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Home My Public Portal About2022-12-31_AndCo_Pol Fire Quarterly_Report<CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="12/31/2022" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2022 City of Crestview Police Officers & Firefighters' Retirement Plan Preliminary Report Infrastructure Data as of 9/30/2022 AndCo Firm Update On behalf of everyone at AndCo, we want to Thank You for the opportunity to serve you and for the trust you place in us! We take our role as your consultant and trusted advisor seriously and will continue working hard to maintain your confidence. Looking back at the year, we would like to provide a brief update on where we stand as a firm. 2022 marked the 22nd straight year of revenue growth for the firm and we advise on approximately $90 billion in client assets as of December 31st. We reinvested 100% of our net profits back into the organization so we can continue to evolve and adapt within a market environment that is constantly changing and challenging. As we have stated in previous updates, we do not believe the “status quo” is an effective strategy and we are convicted in our belief that a firm not focused on moving forward in our industry is moving backward. To execute on our commitment to evolve and continue to enhance the organization, we made additional personnel and technology investments in 2022. Specifically, we hired a Chief Information Officer (Bharat Kumta) after a national search led by a specialized executive recruiting firm. We believe technology is going to drive successful firms in our industry and we plan to invest heavily within this business function to support digital transformation. We also integrated a new Chief Human Resources Officer (Stacie Runion) through a national search led by an executive recruiter. We believe our firm's most important asset is our people, so we need to ensure we have the right leadership team in HR to focus on that asset. We also hired team members in Finance, Human Resources, Consulting, Research, Solutions & Growth, Technology and Performance & Reporting. These personnel investments focused on further enhancing functional areas, departmental service levels, and narrowing potential gaps. We also continued to invest in our proprietary software system to compile and share information firmwide to better serve our clients more effectively and efficiently. Finally, we engaged several outside consulting firms to help us better assess and invest in areas within our firm we believe will drive value for our clients going forward. Some examples include working with an outside group to evaluate and enhance our Operational Due Diligence efforts with investment managers and a separate group to help us review and analyze our current Discretionary Services offerings and how to make this service stronger for our clients. As we start 2023, we are 93 team members strong with plans to grow. We are targeting several new positions for the year as we thoughtfully continue to invest in our firm to provide the quality services you expect from AndCo. These talent enhancements cover multiple functions and departments at AndCo including Consulting, Research, Perfor- mance & Reporting, Marketing, Technology and Compliance. While adding additional resources to a firm our size is a significant investment, it is one we embrace due to the impact we believe it will have on our ability to continue serving our clients at a high level and will push us closer to our vision of being a transformational organization viewed as the leader in our industry. We thoughtfully grow while helping to ensure that service will not suffer at AndCo at the expense of growth. Rather, we utilize growth to enhance our value proposition and overall service to our valued clients. At the beginning of each year, we also discuss the AndCo partnership and, when earned, announce new partners. This year I am thrilled to share three new team members were named partners at AndCo – Jon Breth, Tyler Grumbles and Brooke Wilson. Jon has been with AndCo for 11-years and Tyler has been with AndCo for 15-years. Jon and Tyler are both members of our Consulting Department. Brooke was recently promoted to Executive Director of our Performance & Reporting Department and has been with AndCo 7-years. We could not be happier for Jon, Tyler, and Brooke or more grateful for the contributions they have made to AndCo since joining the firm. Jon, Tyler, and Brooke represent what it means to be an AndCo team member, and we are honored and fortunate to have them as partners at our firm. While three new members will be added to the partnership in 2023, we will also be losing one valuable team member. Donna Sullivan retired on December 31, 2022. Donna joined AndCo at its inception in September of 2000. Donna has been integral in the success of the firm and for many years was the glue that held everything together. Her contributions and sacrifices are too many to reference in this letter. While we are extraordinarily excited for her and the next chapter of her life, she will be greatly missed as a partner and team member. We will be honoring Donna and her legacy with the Donna Sullivan Believe Award. This award will be given each year to the team member at AndCo that best demonstrates their belief in AndCo's Mission, Vision, and Values. Donna believed in what AndCo stood for before anyone else did, and she carried that belief for 23 years. Thank you, Donna! With the addition of Jon, Tyler, and Brooke, and Donna's retirement, we now have 15 partners representing various functions and departments at AndCo. Our growing partnership group provides great perspective and insight which continues to strengthen AndCo and reaffirm our belief that 100% employee management is vital to the long-term success of our organization. We have great team members at AndCo and this partner- ship group will continue to expand as we move forward. In closing, we know that 2022 was a dramatically different environment for investing as compared to 2021, with record high inflation and double-digit losses in both equity AND fixed income assets - all resulting in challenging client portfolio results. Please know our team works tirelessly to provide the advice and guidance you need regardless of the market environment. Our name, AndCo, reminds us of who we work for every day - “Our Client” &Co. You are first in our service model. As we continue to discuss strategic decisions and reinvestments regarding our firm, please know that our decisions are filtered through the following question: “How does this keep our clients’ interests first?” If it doesn’t meet this standard, we don’t do it - it’s that simple. Thank you again for your valued partnership and the opportunity to serve you. Happy New Year! Mike Welker, CFA® CEO Page 1 PARTNERSHIP Andrew Mulhall Public Equity & Fixed Income Ben Baldridge, CFA®, CAIA® Private & Hedged Fixed Income Chester Wyche Real Estate & Real Assets Dan Lomelino, CFA® Fixed Income David Julier Real Estate & Real Assets Elizabeth Wolfe Capital Markets & Asset Allocation Evan Scussel, CFA®, CAIA® Private & Public Equity Joseph Ivaszuk Operational Due Diligence Josue Christiansen, CFA®, CIPM® Public Equity Julie Baker, CFA®, CAIA® Private & Hedged Equity Justin Ellsesser, CFA®, CAIA® Private Equity Kevin Laake, CFA®, CAIA® Private Equity Michael Kosoff Hedge Funds Philip Schmitt Fixed Income & Capital Markets Ryan McCuskey Real Estate & Real Assets Xinxin Liu, CFA®, FRM Private Equity and Private Debt Zac Chichinski, CFA®, CIPM® Public Equity RESEARCH Albert Sauerland Amy Steele Bob Bulas David Gough, CPFA Don Delaney Donnell Lehrer, CPFA Edward Cha Grace Niebrzydowski James Culpepper James Reno Jeff Pruniski Joe Carter, CPFA Julio Garcia Rengifo Kim Hummel Rotchild Dorson Yoon Lee-Choi PERFORMANCE REPORTING Annette Bidar t Brad Hess, CFA®, CPFA Brendon Vavrica, CFP® Brian Green Chris Kuhn, CFA®, CAIA® Christiaan Brokaw, CFA® Dave West, CFA® Doug Anderson, CPFA Frank Burnet te Gwelda Swilley Ian Jones CONSULTING James Ross Jeff Kuchta, CFA®, CPFA Jennifer Brozstek Jennifer Gainfor t , CFA ®, CPFA John Mellinger John Thinnes, CFA®, CAIA®, CPFA Jon Breth, CFP® Jorge Friguls, CPFA Justin Lauver, Esq. Kerry Richardville, CFA® Mary Nye Michael Fleiner Michael Holycross Mike Bostler Oleg Sydyak, CFA®, FSA , EA Paul Murray, CPFA Peter Brown Tim Walters Tony Kay Tyler Grumbles, CFA ®, CIPM ®, CAIA ® INVESTMENT POLICY COMMITTEE FINANCE Kahjeelia Pope Michelle Boff Robert Marquetti HUMAN RESOURCES Kelly Pearce Shelley Berthold I.T. & OPERATIONS Geoffrey Granger Jerr y Camel Kenneth Day COMPLIANCE Allen Caldwell Thay Arroyo Mike Welker, CFA® Brian Green Brooke Wilson, CIPM® Bryan Bakardjiev, CFA® Dan Johnson Dan Osika, CFA® Evan Scussel, CFA®, CAIA® Jacob Peacock, CPFA Jason Purdy Jon Breth, CFP® Kerr y Richardville, CFA® Kim Spurlin, CPA Steve Gordon Troy Brown, CFA® Tyler Grumbles, CFA ®, CIPM ®, CAIA ® LEADERSHIP & MANAGEMENT Mike Welker, CFA® CEO Bharat Kumta CIO Bryan Bakardjiev, CFA® COO Evan Scussel, CFA®, CAIA® Executive Director of Research Kim Spurlin, CPA CFO Sara Searle CCO Stacie Runion CHRO Steve Gordon Solutions & Growth Director Troy Brown, CFA® Executive Director of Consulting Brooke Wilson, CIPM® Executive Director of Performance Reporting Dan Johnson Consulting Director Jack Evatt Consulting Director Jacob Peacock, CPFA Consulting Director Jason Purdy I.T. Director Molly Halcom Solutions & Growth Director Philip Schmitt Research Director Rachel Brignoni, MHR People & Culture Director OPERATIONS MARKETING Lauren Kaufmann SOLUTIONS & GROWTH Dan Osika, CFA® John Rodak, CIPM® Paola Gervasi Bryan Bakardjiev, CFA® Mike Welker, CFA® Organizational Chart Employee counts are as of 1/1/2023 and reflect only full time employees and do not include any who are part time, temporary or independent contractors. 93EMPLOYEES 11 CPFA 5 CIPM®8 CAIA®37 ADVANCED DEGREES 23 CFA® Sara Searle Troy Brown, CFA® Page 2 4th Quarter 2022 Market Environment Page 3 The Market Environment Executive Summary As of December 31, 2022 The Economy US GDP growth is expected to remain strong in the 4th quarter. While the final measure of 3rd quarter GDP was revised upward to 3.2%, global GDP growth remains challenged with higher energy prices continuing to act as a headwind, especially in Europe. However, China is beginning the process of reopening its economy which should boost emerging markets. The US Federal Reserve Bank (the Fed) continued to increase interest rates during the quarter with a 0.75% increase in November and a 0.50% increase in December. Importantly, the Fed signaled it remains committed to fighting inflation through additional rate hikes if needed. The US labor market continued to show its resiliency by adding roughly 680 thousand jobs during the 4th quarter. As a result, the unemployment rate fell to 3.5% in December. Despite these gains, the number of announced layoffs during the quarter increased, which could impact labor markets in the future periods. Global markets were broadly positive during the 4th quarter. Despite persistent inflation, tighter central bank monetary policy, slowing GDP growth, and continuing geopolitical risks investors were focused on the potential of central banks slowing the pace of tightening as inflation moderated. Equity (Domestic and International) US equities moved higher during the 4th quarter despite concerns regarding inflation, the potential for higher interest rates, and a slowing global GDP growth. Large cap value was the best performing domestic segment of the equity market relative to other US market capitalizations and styles during the period while large cap growth performed the worst. International stocks also experienced strong returns during the 4th quarter. While local currency performance was solid, the primary catalyst for outsized returns was a weakening USD, which fell against most major and emerging market currencies. GDP growth, especially in Europe, remained under pressure as central bank policies remained restrictive and elevated energy prices acted as a headwind. Finally, China began to relax its zero-tolerance policy regarding Covid- 19, which positively contributed to both global GDP growth and equity market performance. Fixed Income While inflation declined during the 4th quarter, the Fed continued increasing interest rates with two increases totaling 1.25%. Despite the short-term increases, long-term interest rates remained relatively stable during the period. US interest rates moved slightly higher during the quarter with the US 10-Year Treasury bond rising 0.08% to close the year at a yield of 3.88%. Performance across domestic bond market sectors was positive during the quarter, led by US high yield and corporate investment grade bonds. Much like equities, global bonds outperformed their domestic peers mainly due to a weaker USD. The combination of higher coupons, a shorter maturity profile relative to high quality government bonds, and narrower credit spreads were the primary drivers of relative return during the period. US Treasury bonds lagged their corporate bond peers during the quarter as investors’ concerns about rising interest rates and the need for safety subsided. Market Themes Central banks remained vigilant in their fight against inflation with the Fed, the Bank of England, and the European Central Bank all raising interest rates during the quarter. Additionally, the Bank of Japan relaxed their targeting of interest rates, allowing the 10-Year Japanese Government Bond to float to 0.50%, above the previous 0.25% level. The conflict in Ukraine continues to disrupt global energy markets, in addition to the ongoing humanitarian crisis. Energy costs remain elevated which could further negatively impact economic growth. Both US and international equity markets rebounded during the quarter on expectations that inflation would continue to moderate, which could lead central banks to begin the process of slowing the pace of monetary tightening. Value- oriented stocks outperformed growth stocks as investors remained concerned about the pace of future growth. Short-term interest rates rose across most developed markets as central banks continued to tighten. Despite concerns about the potential for slowing economic growth, lower quality corporate bonds outperformed higher quality government bonds and USD weakness acted as a tailwind for global bonds during the quarter. Page 4 Equity markets moved higher during the 4th quarter, but it was not sufficient to offset prior quarter pullbacks. Factors that contributed to performance included declining inflation, expectations that the Fed would slow the pace of future interest rate increases, and expectations that China would begin to open its economy. For the period, the S&P 500 large cap benchmark returned 7.6%, compared to 9.2% for mid-cap and 6.2% for small cap benchmarks. Like domestic equities, developed markets international and emerging market equities delivered positive results for the 4th quarter. Europe continues to face headwinds from higher-than-expected inflation, elevated energy prices, geopolitical risks related to the conflict in Ukraine, and rising interest rates. Emerging markets were positively impacted by China's decision to loosen restrictions related to the pandemic. Importantly, global equities were positively impacted by a decline in the USD. For the quarter, the MSCI EAFE Index returned 17.3% while the MSCI Emerging Markets Index rose by 9.7%. For the quarter, performance of the bond market was broadly positive due to lower inflation and lower interest rate volatility. The Bloomberg (BB) US Aggregate Index returned 1.9%, for the period while investment grade corporate bonds posted a return of 3.6%. Performance for developed equity markets was strongly negative over the trailing 1-year period. The bellwether S&P 500 Index dropped -18.1% for the year. The primary drivers of return during the period were concerns related to rising inflation, tighter monetary policy from global central banks, and slowing global economic growth. The weakest relative performance outlier was the Russell 2000 Index which declined by -20.4% for the year. Over the trailing 1-year period, international markets declined similarly to domestic markets. The MSCI EAFE Index returned -14.5% while the MSCI Emerging Markets Index fell by -20.1%. Continued concerns related to Ukraine, elevated inflation, and slowing global economic growth negatively impacted markets. However, a weakening USD acted as a tailwind to international performance in the second half of the year. Bond market returns were widely negative over the trailing 1-year period due primarily to concerns about persistently high inflation and the expectation of higher future interest rates. US TIPS and mortgage-backed bonds were the least negative sectors with both returning -11.6% for the year. Investment grade corporate bonds suffered the year's largest loss, falling -15.8%. Source: Investment Metrics %0.9 3.6% 2.1% 2.0% 0.7% 1.9% .7%9 17.3% 14.3% 6.2% 2%9. 7.2% 7.2% 7.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 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 1.5% -15.8% -11.8% -11.8% -12.3% - 3.0%1 -20.1% -14.5% -16.0% -20.4% -17.3% - %19.1 -19.2% - 8.1%1 -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 The Market Environment Major Market Index Performance As of December 31, 2022 Page 5 Source: Investment Metrics Despite a pullback in December, equity markets broadly experienced strong absolute returns during the 4th quarter across both the style and market capitalization spectrums. With concerns about the potential for slowing economic conditions, large cap stocks resumed their leadership, followed by mid and small cap stocks. The Russell 1000 Value Index delivered 12.4% for the quarter, followed by while the Russell Mid Cap Value Index and the Russell 2000 Index, which rose by 10.5% and 8.4%, respectively. Performance across styles and market capitalizations was disparate during the quarter. Large, mid, and small cap value stocks all outperformed their growth counterparts. For the period, the Russell 1000 Value Index was the best relative performing style index, posting a return of 12.4%. Large and small cap growth stocks were the laggards during the period with the Russell Large Cap Growth Index and Russell 2000 Growth Index returning 2.2% and 4.1%, respectfully. In contrast to the 4th quarter's positive performance, there was a wide range of negative results across market capitalizations over the trailing 1-year period. The Russell 2000 Index returned a disappointing -20.4% for the year, which underperformed both its large and mid cap index counterparts. There was also a wide performance dispersion across the style-based indexes for the year with growth stocks down significantly more than their value counterparts at all capitalization ranges. Within large cap stocks, the Russell 1000 Value Index returned -7.5% compared to much larger -29.1% decline for the Russell Large Cap Growth benchmark. The Russell Mid Cap Value Index returned -12.0% while the Russell 2000 Value Index returned -14.5% for the period. While these value benchmark results represented double-digit losses for the year, the Russell Mid Cap Growth Index fell a much larger -26.7% and the Russell 2000 Growth Index declined by a similar -26.4%. 4.1% 6.2% 8.4% 6.9% %9.2 10.5% 2.2% %7.2 12.4% 2.3% %7.2 12.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 -26.4% -20.4% -14.5% -26.7% -17.3% -12.0% -29.1% -19.1% -7.5% -29.0% -19.2% - .0%8 -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 The Market Environment Domestic Equity Style Index Performance As of December 31, 2022 Page 6 Source: Morningstar Direct Economic sector performance was positive for nine of the eleven large cap economic sectors for the 4th quarter. Seven sectors outpaced the return of the broad index on a relative basis during the period. Energy continued its strong 2022 performance with a 4th quarter return of 21.1%. Other sectors that outpaced the headline index's return for the quarter included industrials (17.2%), materials (15.8%), financials (12.7%), healthcare (12.6%), consumer staples (12.6%), and utilities (8.7%). The real estate (3.7%), information technology (3.7%), communication services (-1.9%), and consumer discretionary (-8.3%) sectors all trailed the Russell 1000 Index return for the period. For the full year, seven economic sectors exceeded the return of the broad large cap benchmark but only the energy (64.5%) and utilities (1.3%) sectors managed to post positive, albeit vastly different, results. The weakest economic sector performance in the Russell 1000 for the year was communication services which declined by a staggering -40.2%. Ten small cap economic sectors posted positive returns during the quarter and seven exceeded the 6.2% return of the broader Russell 2000 Index. The energy (17.3%), materials (12.8%), and industrials (10.5%) sectors each posted double-digit positive results for the quarter. The only small cap economic sector that posted negative performance for the quarter was health care which fell by -3.8%. For the trailing 1-year period, six of the eleven economic sectors were down less than the broad small cap benchmark’s return of -20.4%. Energy was the best performing and only positive economic sector for the year with a strong return of 53.1%. The utilities (-1.3%) and consumer staples (-9.1%) sectors were only small cap index segments to fall less than double-digit amounts for the year. The worst performing sector for the full year was communication services with a return of -39.6%. In addition, the information technology (-32.5%), consumer discretionary (-30.2%), health care (28.6%), and real estate (-27.9%) sectors all were down significantly for the year. 1.3% - %26.0 -11.7% -30.0% -8.2% - 7%3. -11.1% 64.5% -0.9% -36.4% -40.2% 8.7% %3.7 15.8% %3.7 17.2% 12.6% 12.7% %21.1 12.6% -8.3% - .9%1 -50.0% -30.0% -10.0% 10.0% 30.0% 50.0% 70.0% Utilities (2.9%) Real Estate (3.1%) Materials (2.9%) Info Technology (25.6%) Industrials (9.1%) Health Care (15.0%) Financials (11.8%) Energy (5.2%) Consumer Staples (6.6%) Consumer Disc (10.7%) Comm Services (7.3%) Russell 1000 Quarter 1-Year - .3%1 -27.9% -13.3% -32.5% -15.7% -28.6% -15.4% 53.1% -9.1% -30.2% -39.6% 7.9% 8.0% 12.8% 5.2% 10.5% - %3.8 .1%6 17.3% 9.6% 8.7% 0.8% -50.0% -30.0% -10.0% 10.0% 30.0% 50.0% 70.0% Utilities (3.4%) Real Estate (6.4%) Materials (4.2%) Info Technology (12.7%) Industrials (15.4%) Health Care (16.9%) Financials (17.4%) Energy (6.8%) Consumer Staples (3.6%) Consumer Disc (10.5%) Comm Services (2.7%) Russell 2000 Quarter 1-Year The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2022 Page 7 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Apple Inc 5.5% -5.8% -26.4% Information Technology Halozyme Therapeutics Inc 0.3% 43.9% 41.5% Health Care Microsoft Corp 5.1% 3.3% -28.0% Information Technology ShockWave Medical Inc 0.3% -26.1% 15.3% Health Care Amazon.com Inc 2.1% -25.7% -49.6% Consumer Discretionary Inspire Medical Systems Inc 0.3% 42.0% 9.5% Health Care Berkshire Hathaway Inc Class B 1.6% 15.7% 3.3% Financials EMCOR Group Inc 0.3% 28.4% 16.8% Industrials Alphabet Inc Class A 1.5% -7.8% -39.1% Communication Services Crocs Inc 0.3% 57.9% -15.4% Consumer Discretionary UnitedHealth Group Inc 1.4% 5.3% 7.0% Health Care Matador Resources Co 0.3% 17.2% 55.9% Energy Alphabet Inc Class C 1.3% -7.7% -38.7% Communication Services Iridium Communications Inc 0.3% 15.8% 24.5% Communication Services Johnson & Johnson 1.3% 8.8% 6.0% Health Care Murphy Oil Corp 0.3% 22.9% 68.3% Energy Exxon Mobil Corp 1.3% 27.4% 87.4% Energy Agree Realty Corp 0.3% 6.0% 3.5% Real Estate JPMorgan Chase & Co 1.1% 29.5% -12.6% Financials Texas Roadhouse Inc 0.3% 4.7% 4.1% Consumer Discretionary 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 Horizon Therapeutics PLC 0.1% 83.9% 5.6% Health Care Madrigal Pharmaceuticals Inc 0.2% 346.6% 242.5% Health Care Burlington Stores Inc 0.0% 81.2% -30.4% Consumer Discretionary Immunovant Inc 0.0% 218.1% 108.3% Health Care Halliburton Co 0.1% 60.4% 74.5% Energy Rayonier Advanced Materials Inc 0.0% 204.8% 68.1% Materials Universal Health Services Inc Class B 0.0% 60.0% 9.4% Health Care Maxar Technologies Inc 0.2% 176.5% 75.5% Industrials PVH Corp 0.0% 57.7% -33.7% Consumer Discretionary 4D Molecular Therapeutics Inc 0.0% 176.2% 1.2% Health Care Spectrum Brands Holdings Inc 0.0% 57.4% -38.6% Consumer Staples Icosavax Inc 0.0% 151.3% -65.3% Health Care Boeing Co 0.3% 57.3% -5.4% Industrials Imago BioSciences Inc 0.0% 138.9% 51.6% Health Care Under Armour Inc A 0.0% 52.8% -52.1% Consumer Discretionary Provention Bio Inc 0.0% 134.9% 88.1% Health Care Exact Sciences Corp 0.0% 52.4% -36.4% Health Care Biohaven Ltd 0.0% 120.3% N/A Health Care Moderna Inc 0.2% 51.9% -29.3% Health Care Oceaneering International Inc 0.1% 119.7% 54.6% Energy Bottom 10 Performing Stocks (by Quarter) Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Carvana Co Class A 0.0% -76.7% -98.0% Consumer Discretionary Tricida Inc 0.0% -98.5% -98.4% Health Care Opendoor Technologies Inc Class A 0.0% -62.7% -92.1% Real Estate Relmada Therapeutics Inc 0.0% -90.6% -84.5% Health Care Tesla Inc 0.9% -53.6% -65.0% Consumer Discretionary Avaya Holdings Corp 0.0% -87.7% -99.0% Information Technology Lucid Group Inc Shs 0.0% -51.1% -82.1% Consumer Discretionary Instil Bio Inc 0.0% -87.0% -96.3% Health Care Guardant Health Inc 0.0% -49.5% -72.8% Health Care Greenidge Generation Holdings Inc. 0.0% -85.5% -98.2% Information Technology Affirm Holdings Inc - Class A 0.0% -48.5% -90.4% Information Technology Eiger BioPharmaceuticals Inc 0.0% -84.3% -77.3% Health Care WeWork Inc 0.0% -46.0% -83.4% Real Estate Cano Health Inc - Class A 0.0% -84.2% -84.6% Health Care AppLovin Corp - Class A 0.0% -46.0% -88.8% Information Technology Gossamer Bio Inc 0.0% -81.9% -80.8% Health Care Ginkgo Bioworks Holdings Inc 0.0% -45.8% -79.7% Materials Rockley Photonics Holdings Ltd 0.0% -80.3% -96.8% Information Technology Olaplex Holdings Inc 0.0% -45.5% -82.1% Consumer Staples Boxed Inc 0.0% -78.9% -98.6% Consumer Discretionary The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2022 Page 8 Source: MSCI Global Index Monitor (Returns are Net) Each of the developed and emerging market international equity indexes tracked in the chart posted positive returns in both US dollar (USD) and local currency (LC) terms for the 4th quarter. A weaker USD acted as a tailwind for non-US index performance during the quarter. Higher energy prices and the reopening of China also drove performance, especially in emerging markets. The developed market MSCI EAFE Index returned a strong 17.3% in USD and 8.7% in LC terms for the period, and the MSCI Emerging Markets Index rose by 9.7% in USD and 6.6% in LC terms. The trailing 1-year results for international developed and emerging markets were negative across most regions and currencies. The MSCI EAFE Index returned -14.5% in USD for the year and -7.0% in LC terms. Similarly, returns across emerging markets were broadly lower except for Latin America which returned 8.9% in USD and 4.2% in LC terms. The MSCI Emerging Markets Index declined by -20.1% in USD and -15.5% in LC terms for the year. Performance in the EMEA regional benchmark significantly detracted from emerging market index performance with the EMEA Index posting returns of - 28.3% in USD and -20.6% in LC terms. 2.5% 7.7% 3.2% 6.6% 5.9% 10.3% %8.7 8.4% 7.8% 5.7% 10.8% 5.8% 9.7% 14.1% 19.1% 17.3% 16.2% 4.3%1 0.0% 5.0% 10.0% 15.0% 20.0% 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 4.2% -16.3% -20.6% -15.5% -3.7% -8.7% - .0%7 - .0%7 -9.6% 8.9% -21.1% -28.3% -20.1% -13.0% -15.2% -14.5% -14.3% -16.0% -30.0% -20.0% -10.0% 0.0% 10.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2022 Page 9 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) MSCI - EAFE Sector Weight Quarter Return 1-Year Return Communication Services 7.8% 10.1% -16.8% Consumer Discretionary 5.0% 17.8% -22.4% Consumer Staples 18.7% 10.6% -13.0% Energy 4.5% 19.8% 27.7% Financials 15.1% 23.9% -4.6% Health Care 13.6% 14.2% -11.0% Industrials 10.5% 19.0% -20.6% Information Technology 7.8% 14.9% -32.4% Materials 11.1% 20.7% -10.3% Real Estate 3.5% 11.0% -20.9% Utilities 2.6% 19.4% -12.4% Total 100.0% 17.3% -14.5% MSCI - ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 8.4% 12.0% -21.6% Consumer Discretionary 6.0% 14.7% -21.7% Consumer Staples 21.0% 9.8% -11.9% Energy 5.9% 13.3% 8.1% Financials 12.3% 15.6% -7.3% Health Care 9.8% 14.1% -12.9% Industrials 8.9% 17.3% -18.4% Information Technology 10.8% 13.5% -34.5% Materials 11.4% 16.6% -11.2% Real Estate 3.4% 10.4% -20.6% Utilities 2.3% 13.0% -11.1% Total 100.0% 14.3% -16.0% MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 8.9% 58.8% 1.8% Consumer Discretionary 4.9% 46.2% 5.6% Consumer Staples 22.1% 77.4% 48.9% Energy 9.9% 92.9% 40.2% Financials 6.1% 44.6% 24.5% Health Care 4.1% 53.5% 3.8% Industrials 6.4% 49.7% 18.8% Information Technology 18.6% 9.8% -34.7% Materials 14.1% 45.6% 10.6% Real Estate 3.0% 13.8% -15.4% Utilities 1.9% 38.8% 26.8% Total 100.0% 9.7% -20.1% MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year Country Weight Weight Return Return Japan 21.9% 14.0% 13.2% -16.6% United Kingdom 15.3% 9.8% 17.0% -4.8% France 11.8% 7.6% 22.2% -13.3% Switzerland 10.1% 6.5% 10.4% -18.3% Australia 7.9% 5.1% 15.7% -5.3% Germany 8.2% 5.2% 24.6% -22.3% Netherlands 4.3% 2.7% 21.0% -27.7% Sweden 3.3% 2.1% 18.1% -28.4% Hong Kong 3.0% 1.9% 18.2% -4.7% Denmark 3.0% 1.9% 31.6% -4.8% Spain 2.4% 1.5% 22.9% -7.3% Italy 2.3% 1.5% 26.4% -14.4% Singapore 1.5% 1.0% 10.5% -11.0% Belgium 1.0% 0.7% 22.6% -12.5% Finland 1.0% 0.7% 16.3% -15.3% Norway 0.8% 0.5% 16.9% -7.0% Israel 0.7% 0.5% 0.4% -26.7% Ireland 0.7% 0.4% 21.5% -26.2% Portugal 0.2% 0.1% 17.2% 0.2% Austria 0.2% 0.1% 31.1% -26.4% New Zealand 0.2% 0.1% 24.5% -13.6% Total EAFE Countries 100.0% 63.9% 17.3% -14.5% Canada 7.7% 7.4% -12.9% Total Developed Countries 71.6% 16.2% -14.3% China 9.2% 13.5% -21.9% Taiwan 3.9% 9.6% -29.8% India 4.1% 2.0% -8.0% Korea 3.2% 18.1% -29.4% Brazil 1.5% 2.4% 14.2% Saudi Arabia 1.2% -7.4% -5.1% South Africa 1.0% 18.3% -3.9% Mexico 0.6% 12.5% -2.0% Thailand 0.6% 16.1% 5.0% Indonesia 0.5% -3.6% 3.6% Malaysia 0.4% 14.0% -5.8% United Arab Emirates 0.4% -1.5% -6.2% Qatar 0.3% -15.3% -6.9% Kuwait 0.3% 5.7% 10.1% Philippines 0.2% 21.1% -13.9% Poland 0.2% 47.7% -27.2% Chile 0.2% 6.2% 19.4% Turkey 0.2% 62.9% 90.4% Peru 0.1% 17.4% 9.4% Greece 0.1% 29.1% 0.3% Colombia 0.0% 19.7% -6.0% Czech Republic 0.0% 6.5% -14.4% Hungary 0.1% 36.3% -31.1% Egypt 0.0% 28.5% -22.6% Total Emerging Countries 28.4% 9.7% -20.1% Total ACWIxUS Countries 100.0% 14.3% -16.0% The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2022 Page 10 Source: Bloomberg After an extremely challenging year in fixed income markets, the 4th quarter's positive bond benchmark results were a welcome relief. Despite two rate increases during the quarter, bond performance was aided by lower investor concerns about rising inflation as US CPI declined. This was reflected in both intermediate and long-term interest rates which remained relatively stable during the quarter. The return for the BB US Aggregate Bond Index, the bellwether US investment grade benchmark, rose by 1.9% for the period. Performance across the investment grade index’s segments was also positive during the period with the US Corporate Investment Grade Index returning 3.6% and the US Mortgage Index component posting a return of 2.1%. High yield bonds outperformed their investment grade counterparts, surging 4.2% during the quarter. US TIPS, which have delivered strong performance in recent periods, rose by 2.0% as investors’ expectations of future inflation declined. Outside of domestic markets, the Bloomberg Global Aggregate ex US Index posted a strong return of 6.8% for the quarter. Like domestic bonds, global bond index performance was positively impacted declining inflation, but the benchmark also received a boost from the decline in the USD for the quarter. Over the trailing 1-year period, the bellwether BB US Aggregate Bond Index declined by -13.0% and each of the benchmark's components fell by more than -10%. US TIPS, which are excluded from the bellwether index, dropped by -11.8% for the year. Lower quality high yield corporate bonds were down less than their investment grade counterparts on a relative basis with the Bloomberg US High Yield Index posting still discouraging return of -11.2% for the period. Performance for non-US bonds was also strongly negative for the year with the developed market Bloomberg Global Aggregate ex US Index falling by - 18.7%. The combination of rising interest rates overseas, elevated inflation, geopolitical risks, and USD strength earlier in the year hindered non-US index performance. 4.7% 6.8% 1.7% 1.9% 4.2% 3.2% 2.0% 1.3% 2.0% 4.2% 3.6% 2.1% 0.7% 0.0% 2.0% 4.0% 6.0% 8.0% Multiverse (4.4) Global Agg x US (7.3) Intermediate Agg (4.6) Aggregate (6.2) Baa (5.7) A (5.2) AA (4.9) AAA (4.4) U.S. TIPS (5.9) U.S. High Yield (9.0) U.S. Corporate IG (5.4) U.S. Mortgage (4.7) U.S. Treasury (4.2) Quarter Performance -16.0% -18.7%-9.5% -13.0% -15.9% -15.1% -14.9% -12.0% -11.8% -11.2% -15.8% -11.8% -12.5% -20.0% -15.0% -10.0% -5.0% 0.0% Multiverse (4.4) Global Agg x US (7.3) Intermediate Agg (4.6) Aggregate (6.2) Baa (5.7) A (5.2) AA (4.9) AAA (4.4) U.S. TIPS (5.9) U.S. High Yield (9.0) U.S. Corporate IG (5.4) U.S. Mortgage (4.7) U.S. Treasury (4.2) 1-Year Performance The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2022 Page 11 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The gray band across the graph illustrates the range of the current Fed Funds Rate. In the 4th quarter this year, the Fed raised the lower end of its target rate range from 3.00% to 4.25% through a 0.75% increase in November and a 0.50% increase in December. During its December meeting, the Federal Open Market Committee (FOMC) stated it intends to monitor economic growth closely and will continue to raise interest rates to fight inflation if needed. The FOMC also stated that it would continue its policy of removing liquidity from the market by allowing bonds held on its balance sheet to mature without reinvesting those proceeds. The yield on the US 10-year Treasury (green line) ended the period slightly higher as concerns over the pace of inflation, combined with the Fed’s announced rate increase, drove yields. The closing yield on the 10-Year Treasury was 3.88% at year-end, an increase of 0.08% from its 3rd quarter closing yield. The benchmark's rate peaked in October, reaching a high of roughly 4.25% before declining to end the quarter. 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 1.17% to 1.72%. High Yield OAS spreads rose from roughly 3.05% at the beginning of the year to 4.81% at year-end. During 2022, high yield spreads reached a level of 5.80% in early July before trading lower the remainder of the year. 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 4th quarter as the FOMC increased interest rates twice to combat elevated inflation. Despite these short-term rate increases, both intermediate and longer-term rates remained largely unchanged during the quarter. The yield curve remained inverted between 2-year 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 5.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 3/31/2022 6/30/2022 9/30/2022 12/31/2022 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2022 Page 12 Page Intentionally Left Blank Page 13 Sep-2022 : $23,375,758 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Dec-2022 : $24,949,821 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity 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 1,453,084 6.2¢£ Real Estate 3,137,678 13.4¢£ Cash Equivalent 195,541 0.8¢£ Allocation Market Value Allocation Domestic Equity 10,210,706 40.9¢£ International Equity 3,948,190 15.8¢£ Domestic Fixed 4,603,534 18.5¢£ Non-Core Fixed income 1,233,078 4.9¢£ Infrastructure 1,453,084 5.8¢£ Real Estate 2,926,169 11.7¢£ Cash Equivalent 575,061 2.3¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of December 31, 2022 Page 14 Sep-2022 : $23,375,758 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Intercontinental Brookfield PLFRX PDIIX PIMCO Diversified Income (PDIIX) Transamerica (TSWIX) Europacific (RERGX) Dec-2022 : $24,949,821 Dana LCC Vanguard MC (VIMAX) Vanguard TS (VTSAX) Intercontinental Brookfield PLFRX PDIIX PIMCO Diversified Income (PDIIX) Transamerica (TSWIX) Europacific (RERGX) Allocation Market Value Allocation 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 1,453,084 6.2¢£ Intercontinental Real Estate 3,137,678 13.4¢£ R&D 195,541 0.8¢£ Allocation Market Value Allocation Vanguard Mid Cap Index (VIMAX)2,568,209 10.3¢£ Vanguard Total Stock Index (VTSAX)7,642,497 30.6¢£ Europacific Growth (RERGX)1,993,290 8.0¢£ Transamerica Intl (TSWIX)1,954,900 7.8¢£ Agincourt Fixed Income 4,603,534 18.5¢£ PIMCO Diversified Income (PDIIX)618,859 2.5¢£ Pacific Funds Floating Rate Income (PLFRX)614,218 2.5¢£ Brookfield BSIP Access Fund 1,453,084 5.8¢£ Intercontinental Real Estate 2,926,169 11.7¢£ R&D 575,061 2.3¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of December 31, 2022 Page 15 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) (11.7%) Infrastructure (5.8%) Non-Core Fixed income (4.9%) Domestic Fixed (18.5%) International Equity (15.8%) Domestic Equity (40.9%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 4.9 5.0 Infrastructure 0.0 10.0 5.8 5.0 Real Estate (Composite)5.0 15.0 11.7 10.0 International Equity 10.0 20.0 15.8 15.0 Domestic Fixed 17.5 27.5 18.5 22.5 Domestic Equity 37.5 47.5 40.9 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 December 31, 2022 Page 16 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 40.92 (52)15.82 (32)2.48 (85)20.91 (64)5.82 (68)11.73 (33)2.30 (35)z 5th Percentile 59.26 24.22 36.24 63.27 41.75 18.66 11.39 1st Quartile 49.17 17.87 18.60 32.21 20.27 12.74 3.01 Median 41.53 13.72 5.63 24.23 12.01 10.18 1.54 3rd Quartile 30.20 10.51 3.63 18.77 4.91 6.89 0.68 95th Percentile 14.62 5.93 1.48 11.33 1.08 3.03 0.08 Population 681 645 227 689 325 477 579 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of December 31, 2022 Parentheses contain percentile rankings. . Page 17 Dec-2022 Sep-2022 Jun-2022 Mar-2022 Dec-2021 ($)%($)%($)%($)%($)% Total Equity 14,158,896 56.75 12,874,218 55.08 12,302,455 50.43 14,748,006 54.82 15,873,046 56.27 Domestic Equity 10,210,706 40.92 9,488,829 40.59 8,876,962 36.39 11,245,553 41.80 12,006,740 42.56 Dana Large Cap Core Equity -0.00 -0.00 -1,887 -0.01 2,746,449 10.21 2,989,777 10.60 Vanguard Mid Cap Index (VIMAX)2,568,209 10.29 2,355,828 10.08 2,313,690 9.48 2,786,177 10.36 2,974,210 10.54 Vanguard Total Stock Index (VTSAX)7,642,497 30.63 7,133,001 30.51 6,565,159 26.91 5,712,926 21.24 6,042,753 21.42 International Equity 3,948,190 15.82 3,385,390 14.48 3,425,493 14.04 3,502,454 13.02 3,866,306 13.71 Europacific Growth (RERGX)1,993,290 7.99 1,751,810 7.49 1,726,578 7.08 1,668,207 6.20 1,900,775 6.74 Transamerica Intl (TSWIX)1,954,900 7.84 1,633,580 6.99 1,698,915 6.96 1,834,247 6.82 1,965,531 6.97 Total Fixed Income 5,836,611 23.39 5,715,237 24.45 7,319,245 30.00 7,975,179 29.65 8,352,734 29.61 Agincourt Fixed Income 4,603,534 18.45 4,525,439 19.36 6,122,953 25.10 6,690,132 24.87 7,020,974 24.89 PIMCO Diversified Income (PDIIX)618,859 2.48 591,117 2.53 557,111 2.28 613,058 2.28 659,629 2.34 Pacific Funds Floating Rate Income (PLFRX)614,218 2.46 598,681 2.56 639,181 2.62 671,990 2.50 672,131 2.38 Total Infrastructure 1,453,084 5.82 1,453,084 6.22 1,428,705 5.86 1,059,332 3.94 1,037,948 3.68 Brookfield BSIP Access Fund 1,453,084 5.82 1,453,084 6.22 1,428,705 5.86 1,059,332 3.94 1,037,948 3.68 Real Estate 2,926,169 11.73 3,137,678 13.42 3,109,210 12.75 2,421,002 9.00 2,305,030 8.17 Intercontinental Real Estate 2,926,169 11.73 3,137,678 13.42 3,109,210 12.75 2,421,002 9.00 2,305,030 8.17 Cash Accounts R&D 575,061 2.30 195,541 0.84 235,255 0.96 698,007 2.59 639,741 2.27 Total Fund Portfolio 24,949,821 100.00 23,375,758 100.00 24,394,870 100.00 26,901,527 100.00 28,208,499 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of December 31, 2022 Page 18 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 12/22 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending December 31, 2022 Page 19 Market Value 10/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2022 Total Equity 12,874,218 -----101,362 1,183,316 14,158,896 Domestic Equity 9,488,829 -----50,803 671,074 10,210,706 Vanguard Mid Cap Index (VIMAX)2,355,828 -----13,982 198,399 2,568,209 Vanguard Total Stock Index (VTSAX)7,133,001 -----36,821 472,675 7,642,497 International Equity 3,385,390 -----50,558 512,242 3,948,190 Europacific Growth (RERGX)1,751,810 -----28,966 212,514 1,993,290 Transamerica Intl (TSWIX)1,633,580 -----21,593 299,728 1,954,900 Total Fixed Income 5,715,237 ----2,828 -444 56,302 68,344 5,836,611 Agincourt Fixed Income 4,525,439 ----2,828 -444 38,863 42,504 4,603,534 PIMCO Diversified Income (PDIIX)591,117 -----6,522 21,221 618,859 Pacific Funds Floating Rate Income (PLFRX)598,681 -----10,917 4,620 614,218 Infrastructure 1,453,084 -------1,453,084 Brookfield BSIP Access Fund 1,453,084 -------1,453,084 Real Estate 3,137,678 -13,908 ---10,345 -19,453 -206,709 2,926,169 Intercontinental Real Estate 3,137,678 -13,908 ---10,345 -19,453 -206,709 2,926,169 Cash Accounts R&D 195,541 13,908 750,558 -356,208 --33,008 4,271 -575,061 Total Fund Portfolio 23,375,758 -750,558 -356,208 -13,174 -33,452 181,387 1,044,951 24,949,821 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending December 31, 2022 Page 20 Market Value 10/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2022 Total Equity 12,874,218 -----101,362 1,183,316 14,158,896 Domestic Equity 9,488,829 -----50,803 671,074 10,210,706 Vanguard Mid Cap Index (VIMAX)2,355,828 -----13,982 198,399 2,568,209 Vanguard Total Stock Index (VTSAX)7,133,001 -----36,821 472,675 7,642,497 International Equity 3,385,390 -----50,558 512,242 3,948,190 Europacific Growth (RERGX)1,751,810 -----28,966 212,514 1,993,290 Transamerica Intl (TSWIX)1,633,580 -----21,593 299,728 1,954,900 Total Fixed Income 5,715,237 ----2,828 -444 56,302 68,344 5,836,611 Agincourt Fixed Income 4,525,439 ----2,828 -444 38,863 42,504 4,603,534 PIMCO Diversified Income (PDIIX)591,117 -----6,522 21,221 618,859 Pacific Funds Floating Rate Income (PLFRX)598,681 -----10,917 4,620 614,218 Infrastructure 1,453,084 -------1,453,084 Brookfield BSIP Access Fund 1,453,084 -------1,453,084 Real Estate 3,137,678 -13,908 ---10,345 -19,453 -206,709 2,926,169 Intercontinental Real Estate 3,137,678 -13,908 ---10,345 -19,453 -206,709 2,926,169 Cash Accounts R&D 195,541 13,908 750,558 -356,208 --33,008 4,271 -575,061 Total Fund Portfolio 23,375,758 -750,558 -356,208 -13,174 -33,452 181,387 1,044,951 24,949,821 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2022 To December 31, 2022 Page 21 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Gross)5.20 (67)5.20 (67)-12.45 (32)4.07 (34)7.92 (33)5.42 (29)7.43 (47)10/01/1994 Total Fund Policy 5.37 (61)5.37 (61)-11.65 (22)4.95 (15)8.45 (17)5.98 (12)7.52 (41) All Public Plans-Total Fund Median 5.69 5.69 -13.85 3.56 7.45 4.91 7.24 Total Fund Portfolio (Net)5.15 5.15 -12.66 3.75 7.60 5.12 7.07 10/01/1994 Total Equity 9.98 9.98 -19.84 4.61 10.56 6.33 8.69 10/01/1994 Total Equity Policy 9.03 9.03 -18.20 5.48 10.88 6.96 8.93 Domestic Equity 7.61 (58)7.61 (58)-20.38 (66)5.79 (64)11.87 (51)7.78 (52)12.83 (86)04/01/2009 Domestic Equity Policy 7.18 (63)7.18 (63)-19.21 (61)7.07 (47)12.61 (41)8.79 (37)14.03 (59) IM U.S. Equity (SA+CF+MF) Median 8.63 8.63 -16.44 6.82 11.93 7.86 14.31 International Equity 16.62 (34)16.62 (34)-18.41 (53)0.71 (53)6.17 (48)1.45 (51)6.14 (96)04/01/2009 International Equity Policy 14.37 (52)14.37 (52)-15.57 (37)0.53 (55)5.55 (58)1.36 (52)N/A IM International Equity (MF) Median 14.55 14.55 -18.01 0.89 6.03 1.48 8.42 Total Fixed Income 2.18 2.18 -8.92 -1.75 0.35 0.40 4.78 10/01/1994 Total Fixed Policy 2.06 2.06 -9.33 -1.73 0.36 0.32 4.59 Domestic Fixed Income 1.80 (25)1.80 (25)-9.33 (91)-1.57 (95)0.60 (87)0.66 (89)4.84 (19)10/01/1994 Domestic Fixed Policy 1.72 (33)1.72 (33)-9.51 (91)-1.93 (99)0.16 (99)0.31 (99)4.61 (62) IM U.S. Intermediate Duration (SA+CF) Median 1.56 1.56 -8.11 -0.86 1.02 1.01 4.65 Non-Core Fixed Income 3.64 3.64 -7.41 -2.55 -0.75 -0.68 0.23 10/01/2014 Non-Core Fixed Income Policy 3.74 3.74 -8.50 -0.86 1.26 0.28 0.87 Infrastructure 0.00 0.00 4.11 N/A N/A N/A 5.70 07/01/2021 CPI + 3%1.57 1.57 9.64 8.10 7.42 6.94 10.09 Real Estate -5.99 (68)-5.99 (68)8.22 (33)10.99 (32)10.61 (23)10.64 (19)11.12 (18)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)-4.90 (40)8.41 (30)10.64 (37)9.48 (35)9.23 (40)9.78 (50) IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 -5.18 6.78 9.72 9.03 9.01 9.70 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of December 31, 2022 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 22 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of December 31, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)9.02 (65)9.02 (65)-18.71 (93)6.17 (46)11.91 (28)7.32 (24)9.72 (19)05/01/2016 Russell Midcap Index 9.18 (60)9.18 (60)-17.32 (88)5.88 (51)11.57 (38)7.10 (28)9.57 (22) IM U.S. Mid Cap Core Equity (MF) Median 9.63 9.63 -13.21 5.90 11.01 5.94 8.49 Vanguard Total Stock Index (VTSAX)7.14 (64)7.14 (64)-19.52 (64)6.97 (39)12.49 (35)8.71 (27)10.69 (27)01/01/2017 Russell 3000 Index 7.18 (61)7.18 (61)-19.21 (59)7.07 (35)12.61 (32)8.79 (25)10.75 (24) IM U.S. Multi-Cap Core Equity (MF) Median 8.06 8.06 -18.37 6.48 11.81 7.55 9.73 International Equity Strategies Europacific Growth (RERGX)13.78 (54)13.78 (54)-22.72 (67)-0.15 (51)6.12 (33)1.54 (30)5.67 (22)05/01/2016 MSCI AC World ex USA 14.37 (50)14.37 (50)-15.57 (33)0.53 (40)5.55 (42)1.36 (33)5.19 (31) IM International Equity (MF) Median 14.28 14.28 -18.96 -0.14 4.98 0.43 4.47 Transamerica Intl (TSWIX)19.67 (9)19.67 (9)-14.06 (24)1.27 (28)5.90 (37)1.13 (39)4.18 (58)05/01/2016 MSCI AC World ex USA 14.37 (50)14.37 (50)-15.57 (33)0.53 (40)5.55 (42)1.36 (33)5.19 (31) IM International Equity (MF) Median 14.28 14.28 -18.96 -0.14 4.98 0.43 4.47 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 23 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of December 31, 2022 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income 1.80 (25)1.80 (25)-9.33 (91)-1.59 (95)0.58 (87)0.65 (90)3.22 (46)07/01/2007 Bloomberg Intermed Aggregate Index 1.72 (33)1.72 (33)-9.51 (91)-1.93 (99)0.16 (99)0.31 (99)2.73 (91) IM U.S. Intermediate Duration (SA+CF) Median 1.56 1.56 -8.11 -0.86 1.02 1.01 3.19 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)4.69 (35)4.69 (35)-13.83 (50)N/A N/A N/A -9.40 (48)07/01/2021 Blmbg. Global Multiverse 4.71 (34)4.71 (34)-16.01 (66)-4.37 (66)-1.62 (75)-1.57 (66)-11.93 (64) IM Global Fixed Income (MF) Median 3.81 3.81 -14.66 -3.68 -0.68 -0.90 -10.40 Pacific Funds Floating Rate Income (PLFRX)2.60 (52)2.60 (52)-1.17 (23)1.69 (21)3.34 (18)N/A 2.34 (20)11/01/2018 Morningstar LSTA US Leveraged Loan 2.74 (43)2.74 (43)-0.60 (9)2.55 (1)4.04 (1)3.31 (1)3.01 (1) IM U.S. Bank Loans (MF) Median 2.63 2.63 -2.22 1.10 2.67 2.03 1.72 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 0.00 6.57 N/A N/A N/A 7.37 07/01/2021 CPI + 3%1.57 1.57 9.64 8.10 7.42 6.94 10.09 Real Estate Strategies Intercontinental Real Estate -5.99 (68)-5.99 (68)8.22 (33)10.99 (32)10.61 (23)10.64 (19)11.12 (18)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)-4.90 (40)8.41 (30)10.64 (37)9.48 (35)9.23 (40)9.78 (50) IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 -5.18 6.78 9.72 9.03 9.01 9.70 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 24 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio (Gross)5.20 (67)-12.85 (29)19.87 (51)8.54 (50)4.48 (34)8.50 (36)13.07 (22)7.20 (90) Total Fund Policy 5.37 (61)-11.92 (20)19.40 (59)10.32 (30)4.54 (32)8.64 (34)12.05 (43)10.61 (15) All Public Plans-Total Fund Median 5.69 -14.76 19.88 8.50 3.99 7.86 11.70 9.34 Total Fund Portfolio (Net)5.15 -13.29 19.62 8.27 4.21 8.24 12.68 6.65 Total Equity 9.98 -21.92 30.53 11.29 2.52 12.72 19.05 8.58 Total Equity Policy 9.03 -19.42 30.03 12.06 2.04 13.62 19.14 13.68 Domestic Equity 7.61 (58)-19.30 (63)32.10 (56)12.20 (41)3.80 (34)15.98 (45)19.19 (47)8.51 (83) Domestic Equity Policy 7.18 (63)-17.63 (56)31.88 (57)15.00 (36)2.92 (39)17.58 (38)18.71 (51)14.96 (37) IM U.S. Equity (SA+CF+MF) Median 8.63 -16.54 33.83 5.75 1.12 14.72 18.80 13.36 International Equity 16.62 (34)-28.94 (63)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62) International Equity Policy 14.37 (52)-24.79 (30)24.45 (50)3.45 (64)-0.72 (47)2.25 (40)20.15 (55)9.80 (55) IM International Equity (MF) Median 14.55 -27.31 24.34 7.82 -1.04 1.33 20.73 10.49 Total Fixed Income 2.18 -11.14 0.42 4.82 7.40 -0.78 2.66 4.17 Total Fixed Policy 2.06 -11.53 0.34 5.37 7.62 -0.99 0.12 4.53 Domestic Fixed Income 1.80 (25)-11.32 (87)-0.26 (82)6.49 (47)8.53 (15)-0.57 (69)0.76 (45)4.41 (24) Bloomberg Intermed Aggregate Index 1.72 (33)-11.49 (90)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) IM U.S. Intermediate Duration (SA+CF) Median 1.56 -10.00 0.27 6.43 8.01 -0.36 0.70 3.89 Non-Core Fixed Income 3.64 -10.33 3.91 -2.55 2.90 -1.91 13.82 2.68 Non-Core Fixed Income Policy 3.74 -11.77 3.91 3.67 5.36 -1.32 -0.56 9.23 Infrastructure 0.00 6.58 N/A N/A N/A N/A N/A N/A CPI + 3%1.57 11.46 8.54 4.41 4.77 5.40 5.25 4.59 Real Estate -5.99 (68)26.31 (17)13.86 (70)4.41 (12)8.32 (20)11.40 (10)11.46 (9)13.05 (23) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)22.76 (43)15.75 (52)1.74 (44)6.17 (69)8.82 (58)7.81 (51)10.62 (68) IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 21.16 15.91 1.62 6.80 8.98 7.83 11.18 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of December 31, 2022 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 25 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of December 31, 2022 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)9.02 (65)-19.48 (91)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A Russell Midcap Index 9.18 (60)-19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27) IM U.S. Mid Cap Core Equity (MF) Median 9.63 -14.07 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Total Stock Index (VTSAX)7.14 (64)-18.01 (60)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A Russell 3000 Index 7.18 (61)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12) IM U.S. Multi-Cap Core Equity (MF) Median 8.06 -17.30 30.66 11.15 1.49 15.61 18.24 11.19 Dana Large Cap Core Equity N/A N/A 28.55 (68)11.93 (55)6.23 (24)15.09 (70)24.44 (6)7.16 (96) S&P 500 Index 7.56 (64)-15.47 (57)30.00 (57)15.15 (39)4.25 (38)17.91 (42)18.61 (58)15.43 (21) IM U.S. Large Cap Core Equity (SA+CF) Median 8.08 -14.98 30.80 12.96 3.15 17.38 19.04 13.17 International Equity Strategies Europacific Growth (RERGX)13.78 (54)-32.85 (75)24.76 (42)14.97 (27)1.14 (28)1.47 (38)20.63 (39)N/A MSCI AC World ex USA 14.37 (50)-24.79 (26)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) IM International Equity (MF) Median 14.28 -28.15 23.07 6.53 -1.89 0.18 19.37 9.31 Transamerica Intl (TSWIX)19.67 (9)-25.08 (28)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (76)N/A MSCI AC World ex USA 14.37 (50)-24.79 (26)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) IM International Equity (MF) Median 14.28 -28.15 23.07 6.53 -1.89 0.18 19.37 9.31 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 26 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of December 31, 2022 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Domestic Fixed Income Strategies Agincourt Fixed Income 1.80 (25)-11.32 (87)-0.33 (85)6.49 (47)8.53 (15)-0.57 (69)0.76 (45)4.41 (24) Bloomberg Intermed Aggregate Index 1.72 (33)-11.49 (90)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) IM U.S. Intermediate Duration (SA+CF) Median 1.56 -10.00 0.27 6.43 8.01 -0.36 0.70 3.89 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)4.69 (35)-17.73 (52)N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse 4.71 (34)-20.34 (63)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25) IM Global Fixed Income (MF) Median 3.81 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 Pacific Funds Floating Rate Income (PLFRX)2.60 (52)-2.91 (16)6.97 (69)0.09 (30)N/A N/A N/A N/A Morningstar LSTA US Leveraged Loan 2.74 (43)-2.53 (8)8.40 (32)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (36) IM U.S. Bank Loans (MF) Median 2.63 -4.19 7.64 -0.61 2.24 4.37 4.48 5.01 Templeton Global (FTTRX)N/A N/A N/A -4.57 (100)2.50 (99)-1.91 (65)13.82 (1)2.68 (95) Blmbg. Global Multiverse 4.71 (34)-20.34 (63)-0.45 (79)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25) IM Global Fixed Income (MF) Median 3.81 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 9.10 N/A N/A N/A N/A N/A N/A CPI + 3%1.57 11.46 8.54 4.41 4.77 5.40 5.25 4.59 Real Estate Strategies Intercontinental Real Estate -5.99 (68)26.31 (17)13.86 (70)4.41 (12)8.32 (20)11.40 (10)11.46 (9)13.05 (23) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)22.76 (43)15.75 (52)1.74 (44)6.17 (69)8.82 (58)7.81 (51)10.62 (68) IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 21.16 15.91 1.62 6.80 8.98 7.83 11.18 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 27 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 12/22 $5,346,469 $24,949,821 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio 5.20 (67)-12.45 (32)-12.45 (32)0.14 (31)4.07 (34)5.42 (29)6.95 (37)7.11 (38)6.01 (21) Total Fund Policy 5.37 (61)-11.65 (22)-11.65 (22)0.56 (24)4.95 (15)5.98 (12)7.54 (13)7.68 (16)6.24 (13) Median 5.69 -13.85 -13.85 -1.04 3.56 4.91 6.62 6.86 5.54 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio 5.20 (67)19.87 (59)8.54 (45)4.48 (35)8.50 (40)13.07 (23)7.20 (89) Total Fund Policy 5.37 (61)19.40 (66)10.32 (23)4.54 (33)8.64 (38)12.05 (48)10.61 (17) Median 5.69 20.37 8.03 4.00 8.00 11.97 9.27 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of December 31, 2022 Peer Group: All Public Plans-Total Fund Page 28 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present Total Fund Portfolio Total Fund Policy 3.6 4.2 4.8 5.4 6.0 6.6 7.2 Ret urn (%) 9.0 9.6 10.2 10.8 11.4 12.0 12.6 13.2 13.8 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 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 54.10 -23.82 -0.17 -0.18 0.51 -0.09 0.06 1.00 2.00 Total Fund Policy 0.00 -27.57 0.00 0.00 0.54 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 27.87 0.00 0.81 -5.78 N/A -0.54 0.00 -0.01 10.74 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of December 31, 2022 Peer Group: All Public Plans-Total Fund Page 29 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Sep-2022 Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)5.20 (67)-4.01 (35)-8.91 (20)-4.83 (47)4.07 (34)5.42 (29)106.79 (72)105.86 (72) Total Fund Policy 5.37 (61)-4.20 (43)-9.49 (27)-3.30 (13)4.95 (15)5.98 (12)100.00 100.00 All Public Plans-Total Fund Median 5.69 -4.31 -10.64 -4.93 3.56 4.91 115.39 113.79 Total Fund Portfolio (Net)5.15 -4.06 -8.98 -4.88 3.75 5.12 107.53 106.83 Total Fund Policy 5.37 -4.20 -9.49 -3.30 4.95 5.98 100.00 100.00 Total Equity 9.98 -6.53 -16.11 -7.05 4.61 6.33 107.85 106.62 Total Equity Policy 9.03 -5.80 -15.91 -5.28 5.48 6.96 100.00 100.00 Domestic Equity 7.61 (58)-4.85 (60)-17.01 (67)-6.30 (59)5.79 (64)7.78 (52)106.55 (45)105.21 (44) Domestic Equity Policy 7.18 (63)-4.46 (52)-16.70 (64)-5.28 (50)7.07 (47)8.79 (37)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median 8.63 -4.41 -15.25 -5.29 6.82 7.86 103.62 102.22 International Equity 16.62 (30)-10.88 (61)-13.35 (54)-9.41 (55)0.71 (37)1.45 (31)110.40 (44)108.12 (50) International Equity Policy 14.37 (50)-9.80 (39)-13.54 (57)-5.33 (23)0.53 (40)1.36 (33)100.00 100.00 IM International Equity (MF) Median 14.28 -10.39 -13.08 -8.77 -0.14 0.43 108.29 107.95 Total Fixed Income 2.18 -3.04 -3.78 -4.46 -1.75 0.40 97.53 94.24 Total Fixed Policy 2.06 -3.65 -3.53 -4.42 -1.73 0.32 100.00 100.00 Domestic Fixed Income 1.80 (25)-3.53 (84)-3.18 (86)-4.64 (84)-1.57 (95)0.66 (89)100.07 (13)100.84 (11) Domestic Fixed Policy 1.72 (33)-3.84 (93)-2.93 (81)-4.69 (88)-1.93 (99)0.31 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 1.56 -2.94 -2.53 -4.34 -0.86 1.01 88.41 87.71 Non-Core Fixed Income 3.64 -0.54 -6.91 -3.51 -2.55 -0.68 96.16 85.65 Non-Core Fixed Income Policy 3.74 -2.73 -6.41 -3.10 -0.86 0.28 100.00 100.00 Infrastructure 0.00 1.95 2.12 0.00 N/A N/A N/A N/A CPI + 3%1.57 1.36 3.28 3.10 8.10 6.94 N/A N/A Real Estate -5.99 (68)1.60 (24)7.15 (13)5.75 (78)10.99 (32)10.64 (19)97.47 (57)97.47 (57) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)0.96 (39)4.55 (41)7.99 (17)10.64 (37)9.23 (40)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 0.60 4.39 6.86 9.72 9.01 111.36 111.36 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of December 31, 2022 Page 30 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of December 31, 2022 1 Qtr Return 1 Quarter Ending Sep-2022 Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 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)9.02 (65)-4.14 (43)-16.96 (93)-6.32 (83)6.17 (46)7.32 (24)98.47 (34)98.26 (48) Russell Midcap Index 9.18 (60)-3.44 (32)-16.85 (91)-5.68 (77)5.88 (51)7.10 (28)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median 9.63 -4.32 -13.63 -4.08 5.90 5.94 93.21 97.32 Vanguard Total Stock Index (VTSAX)7.14 (64)-4.46 (41)-16.85 (79)-5.46 (43)6.97 (39)8.71 (27)100.53 (48)100.27 (48) Russell 3000 Index 7.18 (61)-4.46 (41)-16.70 (74)-5.28 (37)7.07 (35)8.79 (25)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median 8.06 -4.63 -15.83 -5.87 6.48 7.55 100.44 100.12 International Equity Strategies Europacific Growth (RERGX)13.78 (54)-9.33 (30)-14.65 (70)-12.24 (70)-0.15 (51)1.54 (30)111.27 (42)107.81 (51) MSCI AC World ex USA 14.37 (50)-9.80 (39)-13.54 (57)-5.33 (23)0.53 (40)1.36 (33)100.00 100.00 IM International Equity (MF) Median 14.28 -10.39 -13.08 -8.77 -0.14 0.43 108.29 107.95 Transamerica Intl (TSWIX)19.67 (9)-11.71 (75)-12.84 (46)-6.68 (34)1.27 (28)1.13 (39)110.42 (44)109.09 (47) MSCI AC World ex USA 14.37 (50)-9.80 (39)-13.54 (57)-5.33 (23)0.53 (40)1.36 (33)100.00 100.00 IM International Equity (MF) Median 14.28 -10.39 -13.08 -8.77 -0.14 0.43 108.29 107.95 Page 31 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of December 31, 2022 1 Qtr Return 1 Quarter Ending Sep-2022 Return 1 Quarter Ending Jun-2022 Return 1 Quarter Ending Mar-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Fixed Income Strategies Agincourt Fixed Income 1.80 (25)-3.53 (84)-3.18 (86)-4.64 (84)-1.59 (95)0.65 (90)100.07 (13)100.84 (11) Bloomberg Intermed Aggregate Index 1.72 (33)-3.84 (93)-2.93 (81)-4.69 (88)-1.93 (99)0.31 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median 1.56 -2.94 -2.53 -4.34 -0.86 1.01 88.41 87.71 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)4.69 (35)-2.55 (25)-9.13 (77)-7.06 (83)N/A N/A N/A N/A Blmbg. Global Multiverse 4.71 (34)-6.76 (71)-8.43 (68)-6.05 (59)-4.37 (66)-1.57 (66)100.00 100.00 IM Global Fixed Income (MF) Median 3.81 -4.13 -7.00 -5.48 -3.68 -0.90 94.01 88.56 Pacific Funds Floating Rate Income (PLFRX)2.60 (52)1.29 (29)-4.88 (29)-0.02 (7)1.69 (21)N/A 87.20 (95)N/A Morningstar LSTA US Leveraged Loan 2.74 (43)1.37 (21)-4.45 (8)-0.10 (11)2.55 (1)3.31 (1)100.00 100.00 IM U.S. Bank Loans (MF) Median 2.63 1.05 -5.27 -0.52 1.10 2.03 106.74 105.39 Infrastructure Strategies Brookfield BSIP Access Fund 0.00 1.95 2.12 2.37 N/A N/A N/A N/A CPI + 3%1.57 1.36 3.28 3.10 8.10 6.94 N/A N/A Real Estate Strategies Intercontinental Real Estate -5.99 (68)1.60 (24)7.15 (13)5.75 (78)10.99 (32)10.64 (19)97.47 (57)97.47 (57) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)0.96 (39)4.55 (41)7.99 (17)10.64 (37)9.23 (40)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -5.18 0.60 4.39 6.86 9.72 9.01 111.36 111.36 Page 32 Estimated Annual Fee (%) 12/31/22 Market Value 12/31/22 Allocation (%) Estimated Annual Fee ($) Domestic Equity Vanguard Mid Cap Index (VIMAX)0.05 2,568,209 10.29 1,284 Vanguard Total Stock Market Index (VTSAX)0.04 7,642,497 30.63 3,057 International Equity Europacific Growth (RERGX)0.46 1,993,290 7.99 9,169 Transamerica Intl (TSWIX)0.86 1,954,900 7.84 16,812 Domestic Fixed Income Agincourt Fixed Income 0.25 4,603,534 18.45 11,509 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 618,859 2.48 4,889 Pacific Funds Floating Rate Income (PLFRX)0.73 614,218 2.46 4,484 Infrastructure Brookfield BSIP Access Fund**1.00 1,453,084 5.82 14,531 Real Estate Intercontinental Real Estate*1.10 2,926,169 11.73 32,188 Cash Accounts R&D 575,061 2.30 - Total Fund Portfolio 0.39 24,949,821 100.00 97,923 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of December 31, 2022 *Intercontinental subject to performance based fee of 20% on all returns above 8% annual return. ** Brookfield BSIP subject to incentive fee of 5% of distributions. Page 33 Page Intentionally Left Blank Page 34 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 35 Growth of a Dollar Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index ($0.80) $0.00 $0.80 $1.60 $2.40 $3.20 $4.00 $4.80 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 12/22 $3.20$3.18 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)9.02 (65)-18.71 (93)-18.71 (93)0.61 (84)6.17 (46)7.32 (24)9.50 (27)11.10 (12)8.38 (19) Russell Midcap Index 9.18 (60)-17.32 (88)-17.32 (88)0.68 (83)5.88 (51)7.10 (28)9.61 (22)10.96 (14)8.44 (15) Median 9.63 -13.21 -13.21 4.34 5.90 5.94 8.50 9.49 7.27 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard Md-Cp I;Adm (VIMAX)9.02 (65)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46)12.64 (44) Russell Midcap Index 9.18 (60)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46)14.25 (27) Median 9.63 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 36 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)47.54 -48.50 0.03 -0.10 0.45 -0.06 0.09 0.99 1.53 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.45 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.15 0.00 0.80 -9.31 N/A -0.45 0.00 -0.01 20.81 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 37 Growth of a Dollar Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 12/22 $3.30$3.32 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)7.14 (64)-19.53 (64)-19.53 (64)0.58 (58)6.97 (39)8.71 (27)10.97 (20)12.08 (19)8.71 (12) Russell 3000 Index 7.18 (61)-19.21 (59)-19.21 (59)0.76 (55)7.07 (35)8.79 (25)11.04 (17)12.13 (16)8.66 (14) Median 8.06 -18.37 -18.37 1.15 6.48 7.55 9.56 10.78 7.35 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Vanguard TSM Idx;Adm (VTSAX)7.14 (64)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43)14.98 (11) Russell 3000 Index 7.18 (61)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41)14.96 (12) Median 8.06 30.66 11.15 1.49 15.61 18.24 11.19 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 38 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 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 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)54.10 -45.58 0.05 0.05 0.49 0.33 0.09 1.00 0.15 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.49 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.15 0.00 0.80 -9.01 N/A -0.49 0.00 -0.01 18.32 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 39 Growth of a Dollar American Funds EuPc;R5 (RERFX)MSCI AC World ex USA $0.00 $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 12/22 $1.27 $1.51 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)13.81 (54)-22.76 (68)-22.76 (68)-10.89 (69)-0.20 (51)1.49 (31)5.20 (28)5.26 (19)3.09 (20) MSCI AC World ex USA 14.37 (50)-15.57 (33)-15.57 (33)-4.38 (37)0.53 (40)1.36 (33)5.30 (27)4.28 (41)1.99 (44) Median 14.28 -18.96 -18.96 -6.38 -0.14 0.43 4.36 3.95 1.68 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 American Funds EuPc;R5 (RERFX)13.81 (54)24.70 (43)14.91 (27)1.10 (28)1.44 (38)20.56 (39)8.47 (56) MSCI AC World ex USA 14.37 (50)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median 14.28 23.07 6.53 -1.89 0.18 19.37 9.31 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 40 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA -2.0 0.0 2.0 4.0 6.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA 99.2 100.0 100.8 101.6 102.4 103.2 104.0 104.8 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)60.66 -45.07 1.27 1.17 0.22 0.27 0.05 0.98 4.32 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 40.98 0.00 0.75 -3.24 N/A -0.16 0.00 -0.01 20.15 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 41 Growth of a Dollar Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 $2.10 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 12/22 $1.27 $1.42 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)19.67 (9)-14.06 (24)-14.06 (24)-1.38 (19)1.27 (28)1.13 (39)3.86 (64)4.74 (29)2.76 (25) MSCI AC World ex USA 14.37 (50)-15.57 (33)-15.57 (33)-4.38 (37)0.53 (40)1.36 (33)5.30 (27)4.28 (41)1.99 (44) Median 14.28 -18.96 -18.96 -6.38 -0.14 0.43 4.36 3.95 1.68 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Transam:Interntl Eq;I (TSWIX)19.67 (9)27.29 (30)-0.06 (74)-5.52 (78)2.26 (30)16.16 (77)5.67 (74) MSCI AC World ex USA 14.37 (50)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) Median 14.28 23.07 6.53 -1.89 0.18 19.37 9.31 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 42 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA -2.0 0.0 2.0 4.0 6.0 Ret urn (%) 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI AC World ex USA 98.0 100.0 102.0 104.0 106.0 108.0 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)57.38 -50.49 0.83 0.84 0.20 0.23 0.04 1.00 3.70 MSCI AC World ex USA 0.00 -51.36 0.00 0.00 0.16 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 40.98 0.00 0.75 -3.24 N/A -0.16 0.00 -0.01 20.15 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Equity (MF) Page 43 Growth of a Dollar Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 12/22 $1.47 $1.59 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income 1.77 (28)-8.08 (49)-8.08 (49)-4.95 (80)-0.96 (58)1.02 (49)1.51 (42)1.48 (49)3.00 (40) Bloomberg Intermed Aggregate Index 1.72 (33)-9.51 (91)-9.51 (91)-5.49 (94)-1.93 (99)0.31 (99)0.82 (99)1.00 (96)2.44 (93) Median 1.56 -8.11 -8.11 -4.60 -0.86 1.01 1.43 1.44 2.93 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Agincourt Intermediate Fixed Income 1.77 (28)-0.43 (89)7.28 (14)8.50 (17)-0.66 (78)0.66 (55)4.24 (30) Bloomberg Intermed Aggregate Index 1.72 (33)-0.38 (87)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) Median 1.56 0.27 6.43 8.01 -0.36 0.70 3.89 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 44 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 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 (%) 2.4 2.7 3.0 3.3 3.6 3.9 4.2 4.5 4.8 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 95.0 100.0 105.0 110.0 115.0 120.0 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 60.66 -11.22 0.42 0.53 0.69 0.42 0.02 1.04 1.25 Bloomberg Intermed Aggregate Index 0.00 -12.19 0.00 0.00 0.61 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 27.87 0.00 0.64 -1.90 N/A -0.61 0.00 0.03 3.12 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 45 Growth of a Dollar PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse $0.40 $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 12/22 $1.30 $2.02 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)4.75 (47)-13.77 (57)-13.77 (57)-6.98 (56)-2.72 (67)0.55 (60)3.09 (40)2.48 (42)4.73 (19) Blmbg. Global Multiverse 4.71 (48)-16.01 (77)-16.01 (77)-10.44 (78)-4.37 (88)-1.57 (87)0.33 (90)-0.28 (82)1.64 (84) Median 4.57 -12.67 -12.67 -6.14 -1.44 1.09 2.63 1.97 2.77 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 PIMCO:Div Income;Inst (PDIIX)4.75 (47)4.82 (49)3.52 (65)9.52 (25)1.08 (43)6.97 (32)12.55 (9) Blmbg. Global Multiverse 4.71 (48)-0.45 (87)5.99 (39)7.54 (50)-1.32 (80)-0.56 (88)9.23 (45) Median 4.57 4.79 5.14 7.51 0.60 4.29 8.75 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 46 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Ret urn (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 98.0 100.0 102.0 104.0 106.0 108.0 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 December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)70.49 -17.68 3.37 2.96 0.52 0.48 0.05 0.82 6.12 Blmbg. Global Multiverse 0.00 -23.40 0.00 0.00 0.20 N/A 0.01 1.00 0.00 90 Day U.S. Treasury Bill 42.62 0.00 0.71 -1.30 N/A -0.20 0.00 0.01 6.51 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 47 Growth of a Dollar 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 12/22 $1.87 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)2.72 (66)-0.83 (49)-0.83 (49)1.86 (78)1.77 (83)2.77 (86)3.85 (83)3.41 (90)N/A Morningstar LSTA US Leveraged Loan 2.74 (65)-0.60 (42)-0.60 (42)2.26 (56)2.55 (43)3.31 (51)4.38 (40)3.67 (68)4.34 (65) Median 2.90 -0.84 -0.84 2.40 2.40 3.31 4.29 3.77 4.44 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Pac Fds:Flt Rt Inc;I (PLFRX)2.72 (66)6.95 (82)0.01 (69)3.21 (64)5.18 (59)5.81 (29)5.53 (54) Morningstar LSTA US Leveraged Loan 2.74 (65)8.40 (49)1.06 (50)3.10 (66)5.19 (59)5.30 (49)5.46 (55) Median 2.90 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 December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Bank Loans (SA+CF) Page 48 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present Pac Fds:Flt Rt Inc;I (PLFRX) Morningstar LSTA US Leveraged Loan 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 December 31, 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 0.38 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 22.95 0.00 0.79 -4.05 N/A -0.38 0.00 -0.01 10.74 Pac Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Bank Loans (SA+CF) Page 49 Growth of a Dollar Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) $0.00 $0.60 $1.20 $1.80 $2.40 $3.00 $3.60 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 12/22 $2.55 $2.94 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF -6.00 (69)8.33 (31)8.33 (31)16.05 (31)11.03 (31)10.65 (18)10.68 (18)11.97 (18)7.44 (20) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)8.41 (30)8.41 (30)15.47 (37)10.64 (37)9.23 (40)9.03 (50)10.38 (55)6.28 (55) Median -5.18 6.78 6.78 14.03 9.72 9.01 9.01 10.56 6.57 Fiscal Year Returns FYTD FY 2021 FY2020 FY 2019 FY 2018 FY 2017 FY 2016 Intercontinental US REIF -6.00 (69)13.84 (71)4.41 (11)8.30 (20)11.37 (10)11.72 (6)13.07 (23) NCREIF Fund Index-Open End Diversified Core (EW)-4.90 (40)15.75 (52)1.74 (44)6.17 (69)8.82 (58)7.81 (51)10.62 (68) Median -5.18 15.91 1.62 6.80 8.98 7.83 11.18 Intercontinental US REIF Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 50 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 12/22 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 4.0 6.0 8.0 10.0 12.0 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To December 31, 2022 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Intercontinental US REIF N/A N/A N/A N/A N/A N/A N/A N/A N/A NCREIF Fund Index-Open End Diversified Core (EW)0.00 -39.11 0.00 0.00 0.74 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 13.11 0.00 0.80 -5.77 N/A -0.74 0.00 -0.01 7.85 Intercontinental US REIF Long-Term Composite Performance As of December 31, 2022 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 51 Total Fund Policy Weight (%) Oct-1994 S&P 500 Index 50.00 Blmbg. U.S. Gov't/Credit 50.00 Oct-2000 Blmbg. U.S. Gov't/Credit 40.00 S&P 500 Index 60.00 Apr-2007 Bloomberg Intermed Aggregate Index 40.00 S&P 500 Index 60.00 Apr-2010 S&P 500 Index 45.00 Blmbg. U.S. Aggregate Index 40.00 MSCI EAFE Index 15.00 Aug-2014 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 35.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 Jan-2015 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 25.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Oct-2018 Russell 3000 Index 45.00 MSCI AC World ex USA 15.00 Bloomberg Intermed Aggregate Index 25.00 Blmbg. Global Multiverse 2.50 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 December 31, 2022 Page 52 Total Equity Policy Domestic Equity Policy International Equity Policy Weight (%) Oct-1994 S&P 500 Index 100.00 Apr-2010 S&P 500 Index 75.00 MSCI EAFE Index 25.00 Aug-2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 Weight (%) Oct-1994 S&P 500 Index 100.00 Aug-2014 Russell 3000 Index 100.00 Weight (%) Apr-2010 MSCI EAFE Index 100.00 Aug-2014 MSCI AC World ex USA 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of December 31, 2022 Page 53 Total Fixed Policy Domestic Fixed Policy Non-Core Fixed Policy Weight (%) Oct-1994 Blmbg. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Intermed Aggregate Index 100.00 Apr-2010 Blmbg. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 17.00 Oct-2018 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 8.50 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 December 31, 2022 Page 54 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of December 31, 2022 Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing three year period. 2. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing five year period. 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. Equity Compliance:Yes No N/A 1. Total Domestic Equity return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Equity return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total International Equity return equaled or exceeded the benchmark over the trailing three year period. 6. Total International Equity return equaled or exceeded the benchmark over the trailing five year period. 7. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. Total Equity investments was less than 75% of the total plan assets at market. 10. Total foreign equity was less than 25% of the total plan assets at market. Fixed Income Compliance:Yes No N/A 1. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 6. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 7. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. All fixed income has a minimum rating of BBB/Baa, 5% may fall below. Page 55 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of December 31, 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 56 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 57 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. 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