Board of Trustees of the Fire Pension Fund

AGENDA Board of Trustees of the Fire Pension Fund Fire Station #2, 1150 N. Arlington Heights Road May 5, 2025 9:00 AM I. CALL TO ORDER A. Certify Trustee Election Results B. Board Nominations II. ROLL CALL OF MEMBERS III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - February 24, 2025 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financials - Q1, 2025 VI. PAYMENT OF BILLS A. Check Register - Q1, 2025 VII. REPORTS A. FPIF - AH Pension Fund Summary, March 2025 B. FPIF - Consolidated Fund Report, March 2025 VIII. OLD BUSINESS A. Death of FF Phillip Palczynski - Survivor Benefit Update B. Application for Duty Disability Pension - FF/E Thomas Dobbins IX. NEW BUSINESS A. Death of retired Fire Marshal Daniel Raupp on 3/24/2025 - Survivor Benefits B. Death of retired Lt. James Rushing on 3/25/2025 - Cessation of Benefits C. Application for Retirement Pension - Lt. Michael Nolan on 4/18/2025 D. Application for Membership - New Hires as of April 21, 2025 - FF Stephen Clark, FF Samuel Weinstein, and FF Luke Fava Page 1 of 30  E. Executive Closed Sessions - Release of Minutes X. OTHER BUSINESS A. Announcements / Correspondence XI. PUBLIC COMMENT Anyone wishing to speak on a subject not on the Agenda may speak at this time. Please limit your comments to three minutes. XII. ADJOURNMENT Persons with disabilities requiring auxiliary aids or services, such as an American Sign Language interpreter or written materials in accessible formats, should contact the Health & Human Services Department, at 33 S. Arlington Heights Road, Arlington Heights, IL 60005, healthmail@vah.com or 847/368-5760. Page 2 of 30  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on February 24, 2025 Arlington Heights Fire Department Administrative Headquarters 1150 No. Arlington Heights Road – Arlington Heights IL 60004 Members in Attendance: Adam Sielig Lance Harris Melissa Gallagher Pete Ahlman Absent: Kyle Kaczanowski Others in Attendance: Thomas Radja, Board Attorney CALL TO ORDER Adam Sielig called the meeting to order at 9:01 AM. Roll was called with board members Adam Sielig, Lance Harris, Melissa Gallagher, and Peter Ahlman present. Absent was Kyle Kaczanowski. Also present was Thomas Radja, Board Attorney. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of November 18, 2024 were reviewed for approval. A motion was made and seconded (L. Harris/P. Ahlman) to approve the minutes from the Regular Board meeting on November 18, 2024. All in favor, motion passed. CLOSED SESSION None TREASURER’S REPORT Melissa Gallagher distributed the Financial Report ending December 31, 2024, as well as the Projected Cash Flow report through the end of this 2025 year. Projected Cash Flow Melissa first reviewed page 1, Checking Account. The Projected Cash Flow report is a monthly projection to the end of December 31, 2025, showing projected funds in and out with anticipated ending balance. Most important is the levy projection and the various transfers we’re anticipating throughout the year. The cash out section includes pension payments during the year, with ending cash balance. We are a mature fund, thus we anticipate maintaining roughly $100,000 in the account. Naturally these numbers will change within the year, and this will be evident each time we meet. Firefighters’ Pension Board Meeting – February 24, 2025 – Page 1 of 6 Page 3 of 30 Page 2 identifies our account in the Illinois Fund, showing the ending cash balance between Chase Fund and Illinois Fund. Quarterly Financial Report At the top, the Year End balance sheet shows our net assets to be $157,110,267. Although this figure is unaudited, we are currently working with the audit process. In the Revenue and Expenditure section, Melissa drew attention to the YTD Actual column, with Revenues at $22.7 million and Expenditures at $9.4 million. The difference resulted a higher ending balance for the year. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Treasurer’s Report. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. PAYMENT OF BILLS The Check Register as of year ending 12/31/2024 shows the entire year, and during December there was one check #775 processed in the amount of $873.38 for secretarial services. Motion was made and seconded (A. Sielig/P. Ahlman) to approve check #775 (JV 12-055) in the amount of $873.38 (for past three quarters of the year). Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig briefly reviewed the December 2024 statement from FPIF, specifically the Arlington Heights pension fund portion, showing a beginning balance in December with a Net Asset Value of $157,424,411, with a rate of return of -2.36%, but a YTD return of 10.92%. The Consolidated Fund report was also provided. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Attorney Tom Radja indicated their office is still in the process of gathering records. He recapped the subpoena of twelve different medical offices, plus three IME’s as required by the statute. We are trying to determine whether his death was related to duties as a firefighter. There is some difficulty in getting all the records and Tom spoke with the attorney for Mrs. Palczynski to see if he can assist in getting these records. Recently Tom received medical records from DuPage Medical Group which is the bulk of records from four different doctors. The response contained over 6,000 pages and an invoice for $1,300. Firefighters’ Pension Board Meeting – February 24, 2025 – Page 2 of 6 Page 4 of 30  The higher cost is due to records from four different doctors and individually each would typically be in the $300-$400 range. A question was presented as to how far back will these records go? Tom Radja indicated he asked for any and all records, thus we should have everything they have on file. Although the costs regarding records gathering continues to rise, there’s a significant difference between the survivor benefit of a regular pension versus line of duty disability pension benefit. Our responsibility is to determine which benefit is accurate based on the findings. Will Mrs. Palczynski be required to testify? Tom Radja indicated not necessarily as we rely primarily on the medical records, unless she can present other evidence that’s relevant. Attorney Radja is near to receiving all records he requested, and will keep the Board informed as we get closer to conduct a hearing. • Application for Duty Disability Pension FF Steven Landt – Update Attorney Radja indicated that since the last meeting, FF Landt has now submitted an Application for Retirement Pension benefits. Previously his application was for a Duty Disability Pension. The Board has approved his new application and he is now receiving a retirement pension benefit. The Department of Insurance indicates if you elect to retire while there’s a pending duty disability claim, you then forgo your choice to duty disability benefits. Tom Radja recommends today the Board should present a motion to nullify the Line of Duty Disability Application and a second motion to ratify the Application for Retirement Pension benefit. Motion was made and seconded (A. Sielig/P. Ahlman) to dismiss the application for Line of Duty Disability for applicant FF Steven Landt. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. Motion was made and seconded (A. Sielig/M. Gallagher) to ratify the Application for Retirement Pension for applicant FF Steven Landt, with an effective date of April 30, 2023. The calculation of his monthly pension benefit is $6,780.85. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. NEW BSINESS • Application for Retirement Pension – Deputy Chief Curt Hanselman on 1/17/25 Deputy Chief Curt Hanselman submitted his Application for Retirement Pension as of January 17, 2025. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Application for Retirement Firefighters’ Pension Board Meeting – February 24, 2025 – Page 3 of 6 Page 5 of 30  Pension for D/C Curt Hanselman, effective January 17, 2025, with a calculated monthly pension benefit of $11,107.49. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. • Application for Retirement Pension – Battalion Chief John Carpenter on 1/31/25 Battalion Chief John Carpenter submitted his Application for Retirement Pension as of January 31, 2025. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Application for Retirement Pension for B/C John Carpenter, effective January 31, 2025, with a calculated monthly pension benefit of $10,474.81. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. • Death of Sandra Fields (Wife of Deceased Retiree FF John Fields) on 1/13/2025 – Cessation of Benefits The Board received notice that Sandra Fields, widow of deceased retiree, FF John Fields, passed away on January 13, 2025. As of that date, survivor benefits have ceased. Motion was made and seconded (A. Sielig/M. Gallagher) to cease survivor pension benefits to deceased Sandra Fields as of her death on January 13, 2025. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. • Application for Duty Disability Pension - FF/E Thomas Dobbins Attorney Radja indicated that FF Dobbins submitted an Application for Duty Disability Pension as a result of a back injury. On February 10, Tom issued a subpoena for medical records and we are in the process of gathering these records. There is also a workers’ compensation case pending, along with an arbitration regarding additional surgery which may resolve his disability. Chief Harris indicated Tom Dobbins is currently using his sick time and vacation time, so he’s on payroll until April 16. Also, he was recently assessed by an IME (requested by the Village). The IME’s opinion was that the injury is an older, previous injury. Arbitration approved his proceeding with the second surgery. It seems reasonable to send him to three IME’s after the surgery to determine if it resulted in improvement. Attorney Radja agreed, and will check with his attorney as to whether he wants to Firefighters’ Pension Board Meeting – February 24, 2025 – Page 4 of 6 Page 6 of 30  have his application in abeyance until after his surgery. If the surgery is successful, perhaps he wants to return to work or proceed with retirement depending on quality of life. For now, the Board’s primary concern is to continue gathering medical records and determine whether this is a work-related injury. Motion was made and seconded (A. Sielig/P. Ahlman) to acknowledge receipt of the Application for Duty Disability for FF Thomas Dobbins. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. Motion was made and seconded (A. Sielig/M. Gallagher) to appoint Attorney Thomas Radja as the Hearing Officer related to duty disability proceedings for applicant FF Thomas Dobbins. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. • Death of Retired FF Jack Hawn on 2/9/25 – Cessation of Benefits The Board received notification of the death of retired FF Jack Hawn on February 9, 2025. As there are no dependents and no survivor benefit, the pension will cease as of his death. Motion was made and seconded (A. Sielig/P. Ahlman) to cease pension benefits for retired FF Jack Hawn as of February 9, 2025. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman Nays – 0; Motion carried. • Inquiry from Delores Cappitelli (Wife of Deceased Retiree FF Phil Cappitelli) re Type of Benefit. Kevin Baumgartner received an inquiry regarding the type of survivor benefit Delores Cappitelli is receiving and the tax liability. In checking FF Phil Cappitelli’s pension file, the Decision & Order document and other correspondence indicates he was granted Occupational Disease Disability pension, and upon his death Mrs. Cappitelli received a survivor benefit. Adam Sielig provided the information requested, and explained that she should discuss the matter with her tax advisor. Attorney Radja further emphasized we are not tax professionals and agreed we cannot give her advice regarding the tax liability on the survivor benefit she is receiving. She needs to consult with her tax accountant. OTHER BUSINESS Attorney Radja advised that he received a call from a retiree regarding a Qildro legal document and its impact on the spouse as to benefits received based on his disability. Because Tom represents the pension board, he explained that he cannot provide him with legal advice. Firefighters’ Pension Board Meeting – February 24, 2025 – Page 5 of 6 Page 7 of 30 PUBLIC COMMENTS None. ADJOURNMENT As there was no other business to present before the Board, the meeting was adjourned at 9:46 AM. Motion was made and seconded (A. Sielig/P. Ahlman) to adjourn the meeting. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, May 5, at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – February 24, 2025 – Page 6 of 6 Page 8 of 30  CY 2025 BALANCE SHEET March 31, 2025 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL March 2025 Financial Report Cash and Investments Cash and Equivalents 2,338,567 Pension Investments 153,970,582 Illinois Funds 1,945,703 158,254,852 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 158,254,852 LIABILITIES Accounts Payable 0 Deferred Portability Payment 0 Due To Other Funds 198 TOTAL LIABILITIES 0 NET ASSETS 158,254,852 BUDGET COMPARISON REPORT CALENDAR YEAR 2025 March 31, 2025 FIREFIGHTERS' PENSION FUND 25% of the Calendar Year (unaudited) 2025 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 1,000,000 83,333 180,267 250,000 524,295 475,705 52% Market Value Adjustments 2,000,000 166,667 (3,774,609) 500,000 (370,383) 2,370,383 -19% Dividend Income 500,000 41,667 100,471 125,000 225,246 274,754 45% Contributions - Participants 1,250,000 104,167 99,575 312,500 301,298 948,702 24% Contributions - R/E Tax 6,706,000 558,833 1,957,199 1,676,500 2,897,320 3,808,680 43% Other Income 0 0 19,176 0 (5,869) 5,869 N/A TOTAL 11,456,000 954,667 (1,417,921) 2,864,000 3,571,907 7,884,093 31% 2025 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,580,000 548,333 524,508 1,645,000 1,566,639 5,013,361 24% Non-Duty Disability Pensions 90,000 7,500 7,493 22,500 22,478 67,522 25% Duty Disability Pensions 1,224,600 102,050 102,047 306,150 306,141 918,459 25% Surviving Spouse Pensions 1,334,800 111,233 120,436 333,700 363,541 971,259 27% Occupational Disease Pensions 327,100 27,258 27,262 81,775 81,785 245,315 25% Legal Services 50,000 4,167 0 12,500 0 50,000 0% Investment Manager Services 120,000 10,000 63,094 30,000 85,027 34,973 71% Examinations 15,000 1,250 0 3,750 0 15,000 0% Other Services 9,700 808 417 2,425 560 9,140 6% Dues 1,300 108 0 325 0 1,300 0% Training 1,000 83 0 250 550 450 55% Postage 300 25 0 75 77 223 26% Publications/Periodicals 100 8 0 25 0 100 0% Office Supplies & Equip 100 8 525 25 525 (425) 525% Pension Refunds 25,000 2,083 0 6,250 0 25,000 0% TOTAL 9,779,000 814,917 845,781 2,444,750 2,427,323 7,351,677 25% REVENUE OVER (UNDER) EXPENDITURES 1,677,000 139,750 (2,263,702) 419,250 1,144,584 532,416 68% BEG. FUND BALANCE 157,110,267 157,110,267 ENDING FUND BALANCE 158,787,267 158,254,852 Page 9 of 30 Page 10 of 30 Page 11 of 30  FIREFIGHTERS' PENSION FUND CALENDAR YEAR ENDING 12 / 31 / 2025 CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS Check JV or Group MONTHLY Number Number Date Payee Description Expense TOTAL WT 01-214 01/31/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 143.45 1,698.38 776 02-403 02/28/25 IPPFA Training 550.00 WT 02-403 02/28/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 77.28 627.28 777 03-053 03/31/25 Laura Potts Secretarial Services 377.39 778 03-053 03/31/25 Associated Fire Fighters of Illinois Pension Booklets 525.00 WT 03-053 03/31/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 39.34 941.73 1,712.46 Page 12 of 30  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) March 2025 2025 YTD Beginning NAVs: Beginning NAV 157,558,916.09 153,713,895.87 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 157,558,916.09 Allocation Percent 1.62% Income & Expenses: Unrealized Gain/Loss -3,901,962.40 -1,550,218.33 Realized Gain/Loss 127,353.46 1,179,835.76 Dividend Income 100,470.92 225,246.11 Interest Income 168,073.53 492,718.55 Derivative Income 93.27 93.27 Private Markets (P.E./R.E./P.C./I.N.F) Income Earned -19,269.30 -5,962.35 Income Adjustments for the period Other Income 0.00 0.00 Total Income -3,525,240.52 341,713.01 Administrator Expenses (FPIF) -742.76 -742.76 Other Fee & Expenses (FPIF) 4,213.81 17,113.63 Other Expenses 131.50 452.95 Swap Fees 5,329.50 5,341.10 Private Markets (P.E./R.E./P.C./I.N.F) Fees 41,848.26 46,801.02 Management Fee 12,313.76 16,061.44 Total Fee & Expenses 63,094.07 85,027.38 Net Income -3,588,334.59 256,685.63 Ending NAVs: Ending NAV 153,970,581.50 153,970,581.50 Rate of Returns: Return on Invested Capital -2.28% 0.17% Return on Total Assets -2.28% 0.17% Ownership 1.62% Disclaimer / Important Information: The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. NTAC:3NS-20 Page 13 of 30 Illinois Firefighters' Pension Investment Fund Monthly Summary March 31, 2025 Preliminary, subject to change Page 14 of 30 Illinois Firefighters' Pension Investment Fund Executive Summary As of March 31, 2025 15.0 10.5 10.2 10.4 10.0 6.0 6.1 4.4 4.6 4.6 4.5 Return 5.0 3.6 3.6 0.2 0.3 0.0 -2.3 -2.1 -5.0 -10.0 1 3 FYTD 1 2 3 5 Inception Month Months Year Years Years Years 10/1/21 Total Fund Composite IFPIF Policy Benchmark Total Fund Composite vs. Target Allocation Mo Current Balance Portfolio Policy (%) Total Equity Composite -0.9 % Total Fund Composite 9,492,295,748 100.0 100.0 0.2 Total Fund Composite excl. Member Funds 9,492,279,372 100.0 100.0 0.2 Total Fixed Income Composite -0.6 % Total Equity Composite 6,080,733,048 64.1 65.0 -1.0 Total Fixed Income Composite 2,789,281,611 29.4 30.0 2.8 Total Alternatives Composite 1.2% Total Alternatives Composite 585,916,102 6.2 5.0 0.2 Cash Composite 36,339,606 0.4 0.0 1.0 Cash Composite 0.4% -3.0 % 0.0% 3.0% Difference Policy targets are based on Interim Asset Allocation. 2 Page 15 of 30 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending March 31, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Fund Composite 9,492,295,748 100.0 100.0 -2.3 Total Fund Composite excl. Member Funds 9,492,279,372 100.0 100.0 -2.3 Total Equity Composite 6,080,733,048 64.1 65.0 -3.3 U.S. Equity Composite 3,270,113,932 34.5 36.0 -5.7 Rhumbline Russell 200 Large-Cap Core 2,289,725,620 24.1 25.0 -6.1 Rhumbline Russell Midcap Mid-Cap Core 815,111,904 8.6 9.0 -4.6 Rhumbline S&P 600 Small-Cap Core 165,276,408 1.7 2.0 -6.1 Non-U.S. Equity Composite 2,810,619,116 29.6 29.0 -0.3 International Developed Equity Composite 1,906,043,324 20.1 19.0 -0.3 SSGA World ex US Non-U.S. Large-Cap Core 1,609,720,119 17.0 16.0 -0.5 SSGA World ex US Small Non-U.S. Small-Cap Core 296,323,205 3.1 3.0 0.7 Emerging Markets Equity Composite 904,575,792 9.5 10.0 -0.2 SSGA MSCI EM ex China Emerging Markets 731,800,514 7.7 8.0 -0.1 SSGA EM Small EM Small-Cap 172,775,278 1.8 2.0 -0.4 Total Fixed Income Composite 2,789,281,611 29.4 30.0 -0.1 Rate Sensitive Composite 2,525,171,480 26.6 27.0 -0.1 Short-Term Treasury Composite 276,963,459 2.9 3.0 0.5 SSGA Short Treasury Short-Term Govt. Fixed Income 276,963,459 2.9 3.0 0.5 Core Fixed Income Composite 2,248,208,021 23.7 24.0 -0.1 Garcia Hamilton & Associates Core Fixed Income 1,116,228,844 11.8 12.0 0.0 Brown Brothers Harriman & Co Core Plus Fixed Income 1,131,979,177 11.9 12.0 -0.2 Credit Fixed Income Composite 264,110,132 2.8 3.0 -0.7 Emerging Markets Debt Composite 264,110,132 2.8 3.0 -0.7 Macquarie Investment Management EM Fixed Income 128,678,226 1.4 1.5 -0.1 William Blair Investment Management EM Fixed Income 135,431,902 1.4 1.5 -1.2 3 Page 16 of 30 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending March 31, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Alternatives Composite 585,916,102 6.2 5.0 -1.8 Real Estate Composite 499,495,450 5.3 5.0 -1.5 Infrastructure Composite 5,651,477 0.1 0.0 - Private Equity Composite 5,132,861 0.1 0.0 -0.2 Private Credit Composite 75,636,314 0.8 0.0 -2.3 Cash Composite 36,339,606 0.4 0.0 0.4 Transition Composite 9,005 0.0 - 2.2 Member Funds Composite 16,376 0.0 - 0.4 Policy targets are based on Interim Asset Allocation. 4 Page 17 of 30 Illinois Firefighters' Pension Investment Fund As of March 31, 2025 Market Value History 12,500.0 10,000.0 9,725.9M 9,492.3M 7,500.0 Millions ($) 5,000.0 2,500.0 1,597.4M 0.0 -2,500.0 10/21 1/22 4/22 7/22 10/22 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 3/25 Market Value Beginning Ending Income % of Contributions Distributions Gain/Loss Income Periods Ending Market Value Market Value %Return Unit Value Beginning $ $ $ $ $ $ Market Value Summary of Cash Flows Oct-2021 - - - - 1,597,393,294.85 - 100.0 - 0.0 1 3 1 2 3 Since Nov-2021 1,597,393,294.85 2,134,158,572.86 FYTD ($) Month ($) Months-1,466,244,426.34 ($) -37,943,015.97 2,227,364,425.40 Year ($) Years ($) -1.7 98.3 ($) Years - Inception 0.0 ($) Dec-2021 2,227,364,425.40 1,713,221,155.65 -1,151,325,334.16 77,095,061.46 2,866,355,308.35 2.8 101.0 - 0.0 Total Fund Composite Beginning Market Value 9,712,643,065 9,495,594,016 8,990,185,270 8,788,158,368 7,612,635,875 6,891,641,084 - Jan-2022 2,866,355,308.35 10,079,805,923.72 -6,127,760,095.15 -271,408,285.68 6,546,992,851.24 -4.0 97.0 34.37 0.0 Net Cash Flow -353,822 -21,300,552 104,561,268 167,652,629 178,938,687 1,341,506,519 8,500,875,875 Feb-2022 6,546,992,851.24 2,705,002,387.70 -2,319,714,302.79 -129,853,960.57 6,802,426,975.58 -1.9 95.2 287.46 0.0 Net Investment Change -219,993,495 18,002,283 397,549,209 536,484,751 1,700,721,185 1,259,148,145 991,419,873 Mar-2022 6,802,426,975.58 131,797,704.97 -90,636,632.97 48,053,036.13 6,891,641,083.71 0.7 95.8 - 0.0 Ending Market Value 9,492,295,748 9,492,295,748 9,492,295,748 9,492,295,748 9,492,295,748 9,492,295,748 9,492,295,748 Apr-2022 6,891,641,083.71 1,030,419,931.58 -683,563,870.72 -429,276,488.13 6,809,220,656.44 -5.9 90.1 - 0.0 5 Page 18 of 30 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of March 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite -2.3 0.2 4.4 6.0 10.5 4.6 - 3.6 Oct 21 IFPIF Policy Benchmark -2.1 0.3 4.6 6.1 10.2 4.5 10.4 3.6 IFPIF Actuarial Rate (7.125%) 0.6 1.7 5.3 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds -2.3 0.2 4.4 6.0 10.5 4.7 - 3.2 Nov 21 IFPIF Policy Benchmark -2.1 0.3 4.6 6.1 10.2 4.5 10.4 2.8 Total Equity Composite -3.3 -1.0 3.9 6.2 13.8 6.4 - 4.2 Nov 21 MSCI AC World IMI Index (Net) -3.9 -1.6 3.8 6.3 14.1 6.3 15.0 4.2 U.S. Equity Composite -5.7 -4.6 4.0 7.2 17.6 8.2 - 6.3 Nov 21 Russell 3000 Index -5.8 -4.7 3.9 7.2 17.7 8.2 18.2 6.2 Rhumbline Russell 200 -6.1 -4.8 3.5 9.5 20.4 9.9 - 8.1 Nov 21 Russell Top 200 Index -6.1 -4.8 3.5 9.5 20.4 10.0 19.2 8.2 Rhumbline Russell Midcap -4.6 -3.4 6.1 2.6 12.0 4.6 - 2.3 Nov 21 Russell Midcap Index -4.6 -3.4 6.1 2.6 12.0 4.6 16.3 2.4 Rhumbline S&P 600 -6.1 -8.9 -0.3 -3.4 5.8 0.7 - -0.5 Nov 21 S&P SmallCap 600 Index -6.1 -8.9 -0.3 -3.4 5.8 0.7 15.1 -0.5 Non-U.S. Equity Composite -0.3 3.6 3.3 4.6 8.9 3.9 - 1.5 Nov 21 MSCI AC World ex USA IMI (Net) -0.1 4.6 4.5 5.5 9.3 4.0 11.0 1.6 International Developed Equity Composite -0.3 5.9 6.0 5.4 10.0 5.4 - 3.0 Nov 21 MSCI World ex U.S. IMI Index (Net) -0.4 5.8 5.9 5.1 9.7 5.0 11.9 2.7 SSGA World ex US -0.5 6.3 6.1 5.6 10.6 6.1 - 3.9 Nov 21 MSCI World ex U.S. (Net) -0.6 6.2 5.9 5.3 10.2 5.7 12.2 3.5 SSGA World ex US Small 0.7 3.5 5.3 3.8 7.1 1.2 - -1.6 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 0.6 3.4 5.2 3.6 6.8 0.8 10.7 -1.9 6 Page 19 of 30 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of March 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite -0.2 -0.9 -1.7 2.9 6.5 0.8 - -1.9 Nov 21 MSCI Emerging Markets IMI (Net) 0.5 1.7 1.4 6.6 8.2 1.5 8.8 -1.3 SSGA MSCI EM ex China -0.1 -1.6 - - - - - -5.8 Nov 24 MSCI Emerging Markets ex China Index (Net) 0.0 -1.7 -6.1 -2.1 8.6 0.7 12.0 -6.1 SSGA EM Small -0.4 -4.8 -7.3 -2.3 8.3 1.6 - 0.4 Nov 21 MSCI Emerging Markets Small Cap (Net) -0.1 -5.5 -7.5 -2.0 8.7 1.7 15.7 0.5 Total Fixed Income Composite -0.1 2.8 5.2 5.7 4.7 1.6 - -0.2 Nov 21 Blmbg. U.S. Universal Index 0.0 2.7 5.0 5.2 3.9 1.0 0.3 -0.9 Rate Sensitive Composite -0.1 2.9 5.1 5.6 4.3 1.4 - -0.2 Nov 21 Blmbg. U.S. Aggregate Index 0.0 2.8 4.8 4.9 3.3 0.5 -0.4 -1.3 Short-Term Treasury Composite 0.5 1.6 4.5 5.5 4.2 - - 4.2 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.5 1.6 4.5 5.4 4.2 2.8 1.1 4.2 SSGA Short Treasury 0.5 1.6 4.5 5.5 4.2 - - 4.2 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.5 1.6 4.5 5.4 4.2 2.8 1.1 4.2 Core Fixed Income Composite -0.1 3.0 5.2 5.7 4.3 1.2 - -0.6 Nov 21 Blmbg. U.S. Aggregate Index 0.0 2.8 4.8 4.9 3.3 0.5 -0.4 -1.3 Garcia Hamilton & Associates 0.0 3.5 5.0 5.0 2.5 - - 2.5 Apr 23 Blmbg. U.S. Aggregate Index 0.0 2.8 4.8 4.9 3.3 0.5 -0.4 3.3 Brown Brothers Harriman & Co -0.2 2.6 5.3 6.3 6.1 - - 6.1 Apr 23 Blmbg. U.S. Aggregate Index 0.0 2.8 4.8 4.9 3.3 0.5 -0.4 3.3 7 Page 20 of 30 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of March 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite -0.7 2.4 6.0 6.3 8.4 3.0 - -0.4 Nov 21 JPM EMBI Global Diversified -0.8 2.2 6.4 6.8 9.0 3.4 3.5 -0.3 Emerging Markets Debt Composite -0.7 2.4 6.0 6.3 8.4 3.0 - -0.4 Nov 21 JPM EMBI Global Diversified -0.8 2.2 6.4 6.8 9.0 3.4 3.5 -0.3 Macquarie Investment Management -0.1 2.5 4.1 - - - - 4.6 Jun 24 JPM EMBI Global Diversified -0.8 2.2 6.4 6.8 9.0 3.4 3.5 7.1 William Blair Investment Management -1.2 2.4 7.9 - - - - 9.0 Jun 24 JPM EMBI Global Diversified -0.8 2.2 6.4 6.8 9.0 3.4 3.5 7.1 Total Alternatives Composite -1.8 0.2 6.3 5.7 1.9 -2.3 - 1.1 Oct 21 Real Estate Composite -1.5 0.5 6.1 5.6 1.9 -2.3 - 1.0 Oct 21 Real Estate Custom Benchmark -1.0 0.9 5.1 4.7 0.7 -2.8 6.3 1.4 Private Equity Composite - - - - - - - - Jun 24 Infrastructure Composite - - - - - - - - Mar 25 Private Credit Composite - - - - - - - - Jul 24 8 Page 21 of 30 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of March 31, 2025 9 Page 22 of 30 Illinois Firefighters' Pension Investment Fund Benchmark Composition As of March 31, 2025 Benchmark Weight (%) Benchmark Weight (%) IFPIF Policy Benchmark : Apr-2023 Real Estate Custom Benchmark : Jan-1978 FTSE NAREIT Equity REIT Index 2.00 FTSE NAREIT Equity REIT Index 40.00 Russell Midcap Index 9.00 NFI-ODCE Equal Weighted 60.00 S&P SmallCap 600 Index 2.00 Blmbg. U.S. Aggregate Index 24.00 MSCI World ex U.S. (Net) 16.00 MSCI World ex U.S. Small Cap Index (Net) 3.00 MSCI Emerging Markets Small Cap (Net) 2.00 Russell Top 200 Index 25.00 MSCI Emerging Markets (Net) 8.00 JPM EMBI Global Diversified 3.00 Blmbg. U.S. Treasury: 1-3 Year 3.00 NFI-ODCE Equal Weighted 3.00 10 Page 23 of 30 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of March 31, 2025 Inception Performance Total Fund Composite inception performance is based on an October 1, 2021 start. All other account and composite inception performance is based on an October 31, 2021 start. NFI-ODCE Equal Weighted Quarterly index. Value of the quarterly return is recognized in the last month of each quarter Alternatives Composite The Private Equity and Private Credit composites are valued quarterly. The performance shown is lagged and based on the most recent quarter-end valuation. 11 Page 24 of 30 DISCLOSURES Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification, and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result, characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rating information which may differ from the S&P rating used by the Platform. Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette’s control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request or on our website. 12 Page 25 of 30  Board of Trustees of the Fire Pension Fund 5/5/2025 Item: Death of retired Fire Marshal Daniel Raupp on 3/24/2025 - Survivor Benefits Department: Item Description: ATTACHMENTS: None Page 26 of 30  Board of Trustees of the Fire Pension Fund 5/5/2025 Item: Death of retired Lt. James Rushing on 3/25/2025 - Cessation of Benefits Department: Item Description: ATTACHMENTS: None Page 27 of 30  Board of Trustees of the Fire Pension Fund 5/5/2025 Item: Application for Retirement Pension - Lt. Michael Nolan on 4/18/2025 Department: Item Description: ATTACHMENTS: None Page 28 of 30  Board of Trustees of the Fire Pension Fund 5/5/2025 Item: Application for Membership - New Hires as of April 21, 2025 - FF Stephen Clark, FF Samuel Weinstein, and FF Luke Fava Department: Item Description: ATTACHMENTS: None Page 29 of 30  Board of Trustees of the Fire Pension Fund 5/5/2025 Item: Executive Closed Sessions - Release of Minutes Department: Fire Item Description: ATTACHMENTS: None Page 30 of 30