16-Attachment B - DC Plans Portfolio 20250331.pdf

DFW International Airport

Attachment B – DC Plans Portfolio

1st Quarter 2025 Market Environment

The Market Environment Executive Summary

As of March 31, 2025

The Economy

The US Federal Reserve (the Fed) continued its shift away from contractionary monetary policy during the quarter and held policy rates steady at a range of 4.25%-4.50%. New language was inserted into the most recent press release following the March 2025 Federal Open Markets Committee (FOMC) meeting, which referred to increased uncertainty moving forward. The release also conveyed the Treasury Department would slow the pace of the reduction of their balance sheet beginning in April, which may be appropriate midpoint target rate would be 3.875%, which at the time implied 0.50% of policy rate cuts by year-end.

Growth in the US labor market continued during the first quarter. US payrolls grew well above the 140,000 projected. Unemployment rose to 4.2% as the labor force participation rate increased during the month, which increased the denominator in policy rate decision, persistent strength in private sector employment could lead to a reduction in the pace and magnitude of policy rate decreases in the coming quarters.

Equity (Domestic and International)

Domestic equity results were broadly lower for the quarter as concerns regarding future economic growth guided by increased uncertainty surrounding geopolitics and domestic policy took hold. Value stocks outperformed growth stocks and large cap stocks outperformed small cap stocks in a rotation characteristic of a concentration among a limited number of stocks. As of quarter end, the top 10 stocks in the S&P 500 Index comprised more than 30% of the index.

Most international stocks advanced during the first quarter on the backs of a declining US dollar (USD) and concerns regarding US economic growth. The currency returns for most international indexes. International equities have experienced recent tailwinds due to investor shifts from domestic markets and into international markets based on greater economic uncertainty in the US and challenging trade relations associated with US tariff policies.

Fixed Income

Fixed-income markets gained during the quarter, driven by their coupons and declining Treasury yields for maturities of one year and longer. Shorter term Treasury yields remained relatively stable due to the FOMC leaving rates unchanged during the January and March meetings, while longer term yields fell slightly based on expectations of lower long-term GDP growth. The yield on the bellwether 10-year Treasury declined by 0.35% during the quarter, closing March at a yield of 4.23%. The inverse relationship between prices and yields resulted in the Bloomberg US Aggregate Bond Index posting a return of 2.8% for the quarter.

The US TIPS Index was the best-performing fixed-income index for the quarter, amassing a solid 4.2% return as TIPS yields declined. US High Yield bonds lagged all other bond sectors, returning a small, but positive, 1.0% for the quarter, largely due to a widening of the High Yield option-adjusted spread (OAS).

Global bond returns also rose during the quarter, with the Bloomberg Global Aggregate ex-US returning 2.5% in USD terms.

Market Themes

Weakness in the USD during the quarter led to relative strength in international equity markets as many major non-US currencies appreciated. Volatility in the financial markets increased amid uncertainty about US economic growth amid US tariff policies. The potential impact of US tariffs and foreign retaliation are still evolving, so it is not advisable to draw definitive conclusions regarding their breadth or magnitude. However, the resulting uncertainty has a near-term negative impact on global economic growth and capital markets.

The equity rotation away from risky trades has exacerbated the performance disparity between large and small cap stocks as concerns about the economy weigh more heavily on small cap stocks

Major Market Index Performance

As of March 31, 2025

Volatility in the domestic equity markets ticked up mid-quarter leading to disappointing results across broad-based domestic equity benchmarks. Small-cap equities were the worst-performing domestic segment with the Russell 2000 Index returning -9.5% for the quarter. The Russell Midcap Index was less negative, posting a return of -3.4% while the large-cap Russell 1000 and S&P 500 Indexes were down slightly more, returning -4.5% and -4.3%, respectively.

International equity markets surged in USD terms as the USD weakened relative to major world currencies. The developed market EAFE Index was the greatest beneficiary of the USD weakness as the index jumped 6.9% for the quarter. Emerging market equities were also positive but struggled to keep pace with developed markets, returning 2.9% for the quarter.

Broad-based fixed income indexes ended the quarter on a high note with the TIPS Index climbing 4.2%, the best among the bond indexes tracked during the quarter. There was only moderate performance dispersion among the remaining indexes with the Mortgage-Backed Security (MBS) Index returning a solid 3.1% and the Corporate Investment Grade Index returning a lower 2.3%.

posted solid performance on a trailing-year basis. The small-cap Russell 2000 Index has fallen slightly over the same period. This continues a trend of large cap dominance that has persisted for several quarters.

Domestic bonds have continued to perform well, aided by the Federal mid-2022. The TIPS Index has been the best performer over the previous 12 months, climbing 6.2%, aided by more recent performance. The remainder of the indexes displayed similar results during the same 12-month period, all finishing within 1.0% of each other. The 3-Month T-Bill displayed a strong 5.0% return during the year, aided by high short-term interest rates.

International equity markets had a strong showing for the year in USD terms.

finished the trailing 12 months in the middle, with a return of 6.1%.

Source: Investment Metrics

1.0%

2.3%

3.1%

4.2%

2.9%

2.8%

2.9%

6.9%

5.2%

-9.5%

-3.4%

-4.5%

-4.7%

-4.3%

-12.0% -9.0% -6.0% -3.0% 0.0% 3.0% 6.0% 9.0%

3-Month T-Bill

Bloomberg Corp IG

Bloomberg MBS

Bloomberg US TIPS

Bloomberg US Govt

Bloomberg US Agg

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

Quarter Performance

5.0%

4.9%

5.4%

6.2%

4.5%

4.9%

8.1%

4.9%

6.1%

-4.0%

2.6%

7.8%

7.2%

8.3%

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

3-Month T-Bill

Bloomberg Corp IG

Bloomberg MBS

Bloomberg US TIPS

Bloomberg US Govt

Bloomberg US Agg

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

1-Year Performance

Source: Investment Metrics

Domestic Equity Style Index Performance

As of March 31, 2025

Domestic equities were challenged during the quarter with small-cap stocks faring worst. The Russell 2000 Index, which consists of the smallest companies in the Russell 3000 Index, fell by -9.5% during the quarter, more than double the decline of either the large-cap Russell 1000 or the Russell Midcap Indexes.

Growth stocks experienced a significant pullback during the quarter with the Russell 1000 Growth Index, which represents the large-cap growth segment of the market, returning -10.0%. This was the first double-digit loss quarter for the benchmark since the second quarter of 2022. While the decline was only about half as deep as the -20.9% loss experienced in the 2022 quarter, it marked at least a temporary reversal of a trend wherein large cap growth stocks led the way among domestic equities. The best-performing segment of the domestic equity market was large cap value, which posted a positive return of 2.1%. The worst-performing segment was small cap growth which fell -11.1% for the quarter. Value outperformed growth across the capitalization spectrum as the large cap segment experienced the greatest performance disparity with value outpacing growth by 12.1%.

Large-cap stocks also outperformed smaller-cap issues during the trailing year with the Russell 1000 Index advancing 7.8% versus a lower 2.6% for the Russell Midcap Index and a return of -4.0% for the Russell 2000 Index. Much stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) which have dominated the large-cap core and growth indexes and media headlines over the past several years.

value stocks over the trailing year but growth still outpaced value by a narrow 0.5% margin for the all-cap Russell 3000 Index. The strength of the growth sectors is also evident in the trailing one-year period, which shows growth benchmarks in nearly all capitalization ranges outpacing their value counterparts. The only exception occurred with small-cap stocks, where the value benchmark was down 1.8% less than the growth benchmark.

-11.1%

-9.5%

-7.7%

-7.1%

-3.4%

-2.1%

-10.0%

-4.5%

2.1%

-10.0%

-4.7%

1.6%

-14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

-4.9%

-4.0%

-3.1%

3.6%

2.6%

2.3%

7.8%

7.8%

7.2%

7.2%

7.2%

6.7%

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

The Market Environment GICS Sector Performance & (Sector Weight)

As of March 31, 2025

Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking uency, post creation of the Communication Services sector.

Economic sector performance was mixed in the first quarter. Seven of the 11 economic sectors posted gains within the large-cap index, but four sectors that make up more than 50% of the benchmark were negative. While performance during 2024 was characterized by broad sector participation in domestic equity markets, this was not the case during the first quarter as communication services, consumer discretionary, industrials and information technology stocks all fell. The energy sector led the way, returning 9.6% for the quarter while the worst performing sectors (consumer discretionary and information technology) fell by -13.3% and -12.8%, respectively.

Trailing year results still showcased strong performance across most economic sectors with nine of the 11 economic sectors posting positive results. Utilities was the best-performing sector during the trailing year, soaring by 24.5%, followed by financials, which advanced by 19.4%.

Industrials and health care were the only two sectors to decline for the full year, posting returns of -6.0% and -0.0%, respectively.

Most small cap sectors lost value this quarter with 10 of 11 economic sectors declining. The only sector to post a positive performance for the quarter was utilities, which climbed by 4.9%. The worst performing sector in the index was information technology, which declined by -18.5%. Four other sectors, communication services, consumer discretionary, energy, and industrials were each down by more than -10.0%.

benchmark. Only five of the 11 sectors were higher for the full year.

Consumer staples led other sector results with a return of 12.6%, followed closely by financials and utilities, which returned 12.0% and 12.2%, respectively. Energy was the worst performing sector for the year, returning - 24.8%. Three other sectors in the small cap index also fell by double digits over the trailing year: consumer discretionary, health care, and information technology.

12.2%

4.2%

-7.0%

-12.1%

-4.4%

-11.1%

12.0%

-24.8%

12.6%

-14.1%

2.6%

4.9%

-3.3%

-6.6%

-18.5%

-11.0%

-8.2%

-4.3%

-12.7%

-0.2%

-14.9%

-12.5%

-30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Utilities (2.7%)

Real Estate (6.1%)

Materials (4.1%)

Info Technology (13.5%)

Industrials (17.8%)

Health Care (16.6%)

Financials (19.0%)

Energy (5.0%)

Consumer Staples (2.9%)

Consumer Disc (9.5%)

Comm Services (2.7%)

Russell 2000 Quarter 1-Year

24.5%

9.8%

-6.0%

5.9%

3.5%

-0.0%

19.4%

4.0%

11.7%

5.7%

14.1%

5.2%

3.4%

1.7%

-12.8%

-1.8%

5.7%

2.4%

9.6%

4.9%

-13.3%

-6.2%

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

Utilities (2.3%)

Real Estate (2.4%)

Materials (2.3%)

Info Technology (29.6%)

Industrials (9.1%)

Health Care (10.4%)

Financials (14.5%)

Energy (3.3%)

Consumer Staples (5.5%)

Consumer Disc (11.3%)

Comm Services (9.4%)

Russell 1000 Quarter 1-Year

Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000

As of March 31, 2025

Source: Morningstar Direct

Top 10 Weighted Stocks

Sector 1-Year Return

1-Qtr ReturnWeightRussell 1000

Information Technology30.1%-11.2%6.4%Apple Inc

Information Technology-10.1%-10.8%5.4%Microsoft Corp

Information Technology20.0%-19.3%4.9%NVIDIA Corp

Consumer Discretionary5.5%-13.3%3.5%Amazon.com Inc

Communication Services19.1%-1.5%2.5%Meta Platforms Inc Class A

Financials26.6%17.5%1.9%Berkshire Hathaway Inc Class B

Communication Services3.0%-18.2%1.8%Alphabet Inc Class A

Information Technology27.9%-27.6%1.5%Broadcom Inc

Communication Services3.1%-17.9%1.5%Alphabet Inc Class C

Consumer Discretionary47.4%-35.8%1.4%Tesla Inc

Top 10 Weighted Stocks

Sector 1-Year Return

1-Qtr Return

WeightRussell 2000

Consumer Staples136.7%20.1%0.6%Sprouts Farmers Market Inc

Health Care181.2%10.5%0.5%Insmed Inc

Industrials66.9%-22.7%0.5%FTAI Aviation Ltd

Health Care353.4%126.7%0.4%Corcept Therapeutics Inc

Financials11.7%-6.2%0.4%SouthState Corp

Materials155.3%6.9%0.4%Carpenter Technology Corp

Industrials14.9%-5.7%0.4%Applied Industrial Technologies Inc

Industrials42.9%-3.8%0.4%Mueller Industries Inc

Health Care56.9%33.5%0.3%Halozyme Therapeutics Inc

Industrials26.2%21.8%0.3%Beacon Roofing Supply Inc Class A

Top 10 Performing Stocks (by Quarter)

Sector 1-Year Return

1-Qtr Return

WeightRussell 2000

Communication Services72.7%137.5%0.0%FuboTV Inc

Consumer Discretionary46.6%129.8%0.0%QVC Group Inc Ordinary Shares

Health Care-29.0%127.9%0.1%Agilon Health Inc

Health Care353.4%126.7%0.4%Corcept Therapeutics Inc

Health Care-33.4%104.1%0.0%Accolade Inc Ordinary Shares

Information Technology-40.7%103.6%0.0%908 Devices Inc Ordinary Shares

Industrials50.5%94.1%0.1%H&E Equipment Services Inc

Materials43.1%92.7%0.0%Radius Recycling Inc Ordinary Shares

Financials118.5%83.8%0.0%Root Inc Ordinary Shares

Health Care-28.8%78.0%0.0%OptimizeRx Corp

Bottom 10 Performing Stocks (by Quarter)

Sector 1-Year Return

1-Qtr Return

WeightRussell 2000

Health Care-92.7%-90.6%0.0%Neumora Therapeutics Inc

Health Care-90.9%-89.7%0.0%Pliant Therapeutics Inc Ordinary Shares

Utilities-93.9%-89.2%0.0%Sunnova Energy International Inc

Health Care-94.4%-88.9%0.0%ModivCare Inc

Health Care-99.8%-88.5%0.0%Conduit Pharmaceuticals Inc

Consumer Discretionary-92.3%-85.3%0.0%Solo Brands Inc

Industrials-95.6%-82.7%0.0%Solidion Technology Inc

Industrials-92.2%-82.3%0.0%LanzaTech Global Inc Ordinary Shares

Health Care-88.1%-81.2%0.0%IGM Biosciences Inc Ordinary Shares

Health Care-85.4%-79.9%0.0%Jasper Therapeutics Inc Ordinary

Top 10 Performing Stocks (by Quarter)

Sector 1-Year Return

1-Qtr Return

WeightRussell 1000

Health Care90.6%58.0%0.0%Intra-Cellular Therapies Inc

Materials70.7%56.5%0.0%MP Materials Corp Ordinary Shares

Real Estate43.5%54.7%0.0%Medical Properties Trust Inc

Health Care-11.2%52.8%0.2%CVS Health Corp

Health CareN/A43.1%0.0%GRAIL Inc

Consumer Staples-57.0%35.2%0.0%Celsius Holdings Inc

Information Technology0.6%33.5%0.0%Okta Inc Class A

Consumer Staples81.0%33.1%0.5%Philip Morris International Inc

Utilities52.3%31.4%0.0%National Fuel Gas Co

Materials37.8%30.5%0.1%Newmont Corp

Bottom 10 Performing Stocks (by Quarter)

Sector 1-Year Return

1-Qtr Return

WeightRussell 1000

Health Care-81.2%-59.5%0.0%Fortrea Holdings Inc

Information Technology-19.6%-54.9%0.0%Astera Labs Inc

Information Technology-89.6%-54.1%0.0%Wolfspeed Inc

Communication Services-37.4%-53.4%0.0%The Trade Desk Inc Class A

Consumer Staples-68.0%-50.0%0.0%e.l.f. Beauty Inc

Health Care-50.7%-47.5%0.0%Sarepta Therapeutics Inc

Information Technology-33.2%-45.8%0.0%BILL Holdings Inc Ordinary Shares

Information Technology-41.7%-45.1%0.0%Globant SA

Energy-72.5%-45.0%0.0%New Fortress Energy Inc Class A

Consumer Discretionary-28.7%-44.9%0.0%Deckers Outdoor Corp

Source: MSCI Global Index Monitor (Returns are Net)

International and Regional Market Index Performance (Country Count)

As of March 31, 2025

Performance among headline international equity indexes in USD terms was positive and mostly higher than local currency (LCL) returns during the quarter.

tailwind for the USD performance of non-US regional benchmark returns. The developed-market MSCI EAFE Index returned a solid 2.9% in LCL terms but advanced a strong 6.9% in USD terms. The MSCI ACWI ex-US Index climbed 2.7% in LCL and 5.2% in USD terms for the quarter.

The MSCI EM Latin America Index was the best performing regional index for the quarter, returning 7.4% in LCL terms and a double-digit 12.7% in USD terms. The MSCI Pacific Index was the only regional index to fall during the quarter. The benchmark slid -3.1% in LCL terms, yet advanced by 0.3% in USD terms due to local currency appreciation. The MSCI EM Asia Index was the only regional index to depreciate relative to the USD, which caused its 1.3% return in USD terms to be lower than its 1.6% gain in LCL currency terms.

Full year results for most broad and regional international indexes finished higher except for the EM Latin America Index. Despite its weakness in the first quarter, the USD generally strengthened during the trailing year. While this led to lower USD returns than LCL currency returns for many regions during the period, the developed market MSCI EAFE Index bucked the trend by advancing 4.9% in USD terms and slightly lower 4.1% in LCL terms. The broad MSCI ACWI ex US Index advanced 6.1% in USD terms and 6.9% in LCL terms.

Most broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms. The exception to these positive results was the EM Latin America Index, where negative USD performance was primarily driven by local currency depreciation. It was the only index to decline over the previous 12 months, falling by -13.6% in USD terms and -0.9% in LCL terms.

The MSCI EM EMEA (Europe, Middle East, Africa) Index performed the best among regional indexes, returning 12.9% in both LCL and USD terms.

7.4%

1.6%

6.9%

2.7%

-3.1%

6.1%

2.9%

2.7%

2.7%

12.7%

1.3%

8.1%

2.9%

0.3%

10.3%

6.9%

6.2%

5.2%

-5.0% 0.0% 5.0% 10.0% 15.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

Quarter Performance USD LOCAL

-0.9%

12.2%

12.9%

11.1%

0.8%

5.9%

4.1%

5.3%

6.9%

-13.6%

9.8%

12.9%

8.1%

0.6%

7.0%

4.9%

5.3%

6.1%

-18.0% -12.0% -6.0% 0.0% 6.0% 12.0% 18.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

1-Year Performance USD Local Currency

US Dollar International Index Attribution & Country Detail

As of March 31, 2025

Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents ent constituency, post creation of the Communication Services sector.

1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE

18.4%10.9%5.0%Communication Services

-9.4%-0.7%10.4%Consumer Discretionary

3.0%8.3%8.3%Consumer Staples

0.9%15.2%3.7%Energy

28.3%15.2%23.6%Financials

-3.3%2.8%12.2%Health Care

8.7%6.9%17.8%Industrials

-11.7%-2.8%8.0%Information Technology

-10.0%2.3%5.8%Materials

-4.0%1.3%1.9%Real Estate

13.5%12.5%3.4%Utilities

4.9%6.9%100.0%Total

1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS

22.8%11.5%6.2%Communication Services

1.7%4.2%11.1%Consumer Discretionary

1.4%6.5%6.9%Consumer Staples

-0.8%8.3%5.0%Energy

22.3%10.2%24.8%Financials

-2.4%2.6%8.7%Health Care

5.9%5.4%14.0%Industrials

-4.7%-6.3%12.2%Information Technology

-5.3%6.5%6.3%Materials

-0.4%1.0%1.7%Real Estate

10.5%9.4%3.1%Utilities

6.1%5.2%100.0%Total

1- YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry -2.1%0.3%13.7%21.7%Japan 14.4%9.7%9.6%15.2%United Kingdom -1.4%10.3%7.3%11.6%France 19.0%15.6%6.3%10.1%Germany 10.6%11.4%6.3%10.0%Switzerland -2.2%-2.6%4.2%6.6%Australia -10.5%2.0%2.8%4.4%Netherlands 6.9%12.3%2.3%3.7%Sweden 24.2%22.4%2.0%3.1%Spain 14.7%17.2%1.9%3.1%Italy -33.5%-12.1%1.5%2.4%Denmark 18.3%4.4%1.2%2.0%Hong Kong 44.7%9.5%1.1%1.7%Singapore 9.6%13.3%0.7%1.0%Finland 13.1%6.1%0.6%1.0%Belgium 20.6%-2.0%0.6%0.9%Israel 24.2%20.7%0.4%0.7%Norway 14.3%15.9%0.2%0.3%Ireland -6.6%-8.9%0.1%0.2%New Zealand 33.2%13.2%0.1%0.2%Austria -5.8%3.4%0.1%0.2%Portugal 4.9%6.9%63.0%100.0%Total EAFE Countries 8.8%1.1%7.8%Canada

5.3%6.2%70.8%Total Developed Countries

40.4%15.0%9.1%China 4.4%-12.6%4.9%Taiwan 1.8%-3.0%5.4%India

-20.9%4.9%2.6%Korea -13.5%14.1%1.3%Brazil -2.3%1.7%1.2%Saudi Arabia 30.4%13.8%0.9%South Africa -21.3%8.6%0.6%Mexico 24.9%4.8%0.4%United Arab Emirates 10.2%-6.0%0.4%Malaysia -24.3%-11.2%0.4%Indonesia -4.7%-13.7%0.3%Thailand 18.4%31.3%0.3%Poland 13.6%11.4%0.2%Kuwait 8.8%-1.2%0.2%Qatar -6.4%-9.0%0.2%Turkey 26.3%23.4%0.2%Greece -7.0%-0.6%0.1%Philippines 14.1%17.8%0.1%Chile 5.4%5.4%0.1%Peru

33.9%18.0%0.1%Hungary 45.0%28.7%0.1%Czech Republic 25.9%33.3%0.0%Colombia 3.0%5.1%0.0%Egypt

8.1%2.9%29.2%Total Emerging Countries

6.1%5.2%100.0%Total ACWIxUS Countries

1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt

29.6%12.7%10.3%Communication Services

27.0%13.1%14.6%Consumer Discretionary

-5.3%2.0%4.7%Consumer Staples

-9.8%2.5%4.5%Energy

14.8%5.8%24.4%Financials

4.8%1.0%3.4%Health Care

-0.6%0.2%6.3%Industrials

-0.1%-8.8%21.7%Information Technology

-7.9%9.3%5.9%Materials

11.3%0.9%1.7%Real Estate

0.9%1.2%2.6%Utilities

8.1%2.9%100.0%Total

Source: Bloomberg

Domestic Bond Sector & Broad/Global Bond Market Performance (Duration)

As of March 31, 2025

Domestic fixed-income markets advanced during the f quarter as the Fed held its benchmark rate steady during the quarter, maintaining a target range 4.25%-4.50%. The US TIPS Index posted the strongest bond index performance with a return of 4.9%. The bellwether US Aggregate Index returned 2.8% for the quarter and international bonds, as measured by the Global Agg ex US Index, returned a similar 2.5%.

Longer term Treasury yields experienced a slight downward shift during the quarter with the benchmark 10 Year Treasury yield falling by 0.35% from the previous close. This slight downward shift in the yield curve boosted returns for the broad indexes, adding price appreciation to the income returns.

High Yield bonds underperformed investment grade issues as the High Yield OAS spread widened during the quarter. Despite their higher income, below-investment grade issues returned just 1.0% for the quarter, and lagged all other broad-based investment-grade fixed income indexes.

Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a solid 4.9% return. The benchmark's sub-components also posted positive performance over the trailing 12 months with the Bloomberg US Corporate Investment Grade Index rising 4.9% and the US Mortgage Index returning 5.4%. US TIPS, which are excluded from the Bloomberg US Aggregate Bond Index, returned 6.2% for the trailing year.

Performance across investment grade sub-indexes was within a 1.0% band with a return of 5.5%, while the A index returned a moderately lower 4.7% for the year. Non-investment grade high yield bonds were the best performing bond market segment for the year, returning 7.7%. Performance for high yield bonds was spurred by largely stable credit spreads and higher coupon income.

The Bloomberg Global Aggregate ex-US Index finished both the quarter and the year with positive performance. While weakness in the USD boosted returns this quarter, it still fell short of the performance of domestic bond market indexes. The Global Aggregate ex-US Index ended the year 1.5% higher, falling short of domestic bond market benchmarks.

2.6%

2.5%

2.6%

2.8%

2.3%

2.4%

2.9%

2.4%

4.2%

1.0%

2.3%

3.1%

2.9%

-1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

Multiverse (6.4)

Global Agg x US (6.9)

Intermediate Agg (4.4)

Aggregate (6.1)

Baa (6.8)

A (6.8)

AA (5.9)

AAA (4.2)

U.S. TIPS (4.9)

U.S. High Yield (3.1)

U.S. Corporate IG (6.9)

U.S. Mortgage (5.9)

U.S. Treasury (5.9)

Quarter Performance

3.3%

1.5%

5.6%

4.9%

5.2%

4.7%

4.8%

5.5%

6.2%

7.7%

4.9%

5.4%

4.5%

-1.0% 1.0% 3.0% 5.0% 7.0% 9.0%

Multiverse (6.4)

Global Agg x US (6.9)

Intermediate Agg (4.4)

Aggregate (6.1)

Baa (6.8)

A (6.8)

AA (5.9)

AAA (4.2)

U.S. TIPS (4.9)

U.S. High Yield (3.1)

U.S. Corporate IG (6.9)

U.S. Mortgage (5.9)

U.S. Treasury (5.9)

1-Year Performance

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

The Market Environment Market Rate & Yield Curve Comparison

As of March 31, 2025

The gray band across the graph illustrates the fed funds target rate range over the last 12 months. No action was taken by the Federal Open Market Committee (FOMC) during the first quarter, so the Fund Funds rate maintained a target range of 4.25-4.50%. The March 2025 FOMC press release continued to emphasize economic data-dependent outcomes and reduction of their balance sheet. The CME FedWatch tool, which forecasts the Fed Funds rate based on fed fund futures pricing, showed a near 50/50 probability of no rate decrease at the FOMC meeting in May at the time of this writing. Fed officials and market participants continued to express concern that leaving rates at their current elevated level for an extended period could tip the US economy into a recession.

The yield on the US 10-year Treasury (blue line of the top chart) rose slightly to begin the quarter before falling off and ending March at 4.27%, an 0.35% decline over the quarter. The bellwether benchmark rate closed at its highest point on January 13th at 4.79%, before falling into the end of the quarter.

The red line in the top chart shows the option-adjusted spread (OAS) for BAA-rated corporate bonds. This measure quantifies the additional yield premium investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating. During the quarter, the yield spread experienced a slight widening of 0.18%, beginning January at 1.02% and finishing March at 1.20%. High-yield OAS spreads (represented by the yellow line in the top chart) also rose during the quarter, climbing 0.63% from 2.92% e stability over the trailing year was concurrent with moderate economic growth, stable monetary policy, and falling inflation readings.

The lower graph provides a snapshot of the US Treasury yield curve at the for maturities above two years, shorter term yields remain elevated. The spread between the two-year yield and the 10-year yield was stable, ending the quarter at the same 0.34% level it ended 2024.

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25

1-Year Trailing Market Rates

Fed Funds Rate BAA OAS

10yr Treasury High Yield OAS

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

6/30/2024 9/30/2024 12/31/2024 3/31/2025

References

As of March 31, 2025

CME FedWatch Tool - CME Group

Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)

ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org)

The Fed - Meeting calendars and information

Federal Reserve Board - Monetary Policy

U.S. Department of the Treasury

10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) | FRED | St. Louis Fed (stlouisfed.org)

The Fed's dot plot shows only two rate cuts in 2025, fewer than previously projected

March Fed meeting: Here's what changed in the new statement

Jobs report March 2025: U.S. payrolls rose by 228,000 in March

Current Employment Statistics Highlights March 2025

Latam assets may receive a trade-war boost, investors say | Reuters

BlackRock Equity Dividend S (MADVX) 10.5 No (2) Yes 67 (3) 24 68 (3) 19 68 (3) 20 No

Fidelity Low-Priced Stock (FLPSX) 8.8 Yes No (5) 32 26 6 16 5 11 No

Allspring Special Small Cap Value (ESPRX) 23.1 No (1) Yes 78 (4) 28 66 (4) 24 66 (4) 25 No

Invesco Small Cap Growth A (GTSAX) 20.4 No (1) Yes 73 (5) 76 (5) 75 (5) 76 (5) 77 (5) 78 (5) No

American Funds EuroPacific Gr R6 (RERGX) 23.7 No (4) No (1) 82 (4) 42 87 (5) 46 90 (5) 47 No

Metropolitan West Int. Bond (MWIIX) 20.2 Yes No (5) 92 (5) 65 (4) 72 (5) 61 (5) 95 (5) 96 (5) No

Vanguard Value Index (VVIAX) 30.2 0.05 0.05 No

Vanguard Institutional Index (VINIX) 7.3 0.01 0.01 No

Vanguard Growth Index (VIGAX) 30.2 0.01 0.02 No

Vanguard Extended Market Index (VEXAX) 2.0 0.10 0.09 No

Vanguard Total Int'l Stock Index (VTIAX) 16.5 2.08 1.90 No

Vanguard REIT Index Admiral (VGSLX) 28.8 0.02 0.10 No

Vanguard Total Bond Market Index (VBTLX) 12.0 0.29 0.30 No

Fund meets criteria

Fund does not currently meet criteria

Fund has not met criteria for more than 4 quarters

*Fidelity Low-Priced Stock (FLPSX) is being compared to the Russell Mid Cap Index and IM U.S. Mid Cap Core Equity (MF) Universe.

Watchlist

Investment Option Performance Review As of March 31, 2025

Watchlist 5 & 10 Year

Alpha < 50th %-tile 5 &10 Year

Return > Index 5 & 10 Year

Return < 50th %-tile 5 & 10 Year

Sharpe < 50th %-tile Investment Options

Manager Tenure

Index Funds Manager Tenure

5 & 10 Year Tracking Error

Vanguard Target Retirement Income (VTINX) 12.0 54 (1) 30 47 14 No

Vanguard Target Retirement 2020 (VTWNX) 12.0 59 (1) 39 40 24 No

Vanguard Target Retirement 2025 (VTTVX) 12.0 29 19 22 20 No

Vanguard Target Retirement 2030 (VTHRX) 12.0 32 29 31 22 No

Vanguard Target Retirement 2035 (VTTHX) 12.0 61 (1) 35 43 27 No

Vanguard Target Retirement 2040 (VFORX) 12.0 66 (5) 35 41 27 No

Vanguard Target Retirement 2045 (VTIVX) 12.0 44 28 24 23 No

Vanguard Target Retirement 2050 (VFIFX) 12.0 38 28 22 19 No

Vanguard Target Retirement 2055 (VFFVX) 12.0 46 33 25 22 No

Vanguard Target Retirement 2060 (VTTSX) 12.0 52 (1) 52 (3) 29 34 No

Vanguard Target Retirement 2065 (VLXVX) 7.6 53 (1) N/A (5) 26 N/A (5) No

Vanguard Target Retirement 2070 (VSVNX) 2.7 N/A (5) N/A (5) N/A (5) N/A (5) No

Fund meets criteria

Fund does not currently meet criteria

Fund has not met criteria for more than 4 quarters

Watchlist

DFW International Airport Investment Option Performance Review

As of March 31, 2025

Target Date Funds Manager Tenure

5 & 10 Year Return < 50th %-tile

5 & 10 Year Sharpe < 50th %-tile

March 31, 2024 : $92,749,052 March 31, 2025 : $92,241,184

Asset Allocation by Segment

Segments Market Value Allocation

Asset Allocation by Segment

Segments Market Value Allocation

Asset Allocation by Segment Traditional 457 (b) Plan

As of March 31, 2025

Mar-2024 : $92,749,052 Mar-2025 : $92,241,184

Allocation

Market Value Allocation

MissionSquare PLUS Fund R10 19,332,052 20.8 Vanguard Institutional Index (VINIX) 15,986,739 17.2

BlackRock Equity Dividend S (MADVX) 5,996,676 6.5 Vanguard Target Retirement 2025 (VTTVX) 5,727,347 6.2 Fidelity Low-Priced Stock (FLPSX) 5,576,585 6.0

Vanguard Target Retirement 2030 (VTHRX) 5,456,854 5.9 Vanguard Target Retirement 2020 (VTWNX) 4,218,470 4.5 Vanguard Target Retirement 2035 (VTTHX) 3,984,886 4.3

American Funds EuroPacific Gr R6 (RERGX) 3,925,255 4.2 Metropolitan West Int. Bond (MWIIX) 2,651,034 2.9 Vanguard Growth Index (VIGAX) 2,611,089 2.8

Vanguard Target Retirement Income (VTINX) 2,505,974 2.7 Vanguard Target Retirement 2040 (VFORX) 2,381,904 2.6 Vanguard Total Bond Market Index (VBTLX) 2,260,632 2.4

Allspring Special Small Cap Value (ESPRX) 1,955,509 2.1 Invesco Small Cap Growth A (GTSAX) 1,685,280 1.8 Vanguard Value Index (VVIAX) 1,502,966 1.6 Vanguard Target Retirement 2045 (VTIVX) 1,308,396 1.4

Vanguard Total Int'l Stock Index (VTIAX) 1,101,689 1.2 Vanguard REIT Index Admiral (VGSLX) 542,077 0.6 Vanguard Target Retirement 2050 (VFIFX) 508,555 0.5

Vanguard Extended Market Index (VEXAX) 494,977 0.5 MissionSquare Brokerage 458,678 0.5 Vanguard Target Retirement 2055 (VFFVX) 345,110 0.4

Vanguard Target Retirement 2060 (VTTSX) 230,318 0.2 Vanguard Target Retirement 2065 (VLXVX) - 0.0 Vanguard Target Retirement 2070 (VSVNX) - 0.0

Allocation

Market Value Allocation

MissionSquare PLUS Fund R10 17,712,902 19.2 Vanguard Institutional Index (VINIX) 16,423,645 17.8

Vanguard Target Retirement 2030 (VTHRX) 5,927,849 6.4 BlackRock Equity Dividend S (MADVX) 5,913,507 6.4 Vanguard Target Retirement 2025 (VTTVX) 5,771,131 6.3

Fidelity Low-Priced Stock (FLPSX) 4,847,000 5.3 Vanguard Target Retirement 2035 (VTTHX) 4,468,187 4.8 Vanguard Target Retirement 2020 (VTWNX) 4,271,270 4.6

American Funds EuroPacific Gr R6 (RERGX) 3,564,308 3.9 Vanguard Growth Index (VIGAX) 3,514,859 3.8 Metropolitan West Int. Bond (MWIIX) 2,457,578 2.7

Vanguard Target Retirement 2040 (VFORX) 2,433,068 2.6 Vanguard Target Retirement Income (VTINX) 2,248,030 2.4 Vanguard Total Bond Market Index (VBTLX) 1,909,561 2.1

Allspring Special Small Cap Value (ESPRX) 1,815,223 2.0 Vanguard Value Index (VVIAX) 1,509,590 1.6 Vanguard Target Retirement 2045 (VTIVX) 1,486,220 1.6 Invesco Small Cap Growth A (GTSAX) 1,332,174 1.4

MissionSquare Brokerage 1,163,391 1.3 Vanguard Total Int'l Stock Index (VTIAX) 1,059,815 1.1 Vanguard Target Retirement 2050 (VFIFX) 638,317 0.7

Vanguard Extended Market Index (VEXAX) 584,159 0.6 Vanguard Target Retirement 2055 (VFFVX) 439,069 0.5 Vanguard REIT Index Admiral (VGSLX) 431,972 0.5

Vanguard Target Retirement 2060 (VTTSX) 305,126 0.3 Vanguard Target Retirement 2065 (VLXVX) 13,233 0.0 Vanguard Target Retirement 2070 (VSVNX) - 0.0

Asset Allocation by Asset Class Traditional 457 (b) Plan

March 31, 2024 : $34,171,600 March 31, 2025 : $38,169,728

Segments Market Value Allocation

Asset Allocation by Segment

Segments Market Value Allocation

Asset Allocation by Segment Savings Plus Plan: Voluntary 457(b)

Mar-2024 : $34,171,600 Mar-2025 : $38,169,728

Market Value Allocation

Vanguard Institutional Index (VINIX) 3,901,760 11.4 Vanguard Target Retirement 2035 (VTTHX) 3,856,093 11.3 Vanguard Target Retirement 2045 (VTIVX) 3,457,970 10.1

Vanguard Target Retirement 2040 (VFORX) 3,005,806 8.8 Vanguard Target Retirement 2025 (VTTVX) 2,807,711 8.2 Vanguard Target Retirement 2020 (VTWNX) 2,120,945 6.2

Vanguard Target Retirement 2050 (VFIFX) 1,773,899 5.2 Vanguard Growth Index (VIGAX) 1,742,721 5.1 Vanguard Target Retirement 2030 (VTHRX) 1,634,448 4.8

Fidelity Low-Priced Stock (FLPSX) 1,356,974 4.0 MissionSquare PLUS Fund R10 1,227,359 3.6 BlackRock Equity Dividend S (MADVX) 915,639 2.7

Vanguard Target Retirement Income (VTINX) 844,449 2.5 Vanguard Target Retirement 2055 (VFFVX) 784,778 2.3 Vanguard Extended Market Index (VEXAX) 766,804 2.2

Vanguard Value Index (VVIAX) 691,591 2.0 American Funds EuroPacific Gr R6 (RERGX) 609,500 1.8 Allspring Special Small Cap Value (ESPRX) 447,578 1.3 Invesco Small Cap Growth A (GTSAX) 444,514 1.3

Vanguard Total Bond Market Index (VBTLX) 390,951 1.1 Vanguard Target Retirement 2060 (VTTSX) 336,217 1.0 Metropolitan West Int. Bond (MWIIX) 318,841 0.9

Vanguard Total Int'l Stock Index (VTIAX) 298,128 0.9 MissionSquare Brokerage 274,417 0.8 Vanguard REIT Index Admiral (VGSLX) 162,508 0.5

Vanguard Target Retirement 2065 (VLXVX) - 0.0 Vanguard Target Retirement 2070 (VSVNX) - 0.0 Allspring Growth Inst (SGRNX) - 0.0

Allocation

Market Value Allocation

Vanguard Institutional Index (VINIX) 4,435,530 11.6 Vanguard Target Retirement 2035 (VTTHX) 4,402,386 11.5 Vanguard Target Retirement 2045 (VTIVX) 4,015,846 10.5

Vanguard Target Retirement 2040 (VFORX) 3,401,227 8.9 Vanguard Target Retirement 2025 (VTTVX) 3,124,236 8.2 Vanguard Growth Index (VIGAX) 2,275,191 6.0

Vanguard Target Retirement 2020 (VTWNX) 2,265,707 5.9 Vanguard Target Retirement 2050 (VFIFX) 2,106,708 5.5 Vanguard Target Retirement 2030 (VTHRX) 2,081,270 5.5

Fidelity Low-Priced Stock (FLPSX) 1,277,229 3.3 MissionSquare PLUS Fund R10 1,056,910 2.8 Vanguard Target Retirement 2055 (VFFVX) 994,759 2.6

BlackRock Equity Dividend S (MADVX) 983,103 2.6 Vanguard Target Retirement Income (VTINX) 845,882 2.2 Vanguard Value Index (VVIAX) 707,324 1.9

Vanguard Extended Market Index (VEXAX) 655,901 1.7 American Funds EuroPacific Gr R6 (RERGX) 622,544 1.6 Vanguard Target Retirement 2060 (VTTSX) 516,288 1.4 Vanguard Total Bond Market Index (VBTLX) 428,071 1.1

Invesco Small Cap Growth A (GTSAX) 376,190 1.0 Vanguard Total Int'l Stock Index (VTIAX) 366,552 1.0 Metropolitan West Int. Bond (MWIIX) 363,173 1.0

Allspring Special Small Cap Value (ESPRX) 328,494 0.9 MissionSquare Brokerage 309,561 0.8 Vanguard REIT Index Admiral (VGSLX) 176,805 0.5

Vanguard Target Retirement 2070 (VSVNX) 41,945 0.1 Vanguard Target Retirement 2065 (VLXVX) 10,895 0.0 Allspring Growth Inst (SGRNX) - 0.0

Asset Allocation by Asset Class Savings Plus Plan: Voluntary 457(b)

March 31, 2024 : $51,935,097 March 31, 2025 : $63,137,746

Segments Market Value Allocation

Asset Allocation by Segment

Segments Market Value Allocation

Asset Allocation by Segment Savings Plus Plan: Mandatory 401(a)

Mar-2024 : $51,935,097 Mar-2025 : $63,137,746

Market Value Allocation

Vanguard Target Retirement 2035 (VTTHX) 6,561,723 12.6 Vanguard Target Retirement 2045 (VTIVX) 6,168,620 11.9 Vanguard Target Retirement 2040 (VFORX) 5,890,902 11.3

Vanguard Target Retirement 2030 (VTHRX) 4,523,560 8.7 Vanguard Target Retirement 2050 (VFIFX) 4,511,942 8.7 Vanguard Target Retirement 2025 (VTTVX) 4,144,575 8.0

Vanguard Target Retirement 2020 (VTWNX) 3,057,071 5.9 Vanguard Institutional Index (VINIX) 2,866,442 5.5 Vanguard Target Retirement 2055 (VFFVX) 2,589,536 5.0

Vanguard Growth Index (VIGAX) 1,576,840 3.0 MissionSquare PLUS Fund R10 1,547,510 3.0 BlackRock Equity Dividend S (MADVX) 1,114,029 2.1

Fidelity Low-Priced Stock (FLPSX) 1,051,791 2.0 Vanguard Target Retirement Income (VTINX) 1,031,015 2.0 Vanguard Target Retirement 2060 (VTTSX) 908,069 1.7

American Funds EuroPacific Gr R6 (RERGX) 764,835 1.5 Allspring Special Small Cap Value (ESPRX) 582,408 1.1 Vanguard Value Index (VVIAX) 557,156 1.1 Vanguard Extended Market Index (VEXAX) 440,401 0.8

Metropolitan West Int. Bond (MWIIX) 429,735 0.8 Invesco Small Cap Growth A (GTSAX) 376,609 0.7 MissionSquare Cash Mgmt 306,868 0.6

Vanguard Total Bond Market Index (VBTLX) 305,238 0.6 Vanguard Total Int'l Stock Index (VTIAX) 244,622 0.5 MissionSquare Brokerage 231,132 0.4

Vanguard REIT Index Admiral (VGSLX) 152,466 0.3 Vanguard Target Retirement 2065 (VLXVX) - 0.0 Vanguard Target Retirement 2070 (VSVNX) - 0.0

Allocation

Market Value Allocation

Vanguard Target Retirement 2035 (VTTHX) 8,080,270 12.8 Vanguard Target Retirement 2045 (VTIVX) 7,946,207 12.6 Vanguard Target Retirement 2040 (VFORX) 6,765,035 10.7

Vanguard Target Retirement 2030 (VTHRX) 5,695,014 9.0 Vanguard Target Retirement 2050 (VFIFX) 5,313,720 8.4 Vanguard Target Retirement 2025 (VTTVX) 4,875,235 7.7

Vanguard Institutional Index (VINIX) 3,587,077 5.7 Vanguard Target Retirement 2055 (VFFVX) 3,515,622 5.6 Vanguard Target Retirement 2020 (VTWNX) 3,428,941 5.4

Vanguard Growth Index (VIGAX) 2,095,087 3.3 MissionSquare PLUS Fund R10 1,805,234 2.9 Vanguard Target Retirement 2060 (VTTSX) 1,579,189 2.5

BlackRock Equity Dividend S (MADVX) 1,213,926 1.9 Vanguard Target Retirement Income (VTINX) 1,130,136 1.8 Fidelity Low-Priced Stock (FLPSX) 1,121,998 1.8

American Funds EuroPacific Gr R6 (RERGX) 830,810 1.3 Vanguard Value Index (VVIAX) 673,579 1.1 Metropolitan West Int. Bond (MWIIX) 609,761 1.0 Vanguard Extended Market Index (VEXAX) 509,616 0.8

Allspring Special Small Cap Value (ESPRX) 485,177 0.8 Vanguard Total Int'l Stock Index (VTIAX) 387,060 0.6 Vanguard Total Bond Market Index (VBTLX) 385,614 0.6

Invesco Small Cap Growth A (GTSAX) 335,324 0.5 MissionSquare Brokerage 256,701 0.4 MissionSquare Cash Mgmt 244,218 0.4

Vanguard REIT Index Admiral (VGSLX) 189,879 0.3 Vanguard Target Retirement 2070 (VSVNX) 45,475 0.1 Vanguard Target Retirement 2065 (VLXVX) 31,839 0.1

Asset Allocation by Asset Class Savings Plus Plan: Mandatory 401(a)

Comparative Performance

As of March 31, 2025

Comparative Performance

Domestic Equity

Vanguard Value Index (VVIAX) 2.62 (32) 2.62 (32) 8.45 (26) 14.60 (31) 8.03 (27) 9.76 (18) 17.04 (43) 10.34 (10)

CRSP U.S. Large Cap Value TR Index 2.64 (32) 2.64 (32) 8.49 (26) 14.59 (31) 8.04 (27) 9.77 (18) 17.05 (42) 10.36 (10)

Large Value Median 1.74 1.74 6.74 13.43 6.93 8.31 16.58 8.84

BlackRock Equity Dividend S (MADVX) 4.53 (7) 4.53 (7) 6.40 (57) 13.02 (57) 6.82 (53) 7.59 (69) 15.46 (67) 9.67 (24)

Russell 1000 Value Index 2.14 (42) 2.14 (42) 7.18 (41) 13.54 (48) 6.64 (57) 7.88 (62) 16.15 (57) 8.79 (53)

Large Value Median 1.74 1.74 6.74 13.43 6.93 8.31 16.58 8.84

Vanguard Institutional Index (VINIX) -4.28 (41) -4.28 (41) 8.21 (17) 18.53 (22) 9.02 (24) 10.63 (17) 18.56 (21) 12.47 (6)

S&P 500 Index -4.27 (41) -4.27 (41) 8.25 (16) 18.57 (21) 9.06 (23) 10.67 (15) 18.59 (20) 12.50 (5)

Large Blend Median -4.39 -4.39 6.33 17.24 8.13 9.40 17.66 11.27

Vanguard Growth Index (VIGAX) -9.50 (56) -9.50 (56) 8.26 (14) 22.59 (27) 9.51 (22) 10.24 (13) 19.49 (14) 14.21 (18)

CRSP U.S. Large Cap Growth TR Index -9.50 (56) -9.50 (56) 8.31 (13) 22.65 (26) 9.56 (21) 10.29 (12) 19.55 (13) 14.26 (17)

Large Growth Median -9.18 -9.18 4.30 21.02 8.07 7.81 16.88 12.82

Fidelity Low-Priced Stock (FLPSX) -1.33 (7) -1.33 (7) -2.43 (57) 9.31 (57) 5.23 (22) 5.64 (30) 16.58 (32) 8.34 (26)

Russell 2000 Index -9.48 (97) -9.48 (97) -4.01 (85) 7.20 (88) 0.52 (92) -1.09 (100) 13.27 (86) 6.30 (86)

Russell Midcap Index -3.40 (22) -3.40 (22) 2.59 (14) 12.04 (25) 4.62 (30) 5.19 (35) 16.28 (42) 8.82 (19)

Mid-Cap Blend Median -4.85 -4.85 -1.37 9.58 3.96 4.33 16.05 7.84

Vanguard Extended Market Index (VEXAX) -8.93 (96) -8.93 (96) -0.47 (39) 12.30 (22) 2.68 (75) 0.60 (95) 15.18 (67) 7.87 (49)

S&P Completion Index -8.95 (96) -8.95 (96) -0.50 (39) 12.12 (24) 2.53 (76) 0.47 (96) 15.05 (70) 7.75 (54)

Mid-Cap Blend Median -4.85 -4.85 -1.37 9.58 3.96 4.33 16.05 7.84

Allspring Special Small Cap Value (ESPRX) -6.26 (36) -6.26 (36) -6.53 (82) 7.60 (44) 2.49 (41) 2.61 (60) 15.17 (78) 7.14 (28)

Russell 2000 Value Index -7.74 (60) -7.74 (60) -3.12 (46) 7.26 (50) 0.05 (83) 0.86 (88) 15.31 (76) 6.07 (60)

Small Value Median -7.14 -7.14 -3.33 7.22 2.06 3.00 17.03 6.42

Invesco Small Cap Growth A (GTSAX) -12.14 (75) -12.14 (75) -7.38 (71) 3.57 (74) -2.35 (74) -6.15 (82) 9.73 (73) 6.20 (76)

Russell 2000 Growth Index -11.12 (61) -11.12 (61) -4.86 (48) 7.00 (40) 0.78 (40) -3.23 (58) 10.78 (64) 6.14 (78)

Small Growth Median -10.42 -10.42 -5.07 5.78 0.00 -2.36 11.60 7.21

Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

5 YR 10 YRQTR YTD 1 YR 2 YR 3 YR 4 YR

As of March 31, 2025

Comparative Performance

International Equity

Vanguard Total Int'l Stock Index (VTIAX) 5.51 (78) 5.51 (78) 6.37 (39) 9.61 (51) 4.65 (71) 2.98 (69) 11.44 (56) 5.21 (49)

Vanguard Spliced Total International Stock Index 4.55 (91) 4.55 (91) 5.73 (52) 9.56 (52) 4.21 (79) 2.96 (69) 11.30 (59) 5.21 (49)

Foreign Large Blend Median 6.82 6.82 5.83 9.63 5.54 3.78 11.59 5.18

American Funds EuroPacific Gr R6 (RERGX) 2.62 (98) 2.62 (98) 0.34 (97) 6.71 (91) 3.28 (90) -0.04 (96) 9.93 (82) 5.33 (42)

MSCI AC World ex USA 5.36 (82) 5.36 (82) 6.65 (36) 10.18 (36) 5.03 (63) 3.48 (56) 11.46 (55) 5.48 (34)

Foreign Large Blend Median 6.82 6.82 5.83 9.63 5.54 3.78 11.59 5.18

Fixed Income/Stable Value

Metropolitan West Int. Bond (MWIIX) 2.68 (1) 2.68 (1) 5.38 (81) 3.74 (95) 1.71 (97) 0.17 (98) 1.07 (92) 1.75 (65)

Bloomberg Intermediate US Govt/Credit Idx 2.42 (5) 2.42 (5) 5.65 (67) 4.16 (89) 2.18 (91) 0.57 (94) 0.86 (95) 1.81 (61)

Intermediate Core Bond Median 1.64 1.64 5.86 5.20 3.32 1.68 2.60 1.96

Vanguard Total Bond Market Index (VBTLX) 2.77 (37) 2.77 (37) 4.87 (53) 3.25 (54) 0.52 (41) -0.65 (38) -0.41 (73) 1.44 (48)

Blmbg. U.S. Aggregate Index 2.78 (33) 2.78 (33) 4.88 (52) 3.28 (51) 0.52 (42) -0.67 (39) -0.40 (72) 1.46 (45)

Intermediate Core Bond Median 2.72 2.72 4.89 3.29 0.44 -0.75 0.03 1.41

MissionSquare PLUS Fund R10 0.74 (26) 0.74 (26) 3.02 (28) 2.97 (26) 2.69 (24) 2.48 (18) 2.41 (16) 2.30 (17)

Ryan 3 Yr GIC Master Index 1.18 (10) 1.18 (10) 4.35 (11) 3.59 (12) 2.93 (8) 2.59 (8) 2.52 (8) 2.14 (21)

IM U.S. GIC/Stable Value (SA+CF) Median 0.66 0.66 2.68 2.69 2.38 2.10 2.06 1.96

REIT

Vanguard REIT Index Admiral (VGSLX) (1) 2.66 (28) 2.66 (28) 9.00 (51) 8.77 (51) -1.86 (49) 3.51 (66) 9.41 (58) 4.85 (52)

MSCI U.S. Investable Blend 2.69 (27) 2.69 (27) 9.13 (49) 8.90 (48) -1.74 (43) 3.64 (60) 9.53 (53) 4.90 (51)

Real Estate Median 1.63 1.63 9.03 8.77 -1.89 4.09 9.59 4.93

Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

(1) MSCI U.S. Investable Blend = Incept to 2/1/2018 MSCI U.S. REIT Index, 2/1/2018 MSCI U.S. Investable Mkt RE 25/50 Transition Index, 8/1/2018 MSCI U.S. IMI Real Estate 20/50 Index.

QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR 10 YR

As of March 31, 2025

Comparative Performance

Target Date Funds

Vanguard Target Retirement Income (VTINX) 1.37 (48) 1.37 (48) 5.82 (18) 7.14 (46) 3.11 (32) 2.36 (39) 5.14 (54) 4.15 (30)

Target-Date Retirement Median 1.34 1.34 5.29 7.07 2.80 2.20 5.21 3.78

Vanguard Target Retirement 2020 (VTWNX) 1.13 (69) 1.13 (69) 5.97 (22) 8.17 (40) 3.50 (38) 2.97 (40) 7.40 (59) 5.47 (39)

Target-Date 2020 Median 1.35 1.35 5.41 8.07 3.30 2.82 7.54 5.35

Vanguard Target Retirement 2025 (VTTVX) 0.64 (85) 0.64 (85) 6.10 (20) 9.47 (12) 4.08 (15) 3.52 (19) 8.77 (29) 6.16 (19)

Target-Date 2025 Median 1.11 1.11 5.39 8.71 3.53 3.08 8.34 5.66

Vanguard Target Retirement 2030 (VTHRX) 0.21 (86) 0.21 (86) 6.03 (20) 10.33 (17) 4.51 (21) 4.01 (24) 9.94 (32) 6.70 (29)

Target-Date 2030 Median 0.65 0.65 5.40 9.59 3.95 3.58 9.65 6.36

Vanguard Target Retirement 2035 (VTTHX) 0.04 (71) 0.04 (71) 6.26 (17) 11.20 (32) 5.01 (29) 4.57 (33) 11.15 (61) 7.26 (35)

Target-Date 2035 Median 0.21 0.21 5.45 10.82 4.68 4.33 11.31 6.99

Vanguard Target Retirement 2040 (VFORX) -0.21 (50) -0.21 (50) 6.42 (15) 12.03 (47) 5.47 (40) 5.12 (42) 12.36 (66) 7.80 (35)

Target-Date 2040 Median -0.21 -0.21 5.48 12.01 5.26 4.98 12.61 7.57

Vanguard Target Retirement 2045 (VTIVX) -0.40 (42) -0.40 (42) 6.57 (14) 12.83 (46) 5.90 (34) 5.64 (33) 13.56 (44) 8.27 (28)

Target-Date 2045 Median -0.51 -0.51 5.49 12.68 5.63 5.42 13.47 7.91

Vanguard Target Retirement 2050 (VFIFX) -0.56 (43) -0.56 (43) 6.65 (11) 13.34 (34) 6.22 (24) 5.93 (26) 13.84 (38) 8.40 (28)

Target-Date 2050 Median -0.65 -0.65 5.41 13.03 5.81 5.49 13.69 8.01

Vanguard Target Retirement 2055 (VFFVX) -0.56 (40) -0.56 (40) 6.67 (13) 13.34 (36) 6.23 (26) 5.94 (29) 13.84 (46) 8.38 (33)

Target-Date 2055 Median -0.71 -0.71 5.34 13.04 5.88 5.51 13.77 8.07

Vanguard Target Retirement 2060 (VTTSX) -0.57 (40) -0.57 (40) 6.65 (12) 13.34 (38) 6.23 (27) 5.93 (29) 13.83 (52) 8.38 (52)

Target-Date 2060 Median -0.75 -0.75 5.35 13.10 5.88 5.54 13.87 8.39

Vanguard Target Retirement 2065 (VLXVX) -0.54 (35) -0.54 (35) 6.67 (10) 13.33 (40) 6.24 (30) 5.96 (31) 13.84 (53) N/A

Target-Date 2065+ Median -0.73 -0.73 5.30 13.08 5.90 5.57 13.88 N/A

Vanguard Target Retirement 2070 (VSVNX) -0.56 (37) -0.56 (37) 6.61 (12) 13.35 (40) N/A N/A N/A N/A

Target-Date 2065+ Median -0.73 -0.73 5.30 13.08 5.90 5.57 13.88 N/A

Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

4 YR 5 YR 10 YRQTR YTD 1 YR 2 YR 3 YR

Calendar Comparative Performance

As of March 31, 2025

Comparative Performance

Domestic Equity

Vanguard Value Index (VVIAX) 15.99 (30) 9.24 (66) -2.08 (19) 26.49 (43) 2.29 (58) 25.82 (47) -5.43 (17) 17.13 (40)

CRSP U.S. Large Cap Value TR Index 16.00 (30) 9.17 (67) -2.01 (18) 26.51 (43) 2.26 (58) 25.85 (47) -5.40 (17) 17.16 (39)

Large Value Median 14.37 11.06 -5.53 25.98 2.85 25.60 -8.81 16.31

BlackRock Equity Dividend S (MSDVX) 9.74 (90) 12.69 (38) -3.98 (34) 20.35 (92) 3.93 (40) 27.52 (27) -7.17 (29) 16.76 (44)

Russell 1000 Value Index 14.37 (50) 11.46 (47) -7.54 (69) 25.16 (62) 2.80 (51) 26.54 (37) -8.27 (42) 13.66 (80)

Large Value Median 14.37 11.06 -5.53 25.98 2.85 25.60 -8.81 16.31

Vanguard Institutional Index (VIIIX) 24.97 (23) 26.24 (25) -18.14 (49) 28.67 (21) 18.39 (38) 31.46 (23) -4.42 (25) 21.79 (34)

S&P 500 Index 25.02 (22) 26.29 (24) -18.11 (48) 28.71 (20) 18.40 (38) 31.49 (23) -4.38 (24) 21.83 (33)

Large Blend Median 23.23 24.67 -18.23 26.78 17.64 30.05 -5.50 21.18

Vanguard Growth Index (VIGAX) 32.66 (32) 46.77 (17) -33.14 (67) 27.26 (17) 40.19 (35) 37.23 (14) -3.34 (69) 27.80 (63)

CRSP U.S. Large Cap Growth TR Index 32.73 (32) 46.86 (17) -33.13 (66) 27.30 (17) 40.27 (35) 37.31 (14) -3.34 (69) 27.86 (62)

Large Growth Median 30.00 39.34 -31.16 21.89 36.16 32.89 -1.36 29.22

Fidelity Low-Priced Stock (FLPSX) 7.09 (95) 14.35 (68) -5.80 (3) 24.52 (43) 9.32 (74) 25.66 (67) -10.75 (42) 20.67 (12)

Russell 2000 Index 11.54 (72) 16.93 (32) -20.44 (86) 14.82 (94) 19.96 (15) 25.53 (69) -11.01 (45) 14.65 (73)

Russell Midcap Index 15.34 (30) 17.23 (29) -17.32 (71) 22.58 (67) 17.10 (24) 30.54 (24) -9.06 (25) 18.52 (28)

Mid-Cap Blend Median 13.59 15.95 -14.58 24.18 13.08 27.02 -11.29 15.98

Vanguard Extended Market Index (VEXAX) 16.91 (20) 25.38 (7) -26.47 (100) 12.45 (98) 32.21 (2) 28.03 (42) -9.36 (30) 18.11 (34)

S&P Completion Index 16.88 (20) 24.97 (10) -26.54 (100) 12.35 (99) 32.17 (2) 27.95 (43) -9.57 (32) 18.11 (33)

Mid-Cap Blend Median 13.59 15.95 -14.58 24.18 13.08 27.02 -11.29 15.98

Allspring Special Small Cap Value (ESPRX) 6.96 (72) 19.16 (24) -13.52 (71) 28.27 (62) 1.57 (65) 28.61 (9) -13.35 (33) 11.52 (34)

Russell 2000 Value Index 8.05 (62) 14.65 (57) -14.48 (80) 28.27 (62) 4.63 (38) 22.39 (49) -12.86 (29) 7.84 (67)

Small Value Median 9.18 15.40 -11.58 30.69 3.53 22.24 -14.97 9.61

Invesco Small Cap Growth A (GTSAX) 16.19 (34) 12.66 (76) -35.59 (84) 7.33 (60) 57.00 (18) 24.28 (78) -9.01 (77) 24.91 (37)

Russell 2000 Growth Index 15.15 (40) 18.66 (32) -26.36 (39) 2.83 (80) 34.63 (60) 28.48 (51) -9.31 (79) 22.17 (53)

Small Growth Median 13.79 16.44 -28.29 9.20 37.99 28.50 -5.13 22.64

Returns are expressed as percentages.

20182024 20172023 2022 2021 2020 2019

As of March 31, 2025

Comparative Performance

International Equity

Vanguard Total Int'l Stock Index (VTIAX) 5.14 (39) 15.52 (64) -16.01 (53) 8.62 (69) 11.28 (38) 21.51 (61) -14.43 (44) 27.55 (26)

Vanguard Spliced Total International Stock Index 5.53 (33) 15.79 (58) -16.10 (55) 8.84 (67) 11.24 (38) 21.80 (54) -14.61 (47) 27.41 (28)

Foreign Large Blend Median 4.30 16.39 -15.85 10.43 9.39 22.06 -14.87 25.53

American Funds EuroPacific Gr R6 (RERGX) 5.04 (41) 16.05 (54) -22.72 (96) 2.84 (95) 25.27 (2) 27.40 (10) -14.91 (51) 31.17…