Santa Clara Valley Transportation Authority (VTA) Board of Directors

BOARD OF PENSIONS INVESTMENT COMMITTEE Tuesday, April 7, 2026 11:00 a.m. Conference Room B-104 Valley Transportation Authority (VTA) 3331 North First Street San Jose, California 1)   CALL TO ORDER/ROLL CALL 2)   ORDERS OF THE DAY 3)   PUBLIC PRESENTATIONS   This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda.   Speakers are limited to 2 minutes . All statements that require a response will be referred to staff for reply in writing. CONSENT AGENDA 4)   Approve   Minutes of March 3, 2026. REGULAR AGENDA 5)   Receive   February 2026 Preliminary Performance Report (Meketa) 6)   Discuss   Multi-Asset Credit Manager Search (Malchenko/Meketa) 7)   Consider   Requests for Future Agenda Items. 8)   Receive   Chairperson’s Report. 9)   Announcements and Communications 10)   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 at (408) 321-5547 before 5:00 p.m. on the day prior to the meeting.   Thank you for your cooperation. All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the Investment Committee less than 72 hours prior to the meeting will be available for public inspection at 3331 North First Street, San Jose, CA at the same time that the public records are distributed or made available to the Investment Committee. In accordance with the Americans with Disabilities Act (ADA) and Title VI of the Civil Rights Act of 1964, VTA will make reasonable arrangements to ensure meaningful access to its meetings for persons who have disabilities and for persons with limited English proficiency who   need   translation   and   interpretation   services.   Individuals   requiring   an   ADA accommodation should notify Fanny Mata at least 48-hours prior to the meeting. Individuals requiring language assistance should notify Fanny Mata at least 72-hours prior to the meeting at (408) 321-5547 or *e-mail:   Retirement.Services@vta.org.

SANTA CLARA TRANSPORTATION AUTHORITY AMALGAMATED TRANSIT UNION, LOCAL 265 PENSION PLAN BOARD OF PENSIONS INVESTMENT COMMITTEE 3331 North First Street San Jose, CA 95134 Tuesday, March 3, 2026 SUMMARY MINUTES 1.   CALL TO ORDER/ROLL CALL   at 11:00 a.m. ROLL CALL: Attendee Name   Title   Status Grace Ragni   Chairperson   Present Raj Singh   Vice Chairperson   Present Michael McKeon   Committee Member   Absent Ashley Olvera   Committee Member   Present 11:04AM Michael Smith (Alternate) Committee Member   Present There was Quorum present. 2.   ORDERS OF THE DAY There was no order of the day. 3.   PUBLIC PRESENTATIONS There were no Public Presentations. NOTE:   M/S/C MEANS MOTION SECONDED AND CARRIED AND, UNLESS OTHERWISE INDICATED, MOTION PASSES UNANIMOUSLY Agenda Item #4

Investment Committee Summary Minutes Page 2 of 5   Tuesday, March 3, 2026 4.   Minutes of February 3, 2026 M/S/C (Smith/R. Singh)   to approve the Consent Agenda. 5.   Receive January 2026 Preliminary Performance Report David Sancewich from Meketa presented the Preliminary reports for both the pension and medical plans. For the ATU Pension Plan, Mr. Sancewich reported an aggregate value of $845 million as of January 31, 2026. The plan achieved a 1.9% positive return for the month, outperforming the policy index of 1.8%. He highlighted that all portfolios are within their target ranges and emphasized strong annualized returns of 11.4% over the three-year period, with inception returns ranging from 7.2% to 8.4%. For the Spousal Medical Trust, Mr. Sancewich reported a 1.1% return for January and a 9.2% return for the fiscal year-to-date, which is above actuarial rates. He noted that the portfolio is solely diversified in domestic equity and fixed income, which drove recent success; domestic equity returned 20.7% over the last thre

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This meeting covers: Santa Clara Valley Transportation Authority (VTA) Board of Directors.