 0.36 0.36 12.91 2.69 10.22
IM U.S. SMID Cap Equity (SA+CF)Mutual of America S&P 400
S&P MidCap 400 Index Return/Risk Median
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Return (%)16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Mutual of America S&P 400 -0.07 1.00 -0.06 0.99 22.28 99.50 99.73
S&P MidCap 400 Index 0.00 1.00 N/A 1.00 22.27 100.00 100.00
Manager Review
Mutual of America S&P 400
As of December 31, 2024
$16.0M and 6.8% of Plan Assets
30
Peer Group Analysis - Foreign Large Growth Manager Risk/Return: 5 Year, Annualized
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
EuroPacific Growth R6 -7.03 (46)-7.03 (46)5.04 (59)-1.80 (53)4.06 (79)
MSCI AC World ex US -7.50 (56)-7.50 (56)6.09 (42)1.35 (12)4.61 (55)z
Median -7.28 -7.28 5.64 -1.62 4.82
Foreign Large Growth EuroPacific Growth R6
MSCI AC World ex US Return/Risk Median
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
EuroPacific Growth R6 -0.58 1.05 -0.06 0.94 18.55 105.96 109.08
MSCI AC World ex US 0.00 1.00 N/A 1.00 17.14 100.00 100.00
Manager Review
EuroPacific Growth R6
As of December 31, 2024
$6.0M and 2.6% of Plan Assets
31
Fund Information
Fund Name :American Funds Europacific Growth R6 Portfolio Assets :$64,546 Million
Fund Family :American Funds Portfolio Manager :Team Managed
Ticker :RERGX PM Tenure :23 Years 6 Months
Inception Date :05/01/2009 Fund Assets :$130,007 Million
Portfolio Turnover :30%
Fund Characteristics As of 12/31/2024
Total Securities 336
Avg. Market Cap $69,275 Million
P/E 16.1
P/B 2.5
Div. Yield 2.3%
Fund Investment Policy
The investment seeks long-term growth of capital.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Fixed Income
Others
Cash
Equity
0.0%
1.2%
5.6%
93.2%
Regional Allocation As of 12/31/2024
0.0%15.0%30.0%45.0%60.0%
Other
Americas
Asia Pacific
EMEA
24.4%
7.0%
27.2%
41.3%
Top 5 Countries As of 12/31/2024
United Kingdom 12.7 %
Japan 11.1 %
Germany 9.0 %
France 8.2 %
Canada 7.0 %
Total 48.1 %
Equity Sector Allocation As of 12/31/2024
0.0%10.0%20.0%30.0%
Information Technology
Industrials
Financials
Consumer Discretionary
Health Care
Materials
Communication Services
Consumer Staples
Energy
Utilities
Real Estate
18.9%
17.8%
14.9%
13.2%
10.4%
8.2%
6.4%
5.1%
3.9%
0.9%
0.4%
Market Capitalization As of 12/31/2024
0.0%25.0%50.0%75.0%
Micro
Small
Medium
Large
Giant
0.0%
0.2%
8.5%
35.0%
56.4%
Top Ten Securities As of 12/31/2024
Taiwan Semiconductor Manufacturing 5.0 %
Novo Nordisk AS Class B 3.1 %
SAP SE 2.6 %
Airbus SE 2.4 %
Flutter Entertainment PLC 1.8 %
Recruit Holdings Co Ltd 1.7 %
MercadoLibre Inc 1.6 %
Safran SA 1.6 %
ASML Holding NV 1.5 %
Glencore PLC 1.5 %
Total 22.7 %
Mutual Fund Attributes
American Funds Europacific Growth R6
As of December 31, 2024
32
Peer Group Analysis - Foreign Large Growth Manager Risk/Return: 5 Year, Annualized
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Harding Loevner Intl Eq -8.91 (87)-8.91 (87)1.35 (83)-2.24 (57)4.07 (78)
MSCI AC World ex US -7.50 (56)-7.50 (56)6.09 (42)1.35 (12)4.61 (55)z
Median -7.28 -7.28 5.64 -1.62 4.82
Foreign Large Growth Harding Loevner Intl Eq
MSCI AC World ex US Return/Risk Median
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)14.0 16.0 18.0 20.0 22.0 24.0 26.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Harding Loevner Intl Eq -0.45 1.02 -0.06 0.91 18.27 105.74 109.09
MSCI AC World ex US 0.00 1.00 N/A 1.00 17.14 100.00 100.00
Manager Review
Harding Loevner International Equity
As of December 31, 2024
$12.5M and 5.3% of Plan Assets
33
Fund Information
Fund Name :Harding Loevner International Eq Instl Z Portfolio Assets :$2,416 Million
Fund Family :Harding Loevner Portfolio Manager :Team Managed
Ticker :HLIZX PM Tenure :20 Years 2 Months
Inception Date :07/17/2017 Fund Assets :$12,162 Million
Portfolio Turnover :22%
Fund Characteristics As of 12/31/2024
Total Securities 100
Avg. Market Cap $69,023 Million
P/E 14.8
P/B 2.2
Div. Yield 3.0%
Fund Investment Policy
The investment seeks long-term capital appreciation.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Others
Fixed Income
Cash
Equity
0.0%
0.0%
1.7%
98.3%
Regional Allocation As of 12/31/2024
0.0%15.0%30.0%45.0%60.0%
Other
Americas
Asia Pacific
EMEA
25.1%
5.7%
31.5%
37.7%
Top 5 Countries As of 12/31/2024
Japan 15.3 %
Sweden 7.9 %
United Kingdom 7.8 %
Germany 7.6 %
China 7.5 %
Total 46.1 %
Equity Sector Allocation As of 12/31/2024
0.0%15.0%30.0%
Financials
Information Technology
Health Care
Industrials
Consumer Staples
Materials
Consumer Discretionary
Energy
Communication Services
Utilities
Real Estate
22.0%
18.0%
17.4%
14.6%
8.2%
8.1%
5.4%
3.0%
2.7%
0.7%
0.0%
Market Capitalization As of 12/31/2024
0.0%50.0%100.0%
Micro
Small
Medium
Large
Giant
0.0%
0.0%
0.9%
36.3%
62.9%
Top Ten Securities As of 12/31/2024
Taiwan Semiconductor Manufacturing 3.9 %
DBS Group Holdings Ltd 3.9 %
HDFC Bank Ltd ADR 3.3 %
Chugai Pharmaceutical Co Ltd 3.1 %
Manulife Financial Corp 3.1 %
Allianz SE 3.1 %
Haleon PLC 3.0 %
Shell PLC 3.0 %
Schneider Electric SE 2.9 %
Sony Group Corp 2.8 %
Total 32.1 %
Mutual Fund Attributes
Harding Loevner International Eq Instl Z
As of December 31, 2024
34
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Manager Risk/Return: 5 Year, Annualized
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
JPM RE Strategic Property 1.76 (20)1.76 (20)-1.75 (67)-4.15 (77)1.51 (73)
NCREIF ODCE 1.16 (45)1.16 (45)-1.43 (58)-2.32 (51)2.87 (54)z
Median 0.97 0.97 -1.35 -2.28 2.99
IM U.S. Open End Private Real Estate (SA+CF)JPM RE Strategic Property
NCREIF ODCE Return/Risk Median
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)4.5 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
JPM RE Strategic Property 0.24 0.45 -0.25 0.40 5.32 62.26 69.03
NCREIF ODCE 0.00 1.00 N/A 1.00 7.51 100.00 100.00
Manager Review
JPM RE Strategic Property
As of December 31, 2024
$17.0M and 7.2% of Plan Assets
35
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)Manager Risk/Return: 5 Year, Annualized
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
JPM RE Spec Situation 0.19 (85)0.19 (85)-9.69 (97)-11.41 (96)-2.24 (96)
NCREIF ODCE 1.16 (45)1.16 (45)-1.43 (58)-2.32 (51)2.87 (54)z
Median 0.97 0.97 -1.35 -2.28 2.99
IM U.S. Open End Private Real Estate (SA+CF)JPM RE Spec Situation
NCREIF ODCE Return/Risk Median
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Return (%)4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
JPM RE Spec Situation -4.02 0.69 -0.77 0.42 8.03 61.90 150.08
NCREIF ODCE 0.00 1.00 N/A 1.00 7.51 100.00 100.00
Manager Review
JPM RE Spec Situation
As of December 31, 2024
$11.3M and 4.8% of Plan Assets
36
Peer Group Analysis - Intermediate Core-Plus Bond Manager Risk/Return: 5 Year, Annualized
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Dodge & Cox Income -3.33 (87)-3.33 (87)2.26 (78)-0.67 (16)N/A
Blmbg. U.S. Agg Index -3.06 (77)-3.06 (77)1.25 (92)-2.41 (84)-0.33 (95)z
Median -2.72 -2.72 2.84 -1.55 0.76
Intermediate Core-Plus Bond Dodge & Cox Income
Blmbg. U.S. Agg Index Return/Risk Median
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Return (%)5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Dodge & Cox Income N/A N/A N/A N/A N/A N/A N/A
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.37 100.00 100.00
Manager Review
Dodge & Cox Income
As of December 31, 2024
$8.5M and 3.6% of Plan Assets
37
Fund Information
Fund Name :Dodge & Cox Income I Portfolio Assets :$72,778 Million
Fund Family :Dodge & Cox Portfolio Manager :Team Managed
Ticker :DODIX PM Tenure :35 Years 11 Months
Inception Date :01/03/1989 Fund Assets :$89,831 Million
Portfolio Turnover :55%
Fund Characteristics As of 12/31/2024
Avg. Coupon 4.19 %
Avg. Effective Maturity 9.69 Years
Avg. Effective Duration 6.3 Years
Avg. Credit Quality A
Yield To Maturity 5.33 %
SEC Yield 4.51 %
Fund Investment Policy
The investment seeks a high and stable rate of current income, consistent with long-term preservation of capital; a secondary objective is capital appreciation.
Asset Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Others
Equity
Cash
Fixed Income
0.0%
0.0%
1.4%
98.6%
Maturity Distribution As of 12/31/2024
0.0%20.0%40.0%60.0%
<1Yr
10-15Yrs
1-3Yrs
3-5Yrs
15-20Yrs
7-10Yrs
>30Yrs
5-7Yrs
20-30Yrs
2.5%
3.2%
6.3%
7.0%
7.0%
8.2%
10.0%
10.8%
45.1%
Quality Allocation As of 12/31/2024
0.0%50.0%100.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
0.0%
2.0%
3.0%
18.4%
7.1%
3.3%
66.2%
Regional Allocation As of 12/31/2024
0.0%50.0%100.0%150.0%
Other
EMEA
Americas
0.8%
10.2%
89.0%
Top Ten Securities As of 12/31/2024
Federal National Mortgage Asso 3.4 %
United States Treasury Bonds 2.1 %
United States Treasury Bonds 1.8 %
Federal Home Loan Mortgage Corp.1.7 %
United States Treasury Notes 1.6 %
United States Treasury Notes 1.5 %
United States Treasury Notes 1.2 %
Federal Home Loan Mortgage Corp.1.1 %
United States Treasury Bonds 1.1 %
Federal National Mortgage Asso 1.1 %
Total 16.4 %
Fixed Income Sector Allocation As of 12/31/2024
0.0%20.0%40.0%60.0%
Securitized
Corporate
Government
Cash & Equivalents
Municipal
Other
49.4%
27.8%
20.3%
1.4%
1.0%
0.0%
Mutual Fund Attributes
Dodge & Cox Income I
As of December 31, 2024
38
Peer Group Analysis - IM U.S. Fixed Income (SA+CF)Manager Risk/Return: 5 Year, Annualized
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Garcia Hamilton -4.54 (92)-4.54 (92)0.24 (91)-1.71 (72)0.07 (85)
Blmbg. U.S. Agg Index -3.06 (85)-3.06 (85)1.25 (88)-2.41 (89)-0.33 (91)z
Median -1.36 -1.36 3.32 0.18 1.48
IM U.S. Fixed Income (SA+CF)Garcia Hamilton
Blmbg. U.S. Agg Index Return/Risk Median
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Return (%)-4.0 0.0 4.0 8.0 12.0 16.0 20.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Garcia Hamilton 0.48 1.13 0.26 0.95 7.38 115.67 110.19
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.37 100.00 100.00
Manager Review
Garcia Hamilton
As of December 31, 2024
$9.5M and 4.0% of Plan Assets
39
Peer Group Analysis - Preferred Stock Manager Risk/Return: 5 Year, Annualized
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
PIMCO Pref & Cap Secs -0.09 (50)-0.09 (50)10.84 (52)0.64 (84)N/A
ICE BofA Preferred Stock -3.01 (88)-3.01 (88)7.05 (96)0.25 (88)1.96 (91)z
Median -0.12 -0.12 10.90 2.28 3.48
Preferred Stock PIMCO Pref & Cap Secs
ICE BofA Preferred Stock Return/Risk Median
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
PIMCO Pref & Cap Secs N/A N/A N/A N/A N/A N/A N/A
ICE BofA Preferred Stock 0.00 1.00 N/A 1.00 10.20 100.00 100.00
Manager Review
PIMCO Preferred and Capital Secs Instl
As of December 31, 2024
$6.2M and 2.6% of Plan Assets
40
Fund Information
Fund Name :PIMCO Preferred and Capital Secs Instl Portfolio Assets :$465 Million
Fund Family :PIMCO Portfolio Manager :Bodereau,P
Ticker :PFINX PM Tenure :9 Years 8 Months
Inception Date :04/13/2015 Fund Assets :$794 Million
Portfolio Turnover :49%
Fund Characteristics As of 12/31/2024
Avg. Coupon 7.27 %
Avg. Effective Maturity 5.37 Years
Avg. Effective Duration 4.33 Years
Avg. Credit Quality BBB
Yield To Maturity 7.14 %
SEC Yield 5.25 %
Fund Investment Policy
The investment seeks maximum total return, consistent with prudent investment management.
Asset Allocation As of 09/30/2024
0.0%50.0%100.0%
Equity
Cash
Others
Fixed Income
0.9%
4.3%
16.9%
77.9%
Maturity Distribution As of 09/30/2024
0.0%15.0%30.0%45.0%60.0%
7-10Yrs
10-15Yrs
15-20Yrs
1-3Yrs
5-7Yrs
3-5Yrs
20-30Yrs
>30Yrs
<1Yr
0.0%
2.2%
2.3%
2.6%
4.5%
6.5%
20.4%
20.5%
41.2%
Quality Allocation As of 09/30/2024
0.0%25.0%50.0%75.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
0.1%
0.7%
25.7%
59.9%
2.4%
6.0%
5.3%
Regional Allocation As of 09/30/2024
0.0%25.0%50.0%75.0%
Other
Asia Pacific
EMEA
Americas
2.9%
1.9%
40.8%
54.4%
Top Ten Securities As of 09/30/2024
Pimco Capital Securities Fd (C 16.5 %
2 Year Treasury Note Future Dec 8.4 %
Ultra US Treasury Bond Future Dec 6.2 %
Pimco Fds 6.1 %
Bank of America Corp. 5.875%3.5 %
Lloyds Banking Group PLC 8%1.8 %
Royal Bank of Canada 7.5%1.6 %
JPMorgan Chase & Co. 4.6%1.6 %
Euro Bobl Future Dec 24 -3.6 %
5 Year Treasury Note Future Dec -9.2 %
Total 32.9 %
Fixed Income Sector Allocation As of 09/30/2024
0.0%25.0%50.0%75.0%100.0%
Corporate
Government
Cash & Equivalents
Other
Municipal
Securitized
62.3%
17.4%
10.6%
9.7%
0.0%
0.0%
Mutual Fund Attributes
PIMCO Preferred and Capital Secs Instl
As of December 31, 2024
41
Peer Group Analysis - Multisector Bond Manager Risk/Return: 5 Year, Annualized
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
PIMCO Income Fund -0.97 (64)-0.97 (64)5.42 (82)2.12 (39)3.05 (55)
Blmbg. U.S. Agg Index -3.06 (97)-3.06 (97)1.25 (100)-2.41 (100)-0.33 (99)z
Median -0.79 -0.79 6.76 1.97 3.12
Multisector Bond PIMCO Income Fund
Blmbg. U.S. Agg Index Return/Risk Median
-2.0
0.0
2.0
4.0
6.0
8.0
Return (%)4.0 6.0 8.0 10.0 12.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
PIMCO Income Fund 3.38 0.78 0.71 0.54 6.72 98.83 60.79
Blmbg. U.S. Agg Index 0.00 1.00 N/A 1.00 6.37 100.00 100.00
Manager Review
PIMCO Income Fund
As of December 31, 2024
$6.5M and 2.7% of Plan Assets
42
Fund Information
Fund Name :PIMCO Income Instl Portfolio Assets :$106,426 Million
Fund Family :PIMCO Portfolio Manager :Anderson,J/Ivascyn,D/Murata,A
Ticker :PIMIX PM Tenure :17 Years 9 Months
Inception Date :03/30/2007 Fund Assets :$174,669 Million
Portfolio Turnover :588%
Fund Characteristics As of 12/31/2024
Avg. Coupon 4.95 %
Avg. Effective Maturity 4.34 Years
Avg. Effective Duration 3.28 Years
Avg. Credit Quality BBB
Yield To Maturity 6.36 %
SEC Yield 4.97 %
Fund Investment Policy
The investment seeks to maximize current income; long-term capital appreciation is a secondary objective.
Asset Allocation As of 09/30/2024
0.0%150.0%300.0%-150.0 %
Cash
Equity
Others
Fixed Income
-32.7 %
1.0%
5.4%
126.4%
Maturity Distribution As of 09/30/2024
0.0%8.0%16.0%24.0%32.0%
15-20Yrs
10-15Yrs
5-7Yrs
7-10Yrs
1-3Yrs
3-5Yrs
<1Yr
20-30Yrs
>30Yrs
1.5%
4.6%
7.2%
7.6%
10.6%
10.8%
17.6%
19.4%
21.3%
Quality Allocation As of 09/30/2024
0.0%25.0%50.0%75.0%100.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA
0.0%
5.3%
2.9%
4.6%
10.4%
3.5%
7.6%
65.7%
Regional Allocation As of 09/30/2024
0.0%50.0%100.0%150.0%
Other
Asia Pacific
EMEA
Americas
6.6%
1.8%
6.1%
85.5%
Top Ten Securities As of 09/30/2024
Federal National Mortgage Asso 14.3 %
Federal National Mortgage Asso 10.0 %
5 Year Treasury Note Future Dec 9.0 %
Federal National Mortgage Asso 7.8 %
Federal National Mortgage Asso 7.4 %
Low Sulphur Gas Oil Futures Dec24 5.8 %
10 Year Treasury Note Future Dec 3.3 %
Pimco Fds 3.0 %
Federal National Mortgage Asso 2.8 %
US Treasury Bond Future Dec 24 -4.5 %
Total 58.8 %
Fixed Income Sector Allocation As of 09/30/2024
0.0%15.0%30.0%45.0%
Securitized
Government
Cash & Equivalents
Other
Corporate
Municipal
29.7%
28.8%
27.9%
10.7%
2.9%
0.0%
Mutual Fund Attributes
PIMCO Income Instl
As of December 31, 2024
43
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)Manager Risk/Return: 5 Year, Annualized
-7.0
-4.0
-1.0
2.0
5.0
8.0
11.0
ReturnQTR FYTD 1 YR 3 YR 5 YR
Serenitas 2.56 (1)2.56 (1)8.64 (3)N/A N/A
CPI + 3%0.84 (2)0.84 (2)5.97 (6)7.34 (1)7.31 (1)z
Median -1.52 -1.52 3.50 0.15 1.28
IM U.S. Intermediate Duration (SA+CF)Serenitas
CPI + 3%Return/Risk Median
-1.5
0.0
1.5
3.0
4.5
6.0
7.5
9.0
Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
Risk (Standard Deviation %)
MPT Stats, 5 Years
Alpha Beta Information
Ratio R-Squared Standard
Deviation
Up
Capture
Down
Capture
Serenitas N/A N/A N/A N/A N/A N/A N/A
CPI + 3%0.00 1.00 N/A 1.00 1.35 100.00 100.00
Manager Review
Serenitas Credit Gamma Fund
As of December 31, 2024
$11.1M and 4.7% of Plan Assets
44
·This report was prepared using market index and universe data provided by Investment Metrics PARis, as well as information provided by and received from the
client, custodian, and investment managers. Southeastern Advisory Services does not warrant the accuracy of data provided to us by others, although we do
take reasonable care to obtain and utilize only reliable information.
· Gross / Net Return Calculations - Southeastern Advisory Services tracks asset management fees and shows an estimate of gross -v- net performance at the
total plan level. We also track the management fees of each manager within the plan structure. Consistent with industry standards, our reporting will show
individual asset manager performance gross of management fees. In specific cases and on client request, we will break out the net-of-fee performance of
individual managers.
· Illiquid and alternative strategies often have delayed reporting, with statements and corresponding valuations lagging by a quarter or more. Clients whose fees
are based on a fixed percentage of assets recognize that these valuations may lag and that our fees are based on currently available information.
· Southeastern Advisory Services is a Registered Investment Advisor. We are a completely independent advisor and have taken great care to eliminate any real
or even perceived conflicts of interest. We receive fees only from our clients.
· While we are always optimistic, we never guarantee investment results.
Representations As of December 31, 2024
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