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Home My Public Portal About2021-09-30_AnCo_Consulting_Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="09/30/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending September 30, 2021 City of Crestview Police Officers & Firefighters' Retirement Plan 3rd Quarter 2021 Market Environment Page 1 The Market Environment Executive Summary As of September 30, 2021 The Economy Growth in the US likely slowed during the 3rd quarter as the recovery continues to mature. Inflation remains well above the Federal Reserve Bank’s (the Fed)average target of 2.0%.The annual rate of inflation dropped slightly to 5.3%in August,down from 5.4%in July. The demand for labor in the US remains strong as evidenced by the drop in the unemployment rate in September to 4.8%,down from 5.2%in August. Unemployment benefits granted under the March 2020 CARES Act expired in early September.Wage growth remains strong as employers remain challenged to fill job openings. Despite leaving interest rates unchanged at their most recent meeting,the Fed stated that it would begin tapering its asset purchases and being the process of evaluating when interest rates would start to rise. Equity (Domestic and International) Volatility increased in during the 3rd quarter as US markets climbed to new all-time highs in early September only to pull back towards the end of the period.A variety of factors contributed to the increase in volatility including concerns related to the Delta variant,supply chain shortages,higher US interest rates,rising inflation,and fiscal policies in Washington.Despite these concerns,growth led value in both large and mid-cap companies and large companies outperformed relative to smaller peers. Developed international equity markets outperformed their domestic counterparts during the 3rd quarter.Emerging markets dropped sharply on concerns related to increased regulatory oversight in China and the potential default of Evergrande,the largest Chinese property developer. Fixed Income Despite the continued concerns related to rising inflation and potential changes in Fed policies,US interest rates were essentially unchanged during the quarter.The US 10-Year Treasury bond rose only 2 basis points (0.02%)for the quarter to close at a yield of 1.48%. Performance across most US bond market sectors was muted during the quarter and was driven largely by the Fed’s messaging concerning the potential for beginning the process of raising interest rates in late-2022. Lower quality corporate bonds outperformed higher quality sectors during the quarter.The combination of larger relative coupons and shorter maturity profiles acted as tailwinds for lower quality during the period. Market Themes While global central bank monetary policy remains accommodative,both the Fed and the Bank of England hinted that rate increases would most likely be warranted in the near future.Historically,rising interest rates have served as a headwind to equity markets,particularly for expansion-oriented growth companies. The combination of supply chain disruptions and labor shortages is creating increased pressure on corporate margins.While earnings were generally better than expected during the period,the longer these challenges persist,the higher the likelihood that earnings will be negatively affected moving forward. Measures of inflation in both the US and Europe remain well above their respective targets.Persistent increases in food and energy prices have the potential to act as a headwind to consumers in coming periods as wages have not kept pace with rising prices. Page 2 Source: Investment Metrics The Market Environment Major Market Index Performance As of September 30, 2021 US equity markets experienced disparate returns during the 3rd quarter of 2021.The primary factors that drove the market performance during the period were concerns related to rising inflation and potential changes in the Fed’s monetary policy.Despite rising US interest rates,growth-oriented companies maintained their market leadership relative to value.For the period,large cap companies returned 0.6%,compared to -0.9%for mid-caps and -4.4%for small company stocks. Similar to domestic markets,broad international equity markets also posted disappointing returns for the 3rd quarter.While concerns related to the spread of COVID began to wane,the key drivers of performance were rising inflation, rising interest rates,and the potential default of Evergrande in China.During the period,the MSCI EAFE Index posted a return of -0.4%while the MSCI Emerging Markets Index returned a weak -8.1%. For the quarter,bond market returns were muted as interest rates across the yield curve remained largely unchanged.While the Bloomberg (BB)US Aggregate Index returned 0.1%,the outlier was US TIPS which returned 1.8% on concerns about potential rising inflation. Returns over the trailing 1-year were strong across all broad US equity markets.The continuation of supportive monetary policy from the Fed and the reopening of local economies as the pandemic receded were the primary performance drivers during the period.Domestic small cap stocks posted highest return for the trailing 1-year period,returning 47.7%.US large cap performance was also stellar with a return of 30.0%over the trailing 1-year period. International markets also performed well but lagged relative to their domestic counterparts.Over the trailing 1-year period,the MSCI EAFE Index returned 25.7%while the MSCI Emerging Markets Index returned a lower 18.2%.The combination of rising inflation and developed market interest rates were the primary headwinds during the period. Bond market returns over the trailing 1-year period were muted with the Bloomberg US Aggregate Index returning -0.9%.US TIPS continued to lead the way as investors remain concerned about the potential for rising inflation. The TIPS Index returned 5.2%for the period while investment grade corporate bonds returned 1.7%. 0.0% 0.0% 0.1% 1.8% 0.1% 0.1% -8.1% -0.4% -3.0% -4.4% -0.9% 0.2% -0.1% 0.6% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 0.1% 1.7% -0.4% 5.2% -3.2% -0.9% 18.2% 25.7% 23.9% 47.7% 38.1% 31.0% 31.9% 30.0% -10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of September 30, 2021 The market’s upward momentum waned during the quarter as most US equity benchmarks posted their first losing quarter since the drawdown at the onset of the pandemic.Large cap stocks continued to lead the equity markets,followed by mid and small cap issues.The Russell 1000 Index returned 0.2%versus returns of -0.9%for the Russell Mid Cap Index and -4.4%for the Russell 2000 Index. Except for small cap benchmarks,Growth continued to outpace value for the second consecutive quarter.The Russell 1000 Growth Index was the best performing style index for the quarter,posting a return of 1.2%and Mid cap growth performance was negative,returning -0.8%.However,in small cap stocks,value outpaced growth for the second consecutive quarter with the Russell 2000 Value Index returning -3.0%versus a weaker -5.7%for the Russell 2000 Growth Index. Performance across all market capitalizations and styles was very strong over the trailing 1-year period led by higher beta small cap stocks. Despite the recent relative outperformance by growth,value stocks outperformed across all market capitalizations over the trailing 1-year period. As the strong economic recovery continued,small cap value stocks posted outsized performance with the Russell 2000 Value Index returning 63.9%.The dispersion between value and growth was also most pronounced for small cap benchmarks (30.6%). -5.7% -4.4% -3.0% -0.8% -0.9% -1.0% 1.2% 0.2% -0.8% 0.7% -0.1% -0.9% -8.0%-6.0%-4.0%-2.0%0.0%2.0% 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 33.3% 47.7% 63.9% 30.5% 38.1% 42.4% 27.3% 31.0% 35.0% 27.6% 31.9% 36.6% 0.0%20.0%40.0%60.0% 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 Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of September 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. Sector performance was mixed and muted during the 3rd quarter with only five of the eleven large cap economic sectors realizing positive returns.Five sectors outpaced the return of the broad index during the period. Financials were the best performing sector during the quarter returning 3.0%.Rising interest rates and a steepening yield curve should boost banks’ profits in the coming quarters.Health Care also performed well,led by the companies developing treatments for COVID-19.The Industrials and Materials sectors were negative during the period,with both sectors returning -4.6%.Supply chain disruptions and concerns about shrinking corporate margins acted as headwinds for performance in these sectors. and concerns about shrinking corporate margins acted as headwinds. For the full year,all eleven sectors produced positive returns.Sector performance for the period was led by Energy which jumped 85.3%as oil prices recovered from their pandemic lows.Four of the eleven sectors outperformed the broad large cap benchmark:Energy (85.3%),Financials (60.3%),Communication Services (37.0%),and Real Estate (32.4%). Although they still produced double-digit returns,the weakest economic sectors in the Russell 1000 for the trailing year were Utilities (11.1%)and Consumer Staples (11.4%). Small cap sector performance had a more challenging quarter with only two of the eleven small cap sectors posted positive performance.Energy (1.9%) and Financials (1.4%)benefited from rising energy prices and higher interest rates.Six of the Russell 2000 Index sectors managed to outpace the core benchmark for the quarter.Dispersion between the benchmark’s sectors was wide during the period with Energy (1.9%)and Communication Services (-14.1%)defining the broad 16.0%band. For full 1-year period,seven of the eleven sectors outperformed the broad benchmark:Energy (154.4%),Communication Services (78.5%),Materials (65.9%),Financials (63.0%),Consumer Discretionary (57.2%),Industrials (51.3%),and Info Technology (50.9%).The combination of continued economic growth,accommodative monetary policies,rising energy prices, and increased inflationary pressures were the primary catalysts for the exceptional trailing 1-year performance. 19.2% 44.8% 65.9% 50.9% 51.3% 22.1% 63.0% 154.4% 37.9% 57.2% 78.5% -3.6% -0.8% -5.8% -1.7% -1.9% -10.4% 1.4% 1.9% -5.2% -6.7% -14.1% -30.0%0.0%30.0%60.0%90.0%120.0%150.0% Utilities (2.5%) Real Estate (7.0%) Materials (3.9%) Info Technology (13.9%) Industrials (14.6%) Health Care (20.7%) Financials (15.1%) Energy (4.0%) Consumer Staples (3.2%) Consumer Disc (11.7%) Comm Services (3.5%) Russell 2000 Quarter 1-Year 11.1% 32.4% 26.1% 29.3% 28.8% 23.0% 60.3% 85.3% 11.4% 24.8% 37.0% 1.3% 0.9% -4.6% 1.1% -4.6% 1.5% 3.0% -1.3% -0.7% -0.7% 0.0% -20.0%0.0%20.0%40.0%60.0%80.0%100.0% Utilities (2.4%) Real Estate (3.1%) Materials (2.4%) Info Technology (27.9%) Industrials (8.9%) Health Care (13.2%) Financials (11.3%) Energy (2.5%) Consumer Staples (5.5%) Consumer Disc (12.1%) Comm Services (10.7%) Russell 1000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 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 5.40%3.5%23.0%Information Technology AMC Entmt Holdings Inc Class A 0.67%-32.9%708.1%Communication Services Microsoft Corp 5.17%4.3%35.3%Information Technology Intellia Therapeutics Inc 0.32%-17.1%574.8%Health Care Amazon.com Inc 3.47%-4.5%4.3%Consumer Discretionary Crocs Inc 0.30%23.1%235.8%Consumer Discretionary Facebook Inc Class A 1.98%-2.4%29.6%Communication Services Lattice Semiconductor Corp 0.30%15.1%123.2%Information Technology Alphabet Inc Class A 1.96%9.5%82.4%Communication Services Ovintiv Inc 0.29%4.6%310.2%Energy Alphabet Inc Class C 1.82%6.3%81.4%Communication Services Tetra Tech Inc 0.27%22.6%57.3%Industrials Tesla Inc 1.50%14.1%80.8%Consumer Discretionary Scientific Games Corp Ordinary Shares 0.27%7.3%138.0%Consumer Discretionary Berkshire Hathaway Inc Class B 1.23%-1.8%28.2%Financials Rexnord Corp 0.27%28.7%117.1%Industrials NVIDIA Corp 1.21%3.6%53.3%Information Technology Biohaven Pharm. Holding Co Ltd 0.26%43.1%113.7%Health Care JPMorgan Chase & Co 1.18%5.8%74.8%Financials Asana Inc Ordinary Shares -Class A 0.26%67.4%260.6%Information Technology 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 Upstart Holdings Inc Ordinary Shares 0.03%153.4%N/A Financials State Auto Financial Corp 0.03%198.2%276.9%Financials Moderna Inc 0.32%63.8%444.0%Health Care Fulcrum Therapeutics Inc 0.03%169.2%255.7%Health Care Albertsons Companies Inc Class A 0.01%59.1%129.8%Consumer Staples IVERIC bio Inc 0.06%157.4%187.9%Health Care Atlassian Corporation PLC A 0.13%52.4%115.3%Information Technology Kadmon Holdings Inc 0.05%125.1%122.2%Health Care Paylocity Holding Corp 0.03%47.0%73.7%Information Technology GreenSky Inc Class A 0.03%101.4%151.8%Information Technology Bill.com Holdings Inc Ordinary Shares 0.05%45.7%166.1%Information Technology Dynavax Technologies Corp 0.07%95.0%344.7%Health Care Repligen Corp 0.04%44.8%95.9%Health Care Grid Dynamics Hldgs Inc Ord Shrs A 0.04%94.4%278.0%Information Technology Acceleron Pharma Inc 0.02%37.1%52.9%Health Care Peabody Energy Corp 0.04%86.5%543.0%Energy Paycom Software Inc 0.06%36.4%59.3%Information Technology Trillium Therapeutics Inc 0.06%81.2%24.2%Health Care Datadog Inc Class A 0.08%35.8%38.4%Information Technology Cytokinetics Inc 0.10%80.6%65.1%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 GoHealth Inc Ordinary Shares -Class A 0.00%-55.1%-61.4%Financials GT Biopharma Inc 0.00%-100.0%N/A Health Care Skillz Inc Ordinary Shares -Class A 0.01%-54.8%N/A Communication Services Forte Biosciences Inc Ordinary Shares 0.00%-91.2%-93.9%Health Care Boston Beer Co Inc Class A 0.01%-50.1%-42.3%Consumer Staples Eargo Inc Ordinary Shares 0.00%-83.1%N/A Health Care StoneCo Ltd Class A 0.02%-48.2%-34.4%Information Technology Sesen Bio Inc 0.01%-82.8%-43.3%Health Care TuSimple Hldgs Inc Ord Shrs -Class A 0.00%-47.9%N/A Industrials Ardelyx Inc 0.00%-82.6%-74.9%Health Care NovoCure Ltd 0.03%-47.6%4.4%Health Care MedAvail Holdings Inc Ordinary Shares 0.00%-76.2%N/A Consumer Staples Vroom Inc Ordinary Shares 0.01%-47.3%-57.4%Consumer Discretionary Seres Therapeutics Inc 0.02%-70.8%-75.4%Health Care Virgin Galactic Holdings Inc Shs A 0.01%-45.0%31.6%Industrials Ontrak Inc 0.00%-69.1%-83.3%Health Care ChargePoint Hldgs Inc Ord Shrs -A 0.01%-42.5%N/A Industrials InnovAge Holding Corp 0.00%-69.0%N/A Health Care Signify Health Inc Ord Shrs -Class A 0.00%-41.3%N/A Health Care Ashford Hospitality Trust Inc 0.01%-67.7%-10.8%Real Estate Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2021 Although some regional benchmarks posted positive performance for the quarter,the US dollar (USD)performance for the broad international equity benchmarks were negative.For the period,developed markets outperformed emerging markets in both USD and local currency.The MSCI EAFE Index returned -0.4%in USD and 1.3%in local currency terms for the period while the MSCI Emerging Markets Index posted a weak -8.1%return in USD and - 6.7%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 25.7%in USD and 27.2%in local currency terms,while the MSCI Emerging Markets Index returned 18.2%in USD and 16.9%in local currency terms.Performance within the emerging markets regions was led by the EMEA region which returned 40.6%in USD and 34.4%in local terms. -7.3% -8.7% 5.9% -6.7% 2.8% 0.6% 1.3% 1.2% -1.3% -13.3% -9.6% 4.2% -8.1% 1.6% -1.5% -0.4% -0.7% -3.0% -15.0%-10.0%-5.0%0.0%5.0%10.0% 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 22.5% 13.6% 34.4% 16.9% 27.8% 26.9% 27.2% 27.2% 23.9% 27.3% 13.9% 40.6% 18.2% 23.1% 27.3% 25.7% 26.5% 23.9% 0.0%10.0%20.0%30.0%40.0% 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 Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of September 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 4.8%-4.1%16.2% Consumer Discretionary 12.7%-3.6%31.7% Consumer Staples 10.2%-3.4%9.0% Energy 3.5%8.7%62.1% Financials 17.2%1.8%44.5% Health Care 12.7%0.5%9.7% Industrials 15.8%1.3%28.1% Information Technology 9.6%5.0%36.2% Materials 7.3%-5.7%25.2% Real Estate 2.9%-3.1%20.2% Utilities 3.3%-4.6%4.4% Total 100.0%-0.4%25.7% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.3%-9.9%9.0% Consumer Discretionary 12.7%-11.5%9.9% Consumer Staples 8.5%-3.4%10.0% Energy 4.9%6.7%55.0% Financials 19.3%1.1%42.5% Health Care 9.5%-1.9%10.1% Industrials 12.2%0.2%27.9% Information Technology 13.2%-1.0%36.7% Materials 8.0%-5.5%27.1% Real Estate 2.5%-5.7%12.7% Utilities 3.0%-1.9%10.5% Total 100.0%-3.0%23.9% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.3%-15.1%1.9% Consumer Discretionary 14.7%-22.9%-16.9% Consumer Staples 5.9%-4.4%13.4% Energy 5.9%9.1%44.5% Financials 19.5%1.0%35.0% Health Care 5.0%-13.0%12.9% Industrials 4.9%-6.5%31.9% Information Technology 20.9%-5.9%37.3% Materials 8.7%-4.8%46.1% Real Estate 2.1%-14.2%-9.4% Utilities 2.3%7.4%35.2% Total 100.0%-8.1%18.2% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 24.2%15.3%4.6%22.1% United Kingdom 14.4%9.1%-0.3%31.2% France 11.2%7.1%-2.0%34.3% Switzerland 9.5%6.0%-3.3%14.5% Germany 9.1%5.8%-4.3%16.5% Australia 6.9%4.4%-3.0%31.7% Netherlands 4.8%3.1%3.4%46.0% Sweden 3.7%2.3%-2.2%31.4% Hong Kong 3.0%1.9%-9.4%15.0% Denmark 2.6%1.7%2.6%28.3% Italy 2.5%1.6%-1.1%33.4% Spain 2.4%1.5%-3.3%31.4% Singapore 1.2%0.7%0.0%30.0% Finland 1.0%0.7%-3.1%16.6% Belgium 0.9%0.6%-5.6%18.8% Ireland 0.7%0.5%0.0%21.8% Norway 0.7%0.4%5.2%45.4% Israel 0.6%0.4%2.8%28.4% New Zealand 0.2%0.2%1.8%-2.3% Austria 0.2%0.1%10.4%98.2% Portugal 0.2%0.1%3.6%19.5% Total EAFE Countries 100.0%63.3%-0.4%25.7% Canada 7.1%-2.5%33.9% Total Developed Countries 70.4%-0.7%26.5% China 10.1%-18.2%-7.3% Taiwan 4.4%-2.1%43.3% Korea 3.7%-13.2%27.8% India 3.6%12.6%53.1% Brazil 1.3%-20.2%21.0% Russia 1.2%9.5%59.4% Saudi Arabia 1.0%8.2%47.7% South Africa 0.9%-5.8%27.2% Mexico 0.6%1.4%51.1% Thailand 0.5%-3.6%20.1% Indonesia 0.4%9.4%26.4% Malaysia 0.4%0.2%1.4% United Arab Emirates 0.2%6.4%50.6% Poland 0.2%1.2%29.5% Qatar 0.2%7.3%15.0% Philippines 0.2%-3.6%13.3% Kuwait 0.2%9.0%27.8% Chile 0.1%-7.8%18.7% Hungary 0.1%7.7%72.8% Turkey 0.1%1.9%5.2% Argentina 0.1%22.1%47.2% Colombia 0.1%10.2%31.7% Peru 0.1%-11.0%-5.8% Greece 0.1%2.0%30.4% Czech Republic 0.0%14.2%85.2% Egypt 0.0%4.3%-13.7% Total Emerging Countries 29.5%-8.1%18.2% Total ACWIxUS Countries 100.0%-3.0%23.9% Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2021 Fixed income market yields were broadly unchanged during the 3rd quarter. The Bloomberg US Aggregate Bond Index returned a muted 0.1%for the period. Digging deeper into bond market sectors,while the US Corporate Investment Grade Index return was largely unchanged (0.0%),lower quality High Yield benchmark delivered positive a positive return of 0.9%.High yield issues benefited from the asset category’s overall shorter maturity profile and higher coupon rate. The outlier during the quarter was US TIPS issues,which returned 1.8%. Expectations for inflation to persist above the Fed’s stated average target of 2.0%was the catalyst for the solid performance. Outside of domestic markets,the Bloomberg Global Aggregate ex US Index posted a -1.6%return for the quarter.A significant contributor to the global bond’s index performance was UK issues.Interest rates in the UK moved higher during the period as the Bank of England began to message the potential for rate increases in the near future. Over the trailing 1-year period,returns of higher quality government and mortgage-backed bonds were disappointing.US Treasury bonds declined by -3.3%and the mortgage-backed benchmark returned a less negative -0.4%. In contrast,corporate bonds delivered solid performance,led by lower quality high yield bonds.The Bloomberg US Corporate IG Index returned 1.7%while the Blomberg US High Yield Bond Index returned a strong 11.3%. US TIPS continued to perform well for the trailing 1-year period with the index returning 5.2%.Persistent concerns about rising inflation acted as a tailwind for TIPS issues. -0.9% -1.6% 0.0% 0.1% 0.0% -0.1% 0.0% 0.1% 1.8% 0.9% 0.0% 0.1% 0.1% -2.0%-1.0%0.0%1.0%2.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.3) Aggregate (6.7) Baa (8.7) A (8.4) AA (8.5) AAA (6.0) U.S. TIPS (5.5) U.S. High Yield (4.0) U.S. Corporate IG (8.7) U.S. Mortgage (4.6) U.S. Treasury (7.1) Quarter Performance -0.4% -1.2% -0.4% -0.9% 3.3% 0.2% -0.1% -2.0% 5.2% 11.3% 1.7% -0.4% -3.3% -5.0%0.0%5.0%10.0%15.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.3) Aggregate (6.7) Baa (8.7) A (8.4) AA (8.5) AAA (6.0) U.S. TIPS (5.5) U.S. High Yield (4.0) U.S. Corporate IG (8.7) U.S. Mortgage (4.6) U.S. Treasury (7.1) 1-Year Performance Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2021 The gray band across the graph represents 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 September meeting,the Federal Open Market Committee (FOMC)reiterated its commitment to keeping interest rates near zero while signaling that it would begin tapering its asset purchase program.Importantly,the Fed also indicated it would begin considering raising US interest rates in the near future. The yield on the US 10-year Treasury (green line)continued to rise during the year as the economy recovered.After reaching a high of 1.74%during the 1st quarter of 2021,interest rates have largely moved in a range-bound, sideways pattern. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium investors require to purchase and hold non-Treasury investment grade issues.As the pace of the economic recovery quickened,spreads narrowed,indicating that 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 4th quarter of 2020, longer-term interest rates began to move higher as investors anticipated improving economic conditions.Interest rates peaked in the 1st quarter as economic growth surprised to the upside.Since then,longer-term US interest rates have remained relatively steady. 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 12/31/2020 3/31/2021 6/30/2021 9/30/2021 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 10 Page Intentionally Left Blank Page 11 June 30, 2021 : $26,608,896 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity September 30, 2021 : $26,603,964 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity 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¢£ Allocation Market Value Allocation Domestic Equity 11,013,895 41.4¢£ International Equity 3,806,521 14.3¢£ Domestic Fixed 7,057,057 26.5¢£ Non-Core Fixed income 1,326,810 5.0¢£ Infrastructure 1,000,000 3.8¢£ Real Estate 2,176,888 8.2¢£ Cash Equivalent 222,792 0.8¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of September 30, 2021 Page 12 June 30, 2021 : $26,608,896 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Intercontinental Brookfield Pacific Funds (PLFRX) PIMCO (PDIIX) Templeton (FTTRX) Agincourt Fixed Income Transamerica (TSWIX) Europacific (RERGX) September 30, 2021 : $26,603,964 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Europacific (RERGX) Intercontinental Brookfield Pacific Funds (PLFRX) PIMCO (PDIIX) Templeton (FTTRX) Agincourt Fixed Income Transamerica (TSWIX) 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¢£ 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¢£ Allocation Market Value Allocation Dana Large Cap Core Equity 2,723,496 10.2¢£ Vanguard Mid Cap Index (VIMAX)2,754,626 10.4¢£ Vanguard Total Stock Index (VTSAX)5,535,774 20.8¢£ Europacific Growth (RERGX)1,922,442 7.2¢£ Transamerica Intl (TSWIX)1,884,079 7.1¢£ Agincourt Fixed Income 7,057,057 26.5¢£ PIMCO Diversified Income (PDIIX)659,954 2.5¢£ Pacific Funds Floating Rate Income (PLFRX)666,857 2.5¢£ Brookfield BSIP Access Fund 1,000,000 3.8¢£ Intercontinental Real Estate 2,176,888 8.2¢£ R&D 222,792 0.8¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of September 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) (8.2%) Infrastructure (3.8%) Non-Core Fixed income (5.0%) Domestic Fixed (26.5%) International Equity (14.3%) Domestic Equity (41.4%) 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 8.2 10.0 International Equity 10.0 20.0 14.3 15.0 Domestic Fixed 17.5 27.5 26.5 22.5 Domestic Equity 37.5 47.5 41.4 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 September 30, 2021 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 41.40 (53)14.31 (56)2.48 (79)29.03 (36)3.76 (83)8.18 (45)0.84 (60) 5th Percentile 60.86 24.49 9.90 52.80 43.28 13.66 5.75 1st Quartile 50.73 17.69 4.93 32.76 19.13 9.57 2.27 Median 42.71 14.73 3.96 24.93 9.71 7.91 1.11 3rd Quartile 32.57 11.59 2.71 19.18 4.38 5.54 0.59 95th Percentile 14.64 5.82 1.85 12.39 1.31 2.37 0.09 Population 671 606 144 641 237 441 491 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of September 30, 2021 Parentheses contain percentile rankings. . Page 15 Sep-2021 Jun-2021 Mar-2021 Dec-2020 Sep-2020 ($)%($)%($)%($)%($)% Total Equity 14,820,416 55.71 15,716,614 59.07 16,403,405 64.90 15,475,817 63.45 13,400,473 60.82 Domestic Equity 11,013,895 41.40 11,821,675 44.43 13,036,468 51.58 12,186,659 49.97 10,632,257 48.26 Dana Large Cap Core Equity 2,723,496 10.24 3,527,750 13.26 3,284,468 13.00 3,045,339 12.49 2,736,192 12.42 Vanguard Mid Cap Index (VIMAX)2,754,626 10.35 2,754,496 10.35 3,249,003 12.86 3,031,220 12.43 2,568,493 11.66 Vanguard Total Stock Index (VTSAX)5,535,774 20.81 5,539,430 20.82 6,502,996 25.73 6,110,101 25.05 5,327,572 24.18 International Equity 3,806,521 14.31 3,894,939 14.64 3,366,937 13.32 3,289,158 13.49 2,768,215 12.56 Europacific Growth (RERGX)1,922,442 7.23 1,968,632 7.40 1,873,452 7.41 1,881,597 7.71 1,568,611 7.12 Transamerica Intl (TSWIX)1,884,079 7.08 1,926,307 7.24 1,493,485 5.91 1,407,561 5.77 1,199,604 5.44 Total Fixed Income 8,383,867 31.51 7,860,376 29.54 6,174,874 24.43 6,282,328 25.76 6,240,000 28.32 Agincourt Fixed Income 7,057,057 26.53 6,539,198 24.58 5,095,595 20.16 5,192,896 21.29 5,169,584 23.46 Templeton Global (FTTRX)-0.00 -0.00 581,837 2.30 598,583 2.45 593,675 2.69 PIMCO Diversified Income (PDIIX)659,954 2.48 660,000 2.48 -0.00 -0.00 -0.00 Pacific Funds Floating Rate Income (PLFRX)666,857 2.51 661,178 2.48 497,442 1.97 490,849 2.01 476,741 2.16 Total Infrastructure 1,000,000 3.76 1,000,000 3.76 -0.00 -0.00 -0.00 Brookfield BSIP Access Fund 1,000,000 3.76 1,000,000 3.76 -0.00 -0.00 -0.00 Real Estate 2,176,888 8.18 2,075,642 7.80 2,006,645 7.94 1,969,350 8.07 1,971,189 8.95 Intercontinental Real Estate 2,176,888 8.18 2,075,642 7.80 2,006,645 7.94 1,969,350 8.07 1,971,189 8.95 Cash Accounts R&D 222,792 0.84 -43,736 -0.16 688,655 2.72 662,256 2.72 420,529 1.91 Total Fund Portfolio 26,603,964 100.00 26,608,896 100.00 25,273,579 100.00 24,389,751 100.00 22,032,191 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of September 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 1/21 9/21 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending September 30, 2021 Page 17 Market Value 07/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2021 Total Equity 15,716,614 -775,000 ---16,020 -272 35,219 -140,125 14,820,416 Domestic Equity 11,821,675 -775,000 ---16,020 -272 35,219 -51,707 11,013,895 Dana Large Cap Core Equity 3,527,750 -775,000 ---16,020 -272 10,257 -23,219 2,723,496 Vanguard Mid Cap Index (VIMAX)2,754,496 -----7,112 -6,982 2,754,626 Vanguard Total Stock Index (VTSAX)5,539,430 -----17,850 -21,507 5,535,774 International Equity 3,894,939 -------88,418 3,806,521 Europacific Growth (RERGX)1,968,632 -------46,190 1,922,442 Transamerica Intl (TSWIX)1,926,307 -------42,228 1,884,079 Total Fixed Income 7,860,376 525,000 ---7,239 -636 53,942 -47,575 8,383,867 Agincourt Fixed Income 6,539,198 525,000 ---7,239 -636 42,901 -42,167 7,057,057 PIMCO Diversified Income (PDIIX)660,000 -----4,697 -4,743 659,954 Pacific Funds Floating Rate Income (PLFRX)661,178 -----6,344 -666 666,857 Infrastructure 1,000,000 -------1,000,000 Brookfield BSIP Access Fund 1,000,000 -------1,000,000 Real Estate 2,075,642 -15,568 ---4,114 -19,682 101,246 2,176,888 Intercontinental Real Estate 2,075,642 -15,568 ---4,114 -19,682 101,246 2,176,888 Cash Accounts R&D -43,736 265,568 257,489 -213,705 --42,835 11 -222,792 Total Fund Portfolio 26,608,896 -257,489 -213,705 -27,373 -43,743 108,854 -86,454 26,603,964 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending September 30, 2021 Page 18 Market Value 10/01/2020 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2021 Total Equity 13,400,473 -2,661,000 ---20,466 -1,168 271,934 3,830,644 14,820,416 Domestic Equity 10,632,257 -3,001,000 ---20,466 -1,168 163,021 3,241,252 11,013,895 Dana Large Cap Core Equity 2,736,192 -775,000 ---20,466 -1,168 43,338 740,600 2,723,496 Vanguard Mid Cap Index (VIMAX)2,568,493 -737,000 ----38,523 884,610 2,754,626 Vanguard Total Stock Index (VTSAX)5,327,572 -1,489,000 ----81,160 1,616,041 5,535,774 International Equity 2,768,215 340,000 ----108,913 589,393 3,806,521 Europacific Growth (RERGX)1,568,611 -36,000 ----91,991 297,840 1,922,442 Transamerica Intl (TSWIX)1,199,604 376,000 ----16,922 291,552 1,884,079 Total Fixed Income 6,240,000 2,131,328 3,213 --16,961 -2,150 197,060 -168,622 8,383,867 Agincourt Fixed Income 5,169,584 1,917,000 3,213 --16,961 -2,150 146,481 -160,110 7,057,057 Templeton Global (FTTRX)593,675 -601,672 ----25,305 -17,308 - PIMCO Diversified Income (PDIIX)-660,000 ----4,697 -4,743 659,954 Pacific Funds Floating Rate Income (PLFRX)476,741 156,000 ----20,576 13,540 666,857 Infrastructure -1,000,000 ------1,000,000 Brookfield BSIP Access Fund -1,000,000 ------1,000,000 Real Estate 1,971,189 -48,989 ---12,510 -65,466 201,732 2,176,888 Intercontinental Real Estate 1,971,189 -48,989 ---12,510 -65,466 201,732 2,176,888 Cash Accounts R&D 420,529 -421,338 1,296,159 -965,489 --107,167 99 -222,792 Total Fund Portfolio 22,032,191 -1,299,372 -965,489 -49,938 -110,486 534,559 3,863,755 26,603,964 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2020 To September 30, 2021 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)0.08 (40)19.78 (59)19.78 (59)10.75 (43)10.18 (38)10.75 (35)8.13 (65)10/01/1994 Total Fund Policy 0.33 (29)19.40 (63)19.40 (63)11.25 (30)10.60 (28)10.88 (31)8.18 (58) All Public Plans-Total Fund Median -0.03 20.46 20.46 10.49 9.77 10.22 8.25 Total Fund Portfolio (Net)-0.02 19.55 19.55 10.49 9.92 10.47 7.78 10/01/1994 Total Equity -0.72 30.53 30.53 14.20 13.83 14.85 9.72 10/01/1994 Total Equity Policy -0.79 30.03 30.03 14.14 14.01 15.02 9.89 Domestic Equity -0.19 (47)32.10 (56)32.10 (56)15.44 (39)15.58 (40)16.29 (42)15.50 (69)04/01/2009 Domestic Equity Policy -0.10 (45)31.88 (57)31.88 (57)16.00 (35)16.39 (36)16.85 (38)16.69 (51) IM U.S. Equity (SA+CF+MF) Median -0.36 33.78 33.78 13.37 13.55 14.71 16.72 International Equity -2.27 (55)25.56 (50)25.56 (50)9.89 (60)7.82 (61)9.87 (70)8.39 (95)04/01/2009 International Equity Policy -2.88 (61)24.45 (57)24.45 (57)8.52 (74)6.92 (73)9.44 (76)N/A IM International Equity (MF) Median -1.94 25.52 25.52 11.09 8.66 11.32 10.90 Total Fixed Income 0.09 0.42 0.42 4.18 2.91 2.86 5.39 10/01/1994 Total Fixed Policy 0.06 0.34 0.34 4.40 3.03 2.44 5.21 Domestic Fixed Income 0.03 (67)-0.26 (81)-0.26 (81)4.85 (52)3.47 (57)2.92 (54)5.47 (18)10/01/1994 Domestic Fixed Policy 0.05 (58)-0.38 (87)-0.38 (87)4.39 (84)3.04 (88)2.47 (92)5.24 (43) IM U.S. Intermediate Duration (SA+CF) Median 0.07 0.26 0.26 4.87 3.52 2.95 5.19 Non-Core Fixed Income 0.53 3.91 3.91 1.38 0.54 3.07 1.33 10/01/2014 Non-Core Fixed Income Policy 0.10 3.91 3.91 4.31 2.87 2.18 2.31 Infrastructure 0.00 N/A N/A N/A N/A N/A 0.00 07/01/2021 CPI + 3%1.92 8.54 8.54 5.91 5.77 5.67 1.92 Real Estate 5.88 (70)13.86 (69)13.86 (69)8.79 (29)9.44 (26)9.84 (21)10.46 (28)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)6.96 (31)15.75 (49)15.75 (49)7.73 (48)8.00 (52)7.96 (57)9.16 (56) IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 15.23 15.23 7.53 8.07 8.32 9.33 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of September 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 September 30, 2021 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Dana Large Cap Core Equity -0.47 (73)28.55 (67)28.55 (67)15.19 (52)15.17 (59)16.97 (37)10.08 (60)01/01/2007 S&P 500 Index 0.58 (28)30.00 (55)30.00 (55)15.99 (43)16.47 (40)16.90 (42)10.06 (60) IM U.S. Large Cap Core Equity (SA+CF) Median 0.12 30.41 30.41 15.32 15.99 16.56 10.26 Vanguard Mid Cap Index (VIMAX)0.00 (20)36.10 (70)36.10 (70)14.74 (3)14.41 (1)14.59 (3)14.83 (3)05/01/2016 Russell Midcap Index -0.93 (55)38.11 (51)38.11 (51)14.22 (5)14.16 (2)14.39 (3)14.58 (3) IM U.S. Mid Cap Core Equity (MF) Median -0.83 38.13 38.13 10.84 10.46 11.34 11.44 Vanguard Total Stock Index (VTSAX)-0.07 (42)32.07 (36)32.07 (36)16.04 (20)16.43 (18)N/A 16.84 (22)01/01/2017 Russell 3000 Index -0.10 (45)31.88 (38)31.88 (38)16.00 (21)16.39 (20)16.85 (19)16.79 (22) IM U.S. Multi-Cap Core Equity (MF) Median -0.22 30.35 30.35 13.78 14.19 15.05 15.05 International Equity Strategies Europacific Growth (RERGX)-2.35 (48)24.76 (42)24.76 (42)13.21 (18)10.15 (18)12.17 (16)12.48 (18)05/01/2016 MSCI AC World ex USA -2.88 (56)24.45 (44)24.45 (44)8.52 (51)6.92 (42)9.44 (41)9.43 (48) IM International Equity (MF) Median -2.46 23.08 23.08 8.62 6.32 8.92 9.26 Transamerica Intl (TSWIX)-2.19 (46)27.29 (30)27.29 (30)6.33 (77)5.29 (66)7.38 (76)7.32 (80)05/01/2016 MSCI AC World ex USA -2.88 (56)24.45 (44)24.45 (44)8.52 (51)6.92 (42)9.44 (41)9.43 (48) IM International Equity (MF) Median -2.46 23.08 23.08 8.62 6.32 8.92 9.26 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 September 30, 2021 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income 0.03 (67)-0.33 (84)-0.33 (84)4.83 (54)3.45 (60)2.91 (54)4.26 (32)07/01/2007 Bloomberg Intermed Aggregate Index 0.05 (58)-0.38 (87)-0.38 (87)4.39 (84)3.04 (88)2.47 (92)3.74 (87) IM U.S. Intermediate Duration (SA+CF) Median 0.07 0.26 0.26 4.87 3.52 2.95 4.08 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)0.13 (16)N/A N/A N/A N/A N/A 0.13 (16)07/01/2021 Blmbg. Global Multiverse -0.91 (71)-0.45 (79)-0.45 (79)4.30 (59)2.87 (55)2.17 (71)-0.91 (71) IM Global Fixed Income (MF) Median -0.42 0.82 0.82 4.48 3.03 2.59 -0.42 Pacific Funds Floating Rate Income (PLFRX)0.93 (39)6.97 (66)6.97 (66)N/A N/A N/A 3.49 (36)11/01/2018 S&P/LSTA Leveraged Loan Index 1.11 (15)8.40 (31)8.40 (31)4.14 (9)4.40 (5)4.58 (6)4.27 (11) IM U.S. Bank Loans (MF) Median 0.86 7.60 7.60 3.04 3.35 3.61 3.18 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 N/A N/A N/A N/A N/A 0.00 07/01/2021 CPI + 3%1.92 8.54 8.54 5.91 5.77 5.67 1.92 Real Estate Strategies Intercontinental Real Estate 5.88 (70)13.86 (69)13.86 (69)8.79 (29)9.44 (26)9.84 (21)10.46 (28)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)6.96 (31)15.75 (49)15.75 (49)7.73 (48)8.00 (52)7.96 (57)9.16 (56) IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 15.23 15.23 7.53 8.07 8.32 9.33 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)19.78 (59)8.54 (36)4.48 (44)8.50 (31)13.07 (28)7.20 (94)-1.61 (70)10.65 (34) Total Fund Policy 19.40 (63)10.32 (16)4.54 (41)8.64 (28)12.05 (49)10.61 (22)-0.17 (33)10.56 (37) All Public Plans-Total Fund Median 20.46 7.56 4.29 7.64 11.93 9.75 -0.82 9.87 Total Fund Portfolio (Net)19.55 8.27 4.21 8.24 12.68 6.65 -2.17 10.07 Total Equity 30.53 11.29 2.52 12.72 19.05 8.58 -4.53 14.70 Total Equity Policy 30.03 12.06 2.04 13.62 19.14 13.68 -3.37 15.29 Domestic Equity 32.10 (56)12.20 (40)3.80 (34)15.98 (45)19.19 (47)8.51 (83)-1.98 (68)17.22 (37) Domestic Equity Policy 31.88 (57)15.00 (35)2.92 (40)17.58 (38)18.71 (51)14.96 (37)-0.49 (56)19.13 (23) IM U.S. Equity (SA+CF+MF) Median 33.78 5.78 1.15 14.66 18.79 13.32 0.13 15.22 International Equity 25.56 (50)7.94 (54)-2.09 (70)1.85 (57)18.43 (79)8.92 (68)-13.00 (73)5.35 (67) International Equity Policy 24.45 (57)3.45 (67)-0.72 (56)2.25 (52)20.15 (65)9.80 (63)-11.78 (70)4.36 (78) IM International Equity (MF) Median 25.52 9.10 -0.12 2.38 22.11 11.92 -7.05 6.78 Total Fixed Income 0.42 4.82 7.40 -0.78 2.66 4.17 1.39 3.04 Total Fixed Policy 0.34 5.37 7.62 -0.99 0.12 4.53 1.82 3.44 Domestic Fixed Income -0.26 (81)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (24)2.98 (29)3.04 (42) Bloomberg Intermed Aggregate Index -0.38 (87)5.66 (81)8.08 (46)-0.93 (94)0.25 (86)3.57 (72)2.95 (32)2.74 (57) IM U.S. Intermediate Duration (SA+CF) Median 0.26 6.45 8.01 -0.39 0.68 3.89 2.70 2.87 Non-Core Fixed Income 3.91 -2.55 2.90 -1.91 13.82 2.68 -8.14 N/A Non-Core Fixed Income Policy 3.91 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%8.54 4.45 4.78 5.35 5.29 4.59 3.01 4.73 Real Estate 13.86 (69)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)15.75 (49)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66) IM U.S. Open End Private Real Estate (SA+CF) Median 15.23 1.74 6.80 8.98 7.88 11.26 15.32 12.68 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of September 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 September 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 28.55 (67)11.93 (54)6.23 (25)15.09 (69)24.44 (6)7.16 (94)-0.03 (54)20.64 (29) S&P 500 Index 30.00 (55)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 30.41 12.87 3.21 17.33 18.71 13.41 0.11 19.19 Vanguard Mid Cap Index (VIMAX)36.10 (70)7.08 (8)3.65 (29)13.42 (19)15.30 (42)N/A N/A N/A Russell Midcap Index 38.11 (51)4.55 (14)3.19 (32)13.98 (15)15.32 (42)14.25 (27)-0.25 (30)15.83 (16) IM U.S. Mid Cap Core Equity (MF) Median 38.13 -3.86 1.56 9.78 15.07 11.86 -1.42 12.71 Vanguard Total Stock Index (VTSAX)32.07 (36)14.99 (25)2.88 (36)17.62 (22)N/A N/A N/A N/A Russell 3000 Index 31.88 (38)15.00 (25)2.92 (34)17.58 (23)18.71 (40)14.96 (12)-0.49 (33)17.76 (32) IM U.S. Multi-Cap Core Equity (MF) Median 30.35 11.22 1.35 15.62 18.17 11.36 -1.67 16.37 Rockwood Equity N/A N/A N/A N/A N/A N/A -3.64 (88)13.17 (93) S&P 500 Index 30.00 (55)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 30.41 12.87 3.21 17.33 18.71 13.41 0.11 19.19 International Equity Strategies Europacific Growth (RERGX)24.76 (42)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A N/A N/A MSCI AC World ex USA 24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (62)5.22 (38) IM International Equity (MF) Median 23.08 6.53 -1.88 0.18 19.36 9.30 -8.72 4.26 Transamerica Intl (TSWIX)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)N/A N/A N/A MSCI AC World ex USA 24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (62)5.22 (38) IM International Equity (MF) Median 23.08 6.53 -1.88 0.18 19.36 9.30 -8.72 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 24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (62)5.22 (38) IM International Equity (MF) Median 23.08 6.53 -1.88 0.18 19.36 9.30 -8.72 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 September 30, 2021 FYTD FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Domestic Fixed Income Strategies Agincourt Fixed Income -0.33 (84)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (24)2.98 (29)3.24 (31) Bloomberg Intermed Aggregate Index -0.38 (87)5.66 (81)8.08 (46)-0.93 (94)0.25 (86)3.57 (72)2.95 (32)2.74 (57) IM U.S. Intermediate Duration (SA+CF) Median 0.26 6.45 8.01 -0.39 0.68 3.89 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. Global Multiverse -0.45 (79)5.99 (33)7.54 (50)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42)1.40 (79) IM Global Fixed Income (MF) Median 0.82 5.39 7.52 -1.33 1.08 7.39 -3.91 3.34 Pacific Funds Floating Rate Income (PLFRX)6.97 (66)0.09 (29)N/A N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 8.40 (31)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 7.60 -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 (65)13.82 (1)2.68 (94)-8.14 (94)N/A Blmbg. Global Multiverse -0.45 (79)5.99 (33)7.54 (50)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42)1.40 (79) IM Global Fixed Income (MF) Median 0.82 5.39 7.52 -1.33 1.08 7.39 -3.91 3.34 Infrastructure Strategies Brookfield BSIP Access Fund N/A N/A N/A N/A N/A N/A N/A N/A CPI + 3%8.54 4.45 4.78 5.35 5.29 4.59 3.01 4.73 Real Estate Strategies Intercontinental Real Estate 13.86 (69)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)15.75 (49)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66) IM U.S. Open End Private Real Estate (SA+CF) Median 15.23 1.74 6.80 8.98 7.88 11.26 15.32 12.68 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 $5,900,000.0 $11,800,000.0 $17,700,000.0 $23,600,000.0 $29,500,000.0 $35,400,000.0 ($5,900,000.0) 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 9/21 $4,800,053.5 $26,603,964.0 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio 0.08 (40)9.31 (39)19.78 (59)14.02 (46)10.75 (43)10.75 (35)8.39 (53)9.96 (47)7.50 (34) Total Fund Policy 0.33 (29)8.95 (49)19.40 (63)14.77 (33)11.25 (30)10.88 (31)9.19 (25)10.36 (31)7.50 (34) Median -0.03 8.79 20.46 13.74 10.49 10.22 8.51 9.86 7.23 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Total Fund Portfolio 19.78 (59)8.54 (34)4.48 (48)8.50 (29)13.07 (24)7.20 (94)-1.61 (77) Total Fund Policy 19.40 (63)10.32 (16)4.54 (45)8.64 (27)12.05 (52)10.61 (19)-0.17 (38) Median 20.46 7.49 4.42 7.39 12.12 9.61 -0.53 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of September 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 Percent ile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 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 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Total Fund Portfolio Total Fund Policy 98.4 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 55.36 -23.82 -0.11 -0.12 0.63 -0.06 0.07 1.00 2.04 Total Fund Policy 0.00 -27.57 0.00 0.00 0.65 N/A 0.07 1.00 0.00 90 Day U.S. Treasury Bill 25.00 0.00 0.80 -6.87 N/A -0.65 0.00 -0.02 10.53 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of September 30, 2021 Peer Group: All Public Plans-Total Fund Page 27 Multi Timeperiod Statistics 1 Qtr Return 1 Quarter Ending Jun-2021 Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-2020 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)0.08 (40)5.42 (51)3.61 (38)9.58 (67)10.75 (43)10.75 (35)108.85 (38)107.05 (41) Total Fund Policy 0.33 (29)5.26 (58)3.16 (54)9.59 (67)11.25 (30)10.88 (31)100.00 100.00 All Public Plans-Total Fund Median -0.03 5.43 3.24 10.31 10.49 10.22 104.55 103.06 Total Fund Portfolio (Net)-0.02 5.40 3.54 9.56 10.49 10.47 109.55 107.99 Total Fund Policy 0.33 5.26 3.16 9.59 11.25 10.88 100.00 100.00 Total Equity -0.72 7.37 6.03 15.49 14.20 14.85 105.63 104.14 Total Equity Policy -0.79 7.61 5.66 15.28 14.14 15.02 100.00 100.00 Domestic Equity -0.19 (47)7.89 (37)7.01 (56)14.62 (61)15.44 (39)16.29 (42)105.06 (52)104.29 (52) Domestic Equity Policy -0.10 (45)8.24 (34)6.35 (60)14.68 (60)16.00 (35)16.85 (38)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median -0.36 6.68 7.94 16.95 13.37 14.71 106.53 105.44 International Equity -2.27 (47)5.63 (43)2.36 (61)18.82 (34)9.89 (39)9.87 (36)105.25 (49)105.41 (58) International Equity Policy -2.88 (56)5.64 (43)3.60 (44)17.08 (48)8.52 (51)9.44 (41)100.00 100.00 IM International Equity (MF) Median -2.46 5.31 3.23 16.87 8.62 8.92 104.39 108.34 Total Fixed Income 0.09 1.27 -1.65 0.74 4.18 2.86 105.82 50.06 Total Fixed Policy 0.06 0.90 -1.56 0.97 4.40 2.44 100.00 100.00 Domestic Fixed Income 0.03 (67)1.00 (66)-1.80 (72)0.52 (75)4.85 (52)2.92 (54)111.81 (30)101.72 (25) Domestic Fixed Policy 0.05 (58)0.78 (87)-1.61 (52)0.42 (86)4.39 (84)2.47 (92)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 0.07 1.05 -1.60 0.70 4.87 2.95 100.02 90.58 Non-Core Fixed Income 0.53 2.51 -0.93 1.78 1.38 3.07 94.74 12.78 Non-Core Fixed Income Policy 0.10 1.46 -1.31 3.67 4.31 2.18 100.00 100.00 Infrastructure 0.00 N/A N/A N/A N/A N/A N/A N/A CPI + 3%1.92 3.10 1.99 1.29 5.91 5.67 N/A N/A Real Estate 5.88 (70)4.40 (40)2.51 (36)0.48 (86)8.79 (29)9.84 (21)1.54 (79)1.54 (78) NCREIF Fund Index-Open End Diversified Core (EW)6.96 (31)4.39 (41)2.28 (40)1.36 (59)7.73 (48)7.96 (57)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 4.17 2.10 1.63 7.53 8.32 106.72 97.27 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2021 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2021 1 Qtr Return 1 Quarter Ending Jun-2021 Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-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 -0.47 (73)7.42 (63)8.02 (36)11.31 (69)15.19 (52)16.97 (37)108.37 (27)107.21 (27) S&P 500 Index 0.58 (28)8.55 (30)6.17 (62)12.15 (54)15.99 (43)16.90 (42)100.00 100.00 IM U.S. Large Cap Core Equity (SA+CF) Median 0.12 8.03 6.72 12.32 15.32 16.56 100.72 100.35 Vanguard Mid Cap Index (VIMAX)0.00 (20)7.59 (1)7.18 (89)18.02 (67)14.74 (3)14.59 (3)94.94 (84)93.92 (91) Russell Midcap Index -0.93 (55)7.50 (3)8.14 (87)19.91 (43)14.22 (5)14.39 (3)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median -0.83 5.22 10.69 19.35 10.84 11.34 105.46 110.06 Vanguard Total Stock Index (VTSAX)-0.07 (42)8.27 (32)6.43 (51)14.69 (35)16.04 (20)N/A 99.71 (61)N/A Russell 3000 Index -0.10 (45)8.24 (34)6.35 (55)14.68 (35)16.00 (21)16.85 (19)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median -0.22 7.70 6.43 13.70 13.78 15.05 102.10 100.89 International Equity Strategies Europacific Growth (RERGX)-2.35 (48)6.97 (23)-0.43 (88)19.95 (24)13.21 (18)12.17 (16)99.26 (65)102.24 (65) MSCI AC World ex USA -2.88 (56)5.64 (43)3.60 (44)17.08 (48)8.52 (51)9.44 (41)100.00 100.00 IM International Equity (MF) Median -2.46 5.31 3.23 16.87 8.62 8.92 104.39 108.34 Transamerica Intl (TSWIX)-2.19 (46)4.53 (69)6.10 (21)17.34 (45)6.33 (77)7.38 (76)111.92 (32)109.14 (49) MSCI AC World ex USA -2.88 (56)5.64 (43)3.60 (44)17.08 (48)8.52 (51)9.44 (41)100.00 100.00 IM International Equity (MF) Median -2.46 5.31 3.23 16.87 8.62 8.92 104.39 108.34 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2021 1 Qtr Return 1 Quarter Ending Jun-2021 Return 1 Quarter Ending Mar-2021 Return 1 Quarter Ending Dec-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 0.03 (67)0.94 (72)-1.80 (72)0.52 (75)4.83 (54)2.91 (54)111.81 (30)101.72 (25) Bloomberg Intermed Aggregate Index 0.05 (58)0.78 (87)-1.61 (52)0.42 (86)4.39 (84)2.47 (92)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 0.07 1.05 -1.60 0.70 4.87 2.95 100.02 90.58 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)0.13 (16)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse -0.91 (71)1.45 (41)-4.34 (73)3.52 (54)4.30 (59)2.17 (71)100.00 100.00 IM Global Fixed Income (MF) Median -0.42 1.33 -3.24 3.70 4.48 2.59 124.61 95.56 Pacific Funds Floating Rate Income (PLFRX)0.93 (39)1.57 (24)1.34 (65)2.96 (84)N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 1.11 (15)1.47 (34)1.78 (34)3.81 (36)4.14 (9)4.58 (6)100.00 100.00 IM U.S. Bank Loans (MF) Median 0.86 1.36 1.57 3.52 3.04 3.61 100.51 100.51 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 N/A N/A N/A N/A N/A N/A N/A CPI + 3%1.92 3.10 1.99 1.29 5.91 5.67 N/A N/A Real Estate Strategies Intercontinental Real Estate 5.88 (70)4.40 (40)2.51 (36)0.48 (86)8.79 (29)9.84 (21)1.54 (79)1.54 (78) NCREIF Fund Index-Open End Diversified Core (EW)6.96 (31)4.39 (41)2.28 (40)1.36 (59)7.73 (48)7.96 (57)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 4.17 2.10 1.63 7.53 8.32 106.72 97.27 Page 30 Estimated Annual Fee (%) 09/30/21 Market Value 09/30/21 Allocation (%) Estimated Annual Fee ($) Domestic Equity Dana Large Cap Core Equity 0.65 2,723,496 10.24 17,703 Vanguard Mid Cap Index (VIMAX)0.05 2,754,626 10.35 1,377 Vanguard Total Stock Market Index (VTSAX)0.04 5,535,774 20.81 2,214 International Equity Europacific Growth (RERGX)0.46 1,922,442 7.23 8,843 Transamerica Intl (TSWIX)0.86 1,884,079 7.08 16,203 Domestic Fixed Income Agincourt Fixed Income 0.25 7,057,057 26.53 17,643 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 659,954 2.48 5,214 Pacific Funds Floating Rate Income (PLFRX)0.73 666,857 2.51 4,868 Infrastructure Brookfield BSIP Access Fund**1.00 1,000,000 3.76 10,000 Real Estate Intercontinental Real Estate*1.10 2,176,888 8.18 23,946 Cash Accounts R&D 222,792 0.84 - Total Fund Portfolio 0.41 26,603,964 100.00 108,011 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of September 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 ($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 9/21 $3.71$3.78 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Dana Large Cap -0.48 (74)16.15 (45)29.29 (63)20.28 (59)15.36 (50)17.04 (34)13.10 (63)16.22 (59)10.39 (59) S&P 500 Index 0.58 (28)15.92 (49)30.00 (55)22.35 (46)15.99 (43)16.90 (42)14.01 (41)16.63 (46)10.37 (61) Median 0.12 15.91 30.41 21.71 15.32 16.56 13.66 16.55 10.51 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Dana Large Cap 29.29 (63)11.90 (54)6.11 (26)15.11 (68)24.30 (7)7.67 (93)0.07 (51) S&P 500 Index 30.00 (55)15.15 (37)4.25 (41)17.91 (40)18.61 (53)15.43 (23)-0.61 (64) Median 30.41 12.87 3.21 17.33 18.71 13.41 0.11 Dana Large Cap Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 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 (%) 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Dana Large Cap S&P 500 Index 99.9 100.0 100.1 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Dana Large Cap 50.00 -42.39 0.15 0.12 0.60 0.04 0.11 1.00 2.75 S&P 500 Index 0.00 -45.80 0.00 0.00 0.60 N/A 0.10 1.00 0.00 90 Day U.S. Treasury Bill 25.00 0.00 0.79 -10.42 N/A -0.60 0.00 -0.01 17.29 Dana Large Cap Long-Term Composite Performance As of September 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 9/21 $3.64$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)0.00 (20)15.32 (60)36.09 (70)20.72 (9)14.74 (3)14.59 (3)12.38 (7)15.55 (3)10.29 (6) Russell Midcap Index -0.93 (55)15.17 (62)38.11 (51)20.16 (11)14.22 (5)14.39 (3)12.15 (8)15.52 (4)10.30 (6) Median -0.83 16.07 38.13 15.63 10.84 11.34 8.99 12.92 8.32 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Vanguard Md-Cp I;Adm (VIMAX)36.09 (70)7.08 (8)3.65 (29)13.42 (19)15.30 (42)12.64 (44)1.71 (19) Russell Midcap Index 38.11 (51)4.55 (14)3.19 (32)13.98 (15)15.32 (42)14.25 (27)-0.25 (30) Median 38.13 -3.86 1.56 9.78 15.07 11.86 -1.42 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 4.0 6.0 8.0 10.0 12.0 Ret urn (%) 16.0 18.0 20.0 22.0 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 (%) 97.6 98.0 98.4 98.8 99.2 99.6 100.0 100.4 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)50.00 -48.50 0.09 -0.10 0.53 -0.06 0.11 0.98 1.52 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.53 N/A 0.11 1.00 0.00 90 Day U.S. Treasury Bill 28.57 0.00 0.78 -10.98 N/A -0.53 0.00 -0.01 20.82 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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 ($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 9/21 $3.74$3.78 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)-0.07 (42)15.17 (46)32.08 (35)23.24 (24)16.04 (20)16.87 (18)13.94 (9)16.60 (12)10.56 (16) Russell 3000 Index -0.10 (45)14.99 (50)31.88 (38)23.15 (25)16.00 (21)16.85 (19)13.93 (9)16.60 (12)10.44 (19) Median -0.22 14.95 30.35 20.68 13.78 15.05 12.00 15.23 9.23 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Vanguard TSM Idx;Adm (VTSAX)32.08 (35)14.99 (25)2.88 (36)17.62 (22)18.63 (42)14.98 (12)-0.58 (35) Russell 3000 Index 31.88 (38)15.00 (25)2.92 (34)17.58 (23)18.71 (40)14.96 (12)-0.49 (33) Median 30.35 11.22 1.35 15.62 18.17 11.36 -1.67 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Ret urn (%) 14.0 16.0 18.0 20.0 22.0 24.0 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)57.14 -45.58 0.09 0.09 0.59 0.66 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 28.57 0.00 0.79 -10.63 N/A -0.59 0.00 -0.01 18.07 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of September 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 9/21 $1.47 $1.97 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)-2.35 (48)3.97 (65)24.70 (43)19.70 (20)13.15 (18)12.12 (17)8.98 (17)10.58 (14)6.79 (17) MSCI AC World ex USA -2.88 (56)6.29 (49)24.45 (44)13.46 (58)8.52 (51)9.44 (41)6.17 (48)7.97 (52)4.85 (53) Median -2.46 6.09 23.08 14.28 8.62 8.92 6.03 8.07 4.97 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 American Funds EuPc;R5 (RERFX)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56)-4.97 (26) MSCI AC World ex USA 24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (62) Median 23.08 6.53 -1.88 0.18 19.36 9.30 -8.72 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 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 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)64.29 -45.07 2.27 2.08 0.33 0.53 0.07 0.97 3.93 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.22 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 39.29 0.00 0.72 -4.52 N/A -0.22 0.00 -0.01 20.10 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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 9/21 $1.47 $1.58 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)-2.19 (46)8.48 (32)27.29 (30)12.79 (63)6.33 (77)7.38 (76)5.19 (66)8.56 (42)5.07 (48) MSCI AC World ex USA -2.88 (56)6.29 (49)24.45 (44)13.46 (58)8.52 (51)9.44 (41)6.17 (48)7.97 (52)4.85 (53) Median -2.46 6.09 23.08 14.28 8.62 8.92 6.03 8.07 4.97 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Transam:Interntl Eq;I (TSWIX)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)5.67 (74)-5.55 (30) MSCI AC World ex USA 24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (62) Median 23.08 6.53 -1.88 0.18 19.36 9.30 -8.72 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 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 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 (%) 98.7 99.0 99.3 99.6 99.9 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)57.14 -50.49 0.61 0.55 0.25 0.16 0.05 0.99 3.49 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.22 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 39.29 0.00 0.72 -4.52 N/A -0.22 0.00 -0.01 20.10 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 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 9/21 $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 0.02 (75)-1.05 (96)-0.43 (89)3.35 (50)5.04 (38)2.99 (46)3.14 (37)3.07 (45)4.18 (35) Bloomberg Intermed Aggregate Index 0.05 (58)-0.79 (77)-0.38 (87)2.59 (91)4.39 (84)2.47 (92)2.70 (87)2.51 (87)3.72 (89) Median 0.07 -0.47 0.26 3.35 4.87 2.95 3.03 2.98 4.06 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Agincourt Intermediate Fixed Income -0.43 (89)7.28 (13)8.50 (17)-0.66 (78)0.66 (54)4.24 (29)2.79 (44) Bloomberg Intermed Aggregate Index -0.38 (87)5.66 (81)8.08 (46)-0.93 (94)0.25 (86)3.57 (72)2.95 (32) Median 0.26 6.45 8.01 -0.39 0.68 3.89 2.70 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 3.0 3.5 4.0 4.5 5.0 5.5 Ret u rn (%) 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 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 58.93 -3.70 0.03 0.48 1.10 0.37 0.03 1.13 1.29 Bloomberg Intermed Aggregate Index 0.00 -2.05 0.00 0.00 1.20 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 23.21 0.00 0.51 -2.90 N/A -1.20 0.00 0.05 2.42 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of September 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. 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 9/21 $1.55 $2.61 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)0.32 (36)0.92 (41)5.65 (45)4.99 (56)6.76 (32)5.97 (29)6.08 (14)6.72 (19)7.09 (12) Blmbg. Global Multiverse -0.91 (70)-3.84 (80)-0.45 (86)2.72 (84)4.30 (84)2.17 (89)2.30 (85)2.07 (82)3.64 (90) Median -0.02 0.03 4.78 5.35 5.64 4.54 3.85 3.94 4.95 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 PIMCO:Div Income;Inst (PDIIX)5.65 (45)4.34 (57)10.38 (14)1.88 (33)7.81 (27)13.44 (7)-0.31 (31) Blmbg. Global Multiverse -0.45 (86)5.99 (40)7.54 (48)-1.32 (79)-0.56 (88)9.23 (45)-3.56 (64) Median 4.78 5.08 7.33 0.56 4.47 8.80 -2.62 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. 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. 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)71.43 -12.94 4.73 3.79 0.86 0.60 0.09 0.75 6.30 Blmbg. Global Multiverse 0.00 -7.47 0.00 0.00 0.49 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 39.29 0.00 0.65 -2.75 N/A -0.49 0.00 0.01 5.66 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 $0.30 $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 9/21 $1.87 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Pacific Funds Floating Rate (PLFRX)0.93 (91)3.85 (79)6.95 (82)3.42 (89)N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 1.11 (52)4.42 (53)8.40 (49)4.67 (30)4.14 (44)4.58 (51)4.18 (59)4.91 (67)4.60 (66) Median 1.12 4.51 8.30 4.41 4.05 4.59 4.23 5.14 4.70 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Pacific Funds Floating Rate (PLFRX)6.95 (82)0.01 (68)N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 8.40 (49)1.06 (48)3.10 (67)5.19 (58)5.30 (48)5.46 (54)0.92 (86) Median 8.30 0.86 3.53 5.40 5.26 5.60 1.94 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index 3.6 4.0 4.4 4.8 5.2 5.6 6.0 6.4 Ret urn (%) 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Pacific Funds Floating Rate (PLFRX) S&P/LSTA Leveraged Loan Index 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 September 30, 2021 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Pacific Funds Floating Rate (PLFRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A 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 21.43 0.00 0.76 -4.49 N/A -0.40 0.00 -0.01 11.11 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of September 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 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 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 3/21 9/21 $2.18 $2.47 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF 5.86 (70)13.29 (48)13.84 (70)9.02 (31)8.78 (31)9.88 (19)10.86 (28)12.10 (29)N/A NCREIF Fund Index-Open End Diversified Core (EW)6.96 (31)14.20 (45)15.75 (49)8.52 (43)7.73 (48)7.96 (57)9.28 (58)10.15 (60)6.51 (58) Median 6.19 13.14 15.23 7.95 7.53 8.32 9.50 10.68 6.76 Fiscal Year Returns FYTD FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 Intercontinental US REIF 13.84 (70)4.41 (12)8.30 (21)11.37 (10)11.72 (6)13.07 (23)13.65 (70) NCREIF Fund Index-Open End Diversified Core (EW)15.75 (49)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58) Median 15.23 1.74 6.80 8.98 7.88 11.26 15.32 Intercontinental US REIF Long-Term Composite Performance As of September 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 Percentile Rank 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/21 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 2.0 4.0 6.0 8.0 10.0 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 September 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 0.69 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 12.50 0.00 0.71 -5.23 N/A -0.69 0.00 0.00 7.54 Intercontinental US REIF Long-Term Composite Performance As of September 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 Oct-1994 S&P 500 Index Blmbg. U.S. Gov't/Credit Oct-2000 Blmbg. U.S. Gov't/Credit S&P 500 Index Apr-2007 Bloomberg Intermed Aggregate Index S&P 500 Index Apr-2010 S&P 500 Index Blmbg. U.S. Aggregate Index MSCI EAFE Index Aug-2014 Russell 3000 Index Bloomberg Intermed Aggregate Index MSCI AC World ex USA Blmbg. Global Multiverse Jan-2015 Russell 3000 Index Bloomberg Intermed Aggregate Index MSCI AC World ex USA Blmbg. Global Multiverse NCREIF Fund Index-Open End Diversified Core (EW) Oct-2018 Russell 3000 Index MSCI AC World ex USA Bloomberg Intermed Aggregate Index Blmbg. Global Multiverse S&P/LSTA Leveraged Loan Index NCREIF Fund Index-Open End Diversified Core (EW) Jul-2021 Russell 3000 Index MSCI AC World ex USA Bloomberg Intermed Aggregate Index Blmbg. Global Multiverse S&P/LSTA Leveraged Loan Index NCREIF Fund Index-Open End Diversified Core (EW) CPI + 3% 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 September 30, 2021 Page 52 Total Fixed Policy Domestic Fixed Policy Non-Core Fixed Policy Weight (%) Oct-1994 Blmbg. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Intermed Aggregate Index 100.00 Apr-2010 Blmbg. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 17.00 Oct-2018 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 8.50 S&P/LSTA Leveraged Loan Index 8.50 Weight (%) Oct-1994 Blmbg. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Intermed Aggregate Index 100.00 Apr-2010 Blmbg. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 100.00 Weight (%) Jan-1999 Blmbg. Global Multiverse 100.00 Oct-2018 Blmbg. 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 September 30, 2021 Page 53 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of September 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 September 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. Pacific Funds (PLFRX) Manager Compliance:Vanguard VIMAX Vanguard VTSAX Europacific RERGXDana Equity Manager Compliance:Transamerica TSWIX Agincourt Fixed PIMCO (PDIIX) BrookfieldManager Compliance:Intercontinental RE 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.