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 August 18, 2025 9:00 AM I. CALL TO ORDER II. ROLL CALL OF MEMBERS III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - May 5, 2025 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q2, 2025 B. Annual Police & Firefighters Pension Report to the Village Board, Includes 2025 Property Tax Levy VI. PAYMENT OF BILLS A. Payment of Bills - July 2025 VII. REPORTS A. FPIF - AH Pension Fund Summary, May 2025 B. FPIF - Consolidated Fund Report C. FPIF - Review of Annual Arlington Heights Actuarial Report 2025 VIII. OLD BUSINESS A. Death of FF Phillip Palczynski - Survivor Benefit Update B. Application for Duty Disability Pension for FF/E Thomas Dobbins - Update C. Petition to Intervene - Thomas Dobbins v. Village of Arlington Heights IX. NEW BUSINESS A. Application for Retirement Pension - FFE John Simon on June 16, 2025 B. Application for Retirement Pension - FFP Cathy Shields on August 18, 2025 Page 1 of 50  C. Applications for Membership for New Hires as of July 21, 2025 - Firefighters Katherine Lacivita, John Lawler, Duke Larkin, Zane McCartney, and Matthew Wasilczuk. D. Death of Retired FF Carl Schulien on August 2, 2025 - Survivor Spousal Benefit E. Military Buy-Back Payment Plan F. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett G. Alliant Fiduciary Liability Insurance - Policy Renewal 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 50  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on May 5, 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 Kyle Kaczanowski Others in Attendance: Thomas Radja, Board Attorney Melissa Cayer, Public Observer 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, Pete Ahlman and Kyle Kaczanowski present. Also present were Thomas Radja, Board Attorney, and Melissa Cayer, Public Observer. Certify Trustee Election Results The recent election of a Trustee from the active firefighters was held and Village Clerk, Becky Hume, verified that 89 ballots were received of which 84 were in favor of FF Adam Sielig. In addition there were five write-in ballots. Adam Sielig was elected as Trustee to serve on the Firefighters Pension Board, for another three year term beginning May 1, 2025. Motion was made and seconded (P. Ahlman/L. Harris) to certify the election results confirming Adam Sielig as Board Trustee, effective May 1, 2025. All in favor, motion passed. Board Nominations Motion was made and seconded (L. Harris/K. Kaczanowski) nominating the same positions as in the previous term, that is, Adam Sielig as President and Peter Ahlman as Secretary. All in favor, motion passed. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of February 24, 2025 were reviewed for approval. A motion was made and seconded (L. Harris/M. Gallagher) to approve the minutes from the Regular Board meeting on February 24, 2025. All in favor, motion passed. Firefighters’ Pension Board Meeting – May 5, 2025 – Page 1 of 5 Page 3 of 50 CLOSED SESSION None TREASURER’S REPORT Melissa Gallagher distributed the Financial Report ending March 31, 2025, as well as the Projected Cash Flow report through the end of the 2025 year. Projected Cash Flow Melissa first reviewed page 1, Checking Account. The Projected Cash Flow report is a projection for each month through the end of December 31, 2025. In April, the Village Board approved a $600,000 transfer from the Village General Fund over to the Fire Pension Fund. Chief Harris indicated this is an additional time in the past three years the Village Board has made a transfer from the surplus within the General Fund to the Fire and Police Pension Funds. The Village Board is very keen on being certain our pension funds are well supported. As a Board, we strive to indicate this to our membership. Melissa added that this helps long-term as both investment and savings. On page 2 Cash Flow, no significant changes from the last time we met. Quarterly Financial Report Next Melissa discussed the quarterly balance sheet as of March 31, showing our net assets to be $158.2 million. The YTD Actuals column through March 2025 indicates actual Revenues at $3.5 million and Expenditures at $2.4 million. The revenue difference came in at $1.1 million, resulting with an ending fund balance of $158.2 million. 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, K. Kaczanowski Nays – 0; Motion carried. PAYMENT OF BILLS The Check Register as of Q1, 2025 was reviewed. There were several wire transfers (WT) and checks issued, totaling $1,712.46. Melissa asked for approval of payments made, from WT (JV 01-214) through WT (JV 03-053). Motion was made and seconded (A. Sielig/L. Harris) to approve payments made, from WT (JV 01-214) through WT (JV 03-053) totaling $1,712.46. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. REPORTS Firefighters’ Pension Board Meeting – May 5, 2025 – Page 2 of 5 Page 4 of 50 • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig reviewed the March 2025 statement from FPIF, specifically the Arlington Heights pension fund portion. The Net Asset Value at the beginning of the year was $157,558,916, with a rate of return of -2.28%, and YTD return of 0.17%. The ending balance for the Q1, 2025 of Net Asset Value was $153,970.581. The Consolidated Fund report was also provided. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Attorney Tom Radja indicated since the last meeting we were in the process of gathering records and we now have all the records. Tom has set up two record reviews and is waiting for a third review. The records will then be sent to three IME doctors. Once all three record reviews are completed, we will then be in a position to set up a Hearing Date. Tom will compile all the records to include records from the three IMEs and send them to the Board members in advance of the Hearing. There are roughly between 6,000 and 7,000 pages of records. Adam indicated that Mrs. Palczynski called him recently stating her attorney received two of the reviews and is waiting for additional. Tom will contact her attorney to make certain he’s aware of the two reviews and the third being sent this week. He will keep her attorney updated. • Application for Duty Disability Pension FF/E Thomas Dobbins Attorney Radja indicated Tom Dobbins filed his application which was accepted at the last meeting. FF Dobbins had back surgery scheduled for April 14 or 15. After his post-surgical care, Tom will obtain the records. Until then, we won’t know whether this surgery brings him back to full duty, there’s no point of setting up doctor appointments. Chief Harris advised that he received an email from Tom Dobbins indicating he plans to come back to work as of Wednesday of this week. Chief Harris will let Attorney Radja know if that happens, so he can proceed accordingly and get in touch with his lawyer as to whether he wants to proceed with his application. Previously Tom Dobbins asked for a 30-day extension for leave and then further asked for a six- month leave of absence. Assuming he returns to work on Wednesday, he will be required to re-take his driver training and SCBA training to ascertain he’s well enough to handle his duties. Being off for a year and half, we cannot expect him to handle duties just the same as before he left. From the Pension Board perspective, Tom Radja explained we will continue to gather records and proceed as planned. Chief Harris also explained that he will ask Tom Dobbins for some of his medical statistics as we can’t just let him come back without surgery results. Plus we need to update the work scheduling. Once the Chief determines his intentions, he will keep Attorney Rajda informed. His intentions and the emails should be part of the pension records. Firefighters’ Pension Board Meeting – May 5, 2025 – Page 3 of 5 Page 5 of 50 NEW BSINESS • Death of Retired Fire Marshal Daniel Raupp on March 24,2025 – Survivor Benefit Adam Sielig indicated that we received the death certificate of retired Fire Marshal Daniel Raupp on March 24, 2025, along with the Request for Survivor’s Benefit from his spouse, Diane Raupp. Motion was made and seconded (M. Gallagher/P. Ahlman) to approve the Application for Survivor benefit for his spouse, Diane Raupp, effective the day of retiree Daniel Raupp’s death. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. • Death of Retired Lt. James Rushing on March 25, 2025 – Cessation of Benefits We received notification from the family of retiree Lt. James Rushing that he had passed away on March 25, 2025. As there is no spouse nor dependents, the pension benefit will cease as of day of death. Motion was made and seconded (A. Sielig/L. Harris) to approve the cessation of retiree James Rushing’s benefits effective the day of his death, March 25, 2025. • Application for Retirement Pension – Lt. Michael Nolan on April 18, 2025 Lt. Michael Nolan submitted his Application for Retirement Pension as of April 18, 2025. The calculation sheet indicates his monthly pension benefit to be $8,936.51. Motion was made and seconded (A. Sielig/L. Harris) to approve the Application for Retirement Pension of Lt. Michael Nolan, effective April 18, 2025, with a calculated monthly pension benefit of $8,936.51. Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. • Application for Membership New Hires as of April 21, 2025 – FF Stephen Clark, FF Samuel Weinstein and FF Luke Fava The Board has received application for membership from three new hires as of April 21, 2025, namely Stephen Clark, Samuel Weinstein and Luke Fava. Acceptance of the membership applications are as follows: Motion was made and seconded (A. Sielig/M. Gallagher) to accept the application of Stephen Clark. Motion was made and seconded (A. Sielig/K. Kaczanowski) to accept the application of Samuel Weinstein. Motion was made and seconded (A. Sielig/P. Ahlman) to accept the application of Luke Fava. Firefighters’ Pension Board Meeting – May 5, 2025 – Page 4 of 5 Page 6 of 50  Roll was called. Ayes: A. Sielig, L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. • Executive Closed Sessions – Release of Minutes Motion was made and seconded (A. Sielig/M. Gallagher) recommending executive closed session minutes remain as confidential. OTHER BUSINESS None. PUBLIC COMMENTS None. ADJOURNMENT As there was no other business to present before the Board, the meeting was adjourned at 9:25 AM. Motion was made and seconded (A. Sielig/L. Harris) to adjourn the meeting. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, August 18, at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – May 5, 2025 – Page 5 of 5 Page 7 of 50  CY 2025 BALANCE SHEET May 31, 2025 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL May 2025 Financial Report Cash and Investments Cash and Equivalents 1,791,186 Pension Investments 161,515,361 Illinois Funds 1,960,116 165,266,663 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 165,266,663 LIABILITIES Accounts Payable 0 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 0 NET ASSETS 165,266,663 BUDGET COMPARISON REPORT CALENDAR YEAR 2025 May 31, 2025 FIREFIGHTERS' PENSION FUND 42% 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 83,333 182,481 416,667 887,862 112,138 89% Market Value Adjustments 2,000,000 166,667 5,425,610 833,333 6,717,953 (4,717,953) 336% Dividend Income 500,000 41,667 85,696 208,333 359,046 140,954 72% Contributions - Participants 1,250,000 104,167 149,418 520,833 550,376 699,624 44% Contributions - R/E Tax 6,706,000 558,833 33,478 2,794,167 3,057,125 3,648,875 46% Other Income 0 0 9,227 0 3,109 (3,109) N/A TOTAL 11,456,000 954,667 5,885,910 4,773,333 11,575,471 (119,471) 101% 2025 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,580,000 548,333 520,772 2,741,667 2,603,119 3,976,881 40% Non-Duty Disability Pensions 90,000 7,500 7,493 37,500 37,463 52,537 42% Duty Disability Pensions 1,224,600 102,050 102,047 510,250 510,235 714,365 42% Surviving Spouse Pensions 1,334,800 111,233 127,729 556,167 618,999 715,801 46% Occupational Disease Pensions 327,100 27,258 27,262 136,292 136,308 190,792 42% Legal Services 50,000 4,167 0 20,833 0 50,000 0% Investment Manager Services 120,000 10,000 13,309 50,000 111,239 8,761 93% Examinations 15,000 1,250 0 6,250 0 15,000 0% Other Services 9,700 808 0 4,042 560 9,140 6% Dues 1,300 108 0 542 0 1,300 0% Training 1,000 83 0 417 550 450 55% Postage 300 25 0 125 78 222 26% Publications/Periodicals 100 8 0 42 0 100 0% Office Supplies & Equip 100 8 0 42 525 (425) 525% Pension Refunds 25,000 2,083 0 10,417 0 25,000 0% TOTAL 9,779,000 814,917 798,611 4,074,583 4,019,075 5,759,925 41% REVENUE OVER (UNDER) EXPENDITURES 1,677,000 139,750 5,087,299 698,750 7,556,396 (5,879,396) 451% BEG. FUND BALANCE 157,710,267 157,710,267 ENDING FUND BALANCE 159,387,267 165,266,663 Page 8 of 50 Page 9 of 50 Page 10 of 50 Date: August 8, 2025 To: Randy Recklaus, Village Manager From: Melissa Gallagher, Finance Director/Treasurer Subject: Annual Police and Firefighters’ Pension Reports Attachments: Police and Firefighters’ Pension Fund Reports In compliance with the Illinois Compiled Statutes outlined in ILCS 5/4-134, the Police and Firefighter Pension Boards are required to provide a report to the Village Board on the financial condition of their respective funds. The attached reports supplement the public safety pension information already included in the 2024 Village’s Annual Comprehensive Financial Report. This annual pension memo presents selected data from the most recent actuarial report prepared by the independent actuarial firm, MWM Consulting Group as of January 1, 2025 and may be found on the Village’s Finance web page. Each report also includes the annual actuarial required contribution for the respective 2025 police and fire pension levies, which will be accounted for in the Village’s 2026 budget. To help manage the volatility of financial markets, pension investment gains and losses are smoothed over a three-year period. This smoothing process, known as the "smoothed market value," helps mitigate the impact of short-term market fluctuations. The year 2022 marked the final year of the current three-year smoothing period, during which both the Fire and Police Pension Funds experienced significant investment losses. As a result, the funded ratios declined to 83.24% for the Police Pension Fund (from 84.92%) and 74.89% for the Firefighter’s Pension Fund (from 75.76%). The proposed 2025 tax levies match the Annual Required Contribution (ARC) for both pension funds. The ARC is calculated on an annual basis by the Village’s actuary to fund the next year’s tax levy. Without the ability to smooth market fluctuations, funding increases for each year’s property tax levy would be significantly higher. No action by the Board is required on this memo; it is provided to comply with the statutory requirement referenced above. C: Adam Sielig, President, Firefighter Pension Fund Petar Milutinovic, President, Police Pension Fund Mary Juarez, Assistant Finance Director Page 11 of 50 ARLINGTON HEIGHTS POLICE PENSION FUND ANNUAL REPORT TO THE VILLAGE BOARD FOR THE 2025 LEVY (2026 BUDGET) Source: Actuarial Valuation as of January 1, 2025, MWM Consulting Group Actuarial value of assets $187,820,636 Total actuarial liability ($225,646,155) Unfunded actuarial liability** ($37,825,519) Funded ratio 83.24% Annual actuarial requirement for 2025 tax levy $5,284,733 Village contribution as percent of Police participant payroll 39.30% Projected employee contributions $1,332,427 Employee contribution rate per State Statute 9.91% Actuarial assumed investment return 6.75% Actual investment return 12.57% Assumed investment return for 12 month period ended December 31, 2024 $12,307,144 Actual Investment return for 12 month period ended December 31, 2024 $10,616,747 Actuarial investment gain/(loss) smoothed over three years: One-third of investment gain/(loss) for 2024 $3,538,916 One-third of investment gain/(loss) for 2023 $3,885,294 One-third of investment gain/(loss) for 2022 ($11,781,879) Total smoothed actuarial gain/(loss) ($4,357,669) Number of active members contributing to the Police Pension Fund 105 Number of inactive members 14 Number of members receiving benefits/expense* 128/ $11,101,610 Tier 1 Tier 2 Total Vested Active 44 14 58 Non-Vested Active 0 47 47 Terminated - Inactive 5 9 14 Retirees* 92 0 92 Surviving Spouses* 24 0 24 Disability Participants* 12 0 12 Total 177 70 247 Active Members - Average Age: 40.0 years Active Members - Average Length of Service: 13.0 years **The unfunded actuarial liability represents the difference between the actuarial value of pension fund assets less the actuarial liability. To avoid unnecessary market fluctuations, actuarial assets are determined by applying an assumed rate of investment return and smoothing the gains/(losses) of the last three years. The actuarial liability represents the present value of lifetime benefits earned to date of all plan participants, including current Police Officers. The unfunded actuarial liability is amortized over the years remaining through 2040. To determine the annual required contribution or pension property tax amount for the Village, the normal cost of the Police pension plan is added to the amortized value of the fund's unfunded liability. Page 12 of 50 Page 13 of 50  2024 Police Pension Portfolio Holdings Distribution by Security Type Equity - Emerging Markets Cash and Cash Equivalents Funds 4.8% 12.0% Equity - International Small Fixed Income Cap Funds 18.4% 4.8% Real Assets 5.4% Corporate Credit 6.9% Equity - Index Funds 44.8% Equity - Bank Loan Funds 3.0% Security Type % of Portfolio Market Value Cash and Cash Equivalents 4.8% $ 9,463,081.96 Fixed Income 18.4% 36,169,008.74 Real Assets 5.4% 10,552,941.02 Corporate Credit 6.9% 13,590,435.33 Equity - Bank Loan Funds 3.0% 5,865,208.92 Equity - Index Funds 44.8% 87,923,838.68 Equity - International Small Cap Funds 4.8% 9,378,897.12 Equity - Emerging Markets Funds 12.0% 23,506,783.23 TOTAL / AVERAGE 100% $ 196,450,195.00 *Based on December 31, 2024 IPOPIF Quarterly Statement and the Arlington Heights Police Officers' Pension Fund ownership portion. Page 14 of 50 ARLINGTON HEIGHTS FIREFIGHTERS' PENSION FUND ANNUAL REPORT TO THE VILLAGE BOARD FOR THE 2025 LEVY (2026 BUDGET) Source: Actuarial Valuation as of January 1, 2025, MWM Consulting Group Actuarial value of assets $152,983,796 Total actuarial liability ($204,269,736) Unfunded actuarial liability** ($51,285,940) Funded actuarial ratio 74.89% Annual actuarial requirement for 2024 $7,225,272 Village contribution as percent of Firefighter/Paramedic participant payroll 51.60% Projected employee contributions $1,323,566 Employee contribution rate per State Statute 9.455% Actuarial assumed investment return 6.75% Actual investment return 10.26% Assumed investment return for 12 month period ended December 31, 2024 $10,080,980 Actual Investment return for 12 month period ended December 31, 2024 $5,249,036 Actuarial investment gain/(loss) smoothed over three years: One-third of investment gain/(loss) for 2024 $1,749,679 One-third of investment gain/(loss) for 2023 $2,887,110 One-third of investment gain/(loss) for 2022 ($10,383,505) Total smoothed actuarial gain/(loss) ($5,746,716) Number of active members contributing to the Firefighters' Pension Fund 109 Number of inactive members 3 Number of members receiving benefits/expense* 110/ $9,151,344 Tier 1 Tier 2 Total Vested Active 69 11 80 Non-Vested Active 0 29 29 Terminated - Inactive 1 2 3 Retirees* 63 0 63 Surviving Spouses* 23 0 23 Minor Dependents* 0 0 0 Disability Participants* 23 1 24 Total 179 43 222 Active Members - Average Age: 45.5 years Active Members - Average Length of Service: 17.1 years **The unfunded actuarial liability represents the difference between the actuarial value of pension fund assets less the actuarial liability. To avoid unnecessary market fluctuations, actuarial assets are determined by applying an assumed rate of investment return and smoothing the gains/(losses) of the last three years. The actuarial liability represents the present value of lifetime benefits earned to date of all plan participants, including current Firefighters/Paramedics. The unfunded actuarial liability is amortized over the years remaining through 2040. To determine the annual required contribution or pension property tax amount for the Village, the normal cost of the Firefighters' pension plan is added to the amortized value of the fund's unfunded liability. Page 15 of 50 Page 16 of 50  2024 Fire Pension Portfolio Holdings Distribution by Security Type Cash and Cash Equivalents 3.2% Real Estate 5.0% Private Equity/Credit 0.5% Non-US Equity 26.5% Fixed Income 27.7% US Equity 37.1% Security Type % of Portfolio Market Value Cash and Cash Equivalents 3.2% $ 5,063,593.60 Real Estate 5.0% $ 7,872,484.07 Private Equity/Credit 0.5% $ 774,463.47 Fixed Income 27.7% $ 43,431,298.52 US Equity 37.1% $ 58,337,827.31 Non-US Equity 26.5% $ 41,557,379.00 TOTAL / AVERAGE 100% $ 157,037,045.97 *Based on December 31, 2024 IFPIF Quarterly Statement and the Arlington Heights Firefighter's Pension Fund ownership portion. Page 17 of 50  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 39.34 941.73 779 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 35,932.36 Page 18 of 50  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) May 2025 2025 YTD Beginning NAVs: Beginning NAV 155,837,500.74 153,713,895.87 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 155,837,500.74 Allocation Percent 1.63% Income & Expenses: Unrealized Gain/Loss 5,325,559.87 5,179,863.79 Realized Gain/Loss 100,050.22 1,538,089.34 Dividend Income 85,695.93 359,045.67 Interest Income 170,636.80 832,596.03 Derivative Income - 93.27 Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 9,226.54 3,015.60 Income Adjustments for the period Other Income - - Total Income 5,691,169.36 7,912,703.70 Administrator Expenses (FPIF) - -742.76 Other Fee & Expenses (FPIF) 2,658.11 27,466.88 Other Expenses 740.06 1,420.07 Swap Fees 9.78 5,360.94 Private Markets (P.E./R.E./P.C./I.N.F) Fees 7,043.60 57,833.81 Management Fee 2,857.72 19,899.80 Total Fee & Expenses 13,309.27 111,238.74 Net Income 5,677,860.09 7,801,464.96 Ending NAVs: Ending NAV 161,515,360.83 161,515,360.83 Rate of Returns: Return on Invested Capital 3.64% 5.08% Return on Total Assets 3.64% 5.08% 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 19 of 50 Illinois Firefighters' Pension Investment Fund Monthly Summary June 30, 2025 Preliminary, subject to change Page 20 of 50 Illinois Firefighters' Pension Investment Fund Executive Summary As of June 30, 2025 20.0 15.0 13.3 12.9 13.1 12.6 12.0 11.7 Return 10.0 8.7 9.1 8.5 7.9 8.3 5.6 5.5 5.0 3.4 3.4 0.0 1 3 YTD 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 -1.2 % Total Fund Composite 10,278,127,994 100.0 100.0 8.5 Total Fund Composite excl. Member Funds 10,278,113,001 100.0 100.0 8.5 Total Fixed Income Composite -3.6 % Total Equity Composite 6,552,981,263 63.8 65.0 12.4 Total Fixed Income Composite 2,711,161,517 26.4 30.0 1.7 Total Alternatives Composite 2.9% Total Alternatives Composite 814,132,695 7.9 5.0 1.5 Cash Composite 199,828,000 1.9 0.0 1.1 Cash Composite 1.9% -6.0 % -3.0 % 0.0% 3.0% 6.0% Difference Policy targets are based on Interim Asset Allocation. 2 Page 21 of 50 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending June 30, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Fund Composite 10,278,127,994 100.0 100.0 3.4 Total Fund Composite excl. Member Funds 10,278,113,001 100.0 100.0 3.4 Total Equity Composite 6,552,981,263 63.8 65.0 4.6 U.S. Equity Composite 3,654,081,212 35.6 36.0 4.9 Rhumbline Russell 200 Large-Cap Core 2,580,373,857 25.1 25.0 5.4 Rhumbline Russell Midcap Mid-Cap Core 900,339,072 8.8 9.0 3.7 Rhumbline S&P 600 Small-Cap Core 173,368,283 1.7 2.0 4.0 Non-U.S. Equity Composite 2,898,900,052 28.2 29.0 4.1 International Developed Equity Composite 1,896,908,228 18.5 19.0 2.7 SSGA World ex US Non-U.S. Large-Cap Core 1,604,147,314 15.6 16.0 2.4 SSGA World ex US Small Non-U.S. Small-Cap Core 292,760,914 2.8 3.0 4.5 Emerging Markets Equity Composite 1,001,991,823 9.7 10.0 6.6 SSGA MSCI EM ex China Emerging Markets 799,887,281 7.8 8.0 6.8 SSGA EM Small EM Small-Cap 202,104,542 2.0 2.0 5.8 Total Fixed Income Composite 2,711,161,517 26.4 30.0 1.8 Rate Sensitive Composite 2,436,982,038 23.7 27.0 1.7 Short-Term Treasury Composite 280,316,265 2.7 3.0 0.6 SSGA Short Treasury Short-Term Govt. Fixed Income 280,316,265 2.7 3.0 0.6 Core Fixed Income Composite 2,156,665,774 21.0 24.0 1.8 Garcia Hamilton & Associates Core Fixed Income 1,078,716,046 10.5 12.0 1.8 Brown Brothers Harriman & Co Core Plus Fixed Income 1,077,949,727 10.5 12.0 1.8 Credit Fixed Income Composite 274,179,478 2.7 3.0 2.6 Emerging Markets Debt Composite 274,179,478 2.7 3.0 2.6 Macquarie Investment Management EM Fixed Income 132,749,216 1.3 1.5 2.0 William Blair Investment Management EM Fixed Income 141,430,258 1.4 1.5 3.1 3 Page 22 of 50 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending June 30, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Alternatives Composite 814,132,695 7.9 5.0 0.2 Real Estate Composite 522,640,743 5.1 5.0 0.3 Infrastructure Composite 157,020,533 1.5 0.0 - Private Equity Composite 16,599,364 0.2 0.0 1.0 Private Credit Composite 117,872,055 1.1 0.0 -0.1 Cash Composite 199,828,000 1.9 0.0 0.3 Transition Composite 9,526 0.0 - 1.7 Member Funds Composite 14,993 0.0 - 0.3 Policy targets are based on Interim Asset Allocation. 4 Page 23 of 50 Illinois Firefighters' Pension Investment Fund As of June 30, 2025 Market Value History 12,500.0 10,278.1M 10,000.0 7,500.0 Millions ($) 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 6/25 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 YTD ($) Month2,134,158,572.86 ($) Months -1,466,244,426.34 ($) -37,943,015.97 Year ($) 2,227,364,425.40 Years ($) -1.7 98.3 Years ($) - ($) 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 9,910,426,834 9,492,295,748 9,495,594,016 8,990,185,270 7,923,762,704 6,878,861,209 - 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 27,561,643 -17,977,139 -39,277,691 86,584,129 122,055,181 477,704,418 8,482,898,736 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 340,139,517 803,809,386 821,811,669 1,201,358,595 2,232,310,110 2,921,562,367 1,795,229,258 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 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 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 24 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 3.4 8.5 8.7 13.3 13.1 12.0 - 5.6 Oct 21 IFPIF Policy Benchmark 3.4 7.9 8.3 12.9 12.6 11.7 9.1 5.5 IFPIF Actuarial Rate (7.125%) 0.6 1.7 3.5 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds 3.4 8.5 8.7 13.3 13.1 12.0 - 5.3 Nov 21 IFPIF Policy Benchmark 3.4 7.9 8.3 12.9 12.6 11.7 9.1 4.7 Total Equity Composite 4.6 12.4 11.3 16.8 17.4 16.9 - 7.3 Nov 21 MSCI AC World IMI Index (Net) 4.5 11.6 9.8 15.9 17.1 16.8 13.4 7.0 U.S. Equity Composite 4.9 11.5 6.4 16.0 19.3 19.1 - 9.0 Nov 21 Russell 3000 Index 5.1 11.0 5.8 15.3 19.1 19.1 16.0 8.8 Rhumbline Russell 200 5.4 11.8 6.5 15.8 21.4 21.2 - 10.9 Nov 21 Russell Top 200 Index 5.4 11.8 6.5 15.8 21.5 21.3 17.3 10.9 Rhumbline Russell Midcap 3.7 8.5 4.8 15.2 14.0 14.3 - 4.5 Nov 21 Russell Midcap Index 3.7 8.5 4.8 15.2 14.0 14.3 13.1 4.6 Rhumbline S&P 600 4.0 4.9 -4.5 4.6 6.6 7.6 - 0.9 Nov 21 S&P SmallCap 600 Index 4.0 4.9 -4.5 4.6 6.6 7.6 11.7 0.9 Non-U.S. Equity Composite 4.1 13.5 17.5 17.3 14.5 13.8 - 4.9 Nov 21 MSCI AC World ex USA IMI (Net) 3.6 12.7 17.9 17.8 14.7 13.9 10.2 4.8 International Developed Equity Composite 2.7 12.0 18.6 18.7 14.8 15.5 - 6.1 Nov 21 MSCI World ex U.S. IMI Index (Net) 2.7 12.7 19.3 19.3 14.9 15.4 11.3 5.9 SSGA World ex US 2.4 12.2 19.3 19.1 15.3 16.1 - 6.9 Nov 21 MSCI World ex U.S. (Net) 2.3 12.0 19.0 18.7 14.9 15.7 11.5 6.5 SSGA World ex US Small 4.5 16.9 20.9 23.1 15.4 13.7 - 2.8 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 4.6 16.8 20.8 22.9 15.1 13.4 9.8 2.4 6 Page 25 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite 6.6 16.3 15.3 14.3 13.8 10.4 - 2.4 Nov 21 MSCI Emerging Markets IMI (Net) 6.0 12.7 14.6 14.3 13.9 10.2 7.6 2.1 SSGA MSCI EM ex China 6.8 16.1 14.3 - - - - 9.4 Nov 24 MSCI Emerging Markets ex China Index (Net) 7.0 16.5 14.5 9.4 13.8 13.2 11.3 9.5 SSGA EM Small 5.8 17.0 11.4 8.4 13.7 13.6 - 4.8 Nov 21 MSCI Emerging Markets Small Cap (Net) 5.7 17.2 10.7 8.4 14.1 13.8 13.9 4.9 Total Fixed Income Composite 1.8 1.7 4.6 7.0 5.8 3.8 - 0.3 Nov 21 Blmbg. U.S. Universal Index 1.6 1.4 4.1 6.5 5.0 3.3 -0.1 -0.5 Rate Sensitive Composite 1.7 1.5 4.4 6.7 5.4 3.3 - 0.2 Nov 21 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 -0.9 Short-Term Treasury Composite 0.6 1.2 2.9 5.8 5.2 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.6 1.2 2.8 5.7 5.1 3.4 1.3 4.3 SSGA Short Treasury 0.6 1.2 2.9 5.8 5.2 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.6 1.2 2.8 5.7 5.1 3.4 1.3 4.3 Core Fixed Income Composite 1.8 1.5 4.6 6.8 5.4 3.2 - -0.1 Nov 21 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 -0.9 Garcia Hamilton & Associates 1.8 1.1 4.6 6.1 3.7 - - 2.7 Apr 23 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 3.5 Brown Brothers Harriman & Co 1.8 1.9 4.5 7.4 7.1 - - 6.3 Apr 23 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 3.5 7 Page 26 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite 2.6 3.8 6.3 10.0 9.4 8.7 - 0.7 Nov 21 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 0.6 Emerging Markets Debt Composite 2.6 3.8 6.3 10.0 9.4 8.7 - 0.7 Nov 21 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 0.6 Macquarie Investment Management 2.0 3.2 5.7 7.4 - - - 7.3 Jun 24 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 9.8 William Blair Investment Management 3.1 4.4 6.9 12.6 - - - 12.7 Jun 24 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 9.8 Total Alternatives Composite 0.2 1.5 1.7 7.8 2.8 -0.6 - 1.4 Oct 21 Real Estate Composite 0.3 0.5 1.1 6.6 2.3 -0.9 - 1.1 Oct 21 Real Estate Custom Benchmark 0.3 0.1 1.0 5.2 1.1 -1.3 5.6 1.3 Private Equity Composite - - - - - - - - Jun 24 Infrastructure Composite - - - - - - - - Mar 25 Private Credit Composite - - - - - - - - Jul 24 8 Page 27 of 50 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of June 30, 2025 9 Page 28 of 50 Illinois Firefighters' Pension Investment Fund Benchmark Composition As of June 30, 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 29 of 50 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of June 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. 11 Page 30 of 50 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 31 of 50 Illinois Firefighters' Pension Investment Fund Monthly Summary June 30, 2025 Preliminary, subject to change Page 32 of 50 Illinois Firefighters' Pension Investment Fund Executive Summary As of June 30, 2025 20.0 15.0 13.3 12.9 13.1 12.6 12.0 11.7 Return 10.0 8.7 9.1 8.5 7.9 8.3 5.6 5.5 5.0 3.4 3.4 0.0 1 3 YTD 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 -1.2 % Total Fund Composite 10,278,127,994 100.0 100.0 8.5 Total Fund Composite excl. Member Funds 10,278,113,001 100.0 100.0 8.5 Total Fixed Income Composite -3.6 % Total Equity Composite 6,552,981,263 63.8 65.0 12.4 Total Fixed Income Composite 2,711,161,517 26.4 30.0 1.7 Total Alternatives Composite 2.9% Total Alternatives Composite 814,132,695 7.9 5.0 1.5 Cash Composite 199,828,000 1.9 0.0 1.1 Cash Composite 1.9% -6.0 % -3.0 % 0.0% 3.0% 6.0% Difference Policy targets are based on Interim Asset Allocation. 2 Page 33 of 50 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending June 30, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Fund Composite 10,278,127,994 100.0 100.0 3.4 Total Fund Composite excl. Member Funds 10,278,113,001 100.0 100.0 3.4 Total Equity Composite 6,552,981,263 63.8 65.0 4.6 U.S. Equity Composite 3,654,081,212 35.6 36.0 4.9 Rhumbline Russell 200 Large-Cap Core 2,580,373,857 25.1 25.0 5.4 Rhumbline Russell Midcap Mid-Cap Core 900,339,072 8.8 9.0 3.7 Rhumbline S&P 600 Small-Cap Core 173,368,283 1.7 2.0 4.0 Non-U.S. Equity Composite 2,898,900,052 28.2 29.0 4.1 International Developed Equity Composite 1,896,908,228 18.5 19.0 2.7 SSGA World ex US Non-U.S. Large-Cap Core 1,604,147,314 15.6 16.0 2.4 SSGA World ex US Small Non-U.S. Small-Cap Core 292,760,914 2.8 3.0 4.5 Emerging Markets Equity Composite 1,001,991,823 9.7 10.0 6.6 SSGA MSCI EM ex China Emerging Markets 799,887,281 7.8 8.0 6.8 SSGA EM Small EM Small-Cap 202,104,542 2.0 2.0 5.8 Total Fixed Income Composite 2,711,161,517 26.4 30.0 1.8 Rate Sensitive Composite 2,436,982,038 23.7 27.0 1.7 Short-Term Treasury Composite 280,316,265 2.7 3.0 0.6 SSGA Short Treasury Short-Term Govt. Fixed Income 280,316,265 2.7 3.0 0.6 Core Fixed Income Composite 2,156,665,774 21.0 24.0 1.8 Garcia Hamilton & Associates Core Fixed Income 1,078,716,046 10.5 12.0 1.8 Brown Brothers Harriman & Co Core Plus Fixed Income 1,077,949,727 10.5 12.0 1.8 Credit Fixed Income Composite 274,179,478 2.7 3.0 2.6 Emerging Markets Debt Composite 274,179,478 2.7 3.0 2.6 Macquarie Investment Management EM Fixed Income 132,749,216 1.3 1.5 2.0 William Blair Investment Management EM Fixed Income 141,430,258 1.4 1.5 3.1 3 Page 34 of 50 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending June 30, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Alternatives Composite 814,132,695 7.9 5.0 0.2 Real Estate Composite 522,640,743 5.1 5.0 0.3 Infrastructure Composite 157,020,533 1.5 0.0 - Private Equity Composite 16,599,364 0.2 0.0 1.0 Private Credit Composite 117,872,055 1.1 0.0 -0.1 Cash Composite 199,828,000 1.9 0.0 0.3 Transition Composite 9,526 0.0 - 1.7 Member Funds Composite 14,993 0.0 - 0.3 Policy targets are based on Interim Asset Allocation. 4 Page 35 of 50 Illinois Firefighters' Pension Investment Fund As of June 30, 2025 Market Value History 12,500.0 10,278.1M 10,000.0 7,500.0 Millions ($) 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 6/25 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 YTD ($) Month2,134,158,572.86 ($) Months -1,466,244,426.34 ($) -37,943,015.97 Year ($) 2,227,364,425.40 Years ($) -1.7 98.3 Years ($) - ($) 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 9,910,426,834 9,492,295,748 9,495,594,016 8,990,185,270 7,923,762,704 6,878,861,209 - 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 27,561,643 -17,977,139 -39,277,691 86,584,129 122,055,181 477,704,418 8,482,898,736 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 340,139,517 803,809,386 821,811,669 1,201,358,595 2,232,310,110 2,921,562,367 1,795,229,258 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 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 10,278,127,994 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 36 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 3.4 8.5 8.7 13.3 13.1 12.0 - 5.6 Oct 21 IFPIF Policy Benchmark 3.4 7.9 8.3 12.9 12.6 11.7 9.1 5.5 IFPIF Actuarial Rate (7.125%) 0.6 1.7 3.5 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds 3.4 8.5 8.7 13.3 13.1 12.0 - 5.3 Nov 21 IFPIF Policy Benchmark 3.4 7.9 8.3 12.9 12.6 11.7 9.1 4.7 Total Equity Composite 4.6 12.4 11.3 16.8 17.4 16.9 - 7.3 Nov 21 MSCI AC World IMI Index (Net) 4.5 11.6 9.8 15.9 17.1 16.8 13.4 7.0 U.S. Equity Composite 4.9 11.5 6.4 16.0 19.3 19.1 - 9.0 Nov 21 Russell 3000 Index 5.1 11.0 5.8 15.3 19.1 19.1 16.0 8.8 Rhumbline Russell 200 5.4 11.8 6.5 15.8 21.4 21.2 - 10.9 Nov 21 Russell Top 200 Index 5.4 11.8 6.5 15.8 21.5 21.3 17.3 10.9 Rhumbline Russell Midcap 3.7 8.5 4.8 15.2 14.0 14.3 - 4.5 Nov 21 Russell Midcap Index 3.7 8.5 4.8 15.2 14.0 14.3 13.1 4.6 Rhumbline S&P 600 4.0 4.9 -4.5 4.6 6.6 7.6 - 0.9 Nov 21 S&P SmallCap 600 Index 4.0 4.9 -4.5 4.6 6.6 7.6 11.7 0.9 Non-U.S. Equity Composite 4.1 13.5 17.5 17.3 14.5 13.8 - 4.9 Nov 21 MSCI AC World ex USA IMI (Net) 3.6 12.7 17.9 17.8 14.7 13.9 10.2 4.8 International Developed Equity Composite 2.7 12.0 18.6 18.7 14.8 15.5 - 6.1 Nov 21 MSCI World ex U.S. IMI Index (Net) 2.7 12.7 19.3 19.3 14.9 15.4 11.3 5.9 SSGA World ex US 2.4 12.2 19.3 19.1 15.3 16.1 - 6.9 Nov 21 MSCI World ex U.S. (Net) 2.3 12.0 19.0 18.7 14.9 15.7 11.5 6.5 SSGA World ex US Small 4.5 16.9 20.9 23.1 15.4 13.7 - 2.8 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 4.6 16.8 20.8 22.9 15.1 13.4 9.8 2.4 6 Page 37 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite 6.6 16.3 15.3 14.3 13.8 10.4 - 2.4 Nov 21 MSCI Emerging Markets IMI (Net) 6.0 12.7 14.6 14.3 13.9 10.2 7.6 2.1 SSGA MSCI EM ex China 6.8 16.1 14.3 - - - - 9.4 Nov 24 MSCI Emerging Markets ex China Index (Net) 7.0 16.5 14.5 9.4 13.8 13.2 11.3 9.5 SSGA EM Small 5.8 17.0 11.4 8.4 13.7 13.6 - 4.8 Nov 21 MSCI Emerging Markets Small Cap (Net) 5.7 17.2 10.7 8.4 14.1 13.8 13.9 4.9 Total Fixed Income Composite 1.8 1.7 4.6 7.0 5.8 3.8 - 0.3 Nov 21 Blmbg. U.S. Universal Index 1.6 1.4 4.1 6.5 5.0 3.3 -0.1 -0.5 Rate Sensitive Composite 1.7 1.5 4.4 6.7 5.4 3.3 - 0.2 Nov 21 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 -0.9 Short-Term Treasury Composite 0.6 1.2 2.9 5.8 5.2 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.6 1.2 2.8 5.7 5.1 3.4 1.3 4.3 SSGA Short Treasury 0.6 1.2 2.9 5.8 5.2 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.6 1.2 2.8 5.7 5.1 3.4 1.3 4.3 Core Fixed Income Composite 1.8 1.5 4.6 6.8 5.4 3.2 - -0.1 Nov 21 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 -0.9 Garcia Hamilton & Associates 1.8 1.1 4.6 6.1 3.7 - - 2.7 Apr 23 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 3.5 Brown Brothers Harriman & Co 1.8 1.9 4.5 7.4 7.1 - - 6.3 Apr 23 Blmbg. U.S. Aggregate Index 1.5 1.2 4.0 6.1 4.3 2.5 -0.7 3.5 7 Page 38 of 50 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of June 30, 2025 1 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite 2.6 3.8 6.3 10.0 9.4 8.7 - 0.7 Nov 21 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 0.6 Emerging Markets Debt Composite 2.6 3.8 6.3 10.0 9.4 8.7 - 0.7 Nov 21 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 0.6 Macquarie Investment Management 2.0 3.2 5.7 7.4 - - - 7.3 Jun 24 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 9.8 William Blair Investment Management 3.1 4.4 6.9 12.6 - - - 12.7 Jun 24 JPM EMBI Global Diversified 2.4 3.3 5.6 10.0 9.6 8.9 1.8 9.8 Total Alternatives Composite 0.2 1.5 1.7 7.8 2.8 -0.6 - 1.4 Oct 21 Real Estate Composite 0.3 0.5 1.1 6.6 2.3 -0.9 - 1.1 Oct 21 Real Estate Custom Benchmark 0.3 0.1 1.0 5.2 1.1 -1.3 5.6 1.3 Private Equity Composite - - - - - - - - Jun 24 Infrastructure Composite - - - - - - - - Mar 25 Private Credit Composite - - - - - - - - Jul 24 8 Page 39 of 50 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of June 30, 2025 9 Page 40 of 50 Illinois Firefighters' Pension Investment Fund Benchmark Composition As of June 30, 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 41 of 50 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of June 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. 11 Page 42 of 50 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 43 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Application for Retirement Pension - FFE John Simon on June 16, 2025 Department: Fire Item Description: ATTACHMENTS: None Page 44 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Application for Retirement Pension - FFP Cathy Shields on August 18, 2025 Department: Fire Item Description: ATTACHMENTS: None Page 45 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Applications for Membership for New Hires as of July 21, 2025 - Firefighters Katherine Lacivita, John Lawler, Duke Larkin, Zane McCartney, and Matthew Wasilczuk. Department: Fire Item Description: ATTACHMENTS: None Page 46 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Death of Retired FF Carl Schulien on August 2, 2025 - Survivor Spousal Benefit Department: Fire Item Description: ATTACHMENTS: None Page 47 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Military Buy-Back Payment Plan Department: Fire Item Description: ATTACHMENTS: None Page 48 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett Department: Fire Item Description: ATTACHMENTS: None Page 49 of 50  Board of Trustees of the Fire Pension Fund 8/18/2025 Item: Alliant Fiduciary Liability Insurance - Policy Renewal Department: Fire Item Description: ATTACHMENTS: None Page 50 of 50