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Home My Public Portal About2022-03-31_AndCo_Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="03/31/2022" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2022 City of Crestview Police Officers & Firefighters' Retirement Plan 1st Quarter 2022 Market Environment Page 1 The Market Environment Executive Summary As of March 31, 2022 The Economy The global economy faced headwinds as Russia invaded Ukraine in February. Despite their small percentage of the global GDP,both Russia and Ukraine play significant roles in the global economy.Russia provides most of Europe’s energy supplies and combined,both countries account for a large percentage of food supplies. Prior to the crisis in Ukraine,the global and US economies were already expected to grow at a slower rate in the 1st quarter.For the 4th quarter 2021,the US GDP grew at an annual rate of 6.9%.Estimates for the 1st quarter 2022 vary significantly,ranging between 0.5%and 2.0%. The US labor market remained a source of strength during the 1st quarter with the unemployment rate falling to 3.6%in March.The pace of job growth accelerated during the quarter with a three-month average of roughly +562,000.Importantly, the number of workers re-entering the workforce increased during the quarter with strong wage growth as the likely catalyst. The US Federal Reserve Bank (the Fed)began the process of normalizing interest rates by raising the Fed Funds rate by 0.25%.Additionally,the Fed signaled it was ready to begin the process of shrinking its balance sheet by not reinvesting up to $95 billion of maturing bonds into new securities each month.This process is referred to as “quantitative tightening”and is meant to drain liquidity from the economy with the goal of slowing inflation. Equity (Domestic and International) US equities declined during the 1st quarter as concerns regarding the conflict in Ukraine and the potential for a slowing global economy acted as headwinds.Large cap value was the best performing domestic segment of the equity market relative to other US market capitalizations and styles during the period while small cap growth performed the worst. International stocks also struggled during the 1st quarter.The primary driver of performance was the conflict in Ukraine which significantly affected western Europe and emerging markets.Another contributor to poor performance was the continued strength of the US dollar,which rose against both the Euro and Yen developed market currencies and most emerging market currencies during the period.Finally,China was negatively impacted by a rise in Covid-19 infections which resulted in new restrictions in Shanghai. Fixed Income Continued concerns about rising inflation,combined with the Fed beginning to raise interest rates acted as headwinds for fixed income performance during the quarter.US interest rates moved significantly higher during the quarter with the US 10-Year Treasury bond rising 83 basis points to close at 2.34%. Performance across most bond market sectors was negative during the quarter, with US high yield corporate bonds and US Treasury Inflation-Protected Securities (TIPS)down the least. The combination of higher coupons and a shorter maturity profile relative to high quality government bonds was the primary driver of the relative outperformance of high yield bonds during the period. TIPS continued their strong relative performance against all other bond market sectors during the quarter.Investors’expectations of higher future US inflation remained strong as inflation remained well above the Fed’s stated 2%long-term target average. Market Themes The tone of global central bank monetary policy shifted during the quarter as the Fed and the Bank of England both raised interest rates during the period. Additionally,the European Central Bank announced it would begin tightening monetary policy by slowing its bond purchases. The crisis in Ukraine will likely be a drag on global economic growth for the foreseeable future.Restrictions on Russian energy exports,especially to western Europe,will likely result in a material slowdown of those economies as a result of higher prices. US equity markets experienced their first down quarter since the onset of the pandemic in the 1st quarter of 2020.Growth-oriented stocks underperformed value stocks as investors’concerns about future economic growth increased. Historically,value stocks have outperformed growth stocks during economic slowdowns marked by recession. Interest rates rose across the Treasury yield curve during the quarter in anticipation of the Fed raising interest rates.As a result of their maturity profile, longer-dated bonds significantly underperformed shorter-dated bonds despite yields rising only modestly in comparison.Lower quality corporate bonds outperformed given their higher coupons and shorter maturity profiles despite concerns about widening credit spreads as economic conditions deteriorate. Page 2 The Market Environment Major Market Index Performance As of March 31, 2022 Broad US equity markets experienced weak,negative returns during the 1st quarter of 2022.A variety of factors contributed to performance including elevated inflation,rising interest rate expectations,geopolitical events in Ukraine,and concerns related to slower economic growth.For the period,the S&P 500 large cap benchmark returned -4.6%,compared to -5.7%for mid-cap and -7.5%for small cap indices. Developed markets international equities also suffered negative results for the 1st quarter.Europe was negatively impacted by the crisis in Ukraine,rising energy costs,and continued rising inflation.Emerging markets were also negatively impacted by Russia’s invasion of Ukraine.Emerging markets were also impacted by the rise of Covid-19 cases in China and resulting restrictions. During the period,the MSCI EAFE Index returned -5.9%while the MSCI Emerging Markets Index declined by -7.0% For the quarter,performance of the bond market was broadly negative due to increasing inflation and expectations that global central banks would begin the process of raising interest rates.The Bloomberg (BB)US Aggregate Index returned -5.9%,for the period while Investment Grade Corporate bonds posted a return of -7.7%.The best performing sector on a relative basis was US TIPS which declined by -3.0%. Despite the recent poor performance,developed equity markets posted strong returns over the trailing 1-year period.The primary drivers of return during the period were economic growth and an accommodative monetary policy support from global central banks.The S&P 500 large cap stock index led equity market performance for the year with a return of 15.6%.The outlier was the Russell 2000 small cap index which declined by -5.8%for the year. Over the trailing 1-year period performance across international markets diverged with the developed market MSCI EAFE Index returning 1.2%while the MSCI Emerging Markets Index fell by -11.4%.While economic growth improved throughout the year,emerging markets were negatively impacted by geopolitical events related to Russia,Ukraine,and China. Bond market returns disappointed over the trailing 1-year period due to rising inflation and the expectation of multiple interest rates increases.TIPS were the lone bright spot in the bond market with the TIPS Index returning 4.3%for the year. Source: Investment Metrics 0.1% -4.2% -4.9% 4.3% -3.7% -4.2% -11.4% 1.2% -1.5% -5.8% 6.9% 13.3% 11.9% 15.6% -15.0%-5.0%5.0%15.0% 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 0.0% -7.7% -5.0% -3.0% -5.5% -5.9% -7.0% -5.9% -5.4% -7.5% -5.7% -5.1% -5.3% -4.6% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0% 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 Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of March 31, 2022 Momentum shifted during the 1st quarter as each broad US equity benchmark posted negative results across both the style and market capitalization spectrums.Large cap stocks continued their leadership,followed by mid and small cap issues.The Russell 1000 Index declined by -5.1%for the quarter while the Russell Mid Cap Index and the Russell 2000 Index fell by -5.7%and - 7.5%,respectively. Performance across styles and market capitalizations was disparate during the quarter.Large,Mid,Small cap value stocks all sizably outpaced their growth counterparts.For the period,the Russell 1000 Value Index was the best relative performing style index,posting a return of -0.7%.Mid cap and small cap growth stocks were the laggards during the period with both the Mid Cap Growth Index and Russell 2000 Growth Index returning a weak -12.6%. Performance across most market capitalizations and styles was positive over the trailing 1-year period.Much like the 1st quarter,large cap stocks outperformed mid and small cap stocks for the year.The Russell 1000 Index return of 13.3%for the year,significantly outperformed both its mid and small cap growth index counterparts.The outlier during the period was the Russell 2000 Index which returned -5.8%. While the dispersion across large cap styles was relatively narrow for the year, there was wide performance dispersion across mid and small style-based indexes.Within mid and small cap benchmark results,value dominated growth by double digits.The Russell Mid Cap Value Index returned 11.5%while the Russell 2000 Value Index returned 3.3%for the period.In comparison,the Russell Mid Cap Growth Index returned -0.9%,while the Russell 2000 Growth Index declined by -14.3%. -14.3% -5.8% 3.3% -0.9% 6.9% 11.5% 15.0% 13.3% 11.7% 12.9% 11.9% 11.1% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0% 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 -12.6% -7.5% -2.4% -12.6% -5.7% -1.8% -9.0% -5.1% -0.7% -9.3% -5.3% -0.8% -14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0% 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 Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of March 31, 2022 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. Economic sector performance was negative across eight of the eleven large cap economic sectors for the 1st quarter.However,the three positive sectors represent less than 10%of the index.Four additional sectors outpaced the return of the broad index on a relative basis during the period. Energy (38.7%),utilities (4.3%),and materials (0.2%)were the best performing sectors for the quarter.Energy continued its relative outperformance during the quarter as the price of oil remained elevated. Economically sensitive sectors such as communication services (-12.2%), consumer discretionary (-9.9%),and information technology (-9.0%) significantly underperformed the broader index for the quarter. For the full year,eight sectors exceeded the return of the broad large cap benchmark:energy (65.2%),real estate (21.8%),utilities (19.3%), information technology (17.2%),health care (16.7%),consumer staples (14.9%),financials (14.8%),and materials (14.7%).The weakest economic sector performance in the Russell 1000 for the year was communication services,which was the lone sector to deliver negative returns (-2.9%). Small cap sector performance was also mixed with two economic sectors posting positive performance and an additional five outpacing the return of the broader Russell 2000 Index (-7.5%)on a relative basis.Energy (42.0%)was the best performing sector for the period.Utilities (3.2%)was the only other sector posting a positive return for the quarter. For the trailing 1-year period,nine of the eleven sectors outpaced the broad benchmark’s return.Not surprisingly,sector performance was led by energy (67.1%),real estate (12.1%),utilities (10.9%),materials (2.5%), industrials (1.6%),and financials (0.6%).Consumer staples (-2.4%), communication services (-4.5%),and information technology (-4.9%) outpaced the core benchmark on a relative basis but were negative in absolute terms.The weakest sector over the full year was health care which fell -28.6%. 19.3% 21.8% 14.7% 17.2% 3.5% 16.7% 14.8% 65.2% 14.9% 5.8% -2.9% 4.3% -6.1% 0.2% -9.0% -3.8% -3.5% -1.6% 38.7% -0.9% -9.9% -12.2% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Utilities (2.5%) Real Estate (3.3%) Materials (2.4%) Info Technology (28.6%) Industrials (8.5%) Health Care (13.0%) Financials (11.5%) Energy (3.1%) Consumer Staples (5.8%) Consumer Disc (12.0%) Comm Services (9.4%) Russell 1000 Quarter 1-Year 10.9% 12.1% 2.5% -4.9% 1.6% -28.6% 0.6% 67.1% -2.4% -17.0% -4.5% 3.2% -4.7% -1.6% -13.8% -5.9% -14.4% -7.0% 42.0% -7.2% -17.2% -6.7% -40.0%-20.0%0.0%20.0%40.0%60.0%80.0% Utilities (2.8%) Real Estate (7.5%) Materials (3.9%) Info Technology (14.1%) Industrials (15.3%) Health Care (17.0%) Financials (16.5%) Energy (5.1%) Consumer Staples (3.5%) Consumer Disc (11.2%) Comm Services (3.1%) Russell 2000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of March 31, 2022 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 6.38%-1.5%43.8%Information Technology Ovintiv Inc 0.52%61.4%130.9%Energy Microsoft Corp 5.50%-8.1%31.8%Information Technology AMC Entertainment Hldgs Inc Class A 0.47%-9.4%141.3%Communication Services Amazon.com Inc 3.35%-2.2%5.4%Consumer Discretionary Avis Budget Group Inc 0.40%27.0%263.0%Industrials Tesla Inc 2.12%2.0%61.3%Consumer Discretionary BJ's Wholesale Club Holdings Inc 0.34%1.0%50.7%Consumer Staples Alphabet Inc Class A 1.98%-4.0%34.9%Communication Services Chesapeake Energy Corp Ord Shrs 0.33%37.6%108.8%Energy Alphabet Inc Class C 1.83%-3.5%35.0%Communication Services Tenet Healthcare Corp 0.33%5.2%65.3%Health Care NVIDIA Corp 1.54%-7.2%104.6%Information Technology Tetra Tech Inc 0.33%-2.7%22.2%Industrials Berkshire Hathaway Inc Class B 1.53%18.0%38.1%Financials Antero Resources Corp 0.32%74.5%199.3%Energy Meta Platforms Inc Class A 1.21%-33.9%-24.5%Communication Services Lattice Semiconductor Corp 0.30%-20.9%35.4%Information Technology UnitedHealth Group Inc 1.13%1.9%38.9%Health Care EastGroup Properties Inc 0.30%-10.3%44.8%Real Estate 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 Occidental Petroleum Corp 0.11%96.2%113.9%Energy NexTier Oilfield Solutions Inc 0.06%160.3%148.4%Energy New Fortress Energy Inc Class A 0.00%77.1%-6.0%Energy Peabody Energy Corp 0.08%143.6%701.6%Energy The Mosaic Co 0.06%69.6%112.2%Materials RPC Inc 0.03%135.0%97.6%Energy Halliburton Co 0.08%66.2%78.2%Energy SOC Telemed Inc Ord Shrs -Class A 0.01%133.6%-52.5%Health Care United States Steel Corp 0.02%58.9%44.9%Materials Kosmos Energy Ltd 0.12%107.8%134.2%Energy EQT Corp 0.02%58.6%86.2%Energy Tidewater Inc 0.03%103.0%73.5%Energy APA Corp 0.04%54.3%133.0%Energy Team Inc 0.00%102.8%-80.8%Industrials Marathon Oil Corp 0.05%53.4%138.6%Energy Golar LNG Ltd 0.09%100.0%142.2%Energy Baker Hughes Co Class A 0.06%52.4%73.5%Energy US Silica Holdings Inc 0.05%98.5%51.8%Energy Alcoa Corp 0.04%51.3%178.0%Materials Intrepid Potash Inc 0.03%92.2%152.3%Materials 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 Vroom Inc Ordinary Shares 0.00%-75.3%-93.2%Consumer Discretionary Kodiak Sciences Inc 0.01%-90.9%-93.2%Health Care GoHealth Inc Ordinary Shares -Class A 0.00%-68.9%-89.9%Financials Aligos Therapeutics Inc Ord Shares 0.00%-81.9%-90.5%Health Care TuSimple Hldgs Inc Ord Shrs -Class A 0.00%-66.0%N/A Industrials MEI Pharma Inc 0.00%-77.4%-82.4%Health Care Fluence Energy Inc 0.00%-63.1%N/A Industrials Applied Therapeutics Inc 0.00%-76.4%-88.7%Health Care Nektar Therapeutics 0.00%-60.1%-73.1%Health Care Annexon Inc Ordinary Shares 0.00%-76.2%-90.2%Health Care Skillz Inc Ordinary Shares -Class A 0.00%-59.7%-84.2%Communication Services BioAtla Inc Ordinary Shares 0.00%-74.5%-90.2%Health Care Natera Inc 0.01%-56.4%-59.9%Health Care Accelerate Diagnostics Inc 0.00%-72.4%-82.7%Health Care EPAM Systems Inc 0.04%-55.6%-25.2%Information Technology Laird Superfood Inc Ordinary Shares 0.00%-72.3%-90.4%Consumer Staples Trex Co Inc 0.02%-51.6%-28.6%Industrials Society Pass Inc 0.00%-71.5%N/A Communication Services Rivian Automotive Inc Class A 0.02%-51.5%N/A Consumer Discretionary 89bio Inc Ordinary Shares 0.00%-71.2%-84.1%Health Care Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of March 31, 2022 Most developed market international equity indexes tracked in the chart posted negative returns in both US dollar (USD)and local currency (LC) terms for the 1st quarter.The outlier during the period was the Latin America region.This strong performance was led by Brazil which benefited from rising commodity prices.The developed market MSCI EAFE Index returned -5.9% in USD and -3.7%in LC terms for the period,while the MSCI Emerging Markets Index declined by -7.0%in USD and -6.1%in LC terms. The trailing 1-year results for international developed markets were broadly positive across most regions and currencies.The MSCI EAFE Index returned 1.2%in USD for the year and 6.2%in LC terms.In contrast,returns across emerging markets were broadly lower with the exception being Latin America. While the MSCI Emerging Markets Index declined by -11.4%in USD and -9.9%in LC terms,the Latin America regional index’s return was a solid 23.5%in USD and 10.6%in LC term.In contrast,performance in the Asia regional benchmarks detracted from emerging market index performance with the EM Asia Index returning -15.2%in USD and -13.4%in LC term,largely due to concerns related to slowing growth in China and the recent rise in infections related to the pandemic. 13.7% -7.3% -9.5% -6.1% -0.5% -5.4% -3.7% -3.0% -3.9% 27.3% -8.7% -13.7% -7.0% -3.1% -7.4% -5.9% -4.8% -5.4% -20.0%-10.0%0.0%10.0%20.0%30.0% 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 10.6% -13.4% 1.4% -9.9% 3.4% 7.9% 6.2% 7.5% 2.0% 23.5% -15.2% -5.7% -11.4% -3.0% 3.5% 1.2% 3.0% -1.5% -20.0%-10.0%0.0%10.0%20.0%30.0% 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 March 31, 2022 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI -EAFE Sector Weight Quarter Return 1-Year Return Communication Services 4.9%-1.7%-10.8% Consumer Discretionary 11.5%-13.6%-9.6% Consumer Staples 10.2%-7.7%1.7% Energy 4.1%17.0%30.0% Financials 17.7%-1.1%5.1% Health Care 13.1%-3.7%8.9% Industrials 15.4%-10.7%-3.8% Information Technology 8.6%-16.1%-1.0% Materials 8.2%3.3%8.4% Real Estate 2.9%-2.7%-1.2% Utilities 3.4%-4.1%-1.7% Total 100.0%-5.9%1.2% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.2%-6.1%-16.6% Consumer Discretionary 11.1%-14.3%-21.2% Consumer Staples 8.4%-7.2%0.2% Energy 5.4%6.9%22.9% Financials 20.6%1.6%9.1% Health Care 9.4%-5.1%2.3% Industrials 12.2%-8.6%-1.9% Information Technology 12.2%-15.1%-5.4% Materials 8.9%5.2%9.5% Real Estate 2.5%-2.8%-8.1% Utilities 3.2%-2.4%2.0% Total 100.0%-5.4%-1.5% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.1%-11.3%-23.6% Consumer Discretionary 12.3%-16.4%-38.8% Consumer Staples 5.8%-7.9%-9.9% Energy 4.8%-20.7%-6.7% Financials 22.1%5.7%10.7% Health Care 3.9%-14.0%-27.8% Industrials 5.4%-2.7%2.7% Information Technology 21.6%-11.2%-6.8% Materials 9.4%3.2%3.4% Real Estate 2.1%-1.8%-27.6% Utilities 2.6%-0.2%10.2% Total 100.0%-7.0%-11.4% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.3%14.1%-6.6%-6.5% United Kingdom 15.3%9.6%1.8%13.6% France 11.4%7.2%-8.7%4.5% Switzerland 10.4%6.6%-6.4%13.9% Germany 8.2%5.2%-12.9%-12.0% Australia 8.2%5.1%7.3%13.5% Netherlands 4.4%2.8%-17.4%-5.2% Sweden 3.6%2.2%-15.5%-7.4% Hong Kong 2.9%1.8%-1.8%-12.0% Denmark 2.7%1.7%-6.4%14.9% Italy 2.4%1.5%-10.1%-2.7% Spain 2.3%1.5%-4.1%-3.7% Singapore 1.5%0.9%-1.7%-4.6% Finland 1.0%0.6%-11.9%-2.6% Belgium 0.9%0.6%-4.9%-0.3% Norway 0.8%0.5%10.2%21.1% Israel 0.7%0.5%-6.9%7.6% Ireland 0.6%0.4%-20.1%-17.7% Portugal 0.2%0.1%2.3%7.1% Austria 0.2%0.1%-20.0%3.6% New Zealand 0.2%0.1%-8.7%-15.2% Total EAFE Countries 100.0%63.1%-5.9%1.2% Canada 8.3%4.6%20.2% Total Developed Countries 71.4%-4.8%3.0% China 8.6%-14.2%-32.5% Taiwan 4.6%-6.6%6.3% India 3.7%-1.9%17.9% Korea 3.6%-9.6%-18.5% Brazil 1.7%35.9%24.7% Saudi Arabia 1.2%17.3%38.7% South Africa 1.2%20.3%11.1% Mexico 0.7%8.6%27.7% Thailand 0.5%4.2%-1.6% Indonesia 0.5%9.6%21.0% Malaysia 0.4%2.0%1.5% United Arab Emirates 0.4%21.2%58.1% Qatar 0.3%19.5%34.4% Kuwait 0.2%19.4%45.7% Philippines 0.2%2.2%9.9% Poland 0.2%-9.8%5.8% Chile 0.2%29.5%-8.3% Peru 0.1%34.9%20.9% Turkey 0.1%12.9%1.6% Colombia 0.1%33.8%39.3% Greece 0.1%1.1%7.6% Hungary 0.1%-19.4%-10.0% Czech Republic 0.0%3.1%51.5% Egypt 0.0%-23.4%-14.3% Total Emerging Countries 28.6%-7.0%-11.4% Total ACWIxUS Countries 100.0%-5.4%-1.5% Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of March 31, 2022 Fixed income market results were broadly negative during the 1st quarter. Investors’concerns about rising inflation,combined with expectations of higher US interest rates,detracted from performance.US Treasury yields were higher across the maturity curve but remained below their long-term averages. The return for the BB US Aggregate Bond Index,the bellwether investment grade benchmark,was down -5.9%for the period. Performance across the investment grade index’s segments was also negative during the period with the US Corporate Investment Grade bonds returning -7.7%and the US Mortgage index component posting a return of -5.0%. US TIPS posted the quarter’s strongest relative bond performance with a return of -3.0%.High yield bonds outperformed their investment grade counterparts,but still declined by -4.8%. Outside of domestic markets,the BB Global Aggregate ex US Index posted a return of -6.1%for the quarter.Like international stocks,global bond index performance was negatively impacted by the strengthening USD,which acted as a drag on domestic index returns. Over the trailing 1-year period,domestic investment grade benchmark performance was negative,led lower by mortgage-backed bonds (-4.9%)and investment grade corporate bonds (-4.2%).The only sector of the market that generated positive performance for the year was US TIPS (4.3%).The bellwether Bloomberg US Aggregate Bond Index (-4.2%)declined for the year. Lower quality high yield corporate bonds outperformed their investment grade counterparts on a relative basis with the Bloomberg US High Yield Index returning -0.7%for the period. Performance for non-US bonds was broadly negative for the year with the developed market Bloomberg Global Aggregate ex US Index falling by -7.9%. The combination of rising interest rates overseas,a longer maturity profile, and USD strength hindered index performance for the year. -6.1% -6.1% -4.7% -5.9% -7.9% -7.3% -7.0% -5.3% -3.0% -4.8%-7.7% -5.0% -5.6% -8.0%-7.0%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%0.0% Multiverse (7.1) Global Agg x US (7.9) Intermediate Agg (4.5) Aggregate (6.6) Baa (8.2) A (7.9) AA (8.0) AAA (6.0) U.S. TIPS (5.8) U.S. High Yield (3.9) U.S. Corporate IG (8.1) U.S. Mortgage (5.2) U.S. Treasury (6.8) Quarter Performance -6.2% -7.9% -4.4% -4.2% -4.1% -4.3% -4.1% -4.2% 4.3%-0.7% -4.2% -4.9% -3.7% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0% Multiverse (7.1) Global Agg x US (7.9) Intermediate Agg (4.5) Aggregate (6.6) Baa (8.2) A (7.9) AA (8.0) AAA (6.0) U.S. TIPS (5.8) U.S. High Yield (3.9) U.S. Corporate IG (8.1) U.S. Mortgage (5.2) U.S. Treasury (6.8) 1-Year Performance Page 9 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of March 31, 2022 The gray band across the graph illustrates the range of the current Fed Funds Rate.In the 1st quarter this year,the Fed raised its target rate range from 0.25%to 0.50%.During its recent March meeting,the Federal Open Market Committee (FOMC)stated it intends to begin removing liquidity from the market by also allowing bonds held on its balance sheet to mature without reinvesting those proceeds.Importantly,the FOMC also stated that it will react to data and could potentially raise rates at a faster pace if inflation does not subside. The yield on the US 10-year Treasury (green line)ended the period higher as concerns over the pace of inflation,combined with the Fed’s announced rate increase,drove yields higher.After reaching a high of 2.47%during the latter part of March 2022,interest rates traded lower for the remainder of the quarter.The yield on the US 10-year Treasury was 2.34%on March 31st. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues.For the full year,the spread widened slightly from 1.18%to 1.49%.High Yield OAS was largely unchanged during the year as spreads rose from 3.33%to 3.43%. High Yield spreads briefly exceeded 4.00%following the onset of the crisis in Ukraine,but quickly retreated. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.Short-term rates rose dramatically during the 1st quarter of 2022 in anticipation that the FOMC would begin raising rates to combat rising inflation.Longer-term rates were modestly higher,albeit less dramatically than either short-or intermediate-term interest rates.While not shown in the chart,10-Year rates briefly traded below the 2-year rates. Historically,a persistent inversion of these two key rates has been an indication of a future recession withing 6-to 24-months.As of the end of the quarter,the spread between 2-Year and 10-Year rates was positive. However,10-Year rates were trading lower than the intermediate 3-and 5- year rates. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 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 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Page 10 Page Intentionally Left Blank Page 11 December 31, 2021 : $28,208,499 Domestic Equity R&D Real EstateInfrastructure Non-Core FI Domestic Fixed International Equity March 31, 2022 : $26,880,143 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Allocation Market Value Allocation Domestic Equity 12,006,740 42.6¢£ International Equity 3,866,306 13.7¢£ Domestic Fixed 7,020,974 24.9¢£ Non-Core Fixed income 1,331,760 4.7¢£ Infrastructure 1,037,948 3.7¢£ Real Estate 2,305,030 8.2¢£ Cash Equivalent 639,741 2.3¢£ Allocation Market Value Allocation Domestic Equity 11,245,553 41.8¢£ International Equity 3,502,454 13.0¢£ Domestic Fixed 6,690,132 24.9¢£ Non-Core Fixed income 1,285,048 4.8¢£ Infrastructure 1,037,948 3.9¢£ Real Estate 2,421,002 9.0¢£ Cash Equivalent 698,007 2.6¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of March 31, 2022 Page 12 December 31, 2021 : $28,208,499 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Europacific (RERGX) R&D Intercontinental Brookfield PLFRX PDIIX Agincourt Fixed Income Transamerica (TSWIX) March 31, 2022 : $26,880,143 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Europacific (RERGX) R&D Intercontinental Brookfield PLFRX PDIIX Agincourt Fixed Income Transamerica (TSWIX) Allocation Market Value Allocation Dana Large Cap Core Equity 2,989,777 10.6¢£ Vanguard Mid Cap Index (VIMAX)2,974,210 10.5¢£ Vanguard Total Stock Index (VTSAX)6,042,753 21.4¢£ Europacific Growth (RERGX)1,900,775 6.7¢£ Transamerica Intl (TSWIX)1,965,531 7.0¢£ Agincourt Fixed Income 7,020,974 24.9¢£ PIMCO Diversified Income (PDIIX)659,629 2.3¢£ Pacific Funds Floating Rate Income (PLFRX)672,131 2.4¢£ Brookfield BSIP Access Fund 1,037,948 3.7¢£ Intercontinental Real Estate 2,305,030 8.2¢£ R&D 639,741 2.3¢£ Allocation Market Value Allocation Dana Large Cap Core Equity 2,746,449 10.2¢£ Vanguard Mid Cap Index (VIMAX)2,786,177 10.4¢£ Vanguard Total Stock Index (VTSAX)5,712,926 21.3¢£ Europacific Growth (RERGX)1,668,207 6.2¢£ Transamerica Intl (TSWIX)1,834,247 6.8¢£ Agincourt Fixed Income 6,690,132 24.9¢£ PIMCO Diversified Income (PDIIX)613,058 2.3¢£ Pacific Funds Floating Rate Income (PLFRX)671,990 2.5¢£ Brookfield BSIP Access Fund 1,037,948 3.9¢£ Intercontinental Real Estate 2,421,002 9.0¢£ R&D 698,007 2.6¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of March 31, 2022 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) (9.0%) Infrastructure (3.9%) Non-Core Fixed income (4.8%) Domestic Fixed (24.9%) International Equity (13.0%) Domestic Equity (41.8%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 4.8 5.0 Infrastructure 0.0 10.0 3.9 5.0 Real Estate (Composite)5.0 15.0 9.0 10.0 International Equity 10.0 20.0 13.0 15.0 Domestic Fixed 17.5 27.5 24.9 22.5 Domestic Equity 37.5 47.5 41.8 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 March 31, 2022 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 41.84 (57)13.03 (63)2.28 (82)27.39 (36)3.86 (83)9.01 (52)2.60 (24)z 5th Percentile 61.85 23.12 11.66 59.92 43.51 16.23 7.88 1st Quartile 51.51 17.63 4.99 31.34 19.34 11.07 2.52 Median 43.80 13.92 3.89 24.01 10.38 9.21 1.23 3rd Quartile 32.65 11.36 2.63 18.73 4.35 6.18 0.57 95th Percentile 14.80 7.03 1.34 11.42 1.38 2.64 0.08 Population 646 616 143 635 269 444 515 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of March 31, 2022 Parentheses contain percentile rankings. . Page 15 Mar-2022 Dec-2021 Sep-2021 Jun-2021 Mar-2021 ($)%($)%($)%($)%($)% Total Equity 14,748,006 54.87 15,873,046 56.27 14,820,416 55.67 15,716,614 59.07 16,403,405 64.90 Domestic Equity 11,245,553 41.84 12,006,740 42.56 11,013,895 41.37 11,821,675 44.43 13,036,468 51.58 Dana Large Cap Core Equity 2,746,449 10.22 2,989,777 10.60 2,723,496 10.23 3,527,750 13.26 3,284,468 13.00 Vanguard Mid Cap Index (VIMAX)2,786,177 10.37 2,974,210 10.54 2,754,626 10.35 2,754,496 10.35 3,249,003 12.86 Vanguard Total Stock Index (VTSAX)5,712,926 21.25 6,042,753 21.42 5,535,774 20.80 5,539,430 20.82 6,502,996 25.73 International Equity 3,502,454 13.03 3,866,306 13.71 3,806,521 14.30 3,894,939 14.64 3,366,937 13.32 Europacific Growth (RERGX)1,668,207 6.21 1,900,775 6.74 1,922,442 7.22 1,968,632 7.40 1,873,452 7.41 Transamerica Intl (TSWIX)1,834,247 6.82 1,965,531 6.97 1,884,079 7.08 1,926,307 7.24 1,493,485 5.91 Total Fixed Income 7,975,179 29.67 8,352,734 29.61 8,383,867 31.49 7,860,376 29.54 6,174,874 24.43 Agincourt Fixed Income 6,690,132 24.89 7,020,974 24.89 7,057,057 26.51 6,539,198 24.58 5,095,595 20.16 Templeton Global (FTTRX)-0.00 -0.00 -0.00 -0.00 581,837 2.30 PIMCO Diversified Income (PDIIX)613,058 2.28 659,629 2.34 659,954 2.48 660,000 2.48 -0.00 Pacific Funds Floating Rate Income (PLFRX)671,990 2.50 672,131 2.38 666,857 2.51 661,178 2.48 497,442 1.97 Total Infrastructure 1,037,948 3.86 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76 -0.00 Brookfield BSIP Access Fund 1,037,948 3.86 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76 -0.00 Real Estate 2,421,002 9.01 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80 2,006,645 7.94 Intercontinental Real Estate 2,421,002 9.01 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80 2,006,645 7.94 Cash Accounts R&D 698,007 2.60 639,741 2.27 222,792 0.84 -43,736 -0.16 688,655 2.72 Total Fund Portfolio 26,880,143 100.00 28,208,499 100.00 26,620,496 100.00 26,608,896 100.00 25,273,579 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of March 31, 2022 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 3/22 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending March 31, 2022 Page 17 Market Value 01/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2022 Total Equity 15,873,046 ----4,858 -296 37,694 -1,157,578 14,748,006 Domestic Equity 12,006,740 ----4,858 -296 37,694 -793,727 11,245,553 Dana Large Cap Core Equity 2,989,777 ----4,858 -296 11,411 -249,583 2,746,449 Vanguard Mid Cap Index (VIMAX)2,974,210 -----8,694 -196,727 2,786,177 Vanguard Total Stock Index (VTSAX)6,042,753 -----17,590 -347,416 5,712,926 International Equity 3,866,306 -------363,852 3,502,454 Europacific Growth (RERGX)1,900,775 -------232,568 1,668,207 Transamerica Intl (TSWIX)1,965,531 -------131,284 1,834,247 Total Fixed Income 8,352,734 ----4,388 -688 54,206 -426,685 7,975,179 Agincourt Fixed Income 7,020,974 ----4,388 -688 41,866 -367,632 6,690,132 PIMCO Diversified Income (PDIIX)659,629 -----6,237 -52,809 613,058 Pacific Funds Floating Rate Income (PLFRX)672,131 -----6,103 -6,244 671,990 Infrastructure 1,037,948 -------1,037,948 Brookfield BSIP Access Fund 1,037,948 -------1,037,948 Real Estate 2,305,030 -11,932 ---4,159 -16,091 115,972 2,421,002 Intercontinental Real Estate 2,305,030 -11,932 ---4,159 -16,091 115,972 2,421,002 Cash Accounts R&D 639,741 11,932 247,899 -194,369 --7,261 65 -698,007 Total Fund Portfolio 28,208,499 -247,899 -194,369 -13,405 -8,245 108,056 -1,468,291 26,880,143 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending March 31, 2022 Page 18 Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2022 Total Equity 14,820,416 ----9,284 -566 244,197 -306,757 14,748,006 Domestic Equity 11,013,895 ----9,284 -566 79,839 161,668 11,245,553 Dana Large Cap Core Equity 2,723,496 ----9,284 -566 21,660 11,143 2,746,449 Vanguard Mid Cap Index (VIMAX)2,754,626 -----19,323 12,228 2,786,177 Vanguard Total Stock Index (VTSAX)5,535,774 -----38,856 138,297 5,712,926 International Equity 3,806,521 -----164,358 -468,425 3,502,454 Europacific Growth (RERGX)1,922,442 -----97,018 -351,253 1,668,207 Transamerica Intl (TSWIX)1,884,079 -----67,340 -117,172 1,834,247 Total Fixed Income 8,383,867 ----8,799 -1,374 108,306 -506,821 7,975,179 Agincourt Fixed Income 7,057,057 ----8,799 -1,374 83,136 -439,889 6,690,132 PIMCO Diversified Income (PDIIX)659,954 -----12,425 -59,321 613,058 Pacific Funds Floating Rate Income (PLFRX)666,857 -----12,745 -7,612 671,990 Infrastructure 1,016,532 ----2,718 -15,185 8,949 1,037,948 Brookfield BSIP Access Fund 1,016,532 ----2,718 -15,185 8,949 1,037,948 Real Estate 2,176,888 -26,792 ---71,558 -35,110 307,354 2,421,002 Intercontinental Real Estate 2,176,888 -26,792 ---71,558 -35,110 307,354 2,421,002 Cash Accounts R&D 222,792 26,792 878,932 -388,737 --41,868 97 -698,007 Total Fund Portfolio 26,620,496 -878,932 -388,737 -92,358 -43,808 402,894 -497,275 26,880,143 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2021 To March 31, 2022 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)-4.83 (67)-0.34 (55)5.23 (52)10.67 (49)9.11 (48)9.34 (47)7.97 (68)10/01/1994 Total Fund Policy -3.28 (21)1.58 (20)7.28 (26)11.65 (24)10.10 (17)10.08 (23)8.09 (57) All Public Plans-Total Fund Median -4.27 -0.13 5.28 10.63 9.05 9.26 8.14 Total Fund Portfolio (Net)-4.88 -0.71 4.70 10.33 8.78 9.02 7.61 10/01/1994 Total Equity -7.05 -0.42 6.15 15.06 12.12 12.75 9.52 10/01/1994 Total Equity Policy -5.28 1.74 8.61 15.65 13.05 13.37 9.77 Domestic Equity -6.30 (59)2.19 (54)10.05 (48)17.16 (36)14.49 (40)14.53 (38)15.05 (77)04/01/2009 Domestic Equity Policy -5.28 (51)3.51 (46)11.92 (39)18.24 (28)15.80 (28)15.40 (33)16.31 (53) IM U.S. Equity (SA+CF+MF) Median -5.26 2.78 9.23 15.42 13.16 12.91 16.42 International Equity -9.41 (57)-7.99 (59)-5.01 (57)8.40 (45)4.45 (50)6.94 (55)7.36 (96)04/01/2009 International Equity Policy -5.33 (25)-3.55 (30)-1.04 (37)8.01 (51)4.94 (41)7.26 (49)N/A IM International Equity (MF) Median -8.55 -6.45 -3.46 8.01 4.43 7.20 9.82 Total Fixed Income -4.46 -4.76 -3.46 1.18 1.90 1.69 5.10 10/01/1994 Total Fixed Policy -4.42 -4.82 -3.91 1.44 1.90 1.84 4.92 Domestic Fixed Income -4.64 (82)-5.06 (76)-4.08 (83)1.60 (72)2.40 (58)2.11 (53)5.17 (16)10/01/1994 Domestic Fixed Policy -4.69 (88)-5.17 (86)-4.38 (96)1.19 (94)1.96 (93)1.67 (93)4.94 (47) IM U.S. Intermediate Duration (SA+CF) Median -4.34 -4.85 -3.73 1.83 2.46 2.15 4.92 Non-Core Fixed Income -3.51 -3.15 -0.19 -0.53 -0.23 -0.12 0.81 10/01/2014 Non-Core Fixed Income Policy -3.10 -3.08 -1.56 2.57 1.48 2.57 1.73 Infrastructure 0.00 2.37 N/A N/A N/A N/A 4.39 07/01/2021 CPI + 3%3.47 6.48 11.81 7.33 6.73 6.46 8.56 Real Estate 5.75 (76)16.03 (30)28.25 (46)12.78 (30)12.04 (30)11.60 (30)11.98 (31)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)7.97 (15)16.28 (29)29.84 (32)12.05 (49)10.96 (59)10.39 (54)10.78 (51) IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 14.86 27.92 11.92 11.21 10.65 10.91 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of March 31, 2022 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 March 31, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Dana Large Cap Core Equity -7.96 (92)1.20 (91)8.20 (90)16.78 (67)13.46 (78)14.46 (67)9.82 (73)01/01/2007 S&P 500 Index -4.60 (53)5.92 (43)15.65 (28)18.92 (33)16.49 (30)15.99 (33)10.13 (56) IM U.S. Large Cap Core Equity (SA+CF) Median -4.58 5.22 13.98 17.92 15.29 15.39 10.21 Vanguard Mid Cap Index (VIMAX)-6.32 (75)1.15 (72)8.82 (37)15.67 (17)13.17 (12)13.00 (8)13.71 (15)05/01/2016 Russell Midcap Index -5.68 (69)0.39 (78)6.92 (52)14.89 (28)12.73 (18)12.62 (16)13.34 (20) IM U.S. Mid Cap Core Equity (MF) Median -4.48 2.77 7.31 13.60 10.87 10.45 11.42 Vanguard Total Stock Index (VTSAX)-5.46 (47)3.20 (46)11.66 (37)18.15 (22)15.74 (14)15.36 (14)15.81 (15)01/01/2017 Russell 3000 Index -5.28 (42)3.51 (40)11.92 (32)18.24 (20)15.80 (12)15.40 (13)15.84 (13) IM U.S. Multi-Cap Core Equity (MF) Median -5.69 2.82 10.37 15.76 13.06 13.22 13.77 International Equity Strategies Europacific Growth (RERGX)-12.24 (70)-13.22 (77)-9.35 (69)8.36 (34)4.95 (27)8.01 (23)8.73 (23)05/01/2016 MSCI AC World ex USA -5.33 (23)-3.55 (24)-1.04 (31)8.01 (38)4.94 (27)7.26 (32)7.94 (34) IM International Equity (MF) Median -8.81 -7.43 -4.45 7.02 3.27 6.17 7.09 Transamerica Intl (TSWIX)-6.68 (34)-2.64 (19)-0.46 (28)8.13 (36)3.66 (45)5.61 (61)6.20 (68)05/01/2016 MSCI AC World ex USA -5.33 (23)-3.55 (24)-1.04 (31)8.01 (38)4.94 (27)7.26 (32)7.94 (34) IM International Equity (MF) Median -8.81 -7.43 -4.45 7.02 3.27 6.17 7.09 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 March 31, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income -4.64 (82)-5.06 (76)-4.14 (87)1.58 (73)2.39 (59)2.10 (53)3.74 (33)07/01/2007 Bloomberg Intermed Aggregate Index -4.69 (88)-5.17 (86)-4.38 (96)1.19 (94)1.96 (93)1.67 (93)3.24 (86) IM U.S. Intermediate Duration (SA+CF) Median -4.34 -4.85 -3.73 1.83 2.46 2.15 3.61 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-7.06 (83)-7.11 (68)N/A N/A N/A N/A -6.99 (57)07/01/2021 Blmbg. Global Multiverse -6.05 (60)-6.71 (56)-6.22 (65)0.77 (63)0.51 (65)1.78 (54)-7.56 (61) IM Global Fixed Income (MF) Median -5.42 -5.87 -4.77 1.25 1.03 1.82 -6.62 Pacific Funds Floating Rate Income (PLFRX)-0.02 (7)0.77 (6)3.30 (13)3.59 (21)N/A N/A 3.20 (25)11/01/2018 S&P/LSTA Leveraged Loan Index -0.10 (11)0.65 (11)3.26 (14)4.23 (4)3.91 (4)4.01 (4)3.83 (7) IM U.S. Bank Loans (MF) Median -0.54 -0.04 2.23 2.97 2.80 3.03 2.69 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 2.37 N/A N/A N/A N/A 4.39 07/01/2021 CPI + 3%3.47 6.48 11.81 7.33 6.73 6.46 8.56 Real Estate Strategies Intercontinental Real Estate 5.75 (76)16.03 (30)28.25 (46)12.78 (30)12.04 (30)11.60 (30)11.98 (31)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)7.97 (15)16.28 (29)29.84 (32)12.05 (49)10.96 (59)10.39 (54)10.78 (51) IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 14.86 27.92 11.92 11.21 10.65 10.91 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 22 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Total Fund Portfolio (Gross)-0.34 (55)19.87 (62)8.54 (34)4.48 (44)8.50 (28)13.07 (27)7.20 (94)-1.61 (68) Total Fund Policy 1.58 (20)19.40 (67)10.32 (15)4.54 (42)8.64 (25)12.05 (49)10.61 (22)-0.17 (31) All Public Plans-Total Fund Median -0.13 20.72 7.55 4.27 7.40 11.99 9.75 -0.90 Total Fund Portfolio (Net)-0.71 19.62 8.27 4.21 8.24 12.68 6.65 -2.17 Total Equity -0.42 30.53 11.29 2.52 12.72 19.05 8.58 -4.53 Total Equity Policy 1.74 30.03 12.06 2.04 13.62 19.14 13.68 -3.37 Domestic Equity 2.19 (54)32.10 (56)12.20 (40)3.80 (34)15.98 (45)19.19 (46)8.51 (83)-1.98 (68) Domestic Equity Policy 3.51 (46)31.88 (57)15.00 (35)2.92 (39)17.58 (38)18.71 (51)14.96 (37)-0.49 (56) IM U.S. Equity (SA+CF+MF) Median 2.78 33.72 5.59 1.11 14.62 18.75 13.34 0.13 International Equity -7.99 (59)25.56 (50)7.94 (54)-2.09 (70)1.85 (56)18.43 (80)8.92 (68)-13.00 (73) International Equity Policy -3.55 (30)24.45 (57)3.45 (67)-0.72 (56)2.25 (51)20.15 (65)9.80 (63)-11.78 (70) IM International Equity (MF) Median -6.45 25.51 9.18 -0.16 2.28 22.06 11.92 -7.09 Total Fixed Income -4.76 0.42 4.82 7.40 -0.78 2.66 4.17 1.39 Total Fixed Policy -4.82 0.34 5.37 7.62 -0.99 0.12 4.53 1.82 Domestic Fixed Income -5.06 (76)-0.26 (81)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (23)2.98 (29) Bloomberg Intermed Aggregate Index -5.17 (86)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)2.95 (31) IM U.S. Intermediate Duration (SA+CF) Median -4.85 0.25 6.45 8.01 -0.38 0.69 3.89 2.70 Non-Core Fixed Income -3.15 3.91 -2.55 2.90 -1.91 13.82 2.68 -8.14 Non-Core Fixed Income Policy -3.08 3.91 3.67 5.36 -1.32 -0.56 9.23 -3.56 Infrastructure 2.37 N/A N/A N/A N/A N/A N/A N/A CPI + 3%6.48 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate 16.03 (30)13.86 (71)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A NCREIF Fund Index-Open End Diversified Core (EW)16.28 (29)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58) IM U.S. Open End Private Real Estate (SA+CF) Median 14.86 16.11 1.74 6.80 8.98 7.88 11.26 15.32 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of March 31, 2022 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 March 31, 2022 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Domestic Equity Strategies Dana Large Cap Core Equity 1.20 (91)28.55 (69)11.93 (54)6.23 (25)15.09 (69)24.44 (6)7.16 (93)-0.03 (53) S&P 500 Index 5.92 (43)30.00 (56)15.15 (37)4.25 (41)17.91 (41)18.61 (53)15.43 (23)-0.61 (63) IM U.S. Large Cap Core Equity (SA+CF) Median 5.22 30.73 12.77 3.21 17.34 18.71 13.41 0.11 Vanguard Mid Cap Index (VIMAX)1.15 (72)36.10 (69)7.08 (15)3.65 (24)13.42 (30)15.30 (49)N/A N/A Russell Midcap Index 0.39 (78)38.11 (51)4.55 (22)3.19 (27)13.98 (25)15.32 (48)14.25 (25)-0.25 (34) IM U.S. Mid Cap Core Equity (MF) Median 2.77 38.16 -1.30 1.06 10.87 15.26 11.87 -1.05 Vanguard Total Stock Index (VTSAX)3.20 (46)32.07 (40)14.99 (22)2.88 (38)17.62 (19)N/A N/A N/A Russell 3000 Index 3.51 (40)31.88 (42)15.00 (22)2.92 (36)17.58 (20)18.71 (36)14.96 (17)-0.49 (33) IM U.S. Multi-Cap Core Equity (MF) Median 2.82 30.89 10.21 1.47 14.73 17.63 11.78 -1.80 Rockwood Equity N/A N/A N/A N/A N/A N/A N/A -3.64 (88) S&P 500 Index 5.92 (43)30.00 (56)15.15 (37)4.25 (41)17.91 (41)18.61 (53)15.43 (23)-0.61 (63) IM U.S. Large Cap Core Equity (SA+CF) Median 5.22 30.73 12.77 3.21 17.34 18.71 13.41 0.11 International Equity Strategies Europacific Growth (RERGX)-13.22 (77)24.76 (43)14.97 (27)1.14 (28)1.47 (37)20.63 (39)N/A N/A MSCI AC World ex USA -3.55 (24)24.45 (44)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62) IM International Equity (MF) Median -7.43 23.13 6.64 -1.94 0.08 19.37 9.32 -8.75 Transamerica Intl (TSWIX)-2.64 (19)27.29 (31)-0.06 (74)-5.52 (78)2.26 (29)16.16 (77)N/A N/A MSCI AC World ex USA -3.55 (24)24.45 (44)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62) IM International Equity (MF) Median -7.43 23.13 6.64 -1.94 0.08 19.37 9.32 -8.75 Dana International Equity N/A N/A N/A N/A N/A N/A N/A -13.00 (68) MSCI AC World ex USA -3.55 (24)24.45 (44)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47)-11.78 (62) IM International Equity (MF) Median -7.43 23.13 6.64 -1.94 0.08 19.37 9.32 -8.75 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 March 31, 2022 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Domestic Fixed Income Strategies Agincourt Fixed Income -5.06 (76)-0.33 (84)6.49 (48)8.53 (15)-0.57 (69)0.76 (44)4.41 (23)2.98 (29) Bloomberg Intermed Aggregate Index -5.17 (86)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72)2.95 (31) IM U.S. Intermediate Duration (SA+CF) Median -4.85 0.25 6.45 8.01 -0.38 0.69 3.89 2.70 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-7.11 (68)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse -6.71 (56)-0.45 (80)5.99 (33)7.54 (52)-1.32 (51)-0.56 (77)9.23 (26)-3.56 (43) IM Global Fixed Income (MF) Median -5.87 0.91 5.39 7.67 -1.29 1.05 7.42 -3.81 Pacific Funds Floating Rate Income (PLFRX)0.77 (6)6.97 (67)0.09 (29)N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 0.65 (11)8.40 (31)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (36)0.92 (29) IM U.S. Bank Loans (MF) Median -0.04 7.61 -0.58 2.24 4.37 4.48 5.01 0.08 Templeton Global (FTTRX)N/A N/A -4.57 (100)2.50 (99)-1.91 (66)13.82 (1)2.68 (94)-8.14 (94) Blmbg. Global Multiverse -6.71 (56)-0.45 (80)5.99 (33)7.54 (52)-1.32 (51)-0.56 (77)9.23 (26)-3.56 (43) IM Global Fixed Income (MF) Median -5.87 0.91 5.39 7.67 -1.29 1.05 7.42 -3.81 Infrastructure Strategies Brookfield BSIP Access Fund 2.37 N/A N/A N/A N/A N/A N/A N/A CPI + 3%6.48 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate Strategies Intercontinental Real Estate 16.03 (30)13.86 (71)4.41 (13)8.32 (21)11.40 (10)11.46 (10)13.05 (24)N/A NCREIF Fund Index-Open End Diversified Core (EW)16.28 (29)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58) IM U.S. Open End Private Real Estate (SA+CF) Median 14.86 16.11 1.74 6.80 8.98 7.88 11.26 15.32 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 $6,300,000 $12,600,000 $18,900,000 $25,200,000 $31,500,000 $37,800,000 ($6,300,000) 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 12/20 3/22 $5,150,935 $26,880,143 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio -4.83 (67)-4.83 (67)5.23 (52)19.22 (57)10.67 (49)9.34 (47)7.70 (62)8.48 (55)6.96 (41) Total Fund Policy -3.28 (21)-3.28 (21)7.28 (26)20.27 (38)11.65 (24)10.08 (23)8.82 (17)9.08 (26)7.24 (22) Median -4.27 -4.27 5.28 19.55 10.63 9.26 7.96 8.58 6.82 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio -0.34 (55)19.87 (62)8.54 (37)4.48 (45)8.50 (30)13.07 (23)7.20 (95) Total Fund Policy 1.58 (20)19.40 (67)10.32 (15)4.54 (44)8.64 (29)12.05 (53)10.61 (21) Median -0.13 20.70 7.78 4.37 7.63 12.17 9.77 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of March 31, 2022 Peer Group: All Public Plans-Total Fund Page 26 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 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 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 98.0 98.4 98.8 99.2 99.6 100.0 100.4 Up Market Cap ture Ratio (%) 99.6 100.0 100.4 100.8 101.2 101.6 102.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 53.45 -23.82 -0.27 -0.24 0.61 -0.12 0.06 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 25.86 0.00 0.78 -6.75 N/A -0.65 0.00 -0.01 10.46 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of March 31, 2022 Peer Group: All Public Plans-Total Fund Page 27 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-2021 Return 1 Quarter Ending Jun-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)-4.83 (67)4.72 (33)0.16 (43)5.42 (53)10.67 (49)9.34 (47)117.71 (40)112.56 (40) Total Fund Policy -3.28 (21)5.03 (21)0.33 (36)5.26 (59)11.65 (24)10.08 (23)100.00 100.00 All Public Plans-Total Fund Median -4.27 4.30 0.04 5.44 10.63 9.26 111.62 108.15 Total Fund Portfolio (Net)-4.88 4.38 0.04 5.40 10.33 9.02 118.31 113.58 Total Fund Policy -3.28 5.03 0.33 5.26 11.65 10.08 100.00 100.00 Total Equity -7.05 7.14 -0.72 7.37 15.06 12.75 110.68 107.85 Total Equity Policy -5.28 7.41 -0.79 7.61 15.65 13.37 100.00 100.00 Domestic Equity -6.30 (59)9.06 (34)-0.19 (47)7.89 (37)17.16 (36)14.53 (38)109.19 (50)106.21 (49) Domestic Equity Policy -5.28 (51)9.28 (31)-0.10 (45)8.24 (33)18.24 (28)15.40 (33)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median -5.26 7.54 -0.35 6.63 15.42 12.91 108.97 104.99 International Equity -9.41 (54)1.57 (47)-2.27 (47)5.63 (43)8.40 (33)6.94 (36)112.39 (53)110.23 (54) International Equity Policy -5.33 (23)1.88 (44)-2.88 (56)5.64 (43)8.01 (38)7.26 (32)100.00 100.00 IM International Equity (MF) Median -8.81 1.23 -2.46 5.32 7.02 6.17 113.48 111.93 Total Fixed Income -4.46 -0.31 0.09 1.27 1.18 1.69 100.43 93.56 Total Fixed Policy -4.42 -0.42 0.06 0.90 1.44 1.84 100.00 100.00 Domestic Fixed Income -4.64 (82)-0.44 (30)0.03 (68)1.00 (65)1.60 (72)2.11 (53)101.15 (22)100.05 (21) Domestic Fixed Policy -4.69 (88)-0.51 (45)0.05 (59)0.78 (86)1.19 (94)1.67 (93)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -4.34 -0.52 0.07 1.05 1.83 2.15 95.44 93.28 Non-Core Fixed Income -3.51 0.37 0.53 2.51 -0.53 -0.12 107.80 87.98 Non-Core Fixed Income Policy -3.10 0.02 0.10 1.46 2.57 2.57 100.00 100.00 Infrastructure 0.00 2.37 1.97 N/A N/A N/A N/A N/A CPI + 3%3.47 2.91 1.95 2.99 7.33 6.46 N/A N/A Real Estate 5.75 (76)9.72 (18)5.88 (72)4.40 (40)12.78 (30)11.60 (30)1.54 (71)1.54 (71) NCREIF Fund Index-Open End Diversified Core (EW)7.97 (15)7.70 (44)6.96 (35)4.39 (41)12.05 (49)10.39 (54)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 7.57 6.33 4.17 11.92 10.65 96.59 96.59 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of March 31, 2022 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of March 31, 2022 1 Qtr Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-2021 Return 1 Quarter Ending Jun-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Equity Strategies Dana Large Cap Core Equity -7.96 (92)9.96 (57)-0.47 (73)7.42 (64)16.78 (67)14.46 (67)121.36 (9)115.10 (9) S&P 500 Index -4.60 (53)11.03 (33)0.58 (27)8.55 (31)18.92 (33)15.99 (33)100.00 100.00 IM U.S. Large Cap Core Equity (SA+CF) Median -4.58 10.34 0.11 8.04 17.92 15.39 99.94 99.92 Vanguard Mid Cap Index (VIMAX)-6.32 (75)7.97 (52)0.00 (26)7.59 (8)15.67 (17)13.00 (8)95.14 (63)95.91 (80) Russell Midcap Index -5.68 (69)6.44 (77)-0.93 (52)7.50 (11)14.89 (28)12.62 (16)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median -4.48 7.99 -0.85 5.22 13.60 10.45 98.74 100.78 Vanguard Total Stock Index (VTSAX)-5.46 (47)9.16 (41)-0.07 (43)8.27 (29)18.15 (22)15.36 (14)100.43 (64)100.08 (61) Russell 3000 Index -5.28 (42)9.28 (36)-0.10 (45)8.24 (31)18.24 (20)15.40 (13)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median -5.69 8.66 -0.22 7.52 15.76 13.22 106.61 102.35 International Equity Strategies Europacific Growth (RERGX)-12.24 (70)-1.13 (76)-2.35 (48)6.97 (24)8.36 (34)8.01 (23)116.35 (45)110.27 (54) MSCI AC World ex USA -5.33 (23)1.88 (44)-2.88 (56)5.64 (43)8.01 (38)7.26 (32)100.00 100.00 IM International Equity (MF) Median -8.81 1.23 -2.46 5.32 7.02 6.17 113.48 111.93 Transamerica Intl (TSWIX)-6.68 (34)4.32 (12)-2.19 (46)4.53 (68)8.13 (36)5.61 (61)109.34 (58)110.99 (53) MSCI AC World ex USA -5.33 (23)1.88 (44)-2.88 (56)5.64 (43)8.01 (38)7.26 (32)100.00 100.00 IM International Equity (MF) Median -8.81 1.23 -2.46 5.32 7.02 6.17 113.48 111.93 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of March 31, 2022 1 Qtr Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-2021 Return 1 Quarter Ending Jun-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Fixed Income Strategies Agincourt Fixed Income -4.64 (82)-0.44 (30)0.03 (68)0.94 (72)1.58 (73)2.10 (53)101.15 (22)100.05 (21) Bloomberg Intermed Aggregate Index -4.69 (88)-0.51 (45)0.05 (59)0.78 (86)1.19 (94)1.67 (93)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -4.34 -0.52 0.07 1.05 1.83 2.15 95.44 93.28 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-7.06 (83)-0.05 (13)0.13 (17)N/A N/A N/A N/A N/A Blmbg. Global Multiverse -6.05 (60)-0.70 (51)-0.91 (73)1.45 (41)0.77 (63)1.78 (54)100.00 100.00 IM Global Fixed Income (MF) Median -5.42 -0.69 -0.34 1.33 1.25 1.82 105.18 100.36 Pacific Funds Floating Rate Income (PLFRX)-0.02 (7)0.79 (10)0.93 (40)1.57 (24)3.59 (21)N/A 79.61 (95)N/A S&P/LSTA Leveraged Loan Index -0.10 (11)0.75 (12)1.11 (16)1.47 (34)4.23 (4)4.01 (4)100.00 100.00 IM U.S. Bank Loans (MF) Median -0.54 0.48 0.86 1.36 2.97 3.03 101.40 102.50 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 2.37 1.97 N/A N/A N/A N/A N/A CPI + 3%3.47 2.91 1.95 2.99 7.33 6.46 N/A N/A Real Estate Strategies Intercontinental Real Estate 5.75 (76)9.72 (18)5.88 (72)4.40 (40)12.78 (30)11.60 (30)1.54 (71)1.54 (71) NCREIF Fund Index-Open End Diversified Core (EW)7.97 (15)7.70 (44)6.96 (35)4.39 (41)12.05 (49)10.39 (54)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 6.75 7.57 6.33 4.17 11.92 10.65 96.59 96.59 Page 30 Estimated Annual Fee (%) 03/31/22 Market Value 03/31/22 Allocation (%) Estimated Annual Fee ($) Domestic Equity Dana Large Cap Core Equity 0.65 2,746,449 10.22 17,852 Vanguard Mid Cap Index (VIMAX)0.05 2,786,177 10.37 1,393 Vanguard Total Stock Market Index (VTSAX)0.04 5,712,926 21.25 2,285 International Equity Europacific Growth (RERGX)0.46 1,668,207 6.21 7,674 Transamerica Intl (TSWIX)0.86 1,834,247 6.82 15,775 Domestic Fixed Income Agincourt Fixed Income 0.25 6,690,132 24.89 16,725 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 613,058 2.28 4,843 Pacific Funds Floating Rate Income (PLFRX)0.73 671,990 2.50 4,906 Infrastructure Brookfield BSIP Access Fund**1.00 1,037,948 3.86 10,379 Real Estate Intercontinental Real Estate*1.10 2,421,002 9.01 26,631 Cash Accounts R&D 698,007 2.60 - Total Fund Portfolio 0.40 26,880,143 100.00 108,463 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of March 31, 2022 *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 4/21 3/22 $3.93$3.84 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Dana Large Cap -7.50 (90)-7.50 (90)9.13 (86)30.42 (76)16.99 (64)14.64 (64)11.95 (75)13.62 (75)9.86 (74) S&P 500 Index -4.60 (53)-4.60 (53)15.65 (28)34.47 (40)18.92 (33)15.99 (33)14.01 (27)14.64 (36)10.26 (54) Median -4.58 -4.58 13.98 33.72 17.92 15.39 13.14 14.30 10.30 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Dana Large Cap 1.45 (87)29.29 (64)11.90 (54)6.11 (26)15.11 (68)24.30 (7)7.67 (92) S&P 500 Index 5.92 (43)30.00 (56)15.15 (37)4.25 (41)17.91 (41)18.61 (53)15.43 (23) Median 5.22 30.73 12.77 3.21 17.34 18.71 13.41 Dana Large Cap Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Dana Large Cap S&P 500 Index 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8 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 99.4 99.6 99.8 100.0 100.2 Up Market Cap ture Ratio (%) 99.6 99.9 100.2 100.5 100.8 101.1 101.4 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Dana Large Cap 48.28 -42.39 -0.18 -0.18 0.59 -0.06 0.10 1.00 2.83 S&P 500 Index 0.00 -45.80 0.00 0.00 0.61 N/A 0.10 1.00 0.00 90 Day U.S. Treasury Bill 25.86 0.00 0.77 -10.50 N/A -0.61 0.00 -0.01 17.24 Dana Large Cap Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $3.65$3.66 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)-6.32 (75)-6.32 (75)8.82 (38)36.26 (45)15.67 (17)13.00 (8)10.86 (14)12.94 (10)9.52 (9) Russell Midcap Index -5.68 (69)-5.68 (69)6.92 (52)36.26 (45)14.89 (28)12.62 (16)10.68 (16)12.85 (11)9.48 (10) Median -4.48 -4.48 7.31 35.77 13.60 10.45 8.90 11.17 8.06 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard Md-Cp I;Adm (VIMAX)1.15 (72)36.09 (69)7.08 (15)3.65 (24)13.42 (30)15.30 (49)12.64 (40) Russell Midcap Index 0.39 (78)38.11 (51)4.55 (22)3.19 (27)13.98 (25)15.32 (48)14.25 (25) Median 2.77 38.16 -1.30 1.06 10.87 15.26 11.87 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 5.6 6.4 7.2 8.0 8.8 9.6 10.4 Ret urn (%) 16.2 17.1 18.0 18.9 19.8 20.7 21.6 22.5 23.4 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 99.0 99.2 99.4 99.6 99.8 100.0 100.2 Up Market Cap ture Ratio (%) 98.4 98.7 99.0 99.3 99.6 99.9 100.2 100.5 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 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 0.13 -0.03 0.52 -0.02 0.11 0.99 1.56 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.52 N/A 0.11 1.00 0.00 90 Day U.S. Treasury Bill 29.31 0.00 0.76 -10.65 N/A -0.52 0.00 -0.01 20.60 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of March 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 37 Growth of a Dollar Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 3/22 $3.87$3.91 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)-5.46 (47)-5.46 (47)11.67 (37)34.80 (32)18.15 (22)15.36 (14)13.33 (8)14.24 (12)10.19 (12) Russell 3000 Index -5.28 (42)-5.28 (42)11.92 (32)34.87 (29)18.24 (20)15.40 (13)13.38 (7)14.28 (10)10.10 (13) Median -5.69 -5.69 10.37 32.80 15.76 13.22 11.01 12.53 8.68 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard TSM Idx;Adm (VTSAX)3.20 (46)32.08 (40)14.99 (22)2.88 (38)17.62 (19)18.63 (39)14.98 (16) Russell 3000 Index 3.51 (40)31.88 (42)15.00 (22)2.92 (36)17.58 (20)18.71 (36)14.96 (17) Median 2.82 30.89 10.21 1.47 14.73 17.63 11.78 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 4.0 6.0 8.0 10.0 12.0 Ret urn (%) 14.0 16.0 18.0 20.0 22.0 24.0 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 (%) 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)55.17 -45.58 0.07 0.06 0.59 0.44 0.11 1.00 0.14 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 29.31 0.00 0.77 -10.54 N/A -0.59 0.00 -0.01 17.97 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $1.42 $1.71 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)-12.26 (71)-12.26 (71)-9.40 (69)20.68 (50)8.31 (35)7.95 (24)6.16 (25)7.27 (17)4.99 (14) MSCI AC World ex USA -5.33 (23)-5.33 (23)-1.04 (31)21.85 (41)8.01 (38)7.26 (32)5.68 (33)6.04 (40)3.60 (43) Median -8.81 -8.81 -4.45 20.68 7.02 6.17 4.90 5.64 3.30 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 American Funds EuPc;R5 (RERFX)-13.25 (77)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56) MSCI AC World ex USA -3.55 (24)24.45 (44)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47) Median -7.43 23.13 6.64 -1.94 0.08 19.37 9.32 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA -2.0 0.0 2.0 4.0 6.0 8.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA 99.0 99.9 100.8 101.7 102.6 103.5 104.4 105.3 Up Market Cap ture Ratio (%) 92.0 94.0 96.0 98.0 100.0 102.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)62.07 -45.07 1.45 1.32 0.27 0.30 0.06 0.97 4.41 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.21 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 39.66 0.00 0.70 -4.12 N/A -0.21 0.00 -0.01 19.82 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $1.42 $1.54 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)-6.68 (34)-6.68 (34)-0.46 (28)24.39 (25)8.13 (36)5.61 (61)4.55 (58)6.38 (32)3.91 (35) MSCI AC World ex USA -5.33 (23)-5.33 (23)-1.04 (31)21.85 (41)8.01 (38)7.26 (32)5.68 (33)6.04 (40)3.60 (43) Median -8.81 -8.81 -4.45 20.68 7.02 6.17 4.90 5.64 3.30 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Transam:Interntl Eq;I (TSWIX)-2.64 (19)27.29 (31)-0.06 (74)-5.52 (78)2.26 (29)16.16 (77)5.67 (74) MSCI AC World ex USA -3.55 (24)24.45 (44)3.45 (61)-0.72 (40)2.25 (29)20.15 (43)9.80 (47) Median -7.43 23.13 6.64 -1.94 0.08 19.37 9.32 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA -2.0 0.0 2.0 4.0 6.0 8.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA 99.2 100.0 100.8 101.6 102.4 103.2 104.0 104.8 Up Market Cap ture Ratio (%) 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)56.90 -50.49 0.65 0.60 0.24 0.17 0.05 0.99 3.50 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.21 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 39.66 0.00 0.70 -4.12 N/A -0.21 0.00 -0.01 19.82 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $1.54 $1.65 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income -4.50 (71)-4.50 (71)-4.10 (84)-0.44 (61)1.83 (50)2.15 (51)2.01 (46)2.26 (48)3.61 (41) Bloomberg Intermed Aggregate Index -4.69 (88)-4.69 (88)-4.38 (96)-1.54 (97)1.19 (94)1.67 (93)1.56 (92)1.81 (87)3.16 (88) Median -4.34 -4.34 -3.73 -0.15 1.83 2.15 1.98 2.25 3.53 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Agincourt Intermediate Fixed Income -5.14 (81)-0.43 (88)7.28 (14)8.50 (17)-0.66 (78)0.66 (54)4.24 (29) Bloomberg Intermed Aggregate Index -5.17 (86)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72) Median -4.85 0.25 6.45 8.01 -0.38 0.69 3.89 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 2.5 3.0 3.5 4.0 4.5 5.0 Ret u rn (%) 2.4 2.7 3.0 3.3 3.6 3.9 4.2 4.5 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 (%) 95.0 100.0 105.0 110.0 115.0 120.0 125.0 130.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 58.62 -6.13 0.18 0.47 0.87 0.37 0.03 1.09 1.27 Bloomberg Intermed Aggregate Index 0.00 -5.92 0.00 0.00 0.88 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 25.86 0.00 0.53 -2.44 N/A -0.88 0.00 0.04 2.78 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $1.45 $2.43 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)-6.90 (89)-6.90 (89)-3.63 (58)4.37 (58)2.66 (59)3.95 (44)4.68 (29)5.05 (24)6.22 (12) Blmbg. Global Multiverse -6.05 (73)-6.05 (73)-6.22 (78)-0.55 (88)0.77 (88)1.78 (88)1.74 (87)1.21 (84)2.92 (90) Median -4.62 -4.62 -3.27 6.05 3.45 3.57 3.42 3.28 4.25 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 PIMCO:Div Income;Inst (PDIIX)-6.70 (73)5.62 (45)4.32 (57)10.36 (15)1.86 (33)7.79 (27)13.41 (7) Blmbg. Global Multiverse -6.71 (73)-0.45 (87)5.99 (40)7.54 (49)-1.32 (78)-0.56 (88)9.23 (46) Median -4.63 4.79 5.18 7.35 0.48 4.59 8.81 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Ret urn (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 (%) -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To March 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)70.69 -12.96 4.29 3.64 0.75 0.59 0.07 0.80 6.21 Blmbg. Global Multiverse 0.00 -10.29 0.00 0.00 0.37 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 41.38 0.00 0.64 -2.19 N/A -0.37 0.00 0.01 5.84 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of March 31, 2022 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 4/21 3/22 $1.88 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Pacific Funds Floating Rate (PLFRX)0.02 (31)0.02 (31)N/A N/A N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index -0.10 (47)-0.10 (47)3.26 (60)11.64 (20)4.23 (41)4.01 (54)4.04 (53)4.30 (66)N/A Median -0.12 -0.12 3.42 10.64 4.11 4.07 4.07 4.48 4.53 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Pacific Funds Floating Rate (PLFRX)N/A N/A N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index 0.65 (50)8.40 (48)1.06 (49)3.10 (67)5.19 (58)5.30 (48)5.46 (54) Median 0.63 8.25 0.91 3.56 5.40 5.26 5.60 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index 4.5 4.8 5.1 5.4 5.7 6.0 Ret urn (%) 7.6 8.0 8.4 8.8 9.2 9.6 10.0 10.4 10.8 11.2 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 March 31, 2022 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 22.41 0.00 0.74 -4.38 N/A -0.40 0.00 -0.01 10.92 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of March 31, 2022 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 $0.60 $1.20 $1.80 $2.40 $3.00 $3.60 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 3/22 $2.54 $2.87 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF 5.76 (75)5.76 (75)28.27 (46)15.45 (46)12.78 (30)11.59 (30)12.27 (31)12.97 (31)N/A NCREIF Fund Index-Open End Diversified Core (EW)7.97 (15)7.97 (15)29.84 (32)15.61 (44)12.05 (49)10.39 (54)10.66 (51)11.18 (52)7.03 (57) Median 6.75 6.75 27.92 15.40 11.92 10.65 10.74 11.38 7.28 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Intercontinental US REIF 16.06 (30)13.84 (73)4.41 (12)8.30 (21)11.37 (10)11.72 (6)13.07 (23) NCREIF Fund Index-Open End Diversified Core (EW)16.28 (29)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67) Median 14.86 16.11 1.74 6.80 8.98 7.88 11.26 Intercontinental US REIF Long-Term Composite Performance As of March 31, 2022 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 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 3/22 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 4.0 6.0 8.0 10.0 12.0 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 March 31, 2022 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 0.79 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 12.07 0.00 0.71 -6.13 N/A -0.79 0.00 -0.01 7.78 Intercontinental US REIF Long-Term Composite Performance As of March 31, 2022 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 Weight (%) Oct-1994 S&P 500 Index 50.00 Blmbg. U.S. Gov't/Credit 50.00 Oct-2000 Blmbg. U.S. Gov't/Credit 40.00 S&P 500 Index 60.00 Apr-2007 Bloomberg Intermed Aggregate Index 40.00 S&P 500 Index 60.00 Apr-2010 S&P 500 Index 45.00 Blmbg. U.S. Aggregate Index 40.00 MSCI EAFE Index 15.00 Aug-2014 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 35.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 Jan-2015 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 25.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Oct-2018 Russell 3000 Index 45.00 MSCI AC World ex USA 15.00 Bloomberg Intermed Aggregate Index 25.00 Blmbg. Global Multiverse 2.50 S&P/LSTA Leveraged Loan Index 2.50 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Weight (%) Jul-2021 Russell 3000 Index 42.50 MSCI AC World ex USA 15.00 Bloomberg Intermed Aggregate Index 22.50 Blmbg. Global Multiverse 2.50 S&P/LSTA Leveraged Loan Index 2.50 NCREIF Fund Index-Open End Diversified Core (EW)10.00 CPI + 3%5.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of March 31, 2022 Page 52 Total Equity Policy Domestic Equity Policy International Equity Policy 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 March 31, 2022 Page 53 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 March 31, 2022 Page 54 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of March 31, 2022 Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing three year period. 2. The Total Plan return equaled or exceeded the Net 7.0% 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 55 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of March 31, 2022 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 56 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 57 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 58 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first.