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Home My Public Portal About2021-06-30_AndCo_Consulting_Fire Police Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="06/30/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2021 City of Crestview Police Officers & Firefighters' Retirement Plan 2nd Quarter 2021 Market Environment Page 1 The Market Environment Executive Summary As of June 30, 2021 Fixed Income Despite the continued global economic recovery and rising inflation concerns, US interest rates dipped during the quarter as the US 10-Year Treasury bond fell 27 basis points to close at 1.47%. Performance across all bond markets sectors was positive during the quarter, led by investment grade corporate bonds. The combination of lower gross issuance levels, in conjunction with a longer maturity profile relative to high yield bonds, were the primary catalysts of performance during the period. Within investment grade credit, Lower quality issues outperformed higher quality sectors during the quarter. Consistent with the economic recovery theme, as investors’ expectations of future growth improves, those credits should perform well as earnings growth accelerates. Market Themes Global central monetary policy remains largely intact and accommodative. Both the Fed and the European Central Bank remain committed to their repurchase programs. Given these conditions, barring a socioeconomic or geopolitical shock, it is reasonable to expect risk assets to continue experiencing solid returns. US interest rates are likely to remain low for the remainder of 2021. As a result, credit should continue to outperform both higher quality Treasury and government bonds. Finally, low interest rates have historically been a tailwind for growth equities. Given that the Fed has committed to keeping rates unchanged in the near-term, growth- oriented companies could continue to lead the market. The Economy  The US economy continues to recover as widespread vaccine distribution has resulted in the reopening of many state and local economies.  The recent rise in demand for goods and services has resulted in strong inflationary pressures. The annual rate of inflation increased to 5.0% in May, up from 4.2% in April.  The US labor market continues to recover as evidenced by the decline in the unemployment rate. Recently, several states have moved to reduce or eliminate additional unemployment benefits to incentivize people to return to work. Overall, wage growth has shown signs of accelerating as employers struggle to fill job openings.  Despite leaving interest rates unchanged at their most recent meeting, the Fed did change the language of its statement suggesting that interest rates may rise sooner rather than later. Equity (Domestic and International)  US equities rose to all-time highs during the second quarter, primarily due to the optimism related to increased control over the pandemic. Reversing performance from recent quarters, growth outpaced value and large companies resumed market leadership relative to smaller peers.  International equities performed well during the 2nd quarter, albeit at a less frenetic pace than their domestic counterparts. Also similar to the US, growth outperformed value and emerging countries underperformed developed ones. Page 2 Source: Investment Metrics The Market Environment Major Market Index Performance As of June 30, 2021 0.0% 3.5% 0.3% 3.2% 1.7% 1.8% 5.0% 5.2% 5.5% 4.3% 7.5% 8.5% 8.2% 8.5% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 3-Month T-Bill Bbg Barclays Corp IG Bbg Barclays MBS Bbg Barclays US TIPS Bbg Barclays US Govt Bbg Barclays US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 0.1% 3.3% -0.4% 6.5% -3.1% -0.3% 40.9% 32.4% 35.7% 62.0% 49.8% 43.1% 44.2% 40.8% -10.0% 5.0% 20.0% 35.0% 50.0% 65.0% 3-Month T-Bill Bbg Barclays Corp IG Bbg Barclays MBS Bbg Barclays US TIPS Bbg Barclays US Govt Bbg Barclays US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Broad US equity markets experienced strong returns during the 2nd quarter of 2021. The primary catalyst during the period was the continued reopening of state and local economies resulting from the ongoing distribution of vaccines. Importantly, US interest rates also fell during the period which resulted in large, growth-oriented companies resuming market leadership. For the period, large cap companies returned 8.5%, compared to 7.5% for mid-caps and 4.3% for small company stocks. Similar to domestic markets, broad international equity markets also posted positive returns for the 2nd quarter. The re-opening of global economies, particularly Europe, were key drivers of performance. During the period, the MSCI EAFE Index return of 5.2% modestly outperformed the MSCI Emerging Markets Index return of 5.0% For the quarter, bond market returns were generally positive as interest rates declined. The Bloomberg Barclays (BB) US Aggregate Index returned 1.8%, trailing both US TIPS and Investment Grade Corporate bonds which returned 3.2% and 3.5% respectively. The trailing 1-year chart details the market’s dramatic reversal following the onset of the pandemic last year. All broad US equity market indexes have recovered and are trading at near-record levels. Most notably, domestic small cap stocks have led the market higher by returning 62.0% compared to US large caps which returned 43.1% over the trailing 1-year period. Over the trailing 1-year period the MSCI EAFE Index return of 32.4% fell short of the MSCI Emerging Markets Index return of 40.9%. Higher growth benefits areas like emerging markets which are more sensitive to changes in economic activity. As a result, as global markets continue to recover, economically sensitive emerging countries may recover at a faster rate. Bond market returns over the trailing 1-year period were relatively muted compared to equities. US TIPS led the way as investors remain concerned about the potential for rising inflation. The TIPS Index returned 6.5% for the period while investment grade corporate bonds returned 3.3%. Higher quality, lower coupon bonds generally struggled to perform during the period as US interest rates generally moved higher. Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of June 30, 2021 3.9% 4.3% 4.6% 11.1% 7.5% 5.7% 11.9%8.5% 5.2% 11.4%8.2% 5.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance - Russell Style Series 51.4% 62.0% 73.3% 43.8% 49.8% 53.1% 42.5% 43.1% 43.7% 43.0% 44.2% 45.4% 0.0% 20.0% 40.0% 60.0% 80.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance - Russell Style Series The market’s strong momentum continued during the quarter as all broad US equity benchmarks posted their 5th straight quarter of positive returns across both the style and market capitalization spectrums. However, we did see a reversal during the period as large cap stocks resumed leadership followed by mid and small caps. The Russell 1000 Index returned a strong 8.5% compared to 7.5% for the Russell Mid Cap Index and 4.3% for the Russell 2000 Index. Growth stocks outpaced value stocks for the first time in two quarters. The Russell 1000 Growth Index was the best performing style index for the quarter, posting a return of 11.9%. Mid cap growth stock performance was not far behind, returning 11.1%. However, in small cap stocks, value outpaced growth for the quarter with the Russell 2000 Value Index returning 4.6% compared to 3.9% for the Russell 2000 Growth Index. Performance across all market capitalizations and styles was very strong over the trailing 1-year period. Despite the recent gains made by growth stocks, value stocks outpaced growth issues across all market capitalizations over the trailing 1-year period. Given the strong economic recovery, it is not surprising that small cap value stocks performed the best with the Russell 2000 Value Index returning 73.3%. While the dispersion between value and growth was widest in small cap stocks, it narrowed significantly moving up the market capitalization spectrum. Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of June 30, 2021 Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 16.0% 33.1% 48.6% 43.5% 51.0% 28.8% 62.0% 51.6% 23.7% 49.6% 49.7% -0.4% 12.3% 4.8% 11.6% 4.3% 8.7% 8.0% 11.9% 3.6% 6.8% 10.7% -5.0% 10.0% 25.0% 40.0% 55.0% Utilities (2.5%) Real Estate (3.1%) Materials (2.9%) Info Technology (26.5%) Industrials (9.3%) Health Care (13.1%) Financials (11.6%) Energy (2.6%) Consumer Staples (5.7%) Consumer Disc (12.1%) Comm Services (10.6%) Russell 1000 Quarter 1-Year 18.8% 45.3% 87.6% 57.3% 70.5% 43.0% 56.8% 134.2% 57.6% 100.5% 105.0% -1.3% 7.4% 4.9% 6.1% 0.6% 3.2% 0.8% 20.9% 2.4% 5.9% 33.0% -10.0% 15.0% 40.0% 65.0% 90.0% 115.0% 140.0% Utilities (2.7%) Real Estate (6.1%) Materials (4.6%) Info Technology (12.5%) Industrials (16.0%) Health Care (18.9%) Financials (16.0%) Energy (2.7%) Consumer Staples (3.3%) Consumer Disc (14.7%) Comm Services (2.5%) Russell 2000 Quarter 1-Year Sector performance was positive across ten of the eleven large cap economic sectors for the 2 nd quarter. Five sectors outpaced the return of the broad index during the period. Inflation-sensitive sectors like real estate and energy were the two best performing sectors for the quarter, returning 12.3% and 11.9% respectively. In general, companies in sectors with the ability to pass along rising costs to consumers experienced the strongest returns. The technology sector benefited from falling interest rates during the period, which acted as a tailwind to earnings. While nearly all sectors experienced positive results, the utilities sector (-0.4%) lagged its peers and the broad index results. For the full year, seven sectors exceeded the return of the broad large cap benchmark: communication services, consumer discretionary, energy, financials, industrials, information technology, and materials. Over the trailing 1-year period, financials (62.0%), energy (51.6%), industrials (51.0%), and communication services (49.7%) were the best performing economic sectors. The weakest economic sector in the Russell 1000 for the trailing year, utilities, still managed to produce a strong return of 16.0%. Similar to large cap stocks, ten of the eleven small cap sectors posted positive performance for the quarter and six of them managed to outpace the return of the broad Russell 2000 Index. Communication services was the best performing sector during the quarter, returning a robust 33.0%. Energy stocks also performed well during the period with a return of 20.9%. For the full 1-year period, five of the eleven sectors outperformed the broad benchmark: energy (134.2%), communication services (105.0%), consumer discretionary (100.5%), materials (87.6%), and industrials (70.5%). The combination of rapidly improving economic conditions, rising energy prices, and increased inflationary pressures were the primary catalysts for the exceptional performance. Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of June 30, 2021 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Apple Inc 5.22% 12.3% 51.2% Information Technology AMC Entmt Holdings Inc Class A 0.76% 455.1% 1221.2% Communication Services Microsoft Corp 4.96% 15.2% 34.4% Information Technology Intellia Therapeutics Inc 0.34% 101.7% 670.3% Health Care Amazon.com Inc 3.62% 11.2% 24.7%Consumer Discretionary Arrowhead Pharmaceuticals Inc 0.28% 24.9% 91.8% Health Care Facebook Inc A 2.02% 18.1% 53.1% Communication Services Ovintiv Inc 0.27% 32.7% 240.7% Energy Alphabet Inc A 1.78% 18.4% 72.2% Communication Services Lattice Semiconductor Corp 0.25% 24.8% 97.9% Information Technology Alphabet Inc Class C 1.73% 21.2% 77.3% Communication Services II-VI Inc 0.25% 6.2% 53.7%Information Technology Tesla Inc 1.28% 1.8% 214.7% Consumer Discretionary Crocs Inc 0.25% 44.8% 216.5% Consumer Discretionary Berkshire Hathaway Inc Class B 1.27% 8.8% 55.7% Financials Scientific Games Corp Ordinary Shares 0.25% 101.0% 400.9%Consumer Discretionary NVIDIA Corp 1.16% 49.9% 110.8% Information Technology Staar Surgical Co 0.24% 44.7% 147.8% Health Care JPMorgan Chase & Co 1.14% 2.8% 70.7% Financials Denali Therapeutics Inc 0.24% 37.4% 224.4% Health Care Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Moderna Inc 0.19% 79.4% 266.0% Health Care AMC Entmt Holdings Inc Class A 0.76% 455.1%1221.2% Communication Services NovoCure Ltd 0.06% 67.8% 274.1% Health Care Brooklyn ImmunoTherap Inc Ord Shrs 0.01% 384.1% N/A Health Care Hayward Holdings Inc 0.00% 54.1% N/A Consumer Discretionary Laredo Petroleum Inc 0.04% 208.7% 569.5% Energy Cloudflare Inc 0.06% 50.6% 194.4% Information Technology Atossa Therapeutics Inc 0.02% 199.5% 66.3% Health Care Virgin Galactic Holdings Inc Shs A 0.02% 50.2% 181.5% Industrials Peabody Energy Corp 0.02% 159.2% 175.3% Energy NVIDIA Corp 1.16% 49.9% 110.8% Information Technology Apollo Medical Holdings Inc 0.08% 131.9% 280.7% Health Care Continental Resources Inc 0.01% 47.5% 117.7% Energy Asana Inc Ordinary Shares - Class A 0.15% 117.0% N/A Information Technology Nutanix Inc A 0.02% 43.9% 61.2% Information Technology Agiliti Inc Ordinary Shares 0.02% 116.5% 1338.8% Health Care Roku Inc Class A 0.13% 41.0% 294.1% Communication Services HyreCar Inc 0.01% 113.5% 614.0% Industrials Targa Resources Corp 0.02% 40.4% 125.5% Energy Prothena Corp PLC 0.06% 104.7% 391.5% Health Care Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector QuantumScape Corp Ord Shares A 0.01% -34.6% N/A Consumer Discretionary ChemoCentryx Inc 0.02% -73.9% -76.7% Health Care Discovery Inc Class A 0.01% -29.4% 45.4% Communication Services Atea Pharmaceuticals Inc Ord Shares 0.05% -65.2% N/A Health Care Penn National Gaming Inc 0.03% -27.0% 150.5% Consumer Discretionary Adverum Biotechnologies Inc 0.01% -64.5% -83.2% Health Care TripAdvisor Inc 0.01% -25.1% 112.0% Communication Services Vor Biopharma Inc Ordinary Shares 0.01% -56.7% N/A Health Care Sage Therapeutics Inc 0.01% -24.1% 36.6% Health Care Aemetis Inc 0.01% -54.4% 1282.9% Energy Discovery Inc C 0.02% -21.4% 50.5% Communication Services Bolt Biotherapeutics Inc Ord Shares 0.01% -53.0% N/A Health Care The Scotts Miracle Gro Co A 0.02% -21.4% 49.0% Materials Gemini Therapeutics Inc Ord Shares 0.00% -52.3% N/A Health Care CureVac NV Ordinary Shares 0.01% -19.7% N/A Health Care iRhythm Technologies Inc 0.06% -52.2% -42.7% Health Care Exelixis Inc 0.01% -19.3% -23.3% Health Care Sigilon Therapeutics Inc Ord Shares 0.00% -52.0% N/A Health Care Guardant Health Inc 0.03% -18.6% 53.1% Health Care Aterian Inc 0.01% -50.4% 166.5%Consumer Discretionary Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of June 30, 2021 6.1% 3.4% 5.3% 3.8% 1.9% 6.4% 4.8% 5.2% 4.8% 15.0% 3.8% 7.4% 5.1% 1.3% 7.4% 5.2% 5.7% 5.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) Quarter Performance USD Local Currency 31.0% 37.6% 30.2% 36.1% 28.0% 26.5% 27.1% 27.6% 30.0% 44.9% 41.0% 37.4% 40.9% 27.8% 35.0% 32.4% 33.6% 35.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency All broad international equity indexes tracked in the chart posted positive returns in both US dollar (USD) and local currency terms for the 2nd quarter. For the period, developed markets outperformed emerging markets in both USD and local currency. The MSCI EAFE Index returned 5.2% in USD and 4.8% in local currency terms for the period while the MSCI Emerging Markets Index returned a slightly lower 5.1% in USD and 3.8% in local currency terms. The trailing 1-year results for international developed and emerging markets were positive across all regions and currencies. The MSCI EAFE Index returned 32.4% in USD and 27.1% in local currency terms, while the MSCI Emerging Markets Index returned 40.9%in USD and 36.1% in local currency terms. Performance within the emerging markets regions was led by Latin America with the EM Latin America Index returning 44.9% in USD and 31.0% in local terms. Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of June 30, 2021 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year Return Communication Services 4.9% 0.3% 26.1% Consumer Discretionary 13.0% 5.5% 49.8% Consumer Staples 10.5% 8.5% 17.9% Energy 3.2% 2.7% 29.1% Financials 17.0% 3.2% 40.2% Health Care 12.4% 9.3% 12.3% Industrials 15.5% 3.6% 39.6% Information Technology 9.1% 8.3% 40.2% Materials 7.9% 5.1% 47.2% Real Estate 3.0% 5.3% 27.6% Utilities 3.4% -1.1% 12.7% Total 100.0% 5.2% 32.4% MSCI - ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.7% 1.5% 24.9% Consumer Discretionary 13.8% 4.8% 44.6% Consumer Staples 8.5% 7.7% 19.1% Energy 4.5% 8.2% 34.2% Financials 18.6% 4.3% 40.7% Health Care 9.3% 9.9% 15.2% Industrials 11.8% 4.4% 40.3% Information Technology 12.9% 7.0% 56.6% Materials 8.3% 6.5% 49.5% Real Estate 2.6% 2.5% 22.3% Utilities 3.0% -0.3% 14.9% Total 100.0% 5.5% 35.7% MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 11.3% 1.9% 23.0% Consumer Discretionary 17.6% 3.6% 36.8% Consumer Staples 5.6% 4.5% 23.7% Energy 5.0% 12.1% 31.8% Financials 17.8% 4.2% 33.0% Health Care 5.0% 14.1% 32.3% Industrials 4.9% 13.2% 45.2% Information Technology 20.4% 3.8% 75.8% Materials 8.4% 8.4% 71.4% Real Estate 2.0% -6.0% 6.6% Utilities 1.9% 2.0% 20.3% Total 100.0% 5.1% 40.9% MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year Country Weight Weight Return Return Japan 23.2% 14.3% -0.3% 24.8% United Kingdom 14.4% 8.9% 6.0% 31.3% France 11.5% 7.1% 9.1% 40.9% Switzerland 9.8% 6.0% 11.5% 24.3% Germany 9.4% 5.8% 4.7% 31.8% Australia 7.2% 4.4% 6.9% 39.6% Netherlands 4.4% 2.7% 7.3% 49.6% Sweden 3.8% 2.3% 5.5% 53.9% Hong Kong 3.3% 2.0% 2.5% 29.0% Denmark 2.6% 1.6% 13.1% 44.2% Italy 2.5% 1.5% 3.6% 36.6% Spain 2.5% 1.5% 5.3% 30.7% Singapore 1.1% 0.7% 0.5% 28.7% Finland 1.1% 0.7% 10.8% 34.7% Belgium 1.0% 0.6% 9.2% 28.5% Ireland 0.7% 0.4% 2.4% 39.6% Norway 0.6% 0.4% 4.9% 49.6% Israel 0.6% 0.4% 5.1% 22.5% New Zealand 0.2% 0.2% -5.1% -5.0% Austria 0.2% 0.1% 11.5% 70.9% Portugal 0.2% 0.1% -0.9% 11.4% Total EAFE Countries 100.0% 61.7% 5.2% 32.4% Canada 7.0% 10.0% 45.8% Total Developed Countries 68.7% 5.7% 33.6% China 11.7% 2.3% 27.4% Taiwan 4.4% 7.1% 70.5% Korea 4.1% 4.8% 66.2% India 3.1% 6.9% 56.4% Brazil 1.6% 22.9% 46.6% South Africa 1.1% -1.5% 39.9% Russia 1.1% 14.0% 38.6% Saudi Arabia 0.9% 10.0% 49.3% Mexico 0.6% 9.1% 55.9% Thailand 0.5% -4.9% 7.0% Malaysia 0.4% -2.5% 3.8% Indonesia 0.4% -5.1% 7.6% Poland 0.2% 18.7% 26.7% United Arab Emirates 0.2% 11.2% 50.4% Qatar 0.2% 2.2% 15.1% Philippines 0.2% 7.6% 14.3% Chile 0.1% -14.2% 23.4% Hungary 0.1% 14.8% 46.1% Turkey 0.1% -0.5% -13.0% Peru 0.1% -8.8% 9.6% Colombia 0.1% -2.9% 18.0% Argentina 0.0% 5.8% 28.6% Greece 0.0% 8.2% 32.0% Czech Republic 0.0% 14.6% 52.1% Egypt 0.0% -9.2% -13.4% Pakistan 0.0% -6.7% 13.2% Total Emerging Countries 31.2% 5.1% 40.9% Total ACWIxUS Countries 100.0% 5.5% 35.7% Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of June 30, 2021 1.4% 0.9% 0.8% 1.8% 3.7% 3.2% 3.0% 1.2% 3.2% 2.7% 3.5% 0.3% 1.7% 0.0% 1.0% 2.0% 3.0% 4.0% Multiverse (7.3) Global Agg x US (8.2) Intermediate Agg (4.2) Aggregate (6.6) Baa (8.8) A (8.4) AA (8.4) AAA (5.7) U.S. TIPS (6.6) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.2) U.S. Treasury (7.0) Quarter Performance 3.2% 4.6% 0.1% -0.3% 5.4% 1.5% 0.8% -1.9% 6.5% 15.4% 3.3% -0.4% -3.2% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Multiverse (7.3) Global Agg x US (8.2) Intermediate Agg (4.2) Aggregate (6.6) Baa (8.8) A (8.4) AA (8.4) AAA (5.7) U.S. TIPS (6.6) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.2) U.S. Treasury (7.0) 1-Year Performance Fixed income markets performed well during the 2nd quarter primarily due to falling US interest rates which acted as general tailwind for bond benchmark performance. The Bloomberg Barclays (BB) US Aggregate Bond Index returned a solid 1.8% for the period. Digging deeper into the investment grade index’s segments, while each component exhibited positive performance, the US Corporate Investment Grade (3.5%) and US TIPS (3.2%) benchmark segments drove results. Although yields on issues of less than 2-years remained stable during the quarter, yields on longer-dated issues declined substantially over concerns of future economic growth. Outside of domestic markets, the BB Global Aggregate ex US Index posted a 0.9% return for the quarter. Like international stocks, global bonds were negatively impacted by the strengthening USD. Over the trailing 1-year period, domestic bond performance was slightly negative while global bonds posted solid, positive results. The BB Global Aggregate ex US Index return of 4.6%easily outpaced the domestic BB US Aggregate Index’s return of -0.3%. A steepening yield curve, combined with a falling USD, were the primary contributors to the relative outperformance of global bonds for the year. The dispersion of returns for the year within bond market segments was significant and was led by the US High Yield Index’s return of 15.4%. The combination of a lower average duration and a greater sensitivity to equity market movements were the primary performance catalysts. US TIPS also performed well for the year with the index returning 6.5%. Persistent concerns about rising inflation acted like a tailwind for TIPS issues. Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of June 30, 2021 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 0.00 0.50 1.00 1.50 2.00 2.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 9/30/2020 12/31/2020 3/31/2021 6/30/2021 The gray band across the graph illustrates the range of the Fed Funds Rate. Over the past year, the Fed’s target rate range has remained unchanged at 0.00% to 0.25%. During its June meeting, the Federal Open Market Committee (FOMC) reiterated its commitment to keeping interest rates near zero while also maintaining its asset purchase program aimed at supplying the market with ample liquidity. The yield on the US 10-year Treasury (green line) began increasing rapidly as the economy slowly began to open earlier this year. After reaching a high of 1.74% during the 1st quarter of 2021, interest rates in the US began to fall as concerns about future economic growth increased. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-Treasury investment grade issues. The narrowing spread the line illustrates indicates investors remain comfortable owning credit as the probability of corporate defaults remains low. While nearly triple the BAA OAS, the High Yield OAS shows a similar willingness by investors to hold non-Treasury debt. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. Beginning in the 3rd quarter of 2020, longer-term interest rates began to move higher as investors’ optimism improved. This trend continued through the 1st quarter as economic growth surprised to the upside. Since then, longer-term US interest rates have fallen. Page 10 Page Intentionally Left Blank Page 11 March 31, 2021 : $25,273,579 R&D Real Estate Non-Core FI Domestic Fixed International Equity Domestic Equity June 30, 2021 : $26,608,896 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Allocation Market Value Allocation Domestic Equity 13,036,468 51.6¢£ International Equity 3,366,937 13.3¢£ Domestic Fixed 5,095,595 20.2¢£ Non-Core Fixed income 1,079,279 4.3¢£ Infrastructure -0.0¢£ Real Estate 2,006,645 7.9¢£ Cash Equivalent 688,655 2.7¢£ Allocation Market Value Allocation Domestic Equity 11,821,675 44.4¢£ International Equity 3,894,939 14.6¢£ Domestic Fixed 6,539,198 24.6¢£ Non-Core Fixed income 1,321,178 5.0¢£ Infrastructure 1,000,000 3.8¢£ Real Estate 2,075,642 7.8¢£ Cash Equivalent -43,736 -0.2¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of June 30, 2021 Page 12 March 31, 2021 : $25,273,579 Dana LCC Vanguard MC (VIMAX) R&D Intercontinental Pacific Funds (PLFRX) Templeton (FTTRX) Agincourt Fixed Income Transamerica (TSWIX) Europacific (RERGX) Vanguard TS (VTSAX) June 30, 2021 : $26,608,896 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) R&D IntercontinentalBrookfieldPacific Funds (PLFRX) PIMCO (PDIIX) Agincourt Fixed Income Transamerica (TSWIX) Europacific (RERGX) Allocation Market Value Allocation Dana Large Cap Core Equity 3,284,468 13.0¢£ Vanguard Mid Cap Index (VIMAX)3,249,003 12.9¢£ Vanguard Total Stock Index (VTSAX)6,502,996 25.7¢£ Europacific Growth (RERGX)1,873,452 7.4¢£ Transamerica Intl (TSWIX)1,493,485 5.9¢£ Agincourt Fixed Income 5,095,595 20.2¢£ Templeton Global (FTTRX)581,837 2.3¢£ PIMCO Diversified Income (PDIIX)-0.0¢£ Pacific Funds Floating Rate Income (PLFRX)497,442 2.0¢£ Brookfield BSIP Access Fund -0.0¢£ Intercontinental Real Estate 2,006,645 7.9¢£ R&D 688,655 2.7¢ Allocation Market Value Allocation Dana Large Cap Core Equity 3,527,750 13.3¢£ Vanguard Mid Cap Index (VIMAX)2,754,496 10.4¢£ Vanguard Total Stock Index (VTSAX)5,539,430 20.8¢£ Europacific Growth (RERGX)1,968,632 7.4¢£ Transamerica Intl (TSWIX)1,926,307 7.2¢£ Agincourt Fixed Income 6,539,198 24.6¢£ Templeton Global (FTTRX)-0.0¢£ PIMCO Diversified Income (PDIIX)660,000 2.5¢£ Pacific Funds Floating Rate Income (PLFRX)661,178 2.5¢£ Brookfield BSIP Access Fund 1,000,000 3.8¢£ Intercontinental Real Estate 2,075,642 7.8¢£ R&D -43,736 -0.2¢ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of June 30, 2021 Page 13 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% Real Estate (Composite) (7.8%) Infrastructure (3.8%) Non-Core Fixed income (5.0%) Domestic Fixed (24.6%) International Equity (14.6%) Domestic Equity (44.4%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 5.0 5.0 Infrastructure 0.0 10.0 3.8 5.0 Real Estate (Composite)5.0 15.0 7.8 10.0 International Equity 10.0 20.0 14.6 15.0 Domestic Fixed 17.5 27.5 24.6 22.5 Domestic Equity 37.5 47.5 44.4 42.5 Total Fund Portfolio N/A N/A 100.0 100.0 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation Compliance As of June 30, 2021 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 44.43 (50)14.64 (58)2.48 (76)27.06 (40)3.76 (80)7.80 (45)-0.16 5th Percentile 61.90 25.38 10.58 49.62 40.26 12.74 6.45 1st Quartile 51.60 18.44 4.56 31.99 17.06 8.85 2.18 Median 44.06 15.08 3.88 24.39 9.40 7.48 1.06 3rd Quartile 34.09 12.02 2.56 18.28 4.24 5.34 0.53 95th Percentile 17.67 6.52 1.83 12.48 0.96 2.15 0.05 Population 623 569 132 592 221 413 464 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of June 30, 2021 Parentheses contain percentile rankings. . Page 15 Jun-2021 Mar-2021 Dec-2020 Sep-2020 Jun-2020 ($)%($)%($)%($)%($)% Total Equity 15,716,614 59.07 16,403,405 64.90 15,475,817 63.45 13,400,473 60.82 12,385,189 58.88 Domestic Equity 11,821,675 44.43 13,036,468 51.58 12,186,659 49.97 10,632,257 48.26 9,814,123 46.65 Dana Large Cap Core Equity 3,527,750 13.26 3,284,468 13.00 3,045,339 12.49 2,736,192 12.42 2,556,084 12.15 Vanguard Mid Cap Index (VIMAX)2,754,496 10.35 3,249,003 12.86 3,031,220 12.43 2,568,493 11.66 2,379,435 11.31 Vanguard Total Stock Index (VTSAX)5,539,430 20.82 6,502,996 25.73 6,110,101 25.05 5,327,572 24.18 4,878,604 23.19 International Equity 3,894,939 14.64 3,366,937 13.32 3,289,158 13.49 2,768,215 12.56 2,571,066 12.22 Europacific Growth (RERGX)1,968,632 7.40 1,873,452 7.41 1,881,597 7.71 1,568,611 7.12 1,430,435 6.80 Transamerica Intl (TSWIX)1,926,307 7.24 1,493,485 5.91 1,407,561 5.77 1,199,604 5.44 1,140,631 5.42 Total Fixed Income 7,860,376 29.54 6,174,874 24.43 6,282,328 25.76 6,240,000 28.32 6,200,507 29.48 Agincourt Fixed Income 6,539,198 24.58 5,095,595 20.16 5,192,896 21.29 5,169,584 23.46 5,140,808 24.44 Templeton Global (FTTRX)-0.00 581,837 2.30 598,583 2.45 593,675 2.69 596,953 2.84 PIMCO Diversified Income (PDIIX)660,000 2.48 -0.00 -0.00 -0.00 -0.00 Pacific Funds Floating Rate Income (PLFRX)661,178 2.48 497,442 1.97 490,849 2.01 476,741 2.16 462,746 2.20 Total Infrastructure 1,000,000 3.76 -0.00 -0.00 -0.00 -0.00 Brookfield BSIP Access Fund 1,000,000 3.76 -0.00 -0.00 -0.00 -0.00 Real Estate 2,075,642 7.80 2,006,645 7.94 1,969,350 8.07 1,971,189 8.95 1,967,971 9.36 Intercontinental Real Estate 2,075,642 7.80 2,006,645 7.94 1,969,350 8.07 1,971,189 8.95 1,967,971 9.36 Cash Accounts R&D -43,736 -0.16 688,655 2.72 662,256 2.72 420,529 1.91 482,016 2.29 Total Fund Portfolio 26,608,896 100.00 25,273,579 100.00 24,389,751 100.00 22,032,191 100.00 21,035,683 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of June 30, 2021 Page 16 Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Real Estate Real Return Cash Equivalent 0.0 8.0 16.0 24.0 32.0 40.0 48.0 56.0 64.0 72.0 80.0 88.0 96.0 Allocation (%) 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 6/21 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending June 30, 2021 Page 17 Market Value 04/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2021 Total Equity 16,403,405 -1,886,000 ----326 122,161 1,077,373 15,716,614 Domestic Equity 13,036,468 -2,226,000 ----326 37,769 973,764 11,821,675 Dana Large Cap Core Equity 3,284,468 -----326 11,010 232,597 3,527,750 Vanguard Mid Cap Index (VIMAX)3,249,003 -737,000 ----8,658 233,835 2,754,496 Vanguard Total Stock Index (VTSAX)6,502,996 -1,489,000 ----18,101 507,332 5,539,430 International Equity 3,366,937 340,000 ----84,392 103,609 3,894,939 Europacific Growth (RERGX)1,873,452 -36,000 ----84,392 46,788 1,968,632 Transamerica Intl (TSWIX)1,493,485 376,000 -----56,822 1,926,307 Total Fixed Income 6,174,874 1,606,328 ----501 46,897 32,779 7,860,376 Agincourt Fixed Income 5,095,595 1,392,000 ----501 34,095 18,009 6,539,198 Templeton Global (FTTRX)581,837 -601,672 ----8,151 11,685 - PIMCO Diversified Income (PDIIX)-660,000 ------660,000 Pacific Funds Floating Rate Income (PLFRX)497,442 156,000 ----4,651 3,085 661,178 Infrastructure -1,000,000 ------1,000,000 Brookfield BSIP Access Fund -1,000,000 ------1,000,000 Real Estate 2,006,645 -14,466 ---4,068 -18,534 68,997 2,075,642 Intercontinental Real Estate 2,006,645 -14,466 ---4,068 -18,534 68,997 2,075,642 Cash Accounts R&D 688,655 -705,862 223,875 -241,584 --8,868 48 --43,736 Total Fund Portfolio 25,273,579 -223,875 -241,584 -4,068 -9,695 187,641 1,179,149 26,608,896 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending June 30, 2021 Page 18 Market Value 10/01/2020 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2021 Total Equity 13,400,473 -1,886,000 ---4,446 -897 236,715 3,970,769 15,716,614 Domestic Equity 10,632,257 -2,226,000 ---4,446 -897 127,802 3,292,959 11,821,675 Dana Large Cap Core Equity 2,736,192 ----4,446 -897 33,081 763,819 3,527,750 Vanguard Mid Cap Index (VIMAX)2,568,493 -737,000 ----31,411 891,592 2,754,496 Vanguard Total Stock Index (VTSAX)5,327,572 -1,489,000 ----63,310 1,637,548 5,539,430 International Equity 2,768,215 340,000 ----108,913 677,810 3,894,939 Europacific Growth (RERGX)1,568,611 -36,000 ----91,991 344,030 1,968,632 Transamerica Intl (TSWIX)1,199,604 376,000 ----16,922 333,780 1,926,307 Total Fixed Income 6,240,000 1,606,328 3,213 --9,722 -1,514 143,118 -121,046 7,860,376 Agincourt Fixed Income 5,169,584 1,392,000 3,213 --9,722 -1,514 103,580 -117,943 6,539,198 Templeton Global (FTTRX)593,675 -601,672 ----25,305 -17,308 - PIMCO Diversified Income (PDIIX)-660,000 ------660,000 Pacific Funds Floating Rate Income (PLFRX)476,741 156,000 ----14,233 14,205 661,178 Infrastructure -1,000,000 ------1,000,000 Brookfield BSIP Access Fund -1,000,000 ------1,000,000 Real Estate 1,971,189 -33,421 ---8,397 -45,785 100,486 2,075,642 Intercontinental Real Estate 1,971,189 -33,421 ---8,397 -45,785 100,486 2,075,642 Cash Accounts R&D 420,529 -686,906 1,038,670 -751,784 --64,332 87 --43,736 Total Fund Portfolio 22,032,191 -1,041,883 -751,784 -22,565 -66,743 425,706 3,950,209 26,608,896 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2020 To June 30, 2021 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)5.42 (44)19.68 (57)25.85 (59)11.97 (36)11.10 (34)11.37 (36)8.21 (58)10/01/1994 Total Fund Policy 5.26 (51)19.00 (66)25.48 (62)12.42 (23)11.45 (27)11.55 (30)8.25 (54) All Public Plans-Total Fund Median 5.27 20.23 26.54 11.41 10.55 10.90 8.31 Total Fund Portfolio (Net)5.40 19.57 25.66 11.72 10.85 11.09 7.86 10/01/1994 Total Equity 7.37 31.47 42.30 16.32 15.39 15.99 9.85 10/01/1994 Total Equity Policy 7.61 31.07 42.21 16.51 15.63 16.34 10.02 Domestic Equity 7.89 (37)32.34 (55)43.43 (57)17.89 (39)16.97 (41)17.11 (44)15.85 (70)04/01/2009 Domestic Equity Policy 8.24 (33)32.01 (57)44.16 (54)18.73 (33)17.73 (35)17.89 (38)17.07 (51) IM U.S. Equity (SA+CF+MF) Median 6.63 34.08 44.93 15.68 15.05 16.11 17.08 International Equity 5.63 (49)28.48 (53)38.33 (51)10.73 (55)9.85 (56)12.05 (54)8.77 (93)04/01/2009 International Equity Policy 5.64 (49)28.14 (56)36.29 (63)9.88 (61)9.35 (60)11.59 (62)N/A IM International Equity (MF) Median 5.59 29.03 38.51 11.14 10.29 12.43 11.48 Total Fixed Income 1.27 0.33 1.03 4.32 3.15 2.94 5.44 10/01/1994 Total Fixed Policy 0.90 0.29 1.26 4.37 3.25 2.52 5.25 Domestic Fixed Income 1.00 (66)-0.30 (83)0.34 (80)4.96 (51)3.70 (51)3.04 (50)5.52 (17)10/01/1994 Domestic Fixed Policy 0.78 (89)-0.42 (90)0.05 (90)4.41 (86)3.21 (88)2.53 (91)5.28 (43) IM U.S. Intermediate Duration (SA+CF) Median 1.06 0.19 1.01 4.97 3.72 3.03 5.25 Non-Core Fixed Income 2.51 3.36 4.41 1.66 0.77 2.89 1.30 10/01/2014 Non-Core Fixed Income Policy 1.46 3.80 7.36 4.00 3.33 2.37 2.38 Infrastructure N/A N/A N/A N/A N/A N/A N/A 07/01/2021 CPI +3%N/A N/A N/A N/A N/A N/A N/A Real Estate 4.40 (37)7.53 (58)8.49 (53)7.63 (16)8.56 (11)9.39 (8)9.92 (28)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)4.39 (38)8.22 (47)8.84 (45)6.07 (63)6.70 (62)6.98 (58)8.40 (57) IM U.S. Open End Private Real Estate (SA+CF) Median 4.05 7.93 8.54 6.48 7.01 7.25 8.59 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2021 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 20 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2021 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Dana Large Cap Core Equity 7.42 (62)29.16 (63)38.48 (69)17.76 (51)17.05 (54)17.46 (51)10.30 (54)01/01/2007 S&P 500 Index 8.55 (28)29.25 (61)40.79 (52)18.67 (39)17.58 (44)17.65 (44)10.20 (60) IM U.S. Large Cap Core Equity (SA+CF) Median 7.95 30.05 40.92 17.81 17.22 17.49 10.44 Vanguard Mid Cap Index (VIMAX)7.59 (7)36.09 (73)46.90 (59)16.49 (10)15.38 (12)15.75 (15)15.60 (15)05/01/2016 Russell Midcap Index 7.50 (10)39.40 (49)49.80 (42)16.45 (12)15.40 (10)15.62 (17)15.54 (15) IM U.S. Mid Cap Core Equity (MF) Median 5.21 39.33 48.40 13.13 12.09 12.78 12.68 Vanguard Total Stock Index (VTSAX)8.27 (30)32.16 (39)44.32 (32)18.75 (18)17.75 (17)N/A 17.87 (18)01/01/2017 Russell 3000 Index 8.24 (31)32.01 (41)44.16 (35)18.73 (18)17.73 (18)17.89 (18)17.83 (18) IM U.S. Multi-Cap Core Equity (MF) Median 7.52 30.74 41.75 15.83 15.09 15.76 15.44 International Equity Strategies Europacific Growth (RERGX)6.97 (24)27.76 (47)40.10 (37)13.79 (20)12.66 (19)14.50 (17)13.64 (20)05/01/2016 MSCI AC World ex USA 5.64 (43)28.14 (45)36.29 (55)9.88 (50)9.35 (47)11.59 (45)10.53 (49) IM International Equity (MF) Median 5.32 27.26 36.99 9.82 9.07 11.16 10.43 Transamerica Intl (TSWIX)4.53 (68)30.14 (35)36.87 (51)7.43 (74)6.83 (77)9.41 (76)8.15 (79)05/01/2016 MSCI AC World ex USA 5.64 (43)28.14 (45)36.29 (55)9.88 (50)9.35 (47)11.59 (45)10.53 (49) IM International Equity (MF) Median 5.32 27.26 36.99 9.82 9.07 11.16 10.43 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2021 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income 0.94 (73)-0.36 (84)0.27 (84)4.94 (52)3.68 (51)3.02 (52)4.33 (34)07/01/2007 Bloomberg Barclays Intermed Aggregate Index 0.78 (89)-0.42 (90)0.05 (90)4.41 (86)3.21 (88)2.53 (91)3.80 (89) IM U.S. Intermediate Duration (SA+CF) Median 1.06 0.19 1.01 4.97 3.72 3.03 4.16 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)N/A N/A N/A N/A N/A N/A N/A 07/01/2021 Blmbg. Barc. Global Multiverse 1.45 (41)0.46 (80)3.19 (66)4.34 (64)3.58 (50)2.57 (70)N/A IM Global Fixed Income (MF) Median 1.33 1.38 4.25 4.68 3.55 3.01 N/A Pacific Funds Floating Rate Income (PLFRX)1.57 (24)5.98 (66)9.18 (76)N/A N/A N/A 3.47 (38)11/01/2018 S&P/LSTA Leveraged Loan Index 1.47 (34)7.22 (37)11.65 (31)4.39 (7)4.39 (6)4.99 (8)4.25 (11) IM U.S. Bank Loans (MF) Median 1.36 6.67 10.34 3.36 3.42 3.93 3.20 Infrastructure Strategies Brookfield BSIP Access Fund N/A N/A N/A N/A N/A N/A N/A 07/01/2021 CPI +3%N/A N/A N/A N/A N/A N/A N/A Real Estate Strategies Intercontinental Real Estate 4.40 (37)7.53 (58)8.49 (53)7.63 (16)8.56 (11)9.39 (8)9.92 (28)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)4.39 (38)8.22 (47)8.84 (45)6.07 (63)6.70 (62)6.98 (58)8.40 (57) IM U.S. Open End Private Real Estate (SA+CF) Median 4.05 7.93 8.54 6.48 7.01 7.25 8.59 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 22 FYTD FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Total Fund Portfolio (Gross)19.68 (57)8.54 (36)4.48 (44)8.50 (32)13.07 (28)7.20 (94)-1.61 (71)10.65 (34) Total Fund Policy 19.00 (66)10.32 (16)4.54 (41)8.64 (29)12.05 (49)10.61 (22)-0.17 (33)10.56 (37) All Public Plans-Total Fund Median 20.23 7.61 4.29 7.65 11.95 9.75 -0.80 9.89 Total Fund Portfolio (Net)19.57 8.27 4.21 8.24 12.68 6.65 -2.17 10.07 Total Equity 31.47 11.29 2.52 12.72 19.05 8.58 -4.53 14.70 Total Equity Policy 31.07 12.06 2.04 13.62 19.14 13.68 -3.37 15.29 Domestic Equity 32.34 (55)12.20 (40)3.80 (34)15.98 (45)19.19 (46)8.51 (82)-1.98 (68)17.22 (37) Domestic Equity Policy 32.01 (57)15.00 (35)2.92 (39)17.58 (38)18.71 (51)14.96 (37)-0.49 (56)19.13 (23) IM U.S. Equity (SA+CF+MF) Median 34.08 5.55 1.12 14.60 18.76 13.31 0.15 15.21 International Equity 28.48 (53)7.94 (55)-2.09 (70)1.85 (56)18.43 (80)8.92 (68)-13.00 (73)5.35 (67) International Equity Policy 28.14 (56)3.45 (67)-0.72 (56)2.25 (51)20.15 (66)9.80 (63)-11.78 (70)4.36 (78) IM International Equity (MF) Median 29.03 9.26 -0.13 2.31 22.11 11.94 -7.05 6.79 Total Fixed Income 0.33 4.82 7.40 -0.78 2.66 4.17 1.39 3.04 Total Fixed Policy 0.29 5.37 7.62 -0.99 0.12 4.53 1.82 3.44 Domestic Fixed Income -0.30 (83)6.49 (48)8.53 (14)-0.57 (68)0.76 (44)4.41 (24)2.98 (29)3.04 (42) Bloomberg Barclays Intermed Aggregate Index -0.42 (90)5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57) IM U.S. Intermediate Duration (SA+CF) Median 0.19 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 Non-Core Fixed Income 3.36 -2.55 2.90 -1.91 13.82 2.68 -8.14 N/A Non-Core Fixed Income Policy 3.80 3.67 5.36 -1.32 -0.56 9.23 -3.56 1.40 Infrastructure N/A N/A N/A N/A N/A N/A N/A N/A CPI +3%N/A N/A N/A N/A N/A N/A N/A N/A Real Estate 7.53 (58)4.41 (14)8.32 (22)11.40 (11)11.46 (10)13.05 (25)N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)8.22 (47)1.74 (55)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67) IM U.S. Open End Private Real Estate (SA+CF) Median 7.93 1.78 6.89 9.04 8.05 11.32 15.45 12.78 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2021 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 23 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2021 FYTD FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Domestic Equity Strategies Dana Large Cap Core Equity 29.16 (63)11.93 (54)6.23 (25)15.09 (68)24.44 (6)7.16 (94)-0.03 (54)20.64 (29) S&P 500 Index 29.25 (61)15.15 (37)4.25 (41)17.91 (40)18.61 (53)15.43 (23)-0.61 (64)19.73 (45) IM U.S. Large Cap Core Equity (SA+CF) Median 30.05 12.77 3.26 17.33 18.69 13.42 0.11 19.19 Vanguard Mid Cap Index (VIMAX)36.09 (73)7.08 (14)3.65 (24)13.42 (30)15.30 (49)N/A N/A N/A Russell Midcap Index 39.40 (49)4.55 (22)3.19 (27)13.98 (25)15.32 (47)14.25 (25)-0.25 (34)15.83 (16) IM U.S. Mid Cap Core Equity (MF) Median 39.33 -1.32 1.09 10.84 15.25 11.87 -1.05 12.32 Vanguard Total Stock Index (VTSAX)32.16 (39)14.99 (22)2.88 (38)17.62 (18)N/A N/A N/A N/A Russell 3000 Index 32.01 (41)15.00 (22)2.92 (37)17.58 (19)18.71 (36)14.96 (17)-0.49 (33)17.76 (32) IM U.S. Multi-Cap Core Equity (MF) Median 30.74 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 Rockwood Equity N/A N/A N/A N/A N/A N/A -3.64 (88)13.17 (93) S&P 500 Index 29.25 (61)15.15 (37)4.25 (41)17.91 (40)18.61 (53)15.43 (23)-0.61 (64)19.73 (45) IM U.S. Large Cap Core Equity (SA+CF) Median 30.05 12.77 3.26 17.33 18.69 13.42 0.11 19.19 International Equity Strategies Europacific Growth (RERGX)27.76 (47)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A N/A N/A MSCI AC World ex USA 28.14 (45)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62)5.22 (37) IM International Equity (MF) Median 27.26 6.64 -1.93 0.08 19.37 9.32 -8.75 4.26 Transamerica Intl (TSWIX)30.14 (35)-0.06 (74)-5.52 (78)2.26 (29)16.16 (77)N/A N/A N/A MSCI AC World ex USA 28.14 (45)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62)5.22 (37) IM International Equity (MF) Median 27.26 6.64 -1.93 0.08 19.37 9.32 -8.75 4.26 Dana International Equity N/A N/A N/A N/A N/A N/A -13.00 (68)5.35 (36) MSCI AC World ex USA 28.14 (45)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62)5.22 (37) IM International Equity (MF) Median 27.26 6.64 -1.93 0.08 19.37 9.32 -8.75 4.26 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 24 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2021 FYTD FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Domestic Fixed Income Strategies Agincourt Fixed Income -0.36 (84)6.49 (48)8.53 (14)-0.57 (68)0.76 (44)4.41 (24)2.98 (29)3.24 (31) Bloomberg Barclays Intermed Aggregate Index -0.42 (90)5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57) IM U.S. Intermediate Duration (SA+CF) Median 0.19 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Multiverse 0.46 (80)5.99 (33)7.54 (51)-1.32 (51)-0.56 (77)9.23 (25)-3.56 (42)1.40 (79) IM Global Fixed Income (MF) Median 1.38 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 Pacific Funds Floating Rate Income (PLFRX)5.98 (66)0.09 (29)N/A N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 7.22 (37)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (36)0.92 (29)3.85 (14) IM U.S. Bank Loans (MF) Median 6.67 -0.58 2.24 4.37 4.48 5.01 0.08 2.92 Templeton Global (FTTRX)N/A -4.57 (100)2.50 (99)-1.91 (66)13.82 (1)2.68 (94)-8.14 (94)N/A Blmbg. Barc. Global Multiverse 0.46 (80)5.99 (33)7.54 (51)-1.32 (51)-0.56 (77)9.23 (25)-3.56 (42)1.40 (79) IM Global Fixed Income (MF) Median 1.38 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 Infrastructure Strategies Brookfield BSIP Access Fund N/A N/A N/A N/A N/A N/A N/A N/A CPI +3%N/A N/A N/A N/A N/A N/A N/A N/A Real Estate Strategies Intercontinental Real Estate 7.53 (58)4.41 (14)8.32 (22)11.40 (11)11.46 (10)13.05 (25)N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)8.22 (47)1.74 (55)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67) IM U.S. Open End Private Real Estate (SA+CF) Median 7.93 1.78 6.89 9.04 8.05 11.32 15.45 12.78 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 25 Plan Growth Total Fund Portfolio Net Cash Flow $0.0 $5,700,000.0 $11,400,000.0 $17,100,000.0 $22,800,000.0 $28,500,000.0 $34,200,000.0 ($5,700,000.0) Market Valu e 9/94 12/95 3/97 6/98 9/99 12/00 3/02 6/03 9/04 12/05 3/07 6/08 9/09 12/10 3/12 6/13 9/14 12/15 3/17 6/18 9/19 6/21 $4,827,385.0 $26,608,896.4 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio 5.42 (44)9.22 (35)25.85 (59)14.65 (39)11.97 (36)11.37 (36)8.35 (46)8.65 (49)7.79 (28) Total Fund Policy 5.26 (51)8.59 (52)25.48 (62)15.03 (31)12.42 (23)11.55 (30)9.03 (21)9.42 (22)7.83 (27) Median 5.27 8.61 26.49 14.01 11.40 10.88 8.20 8.61 7.43 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Total Fund Portfolio 19.68 (57)8.54 (34)4.48 (46)8.50 (28)13.07 (25)7.20 (95)-1.61 (75)10.65 (26) Total Fund Policy 19.00 (66)10.32 (15)4.54 (44)8.64 (27)12.05 (51)10.61 (19)-0.17 (38)10.56 (28) Median 20.23 7.58 4.39 7.39 12.11 9.66 -0.73 9.52 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 2021 Peer Group: All Public Plans-Total Fund Page 26 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Total Fund Portfolio Total Fund Policy 4.2 4.9 5.6 6.3 7.0 7.7 8.4 9.1 Ret urn (%) 6.0 8.0 10.0 12.0 14.0 16.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Total Fund Portfolio Total Fund Policy 98.7 99.0 99.3 99.6 99.9 100.2 100.5 Up Market Cap ture Ratio (%) 99.0 99.2 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 56.36 -23.82 -0.10 -0.10 0.64 -0.05 0.07 1.00 2.06 Total Fund Policy 0.00 -27.57 0.00 0.00 0.66 N/A 0.07 1.00 0.00 90 Day U.S. Treasury Bill 25.45 0.00 0.82 -6.97 N/A -0.66 0.00 -0.02 10.61 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 2021 Peer Group: All Public Plans-Total Fund Page 27 Multi Timeperiod Statistics 1 Qtr Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-2020 Return 1 Quarter Ending Sep-2020 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)5.42 (44)3.61 (36)9.58 (66)5.16 (54)11.97 (36)11.37 (36)108.85 (41)107.05 (42) Total Fund Policy 5.26 (51)3.16 (53)9.59 (66)5.45 (41)12.42 (23)11.55 (30)100.00 100.00 All Public Plans-Total Fund Median 5.27 3.21 10.24 5.24 11.41 10.90 105.73 103.99 Total Fund Portfolio (Net)5.40 3.54 9.56 5.10 11.72 11.09 109.55 107.99 Total Fund Policy 5.26 3.16 9.59 5.45 12.42 11.55 100.00 100.00 Total Equity 7.37 6.03 15.49 8.23 16.32 15.99 105.96 104.42 Total Equity Policy 7.61 5.66 15.28 8.50 16.51 16.34 100.00 100.00 Domestic Equity 7.89 (37)7.01 (55)14.62 (60)8.38 (39)17.89 (39)17.11 (44)104.84 (51)104.07 (51) Domestic Equity Policy 8.24 (33)6.35 (59)14.68 (60)9.21 (32)18.73 (33)17.89 (38)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median 6.63 7.89 16.87 6.98 15.68 16.11 105.80 104.15 International Equity 5.63 (43)2.36 (60)18.82 (34)7.67 (52)10.73 (41)12.05 (39)107.35 (39)107.28 (56) International Equity Policy 5.64 (43)3.60 (44)17.08 (48)6.36 (64)9.88 (50)11.59 (45)100.00 100.00 IM International Equity (MF) Median 5.32 3.18 16.90 7.87 9.82 11.16 102.94 109.71 Total Fixed Income 1.27 -1.65 0.74 0.70 4.32 2.94 70.43 50.06 Total Fixed Policy 0.90 -1.56 0.97 0.98 4.37 2.52 100.00 100.00 Domestic Fixed Income 1.00 (66)-1.80 (71)0.52 (76)0.63 (76)4.96 (51)3.04 (50)111.81 (30)101.72 (24) Domestic Fixed Policy 0.78 (89)-1.61 (51)0.42 (87)0.48 (90)4.41 (86)2.53 (91)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 1.06 -1.60 0.70 0.86 4.97 3.03 100.30 89.80 Non-Core Fixed Income 2.51 -0.93 1.78 1.01 1.66 2.89 74.33 12.78 Non-Core Fixed Income Policy 1.46 -1.31 3.67 3.43 4.00 2.37 100.00 100.00 Infrastructure N/A N/A N/A N/A N/A N/A N/A N/A CPI +3%N/A N/A N/A N/A N/A N/A N/A N/A Real Estate 4.40 (37)2.51 (35)0.48 (89)0.89 (26)7.63 (16)9.39 (8)1.54 (74)1.54 (73) NCREIF Fund Index-Open End Diversified Core (EW)4.39 (38)2.28 (39)1.36 (60)0.57 (48)6.07 (63)6.98 (58)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 4.05 2.10 1.63 0.49 6.48 7.25 96.18 95.76 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2021 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2021 1 Qtr Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-2020 Return 1 Quarter Ending Sep-2020 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Equity Strategies Dana Large Cap Core Equity 7.42 (62)8.02 (36)11.31 (69)7.22 (67)17.76 (51)17.46 (51)108.37 (26)107.21 (27) S&P 500 Index 8.55 (28)6.17 (62)12.15 (53)8.93 (36)18.67 (39)17.65 (44)100.00 100.00 IM U.S. Large Cap Core Equity (SA+CF) Median 7.95 6.72 12.32 8.02 17.81 17.49 100.85 100.46 Vanguard Mid Cap Index (VIMAX)7.59 (7)7.18 (85)18.02 (68)7.95 (19)16.49 (10)15.75 (15)97.02 (81)95.95 (83) Russell Midcap Index 7.50 (10)8.14 (77)19.91 (46)7.46 (26)16.45 (12)15.62 (17)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median 5.21 10.41 19.40 5.84 13.13 12.78 104.04 108.19 Vanguard Total Stock Index (VTSAX)8.27 (30)6.43 (54)14.69 (39)9.20 (29)18.75 (18)N/A 99.81 (59)N/A Russell 3000 Index 8.24 (31)6.35 (57)14.68 (39)9.21 (29)18.73 (18)17.89 (18)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median 7.52 6.63 13.84 7.96 15.83 15.76 101.60 101.60 International Equity Strategies Europacific Growth (RERGX)6.97 (24)-0.43 (87)19.95 (24)9.66 (32)13.79 (20)14.50 (17)100.67 (57)103.70 (67) MSCI AC World ex USA 5.64 (43)3.60 (44)17.08 (48)6.36 (64)9.88 (50)11.59 (45)100.00 100.00 IM International Equity (MF) Median 5.32 3.18 16.90 7.87 9.82 11.16 102.94 109.71 Transamerica Intl (TSWIX)4.53 (68)6.10 (20)17.34 (45)5.17 (74)7.43 (74)9.41 (76)114.76 (23)111.46 (46) MSCI AC World ex USA 5.64 (43)3.60 (44)17.08 (48)6.36 (64)9.88 (50)11.59 (45)100.00 100.00 IM International Equity (MF) Median 5.32 3.18 16.90 7.87 9.82 11.16 102.94 109.71 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2021 1 Qtr Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-2020 Return 1 Quarter Ending Sep-2020 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Fixed Income Strategies Agincourt Fixed Income 0.94 (73)-1.80 (71)0.52 (76)0.63 (76)4.94 (52)3.02 (52)111.81 (30)101.72 (24) Bloomberg Barclays Intermed Aggregate Index 0.78 (89)-1.61 (51)0.42 (87)0.48 (90)4.41 (86)2.53 (91)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 1.06 -1.60 0.70 0.86 4.97 3.03 100.30 89.80 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Multiverse 1.45 (41)-4.34 (74)3.52 (53)2.71 (43)4.34 (64)2.57 (70)100.00 100.00 IM Global Fixed Income (MF) Median 1.33 -3.20 3.63 2.41 4.68 3.01 122.27 94.36 Pacific Funds Floating Rate Income (PLFRX)1.57 (24)1.34 (65)2.96 (84)3.02 (81)N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 1.47 (34)1.78 (34)3.81 (36)4.14 (14)4.39 (7)4.99 (8)100.00 100.00 IM U.S. Bank Loans (MF) Median 1.36 1.57 3.52 3.54 3.36 3.93 99.94 99.94 Infrastructure Strategies Brookfield BSIP Access Fund N/A N/A N/A N/A N/A N/A N/A N/A CPI +3%N/A N/A N/A N/A N/A N/A N/A N/A Real Estate Strategies Intercontinental Real Estate 4.40 (37)2.51 (35)0.48 (89)0.89 (26)7.63 (16)9.39 (8)1.54 (74)1.54 (73) NCREIF Fund Index-Open End Diversified Core (EW)4.39 (38)2.28 (39)1.36 (60)0.57 (48)6.07 (63)6.98 (58)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 4.05 2.10 1.63 0.49 6.48 7.25 96.18 95.76 Page 30 Estimated Annual Fee (%) 06/30/21 Market Value 06/30/21 Allocation (%) Estimated Annual Fee ($) Domestic Equity Dana Large Cap Core Equity 0.65 3,527,750 13.26 22,930 Vanguard Mid Cap Index (VIMAX)0.05 2,754,496 10.35 1,377 Vanguard Total Stock Market Index (VTSAX)0.04 5,539,430 20.82 2,216 International Equity Europacific Growth (RERGX)0.46 1,968,632 7.40 9,056 Transamerica Intl (TSWIX)0.86 1,926,307 7.24 16,566 Domestic Fixed Income Agincourt Fixed Income 0.25 6,539,198 24.58 16,348 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 660,000 2.48 5,214 Pacific Funds Floating Rate Income (PLFRX)0.73 661,178 2.48 4,827 Infrastructure Brookfield BSIP Access Fund**1.00 1,000,000 3.76 10,000 Real Estate Intercontinental Real Estate*1.10 2,075,642 7.80 22,832 Cash Accounts R&D -43,736 -0.16 - Total Fund Portfolio 0.42 26,608,896 100.00 111,366 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of June 30, 2021 *Intercontinental subject to performance based fee of 20% on all returns above 8% annual return. ** Brookfield BSIP subject to incentive fee of 5% of distributions. Page 31 Page Intentionally Left Blank Page 32 Long-Term Manager Composite Data Manager Composites are provided for illustrative and historical perspective purposes. They do not represent actual results for Crestview Police Officers' and Firefighters' Retirement Plan. Page 33 Growth of a Dollar Dana Large Cap S&P 500 Index ($0.80) $0.00 $0.80 $1.60 $2.40 $3.20 $4.00 $4.80 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $3.69$3.80 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Dana Large Cap 8.10 (44)16.71 (32)39.41 (64)22.82 (46)17.92 (48)17.57 (48)13.13 (63)14.26 (62)10.68 (61) S&P 500 Index 8.55 (28)15.25 (55)40.79 (52)23.03 (43)18.67 (39)17.65 (44)14.10 (43)14.84 (41)10.73 (57) Median 7.95 15.47 40.92 22.23 17.81 17.49 13.72 14.65 10.80 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Dana Large Cap 29.92 (53)11.90 (54)6.11 (26)15.11 (68)24.30 (7)7.67 (93)0.07 (51)20.80 (27) S&P 500 Index 29.25 (61)15.15 (37)4.25 (41)17.91 (40)18.61 (53)15.43 (23)-0.61 (64)19.73 (45) Median 30.05 12.77 3.26 17.33 18.69 13.42 0.11 19.19 Dana Large Cap Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Large Cap Core Equity (SA+CF) Page 34 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Dana Large Cap S&P 500 Index 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 Ret urn (%) 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Dana Large Cap S&P 500 Index 99.9 100.0 100.1 100.2 100.3 100.4 100.5 Up Market Cap ture Ratio (%) 98.0 98.4 98.8 99.2 99.6 100.0 100.4 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Dana Large Cap 50.91 -42.39 0.24 0.20 0.61 0.07 0.11 1.00 2.76 S&P 500 Index 0.00 -45.80 0.00 0.00 0.61 N/A 0.11 1.00 0.00 90 Day U.S. Treasury Bill 25.45 0.00 0.81 -10.56 N/A -0.61 0.00 -0.01 17.44 Dana Large Cap Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Large Cap Core Equity (SA+CF) Page 35 Growth of a Dollar Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index ($0.80) $0.00 $0.80 $1.60 $2.40 $3.20 $4.00 $4.80 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $3.67$3.62 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)7.58 (8)15.31 (68)46.90 (59)21.08 (20)16.49 (11)15.75 (16)12.19 (13)13.12 (7)10.38 (8) Russell Midcap Index 7.50 (10)16.25 (54)49.80 (42)21.01 (20)16.45 (12)15.62 (17)12.03 (15)13.24 (4)10.53 (6) Median 5.21 16.56 48.40 17.66 13.13 12.78 9.24 10.87 8.82 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Vanguard Md-Cp I;Adm (VIMAX)36.09 (73)7.08 (14)3.65 (24)13.42 (30)15.30 (49)12.64 (40)1.71 (24)15.88 (14) Russell Midcap Index 39.40 (49)4.55 (22)3.19 (27)13.98 (25)15.32 (47)14.25 (25)-0.25 (34)15.83 (16) Median 39.33 -1.32 1.09 10.84 15.25 11.87 -1.05 12.32 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 36 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7 Ret urn (%) 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 98.4 98.7 99.0 99.3 99.6 99.9 100.2 100.5 Up Market Cap ture Ratio (%) 98.7 99.0 99.3 99.6 99.9 100.2 100.5 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)49.09 -48.50 0.02 -0.17 0.54 -0.11 0.11 0.98 1.51 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.54 N/A 0.11 1.00 0.00 90 Day U.S. Treasury Bill 27.27 0.00 0.80 -11.25 N/A -0.54 0.00 -0.01 20.98 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 37 Growth of a Dollar Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $3.74$3.79 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)8.28 (29)15.24 (46)44.33 (32)23.95 (22)18.75 (18)17.90 (18)13.94 (8)14.70 (9)10.89 (13) Russell 3000 Index 8.24 (31)15.11 (49)44.16 (35)23.93 (22)18.73 (18)17.89 (18)13.95 (8)14.70 (9)10.78 (15) Median 7.52 15.02 41.75 20.61 15.83 15.76 11.68 12.83 9.47 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Vanguard TSM Idx;Adm (VTSAX)32.17 (39)14.99 (22)2.88 (38)17.62 (18)18.63 (38)14.98 (16)-0.58 (35)17.76 (32) Russell 3000 Index 32.01 (41)15.00 (22)2.92 (37)17.58 (19)18.71 (36)14.96 (17)-0.49 (33)17.76 (32) Median 30.74 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 38 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 4.0 6.0 8.0 10.0 12.0 Ret urn (%) 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 99.9 100.0 100.1 100.2 Up Market Cap ture Ratio (%) 99.2 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)56.36 -45.58 0.09 0.08 0.60 0.64 0.11 1.00 0.13 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.59 N/A 0.11 1.00 0.00 90 Day U.S. Treasury Bill 27.27 0.00 0.80 -10.83 N/A -0.59 0.00 -0.01 18.22 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 39 Growth of a Dollar American Funds EuPc;R5 (RERFX)MSCI AC World ex USA $0.00 $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $1.51 $2.02 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)6.95 (24)6.47 (73)40.03 (37)20.17 (21)13.72 (20)14.45 (18)8.68 (17)8.28 (15)7.31 (18) MSCI AC World ex USA 5.64 (43)9.45 (43)36.29 (55)14.15 (59)9.88 (50)11.59 (45)5.81 (51)5.93 (49)5.33 (52) Median 5.32 8.83 36.99 15.30 9.82 11.16 5.86 5.84 5.46 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 American Funds EuPc;R5 (RERFX)27.70 (48)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56)-4.97 (26)6.93 (19) MSCI AC World ex USA 28.14 (45)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62)5.22 (37) Median 27.26 6.64 -1.93 0.08 19.37 9.32 -8.75 4.26 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 40 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA 98.0 100.0 102.0 104.0 106.0 Up Market Cap ture Ratio (%) 87.0 90.0 93.0 96.0 99.0 102.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)63.64 -45.07 2.28 2.08 0.35 0.52 0.07 0.97 3.96 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.24 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 38.18 0.00 0.74 -4.81 N/A -0.24 0.00 -0.01 20.25 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 41 Growth of a Dollar Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 $2.10 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $1.51 $1.62 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)4.53 (68)10.92 (28)36.87 (51)13.88 (62)7.43 (74)9.41 (76)4.60 (72)6.61 (37)5.53 (49) MSCI AC World ex USA 5.64 (43)9.45 (43)36.29 (55)14.15 (59)9.88 (50)11.59 (45)5.81 (51)5.93 (49)5.33 (52) Median 5.32 8.83 36.99 15.30 9.82 11.16 5.86 5.84 5.46 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Transam:Interntl Eq;I (TSWIX)30.14 (35)-0.06 (74)-5.52 (78)2.26 (29)16.16 (77)5.67 (74)-5.55 (30)5.10 (39) MSCI AC World ex USA 28.14 (45)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62)5.22 (37) Median 27.26 6.64 -1.93 0.08 19.37 9.32 -8.75 4.26 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 42 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA 99.0 99.6 100.2 100.8 101.4 102.0 102.6 103.2 Up Market Cap ture Ratio (%) 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)56.36 -50.49 0.57 0.51 0.26 0.14 0.05 0.99 3.51 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.24 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 38.18 0.00 0.74 -4.81 N/A -0.24 0.00 -0.01 20.25 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 43 Growth of a Dollar Agincourt Intermediate Fixed Income Bloomberg Barclays Intermed Aggregate Index $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $1.63 $1.74 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income 1.07 (50)-1.06 (96)0.28 (83)4.12 (48)5.19 (37)3.07 (47)3.13 (40)3.25 (45)4.41 (35) Bloomberg Barclays Intermed Aggregate Index 0.78 (89)-0.84 (78)0.05 (90)3.28 (90)4.41 (86)2.53 (91)2.69 (89)2.74 (87)3.95 (88) Median 1.06 -0.55 1.01 4.05 4.97 3.03 3.04 3.17 4.29 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Agincourt Intermediate Fixed Income -0.45 (91)7.28 (14)8.50 (16)-0.66 (78)0.66 (54)4.24 (30)2.79 (44)2.77 (54) Bloomberg Barclays Intermed Aggregate Index -0.42 (90)5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57) Median 0.19 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 44 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Barclays Intermed Aggregate Index 2.8 3.2 3.6 4.0 4.4 4.8 5.2 Ret u rn (%) 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Barclays Intermed Aggregate Index 95.0 100.0 105.0 110.0 115.0 120.0 125.0 Up Market Capt ure Rat io (%) 90.0 100.0 110.0 120.0 130.0 140.0 150.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 60.00 -3.70 0.03 0.50 1.11 0.38 0.03 1.13 1.30 Bloomberg Barclays Intermed Aggregate Index 0.00 -2.05 0.00 0.00 1.21 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 23.64 0.00 0.52 -2.95 N/A -1.21 0.00 0.05 2.43 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 45 Growth of a Dollar PIMCO:Div Income;Inst (PDIIX)Blmbg. Barc. Global Multiverse $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $1.57 $2.60 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)2.97 (21)0.60 (42)8.40 (48)5.56 (54)7.31 (27)6.74 (27)5.74 (15)6.31 (16)7.40 (10) Blmbg. Barc. Global Multiverse 1.45 (70)-2.96 (84)3.19 (82)3.51 (85)4.34 (86)2.57 (91)1.96 (86)2.23 (81)3.85 (86) Median 2.06 -0.08 8.16 5.83 5.78 4.99 3.67 3.91 5.01 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 PIMCO:Div Income;Inst (PDIIX)5.31 (46)4.34 (56)10.38 (14)1.88 (33)7.81 (26)13.44 (7)-0.31 (31)6.93 (33) Blmbg. Barc. Global Multiverse 0.46 (86)5.99 (39)7.54 (49)-1.32 (80)-0.56 (88)9.23 (46)-3.56 (65)1.40 (85) Median 4.40 5.00 7.34 0.58 4.42 8.81 -2.55 5.16 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 46 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Barc. Global Multiverse 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Ret urn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Barc. Global Multiverse 96.0 100.0 104.0 108.0 112.0 116.0 120.0 Up Market Cap ture Ratio (%) -25.0 0.0 25.0 50.0 75.0 100.0 125.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)70.91 -12.94 4.75 3.77 0.87 0.59 0.09 0.75 6.35 Blmbg. Barc. Global Multiverse 0.00 -7.47 0.00 0.00 0.50 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 38.18 0.00 0.67 -2.87 N/A -0.50 0.00 0.01 5.69 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 47 Growth of a Dollar Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 6/21 $1.85 $2.07 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Pacific Funds Floating Rate (PLFRX)1.74 (28)3.27 (56)9.96 (76)4.31 (58)4.41 (47)5.18 (32)4.31 (35)4.97 (31)N/A S&P/LSTA Leveraged Loan Index 1.47 (71)3.28 (53)11.65 (38)4.61 (45)4.39 (47)4.99 (42)3.94 (60)4.39 (70)4.64 (79) Median 1.58 3.31 10.91 4.53 4.29 4.93 4.05 4.67 4.88 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Pacific Funds Floating Rate (PLFRX)6.54 (64)0.74 (54)3.92 (35)5.78 (21)6.38 (14)5.98 (34)1.28 (77)4.40 (39) S&P/LSTA Leveraged Loan Index 7.22 (48)1.06 (48)3.10 (67)5.19 (58)5.30 (48)5.46 (54)0.92 (86)3.85 (72) Median 7.06 0.86 3.53 5.40 5.26 5.60 1.94 4.18 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Bank Loans (SA+CF) Page 48 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index 3.5 4.0 4.5 5.0 5.5 6.0 6.5 Ret urn (%) 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Pacific Funds Floating Rate (PLFRX) S&P/LSTA Leveraged Loan Index 90.0 92.0 94.0 96.0 98.0 100.0 102.0 Up Market Capt ure Rat io (%) 66.0 72.0 78.0 84.0 90.0 96.0 102.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Pacific Funds Floating Rate (PLFRX)60.00 -20.99 1.88 0.52 0.58 0.15 0.07 0.74 3.44 S&P/LSTA Leveraged Loan Index 0.00 -29.20 0.00 0.00 0.40 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 21.82 0.00 0.77 -4.49 N/A -0.40 0.00 -0.01 11.21 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Bank Loans (SA+CF) Page 49 Growth of a Dollar Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) $0.00 $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 $2.80 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 6/21 $2.04 $2.33 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF 4.40 (37)7.02 (32)8.50 (53)7.28 (22)7.62 (16)9.44 (6)10.54 (23)11.81 (28)N/A NCREIF Fund Index-Open End Diversified Core (EW)4.39 (38)6.77 (36)8.84 (45)5.65 (60)6.07 (63)6.98 (58)8.76 (57)9.79 (64)6.26 (62) Median 4.05 6.29 8.54 5.83 6.48 7.25 8.89 10.08 6.61 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Intercontinental US REIF 7.53 (58)4.41 (13)8.30 (23)11.37 (11)11.72 (7)13.07 (25)13.65 (71)13.99 (34) NCREIF Fund Index-Open End Diversified Core (EW)8.22 (47)1.74 (55)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67) Median 7.93 1.78 6.89 9.04 8.05 11.32 15.45 12.78 Intercontinental US REIF Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 50 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/21 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 4.5 5.0 5.5 6.0 6.5 7.0 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Intercontinental US REIF N/A N/A N/A N/A N/A N/A N/A N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)0.00 -39.11 0.00 0.00 0.65 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 12.73 0.00 0.72 -4.82 N/A -0.65 0.00 0.00 7.45 Intercontinental US REIF Long-Term Composite Performance As of June 30, 2021 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 51 Total Fund Policy Total Equity Policy Domestic Equity Policy International Equity Policy Weight (%) Oct-1994 S&P 500 Index 50.00 Blmbg. Barc. U.S. Gov't/Credit 50.00 Oct-2000 Blmbg. Barc. U.S. Gov't/Credit 40.00 S&P 500 Index 60.00 Apr-2007 Bloomberg Barclays Intermed Aggregate Index 40.00 S&P 500 Index 60.00 Apr-2010 S&P 500 Index 45.00 Blmbg. Barc. U.S. Aggregate Index 40.00 MSCI EAFE Index 15.00 Aug-2014 Russell 3000 Index 45.00 Bloomberg Barclays Intermed Aggregate Index 35.00 MSCI AC World ex USA 15.00 Blmbg. Barc. Global Multiverse 5.00 Jan-2015 Russell 3000 Index 45.00 Bloomberg Barclays Intermed Aggregate Index 25.00 MSCI AC World ex USA 15.00 Blmbg. Barc. Global Multiverse 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Oct-2018 Russell 3000 Index 45.00 Bloomberg Barclays Intermed Aggregate Index 25.00 MSCI AC World ex USA 15.00 Blmbg. Barc. Global Multiverse 2.50 NCREIF Fund Index-Open End Diversified Core (EW)10.00 S&P/LSTA Leveraged Loan Index 2.50 Weight (%) Oct-1994 S&P 500 Index 100.00 Apr-2010 S&P 500 Index 75.00 MSCI EAFE Index 25.00 Aug-2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 Weight (%) Oct-1994 S&P 500 Index 100.00 Aug-2014 Russell 3000 Index 100.00 Weight (%) Apr-2010 MSCI EAFE Index 100.00 Aug-2014 MSCI AC World ex USA 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of June 30, 2021 Page 52 Total Fixed Policy Domestic Fixed Policy Non-Core Fixed Policy Weight (%) Oct-1994 Blmbg. Barc. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Barclays Intermed Aggregate Index 100.00 Apr-2010 Blmbg. Barc. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Barclays Intermed Aggregate Index 83.00 Blmbg. Barc. Global Multiverse 17.00 Oct-2018 Bloomberg Barclays Intermed Aggregate Index 83.00 Blmbg. Barc. Global Multiverse 8.50 S&P/LSTA Leveraged Loan Index 8.50 Weight (%) Oct-1994 Blmbg. Barc. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Barclays Intermed Aggregate Index 100.00 Apr-2010 Blmbg. Barc. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Barclays Intermed Aggregate Index 100.00 Weight (%) Jan-1999 Blmbg. Barc. Global Multiverse 100.00 Oct-2018 Blmbg. Barc. Global Multiverse 50.00 S&P/LSTA Leveraged Loan Index 50.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of June 30, 2021 Page 53 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 2021 Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the Net 7.25% actuarial earnings assumption over the trailing three year period. 2. The Total Plan return equaled or exceeded the Net 7.25% actuarial earnings assumption over the trailing five year period. 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. Equity Compliance:Yes No N/A 1. Total Domestic Equity return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Equity return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total International Equity return equaled or exceeded the benchmark over the trailing three year period. 6. Total International Equity return equaled or exceeded the benchmark over the trailing five year period. 7. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. Total Equity investments was less than 75% of the total plan assets at market. 10. Total foreign equity was less than 25% of the total plan assets at market. Fixed Income Compliance:Yes No N/A 1. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 6. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 7. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. All fixed income has a minimum rating of BBB/Baa, 5% may fall below. Page 54 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 2021 Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period.  3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period.  5. Manager has had less than 4 consecutive quarters of underperformance. 6. Manager three year down market capture ratio is less than the index.   7. Manager five year down market capture ratio is less than the index.  8. Manager reports compliance with PFIA. Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period.   2. Manager outperformed the index over the trailing five year period.   3. Manager ranked within the top 40th percentile over the trailing three year period.   4. Manager ranked within the top 40th percentile over the trailing five year period.   5. Manager has had less than 4 consecutive quarters of underperformance.  6. Manager three year down market capture ratio is less than the index.   7. Manager five year down market capture ratio is less than the index.   8. Manager reports compliance with PFIA.   Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Manager has had less than 4 consecutive quarters of underperformance. 6. Manager three year down market capture ratio is less than the index. 7. Manager five year down market capture ratio is less than the index. 8. Manager reports compliance with PFIA. BrookfieldManager Compliance:Intercontinental RE Pacific Funds (PLFRX) Manager Compliance:Vanguard VIMAX Vanguard VTSAX Europacific RERGXDana Equity Manager Compliance:Transamerica TSWIX Agincourt Fixed PIMCO (PDIIX) Page 55 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 56 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 57 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first.