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Home My Public Portal About2022-09-30_AndCo_Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="09/30/2022" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending September 30, 2022 City of Crestview Police Officers & Firefighters' Retirement Plan Preliminary Report Preliminary Infrastructure Data 3rd Quarter 2022 Market Environment Page 1 The Market Environment Executive Summary As of September 30, 2022 The Economy Broadly,global markets declined during the 3rd quarter as inflation remained elevated,causing global central banks further drain liquidity from the market,and geopolitical risks increased as the conflict in Ukraine escalated. While inflation moderated slightly in the US,it showed signs of increasing, especially in Europe,where UK and German inflation reached multi-decade highs. US CPI was 8.3%in August,down from 9.1%at the end of the 2nd quarter. The US Federal Reserve Bank (the Fed)continued to increase interest rates during the quarter by raising 0.75%at the July and September meetings. Importantly,the Fed signaled it was committed to fight inflation by additional rate hikes if needed. The US labor market showed its resiliency during the quarter by adding an estimated 1.1 million jobs.As a result,the unemployment rate fell to 3.5%in September.The number of workers re-entering the workforce increased slightly during the period as wage growth remained strong. Real estate markets were under pressure during the quarter as rising interest rates pushed mortgages to their highest levels since 2007.As of September,the average 30-year fixed mortgage was roughly 6.7%,up from roughly 3.0%last year at the same time. Equity (Domestic and International) US equities declined during the 3rd quarter as concerns regarding inflation,the path of interest rates,and a slowing global economy acted as headwinds.Small cap growth was the best performing domestic segment of the equity market relative to other US market capitalizations and styles during the period while large cap value performed the worst. Momentum was decidedly negative in international stocks during the 3rd quarter. The escalating conflict in Ukraine,rising inflation in Europe,and tightening monetary policy all contributed to the decline.The continued strength of the US dollar,which rose against most major developed market and emerging market currencies,also acted as a headwind.Finally,China continued its zero-tolerance policy regarding Covid-19,which led to additional restrictions. Fixed Income While inflation fell slightly during the quarter,the Fed continued increasing interest rates which acted as a headwind for fixed income performance during the quarter. US interest rates moved significantly higher during the quarter with the US 10- Year Treasury bond rising 83 basis points to close at 3.80%. Performance across all bond market sectors was negative during the quarter,with US high yield corporate bonds and US Treasury bonds down the least. The combination of higher coupons and a shorter maturity profile relative to high quality government bonds was the primary driver of the relative outperformance of high yield bonds during the period. US Treasury bonds declined less than other investment grade bond market sectors during the quarter.During periods of increased volatility,investors have historically preferred the safety of government bonds over those with credit risk. Market Themes Central banks remained hawkish during the quarter with several banks raising interest rates to fight higher inflation.The Fed,the Bank of England,and European Central Bank all raised rates during the quarter.Additionally,the Fed is currently allowing bonds to mature without reinvesting (quantitative tightening),while other banks are also considering similar actions.The outcome would be additional liquidity from the market. The escalating crisis in Ukraine spilled over as several gas pipelines were attacked in the Baltic Sea.The result was further disruption of energy supplies to Europe,Germany in particular.Energy costs have risen significantly since the start of the conflict which have negatively impacted economic activity in the region. US equity markets experienced their third consecutive quarter of negative performance during the 3rd quarter.Growth-oriented stocks outperformed value stocks as investors believe the Fed will begin slowing the rise of interest rates as economic growth declines.Historically,growth stocks have outperformed value stocks as the economy reaches the trough following a recession. Interest rates rose across the Treasury yield curve during the quarter as the Fed hiked interest rates by 0.75%at both the July and September meetings.The 3rd quarter marks the third consecutive quarter the bond market has suffered negative absolute returns.Long-term mortgage and investment grade corporate bonds underperformed during the quarter given their maturity profiles.High yield bonds outperformed primarily due to their shorter maturity profile and higher coupons. Page 2 The Market Environment Major Market Index Performance As of September 30, 2022 Negative momentum continued during the 3rd quarter as broad US equity markets experienced negative returns.Factors that contributed to performance included elevated inflation,tighter monetary policy,continued geopolitical events in Ukraine,and expectations of slower economic growth.For the period,the S&P 500 large cap benchmark returned -4.9%,compared to -3.4% for mid-cap and -2.2%for small cap indices. Like domestic equities,developed markets international equities also suffered negative results for the 3rd quarter.Europe was negatively impacted by higher-than-expected inflation,the conflict in Ukraine,uncertainty regarding energy supplies,and rising interest rates.Emerging markets were also negatively impacted by war in Ukraine and a strengthening USD.During the period,the MSCI EAFE Index returned -9.4%while the MSCI Emerging Markets Index declined by -11.6%. For the quarter,performance of the bond market was broadly negative due to continued concerns about inflation and the FOMC’s decision to raise interest rates twice during the period.The Bloomberg (BB)US Aggregate Index returned -4.8%,for the period while Investment Grade Corporate bonds posted a return of -5.1%. Performance for developed equity markets was strongly negative over the trailing 1-year period.The primary drivers of return during the period were weakening global economic growth,more restrictive monetary policy from global central banks,and elevated inflation.The S&P 500 large cap stock index led equity market performance for the year with a return of -15.5%.The outlier was the MSCI ACWI ex-US index which declined by -25.2%for the year. Over the trailing 1-year period,international markets fell with the developed market MSCI EAFE Index returning -25.1%while the MSCI Emerging Markets Index fell by -28.1%.Global economic growth slowed throughout the year and both developed and emerging markets were negatively impacted by a strong USD and continued geopolitical concerns. Bond market returns disappointed over the trailing 1-year period due primarily to concerns about rising inflation and the expectation of higher future interest rates.US TIPS were the best performing sector returning -11.6%while investment grade corporate bonds was the worst,falling -18.5%. Source: Investment Metrics 0.5% -5.1% -5.3% -5.1% -4.3% -4.8% -11.6% -9.4% -9.9% -2.2% -3.4% -4.6% -4.5% -4.9% -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 0.6% -18.5% -14.0% -11.6% -12.8% -14.6% -28.1% -25.1% -25.2% -23.5% -19.4% -17.2% -17.6% -15.5% -30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of September 30, 2022 Volatility was high during the 3rd quarter as broad US equity markets rose sharply before falling to close the period with negative results across both the style and market capitalization spectrums.Leadership switched during the quarter with small cap stocks outperforming,followed by mid and large cap issues.The Russell 2000 Index declined by -2.2%for the quarter while the Russell Mid Cap Index and the Russell 1000 Index fell by -3.4%and -4.6%, respectively. Performance across styles and market capitalizations was disparate during the quarter.Large,mid,and small cap growth stocks all outperformed their value counterparts.For the period,the Russell 2000 Growth Index was the best relative performing style index,posting a return of 0.0%.Large and mid cap value stocks were the laggards during the period with the Russell Large Cap Value Index and Russell Mid Cap Value Index falling by -5.6%and -4.9%, respectfully. Performance across all market capitalizations and styles was negative over the trailing 1-year period.Unlike the 3rd quarter,large cap stocks outperformed mid and small cap stocks for the year.The Russell 1000 Index return of -17.2%for the year,significantly outperformed both its mid and small cap growth index counterparts.The outlier during the period was the Russell 2000 Index which returned -23.5%. There was wide performance dispersion within across all style-based indexes. Value significantly outperformed growth over the year.Within large cap stocks, the Russell 1000 Value returned -11.4%compared to -22.6%for the Russell Large Cap Growth benchmark.The Russell Mid Cap Value Index returned -13.6%while the Russell 2000 Value Index returned -17.7%for the period.In comparison,the Russell Mid Cap Growth Index returned -29.5%,while the Russell 2000 Growth Index declined by -29.3%. -29.3% -23.5% -17.7% -29.5% -19.4% -13.6% -22.6% -17.2% -11.4% -23.0% -17.6% -11.8% -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 0.2%-2.2% -4.6% -0.7% -3.4% -4.9% -3.6% -4.6%-5.6% -3.4% -4.5%-5.6% -6.0%-4.0%-2.0%0.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of September 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 nine of the eleven large cap economic sectors for the 3rd quarter.Four sectors outpaced the return of the broad index on a relative basis during the period. Consumer Discretionary (3.7%)and Energy (3.3%)were the only sectors with positive absolute performance during the period.Additionally, Financials (-3.0%)and Industrials (-3.3%)outperformed the broad index. Strong consumer demand acted as a tailwind for consumer-related stocks during the quarter.Energy continued its relative outperformance as the price of oil remained elevated. For the full year,six sectors exceeded the return of the broad large cap benchmark:Energy (46.5%),Utilities (5.5%),Consumer Staples (-0.9%), Health Care (-6.4%),Materials (-12.7%),and Industrials (-15.3%).The weakest economic sector performance in the Russell 1000 for the year was Communication Services which declined by returns (-39.4%). Small cap sector performance was also mixed during the quarter with two economic sectors posting positive performance relative to return of the broader Russell 2000 Index (-2.2%).Health Care (6.5%),and Energy (5.3%)were the best performing sectors for the period.Real Estate (-12.5%),and Communication Services (-11.1%)were the worst performing sectors for the quarter. For the trailing 1-year period,six of the eleven sectors outpaced the broad benchmark’s return.Not surprisingly,sector performance was led by Energy (24.8%),Utilities (3.0%),Consumer Staples (-10.2%),Financials (- 15.7%),and Industrials (-16.4%).The weakest sector over the full year was Communication Services (-46.2%),followed by Consumer Discretionary (-34.6%). 5.5% -17.5% -12.7% -22.9% -15.3% -6.4% -17.3% 46.5% -0.9% -23.3% -39.4% -5.7% -10.7% -7.1% -5.8% -3.3% -5.3% -3.0% 3.3% -6.5% 3.7% -12.5% -40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0% Utilities (3.0%) Real Estate (3.3%) Materials (2.7%) Info Technology (26.8%) Industrials (8.5%) Health Care (14.1%) Financials (11.2%) Energy (4.4%) Consumer Staples (6.4%) Consumer Disc (11.4%) Comm Services (8.1%) Russell 1000 Quarter 1-Year 3.0% -26.3% -19.3% -31.7% -16.4% -33.2% -15.7% 24.8% -10.2% -34.6% -46.2% -7.6% -12.5% -5.2% -4.5% -3.3% 6.5% -2.1% 5.3% -7.8% -1.5% -11.1% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Utilities (3.5%) Real Estate (6.9%) Materials (4.1%) Info Technology (13.2%) Industrials (15.1%) Health Care (17.7%) Financials (17.1%) Energy (5.7%) Consumer Staples (3.5%) Consumer Disc (10.4%) Comm Services (2.8%) Russell 2000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 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 6.31%1.22%-1.79%Information Technology ShockWave Medical Inc 0.45%45.5%35.1%Health Care Microsoft Corp 5.21%-9.12%-16.69%Information Technology Biohaven Pharmaceutical Holding Co 0.43%3.7%8.8%Health Care Amazon.com Inc 3.00%6.39%-31.20%Consumer Discretionary Chart Industries Inc 0.31%10.1%-3.5%Industrials Tesla Inc 2.02%18.17%2.61%Consumer Discretionary Karuna Therapeutics Inc 0.30%77.8%83.9%Health Care Alphabet Inc Class A 1.72%-12.22%-28.45%Communication Services Apellis Pharmaceuticals Inc 0.28%51.0%107.2%Health Care Alphabet Inc Class C 1.55%-12.09%-27.85%Communication Services Murphy USA Inc 0.28%18.2%65.3%Consumer Discretionary Berkshire Hathaway Inc Class B 1.44%-2.20%-2.17%Financials Texas Roadhouse Inc 0.27%19.8%-2.4%Consumer Discretionary UnitedHealth Group Inc 1.41%-1.36%30.94%Health Care SouthState Corp 0.27%3.2%8.5%Financials Johnson & Johnson 1.28%-7.35%3.82%Health Care RBC Bearings Inc 0.27%12.4%-2.1%Industrials Exxon Mobil Corp 1.09%2.91%55.15%Energy EMCOR Group Inc 0.27%12.3%0.5%Information Technology Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Signify Health Inc Ordinary Shares 0.01%111.23%63.12%Health Care Akero Therapeutics Inc 0.04%260.3%52.3%Health Care First Solar Inc 0.04%94.14%38.56%Information Technology Forma Therapeutics Holdings Inc 0.03%189.6%-14.0%Health Care Wolfspeed Inc 0.04%62.90%28.03%Information Technology Velo3D Inc 0.01%185.5%-52.9%Industrials Penumbra Inc 0.02%52.26%-28.86%Health Care Ventyx Biosciences Inc 0.04%185.4%N/A Health Care Oak Street Health Inc Ordinary Shares 0.01%49.15%-42.35%Health Care Verve Therapeutics Inc 0.06%124.8%-26.9%Health Care Sarepta Therapeutics Inc 0.03%47.47%19.53%Health Care AN2 Therapeutics Inc 0.00%124.3%N/A Health Care Constellation Energy Corp 0.08%45.54%N/A Energy Prothena Corp PLC 0.10%123.3%-14.9%Health Care The Trade Desk Inc Class A 0.08%42.64%-15.01%Information Technology Target Hospitality Corp Class A 0.02%121.0%238.3%Consumer Discretionary Nutanix Inc Class A 0.01%42.38%-44.75%Information Technology 1Life Healthcare Inc Ordinary Shares 0.14%118.8%-15.3%Health Care Enphase Energy Inc 0.11%42.12%85.02%Energy Global Blood Therapeutics Inc 0.19%113.1%167.3%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 Sotera Health Co Ordinary Shares 0.00%-65.2%-73.9%Health Care Leafly Holdings Inc 0.00%-84.9%0.0%Communication Services Novavax Inc 0.00%-64.6%-91.2%Health Care VistaGen Therapeutics Inc 0.00%-82.7%N/A Health Care Spectrum Brands Holdings Inc 0.00%-52.1%-58.4%Consumer Staples Faraday Future Intelligent Electric Inc 0.00%-75.5%N/A Consumer Discretionary AMC Entertainment Holdings Inc 0.01%-48.6%-81.7%Communication Services SelectQuote Inc Ordinary Shares 0.00%-70.6%-94.4%Financials WeWork Inc 0.00%-47.2%N/A Real Estate IronNet Inc 0.00%-68.8%N/A Information Technology The Scotts Miracle Gro Co A 0.01%-45.4%-70.1%Materials Core Scientific Inc Ord Shs -Class A 0.00%-67.9%N/A Consumer Discretionary AppLovin Corp Ordinary Shares 0.01%-43.4%-73.1%Information Technology Rockley Photonics Holdings Ltd 0.00%-67.4%N/A Information Technology Azenta Inc 0.01%-40.6%-58.1%Health Care Loyalty Ventures Inc Ordinary Shares 0.00%-66.1%0.0%Communication Services NCR Corp 0.01%-38.9%-51.0%Information Technology Cryptyde Inc 0.00%-65.9%0.0%Materials Enhabit Inc Shs 0.00%-38.9%N/A Health Care Vintage Wine Estates Inc 0.00%-64.8%-72.9%Consumer Staples Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2022 Most developed and emerging market international equity indexes tracked in the chart posted negative returns in both US dollar (USD)and local currency (LC)terms for the 3rd quarter.The outlier during the period was the Latin America region.Higher commodity prices and demand benefited export- driven countries like Brazil.The developed market MSCI EAFE Index returned -9.4%in USD and -3.6%in LC terms for the period,while the MSCI Emerging Markets Index declined by -11.6%in USD and -8.2%in LC terms. The trailing 1-year results for international developed and emerging markets were broadly negative across most regions and currencies.The MSCI EAFE Index returned -25.1%in USD for the year and -11.1%in LC terms.Similarly, returns across emerging markets were broadly lower with the exception being Latin America with the MSCI Emerging Markets Index declining by -28.1%in USD and -25.1%in LC terms.Latin America regional index’s return were the outlier,rising by 0.2%in USD and 0.6%in LC term.In contrast,performance in the EMEA regional benchmark significantly detracted from emerging market index performance with the EMEA Index returning -33.8%in USD and -22.7%in LC terms,respectively,due primarily to concerns related to Ukraine. 6.1% -10.6% -1.8% -8.2% -2.7% -4.1% -3.6% -3.4% -4.9% 3.6% -14.0% -5.3% -11.6% -8.1% -10.1% -9.4% -9.2% -9.9% -15.0%-10.0%-5.0%0.0%5.0% 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 0.6% -23.2% -22.7% -21.5% -9.7% -11.8% -11.1% -10.6% -13.9% 0.2% -29.5% -33.8% -28.1% -25.9% -24.8% -25.1% -23.9% -25.2% -35.0%-25.0%-15.0%-5.0%5.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of September 30, 2022 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI -EAFE Sector Weight Quarter Return 1-Year Return Communication Services 4.8%-13.7%-28.6% Consumer Discretionary 11.3%-9.8%-32.3% Consumer Staples 11.3%-7.1%-17.3% Energy 4.9%-5.0%6.0% Financials 17.6%-9.6%-22.1% Health Care 13.5%-10.6%-19.8% Industrials 15.0%-8.3%-31.5% Information Technology 7.9%-8.3%-38.9% Materials 7.5%-8.9%-21.3% Real Estate 2.8%-13.1%-29.1% Utilities 3.4%-13.3%-20.3% Total 100.0%-9.4%-25.1% MSCI -ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.1%-16.5%-32.0% Consumer Discretionary 11.4%-13.0%-32.3% Consumer Staples 9.4%-6.4%-16.7% Energy 6.2%-6.3%-5.0% Financials 20.7%-7.9%-18.3% Health Care 9.6%-11.0%-23.5% Industrials 12.1%-8.2%-28.7% Information Technology 10.8%-12.1%-39.3% Materials 8.2%-7.9%-21.1% Real Estate 2.4%-14.5%-29.8% Utilities 3.4%-10.9%-16.0% Total 100.0%-9.9%-25.2% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 9.7%-19.3%-36.2% Consumer Discretionary 14.0%-18.7%-33.7% Consumer Staples 6.6%-4.5%-17.8% Energy 5.3%-2.6%-30.1% Financials 22.6%-5.1%-14.3% Health Care 3.9%-13.8%-42.8% Industrials 5.8%-9.9%-20.8% Information Technology 18.3%-15.5%-36.1% Materials 8.7%-7.4%-26.3% Real Estate 2.0%-19.3%-31.9% Utilities 3.2%-4.3%-8.0% Total 100.0%-11.6%-28.1% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.6%14.1%-7.7%-29.3% United Kingdom 15.5%9.7%-10.8%-14.1% France 11.3%7.1%-8.9%-24.0% Switzerland 10.7%6.7%-7.5%-16.5% Australia 8.0%5.0%-6.7%-16.4% Germany 7.6%4.7%-12.6%-37.1% Netherlands 4.1%2.6%-10.7%-38.2% Sweden 3.4%2.1%-8.8%-35.7% Hong Kong 3.0%1.9%-17.0%-22.3% Denmark 2.6%1.7%-12.3%-23.5% Spain 2.4%1.5%-14.1%-25.6% Italy 2.3%1.4%-8.5%-28.5% Singapore 1.6%1.0%-1.5%-22.1% Belgium 1.0%0.6%-13.2%-27.3% Finland 1.0%0.6%-7.2%-25.0% Norway 0.8%0.5%-15.3%-20.7% Israel 0.8%0.5%-1.9%-21.8% Ireland 0.6%0.4%-5.5%-38.9% Portugal 0.2%0.1%-11.0%-12.9% Austria 0.2%0.1%-15.2%-40.9% New Zealand 0.2%0.1%-8.6%-33.4% Total EAFE Countries 100.0%62.5%-9.4%-25.1% Canada 8.2%-7.8%-12.6% Total Developed Countries 70.7%-9.2%-23.9% China 9.2%-22.5%-35.4% Taiwan 4.0%-14.5%-30.5% India 4.5%6.5%-9.9% Korea 3.1%-16.4%-40.7% Brazil 1.7%8.5%4.3% Saudi Arabia 1.4%-0.1%1.9% South Africa 1.0%-12.3%-19.2% Mexico 0.7%-5.4%-7.4% Thailand 0.6%-2.9%-6.8% Indonesia 0.6%7.8%14.3% Malaysia 0.4%-7.1%-15.9% United Arab Emirates 0.4%-2.5%5.1% Qatar 0.4%3.1%12.7% Kuwait 0.3%-5.5%6.4% Philippines 0.2%-13.6%-26.3% Poland 0.2%-25.1%-51.9% Chile 0.2%3.2%0.6% Turkey 0.1%16.3%3.8% Peru 0.1%-0.9%3.0% Greece 0.1%-7.5%-25.2% Colombia 0.0%-18.5%-23.6% Czech Republic 0.0%-19.2%-9.8% Hungary 0.0%-15.0%-54.3% Egypt 0.0%-1.3%-28.8% Total Emerging Countries 29.3%-11.6%-28.1% Total ACWIxUS Countries 100.0%-9.9%-25.2% Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2022 Fixed income market results were broadly negative during the 3rd quarter. Investors’concerns about rising inflation,combined with expectations of higher US interest rates,detracted from performance.As a result,US Treasury yields continued to rise across the maturity curve throughout the quarter. The return for the BB US Aggregate Bond Index,the bellwether investment grade benchmark,was down -4.8%for the period. Performance across the investment grade index’s segments was also negative during the period with the US Corporate Investment Grade bonds returning -5.1%and the US Mortgage index component posting a return of -5.3%. High yield bonds outperformed their investment grade counterparts,but still declined by -0.6%.US TIPS,which have delivered strong performance in recent periods,posted a decline of -5.1%as investors’expectations of future inflation declined. Outside of domestic markets,the BB Global Aggregate ex US Index posted a return of -8.8%for the quarter.Like domestic bonds,global bond index performance was negatively impacted by rising interest rates and a strengthening USD,which acted as a drag on domestic index returns. Over the trailing 1-year period,domestic investment grade benchmark performance was negative,led lower by investment grade corporate bonds (-18.5%),followed by mortgage-backed bonds (-14.0%),US Treasury bonds (-12,9%),and US TIPS (-11.6%).The bellwether Bloomberg US Aggregate Bond Index (-14.6%)declined for the year. Lower quality high yield corporate bonds outperformed their investment grade counterparts on a relative basis with the Bloomberg US High Yield Index returning -14.1%for the period. Performance for non-US bonds was broadly negative for the year with the developed market Bloomberg Global Aggregate ex US Index falling by -24.9%.The combination of rising interest rates overseas,persistent inflation, and USD strength hindered index performance for the year. -6.8% -8.8% -3.8% -4.8% -4.8% -5.2% -4.9% -4.7% -5.1% -0.6% -5.1% -5.3% -4.3% -10.0%-8.0%-6.0%-4.0%-2.0%0.0% Multiverse (6.6) Global Agg x US (7.3) Intermediate Agg (4.6) Aggregate (6.2) Baa (7.1) A (6.8) AA (6.9) AAA (5.9) U.S. TIPS (5.9) U.S. High Yield (4.1) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.1) Quarter Performance -20.4%-24.8% -11.5% -14.6% -19.0% -17.7% -16.4% -13.2% -11.6% -14.1% -18.5% -14.0% -12.9% -25.0%-20.0%-15.0%-10.0%-5.0%0.0% Multiverse (6.6) Global Agg x US (7.3) Intermediate Agg (4.6) Aggregate (6.2) Baa (7.1) A (6.8) AA (6.9) AAA (5.9) U.S. TIPS (5.9) U.S. High Yield (4.1) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.1) 1-Year Performance Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2022 The gray band across the graph illustrates the range of the current Fed Funds Rate.In the 3rd quarter this year,the Fed raised its target rate range from 1.75%to 3.25%.During its recent September meeting,the Federal Open Market Committee (FOMC)stated it intends to continue to remove liquidity from the market by raising interest rates and also allowing bonds held on its balance sheet to mature without reinvesting those proceeds.Importantly,the FOMC stated that it will remain vigilant in its fight against persistently higher inflation. 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.Interest rates continued to climb during the quarter,reaching a high of roughly 4.00%during the latter part of September 2022,before settling at 3.83%at the end of the month. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues.For the full year,the spread widened slightly from 1.10%to 2.06%.High Yield OAS was largely unchanged during the year as spreads rose from 3.17%to 5.43%. High Yield spreads reached as high as 5.80%in early July before trading lower the remainder of the quarter. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.Short-term rates continued to rise during the 3rd quarter as the FOMC continued raising rates to combat rising inflation. Both intermediate and longer-term rates were modestly higher across the curve,albeit less dramatically than short-term rates.The curve remained inverted between 2-year rates and 10-year rates.Said differently,the short- term rate was higher than the long-term rate.Historically,a persistent inversion of these two key rates has been an indication of a future recession withing 6-to 24-months. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 12/31/2021 3/31/2022 6/30/2022 9/30/2022 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 10 Page Intentionally Left Blank Page 11 June 30, 2022 : $24,394,870 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity September 30, 2022 : $23,351,380 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Allocation Market Value Allocation Domestic Equity 8,876,962 36.4¢£ International Equity 3,425,493 14.0¢£ Domestic Fixed 6,122,953 25.1¢£ Non-Core Fixed income 1,196,292 4.9¢£ Infrastructure 1,428,705 5.9¢£ Real Estate 3,109,210 12.7¢£ Cash Equivalent 235,255 1.0¢£ Allocation Market Value Allocation Domestic Equity 9,488,829 40.6¢£ International Equity 3,385,390 14.5¢£ Domestic Fixed 4,525,439 19.4¢£ Non-Core Fixed income 1,189,798 5.1¢£ Infrastructure 1,428,705 6.1¢£ Real Estate 3,137,678 13.4¢£ Cash Equivalent 195,541 0.8¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of September 30, 2022 Page 12 June 30, 2022 : $24,394,870 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Europacific (RERGX) R&D Intercontinental Brookfield PLFRX PDIIX Agincourt Fixed Income Transamerica (TSWIX) September 30, 2022 : $23,351,380 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 -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 1,428,705 5.9¢£ Intercontinental Real Estate 3,109,210 12.7¢£ R&D 235,255 1.0¢£ Allocation Market Value Allocation Dana Large Cap Core Equity -0.0¢£ Vanguard Mid Cap Index (VIMAX)2,355,828 10.1¢£ Vanguard Total Stock Index (VTSAX)7,133,001 30.5¢£ Europacific Growth (RERGX)1,751,810 7.5¢£ Transamerica Intl (TSWIX)1,633,580 7.0¢£ Agincourt Fixed Income 4,525,439 19.4¢£ PIMCO Diversified Income (PDIIX)591,117 2.5¢£ Pacific Funds Floating Rate Income (PLFRX)598,681 2.6¢£ Brookfield BSIP Access Fund 1,428,705 6.1¢£ Intercontinental Real Estate 3,137,678 13.4¢£ R&D 195,541 0.8¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of September 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) (13.4%) Infrastructure (6.1%) Non-Core Fixed income (5.1%) Domestic Fixed (19.4%) International Equity (14.5%) Domestic Equity (40.6%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 5.1 5.0 Infrastructure 0.0 10.0 6.1 5.0 Real Estate (Composite)5.0 15.0 13.4 10.0 International Equity 10.0 20.0 14.5 15.0 Domestic Fixed 17.5 27.5 19.4 22.5 Domestic Equity 37.5 47.5 40.6 42.5 Total Fund Portfolio N/A N/A 100.0 100.0 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation Compliance As of September 30, 2022 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 40.63 (55)14.50 (30)2.53 (79)21.94 (64)6.12 (69)13.44 (29)0.84 (70)z 5th Percentile 58.76 22.09 15.52 62.88 45.38 21.59 9.66 1st Quartile 48.43 15.58 5.78 32.74 22.19 13.95 2.92 Median 41.79 12.54 4.33 24.88 11.57 11.28 1.46 3rd Quartile 30.88 9.56 2.72 19.24 4.91 7.59 0.69 95th Percentile 13.32 5.77 1.13 11.16 1.36 3.00 0.09 Population 647 616 153 654 300 459 561 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of September 30, 2022 Parentheses contain percentile rankings. . Page 15 Sep-2022 Jun-2022 Mar-2022 Dec-2021 Sep-2021 ($)%($)%($)%($)%($)% Total Equity 12,874,218 55.13 12,302,455 50.43 14,748,006 54.82 15,873,046 56.27 14,820,416 55.67 Domestic Equity 9,488,829 40.63 8,876,962 36.39 11,245,553 41.80 12,006,740 42.56 11,013,895 41.37 Dana Large Cap Core Equity -0.00 -1,887 -0.01 2,746,449 10.21 2,989,777 10.60 2,723,496 10.23 Vanguard Mid Cap Index (VIMAX)2,355,828 10.09 2,313,690 9.48 2,786,177 10.36 2,974,210 10.54 2,754,626 10.35 Vanguard Total Stock Index (VTSAX)7,133,001 30.55 6,565,159 26.91 5,712,926 21.24 6,042,753 21.42 5,535,774 20.80 International Equity 3,385,390 14.50 3,425,493 14.04 3,502,454 13.02 3,866,306 13.71 3,806,521 14.30 Europacific Growth (RERGX)1,751,810 7.50 1,726,578 7.08 1,668,207 6.20 1,900,775 6.74 1,922,442 7.22 Transamerica Intl (TSWIX)1,633,580 7.00 1,698,915 6.96 1,834,247 6.82 1,965,531 6.97 1,884,079 7.08 Total Fixed Income 5,715,237 24.47 7,319,245 30.00 7,975,179 29.65 8,352,734 29.61 8,383,867 31.49 Agincourt Fixed Income 4,525,439 19.38 6,122,953 25.10 6,690,132 24.87 7,020,974 24.89 7,057,057 26.51 PIMCO Diversified Income (PDIIX)591,117 2.53 557,111 2.28 613,058 2.28 659,629 2.34 659,954 2.48 Pacific Funds Floating Rate Income (PLFRX)598,681 2.56 639,181 2.62 671,990 2.50 672,131 2.38 666,857 2.51 Total Infrastructure 1,428,705 6.12 1,428,705 5.86 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 Brookfield BSIP Access Fund 1,428,705 6.12 1,428,705 5.86 1,059,332 3.94 1,037,948 3.68 1,016,532 3.82 Real Estate 3,137,678 13.44 3,109,210 12.75 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 Intercontinental Real Estate 3,137,678 13.44 3,109,210 12.75 2,421,002 9.00 2,305,030 8.17 2,176,888 8.18 Cash Accounts R&D 195,541 0.84 235,255 0.96 698,007 2.59 639,741 2.27 222,792 0.84 Total Fund Portfolio 23,351,380 100.00 24,394,870 100.00 26,901,527 100.00 28,208,499 100.00 26,620,496 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of September 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 9/22 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending September 30, 2022 Page 17 Market Value 07/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2022 Total Equity 12,302,455 1,426,887 ----41,277 -896,400 12,874,218 Domestic Equity 8,876,962 1,081,887 ----41,277 -511,297 9,488,829 Dana Large Cap Core Equity -1,887 1,887 ------- Vanguard Mid Cap Index (VIMAX)2,313,690 150,000 ----9,979 -117,841 2,355,828 Vanguard Total Stock Index (VTSAX)6,565,159 930,000 ----31,297 -393,456 7,133,001 International Equity 3,425,493 345,000 ------385,103 3,385,390 Europacific Growth (RERGX)1,726,578 200,000 ------174,768 1,751,810 Transamerica Intl (TSWIX)1,698,915 145,000 ------210,335 1,633,580 Total Fixed Income 7,319,245 -1,400,000 ---3,827 -593 61,357 -260,945 5,715,237 Agincourt Fixed Income 6,122,953 -1,400,000 ---3,827 -593 46,018 -239,112 4,525,439 PIMCO Diversified Income (PDIIX)557,111 50,000 ----6,206 -22,199 591,117 Pacific Funds Floating Rate Income (PLFRX)639,181 -50,000 ----9,134 366 598,681 Infrastructure 1,428,705 -------1,428,705 Brookfield BSIP Access Fund 1,428,705 -------1,428,705 Real Estate 3,109,210 -15,610 ---5,364 -20,974 28,468 3,137,678 Intercontinental Real Estate 3,109,210 -15,610 ---5,364 -20,974 28,468 3,137,678 Cash Accounts R&D 235,255 -11,277 263,379 -275,842 --17,349 1,375 -195,541 Total Fund Portfolio 24,394,870 -263,379 -275,842 -9,191 -17,942 124,983 -1,128,878 23,351,380 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending September 30, 2022 Page 18 Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2022 Total Equity 14,820,416 1,320,730 ---17,770 -838 329,665 -3,577,985 12,874,218 Domestic Equity 11,013,895 575,730 ---17,770 -838 157,446 -2,239,635 9,488,829 Dana Large Cap Core Equity 2,723,496 -2,304,270 ---17,770 -838 34,102 -434,720 - Vanguard Mid Cap Index (VIMAX)2,754,626 150,000 ----36,148 -584,946 2,355,828 Vanguard Total Stock Index (VTSAX)5,535,774 2,730,000 ----87,196 -1,219,969 7,133,001 International Equity 3,806,521 745,000 ----172,219 -1,338,350 3,385,390 Europacific Growth (RERGX)1,922,442 500,000 ----104,879 -775,511 1,751,810 Transamerica Intl (TSWIX)1,884,079 245,000 ----67,340 -562,839 1,633,580 Total Fixed Income 8,383,867 -1,750,000 ---16,807 -2,624 228,227 -1,127,427 5,715,237 Agincourt Fixed Income 7,057,057 -1,750,000 ---16,807 -2,624 174,688 -936,876 4,525,439 PIMCO Diversified Income (PDIIX)659,954 50,000 ----24,520 -143,357 591,117 Pacific Funds Floating Rate Income (PLFRX)666,857 -50,000 ----29,019 -47,194 598,681 Infrastructure 1,016,532 350,000 ---8,971 -59,302 11,842 1,428,705 Brookfield BSIP Access Fund 1,016,532 350,000 ---8,971 -59,302 11,842 1,428,705 Real Estate 2,176,888 442,257 ---80,991 -75,494 524,030 3,137,678 Intercontinental Real Estate 2,176,888 442,257 ---80,991 -75,494 524,030 3,137,678 Cash Accounts R&D 222,792 -362,987 1,344,725 -874,422 --137,010 2,443 -195,541 Total Fund Portfolio 26,620,496 -1,344,725 -874,422 -124,538 -140,473 695,131 -4,169,540 23,351,380 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2021 To September 30, 2022 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)-4.12 (41)-12.96 (40)-12.96 (40)4.23 (43)4.29 (42)5.12 (41)7.30 (68)10/01/1994 Total Fund Policy -4.21 (45)-11.92 (31)-11.92 (31)5.08 (26)4.94 (24)5.67 (23)7.39 (64) All Public Plans-Total Fund Median -4.30 -13.93 -13.93 3.92 4.01 4.78 7.56 Total Fund Portfolio (Net)-4.16 -13.38 -13.38 3.91 3.98 4.82 6.94 10/01/1994 Total Equity -6.53 -21.92 -21.92 4.29 3.84 5.56 8.40 10/01/1994 Total Equity Policy -5.80 -19.42 -19.42 5.50 4.62 6.36 8.68 Domestic Equity -4.85 (60)-19.30 (62)-19.30 (62)6.15 (53)5.56 (45)7.57 (45)12.47 (83)04/01/2009 Domestic Equity Policy -4.46 (52)-17.63 (55)-17.63 (55)7.70 (35)6.48 (33)8.62 (34)13.72 (56) IM U.S. Equity (SA+CF+MF) Median -4.42 -16.60 -16.60 6.34 5.16 7.02 13.91 International Equity -10.88 (66)-28.94 (63)-28.94 (63)-1.25 (57)-1.46 (58)-0.80 (56)5.05 (96)04/01/2009 International Equity Policy -9.80 (44)-24.79 (30)-24.79 (30)-1.07 (53)-0.98 (50)-0.34 (45)N/A IM International Equity (MF) Median -10.21 -27.31 -27.31 -0.94 -1.03 -0.55 7.54 Total Fixed Income -3.04 -11.14 -11.14 -2.20 0.11 -0.07 4.75 10/01/1994 Total Fixed Policy -3.65 -11.53 -11.53 -2.20 0.17 -0.07 4.56 Domestic Fixed Income -3.53 (82)-11.32 (86)-11.32 (86)-1.98 (94)0.55 (86)0.32 (87)4.82 (20)10/01/1994 Domestic Fixed Policy -3.84 (92)-11.49 (90)-11.49 (90)-2.33 (99)0.17 (98)-0.05 (99)4.59 (65) IM U.S. Intermediate Duration (SA+CF) Median -2.96 -10.02 -10.02 -1.31 0.98 0.68 4.62 Non-Core Fixed Income -0.54 -10.33 -10.33 -3.17 -1.69 -1.73 -0.20 10/01/2014 Non-Core Fixed Income Policy -2.73 -11.77 -11.77 -1.68 0.03 -0.24 0.43 Infrastructure 0.00 4.54 4.54 N/A N/A N/A 5.25 07/01/2021 CPI + 3%1.23 11.47 11.47 8.12 7.27 6.90 10.78 Real Estate 1.60 (14)26.31 (6)26.31 (6)14.51 (10)12.93 (10)12.62 (10)12.39 (14)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)0.96 (31)22.76 (30)22.76 (30)13.07 (33)11.31 (35)10.81 (44)10.83 (45) IM U.S. Open End Private Real Estate (SA+CF) Median 0.56 20.19 20.19 12.14 10.69 10.65 10.68 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of September 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 September 30, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)-4.14 (43)-19.48 (91)-19.48 (91)5.47 (37)5.02 (27)6.65 (19)8.65 (16)05/01/2016 Russell Midcap Index -3.44 (32)-19.39 (90)-19.39 (90)5.19 (42)4.68 (35)6.48 (22)8.47 (19) IM U.S. Mid Cap Core Equity (MF) Median -4.32 -14.07 -14.07 4.68 3.86 5.27 7.17 Vanguard Total Stock Index (VTSAX)-4.46 (41)-18.01 (60)-18.01 (60)7.58 (29)6.39 (30)8.55 (22)9.86 (22)01/01/2017 Russell 3000 Index -4.46 (41)-17.63 (54)-17.63 (54)7.70 (26)6.48 (26)8.62 (18)9.91 (20) IM U.S. Multi-Cap Core Equity (MF) Median -4.63 -17.30 -17.30 6.41 5.38 7.12 8.63 International Equity Strategies Europacific Growth (RERGX)-9.33 (30)-32.85 (75)-32.85 (75)-1.24 (39)-0.65 (28)-0.23 (26)3.79 (22)05/01/2016 MSCI AC World ex USA -9.80 (39)-24.79 (26)-24.79 (26)-1.07 (36)-0.98 (32)-0.34 (27)3.22 (32) IM International Equity (MF) Median -10.39 -28.15 -28.15 -1.90 -1.97 -1.50 2.42 Transamerica Intl (TSWIX)-11.71 (75)-25.08 (28)-25.08 (28)-1.59 (45)-2.59 (62)-1.63 (53)1.47 (73)05/01/2016 MSCI AC World ex USA -9.80 (39)-24.79 (26)-24.79 (26)-1.07 (36)-0.98 (32)-0.34 (27)3.22 (32) IM International Equity (MF) Median -10.39 -28.15 -28.15 -1.90 -1.97 -1.50 2.42 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of September 30, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income -3.53 (82)-11.32 (86)-11.32 (86)-2.00 (95)0.53 (87)0.31 (87)3.16 (47)07/01/2007 Bloomberg Intermed Aggregate Index -3.84 (92)-11.49 (90)-11.49 (90)-2.33 (99)0.17 (98)-0.05 (99)2.66 (92) IM U.S. Intermediate Duration (SA+CF) Median -2.96 -10.02 -10.02 -1.31 0.98 0.68 3.12 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-2.55 (25)-17.73 (52)-17.73 (52)N/A N/A N/A -14.37 (49)07/01/2021 Blmbg. Global Multiverse -6.76 (71)-20.34 (63)-20.34 (63)-5.63 (73)-2.50 (67)-2.26 (63)-17.24 (61) IM Global Fixed Income (MF) Median -4.13 -17.63 -17.63 -4.56 -1.27 -1.13 -14.69 Pacific Funds Floating Rate Income (PLFRX)1.29 (29)-2.91 (16)-2.91 (16)1.30 (25)N/A N/A 1.82 (20)11/01/2018 Morningstar LSTA US Leveraged Loan 1.37 (21)-2.53 (8)-2.53 (8)2.21 (1)2.43 (1)2.98 (2)2.49 (1) IM U.S. Bank Loans (MF) Median 1.05 -4.19 -4.19 0.79 1.06 1.71 1.16 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 7.02 7.02 N/A N/A N/A 7.23 07/01/2021 CPI + 3%1.23 11.47 11.47 8.12 7.27 6.90 10.78 Real Estate Strategies Intercontinental Real Estate 1.60 (14)26.31 (6)26.31 (6)14.51 (10)12.93 (10)12.62 (10)12.39 (14)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)0.96 (31)22.76 (30)22.76 (30)13.07 (33)11.31 (35)10.81 (44)10.83 (45) IM U.S. Open End Private Real Estate (SA+CF) Median 0.56 20.19 20.19 12.14 10.69 10.65 10.68 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)-12.96 (40)19.87 (62)8.54 (34)4.48 (44)8.50 (30)13.07 (28)7.20 (95)-1.61 (68) Total Fund Policy -11.92 (31)19.40 (67)10.32 (15)4.54 (41)8.64 (27)12.05 (50)10.61 (25)-0.17 (31) All Public Plans-Total Fund Median -13.93 20.71 7.53 4.27 7.52 12.03 9.80 -0.90 Total Fund Portfolio (Net)-13.38 19.62 8.27 4.21 8.24 12.68 6.65 -2.17 Total Equity -21.92 30.53 11.29 2.52 12.72 19.05 8.58 -4.53 Total Equity Policy -19.42 30.03 12.06 2.04 13.62 19.14 13.68 -3.37 Domestic Equity -19.30 (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 -17.63 (55)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 -16.60 33.82 5.76 1.12 14.72 18.79 13.36 0.12 International Equity -28.94 (63)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62)-13.00 (71) International Equity Policy -24.79 (30)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 -27.31 24.34 7.82 -1.04 1.33 20.73 10.49 -7.92 Total Fixed Income -11.14 0.42 4.82 7.40 -0.78 2.66 4.17 1.39 Total Fixed Policy -11.53 0.34 5.37 7.62 -0.99 0.12 4.53 1.82 Domestic Fixed Income -11.32 (86)-0.26 (82)6.49 (47)8.53 (15)-0.57 (69)0.76 (45)4.41 (23)2.98 (29) Bloomberg Intermed Aggregate Index -11.49 (90)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71)2.95 (32) IM U.S. Intermediate Duration (SA+CF) Median -10.02 0.26 6.43 8.01 -0.37 0.70 3.88 2.69 Non-Core Fixed Income -10.33 3.91 -2.55 2.90 -1.91 13.82 2.68 -8.14 Non-Core Fixed Income Policy -11.77 3.91 3.67 5.36 -1.32 -0.56 9.23 -3.56 Infrastructure 4.54 N/A N/A N/A N/A N/A N/A N/A CPI + 3%11.47 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate 26.31 (6)13.86 (73)4.41 (12)8.32 (20)11.40 (10)11.46 (9)13.05 (23)N/A NCREIF Fund Index-Open End Diversified Core (EW)22.76 (30)15.75 (53)1.74 (48)6.17 (66)8.82 (61)7.81 (51)10.62 (68)14.71 (59) IM U.S. Open End Private Real Estate (SA+CF) Median 20.19 16.11 1.72 6.80 9.04 7.83 11.39 15.32 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of September 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 September 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)-19.48 (91)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A N/A Russell Midcap Index -19.39 (90)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 -14.07 37.86 -2.64 1.86 9.96 15.17 11.88 -1.28 Vanguard Total Stock Index (VTSAX)-18.01 (60)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A N/A Russell 3000 Index -17.63 (54)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 -17.30 30.66 11.15 1.49 15.61 18.24 11.19 -1.56 Dana Large Cap Core Equity N/A 28.55 (69)11.93 (55)6.23 (24)15.09 (71)24.44 (6)7.16 (96)-0.03 (53) S&P 500 Index -15.47 (52)30.00 (58)15.15 (40)4.25 (38)17.91 (43)18.61 (58)15.43 (21)-0.61 (65) IM U.S. Large Cap Core Equity (SA+CF) Median -15.41 30.87 13.05 3.16 17.41 19.04 13.17 0.12 Rockwood Equity N/A N/A N/A N/A N/A N/A N/A -3.64 (90) S&P 500 Index -15.47 (52)30.00 (58)15.15 (40)4.25 (38)17.91 (43)18.61 (58)15.43 (21)-0.61 (65) IM U.S. Large Cap Core Equity (SA+CF) Median -15.41 30.87 13.05 3.16 17.41 19.04 13.17 0.12 International Equity Strategies Europacific Growth (RERGX)-32.85 (75)24.76 (42)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A N/A MSCI AC World ex USA -24.79 (26)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 -28.15 23.07 6.53 -1.89 0.18 19.37 9.31 -8.71 Transamerica Intl (TSWIX)-25.08 (28)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)N/A N/A MSCI AC World ex USA -24.79 (26)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 -28.15 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 -24.79 (26)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 -28.15 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 September 30, 2022 FYTD FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 FY 2015 Domestic Fixed Income Strategies Agincourt Fixed Income -11.32 (86)-0.33 (84)6.49 (47)8.53 (15)-0.57 (69)0.76 (45)4.41 (23)2.98 (29) Bloomberg Intermed Aggregate Index -11.49 (90)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71)2.95 (32) IM U.S. Intermediate Duration (SA+CF) Median -10.02 0.26 6.43 8.01 -0.37 0.70 3.88 2.69 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-17.73 (52)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse -20.34 (63)-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 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88 Pacific Funds Floating Rate Income (PLFRX)-2.91 (16)6.97 (69)0.09 (30)N/A N/A N/A N/A N/A Morningstar LSTA US Leveraged Loan -2.53 (8)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 -4.19 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 -20.34 (63)-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 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 -3.88 Infrastructure Strategies Brookfield BSIP Access Fund 7.02 N/A N/A N/A N/A N/A N/A N/A CPI + 3%11.47 8.55 4.44 4.78 5.43 5.25 4.59 3.01 Real Estate Strategies Intercontinental Real Estate 26.31 (6)13.86 (73)4.41 (12)8.32 (20)11.40 (10)11.46 (9)13.05 (23)N/A NCREIF Fund Index-Open End Diversified Core (EW)22.76 (30)15.75 (53)1.74 (48)6.17 (66)8.82 (61)7.81 (51)10.62 (68)14.71 (59) IM U.S. Open End Private Real Estate (SA+CF) Median 20.19 16.11 1.72 6.80 9.04 7.83 11.39 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 9/22 $5,002,199 $23,351,380 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio -4.12 (41)-16.88 (43)-12.96 (40)2.14 (45)4.23 (43)5.12 (41)6.52 (53)6.69 (56)5.59 (38) Total Fund Policy -4.21 (45)-16.14 (34)-11.92 (31)2.55 (39)5.08 (26)5.67 (23)7.26 (23)7.21 (30)5.81 (24) Median -4.30 -17.43 -13.93 1.83 3.92 4.78 6.58 6.81 5.38 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio -12.96 (40)19.87 (65)8.54 (38)4.48 (46)8.50 (33)13.07 (26)7.20 (94) Total Fund Policy -11.92 (31)19.40 (69)10.32 (17)4.54 (43)8.64 (31)12.05 (55)10.61 (24) Median -13.93 20.86 7.78 4.39 7.75 12.24 9.78 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present Total Fund Portfolio Total Fund Policy 3.0 3.6 4.2 4.8 5.4 6.0 6.6 7.2 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 (%) 99.9 100.0 100.1 100.2 100.3 100.4 100.5 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 55.00 -23.82 -0.18 -0.18 0.49 -0.09 0.05 1.00 2.02 Total Fund Policy 0.00 -27.57 0.00 0.00 0.52 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 28.33 0.00 0.77 -5.58 N/A -0.52 0.00 -0.01 10.80 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of September 30, 2022 Peer Group: All Public Plans-Total Fund Page 27 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-2021 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)-4.12 (41)-8.91 (35)-4.83 (68)4.72 (36)4.23 (43)5.12 (41)107.24 (57)106.22 (56) Total Fund Policy -4.21 (45)-9.49 (44)-3.28 (25)5.03 (24)5.08 (26)5.67 (23)100.00 100.00 All Public Plans-Total Fund Median -4.30 -9.88 -4.27 4.34 3.92 4.79 110.77 108.48 Total Fund Portfolio (Net)-4.16 -8.98 -4.88 4.38 3.91 4.82 107.94 107.15 Total Fund Policy -4.21 -9.49 -3.28 5.03 5.08 5.67 100.00 100.00 Total Equity -6.53 -16.11 -7.05 7.14 4.29 5.56 107.85 106.62 Total Equity Policy -5.80 -15.91 -5.28 7.41 5.50 6.36 100.00 100.00 Domestic Equity -4.85 (60)-17.01 (67)-6.30 (59)9.06 (34)6.15 (53)7.57 (45)106.55 (45)105.21 (44) Domestic Equity Policy -4.46 (52)-16.70 (64)-5.28 (50)9.28 (31)7.70 (35)8.62 (34)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median -4.42 -15.25 -5.30 7.57 6.35 7.03 103.61 102.18 International Equity -10.88 (61)-13.35 (54)-9.41 (55)1.57 (47)-1.25 (39)-0.80 (36)110.40 (45)108.12 (51) International Equity Policy -9.80 (39)-13.54 (57)-5.33 (23)1.88 (44)-1.07 (36)-0.34 (27)100.00 100.00 IM International Equity (MF) Median -10.39 -13.08 -8.77 1.29 -1.90 -1.50 108.44 108.12 Total Fixed Income -3.04 -3.78 -4.46 -0.31 -2.20 -0.07 97.52 94.23 Total Fixed Policy -3.65 -3.53 -4.42 -0.42 -2.20 -0.07 100.00 100.00 Domestic Fixed Income -3.53 (82)-3.18 (86)-4.64 (85)-0.44 (32)-1.98 (94)0.32 (87)100.07 (12)99.56 (9) Domestic Fixed Policy -3.84 (92)-2.93 (81)-4.69 (89)-0.51 (47)-2.33 (99)-0.05 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -2.96 -2.53 -4.34 -0.52 -1.31 0.68 88.79 87.54 Non-Core Fixed Income -0.54 -6.91 -3.51 0.37 -3.17 -1.73 96.16 85.65 Non-Core Fixed Income Policy -2.73 -6.41 -3.10 0.02 -1.68 -0.24 100.00 100.00 Infrastructure 0.00 2.12 0.00 2.37 N/A N/A N/A N/A CPI + 3%1.23 3.41 3.47 2.91 8.12 6.90 N/A N/A Real Estate 1.60 (14)7.15 (13)5.75 (78)9.72 (20)14.51 (10)12.62 (10)1.54 (78)1.54 (78) NCREIF Fund Index-Open End Diversified Core (EW)0.96 (31)4.55 (42)7.99 (14)7.70 (45)13.07 (33)10.81 (44)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 0.56 4.21 6.96 7.57 12.14 10.65 97.33 97.33 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2022 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2022 1 Qtr Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-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)-4.14 (43)-16.96 (93)-6.32 (83)7.97 (59)5.47 (37)6.65 (19)98.47 (34)98.26 (49) Russell Midcap Index -3.44 (32)-16.85 (91)-5.68 (77)6.44 (80)5.19 (42)6.48 (22)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median -4.32 -13.63 -4.08 8.20 4.68 5.27 93.38 97.43 Vanguard Total Stock Index (VTSAX)-4.46 (41)-16.85 (79)-5.46 (43)9.16 (50)7.58 (29)8.55 (22)100.53 (49)100.27 (48) Russell 3000 Index -4.46 (41)-16.70 (74)-5.28 (37)9.28 (44)7.70 (26)8.62 (18)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median -4.63 -15.83 -5.87 9.15 6.41 7.12 100.45 100.12 International Equity Strategies Europacific Growth (RERGX)-9.33 (30)-14.65 (70)-12.24 (70)-1.13 (76)-1.24 (39)-0.23 (26)111.27 (42)107.81 (52) MSCI AC World ex USA -9.80 (39)-13.54 (57)-5.33 (23)1.88 (44)-1.07 (36)-0.34 (27)100.00 100.00 IM International Equity (MF) Median -10.39 -13.08 -8.77 1.29 -1.90 -1.50 108.44 108.12 Transamerica Intl (TSWIX)-11.71 (75)-12.84 (46)-6.68 (34)4.32 (12)-1.59 (45)-1.63 (53)110.42 (45)109.09 (48) MSCI AC World ex USA -9.80 (39)-13.54 (57)-5.33 (23)1.88 (44)-1.07 (36)-0.34 (27)100.00 100.00 IM International Equity (MF) Median -10.39 -13.08 -8.77 1.29 -1.90 -1.50 108.44 108.12 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of September 30, 2022 1 Qtr Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 Return 1 Quarter Ending Dec-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 -3.53 (82)-3.18 (86)-4.64 (85)-0.44 (32)-2.00 (95)0.31 (87)100.07 (12)99.56 (9) Bloomberg Intermed Aggregate Index -3.84 (92)-2.93 (81)-4.69 (89)-0.51 (47)-2.33 (99)-0.05 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -2.96 -2.53 -4.34 -0.52 -1.31 0.68 88.79 87.54 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)-2.55 (25)-9.13 (77)-7.06 (83)-0.05 (12)N/A N/A N/A N/A Blmbg. Global Multiverse -6.76 (71)-8.43 (68)-6.05 (59)-0.70 (50)-5.63 (73)-2.26 (63)100.00 100.00 IM Global Fixed Income (MF) Median -4.13 -7.00 -5.48 -0.70 -4.56 -1.13 94.01 86.98 Pacific Funds Floating Rate Income (PLFRX)1.29 (29)-4.88 (29)-0.02 (7)0.79 (11)1.30 (25)N/A 87.20 (95)N/A Morningstar LSTA US Leveraged Loan 1.37 (21)-4.45 (8)-0.10 (11)0.75 (12)2.21 (1)2.98 (2)100.00 100.00 IM U.S. Bank Loans (MF) Median 1.05 -5.27 -0.52 0.49 0.79 1.71 106.74 105.36 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 2.12 2.37 2.37 N/A N/A N/A N/A CPI + 3%1.23 3.41 3.47 2.91 8.12 6.90 N/A N/A Real Estate Strategies Intercontinental Real Estate 1.60 (14)7.15 (13)5.75 (78)9.72 (20)14.51 (10)12.62 (10)1.54 (78)1.54 (78) NCREIF Fund Index-Open End Diversified Core (EW)0.96 (31)4.55 (42)7.99 (14)7.70 (45)13.07 (33)10.81 (44)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median 0.56 4.21 6.96 7.57 12.14 10.65 97.33 97.33 Page 30 Estimated Annual Fee (%) 09/30/22 Market Value 09/30/22 Allocation (%) Estimated Annual Fee ($) Domestic Equity Vanguard Mid Cap Index (VIMAX)0.05 2,355,828 10.09 1,178 Vanguard Total Stock Market Index (VTSAX)0.04 7,133,001 30.55 2,853 International Equity Europacific Growth (RERGX)0.46 1,751,810 7.50 8,058 Transamerica Intl (TSWIX)0.86 1,633,580 7.00 14,049 Domestic Fixed Income Agincourt Fixed Income 0.25 4,525,439 19.38 11,314 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 591,117 2.53 4,670 Pacific Funds Floating Rate Income (PLFRX)0.73 598,681 2.56 4,370 Infrastructure Brookfield BSIP Access Fund**1.00 1,428,705 6.12 14,287 Real Estate Intercontinental Real Estate*1.10 3,137,678 13.44 34,514 Cash Accounts R&D 195,541 0.84 - Total Fund Portfolio 0.41 23,351,380 100.00 95,294 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of September 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 1/22 9/22 $2.93$2.91 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)-4.14 (43)-25.43 (93)-19.48 (91)4.68 (87)5.47 (37)6.64 (19)8.69 (20)10.45 (13)7.51 (15) Russell Midcap Index -3.44 (32)-24.27 (89)-19.39 (90)5.51 (82)5.19 (42)6.48 (22)8.79 (16)10.30 (16)7.55 (15) Median -4.32 -20.76 -14.07 8.66 4.68 5.27 7.43 8.80 6.25 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard Md-Cp I;Adm (VIMAX)-19.48 (91)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46)12.64 (44) Russell Midcap Index -19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27) Median -14.07 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 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 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 (%) 99.2 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)48.33 -48.50 0.03 -0.09 0.43 -0.06 0.09 0.99 1.54 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.43 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.67 0.00 0.76 -8.91 N/A -0.43 0.00 -0.01 20.93 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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 1/22 9/22 $3.08$3.10 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)-4.46 (41)-24.89 (59)-18.01 (60)4.06 (48)7.59 (28)8.55 (21)10.84 (15)11.33 (19)7.97 (12) Russell 3000 Index -4.46 (41)-24.62 (55)-17.63 (54)4.23 (43)7.70 (26)8.62 (18)10.90 (13)11.39 (16)7.92 (16) Median -4.63 -24.30 -17.30 3.97 6.41 7.12 9.14 10.16 6.62 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard TSM Idx;Adm (VTSAX)-18.01 (60)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43)14.98 (11) Russell 3000 Index -17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12) Median -17.30 30.66 11.15 1.49 15.61 18.24 11.19 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 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 September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)55.00 -45.58 0.05 0.05 0.48 0.35 0.09 1.00 0.15 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.47 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.67 0.00 0.76 -8.74 N/A -0.47 0.00 -0.01 18.45 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of September 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 1/22 9/22 $1.11 $1.33 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)-9.36 (30)-32.13 (71)-32.89 (75)-8.52 (66)-1.30 (40)-0.28 (26)3.70 (30)4.47 (18)2.30 (15) MSCI AC World ex USA -9.80 (39)-26.18 (27)-24.79 (26)-3.25 (31)-1.07 (36)-0.34 (27)3.78 (29)3.48 (39)1.04 (41) Median -10.39 -28.99 -28.15 -5.96 -1.90 -1.50 2.85 3.09 0.66 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 American Funds EuPc;R5 (RERFX)-32.89 (75)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56) MSCI AC World ex USA -24.79 (26)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median -28.15 23.07 6.53 -1.89 0.18 19.37 9.31 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA -4.0 -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 September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)61.67 -45.07 1.30 1.23 0.18 0.28 0.04 0.98 4.35 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.12 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 41.67 0.00 0.70 -2.39 N/A -0.12 0.00 -0.01 20.05 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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 1/22 9/22 $1.11 $1.18 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)-11.71 (75)-28.19 (42)-25.08 (28)-2.35 (25)-1.59 (45)-1.63 (53)1.77 (76)3.55 (37)1.49 (30) MSCI AC World ex USA -9.80 (39)-26.18 (27)-24.79 (26)-3.25 (31)-1.07 (36)-0.34 (27)3.78 (29)3.48 (39)1.04 (41) Median -10.39 -28.99 -28.15 -5.96 -1.90 -1.50 2.85 3.09 0.66 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Transam:Interntl Eq;I (TSWIX)-25.08 (28)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (77)5.67 (74) MSCI AC World ex USA -24.79 (26)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median -28.15 23.07 6.53 -1.89 0.18 19.37 9.31 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA -4.0 -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 (%) 99.8 100.0 100.2 100.4 100.6 100.8 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)56.67 -50.49 0.52 0.50 0.14 0.14 0.03 0.99 3.48 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.12 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 41.67 0.00 0.70 -2.39 N/A -0.12 0.00 -0.01 20.05 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 1/22 9/22 $1.44 $1.56 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income -3.06 (65)-9.68 (63)-10.28 (68)-5.48 (80)-1.41 (60)0.65 (56)1.16 (47)1.35 (47)3.06 (42) Bloomberg Intermed Aggregate Index -3.84 (92)-11.04 (90)-11.49 (90)-6.10 (95)-2.33 (99)-0.05 (99)0.50 (98)0.84 (97)2.52 (92) Median -2.96 -9.51 -10.02 -5.00 -1.31 0.68 1.14 1.32 2.99 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Agincourt Intermediate Fixed Income -10.28 (68)-0.43 (89)7.28 (14)8.50 (17)-0.66 (78)0.66 (55)4.24 (29) Bloomberg Intermed Aggregate Index -11.49 (90)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) Median -10.02 0.26 6.43 8.01 -0.37 0.70 3.88 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 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 Ret u rn (%) 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 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 99.0 102.0 105.0 108.0 111.0 114.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 60.00 -11.22 0.43 0.54 0.67 0.43 0.02 1.04 1.26 Bloomberg Intermed Aggregate Index 0.00 -12.19 0.00 0.00 0.59 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 28.33 0.00 0.61 -1.87 N/A -0.59 0.00 0.03 3.15 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of September 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 $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 $2.80 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 1/22 9/22 $1.24 $1.93 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)-2.54 (42)-17.68 (59)-17.66 (58)-7.10 (58)-3.69 (66)-0.22 (63)2.53 (44)2.29 (42)4.50 (20) Blmbg. Global Multiverse -6.76 (73)-19.78 (68)-20.34 (69)-10.95 (80)-5.63 (83)-2.26 (81)-0.45 (87)-0.76 (79)1.54 (82) Median -3.66 -16.14 -16.10 -5.55 -2.36 0.36 2.16 1.58 2.62 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 PIMCO:Div Income;Inst (PDIIX)-17.66 (58)4.82 (51)3.52 (66)9.52 (25)1.08 (43)6.97 (33)12.55 (10) Blmbg. Global Multiverse -20.34 (69)-0.45 (87)5.99 (41)7.54 (49)-1.32 (78)-0.56 (88)9.23 (46) Median -16.10 4.84 5.27 7.37 0.52 4.67 8.81 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 0.0 1.5 3.0 4.5 6.0 7.5 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 98.0 100.0 102.0 104.0 106.0 108.0 110.0 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 September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)70.00 -17.68 3.36 3.01 0.50 0.49 0.05 0.82 6.17 Blmbg. Global Multiverse 0.00 -23.40 0.00 0.00 0.16 N/A 0.01 1.00 0.00 90 Day U.S. Treasury Bill 43.33 0.00 0.67 -1.06 N/A -0.16 0.00 0.01 6.49 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 Pac Fds:Flt Rt Inc;I (PLFRX)Morningstar LSTA US Leveraged Loan $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 1/22 9/22 $1.82 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Pac Fds:Flt Rt Inc;I (PLFRX)1.41 (41)-3.45 (47)-2.74 (50)1.99 (84)1.33 (87)2.46 (85)3.37 (80)3.34 (86)N/A Morningstar LSTA US Leveraged Loan 1.37 (48)-3.25 (41)-2.53 (45)2.79 (45)2.21 (41)2.98 (57)3.66 (48)3.54 (73)4.14 (67) Median 1.36 -3.54 -2.76 2.62 2.05 3.07 3.61 3.64 4.25 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Pac Fds:Flt Rt Inc;I (PLFRX)-2.74 (50)6.95 (82)0.01 (69)3.21 (64)5.18 (59)5.81 (29)5.53 (54) Morningstar LSTA US Leveraged Loan -2.53 (45)8.40 (49)1.06 (50)3.10 (66)5.19 (59)5.30 (49)5.46 (55) Median -2.76 8.32 1.00 3.53 5.41 5.27 5.61 Pac Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present Pac Fds:Flt Rt Inc;I (PLFRX) Morningstar LSTA US Leveraged Loan 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Ret u rn (%) 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 Pac Fds:Flt Rt Inc;I (PLFRX) Morningstar LSTA US Leveraged Loan 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Pac Fds:Flt Rt Inc;I (PLFRX)N/A N/A N/A N/A N/A N/A N/A N/A N/A Morningstar LSTA US Leveraged Loan 0.00 -29.20 0.00 0.00 0.37 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 23.33 0.00 0.75 -3.99 N/A -0.37 0.00 -0.01 10.83 Pac Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of September 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 $0.60 $1.20 $1.80 $2.40 $3.00 $3.60 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 $2.68 $3.12 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF 1.60 (14)15.24 (14)26.47 (5)19.99 (19)14.55 (10)12.64 (10)12.57 (14)13.35 (14)N/A NCREIF Fund Index-Open End Diversified Core (EW)0.96 (31)13.99 (24)22.76 (30)19.21 (33)13.07 (33)10.81 (44)10.35 (44)11.19 (51)6.80 (58) Median 0.56 11.79 20.19 18.12 12.14 10.65 10.12 11.19 6.83 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Intercontinental US REIF 26.47 (5)13.84 (75)4.41 (11)8.30 (20)11.37 (10)11.72 (6)13.07 (23) NCREIF Fund Index-Open End Diversified Core (EW)22.76 (30)15.75 (53)1.74 (48)6.17 (66)8.82 (61)7.81 (51)10.62 (68) Median 20.19 16.11 1.72 6.80 9.04 7.83 11.39 Intercontinental US REIF Long-Term Composite Performance As of September 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 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 9/22 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 5.6 6.4 7.2 8.0 8.8 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 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 0.81 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 11.67 0.00 0.73 -6.25 N/A -0.81 0.00 -0.01 7.69 Intercontinental US REIF Long-Term Composite Performance As of September 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 Morningstar LSTA US Leveraged Loan 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 Morningstar LSTA US Leveraged Loan 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 September 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 September 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 Morningstar LSTA US Leveraged Loan 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 Morningstar LSTA US Leveraged Loan 50.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of September 30, 2022 Page 52 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of September 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 September 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.