Santa Clara Valley Transportation Authority (VTA) Board of Directors

regional • 2026-03-24 • 01:30 PM

HistoricalLast updated: Apr 25, 2026, 12:11 PM

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Tuesday, March 24

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Infrastructure Healthcare Transit Artificial Intelligence Utilities

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Reconstructed agenda items • Rebuilt from agenda text because source-provided agenda items were unavailable.

0.00

Target-Date 2060 Rank 37 16 16 32 30 30 45 47 24 77 40 55 Vanguard Target Retirement 2065 3.07 21.43 21.43 18.70 9.98 - 14.62 20.15 (17.39) 16.46 16.17

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MSCI USA

0.012

Administrative Fees 0.023 0.020

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MSCI USA

0.018

Weighted Investment Fees 0.256 0.252

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MSCI USA

0.11

SMID Rank 70 28 28 10 61 21 19 7 77 78 25 42 DFA US Targeted Value I 2.87 9.55 9.55 12.64 13.60 10.81 9.33 19.31 (4.62) 38.80 3.77

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MSCI USA

0.22

Target-Date 2065+ Rank 36 22 22 34 35 - 45 54 18 67 58 61 30

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MSCI USA: Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 Performance (%) QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2024 2023 2022 2021 2020 2019 Vanguard Target Retirement 2070 3.07 21.42 21.42 18.71 - - 14....

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0.239

Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Fee Analysis As of December 31, 2025 33

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MSCI USA: Asset-ID Market Value As of 12/31/2025 $ Net Expense Ratio (%) Net Estimated Expense $ Prudential Guaranteed Interest Fund 76,645,361 0.400 306,581 Dodge & Cox Income X DOXIX 18,991,740 0.330 62,673 PIMCO Income Instl PIMIX 5,597,899 0.540 30,229 Ame...

Education

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0.26

Target-Date 2025 Rank 34 24 24 7 16 17 8 5 52 49 34 19 28

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0.269

Record Keeper Fees 0.015 0.013

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MSCI USA

CALL TO ORDER at 1:31 p.m.

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ORDERS OF THE DAY: ROLL CALL: Attendee Name Title Status Williams Capps Chairperson Present Michael Smith Vice Chairperson Present Ron Griffiths Member Absent Rippal Kanda Member Present Sonya Morrison Member Present Francisco Alolong Member Present Jesus Iboa...

1.01

Intermediate Core-Plus Bond Rank 6 9 9 12 9 7 44 8 6 56 23 34 PIMCO Income Instl 2.54 11.04 11.04 8.57 3.89 5.09 5.42 9.32 (7.81) 2.61 5.80

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MSCI USA

1.67

Participant Loans 7,216,118 118,541 7,334,659

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MSCI USA

1.7

Total 346,655,538 100.0 391,114,891 100.0 438,192,289

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MSCI USA

Approve Secure

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ORDERS OF THE DAY

100.0

Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 21

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MSCI USA: Plan Value Over Time 0 88,900,000 177,800,000 266,700,000 355,600,000 444,500,000 533,400,000 2023 2024 YTD 341,767,457 385,128,522 430,857,630 2023 2024 YTD Beginning Market Value $ 321,454,415 341,767,457 385,128,522 Cash Flow (+/-) $ (5,811,189) (...

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100.00

Cash Flow Summary Mar-2025 Jun-2025 Sep-2025 Dec-2025 Participants 2,771 2,776 2,775 2,810 Calculated Return (%) (2.21) 8.15 6.17

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MSCI USA

Receive Update on Plan Activities (Duran)

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ORDERS OF THE DAY

Review Committee Work Plan

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ORDERS OF THE DAY

12.35

Blmbg. U.S.

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MSCI USA: Corp: High Yield Index 1.31 8.62 8.62 10.06 4.51 6.53 8.19 13.45 (11.19) 5.28 7.11 14.32 +/- Index 0.60 0.87 0.87 0.59 2.02 0.79 1.74 (0.89) 4.25 3.54 (0.59) (1.96) High Yield Bond Rank 3 7 7 4 2 3 4 35 14 4 26 69 Vanguard Equity-Income Adm 3.56 17.2...

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Receive Chairperson’s Report

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ORDERS OF THE DAY

13.16

Vanguard Target Income Composite Index 1.61 11.37 11.37 9.62 3.99 5.53 6.74 10.80 (12.44) 5.44 10.70 13.41 +/- Index (0.06) (0.07) (0.07) (0.10) (0.17) (0.20) (0.17) (0.06) (0.30) (0.19) (0.69) (0.25) Morningstar Lifetime Mod Incm TR USD

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MSCI USA: 1.60 11.91 11.91 9.77 4.55 5.82 7.38 10.07 (12.24) 7.62 10.56 13.27 +/- Index (0.05) (0.60) (0.60) (0.25) (0.73) (0.49) (0.81) 0.67 (0.50) (2.37) (0.54) (0.11) Target-Date Retirement Rank 40 31 31 46 46 38 52 41 49 64 27 46 Vanguard Target Retirement...

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Consider Requests for Future Agenda Items

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ORDERS OF THE DAY

14.42

U.S. Small Cap Equity (Russell 2000 Index) 2.19 12.81 12.81 13.73

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INFLATION

14.52

Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond

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MSCI USA: (rebalanced quarterly). 17 Asset-ID Beg Balance $ Cash Flow (+/-) Gain/Loss End Balance Alloc % Participants Fixed Income 102,795,722 485,912 1,074,191 104,355,825

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Announcements and Communications

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ORDERS OF THE DAY

15.0

Real Estate Utilities Consumer Staples Consumer Discretionary Industrials Materials Information Technology Energy Financials Communication Services Healthcare Q4 2025 | Domestic Equity Market Highlights

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INFLATION

15.07

Blmbg. U.S.

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MSCI USA: Treasury Index 0.90 6.32 6.32 3.62 (0.99) 1.36 0.58 4.05 (12.46) (2.32) 8.00 6.86 +/- Index 1.61 8.39 8.39 3.29 7.14 4.29 2.56 (0.75) 6.36 19.74 (4.06)

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Adjourn NOTE COMMITTEE MEMBERS: In order to establish whether or not a quorum exists for this meeting, members are asked to call Fanny Mata in the Human Resources Department

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ORDERS OF THE DAY: Deferred Compensation at (408) 321-5547 before 5:00 p.m. on the day prior to the meeting. Thank you for your cooperation. Availability of Public Records. All public records relating to an open session item on this agenda, which are not exemp...

17.63

Vanguard Target 2020 Composite Index 1.74 12.22 12.22 10.91 4.98 7.13 7.91 12.65 (13.77) 8.43 12.85 17.87 +/- Index (0.11) (0.07) (0.07) (0.12) (0.21) (0.25) (0.16) (0.14) (0.38) (0.26) (0.81) (0.24) Morningstar Lifetime Mod 2020 TR USD

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MSCI USA: 1.69 12.93 12.93 10.55 4.16 6.65 7.50 11.31 (16.77) 9.04 13.32 17.73 +/- Index (0.06) (0.78) (0.78) 0.23 0.61 0.22 0.25 1.20 2.62 (0.87) (1.28) (0.10) Target-Date 2020 Rank 79 75 75 51 56 50 42 29 38 63 39 25 Vanguard Target Retirement 2025 2.00 14.6...

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19.63

Vanguard Target 2025 Composite Index 2.13 14.65 14.65 12.98 6.17 8.17 9.63 14.74 (15.02) 10.09 14.19 19.93 +/- Index (0.13) (0.05) (0.05) (0.14) (0.27) (0.30) (0.19) (0.19) (0.53) (0.30) (0.89) (0.30) Morningstar Lifetime Mod 2025 TR USD

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MSCI USA: 1.79 13.72 13.72 11.26 4.56 7.19 7.97 12.15 (17.58) 10.10 13.67 19.36 +/- Index 0.20 0.88 0.88 1.58 1.35 0.69 1.47 2.40 2.03 (0.30) (0.37)

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Orders of the Day There were no orders of the day.

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ORDERS OF THE DAY

2.0

Enhancement Employee Survey (Duran/Mata)

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ORDERS OF THE DAY

2.00

Cash Flow (+/-) $ (2,571,592) (1,494,509) (2,860,669) (2,621,352) Market Adjustment $ (8,526,097) 30,468,416 24,853,712 8,481,199 Fee Summary Mar-2025 Current % Est Asset $ Jun-2025 Current % Est Asset $ Sep-2025 Current % Est Asset $

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MSCI USA: Dec-2025 Current % Est Asset $ Record Keeper Fees 0.013 49,746 0.012 49,973 0.012 50,150 0.012 50,410 Administrative Fees 0.021 77,424 0.019 77,780 0.018 77,775 0.018 78,847 Weighted Investment Fees 0.247 922,465 0.243 980,789 0.237 1,006,211 0.239 1...

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2.15

DFA US Targeted Value I DFFVX 5,287,193 (368,927) 152,094 5,070,360 1.16 461 Hood River Small Cap Growth Ret HRSIX 4,338,193 (202,869) 230,568 4,365,893 1.00 228 International 26,453,696 (483,110) 1,199,523 27,170,109

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MSCI USA

2.19

International 21,661,964 5.79 24,130,779 5.99 26,453,696 6.22 27,170,109

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MSCI USA

2.2

International 16,790,886 4.8 20,790,621 5.3 27,170,109

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MSCI USA

2.4

SDBA 16,662,849 4.8 21,471,748 5.5 26,715,461

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MSCI USA

2.40

Cohen & Steers Realty Shares L CSRSX 3,587,307 (76,569) (94,312) 3,416,426 0.78 556 Principal Diversified Real Asset R6 PDARX 6,930,554 958 174,473 7,105,985 1.62 479 SDBA 26,557,892 69,473 88,096 26,715,461

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MSCI USA

2.44

SDBA 19,236,198 5.14 22,337,007 5.54 26,557,892 6.25 26,715,461

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MSCI USA

20.5

Specialty 9,646,665 2.8 9,622,395 2.5 10,522,411

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MSCI USA

20.53

Vanguard Target Retirement Income VTINX 7,059,566 1,587 109,469 7,170,623 1.64 98 Vanguard Target Retirement 2020 VTWNX 10,925,505 (229,690) 176,399 10,872,214 2.48 160 Vanguard Target Retirement 2025 VTTVX 8,765,200 92,989 176,804

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MSCI USA: 9,034,993 2.06 119 Vanguard Target Retirement 2030 VTHRX 15,573,233 360,726 362,938 16,296,898 3.72 229 Vanguard Target Retirement 2035 VTTHX 8,007,508 58,554 199,010 8,265,072 1.89 193 Vanguard Target Retirement 2040 VFORX 9,799,326 240,550 267,106...

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20.88

Specialty 10,175,830 2.72 10,430,263 2.59 10,517,861 2.47 10,522,411

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MSCI USA

2025

Quarterly returns (%) listed above.

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INFLATION: Past performance is no guarantee of future results. CRC 5130524 01/2026 U.S. Equity Markets  U.S. equity markets posted a third consecutive quarter of growth (S&P 500 Index 2.7%). Smaller capitalization companies also advanced (Russell 2000 Index 2...

Healthcare Utilities

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2026

NOTE: MS/C MEANS MOTION SECONDED AND CARRIED AND, UNLESS OTHERWISE INDICATED, MOTION PASSED UNANIMOUSLY .

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ORDERS OF THE DAY

2027

Meanwhile, adoption of artificial intelligence among medium-sized and larger U.S. businesses has consistently lagged expectations, with only 13% of firms currently incorporating it into the production of goods and services.

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MSCI USA

21.07

Vanguard Target 2030 Composite Index 2.43 16.28 16.28 14.42 7.11 8.96 10.82 16.26 (15.71) 11.66 14.98 21.34 +/- Index (0.13) (0.04) (0.04) (0.15) (0.28) (0.30) (0.19) (0.23) (0.56) (0.28) (0.87) (0.27) Morningstar Lifetime Mod 2030 TR USD

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MSCI USA: 1.95 14.79 14.79 12.29 5.35 7.93 8.83 13.33 (17.94) 11.69 13.69 21.24 +/- Index 0.35 1.45 1.45 1.98 1.48 0.72 1.81 2.70 1.67 (0.31) 0.41 (0.17) Target-Date 2030 Rank 16 10 10 3 10 17 13 6 47 54 35 33 Vanguard Target Retirement 2035 2.49 17.54 17.54 1...

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21.47

Russell 2000 Value Index 3.26 12.59 12.59 11.73 8.88 9.27 8.05 14.65 (14.48) 28.27 4.63 22.39 +/- Index (0.38) (3.05) (3.05) 0.91 4.72 1.55 1.28 4.66 9.86 10.53 (0.87) (0.92) Small Value Rank 30 27 27 19 7 9 49 23 12 8 46 58 Hood River

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MSCI USA: Small Cap Growth Ret 5.25 23.90 23.90 26.92 12.79 16.63 35.69 21.60 (27.93) 23.88 60.81

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21.56

Vanguard Spliced Total Int'l Stock Index 4.85 31.95 31.95 17.26 8.04 8.56 5.53 15.79 (16.10) 8.84 11.24 21.80 +/- Index (0.34) 0.28 0.28 (0.13) (0.08) (0.02) (0.34) (0.27) 0.12 (0.16) 0.04 (0.25) Foreign Large Blend Rank 45 39 39 47 53 34

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MSCI USA: 42 63 52 67 40 59 Hartford International Opportunities R6 4.74 29.87 29.87 16.10 6.53 7.71 8.02 11.54 (18.25) 7.26 20.27

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22.44

Vanguard Target 2035 Composite Index 2.62 17.54 17.54 15.59 7.97 9.70 11.90 17.43 (16.10) 13.24 15.67 22.76 +/- Index (0.13) 0.00 0.00 (0.13) (0.26) (0.30) (0.12) (0.29) (0.52) (0.28) (0.88) (0.32) Morningstar Lifetime Mod 2035 TR USD 2.20

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MSCI USA: 16.27 16.27 13.73 6.57 8.83 10.18 14.84 (17.75) 13.63 13.38 23.04 +/- Index 0.30 1.27 1.27 1.73 1.14 0.56 1.61 2.30 1.13 (0.67) 1.41 (0.60) Target-Date 2035 Rank 21 14 14 18 23 25 26 26 38 78 39 46 Vanguard Target Retirement 2040 2.69 18.76 18.76 16....

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22.78

MSCI AC World ex USA Value (Net) 7.61 39.50 39.50 20.17 11.87 8.74 6.04 17.30 (8.59) 10.46 (0.77) 15.72 +/- Index (2.41) (0.67) (0.67) (1.17) (0.09) 0.44 (2.14) (0.49) 1.87 0.57 2.87

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MSCI USA

23.8

Large Cap 111,109,338 32.1 135,995,562 34.8 146,804,609

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MSCI USA

23.82

Prudential Guaranteed Interest Fund 76,724,387 (722,730) 643,704 76,645,361 17.49 1,197 Dodge & Cox Income X DOXIX 17,845,287 909,791 236,661 18,991,740 4.33 524 PIMCO Income Instl PIMIX 5,387,967 72,103 137,829 5,597,899 1.28 498 American

Reconstructed

MSCI USA: Beacon SiM High Yield Opps R5 SHOIX 2,838,080 226,749 55,996 3,120,825 0.71 393 Large Cap 145,944,337 (2,660,640) 3,520,912 146,804,609

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23.86

Vanguard Target 2040 Composite Index 2.81 18.77 18.77 16.76 8.82 10.42 12.99 18.60 (16.51) 14.84 16.31 24.19 +/- Index (0.12) (0.02) (0.02) (0.13) (0.25) (0.29) (0.11) (0.26) (0.47) (0.28) (0.84) (0.33) Morningstar Lifetime Mod 2040 TR USD

Reconstructed

MSCI USA: 2.50 18.00 18.00 15.32 7.89 9.67 11.70 16.34 (17.37) 15.35 13.09 24.35 +/- Index 0.19 0.75 0.75 1.31 0.69 0.46 1.18 2.00 0.39 (0.80) 2.38 (0.49) Target-Date 2040 Rank 35 28 28 37 44 29 47 45 34 81 39 44 Vanguard Target Retirement 2045 2.87 19.99 19.9...

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24.19

Russell 2000 Growth Index 1.22 13.01 13.01 15.59 3.18 9.57 15.15 18.66 (26.36) 2.83 34.63 28.48 +/- Index 4.03 10.89 10.89 11.33 9.61 7.06 20.54 2.94 (1.57) 21.04 26.17 (4.30) Small Growth Rank 10 4 4 1 2 2 3 14 48 8 13 77 Dodge & Cox

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MSCI USA: International Stock X 5.20 38.83 38.83 19.00 11.78 9.18 3.90 16.81 (6.72) 11.03 2.10

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24.22

Large Cap 125,247,290 33.49 138,541,304 34.38 145,944,337 34.34 146,804,609

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MSCI USA

24.94

Vanguard Target 2045 Composite Index 3.00 20.00 20.00 17.92 9.66 11.03 14.08 19.77 (16.93) 16.45 17.02 25.37 +/- Index (0.14) (0.01) (0.01) (0.15) (0.25) (0.29) (0.17) (0.29) (0.43) (0.29) (0.73) (0.43) Morningstar Lifetime Mod 2045 TR USD

Reconstructed

MSCI USA: 2.78 19.54 19.54 16.56 8.85 10.22 12.86 17.39 (17.06) 16.36 12.95 24.97 +/- Index 0.08 0.46 0.46 1.20 0.56 0.52 1.05 2.10 (0.29) (0.20) 3.35 (0.03) Target-Date 2045 Rank 38 25 25 36 38 24 51 41 31 66 35 38 29 Santa Clara Valley Transportation Authori...

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24.96

Vanguard Target 2060 Composite Index 3.21 21.49 21.49 18.93 10.25 11.34 14.92 20.48 (17.07) 16.75 17.17 25.37 +/- Index (0.15) (0.08) (0.08) (0.22) (0.29) (0.32) (0.29) (0.30) (0.39) (0.31) (0.85) (0.42) Morningstar Lifetime Mod 2060 TR

Reconstructed

MSCI USA: USD 3.09 21.15 21.15 17.34 9.31 10.43 13.15 17.86 (16.98) 16.33 12.89 24.96 +/- Index (0.03) 0.26 0.26 1.36 0.65 0.58 1.48 2.32 (0.48) 0.12 3.43

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24.98

Vanguard Target 2050 Composite Index 3.19 21.47 21.47 18.92 10.24 11.34 14.92 20.48 (17.07) 16.75 17.17 25.37 +/- Index (0.14) (0.06) (0.06) (0.22) (0.29) (0.31) (0.28) (0.31) (0.39) (0.34) (0.78) (0.39) Morningstar Lifetime Mod 2050 TR

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MSCI USA: USD 2.97 20.52 20.52 17.20 9.30 10.45 13.36 17.85 (16.91) 16.60 12.91 25.09 +/- Index 0.08 0.89 0.89 1.50 0.65 0.57 1.28 2.32 (0.55) (0.19) 3.48 (0.10) Target-Date 2050 Rank 30 13 13 24 23 17 40 39 29 71 35 42 Vanguard Target Retirement 2055 3.06 21....

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25.35

Russell 1000 Value Index 3.81 15.91 15.91 13.90 11.33 10.53 14.37 11.46 (7.54) 25.16 2.80 26.54 +/- Index (0.25) 1.31 1.31 (0.59) 1.49 1.20 0.79 (3.70) 7.54 0.48 0.34 (1.19) Large Value Rank 44 26 26 55 27 20 43 79 9 56 49 53 Santa Clara

Reconstructed

MSCI USA: Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 26 Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 Performance (%) QTR YTD 1 Yr 3 Yr...

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25.65

MSCI AC World ex USA Growth (Net) 2.56 25.65 25.65 14.61 4.01 7.92 5.07 14.03 (23.05) 5.09 22.20 27.34 +/- Index 2.17 4.22 4.22 1.49 2.52 (0.21) 2.95 (2.49) 4.81 2.17 (1.93) (1.69) Foreign Large Growth Rank 3 5 5 24 16 52 25 92 14 60 60 85

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MSCI USA: Vanguard Target Retirement Income 1.55 11.31 11.31 9.52 3.82 5.33 6.58 10.74 (12.74) 5.25 10.02

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265

The Committee members and staff introduced themselves individually to facilitate onboarding.

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REGULAR AGENDA: Member Morrison noted that staff would coordinate a separate onboarding session for Member Iboa with Empower Retirement representatives.

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28.05

S&P Completion Index 0.13 11.32 11.32 17.59 6.06 10.89 16.88 24.97 (26.54) 12.35 32.17 27.95 +/- Index 0.02 0.10 0.10 0.18 0.14 0.13 0.03 0.43 0.08 0.12 0.06

Reconstructed

MSCI USA

28.49

Russell 1000 Growth Index 1.12 18.56 18.56 31.15 15.32 18.13 33.36 42.68 (29.14) 27.60 38.49 36.39 +/- Index 0.65 (0.91) (0.91) (0.05) (2.86) (1.22) (2.37) 3.53 (6.05) (4.41) 1.07 (7.90) Large Growth Rank 28 34 34 27 36 17 44 18 75 40 36

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MSCI USA: 85 Vanguard Extended Market Index Instl 0.15 11.42 11.42 17.77 6.20 11.02 16.91 25.41 (26.46) 12.47 32.23

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PUBLIC PRESENTATIONS : This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda.

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ORDERS OF THE DAY: Speakers are limited to 2 minutes. The law does not permit Committee action or extended discussion on any item not on the agenda except under special circumstances. If Committee action is required, the matter can be placed on a subsequent ag...

3.41

U.S. Fixed Income (Bloomberg US Agg Bond Index) 1.10 7.30 7.30 4.66 (0.36) International Fixed Income (Bloomberg Global Agg Ex USD Bond Index) (0.47) 8.85 8.85 3.29 (3.59) U.S.

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INFLATION: Large Cap Equity (S&P 500 Index) 2.66 17.88 17.88 23.01

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3.6

Small Cap 7,589,018 2.2 9,303,245 2.4 9,436,253

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MSCI USA

3.63

Vanguard Extended Market Index Instl VIEIX 16,609,839 (758,347) 33,404 15,884,896 3.63 705 Small Cap 9,625,386 (571,796) 382,663 9,436,253

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MSCI USA

3.69

Small Cap 8,413,966 2.25 9,109,340 2.26 9,625,386 2.26 9,436,253

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MSCI USA

31.46

S&P 500 Index 2.66 17.88 17.88 23.01 14.42 14.82 25.02 26.29 (18.11) 28.71 18.40 31.49 +/- Index (0.01) (0.04) (0.04) (0.04) (0.04) (0.03) (0.04) (0.04) (0.03) (0.04) (0.01) (0.02) Large Blend Rank 34 25 25 24 20 11 26 27 50 22 40 25 T.

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MSCI USA: Rowe Price Large Cap Growth I 1.78 17.65 17.65 31.10 12.46 16.91 30.99 46.21 (35.18) 23.18 39.56

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32.90

MSCI U.S.

Reconstructed

MSCI USA: REIT Index (Net) (1.99) 1.68 1.68 7.06 5.35 4.42 7.49 12.27 (25.37) 41.71 (8.70) 24.33 +/- Index (0.70) 1.14 1.14 0.20 0.37 1.90 (0.99) 0.41 0.41 0.90 5.82

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33.5

Small/Mid Cap 14,083,920 4.1 15,680,035 4.0 15,884,896

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MSCI USA

33.50

Vanguard Equity-Income Adm VEIRX 12,103,998 524,595 428,014 13,056,607 2.98 553 Vanguard Institutional Index Instl VINIX 81,053,107 (2,293,931) 2,138,085 80,897,261 18.46 1,066 T.

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MSCI USA: Rowe Price Large Cap Growth I TRLGX 52,787,231 (891,303) 954,813 52,850,741 12.06 906 Small/Mid Cap 16,609,839 (758,347) 33,404 15,884,896

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34.07

Small/Mid Cap 14,183,842 3.79 15,724,715 3.90 16,609,839 3.91 15,884,896

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MSCI USA

Approve Minutes of Regular Meeting on February 24, 2026 REGULAR AGENDA

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ORDERS OF THE DAY

Receive and File Empower Retirement Reports (Ramirez)

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ORDERS OF THE DAY

Receive and File Fourth Quarter (2025) Performance Report (Galindo)

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ORDERS OF THE DAY

6.09

International Equity (MSCI ACWI Ex USA Index) 5.05 32.39 32.39 17.33

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INFLATION

6.1

Loans 4,888,081 1.4 5,986,369 1.5 7,334,659

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MSCI USA

6.10

Self-Directed Brokerage 26,557,892 69,473 88,096 26,715,461 6.10 271 Loans 7,216,118 118,541 7,334,659

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MSCI USA

6.2

Asset Allocation 64,032,301 18.5 73,661,012 18.8 89,968,067

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MSCI USA

6.20

Dodge & Cox International Stock X DOXFX 1,047,255 5,727 54,419 1,107,401 0.25 53 Vanguard Total Intl Stock Index I VTSNX 22,551,161 (1,208,456) 988,091 22,330,796 5.10 720 Hartford International Opportunities R6 IHOVX 2,855,280 719,618

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MSCI USA: 157,013 3,731,911 0.85 469 Asset Allocation 86,493,051 1,372,766 2,102,250 89,968,067

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6.31

Asset Allocation 73,528,375 19.66 80,412,057 19.95 86,493,051 20.35 89,968,067

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MSCI USA

The underlying investments are subject to market risk (including falling share prices), interest rate risk, credit risk, inflation risk, and other risks, including any risks assumed by the underlying funds.

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MSCI USA: Diversification does not ensure a profit or protect against a loss. The principal value of any investment is not guaranteed at any time. This document is intended for educational purposes only and should not be construed as investment advice. This do...

Education

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Discuss Automatic Enrollment for Employees in Non-Rep Group (Ramirez/Morrison)

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ORDERS OF THE DAY

7.06

Foreign Large Value Rank 74 51 51 61 44 29 56 61 25 57 53 14 27

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MSCI USA: Santa Clara Valley Transportation Authority | 457 Deferred Compensation Plan Plan Review As of December 31, 2025 Performance (%) QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2024 2023 2022 2021 2020 2019 Vanguard Total Intl Stock Index I 4.51 32.23 32.23 17.13 7.97...

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7.91

Global Real Estate (FTSE EPRA/NAREIT Developed Index) (0.73) 9.58 9.58 6.65 2.76

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INFLATION

Approve Requests to attend National Association of Government Defined Contribution

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ORDERS OF THE DAY: 2 Administrators (NAGDCA) Annual Conference (Mata)

8.0

Oct-25 Nov-25 Dec-25 Growth (%) S&P 500 Index Russell 2000 Index Index QTR 1 yr. 3 yrs. 5 yrs. 10 yrs.

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S&P 500: S&P 500 2.7% 17.9% 23.0% 14.4% 14.8% Russell 1000 Value 3.8% 15.9% 13.9% 11.3% 10.5% Russell 1000 Growth 1.1% 18.6% 31.2% 15.3% 18.1% Russell Mid Cap 0.2% 10.6% 14.4% 8.7% 11.0% Russell Mid Cap Value 1.4% 11.0% 12.3% 9.8% 9.8% Russell Mid Cap Growth -...

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8.05

Blmbg. U.S.

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MSCI USA: Aggregate Index 1.10 7.30 7.30 4.66 (0.36) 2.01 1.25 5.53 (13.01) (1.55) 7.51 8.72 +/- Index 1.44 3.74 3.74 3.90 4.26 3.08 4.17 3.79 5.20 4.15 (1.71) (0.67) Multisector Bond Rank 2 3 3 19 12 10 62 38 21 45 60 78 American Beacon SiM High Yield Opps R5...

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8.21

Inflation-Protected Bond Rank 2 1 1 5 1 1 9 57 1 1 99 2 31

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MSCI USA: Section 5 | Fee Review 32 Annualized Plan Cost Record Keeper Fees Administrative Fees Weighted Investment Fees 0.000% 0.060% 0.120% 0.180% 0.240% 0.300% 0.360% 2023 2024 Dec-2025 0.015% 0.013% 0.012% 0.023% 0.020% 0.018% 0.256% 0.252% 0.239% 2023 (%)...

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8.57

Real Estate Rank 87 29 29 31 23 9 37 39 19 36 23 9 Principal Diversified Real Asset R6 2.52 14.71 14.71 6.91 6.14 5.65 3.14 3.30 (6.11) 17.42 3.94

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MSCI USA

Approve Requests to attend 457U training (Mata)

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ORDERS OF THE DAY

9.73

Blmbg. U.S.

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MSCI USA: Aggregate Index 1.10 7.30 7.30 4.66 (0.36) 2.01 1.25 5.53 (13.01) (1.55) 7.51 8.72 +/- Index 0.22 1.15 1.15 1.49 1.49 1.38 1.09 2.23 2.24 0.63 1.94

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8.a

September 27 – 30, 2026 (Sunday – Wednesday), in Orlando, FL

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ORDERS OF THE DAY

9.a

April 29, 2026 (Wednesday), in Foster City, CA

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ORDERS OF THE DAY

5.a

VTA Deferred Compensation Plan Expense Account Report – February 2026

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ORDERS OF THE DAY

11.a

VTA Plan Assets Monthly Report – February 2026

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ORDERS OF THE DAY

11.b

Emergency Withdrawal and Loan Reports

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ORDERS OF THE DAY

5.b

Empower Plan Performance Insights

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ORDERS OF THE DAY

Participant Demographic Report

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ORDERS OF THE DAY

LLC

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REGULAR AGENDA: Plan performance insights Santa Clara VTA Deferred Compensation Plan 100352-01 As of 12/31/2025 Agenda Item # 5 Assets and participants FOR FINANCIAL PROFESSIONAL AND PLAN SPONSOR USE ONLY. ©2026 EMPOWER,