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 November 17, 2025 9:00 AM I. CALL TO ORDER II. ROLL CALL OF MEMBERS III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - August 18, 2025 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q3, 2025 VI. PAYMENT OF BILLS A. Payment of Bills - Q3, 2025 VII. REPORTS A. FPIF - AH Pension Fund Summary, September 2025 B. FPIF - Consolidated Fund Report, September 2025 VIII. OLD BUSINESS A. Death of FF Phillip Palczynski - Survivor Benefit Update B. Application of Duty Disability Pension for FF/E Thomas Dobbins - Update C. Military Buy-Back Payment Plan - Update D. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett IX. NEW BUSINESS A. Application for Membership - New Hire FF Jared Sandacz on October 6, 2025 B. Application for Membership - New Hire FF Mario Duran on November 10, 2025 C. Application for Retirement Pension - Division Chief David Roberts on November 22, 2025 D. Buy-Back of Service Time - FF Katherine Lacivita Page 1 of 41  E. Death of Gloria Benson on September 13, 2025 (Spouse of Deceased FF John Benson) - Cessation of Benefits F. IPPFA Membership Renewal for 2026 G. Release of Executive Closed Session 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 41  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on August 18, 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 Peter Ahlman Member Absent: Kyle Kaczanowski Others in Attendance: Thomas Radja, Board Attorney (Collins, Radja & Hartwell) CALL TO ORDER Adam Sielig called the meeting to order at 9:00 AM. Roll was called with board members Adam Sielig, Lance Harris, Melissa Gallagher and Pete Ahlman present. Absent was board member Kyle Kaczanowski. APPROVAL OF MINUTES Minutes of the Regular Pension Board Meeting of May 5, 2025 were reviewed for approval. A motion was made and seconded (M. Gallagher/L. Harris) to approve the minutes from the Regular Pension Board meeting on August 18, 2025. All in favor, motion passed. CLOSED SESSION None TREASURER’S REPORT Melissa Gallagher distributed the Financial Report ending May 31,2025, as well as the Projected Cash Flow report through year end. Financial Report The balance sheet reports just over $165 million in total net assets, revenue at $11.5 million and YTD expenditures. YTD through May we are at 42% and on target. Projected Cash Flow Report The projected cash flow report is a projection for each month through the end of the 2025 year. There have been no additional transfers made in recent months, thus no significant changes from the last time we met. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Treasurer’s Report as of May 31, 2025. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Firefighters’ Pension Board Meeting – August 18, 2025 – Page 1 of 6 Page 3 of 41 Nays – 0 Motion carried. Annual Police and Firefighters Pension Report to the Village Board The Police and Firefighters Pension Funds are required to provide a report to the Village Board on the financial condition of each respected fund. This report was prepared by the independent actuarial firm, MWM Consulting Group, and includes the actuarial required contribution for 2025 levy, accounted for next year’s budget. Gains and losses are smoothed over a three-year period and we are currently in the third year of smoothing since 2022. MWM Consulting Group summary page for the Firefighters Pension Fund indicates the annual actuarial requirement for the 2025 tax levy to be $7,225,272. Motion was made and seconded (A. Sielig/L. Harris) to approve the 2025 annual tax levy report and recommended tax levy of $7,225,272 for the 2026 Village Budget. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. PAYMENT OF BILLS The current check register indicates two payments made, namely check #779 for Legal Services and check #780 for Medical Exam, totaling $26,869.90. Motion was made and seconded (M. Gallagher/P. Ahlman) to approve payments made, totaling $26,869.90. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig reviewed the May 2025 statement from FPIF, specifically the Arlington Heights pension fund portion. The beginning Net Asset Value (NAV) was $155,837,500, with a rate of return of 3.64%, and YTD return of 5.08%. The ending NAV balance as of May 2025 was $161,515,360. • Arlington Heights Firefighters Pension Fund - Actuarial Valuation This actuarial report was prepared by Foster & Foster to determine the Statutory Minimum Required Contribution for Arlington Heights Pension Fund as of January 1, 2025. Page 5 Summary Report indicates the Statutory Minimum Required Contribution of $3,748,141 (calculation in accordance with the Illinois Pension Code). Firefighters’ Pension Board Meeting – August 18, 2025 – Page 2 of 6 Page 4 of 41  This report indicates the Department of Insurance number at a lower percentage, whereas the Village number is higher. Overall, the feeling is that the report was too general and should be more specific. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Attorney Tom Radja is in the process of setting up a third review of the medical records. With over 7,500 pages of records, he has been receiving quotes of over $15,000, thus very expensive. It is difficult to find a reasonable cost for the review based on the size of the file. An option available is to reach out to INSPE for a more cost-effective review. After some discussion, it was agreed the Attorney Radja will contact INSPE to receive their quote and then forward the information to the Board members. If acceptable by the Board, he can arrange an informal approval by mail and final review at the next meeting. Additionally, it was suggested in our request for a quote from INSPE that we include the term “Not to Exceed” with a figure that seems reasonable. All members agreed this was the best option so we can move forward. • Application for Duty Disability Pension – FF/E Thomas Dobbins We are still awaiting a status update. Since our last meeting, he has not returned to work. FF Dobbins has indicated an anticipated work date in September, having a “wait and see” approach if he is at maximum medical improvement. If unable to return to work, then we will proceed with the Duty Disability claim. We will request medical records related to his surgery and also set up three medical evaluation appointments. Also, if he has a pending Workers Compensation date, we can get this information from his attorney. However, if FF Dobbins returns to work, we will contact his attorney as he would no longer qualify for a duty disability pension. • Petition to Intervene – Thomas Dobbins v. Village of Arlington Heights A Petition to Intervene was filed by the Village attorney, regarding the application made by FF Dobbins for disability pension benefits. FF Dobbins’ attorney (David Figlioli) contacted Attorney Radja by letter, indicating he has discussed the request with FF Dobbins and there is no objection to having the Village involved in his disability claim. A discussion followed concerning pros and cons with an intervention. Afterwards it was agreed to grant intervention as requested by the Village without any objection. Motion was made and seconded (L. Harris/P. Ahlman) to grant the Petition to Intervene as requested by the Village. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. Attorney Radja will notify the Village of the Pension Board’s decision to grant the Petition to Intervene. Firefighters’ Pension Board Meeting – August 18, 2025 – Page 3 of 6 Page 5 of 41 NEW BUSINESS • Application for Retirement Pension – FF/E John Simon on June 16, 2025 FF/E John Simon submitted the Application of Retirement Pension as of June 16, 2025. The pension calculation sheet indicates his monthly pension benefit to be $6,771.90. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Application for Retirement Pension of FF/E John Simon, effective June 16, 2025, with a calculated monthly pension benefit of $6,771.90. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. • Application for Retirement Pension – FF/P Catherine Shields as of August 18, 2025 FF/P Cathy Shields submitted the Application for Retirement Pension as of August 18, 2025. The pension calculation sheet indicates her monthly pension benefit to be $7,393.17. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Application for Retirement Pension of FF/P Cathy Shields, effective August 18, 2025, with a calculated monthly pension benefit of $7,393.17. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. • Applications for Membership for New Hires as of July 21, 2025 – Firefighters Katherine Lacivita, John Lawler, Duke Larkin, Zane McCartney and Matthew Wasilczuk. The Board has received applications for membership from five new firefighter hires as of July 21, 2025, namely Katherine Lacivita, John Lawler, Duke Larkin, Zane McCartney and Matthew Wasilczuk. Motion was made and seconded (A. Sielig/M. Gallagher) to accept the five applications for membership for new hires as of July 21, 2025, namely Firefighters Katherine Lacivita, John Lawler, Duke Larkin, Zane McCartney and Matthew Wasilczuk. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. • Death of Retired FF Carl Schulien on August 2, 2025 – Survivor Spousal Benefits We received notification from the family of retired FF Carl Schulien, who passed away on August 2, 2025. His spouse, Audrey Schulien, has submitted a copy of the death certificate and completed the Request for Survivors Benefits form. Firefighters’ Pension Board Meeting – August 18, 2025 – Page 4 of 6 Page 6 of 41  Motion was made and seconded (A. Sielig/P. Ahlman) to approve the Request for Survivors Benefits for Audrey Schulien effective the day of FF Schulien’s death, August 2, 2025. Spousal pension will continue in the amount of $7,609.69 monthly. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. • Military Buy-Back Payment Plan The military buy-back payment plan is similar to what is offered by the Police Department, allowing for buy- back of two years credit time with a payment plan of up to five years. According to the Department of Insurance, before 1987 payment was 6.5%, after 1987, payment was increased to 7%. If a new hire requests to buy back military time and then decides to leave before the 5-year payment plan, the money will be refunded. Finance will need to be included in this process. Attorney Radja will create an Application for Military Buy-Back for distribution to those who are interested. At this time, there are three or four individuals who are considering a military buy-back and two other individuals confirmed they wish to proceed. No action today is needed today. For now, we will determine intention and establish an application with payment plan. More discussion for the next meeting. • Annual Medical Evaluation, Retired Disabled FF Under Age 50 – Daniel Bennett Attorney Radja explained that last year we submitted a form to his physician to complete and we will again forward the request for medical evaluation. Once the evaluation is returned from his physician, we will review the results at the next meeting. • Alliant Fiduciary Liability Insurance – Policy Renewal We received an invoice from Alliant for renewal of our fiduciary insurance in the amount of $5,451 effective October 1, 2025 for a period of one year. Motion was made and seconded (A. Sielig/L. Harris) to approve renewal of Alliant invoice for fiduciary liability insurance in the amount of $5,451, effective October 1, 2025 for a one-year term. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher and P. Ahlman. Nays – 0 Motion carried. OTHER BUSINESS None. PUBLIC COMMENTS None. Firefighters’ Pension Board Meeting – August 18, 2025 – Page 5 of 6 Page 7 of 41 ADJOURNMENT As there was no other business to present before the Board, the meeting was adjourned at 9:40 AM. Motion was made and seconded (A. Sielig/M. Gallagher) to adjourn the Pension Board Meeting. All in favor, motion passed. NEXT REGULAR MEETING – Scheduled for Monday, November 17, 2025, at 9:00 AM. Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – August 18, 2025 – Page 6 of 6 Page 8 of 41  CY 2025 BALANCE SHEET September 30, 2025 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL September 2025 Financial Report Cash and Investments Cash and Equivalents 267,715 Pension Investments 175,575,083 Illinois Funds 786,037 176,628,835 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 176,628,835 LIABILITIES Accounts Payable 0 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 0 NET ASSETS 176,628,835 BUDGET COMPARISON REPORT CALENDAR YEAR 2025 September 30, 2025 FIREFIGHTERS' PENSION FUND 75% of the Calendar Year 2025 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 1,000,000 83,333 211,353 750,000 1,665,380 (665,380) 167% Market Value Adjustments 2,000,000 166,667 3,625,972 1,500,000 19,873,559 (17,873,559) 994% Dividend Income 500,000 41,667 97,389 375,000 680,181 (180,181) 136% Contributions - Participants 1,250,000 104,167 101,066 937,500 951,823 298,177 76% Contributions - R/E Tax 6,706,000 558,833 6,463 5,029,500 3,122,642 3,583,358 47% Other Income 0 0 21,150 0 5,376 (5,376) N/A TOTAL 11,456,000 954,667 4,063,393 8,592,000 26,298,960 (14,842,960) 230% 2025 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,580,000 548,333 532,930 4,935,000 4,717,262 1,862,738 72% Non-Duty Disability Pensions 90,000 7,500 7,493 67,500 67,433 22,567 75% Duty Disability Pensions 1,224,600 102,050 102,047 918,450 918,422 306,178 75% Surviving Spouse Pensions 1,334,800 111,233 125,012 1,001,100 1,127,135 207,665 84% Occupational Disease Pensions 327,100 27,258 27,262 245,325 245,355 81,745 75% Legal Services 50,000 4,167 0 37,500 19,345 30,655 39% Investment Manager Services 120,000 10,000 72,981 90,000 261,871 (141,871) 218% Examinations 15,000 1,250 0 11,250 14,875 125 99% Other Services 9,700 808 5,451 7,275 6,011 3,689 62% Dues 1,300 108 0 975 0 1,300 0% Training 1,000 83 0 750 2,080 (1,080) 208% Postage 300 25 0 225 78 222 26% Publications/Periodicals 100 8 0 75 0 100 0% Office Supplies & Equip 100 8 0 75 525 (425) 525% Pension Refunds 25,000 2,083 0 18,750 0 25,000 0% TOTAL 9,779,000 814,917 873,175 7,334,250 7,380,393 2,398,607 75% REVENUE OVER (UNDER) EXPENDITURES 1,677,000 139,750 3,190,218 1,257,750 18,918,567 (17,241,567) 1128% BEG. FUND BALANCE 157,710,267 157,710,267 ENDING FUND BALANCE 159,387,267 176,628,835 Page 9 of 41 Page 10 of 41 Page 11 of 41  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 143.45 143.45 776 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 39.34 941.73 779 07-195 07/31/25 Radja Collins Law Legal Services 19,344.90 780 07-195 07/31/25 Examworks Medical Exam 7,525.00 26,869.90 781 08-222 08/31/25 Examworks Medical Exam 7,350.00 782 08-222 08/31/25 IPPFA Training 1,530.00 8,880.00 783 09-115 09/30/25 Alliant Insurance Services Fiduciary Insurance 5,451.00 5,451.00 784 10-067 10/31/25 Radja Collins Law Legal Services 7,322.76 7,322.76 50,236.12 Page 12 of 41  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) September 2025 2025 YTD Beginning NAVs: Beginning NAV 171,707,005.00 153,713,895.87 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 171,707,005.00 Allocation Percent 1.63% Income & Expenses: Unrealized Gain/Loss 2,678,216.76 13,188,485.54 Realized Gain/Loss 947,755.32 6,685,073.19 Dividend Income 97,388.85 680,180.88 Interest Income 206,106.33 1,577,322.61 Derivative Income 2,271.40 2,461.23 Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 9,318.42 -10,466.48 Income Adjustments for the period Other Income 1.51 1.51 Total Income 3,941,058.59 22,123,058.48 Administrator Expenses (FPIF) - -742.76 Other Fee & Expenses (FPIF) 4,747.96 55,399.29 Other Expenses 341.50 2,444.07 Swap Fees 1,159.19 6,633.76 Private Markets (P.E./R.E./P.C./I.N.F) Fees 65,270.47 157,689.84 Management Fee 1,461.57 40,447.25 Total Fee & Expenses 72,980.69 261,871.45 Net Income 3,868,077.90 21,861,187.03 Ending NAVs: Ending NAV 175,575,082.90 175,575,082.90 Rate of Returns: Return on Invested Capital 2.25% 14.22% Return on Total Assets 2.25% 14.22% Ownership 1.63% 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 41 Illinois Firefighters Pension Investment Fund Quarterly Summary September 30, 2025 Page 14 of 41 Illinois Firefighters' Pension Investment Fund Executive Summary As of September 30, 2025 24.0 18.0 17.4 18.0 16.1 16.0 14.3 14.1 Return 11.9 11.5 12.0 9.1 6.6 6.5 6.0 5.2 5.3 5.2 5.3 0.0 3 YTD FYTD 1 2 3 5 Inception 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 17.2% Total Fund Composite 10,801,664,561 100.0 100.0 5.2 Total Fund Composite excl. Member Funds 10,801,645,585 100.0 100.0 5.2 Total Fixed Income Composite 2.3% Total Equity Composite 6,182,429,760 57.2 40.0 7.1 Total Fixed Income Composite 3,546,969,116 32.8 30.5 2.2 Total Alternatives Composite -21.0 % Total Alternatives Composite 923,452,559 8.5 29.5 2.3 Cash Composite 148,785,813 1.4 0.0 1.0 Cash Composite 1.4% -40.0 % -20.0 % 0.0% 20.0% Difference Policy targets are based on Interim Asset Allocation. 2 Page 15 of 41 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Quarter Ending September 30, 2025 % of 3 Mo Asset Class Market Value ($) Policy (%) Portfolio (%) Total Fund Composite 10,801,664,561 100.0 100.0 5.2 Total Fund Composite excl. Member Funds 10,801,645,585 100.0 100.0 5.2 Total Equity Composite 6,182,429,760 57.2 40.0 7.1 U.S. Equity Composite 3,872,300,362 35.8 25.0 8.1 Rhumbline Russell 200 Large-Cap Core 2,941,458,905 27.2 19.0 8.7 Rhumbline Russell Midcap Mid-Cap Core 771,937,216 7.1 5.0 5.3 Rhumbline S&P 600 Small-Cap Core 158,904,241 1.5 1.0 9.1 Non-U.S. Equity Composite 2,310,129,398 21.4 15.0 5.9 International Developed Equity Composite 1,686,894,513 15.6 11.0 5.8 SSGA World ex US Non-U.S. Large-Cap Core 1,531,860,847 14.2 10.0 5.4 SSGA World ex US Small Non-U.S. Small-Cap Core 155,033,666 1.4 1.0 7.3 Emerging Markets Equity Composite 623,234,885 5.8 4.0 6.8 SSGA MSCI EM ex China Emerging Markets 463,199,032 4.3 3.0 6.9 SSGA EM Small EM Small-Cap 30,719,802 0.3 1.0 5.6 Transition Account EM Small-Cap 129,316,051 1.2 0.0 -5.8 Total Fixed Income Composite 3,546,969,116 32.8 30.5 2.2 Rate Sensitive Composite 3,230,103,832 29.9 27.5 2.0 Short-Term Treasury Composite 439,080,707 4.1 0.0 1.1 SSGA Short Treasury Short-Term Govt. Fixed Income 439,080,707 4.1 0.0 1.1 Core Fixed Income Composite 2,791,023,126 25.8 27.5 2.1 Garcia Hamilton & Associates Core Fixed Income 1,395,805,234 12.9 13.8 2.3 Brown Brothers Harriman & Co Core Plus Fixed Income 1,395,217,891 12.9 13.8 2.1 Credit Fixed Income Composite 316,865,284 2.9 3.0 4.4 Emerging Markets Debt Composite 316,865,284 2.9 3.0 4.4 Macquarie Investment Management EM Fixed Income 158,156,662 1.5 1.5 3.8 William Blair Investment Management EM Fixed Income 158,708,622 1.5 1.5 5.0 3 Page 16 of 41 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Quarter Ending September 30, 2025 % of 3 Mo Asset Class Market Value ($) Policy (%) Portfolio (%) Total Alternatives Composite 923,452,559 8.5 29.5 2.3 Real Estate Composite 545,583,390 5.1 7.5 2.8 Infrastructure Composite 156,379,039 1.4 5.0 0.0 Private Equity Composite 35,989,719 0.3 10.0 16.5 Private Credit Composite 185,500,412 1.7 7.0 1.1 Cash Composite 148,785,813 1.4 0.0 1.0 Transition Composite 8,337 0.0 - 0.6 Member Funds Composite 18,976 0.0 - 1.2 Policy targets are based on Interim Asset Allocation. 4 Page 17 of 41 Illinois Firefighters' Pension Investment Fund As of September 30, 2025 Market Value History 15,000.0 12,000.0 10,801.7M 9,000.0 Millions ($) 6,000.0 3,000.0 1,597.4M 0.0 -3,000.0 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 4/25 9/25 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 3 YTD FYTD 1 2 3 Since Nov-2021 1,597,393,294.85 Months 2,134,158,572.86 ($) ($) -1,466,244,426.34 ($) -37,943,015.97 Year ($) 2,227,364,425.40 Years ($) -1.7 Years98.3 ($) - ($) 0.0 Inception 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 10,278,127,994 9,495,594,016 10,278,127,994 9,689,623,457 7,663,206,756 6,714,109,915 - 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 -2,923,161 -42,200,852 -2,923,161 -27,937,071 121,789,833 225,552,488 8,479,975,574 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 526,459,728 1,348,271,397 526,459,728 1,139,978,174 3,016,667,972 3,862,002,158 2,321,688,986 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 10,801,664,561 10,801,664,561 10,801,664,561 10,801,664,561 10,801,664,561 10,801,664,561 10,801,664,561 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 41 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2025 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 5.2 14.3 5.2 11.9 18.0 16.1 - 6.6 Oct 21 IFPIF Policy Benchmark 5.3 14.1 5.3 11.5 17.4 16.0 9.1 6.5 Total Fund Composite excl. Member Funds 5.2 14.3 5.2 11.9 18.0 16.1 - 6.3 Nov 21 IFPIF Policy Benchmark 5.3 14.1 5.3 11.5 17.4 16.0 9.1 5.8 Total Equity Composite 7.1 19.2 7.1 16.9 23.5 22.4 - 8.7 Nov 21 MSCI AC World IMI Index (Net) 7.7 18.3 7.7 16.8 23.7 22.5 13.3 8.6 U.S. Equity Composite 8.1 15.0 8.1 17.8 26.1 24.2 - 10.6 Nov 21 Russell 3000 Index 8.2 14.4 8.2 17.4 26.0 24.1 15.7 10.4 Non-U.S. Equity Composite 5.9 24.5 5.9 15.1 19.9 20.0 - 6.1 Nov 21 MSCI AC World ex USA IMI (Net) 6.9 26.0 6.9 16.4 20.6 20.5 10.2 6.3 International Developed Equity Composite 5.8 25.4 5.8 16.1 20.5 21.5 - 7.2 Nov 21 MSCI World ex U.S. IMI Index (Net) 5.6 25.9 5.6 16.5 20.6 21.4 11.3 7.0 Emerging Markets Equity Composite 6.8 23.2 6.8 13.7 18.8 17.3 - 3.9 Nov 21 MSCI Emerging Markets IMI (Net) 9.9 25.9 9.9 16.0 20.7 18.2 7.6 4.4 Total Fixed Income Composite 2.2 6.9 2.2 3.7 8.6 6.1 - 0.9 Nov 21 Blmbg. U.S. Universal Index 2.1 6.3 2.1 3.4 7.7 5.6 0.1 0.1 Rate Sensitive Composite 2.0 6.5 2.0 3.2 8.1 5.4 - 0.7 Nov 21 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 -0.3 Short-Term Treasury Composite 1.1 4.0 1.1 3.9 5.3 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 1.1 4.0 1.1 3.9 5.3 4.4 1.5 4.3 6 Page 19 of 41 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2025 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Core Fixed Income Composite 2.1 6.8 2.1 3.1 8.5 5.5 - 0.4 Nov 21 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 -0.3 Credit Fixed Income Composite 4.4 11.0 4.4 8.5 13.1 12.0 - 1.8 Nov 21 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 1.8 Emerging Markets Debt Composite 4.4 11.0 4.4 8.5 13.1 12.0 - 1.8 Nov 21 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 1.8 Total Alternatives Composite 2.3 4.0 2.3 3.0 6.8 1.1 - 1.9 Oct 21 Real Estate Composite 2.8 3.9 2.8 2.2 6.5 1.0 - 1.7 Oct 21 Real Estate Custom Benchmark 2.2 3.2 2.2 1.2 4.3 0.5 5.9 1.8 Infrastructure Composite - - - - - - - - Mar 25 Private Equity Composite - - - - - - - - Jun 24 Private Credit Composite - - - - - - - - Jul 24 7 Page 20 of 41 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2025 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 5.2 14.3 5.2 11.9 18.0 16.1 - 6.6 Oct 21 IFPIF Policy Benchmark 5.3 14.1 5.3 11.5 17.4 16.0 9.1 6.5 IFPIF Actuarial Rate (7.125%) 1.7 5.3 1.7 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds 5.2 14.3 5.2 11.9 18.0 16.1 - 6.3 Nov 21 IFPIF Policy Benchmark 5.3 14.1 5.3 11.5 17.4 16.0 9.1 5.8 Total Equity Composite 7.1 19.2 7.1 16.9 23.5 22.4 - 8.7 Nov 21 MSCI AC World IMI Index (Net) 7.7 18.3 7.7 16.8 23.7 22.5 13.3 8.6 U.S. Equity Composite 8.1 15.0 8.1 17.8 26.1 24.2 - 10.6 Nov 21 Russell 3000 Index 8.2 14.4 8.2 17.4 26.0 24.1 15.7 10.4 Rhumbline Russell 200 8.7 15.7 8.7 19.6 28.3 26.8 - 12.5 Nov 21 Russell Top 200 Index 8.7 15.7 8.7 19.6 28.3 26.8 17.0 12.6 Rhumbline Russell Midcap 5.3 10.4 5.3 11.1 19.8 17.6 - 5.6 Nov 21 Russell Midcap Index 5.3 10.4 5.3 11.1 19.9 17.7 12.7 5.7 Rhumbline S&P 600 9.1 4.2 9.1 3.6 14.2 12.8 - 3.1 Nov 21 S&P SmallCap 600 Index 9.1 4.2 9.1 3.6 14.2 12.8 12.9 3.1 Non-U.S. Equity Composite 5.9 24.5 5.9 15.1 19.9 20.0 - 6.1 Nov 21 MSCI AC World ex USA IMI (Net) 6.9 26.0 6.9 16.4 20.6 20.5 10.2 6.3 International Developed Equity Composite 5.8 25.4 5.8 16.1 20.5 21.5 - 7.2 Nov 21 MSCI World ex U.S. IMI Index (Net) 5.6 25.9 5.6 16.5 20.6 21.4 11.3 7.0 SSGA World ex US 5.4 25.8 5.4 16.5 20.8 22.0 - 7.9 Nov 21 MSCI World ex U.S. (Net) 5.3 25.3 5.3 16.0 20.4 21.6 11.6 7.5 SSGA World ex US Small 7.3 29.8 7.3 19.6 21.5 20.3 - 4.4 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 7.2 29.5 7.2 19.4 21.3 20.0 9.2 4.1 8 Page 21 of 41 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2025 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite 6.8 23.2 6.8 13.7 18.8 17.3 - 3.9 Nov 21 MSCI Emerging Markets IMI (Net) 9.9 25.9 9.9 16.0 20.7 18.2 7.6 4.4 SSGA MSCI EM ex China 6.9 22.1 6.9 - - - - 16.9 Nov 24 MSCI Emerging Markets ex China Index (Net) 6.6 22.1 6.6 12.2 19.6 17.9 11.2 16.7 SSGA EM Small 5.6 17.5 5.6 9.2 15.3 17.8 - 5.9 Nov 21 MSCI Emerging Markets Small Cap (Net) 5.4 16.7 5.4 8.3 15.4 17.9 12.5 6.0 Total Fixed Income Composite 2.2 6.9 2.2 3.7 8.6 6.1 - 0.9 Nov 21 Blmbg. U.S. Universal Index 2.1 6.3 2.1 3.4 7.7 5.6 0.1 0.1 Rate Sensitive Composite 2.0 6.5 2.0 3.2 8.1 5.4 - 0.7 Nov 21 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 -0.3 Short-Term Treasury Composite 1.1 4.0 1.1 3.9 5.3 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 1.1 4.0 1.1 3.9 5.3 4.4 1.5 4.3 SSGA Short Treasury 1.1 4.0 1.1 3.9 5.4 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 1.1 4.0 1.1 3.9 5.3 4.4 1.5 4.3 Core Fixed Income Composite 2.1 6.8 2.1 3.1 8.5 5.5 - 0.4 Nov 21 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 -0.3 Garcia Hamilton & Associates 2.3 7.0 2.3 2.1 7.5 - - 3.4 Apr 23 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 3.9 Brown Brothers Harriman & Co 2.1 6.7 2.1 4.2 9.5 - - 6.5 Apr 23 Blmbg. U.S. Aggregate Index 2.0 6.1 2.0 2.9 7.1 4.9 -0.4 3.9 9 Page 22 of 41 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2025 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite 4.4 11.0 4.4 8.5 13.1 12.0 - 1.8 Nov 21 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 1.8 Emerging Markets Debt Composite 4.4 11.0 4.4 8.5 13.1 12.0 - 1.8 Nov 21 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 1.8 Macquarie Investment Management 3.8 9.8 3.8 6.0 - - - 8.9 Jun 24 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 11.7 William Blair Investment Management 5.0 12.2 5.0 11.0 - - - 14.3 Jun 24 JPM EMBI Global Diversified 4.8 10.7 4.8 8.5 13.4 12.3 2.3 11.7 Total Alternatives Composite 2.3 4.0 2.3 3.0 6.8 1.1 - 1.9 Oct 21 Real Estate Composite 2.8 3.9 2.8 2.2 6.5 1.0 - 1.7 Oct 21 Real Estate Custom Benchmark 2.2 3.2 2.2 1.2 4.3 0.5 5.9 1.8 Infrastructure Composite - - - - - - - - Mar 25 Private Equity Composite - - - - - - - - Jun 24 Private Credit Composite - - - - - - - - Jul 24 10 Page 23 of 41 Appendix Page 24 of 41 Illinois Firefighters' Pension Investment Fund Historical Asset Allocation 3 Years Ending September 30, 2025 90.0 75.0 60.0 Allocation (%) 45.0 30.0 15.0 0.0 9/22 12/22 3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 3/25 6/25 9/25 Fixed Income U.S. Equity Non-U.S. Equity Real Estate Private Equity Other Infrastructure Private Debt Cash 12 Page 25 of 41 Illinois Firefighters' Pension Investment Fund Calendar Performance (Net of Fees) As of September 30, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 (%) (%) (%) (%) (%) (%) (%) (%) (%) Total Fund Composite 14.3 11.0 15.5 -15.4 - - - - - IFPIF Policy Benchmark 14.1 10.5 15.3 -15.2 12.9 13.5 20.4 -5.9 17.2 Total Fund Composite excl. Member Funds 14.3 11.0 15.5 -14.2 - - - - - IFPIF Policy Benchmark 14.1 10.5 15.3 -15.2 12.9 13.5 20.4 -5.9 17.2 Total Equity Composite 19.2 15.3 21.2 -17.6 - - - - - MSCI AC World IMI Index (Net) 18.3 16.4 21.6 -18.4 18.2 16.3 26.4 -10.1 23.9 U.S. Equity Composite 15.0 23.4 25.8 -18.9 - - - - - Russell 3000 Index 14.4 23.8 26.0 -19.2 25.7 20.9 31.0 -5.2 21.1 Non-U.S. Equity Composite 24.5 5.3 15.8 -16.1 - - - - - MSCI AC World ex USA IMI (Net) 26.0 5.2 15.6 -16.6 8.5 11.1 21.6 -14.8 27.8 International Developed Equity Composite 25.4 4.7 17.6 -14.8 - - - - - MSCI World ex U.S. IMI Index (Net) 25.9 4.4 17.2 -15.3 12.4 8.3 22.9 -14.7 25.2 Emerging Markets Equity Composite 23.2 6.2 12.3 -19.5 - - - - - MSCI Emerging Markets IMI (Net) 25.9 7.1 11.7 -19.8 -0.3 18.4 17.7 -15.0 36.8 Total Fixed Income Composite 6.9 2.7 6.5 -11.7 - - - - - Blmbg. U.S. Universal Index 6.3 2.0 6.2 -13.0 -1.1 7.6 9.3 -0.3 4.1 Rate Sensitive Composite 6.5 2.4 6.0 -11.1 - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 Short-Term Treasury Composite 4.0 4.1 - - - - - - - Blmbg. U.S. Treasury: 1-3 Year 4.0 4.0 4.3 -3.8 -0.6 3.2 3.6 1.6 0.4 13 Page 26 of 41 Illinois Firefighters' Pension Investment Fund Calendar Performance (Net of Fees) As of September 30, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 (%) (%) (%) (%) (%) (%) (%) (%) (%) Core Fixed Income Composite 6.8 2.2 6.1 -12.3 - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 Credit Fixed Income Composite 11.0 5.5 10.7 -17.0 - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 Emerging Markets Debt Composite 11.0 5.5 10.7 -17.0 - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 Total Alternatives Composite 4.0 4.2 -1.7 -5.9 - - - - - Real Estate Composite 3.9 3.8 -1.7 -5.9 - - - - - Real Estate Custom Benchmark 3.2 2.3 -2.7 -5.9 30.5 -1.7 13.3 2.7 6.3 Infrastructure Composite - - - - - - - - - Private Equity Composite - - - - - - - - - Private Credit Composite - - - - - - - - - 14 Page 27 of 41 Illinois Firefighters' Pension Investment Fund Calendar Performance (Net of Fees) As of September 30, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 (%) (%) (%) (%) (%) (%) (%) (%) (%) Total Fund Composite 14.3 11.0 15.5 -15.4 - - - - - IFPIF Policy Benchmark 14.1 10.5 15.3 -15.2 12.9 13.5 20.4 -5.9 17.2 Total Fund Composite excl. Member Funds 14.3 11.0 15.5 -14.2 - - - - - IFPIF Policy Benchmark 14.1 10.5 15.3 -15.2 12.9 13.5 20.4 -5.9 17.2 Total Equity Composite 19.2 15.3 21.2 -17.6 - - - - - MSCI AC World IMI Index (Net) 18.3 16.4 21.6 -18.4 18.2 16.3 26.4 -10.1 23.9 U.S. Equity Composite 15.0 23.4 25.8 -18.9 - - - - - Russell 3000 Index 14.4 23.8 26.0 -19.2 25.7 20.9 31.0 -5.2 21.1 Rhumbline Russell 200 15.7 27.4 29.8 -19.8 - - - - - Russell Top 200 Index 15.7 27.4 29.9 -19.8 27.9 22.4 31.8 -3.1 23.0 Rhumbline Russell Midcap 10.4 15.3 17.2 -17.4 - - - - - Russell Midcap Index 10.4 15.3 17.2 -17.3 22.6 17.1 30.5 -9.1 18.5 Rhumbline S&P 600 4.2 8.7 16.0 -16.1 - - - - - S&P SmallCap 600 Index 4.2 8.7 16.1 -16.1 26.8 11.3 22.8 -8.5 13.2 Non-U.S. Equity Composite 24.5 5.3 15.8 -16.1 - - - - - MSCI AC World ex USA IMI (Net) 26.0 5.2 15.6 -16.6 8.5 11.1 21.6 -14.8 27.8 International Developed Equity Composite 25.4 4.7 17.6 -14.8 - - - - - MSCI World ex U.S. IMI Index (Net) 25.9 4.4 17.2 -15.3 12.4 8.3 22.9 -14.7 25.2 SSGA World ex US 25.8 5.0 18.4 -14.0 - - - - - MSCI World ex U.S. (Net) 25.3 4.7 17.9 -14.3 12.6 7.6 22.5 -14.1 24.2 SSGA World ex US Small 29.8 2.9 13.1 -20.2 - - - - - MSCI World ex U.S. Small Cap Index (Net) 29.5 2.8 12.6 -20.6 11.1 12.8 25.4 -18.1 31.0 15 Page 28 of 41 Illinois Firefighters' Pension Investment Fund Calendar Performance (Net of Fees) As of September 30, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 (%) (%) (%) (%) (%) (%) (%) (%) (%) Emerging Markets Equity Composite 23.2 6.2 12.3 -19.5 - - - - - MSCI Emerging Markets IMI (Net) 25.9 7.1 11.7 -19.8 -0.3 18.4 17.7 -15.0 36.8 SSGA MSCI EM ex China 22.1 - - - - - - - - MSCI Emerging Markets ex China Index (Net) 22.1 3.6 20.0 -19.3 10.0 12.5 16.2 -12.4 31.2 SSGA EM Small 17.5 4.2 23.3 -18.0 - - - - - MSCI Emerging Markets Small Cap (Net) 16.7 4.8 23.9 -18.0 18.8 19.3 11.5 -18.6 33.8 Total Fixed Income Composite 6.9 2.7 6.5 -11.7 - - - - - Blmbg. U.S. Universal Index 6.3 2.0 6.2 -13.0 -1.1 7.6 9.3 -0.3 4.1 Rate Sensitive Composite 6.5 2.4 6.0 -11.1 - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 Short-Term Treasury Composite 4.0 4.1 - - - - - - - Blmbg. U.S. Treasury: 1-3 Year 4.0 4.0 4.3 -3.8 -0.6 3.2 3.6 1.6 0.4 SSGA Short Treasury 4.0 4.1 - - - - - - - Blmbg. U.S. Treasury: 1-3 Year 4.0 4.0 4.3 -3.8 -0.6 3.2 3.6 1.6 0.4 Core Fixed Income Composite 6.8 2.2 6.1 -12.3 - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 Garcia Hamilton & Associates 7.0 0.2 - - - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 Brown Brothers Harriman & Co 6.7 4.2 - - - - - - - Blmbg. U.S. Aggregate Index 6.1 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 16 Page 29 of 41 Illinois Firefighters' Pension Investment Fund Calendar Performance (Net of Fees) As of September 30, 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 (%) (%) (%) (%) (%) (%) (%) (%) (%) Credit Fixed Income Composite 11.0 5.5 10.7 -17.0 - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 Emerging Markets Debt Composite 11.0 5.5 10.7 -17.0 - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 Macquarie Investment Management 9.8 - - - - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 William Blair Investment Management 12.2 - - - - - - - - JPM EMBI Global Diversified 10.7 6.5 11.1 -17.8 -1.8 5.3 15.0 -4.3 10.3 Total Alternatives Composite 4.0 4.2 -1.7 -5.9 - - - - - Real Estate Composite 3.9 3.8 -1.7 -5.9 - - - - - Real Estate Custom Benchmark 3.2 2.3 -2.7 -5.9 30.5 -1.7 13.3 2.7 6.3 Infrastructure Composite - - - - - - - - - Private Equity Composite - - - - - - - - - Private Credit Composite - - - - - - - - - 17 Page 30 of 41 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of September 30, 2025 18 Page 31 of 41 Illinois Firefighters’ Pension Investment Fund Benchmark Composition As of September 30, 2025 Benchmark Weight (%) Benchmark Weight (%) IFPIF Policy Benchmark : Sep-2025 Real Estate Custom Benchmark : Oct-2021 FTSE NAREIT Equity REIT Index 2.00 FTSE NAREIT Equity REIT Index 40.00 Russell Midcap Index 7.00 NFI-ODCE Equal Weighted 60.00 S&P SmallCap 600 Index 1.50 Blmbg. U.S. Aggregate Index 27.50 MSCI World ex U.S. (Net) 14.00 MSCI World ex U.S. Small Cap Index (Net) 1.50 MSCI Emerging Markets Small Cap (Net) 1.50 Russell Top 200 Index 27.00 MSCI Emerging Markets ex China Index (Net) 4.00 JPM EMBI Global Diversified 3.00 Blmbg. U.S. Treasury: 1-3 Year 5.00 NFI-ODCE Equal Weighted 3.00 MSCI Private Capital Global Infrastructure 1.50 MSCI Private Capital Global Private Debt 1.50 19 Page 32 of 41 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of September 30, 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. 20 Page 33 of 41 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. 21 Page 34 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Application for Membership - New Hire FF Jared Sandacz on October 6, 2025 Department: Fire Item Description: ATTACHMENTS: None Page 35 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Application for Membership - New Hire FF Mario Duran on November 10, 2025 Department: Fire Item Description: ATTACHMENTS: None Page 36 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Application for Retirement Pension - Division Chief David Roberts on November 22, 2025 Department: Fire Item Description: ATTACHMENTS: None Page 37 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Buy-Back of Service Time - FF Katherine Lacivita Department: Fire Item Description: ATTACHMENTS: None Page 38 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Death of Gloria Benson on September 13, 2025 (Spouse of Deceased FF John Benson) - Cessation of Benefits Department: Fire Item Description: ATTACHMENTS: None Page 39 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: IPPFA Membership Renewal for 2026 Department: Fire Item Description: ATTACHMENTS: None Page 40 of 41  Board of Trustees of the Fire Pension Fund 11/17/2025 Item: Release of Executive Closed Session Minutes Department: Fire Item Description: ATTACHMENTS: None Page 41 of 41