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HomeMy Public PortalAbout2022-06-30_AndCo_ Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="06/30/2022" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2022 City of Crestview Police Officers & Firefighters' Retirement Plan Preliminary Report Preliminary Infrastructure Data IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD: This communication is intended for informational purposes only and should not be regarded as investment advice or as a recommendation regarding any particular course of action. AndCo Consulting is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. These ratings are not indicative of AndCo’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with AndCo, nor should it be construed as a current or past endorsement by any of our clients. AndCo did not pay a fee to participate in this award survey. Coalition Greenwich and AndCo are not affiliated entities. METHODOLOGY FOR THIS AWARD: Between July and October 2021, Coalition Greenwich conducted interviews with 811 individuals from 661 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends. Communication of Philosophy and Investment Beliefs Responsiveness and Prompt Follow-Up on Client Requests Client Satisfaction with Manager Recommendations Advice on Long-Term Asset Allocation and Liability Issues Advice on DC Plan Structure and Design Proactive Advice and Innnovative Ideas Credibility with Investment Committee Understanding of Client Goals and Objectives Capability of Consultants Assigned to Clients Timeliness in Providing Written Reports Sufficient Professional Resources Usefulness of Personal Meetings Usefulness of Written Investment Reviews As you may recall from our Client Letter at the beginning of the year, AndCo remains steadfast in our belief and conviction that the best way to service our valued clients is within a model that is independent, singularly focused, customized, and passionately delivered. We continue to reinvest 100% of our net profits back into the organization to enhance our customized service model and provide the appropriate resources for all our team members to serve our valued clients at a high level. To that end, we are thrilled to share that AndCo is the recipient of a Greenwich Quality Leader Award for mid-sized consulting firms! Coalition Greenwich is a leading global provider of data, analytics, and insights to the financial services industry, and the Greenwich Exchange provides institutional investors with robust and actionable data to inform their decision-making. Research participants receive regional and global industry insights, as well as peers’ perceptions of asset managers and investment consultants. Outlined below are the award criteria research participants answer that determines Quality Leader Awards each year. To qualify as a research participant you must have at least $150MM in investable assets. GREENWICH QUALITY LEADER AWARD CRITERIA 2021 was the first year we launched an initiative to participate in this research opportunity and the experience helped glean key insights into what is important for our clients and how we can better serve them going forward. We deeply appreciate the client representatives that acted as research participants in the 2021 study. While our consultants are the tip of the spear when servicing our clients, this award, and our overall client service experience, would not have been possible without the work of our entire AndCo team. We greatly appreciate their ongoing work and efforts that made this award possible. As we have stated since our rebrand in 2017, our name, AndCo, reminds us of who we work for every day - “Our Client” &Co. You will always be first in our service model and at the forefront of each team member’s efforts to serve, earn your trust, and add value. Thank you again for your valued partnership and the opportunity to serve you. We share this award with you and will continue to work hard to earn your trust as we move forward in these challenging market environments. Page 1 2nd Quarter 2022 Market Environment Page 2 The Market Environment Executive Summary As of June 30, 2022 The Economy Global economic growth continued to slow during the 2nd quarter as global central banks tightened monetary policy in order to fight persistently high inflation. Additionally,rising geopolitical concerns related to Russia’s continued action in Ukraine,China’s zero-Covid policy,and social unrest in emerging markets all contributed to the slowdown. The US Federal Reserve Bank (the Fed)increased interest rates twice during the quarter by a total of 1.25%.June’s rate increase of 0.75%was the largest interest rate increase since the early 1990s.The Fed indicated that its primary focus is arresting the increase in inflation which could require additional rate increases. The US labor market continues to be a source of strength with the unemployment rate holding steady at 3.6%in June.The pace of job growth remains above the market’s expectations with 390,000 and 372,000 new jobs created in May and June,respectfully.Despite these gains,the number of available workers entering the workforce remains significantly below the pre-pandemic high. The US housing market showed signs of cooling as higher mortgage rates pushed many buyers out of the market.Importantly,housing starts and new building permits continued their downward trend which suggests future new inventory may fall short of demand.Finally,home price appreciation continued to increase as measured by the Cash-Shiller Home Price Index. Equity (Domestic and International) US equities declined broadly during the 2nd quarter as worries regarding inflation, sharply higher interest rates,rising recession risk,and continued geopolitical events weighed on the equity market.Large cap value was the least negative (-12.2%)segment of the domestic equity market relative to other styles and capitalizations for the second consecutive quarter.Mid-cap growth was the worst performing style,falling 21.1%for the period. International stocks also struggled during the 2nd quarter as the continuing conflict in Ukraine and persistently high inflation drove markets lower.Western Europe was negatively affected by rising energy prices due to continued restrictions on purchases from Russia.Additionally,both the Euro and Yen currencies fell against the US dollar (USD)because of increasing uneasiness over future economic growth. Fixed Income Concerns about current inflation levels,combined with the Fed’s stated commitment to continue raising interest rates,were the primary drivers of return during the 2nd quarter.US interest rates moved significantly higher during the quarter with the US 10-Year Treasury bond rising 63 basis points to close at a yield of 2.98%. Performance was broadly negative across all bond market sectors during the quarter with US Treasury bonds holding up the most as market volatility increased. Investment grade corporate bonds underperformed higher quality mortgage- backed and US Treasury bonds during the quarter.High yield bonds also lagged their peers as fears over future economic growth and weaker corporate earnings drove credit spreads wider. Counterintuitively,TIPS underperformed nominal US Treasury bonds during the quarter as the bond market’s future expectation for inflation declined. Market Themes The pace of global central bank monetary tightening increased during the quarter with the both the Fed and Bank of England raising interest rates.The European Central Bank also hinted it would begin raising rates during the 3rd quarter. The crisis in Ukraine continues to negatively impact global economic growth. Specifically,recently imposed restrictions will likely result in higher energy costs in Europe just as economic growth beings to slow. US equity markets experienced their second consecutive negative quarter of performance and their worst start to a calendar year since the 1970s.Growth- oriented stocks significantly underperformed value stocks as investors’fears about rising inflation and future economic growth carried through to asset prices. Historically,growth stocks have underperformed value stocks as the economy slows. Interest rates continued to rise across the Treasury yield curve during the quarter as investors believe the Fed will continue to raise interest rates to fight inflation. The shape of the yield curve remained relatively flat between two-and ten-year maturities.Historically,the yield curve has been used as a leading indicator to predict the market’s expectations of a recession. Page 3 The Market Environment Major Market Index Performance As of June 30, 2022 Broad US equity markets continued their recent trend delivering negative returns during the 2nd quarter of 2022.A variety of factors contributed to performance including persistently high inflation,the potential for future interest rate increases,geopolitical events in Ukraine,and concerns related to slower economic growth.For the period,the S&P 500 large cap benchmark returned -16.1%,compared to -16.8%for mid-cap and -17.2%for small cap indices. Developed market international equities also suffered negative results for the 2nd quarter.Europe continues to be negatively impacted by the ongoing crisis in Ukraine.Recently,restrictions related to Russian energy imports were imposed leading to further energy cost increases.For the quarter,the MSCI EAFE Index declined by -14.5%. Emerging markets were also under pressure due to the continued conflict in Ukraine and China’s “Zero Covid”policy.During the period,the MSCI Emerging Markets Index fell by -11.4% Bond market performance was broadly negative for the quarter due to rising inflation and the prospect of additional interest rate increases.The Bloomberg (BB)US Aggregate Index returned -4.7%for the period while Investment Grade Corporate bonds posted a return of -7.3%.US Treasury bonds held up the most for the period,but still declined by -3.7%. The quarter’s negative performance added to challenged returns of developed equity markets over the trailing 1-year period.The primary drivers of returns during the period were rising inflation,the path of interest rates,and future economic growth.The S&P 500 large cap stock index led relative equity market performance for the year but still returned a disappointing -10.6%.The downside outlier was the Russell 2000 small cap index,which declined by -25.3%for the year. Similar to domestic equities,the developed international and emerging markets suffered negative returns over the trailing 1-year period.The developed market MSCI EAFE Index posted a return of -17.8%while the MSCI Emerging Markets Index pulled back by -25.3%.Economic growth slowed throughout the year as monetary stimulus wore off and it became increasingly clear that high inflation levels were not transitory. Bond market returns also disappointed over the trailing 1-year period with the BB US Aggregate Index dropping by -10.3%. Source: Investment Metrics 0.1% -7.3% -4.0% -6.1% -3.7% -4.7% -11.4% -14.5% -13.7% -17.2% -16.8% -16.7% -16.7% -16.1% -20.0%-18.0%-16.0%-14.0%-12.0%-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 0.2% -14.2% -9.0% -5.1% -8.8% -10.3% -25.3% -17.8% -19.4% -25.2% -17.3% -13.0% -13.9% -10.6% -26.0%-21.0%-16.0%-11.0%-6.0%-1.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 4 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of June 30, 2022 Volatility increased during the 2nd 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 -16.7%for the quarter while the Russell Mid Cap Index and the Russell 2000 Index fell by -16.8%and -17.2%,respectively. Performance across styles and market capitalizations was disparate during the quarter.Value stocks handily outpaced their growth counterparts across market capitalizations.For the period,the Russell 1000 Value Index was the least negative performing style index,posting a weak return of -12.2%.Mid cap and large cap growth stocks fell even further with the Mid Cap Growth Index declining by -21.1%and the Russell 1000 Growth Index posting a return of -20.9%. Performance across all market capitalizations and styles were also negative over the trailing 1-year period.Much like the 2nd quarter,large cap stocks were down less than mid and small cap stocks for the 1-year period.The Russell 1000 Index returned -13.0%for the year but was down significantly less than both its mid and small cap growth index counterparts.The downside outlier during the period was the Russell 2000 Index which fell by -25.2%. The return dispersion across market styles was also wide for the trailing 1-year period and value stocks were down less than growth stocks by a two-to-one margin across large,mid and small style-based indexes.The return dispersion was extreme with the Russell 1000 Value Index returning -6.8%,and at the other end of the spectrum,the Russell 2000 Growth Index posting a return of -33.4%. -19.3% -17.2% -15.3% -21.1% -16.8% -14.7% -20.9% -16.7% -12.2% -20.8% -16.7% -12.4% -22.0%-20.0%-18.0%-16.0%-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 -33.4%-25.2% -16.3% -29.6% -17.3% -10.0% -18.8% -13.0% -6.8% -19.8% -13.9% -7.5% -35.0%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%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 1-Year Performance -Russell Style Series Page 5 The Market Environment GICS Sector Performance & (Sector Weight) As of June 30, 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 all eleven large cap economic sectors for the 2nd quarter.Only four sectors were down less than the return of the broader Russell 1000 Index (-16.7%)on a relative basis during the period. Defensive sectors including consumer staples (-5.0%)energy (-5.1%), and utilities (-5.3%)were the least negative performing sectors for the quarter.Concerns about a potential economic slowdown drove the performance of consumer staples during the period.Energy prices remained elevated which acted as a tailwind for the sector.Economically sensitive sectors such as consumer discretionary (-25.8%),information technology (-21.3%),and communication services (-20.7%),significantly underperformed the broader index for the quarter. For the full year,seven sectors exceeded the return of the broad large cap benchmark:energy (40.0%),utilities (13.4%),consumer staples (5.3%), health care (0.4%),real estate (-7.3%),materials (-10.3%),and financials (-12.2%).The weakest economic sector performance in the Russell 1000 for the year was communication services (-30.6%). Small cap sector performance was also broadly negative for the 2nd quarter with all sectors posting negative performance.Five sectors were down less than the return of the broader Russell 2000 Index (-17.2%)on a relative basis.The consumer staples (-3.1%)sector held up the most for the quarter and the communication services (-27.3%)sector the was the weakest. For the trailing 1-year period,seven of the eleven small sectors outpaced the broad benchmark’s return (-25.2%).However,only two defensive sectors posted positive performance for the year:energy (20.5%)and utilities (7.8%).The weakest sector over the trailing year was communication services (-47.2%). 7.8% -16.5% -19.5% -29.9% -15.2% -43.9% -12.6% 20.5% -7.6% -38.2% -47.2% -4.0% -20.0% -17.6% -21.9% -16.1% -18.8% -12.4% -13.1% -3.1% -21.2% -27.3% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Utilities (3.2%) Real Estate (7.9%) Materials (4.1%) Info Technology (13.3%) Industrials (15.6%) Health Care (15.6%) Financials (16.1%) Energy (7.3%) Consumer Staples (3.8%) Consumer Disc (10.3%) Comm Services (3.0%) Russell 2000 Quarter 1-Year 13.4% -7.3% -10.3% -17.3% -16.4% 0.4% -12.2% 40.0% 5.3% -26.5% -30.6% -5.3% -14.8% -18.0% -21.3% -15.7% -6.4% -17.4% -5.1% -5.0% -25.8% -20.7% -40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0% Utilities (2.8%) Real Estate (3.4%) Materials (2.6%) Info Technology (27.4%) Industrials (8.4%) Health Care (13.8%) Financials (11.5%) Energy (4.1%) Consumer Staples (6.2%) Consumer Disc (11.4%) Comm Services (8.4%) Russell 1000 Quarter 1-Year Page 6 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of June 30, 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 5.92%-21.6%0.4%Information Technology Biohaven Pharmaceutical Hldg Co Ltd 0.40%22.9%50.1%Health Care Microsoft Corp 5.44%-16.5%-4.4%Information Technology ShockWave Medical Inc 0.30%-7.8%0.8%Health Care Amazon.com Inc 2.67%-34.8%-38.3%Consumer Discretionary Chart Industries Inc 0.27%-2.6%14.4%Industrials Alphabet Inc Class A 1.85%-21.6%-10.8%Communication Services Halozyme Therapeutics Inc 0.26%10.3%-3.1%Health Care Alphabet Inc Class C 1.70%-21.7%-12.7%Communication Services SailPoint Technologies Holdings Inc 0.26%22.5%22.7%Information Technology Tesla Inc 1.62%-37.5%-0.9%Consumer Discretionary SouthState Corp 0.25%-4.8%-3.3%Financials Berkshire Hathaway Inc Class B 1.39%-22.6%-1.8%Financials Southwest Gas Holdings Inc 0.25%12.0%35.9%Utilities UnitedHealth Group Inc 1.36%1.1%30.0%Health Care Stag Industrial Inc 0.24%-24.5%-14.5%Real Estate Johnson & Johnson 1.32%0.8%10.5%Health Care Agree Realty Corp 0.24%9.8%6.4%Real Estate Meta Platforms Inc Class A 1.05%-27.5%-53.6%Communication Services RBC Bearings Inc 0.23%-4.6%-7.3%Industrials 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 Ollie's Bargain Outlet Holdings Inc 0.01%36.8%-30.2%Consumer Discretionary Redbox Entertainment Inc Class A 0.00%213.6%N/A Communication Services H&R Block Inc 0.02%36.6%56.7%Consumer Discretionary Turning Point Therapeutics Inc 0.15%180.3%-3.6%Health Care United Therapeutics Corp 0.03%31.3%31.3%Health Care Veru Inc 0.03%134.0%40.0%Consumer Staples Grocery Outlet Holding Corp 0.01%30.0%23.0%Consumer Staples GTY Technology Holdings Inc Class A 0.01%93.8%-12.0%Information Technology Pilgrims Pride Corp 0.00%24.4%40.8%Consumer Staples Day One Biopharmaceuticals Inc 0.02%80.4%-21.4%Health Care Seagen Inc Ordinary Shares 0.07%22.8%12.1%Health Care SIGA Technologies Inc 0.02%73.3%95.7%Health Care Lamb Weston Holdings Inc 0.03%19.7%-10.0%Consumer Staples Sierra Oncology Inc 0.04%71.6%182.4%Health Care Post Holdings Inc 0.01%18.9%14.1%Consumer Staples Scorpio Tankers Inc 0.08%62.0%60.1%Energy Monster Beverage Corp 0.10%16.0%1.5%Consumer Staples Lulus Fashion Lounge Holdings Inc 0.00%60.0%N/A Consumer Discretionary American Campus Communities Inc 0.03%15.2%41.8%Real Estate Convey Health Solutions Hldg Ord Shrs 0.01%59.0%-8.6%Health Care Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Carvana Co Class A 0.01%-81.1%-92.5%Consumer Discretionary Applied Blockchain Inc 0.00%-93.3%-90.1%Information Technology Coinbase Global Inc Ord Shrs -Class A 0.02%-75.2%-81.4%Financials TeraWulf Inc 0.00%-85.7%N/A Information Technology Upstart Holdings Inc Ordinary Shares 0.01%-71.0%-74.7%Financials Velo3D Inc 0.00%-85.2%N/A Industrials Lyft Inc Class A 0.01%-65.4%-78.0%Industrials Avaya Holdings Corp 0.01%-82.3%-91.7%Information Technology Peloton Interactive Inc 0.01%-65.3%-92.6%Consumer Discretionary Bird Global Inc Class A 0.00%-82.2%N/A Industrials Cloudflare Inc 0.03%-63.5%-58.7%Information Technology Core Scientific Inc Ord Shares -Class A 0.01%-81.9%N/A Information Technology Unity Software Inc Ordinary Shares 0.02%-62.9%-66.5%Information Technology Boxed Inc 0.00%-81.8%N/A Consumer Discretionary Affirm Holdings Inc Ord Shrs -Class A 0.01%-61.0%-73.2%Information Technology Marathon Digital Holdings Inc 0.02%-80.9%-83.0%Information Technology Wayfair Inc Class A 0.01%-60.7%-86.2%Consumer Discretionary Riot Blockchain Inc 0.02%-80.2%-88.9%Information Technology Royal Caribbean Group 0.02%-58.3%-59.1%Consumer Discretionary Endo International PLC 0.00%-79.8%-90.0%Health Care Page 7 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of June 30, 2022 Performance across all developed and emerging international equity indexes tracked in the chart were negative during the quarter in both US dollar (USD) and local currency (LC)terms.The developed market MSCI EAFE Index returned -14.5%in USD and -7.8%in LC terms for the period,while the MSCI Emerging Markets Index declined by -11.5%in USD and -8.1%in LC terms. Developed markets were negatively impacted by rising inflation and tighter monetary policy.Emerging markets,especially those that export commodities,held up better. The trailing 1-year results for both international developed and emerging markets were broadly negative across all regions and currencies.The MSCI EAFE Index returned -17.8%in USD for the year and -6.6%in LC terms. Similarly,returns across emerging markets were broadly lower with the MSCI Emerging Markets Index falling by -25.3%in USD and -20.2%in LC terms. Within emerging markets,the EMEA region was the worst performing, declining by -27.2%in USD and -16.6%in LC terms.The region was negatively affected by the conflict in Ukraine. -15.7% -6.3% -13.4% -8.1% -6.0% -8.8% -7.8% -8.5% -8.3% -21.9% -9.3% -17.1% -11.5% -14.4% -14.6% -14.5% -14.7% -13.7% -25.0%-20.0%-15.0%-10.0%-5.0%0.0% 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 -12.1% -21.6% -16.6% -20.2% -4.7% -7.5% -6.6% -6.4% -10.7% -16.1% -25.9% -27.2% -25.3% -18.1% -17.6% -17.8% -16.8% -19.4% -30.0%-20.0%-10.0%0.0% 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 8 The Market Environment US Dollar International Index Attribution & Country Detail As of June 30, 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 5.0%-10.9%-20.7% Consumer Discretionary 11.3%-15.5%-27.6% Consumer Staples 10.9%-8.4%-14.0% Energy 4.8%-4.1%21.4% Financials 17.7%-13.9%-12.3% Health Care 13.9%-9.5%-9.9% Industrials 14.9%-18.5%-24.4% Information Technology 7.8%-23.5%-30.0% Materials 7.5%-21.0%-18.6% Real Estate 2.9%-15.8%-20.9% Utilities 3.5%-11.8%-12.2% Total 100.0%-14.5%-17.8% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.5%-10.7%-26.6% Consumer Discretionary 11.7%-8.4%-31.1% Consumer Staples 8.9%-7.6%-14.0% Energy 6.0%-4.7%8.2% Financials 20.3%-14.3%-10.4% Health Care 9.8%-9.6%-15.8% Industrials 11.8%-17.1%-22.1% Information Technology 11.0%-22.6%-31.6% Materials 8.0%-21.4%-19.1% Real Estate 2.5%-13.5%-22.5% Utilities 3.4%-9.5%-7.5% Total 100.0%-13.7%-19.4% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.6%-10.5%-32.9% Consumer Discretionary 14.9%6.3%-37.2% Consumer Staples 6.1%-4.6%-17.7% Energy 5.0%-5.9%-21.7% Financials 21.2%-14.1%-8.7% Health Care 4.0%-8.8%-42.3% Industrials 5.6%-9.5%-17.8% Information Technology 19.2%-20.8%-28.9% Materials 8.4%-20.6%-24.2% Real Estate 2.1%-6.1%-27.6% Utilities 2.9%-4.4%3.3% Total 100.0%-11.5%-25.3% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.3%13.8%-14.6%-19.9% United Kingdom 15.9%9.9%-10.5%-4.0% France 11.2%7.0%-14.8%-18.3% Switzerland 10.5%6.5%-14.5%-12.7% Australia 7.8%4.9%-18.1%-13.1% Germany 7.8%4.8%-18.1%-31.2% Netherlands 4.1%2.6%-19.0%-28.4% Sweden 3.4%2.1%-21.4%-31.0% Hong Kong 3.3%2.1%-1.1%-15.2% Denmark 2.8%1.7%-12.0%-10.5% Spain 2.5%1.6%-8.4%-16.3% Italy 2.3%1.4%-17.7%-22.7% Singapore 1.5%0.9%-16.8%-21.0% Belgium 1.0%0.6%-13.4%-21.0% Finland 1.0%0.6%-10.9%-21.7% Norway 0.8%0.5%-14.8%-1.6% Israel 0.8%0.5%-20.0%-18.1% Ireland 0.6%0.4%-19.6%-35.4% Portugal 0.2%0.1%-6.1%1.4% Austria 0.2%0.1%-17.2%-23.1% New Zealand 0.2%0.1%-16.9%-25.8% Total EAFE Countries 100.0%62.2%-14.5%-17.8% Canada 8.1%-15.8%-8.0% Total Developed Countries 71.4%-4.8%3.0% China 10.5%3.4%-31.8% Taiwan 4.3%-19.8%-20.4% India 3.8%-13.7%-4.8% Korea 3.4%-20.9%-38.5% Brazil 1.4%-24.4%-23.3% Saudi Arabia 1.3%-12.5%10.3% South Africa 1.1%-23.0%-13.2% Mexico 0.6%-15.2%-0.7% Thailand 0.6%-10.6%-7.5% Indonesia 0.5%-9.0%16.1% Malaysia 0.4%-12.8%-9.3% United Arab Emirates 0.4%-19.4%14.7% Qatar 0.3%-10.8%17.4% Kuwait 0.2%-7.7%22.8% Philippines 0.2%-19.5%-17.8% Poland 0.2%-27.1%-35.1% Chile 0.2%-15.9%-10.1% Turkey 0.1%-10.9%-9.0% Peru 0.1%-30.2%-7.5% Greece 0.1%-17.0%-17.5% Colombia 0.1%-28.0%3.3% Czech Republic 0.1%-3.7%27.4% Hungary 0.1%-26.3%-42.2% Egypt 0.0%-20.4%-24.8% Total Emerging Countries 29.7%-11.5%-25.3% Total ACWIxUS Countries 100.0%-13.7%-19.4% Page 9 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of June 30, 2022 Fixed income markets were broadly negative during the 2nd quarter. Investors remained focused on rising inflation and the potential of future Fed rate increases to combat it.As a result,US Treasury bond yields were higher across the maturity curve during the quarter. The return for the BB US Aggregate Bond Index,the bellwether investment grade benchmark,was down -4.7%for the period. Performance across the investment grade index’s segments was also negative during the period with the US Corporate Investment Grade bonds declining -7.3%and the US Mortgage index component posting a return of - 4.0%. US Treasury bonds were the quarter’s least negative segment,returning - 3.8%and high yield bonds were the worst performing,declining by -9.8%. Outside of domestic markets,the BB Global Aggregate ex US Index fell by - 11.0%for the quarter.Like international stocks,global bond index performance was negatively impacted by the strengthening USD,which acted as a drag on USD index returns.Additionally,yields in both German and Japan,two of the largest issuers in the benchmark,moved markedly higher during the period. Over the trailing 1-year period,domestic investment grade benchmark performance was negative and led lower by investment grade corporate(- 14.2%)and mortgage (-9.0%)bonds.US TIPS (-5.1%)were down less than nominal US Treasury bonds (-8.9%).The bellwether BB US Aggregate Bond Index declined by -10.3%for the year. Primarily due to their shorter maturity profile,lower quality high yield corporate bonds fell by less than their investment grade counterparts with the BB US High Yield Index returning -12.8%for the period. Non-US bonds have been under significant pressure over the past year with the developed market BB Global Aggregate ex US Index falling by -18.8%. The combination of rising inflation,higher interest rates,a longer maturity profile,and USD strength contributed to weak index performance for the year. -8.4% -11.0% -2.9% -4.7% -7.9% -6.5% -5.6% -3.8% -6.1% -9.8% -7.3% -4.0% -3.8% -12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0% Multiverse (6.9) Global Agg x US (7.5) Intermediate Agg (4.6) Aggregate (6.4) Baa (7.5) A (7.3) AA (7.5) AAA (6.1) U.S. TIPS (5.1) U.S. High Yield (4.3) U.S. Corporate IG (7.6) U.S. Mortgage (5.9) U.S. Treasury (6.4) Quarter Performance -15.4% -18.8%-7.9% -10.3% -14.9% -13.3% -12.0% -8.9% -5.1% -12.8% -14.2% -9.0% -8.9% -20.0%-18.0%-16.0%-14.0%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0% Multiverse (6.9) Global Agg x US (7.5) Intermediate Agg (4.6) Aggregate (6.4) Baa (7.5) A (7.3) AA (7.5) AAA (6.1) U.S. TIPS (5.1) U.S. High Yield (4.3) U.S. Corporate IG (7.6) U.S. Mortgage (5.9) U.S. Treasury (6.4) 1-Year Performance Page 10 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of June 30, 2022 The gray band across the graph illustrates the range of the current Fed Funds Rate.In the 2nd quarter this year,the Fed raised the upper end of its target rate range from 0.50%to 1.75%.During its recent June meeting,the Federal Open Market Committee (FOMC)stated that it remains committed to fighting higher inflation and will consider future interest rate increases.Importantly, the FOMC stated that it will begin lowering the size of the balance sheet by not reinvesting proceeds from maturing bonds. 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 nearly 3.50%during June,interest rates traded fell for the remainder of the quarter.The yield on the US 10-year Treasury was 2.98%on June 30th. 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 to 2.04%from 1.07%.High Yield OAS moved significantly higher over the latter part of the year as spreads rose from 3.04% to 5.87%.High Yield spreads began moving wider during the year on concerns over slowing economic growth which raises the specter of a potential increase in defaults. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.The yield curve shifted significantly higher across all maturities during the 2nd quarter of 2022 following the Fed’s decision to raise interest rates by 1.25%.The shape of the yield curve normalized during the quarter as longer-term interest rates moved above short-term rates.As of the end of the quarter,the spread between 2-year and 10-year rates was positive.Historically,market expectations for recession increase when longer-term interest rates trade below their short-term peers. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 9/30/2021 12/31/2021 3/31/2022 6/30/2022 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS High Yield OAS 10yr Treasury BAA OAS Fed Funds Rate Page 11 March 31, 2022 : $26,901,527 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity June 30, 2022 : $24,375,498 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity 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 1,059,332 3.9¢£ Real Estate 2,421,002 9.0¢£ Cash Equivalent 698,007 2.6¢£ Allocation Market Value Allocation Domestic Equity 8,876,962 36.4¢£ International Equity 3,425,493 14.1¢£ Domestic Fixed 6,122,953 25.1¢£ Non-Core Fixed income 1,196,292 4.9¢£ Infrastructure 1,409,332 5.8¢£ Real Estate 3,109,210 12.8¢£ Cash Equivalent 235,255 1.0¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of June 30, 2022 Page 12 March 31, 2022 : $26,901,527 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Europacific (RERGX) R&D Intercontinental Brookfield PLFRX PDIIX Agincourt Fixed Income Transamerica (TSWIX) June 30, 2022 : $24,375,498 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 2,746,449 10.2¢£ Vanguard Mid Cap Index (VIMAX)2,786,177 10.4¢£ Vanguard Total Stock Index (VTSAX)5,712,926 21.2¢£ 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 1,059,332 3.9¢£ Intercontinental Real Estate 2,421,002 9.0¢£ R&D 698,007 2.6¢£ Allocation Market Value Allocation Dana Large Cap Core Equity -1,887 0.0¢£ Vanguard Mid Cap Index (VIMAX)2,313,690 9.5¢£ Vanguard Total Stock Index (VTSAX)6,565,159 26.9¢£ Europacific Growth (RERGX)1,726,578 7.1¢£ Transamerica Intl (TSWIX)1,698,915 7.0¢£ Agincourt Fixed Income 6,122,953 25.1¢£ PIMCO Diversified Income (PDIIX)557,111 2.3¢£ Pacific Funds Floating Rate Income (PLFRX)639,181 2.6¢£ Brookfield BSIP Access Fund 1,409,332 5.8¢£ Intercontinental Real Estate 3,109,210 12.8¢£ R&D 235,255 1.0¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of June 30, 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) (12.8%) Infrastructure (5.8%) Non-Core Fixed income (4.9%) Domestic Fixed (25.1%) International Equity (14.1%) Domestic Equity (36.4%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 4.9 5.0 Infrastructure 0.0 10.0 5.8 5.0 Real Estate (Composite)5.0 15.0 12.8 10.0 International Equity 10.0 20.0 14.1 15.0 Domestic Fixed 17.5 27.5 25.1 22.5 Domestic Equity 37.5 47.5 36.4 42.5 Total Fund Portfolio N/A N/A 100.0 100.0 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation Compliance As of June 30, 2022 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 36.42 (63)14.05 (41)2.29 (82)27.74 (41)5.78 (72)12.76 (30)0.97 (59)z 5th Percentile 59.29 23.63 16.39 54.65 42.46 19.72 9.95 1st Quartile 48.54 16.76 5.51 32.84 22.39 13.26 2.72 Median 41.54 13.26 4.17 25.29 11.57 10.43 1.28 3rd Quartile 31.21 10.38 2.69 19.29 5.17 7.07 0.60 95th Percentile 14.24 6.48 1.31 11.79 1.61 2.77 0.07 Population 662 629 153 657 281 452 555 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of June 30, 2022 Parentheses contain percentile rankings. . Page 15 Jun-2022 Mar-2022 Dec-2021 Sep-2021 Jun-2021 ($)%($)%($)%($)%($)% Total Equity 12,302,455 50.47 14,748,006 54.82 15,873,046 56.27 14,820,416 55.67 15,716,614 59.07 Domestic Equity 8,876,962 36.42 11,245,553 41.80 12,006,740 42.56 11,013,895 41.37 11,821,675 44.43 Dana Large Cap Core Equity -1,887 -0.01 2,746,449 10.21 2,989,777 10.60 2,723,496 10.23 3,527,750 13.26 Vanguard Mid Cap Index (VIMAX)2,313,690 9.49 2,786,177 10.36 2,974,210 10.54 2,754,626 10.35 2,754,496 10.35 Vanguard Total Stock Index (VTSAX)6,565,159 26.93 5,712,926 21.24 6,042,753 21.42 5,535,774 20.80 5,539,430 20.82 International Equity 3,425,493 14.05 3,502,454 13.02 3,866,306 13.71 3,806,521 14.30 3,894,939 14.64 Europacific Growth (RERGX)1,726,578 7.08 1,668,207 6.20 1,900,775 6.74 1,922,442 7.22 1,968,632 7.40 Transamerica Intl (TSWIX)1,698,915 6.97 1,834,247 6.82 1,965,531 6.97 1,884,079 7.08 1,926,307 7.24 Total Fixed Income 7,319,245 30.03 7,975,179 29.65 8,352,734 29.61 8,383,867 31.49 7,860,376 29.54 Agincourt Fixed Income 6,122,953 25.12 6,690,132 24.87 7,020,974 24.89 7,057,057 26.51 6,539,198 24.58 PIMCO Diversified Income (PDIIX)557,111 2.29 613,058 2.28 659,629 2.34 659,954 2.48 660,000 2.48 Pacific Funds Floating Rate Income (PLFRX)639,181 2.62 671,990 2.50 672,131 2.38 666,857 2.51 661,178 2.48 Total Infrastructure 1,409,332 5.78 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76 Brookfield BSIP Access Fund 1,409,332 5.78 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 1,000,000 3.76 Real Estate 3,109,210 12.76 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80 Intercontinental Real Estate 3,109,210 12.76 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 2,075,642 7.80 Cash Accounts R&D 235,255 0.97 698,007 2.59 639,741 2.27 222,792 0.84 -43,736 -0.16 Total Fund Portfolio 24,375,498 100.00 26,901,527 100.00 28,208,499 100.00 26,620,496 100.00 26,608,896 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of June 30, 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 10/21 6/22 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending June 30, 2022 Page 17 Market Value 04/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2022 Total Equity 14,748,006 -106,158 ---8,486 -272 44,192 -2,374,827 12,302,455 Domestic Equity 11,245,553 -506,158 ---8,486 -272 36,331 -1,890,006 8,876,962 Dana Large Cap Core Equity 2,746,449 -2,306,158 ---8,486 -272 12,442 -445,863 -1,887 Vanguard Mid Cap Index (VIMAX)2,786,177 -----6,846 -479,333 2,313,690 Vanguard Total Stock Index (VTSAX)5,712,926 1,800,000 ----17,043 -964,810 6,565,159 International Equity 3,502,454 400,000 ----7,861 -484,821 3,425,493 Europacific Growth (RERGX)1,668,207 300,000 ----7,861 -249,489 1,726,578 Transamerica Intl (TSWIX)1,834,247 100,000 ------235,332 1,698,915 Total Fixed Income 7,975,179 -350,000 ---4,181 -656 58,563 -359,660 7,319,245 Agincourt Fixed Income 6,690,132 -350,000 ---4,181 -656 45,534 -257,875 6,122,953 PIMCO Diversified Income (PDIIX)613,058 -----5,890 -61,837 557,111 Pacific Funds Floating Rate Income (PLFRX)671,990 -----7,140 -39,948 639,181 Infrastructure 1,059,332 350,000 ------1,409,332 Brookfield BSIP Access Fund 1,059,332 350,000 ------1,409,332 Real Estate 2,421,002 484,659 ---4,068 -19,410 188,208 3,109,210 Intercontinental Real Estate 2,421,002 484,659 ---4,068 -19,410 188,208 3,109,210 Cash Accounts R&D 698,007 -378,501 202,415 -209,843 --77,794 971 -235,255 Total Fund Portfolio 26,901,527 -202,415 -209,843 -16,736 -78,723 123,136 -2,546,279 24,375,498 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending June 30, 2022 Page 18 Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2022 Total Equity 14,820,416 -106,158 ---17,770 -838 288,389 -2,681,585 12,302,455 Domestic Equity 11,013,895 -506,158 ---17,770 -838 116,170 -1,728,338 8,876,962 Dana Large Cap Core Equity 2,723,496 -2,306,158 ---17,770 -838 34,102 -434,720 -1,887 Vanguard Mid Cap Index (VIMAX)2,754,626 -----26,169 -467,105 2,313,690 Vanguard Total Stock Index (VTSAX)5,535,774 1,800,000 ----55,899 -826,513 6,565,159 International Equity 3,806,521 400,000 ----172,219 -953,247 3,425,493 Europacific Growth (RERGX)1,922,442 300,000 ----104,879 -600,743 1,726,578 Transamerica Intl (TSWIX)1,884,079 100,000 ----67,340 -352,504 1,698,915 Total Fixed Income 8,383,867 -350,000 ---12,980 -2,030 166,870 -866,481 7,319,245 Agincourt Fixed Income 7,057,057 -350,000 ---12,980 -2,030 128,670 -697,763 6,122,953 PIMCO Diversified Income (PDIIX)659,954 -----18,314 -121,157 557,111 Pacific Funds Floating Rate Income (PLFRX)666,857 -----19,885 -47,560 639,181 Infrastructure 1,016,532 350,000 ---5,903 -38,677 10,026 1,409,332 Brookfield BSIP Access Fund 1,016,532 350,000 ---5,903 -38,677 10,026 1,409,332 Real Estate 2,176,888 457,867 ---75,626 -54,519 495,562 3,109,210 Intercontinental Real Estate 2,176,888 457,867 ---75,626 -54,519 495,562 3,109,210 Cash Accounts R&D 222,792 -351,709 1,081,346 -598,580 --119,662 1,068 -235,255 Total Fund Portfolio 26,620,496 -1,081,346 -598,580 -112,279 -122,531 549,523 -3,042,478 24,375,498 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2021 To June 30, 2022 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)-8.99 (32)-9.30 (42)-9.15 (42)6.09 (40)6.27 (40)6.72 (41)7.53 (67)10/01/1994 Total Fund Policy -9.49 (42)-8.05 (30)-7.74 (29)6.88 (25)7.00 (20)7.31 (22)7.63 (62) All Public Plans-Total Fund Median -9.99 -9.89 -9.93 5.70 5.89 6.42 7.80 Total Fund Portfolio (Net)-9.05 -9.70 -9.66 5.76 5.95 6.41 7.17 10/01/1994 Total Equity -16.11 -16.46 -17.06 7.05 6.89 8.01 8.74 10/01/1994 Total Equity Policy -15.91 -14.45 -15.13 7.78 7.64 8.70 8.99 Domestic Equity -17.01 (67)-15.19 (62)-15.34 (60)8.51 (46)8.53 (42)9.65 (42)13.14 (83)04/01/2009 Domestic Equity Policy -16.70 (64)-13.78 (57)-13.87 (55)9.77 (32)9.58 (30)10.60 (32)14.39 (55) IM U.S. Equity (SA+CF+MF) Median -15.26 -12.22 -12.73 8.04 7.79 8.97 14.58 International Equity -13.35 (57)-20.27 (60)-22.08 (55)2.28 (50)1.42 (57)2.56 (60)6.07 (97)04/01/2009 International Equity Policy -13.54 (59)-16.61 (37)-19.01 (37)1.81 (58)1.81 (50)2.98 (50)N/A IM International Equity (MF) Median -12.86 -18.73 -21.29 2.17 1.77 2.93 8.52 Total Fixed Income -3.78 -8.36 -8.27 -0.86 1.02 0.75 4.91 10/01/1994 Total Fixed Policy -3.53 -8.18 -8.12 -0.56 1.09 0.87 4.74 Domestic Fixed Income -3.18 (85)-8.08 (85)-8.05 (86)-0.29 (90)1.55 (80)1.23 (78)5.00 (21)10/01/1994 Domestic Fixed Policy -2.93 (80)-7.95 (83)-7.91 (84)-0.60 (99)1.19 (98)0.88 (96)4.78 (48) IM U.S. Intermediate Duration (SA+CF) Median -2.56 -7.31 -7.24 0.16 1.78 1.42 4.75 Non-Core Fixed Income -6.91 -9.84 -9.36 -3.38 -1.21 -1.34 -0.14 10/01/2014 Non-Core Fixed Income Policy -6.41 -9.29 -9.20 -0.50 0.53 0.69 0.81 Infrastructure 0.00 2.37 4.39 N/A N/A N/A 4.39 07/01/2021 CPI + 3%3.41 10.11 12.26 8.11 7.26 6.99 12.26 Real Estate 7.15 (15)24.33 (20)31.63 (25)14.85 (19)13.19 (23)12.83 (19)12.59 (33)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)21.59 (39)30.06 (35)13.23 (49)11.61 (60)11.01 (59)11.06 (55) IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 19.98 28.87 13.12 11.73 11.23 11.38 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 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 June 30, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)-16.96 (93)-16.01 (90)-16.00 (87)7.19 (35)7.35 (27)8.28 (17)9.76 (14)05/01/2016 Russell Midcap Index -16.85 (91)-16.52 (92)-17.30 (93)6.59 (53)6.90 (37)7.96 (23)9.44 (21) IM U.S. Mid Cap Core Equity (MF) Median -13.63 -10.07 -10.76 6.62 6.30 6.73 8.25 Vanguard Total Stock Index (VTSAX)-16.85 (79)-14.18 (64)-14.24 (59)9.63 (32)9.47 (27)10.52 (21)11.25 (22)01/01/2017 Russell 3000 Index -16.70 (74)-13.78 (58)-13.87 (52)9.77 (28)9.58 (24)10.60 (18)11.31 (20) IM U.S. Multi-Cap Core Equity (MF) Median -15.83 -13.19 -13.75 8.69 8.15 9.18 9.98 International Equity Strategies Europacific Growth (RERGX)-14.65 (70)-25.94 (79)-27.68 (72)1.49 (45)1.60 (34)3.10 (27)5.61 (25)05/01/2016 MSCI AC World ex USA -13.54 (57)-16.61 (32)-19.01 (33)1.81 (39)1.81 (30)2.98 (29)5.09 (34) IM International Equity (MF) Median -13.08 -19.34 -22.19 1.22 0.77 1.96 4.37 Transamerica Intl (TSWIX)-12.84 (46)-15.15 (23)-17.01 (22)2.48 (27)0.72 (51)1.57 (59)3.60 (70)05/01/2016 MSCI AC World ex USA -13.54 (57)-16.61 (32)-19.01 (33)1.81 (39)1.81 (30)2.98 (29)5.09 (34) IM International Equity (MF) Median -13.08 -19.34 -22.19 1.22 0.77 1.96 4.37 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income -3.18 (85)-8.08 (85)-8.05 (86)-0.31 (91)1.53 (80)1.22 (80)3.46 (39)07/01/2007 Bloomberg Intermed Aggregate Index -2.93 (80)-7.95 (83)-7.91 (84)-0.60 (99)1.19 (98)0.88 (96)2.98 (88) IM U.S. Intermediate Duration (SA+CF) Median -2.56 -7.31 -7.24 0.16 1.78 1.42 3.33 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-9.13 (77)-15.58 (69)-15.48 (59)N/A N/A N/A -15.48 (59)07/01/2021 Blmbg. Global Multiverse -8.43 (68)-14.57 (61)-15.35 (58)-3.20 (68)-0.97 (69)-0.51 (60)-15.35 (58) IM Global Fixed Income (MF) Median -7.00 -13.35 -14.42 -2.33 -0.16 -0.15 -14.42 Pacific Funds Floating Rate Income (PLFRX)-4.88 (29)-4.15 (15)-3.26 (17)1.30 (23)N/A N/A 1.59 (24)11/01/2018 S&P/LSTA Leveraged Loan Index -4.45 (8)-3.84 (10)-2.77 (8)2.09 (1)2.55 (1)2.91 (2)2.29 (1) IM U.S. Bank Loans (MF) Median -5.27 -5.19 -4.35 0.69 1.25 1.72 0.94 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 4.80 6.86 N/A N/A N/A 6.86 07/01/2021 CPI + 3%3.41 10.11 12.26 8.11 7.26 6.99 12.26 Real Estate Strategies Intercontinental Real Estate 7.15 (15)24.33 (20)31.63 (25)14.85 (19)13.19 (23)12.83 (19)12.59 (33)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)21.59 (39)30.06 (35)13.23 (49)11.61 (60)11.01 (59)11.06 (55) IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 19.98 28.87 13.12 11.73 11.23 11.38 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)-9.30 (42)19.87 (62)8.54 (33)4.48 (44)8.50 (30)13.07 (28)7.20 (94)-1.61 (68) Total Fund Policy -8.05 (30)19.40 (68)10.32 (14)4.54 (42)8.64 (27)12.05 (51)10.61 (24)-0.17 (32) All Public Plans-Total Fund Median -9.89 20.73 7.51 4.28 7.47 12.05 9.78 -0.88 Total Fund Portfolio (Net)-9.70 19.62 8.27 4.21 8.24 12.68 6.65 -2.17 Total Equity -16.46 30.53 11.29 2.52 12.72 19.05 8.58 -4.53 Total Equity Policy -14.45 30.03 12.06 2.04 13.62 19.14 13.68 -3.37 Domestic Equity -15.19 (62)32.10 (56)12.20 (41)3.80 (34)15.98 (45)19.19 (47)8.51 (83)-1.98 (68) Domestic Equity Policy -13.78 (57)31.88 (57)15.00 (36)2.92 (39)17.58 (38)18.71 (51)14.96 (38)-0.49 (56) IM U.S. Equity (SA+CF+MF) Median -12.22 33.82 5.78 1.13 14.72 18.79 13.36 0.13 International Equity -20.27 (60)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62)-13.00 (71) International Equity Policy -16.61 (37)24.45 (50)3.45 (64)-0.72 (47)2.25 (40)20.15 (55)9.80 (55)-11.78 (67) IM International Equity (MF) Median -18.73 24.34 7.82 -1.04 1.33 20.73 10.49 -7.92 Total Fixed Income -8.36 0.42 4.82 7.40 -0.78 2.66 4.17 1.39 Total Fixed Policy -8.18 0.34 5.37 7.62 -0.99 0.12 4.53 1.82 Domestic Fixed Income -8.08 (85)-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 -7.95 (83)-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 -7.31 0.25 6.45 8.01 -0.38 0.69 3.89 2.70 Non-Core Fixed Income -9.84 3.91 -2.55 2.90 -1.91 13.82 2.68 -8.14 Non-Core Fixed Income Policy -9.29 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%10.11 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate 24.33 (20)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)21.59 (39)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 19.98 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 June 30, 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 June 30, 2022 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)-16.01 (90)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A N/A Russell Midcap Index -16.52 (92)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27)-0.25 (30) IM U.S. Mid Cap Core Equity (MF) Median -10.07 37.86 -2.64 1.86 9.96 15.17 11.88 -1.28 Vanguard Total Stock Index (VTSAX)-14.18 (64)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A N/A Russell 3000 Index -13.78 (58)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12)-0.49 (36) IM U.S. Multi-Cap Core Equity (MF) Median -13.19 30.66 11.15 1.49 15.61 18.24 11.19 -1.56 Dana Large Cap Core Equity -14.79 (86)28.55 (68)11.93 (54)6.23 (25)15.09 (69)24.44 (6)7.16 (93)-0.03 (53) S&P 500 Index -11.13 (54)30.00 (56)15.15 (38)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 -11.06 30.73 12.87 3.26 17.36 18.74 13.41 0.12 Rockwood Equity N/A N/A N/A N/A N/A N/A N/A -3.64 (88) S&P 500 Index -11.13 (54)30.00 (56)15.15 (38)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 -11.06 30.73 12.87 3.26 17.36 18.74 13.41 0.12 International Equity Strategies Europacific Growth (RERGX)-25.94 (79)24.76 (42)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A N/A MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63) IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71 Transamerica Intl (TSWIX)-15.15 (23)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)N/A N/A MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63) IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71 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 -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47)-11.78 (63) IM International Equity (MF) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 24 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2022 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Domestic Fixed Income Strategies Agincourt Fixed Income -8.08 (85)-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 -7.95 (83)-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 -7.31 0.25 6.45 8.01 -0.38 0.69 3.89 2.70 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-15.58 (69)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse -14.57 (61)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42) IM Global Fixed Income (MF) Median -13.35 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88 Pacific Funds Floating Rate Income (PLFRX)-4.15 (15)6.97 (69)0.09 (30)N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index -3.84 (10)8.40 (32)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 -5.19 7.64 -0.61 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 (65)13.82 (1)2.68 (95)-8.14 (94) Blmbg. Global Multiverse -14.57 (61)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25)-3.56 (42) IM Global Fixed Income (MF) Median -13.35 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88 Infrastructure Strategies Brookfield BSIP Access Fund 4.80 N/A N/A N/A N/A N/A N/A N/A CPI + 3%10.11 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate Strategies Intercontinental Real Estate 24.33 (20)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)21.59 (39)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 19.98 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 6/22 $5,044,863 $24,375,498 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio -8.99 (32)-13.39 (45)-9.15 (42)6.92 (51)6.09 (40)6.72 (41)6.37 (52)7.57 (58)6.07 (35) Total Fund Policy -9.49 (42)-12.45 (33)-7.74 (29)7.59 (39)6.88 (25)7.31 (22)7.22 (20)8.15 (30)6.28 (26) Median -9.99 -13.90 -9.93 6.94 5.70 6.42 6.40 7.74 5.86 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio -9.30 (42)19.87 (65)8.54 (37)4.48 (45)8.50 (33)13.07 (26)7.20 (95) Total Fund Policy -8.05 (30)19.40 (69)10.32 (17)4.54 (43)8.64 (31)12.05 (57)10.61 (22) Median -9.89 20.87 7.66 4.37 7.70 12.29 9.78 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 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 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Total Fund Portfolio Total Fund Policy 3.6 4.2 4.8 5.4 6.0 6.6 7.2 7.8 Ret urn (%) 8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 14.4 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 (%) 99.8 100.0 100.2 100.4 100.6 100.8 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 54.24 -23.82 -0.20 -0.20 0.53 -0.10 0.06 1.00 2.03 Total Fund Policy 0.00 -27.57 0.00 0.00 0.56 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 27.12 0.00 0.75 -5.99 N/A -0.56 0.00 -0.01 10.77 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 2022 Peer Group: All Public Plans-Total Fund Page 27 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)-8.99 (32)-4.83 (67)4.72 (35)0.16 (44)6.09 (40)6.72 (41)109.13 (57)107.51 (55) Total Fund Policy -9.49 (42)-3.28 (24)5.03 (24)0.33 (36)6.88 (25)7.31 (22)100.00 100.00 All Public Plans-Total Fund Median -9.99 -4.27 4.33 0.05 5.70 6.42 111.78 109.13 Total Fund Portfolio (Net)-9.05 -4.88 4.38 0.04 5.76 6.41 109.74 108.42 Total Fund Policy -9.49 -3.28 5.03 0.33 6.88 7.31 100.00 100.00 Total Equity -16.11 -7.05 7.14 -0.72 7.05 8.01 107.21 106.02 Total Equity Policy -15.91 -5.28 7.41 -0.79 7.78 8.70 100.00 100.00 Domestic Equity -17.01 (67)-6.30 (59)9.06 (34)-0.19 (48)8.51 (46)9.65 (42)106.33 (47)104.94 (47) Domestic Equity Policy -16.70 (64)-5.28 (50)9.28 (32)-0.10 (45)9.77 (32)10.60 (32)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median -15.26 -5.30 7.57 -0.35 8.03 8.97 103.70 102.91 International Equity -13.35 (54)-9.41 (55)1.57 (47)-2.27 (47)2.28 (30)2.56 (37)108.38 (52)107.67 (53) International Equity Policy -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00 IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70 Total Fixed Income -3.78 -4.46 -0.31 0.09 -0.86 0.75 102.80 97.89 Total Fixed Policy -3.53 -4.42 -0.42 0.06 -0.56 0.87 100.00 100.00 Domestic Fixed Income -3.18 (85)-4.64 (84)-0.44 (30)0.03 (68)-0.29 (90)1.23 (78)103.31 (16)102.29 (10) Domestic Fixed Policy -2.93 (80)-4.69 (89)-0.51 (46)0.05 (59)-0.60 (99)0.88 (96)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -2.56 -4.34 -0.52 0.07 0.16 1.42 93.53 91.81 Non-Core Fixed Income -6.91 -3.51 0.37 0.53 -3.38 -1.34 107.77 93.53 Non-Core Fixed Income Policy -6.41 -3.10 0.02 0.10 -0.50 0.69 100.00 100.00 Infrastructure 0.00 0.00 2.37 1.97 N/A N/A N/A N/A CPI + 3%3.41 3.47 2.91 1.95 8.11 6.99 N/A N/A Real Estate 7.15 (15)5.75 (76)9.72 (18)5.88 (72)14.85 (19)12.83 (19)1.54 (69)1.54 (69) NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)7.99 (15)7.70 (44)6.96 (35)13.23 (49)11.01 (59)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 6.75 7.57 6.33 13.12 11.23 95.76 95.76 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2022 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2022 1 Qtr Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)-16.96 (93)-6.32 (83)7.97 (59)0.00 (19)7.19 (35)8.28 (17)96.98 (30)97.12 (50) Russell Midcap Index -16.85 (91)-5.68 (77)6.44 (80)-0.93 (52)6.59 (53)7.96 (23)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median -13.63 -4.08 8.20 -0.87 6.62 6.73 91.67 97.08 Vanguard Total Stock Index (VTSAX)-16.85 (79)-5.46 (43)9.16 (50)-0.07 (41)9.63 (32)10.52 (21)100.60 (48)100.31 (44) Russell 3000 Index -16.70 (74)-5.28 (37)9.28 (44)-0.10 (44)9.77 (28)10.60 (18)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median -15.83 -5.87 9.15 -0.23 8.69 9.18 100.33 99.60 International Equity Strategies Europacific Growth (RERGX)-14.65 (70)-12.24 (70)-1.13 (76)-2.35 (48)1.49 (45)3.10 (27)113.99 (41)109.82 (47) MSCI AC World ex USA -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00 IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70 Transamerica Intl (TSWIX)-12.84 (46)-6.68 (34)4.32 (12)-2.19 (46)2.48 (27)1.57 (59)105.14 (60)107.44 (54) MSCI AC World ex USA -13.54 (57)-5.33 (23)1.88 (44)-2.88 (56)1.81 (39)2.98 (29)100.00 100.00 IM International Equity (MF) Median -13.08 -8.77 1.29 -2.46 1.22 1.96 108.78 108.70 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2022 1 Qtr Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-2021 Return 1 Quarter Ending Sep-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 -3.18 (85)-4.64 (84)-0.44 (30)0.03 (68)-0.31 (91)1.22 (80)103.31 (16)102.29 (10) Bloomberg Intermed Aggregate Index -2.93 (80)-4.69 (89)-0.51 (46)0.05 (59)-0.60 (99)0.88 (96)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -2.56 -4.34 -0.52 0.07 0.16 1.42 93.53 91.81 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-9.13 (77)-7.06 (83)-0.05 (12)0.13 (17)N/A N/A N/A N/A Blmbg. Global Multiverse -8.43 (68)-6.05 (59)-0.70 (50)-0.91 (71)-3.20 (68)-0.51 (60)100.00 100.00 IM Global Fixed Income (MF) Median -7.00 -5.48 -0.70 -0.40 -2.33 -0.15 98.06 96.58 Pacific Funds Floating Rate Income (PLFRX)-4.88 (29)-0.02 (7)0.79 (11)0.93 (41)1.30 (23)N/A 87.20 (95)N/A S&P/LSTA Leveraged Loan Index -4.45 (8)-0.10 (11)0.75 (12)1.11 (16)2.09 (1)2.91 (2)100.00 100.00 IM U.S. Bank Loans (MF) Median -5.27 -0.52 0.49 0.87 0.69 1.72 106.74 105.36 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 2.37 2.37 1.97 N/A N/A N/A N/A CPI + 3%3.41 3.47 2.91 1.95 8.11 6.99 N/A N/A Real Estate Strategies Intercontinental Real Estate 7.15 (15)5.75 (76)9.72 (18)5.88 (72)14.85 (19)12.83 (19)1.54 (69)1.54 (69) NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)7.99 (15)7.70 (44)6.96 (35)13.23 (49)11.01 (59)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 4.40 6.75 7.57 6.33 13.12 11.23 95.76 95.76 Page 30 Estimated Annual Fee (%) 06/30/22 Market Value 06/30/22 Allocation (%) Estimated Annual Fee ($) Domestic Equity Vanguard Mid Cap Index (VIMAX)0.05 2,313,690 9.49 1,157 Vanguard Total Stock Market Index (VTSAX)0.04 6,565,159 26.93 2,626 International Equity Europacific Growth (RERGX)0.46 1,726,578 7.08 7,942 Transamerica Intl (TSWIX)0.86 1,698,915 6.97 14,611 Domestic Fixed Income Agincourt Fixed Income 0.25 6,122,953 25.12 15,307 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 557,111 2.29 4,401 Pacific Funds Floating Rate Income (PLFRX)0.73 639,181 2.62 4,666 Infrastructure Brookfield BSIP Access Fund**1.00 1,409,332 5.78 14,093 Real Estate Intercontinental Real Estate*1.10 3,109,210 12.76 34,201 Cash Accounts R&D 235,255 0.97 - Total Fund Portfolio 0.41 24,375,498 100.00 98,993 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of June 30, 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 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 6/22 $3.03$3.04 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)-16.96 (93)-22.21 (94)-16.00 (87)11.08 (87)7.19 (35)8.28 (17)8.14 (17)11.48 (12)7.75 (14) Russell Midcap Index -16.85 (91)-21.57 (91)-17.30 (93)11.31 (84)6.59 (53)7.96 (23)8.04 (20)11.29 (16)7.77 (13) Median -13.63 -17.27 -10.76 14.15 6.62 6.73 6.60 9.95 6.40 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard Md-Cp I;Adm (VIMAX)-16.01 (90)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46)12.64 (44) Russell Midcap Index -16.52 (92)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27) Median -10.07 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 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 34 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 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 (%) 98.7 99.0 99.3 99.6 99.9 100.2 100.5 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)49.15 -48.50 0.09 -0.04 0.45 -0.03 0.09 0.99 1.55 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.44 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 30.51 0.00 0.74 -9.32 N/A -0.44 0.00 -0.01 21.04 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 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 35 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 6/22 $3.22$3.25 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)-16.85 (79)-21.38 (62)-14.24 (59)11.25 (45)9.63 (32)10.52 (21)10.37 (15)12.51 (18)8.41 (14) Russell 3000 Index -16.70 (74)-21.10 (54)-13.87 (52)11.43 (39)9.77 (28)10.60 (18)10.43 (12)12.57 (15)8.36 (17) Median -15.83 -20.69 -13.75 11.01 8.69 9.18 8.69 11.28 6.99 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard TSM Idx;Adm (VTSAX)-14.18 (64)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43)14.98 (11) Russell 3000 Index -13.78 (58)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12) Median -13.19 30.66 11.15 1.49 15.61 18.24 11.19 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 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 36 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 2.0 4.0 6.0 8.0 10.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index 99.9 100.0 100.1 100.2 Up Market Cap ture Ratio (%) 99.6 99.7 99.8 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)54.24 -45.58 0.05 0.05 0.50 0.35 0.09 1.00 0.15 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.50 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 30.51 0.00 0.74 -9.22 N/A -0.50 0.00 -0.01 18.51 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 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 37 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 6/22 $1.23 $1.46 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)-14.65 (70)-25.12 (76)-27.70 (72)0.62 (69)1.45 (46)3.05 (27)3.63 (26)6.26 (19)3.33 (16) MSCI AC World ex USA -13.54 (57)-18.15 (35)-19.01 (33)5.06 (34)1.81 (39)2.98 (29)3.40 (30)5.31 (39)2.05 (44) Median -13.08 -20.20 -22.19 3.26 1.22 1.96 2.65 4.92 1.77 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 American Funds EuPc;R5 (RERFX)-25.96 (79)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56) MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 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 38 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 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 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 (%) 94.0 95.0 96.0 97.0 98.0 99.0 100.0 101.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)61.02 -45.07 1.31 1.22 0.22 0.28 0.04 0.98 4.39 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 40.68 0.00 0.69 -3.12 N/A -0.16 0.00 -0.01 20.01 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 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 39 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 6/22 $1.23 $1.34 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)-12.84 (46)-18.66 (37)-17.01 (22)6.58 (24)2.48 (27)1.57 (59)2.26 (61)5.57 (32)2.51 (32) MSCI AC World ex USA -13.54 (57)-18.15 (35)-19.01 (33)5.06 (34)1.81 (39)2.98 (29)3.40 (30)5.31 (39)2.05 (44) Median -13.08 -20.20 -22.19 3.26 1.22 1.96 2.65 4.92 1.77 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Transam:Interntl Eq;I (TSWIX)-15.15 (23)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (77)5.67 (74) MSCI AC World ex USA -16.61 (32)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median -19.34 23.07 6.53 -1.89 0.18 19.37 9.31 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of June 30, 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 Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 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 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 (%) 99.5 99.6 99.7 99.8 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)57.63 -50.49 0.68 0.64 0.19 0.18 0.04 0.99 3.47 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 40.68 0.00 0.69 -3.12 N/A -0.16 0.00 -0.01 20.01 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of June 30, 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 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 6/22 $1.50 $1.61 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income -2.43 (40)-6.82 (54)-7.43 (65)-3.65 (87)0.12 (59)1.43 (49)1.74 (45)1.86 (46)3.46 (40) Bloomberg Intermed Aggregate Index -2.93 (80)-7.48 (83)-7.91 (84)-4.01 (95)-0.60 (99)0.88 (96)1.22 (96)1.38 (91)2.98 (88) Median -2.56 -6.76 -7.24 -3.16 0.16 1.42 1.69 1.82 3.33 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Agincourt Intermediate Fixed Income -7.44 (60)-0.43 (88)7.28 (14)8.50 (17)-0.66 (78)0.66 (54)4.24 (29) Bloomberg Intermed Aggregate Index -7.95 (83)-0.38 (87)5.66 (81)8.08 (45)-0.93 (94)0.25 (86)3.57 (72) Median -7.31 0.25 6.45 8.01 -0.38 0.69 3.89 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 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 42 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 2.0 2.4 2.8 3.2 3.6 4.0 4.4 Ret u rn (%) 2.4 2.7 3.0 3.3 3.6 3.9 4.2 4.5 4.8 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 (%) 96.0 100.0 104.0 108.0 112.0 116.0 120.0 124.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 59.32 -8.41 0.29 0.50 0.78 0.39 0.03 1.07 1.26 Bloomberg Intermed Aggregate Index 0.00 -8.68 0.00 0.00 0.75 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 27.12 0.00 0.55 -2.19 N/A -0.75 0.00 0.04 2.92 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 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 43 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 6/22 $1.33 $2.21 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)-8.92 (49)-15.21 (76)-14.75 (60)-3.88 (60)-1.71 (67)1.51 (51)3.31 (30)3.79 (26)5.63 (7) Blmbg. Global Multiverse -8.43 (41)-13.97 (57)-15.35 (66)-6.54 (83)-3.20 (82)-0.51 (84)0.62 (86)0.27 (84)2.37 (86) Median -9.07 -13.72 -13.57 -2.25 -0.48 1.53 2.44 2.29 3.50 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 PIMCO:Div Income;Inst (PDIIX)-15.02 (67)5.62 (45)4.32 (57)10.36 (15)1.86 (33)7.79 (27)13.41 (7) Blmbg. Global Multiverse -14.57 (63)-0.45 (87)5.99 (40)7.54 (49)-1.32 (78)-0.56 (88)9.23 (46) Median -13.69 4.78 5.23 7.37 0.48 4.59 8.81 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 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 44 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 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 (%) 15.0 30.0 45.0 60.0 75.0 90.0 105.0 120.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)69.49 -15.21 3.94 3.55 0.62 0.58 0.06 0.85 6.16 Blmbg. Global Multiverse 0.00 -17.85 0.00 0.00 0.25 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 42.37 0.00 0.64 -1.57 N/A -0.25 0.00 0.01 6.25 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 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 45 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 6/22 $1.80 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Pacific Funds Floating Rate (PLFRX)-4.82 (57)-4.80 (44)N/A N/A N/A N/A N/A N/A N/A S&P/LSTA Leveraged Loan Index -4.45 (34)-4.55 (35)-2.77 (37)4.19 (34)2.09 (39)2.91 (51)3.26 (48)3.74 (66)3.96 (65) Median -4.73 -4.93 -3.10 3.79 1.90 2.92 3.22 3.81 4.08 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 -3.84 (36)8.40 (48)1.06 (49)3.10 (67)5.19 (58)5.30 (48)5.46 (54) Median -4.18 8.25 0.91 3.56 5.40 5.26 5.60 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of June 30, 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 46 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Pacific Funds Floating Rate (PLFRX)S&P/LSTA Leveraged Loan Index 3.2 3.6 4.0 4.4 4.8 5.2 5.6 Ret urn (%) 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Pacific Funds Floating Rate (PLFRX) S&P/LSTA Leveraged Loan Index 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 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 0.37 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 23.73 0.00 0.73 -3.99 N/A -0.37 0.00 -0.01 10.92 Pacific Funds Floating Rate (PLFRX) Long-Term Composite Performance As of June 30, 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 47 Growth of a Dollar Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) $0.00 $0.80 $1.60 $2.40 $3.20 $4.00 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 6/22 $2.66 $3.07 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF 7.25 (14)13.43 (28)31.77 (23)19.57 (32)14.89 (19)12.84 (19)12.89 (28)13.48 (28)N/A NCREIF Fund Index-Open End Diversified Core (EW)4.55 (48)12.90 (35)30.06 (35)18.98 (41)13.23 (49)11.01 (59)10.76 (56)11.39 (56)7.01 (62) Median 4.40 11.71 28.87 18.42 13.12 11.23 11.20 11.97 7.26 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Intercontinental US REIF 24.48 (19)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)21.59 (39)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67) Median 19.98 16.11 1.74 6.80 8.98 7.88 11.26 Intercontinental US REIF Long-Term Composite Performance As of June 30, 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 48 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 6/22 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 5.0 6.0 7.0 8.0 9.0 10.0 11.0 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 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 0.82 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 11.86 0.00 0.71 -6.32 N/A -0.82 0.00 -0.01 7.75 Intercontinental US REIF Long-Term Composite Performance As of June 30, 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 49 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 June 30, 2022 Page 50 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 June 30, 2022 Page 51 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 June 30, 2022 Page 52 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 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 53 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 2022 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. Brookfield Manager Compliance: Intercontinental RE Pacific Funds (PLFRX) Manager Compliance: Vanguard VIMAX Vanguard VTSAX Europacific RERGX Manager Compliance: Transamerica TSWIX Agincourt Fixed PIMCO (PDIIX) Page 54 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 55 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 56 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first.