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HomeMy Public PortalAbout08-29-23_Agenda_Packet-CPFCRESTVIEW POLICE OFFICERS’ & FIREFIGHTERS’ EMPLOYEES’ PENSION TRUST FUND PENSION BOARD OF TRUSTEES QUARTERLY MEETING 198 N. WILSON STREET, CRESTVIEW, FL 32536 AGENDA Tuesday, August 29, 2023 – 2:30 PM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City Clerk at (850) 682-1560 prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES A. June 6, 2023, quarterly meeting minutes IV. REPORTS (ATTORNEY/CONSULTANTS) A. AndCo Consulting, Tyler Grumbles, Investment Consultant 1. Quarterly report as of June 30, 2023 2. Updated Investment Policy Statement B. Klausner, Kaufman, Jensen & Levinson, Stu Kaufman, Board Attorney 1. House Bill 3 memo V. OLD BUSINESS VI. NEW BUSINESS A. Benefit calculations provided by the plan B. FY 23-24 Proposed Budget C. 2024 Meeting Dates VII. CONSENT AGENDA A. Payment ratification 1. Warrant #29 and #30 B. Invoices for payment approval 1. None C. Fund activity report for period May 31,2023 through August 22, 2023 VIII. STAFF REPORTS, DISCUSSION, and ACTION A. Michelle Rodriguez, Plan Administrator 1. Financial disclosure forms 2. Annual report update 3. Education Opportunities i. 52nd Annual Police Officers' and Firefighters' Pension Conference Sept. 26- 28 in Orlando, Florida ii. FPPTA Fall Trustee School, October 1-4, 2023, Sawgrass Marriot, Orlando, FL IX. NEXT QUARTERLY MEETING DATE – November 28, 2023 @2:30PM X. ADJOURNMENT 1 CITY OF CRESTVIEW POLICE OFFICERS’ & FIREFIGHTERS’ EMPLOYEES PENSION TRUST FUND PENSION BOARD OF TRUSTEES QUARTERLY MEETING MINUTES 198 N. Wilson Street Crestview, FL 32536 Tuesday, June 6, 2023, at 2:30pm TRUSTEES PRESENT: Ellis Conner David Griggs Dan Krusenklaus Andrew Schneider, Chair Corey Winkler, Secretary TRUSTEES ABSENT: None OTHERS PRESENT: Tyler Grumbles, AndCo Consulting Stu Kaufman, Klausner, Kaufman, Jensen, & Levinson Sean Sendra, Klausner, Kaufman, Jensen, & Levinson Joe Griffin, Foster & Foster Michelle Rodriguez, Foster & Foster Justin Hildebrand, Agincourt Ryon Acey, Agincourt 1. Call to Order – Andrew Schneider called the meeting to order at 2:30pm. 2. Roll Call – As reflected above. 3. Public Comments – None. 4. Approval of Minutes a. February 28, 2023, quarterly meeting The minutes from the February 28, 2023, quarterly meeting were approved, upon motion by Ellis Conner and second by Dan Krusenklaus; motion carried 5-0. 5. Reports (Attorney/Consultants) a. Foster & Foster, Joe Griffin i. October 1, 2022, Actuarial Valuation Report 1. Joe Griffin reviewed the report and commented the City’s required contribution increased due to an overall unfavorable plan experience in part due to an investment return of 5.52% which fell short of the 7.00% assumption and an unfavorable disability/retirement experience. Joe commented the losses were offset in part by a gain associated with lower than expected interest crediting on Share Plan balances. Joe explained that the City had access to a prepaid contribution of $99,447.25 that was available to offset a portion of the required contributions for the fiscal year ending September 30, 2023. 2 The Board approved the October 1, 2022, valuation report as presented, upon motion by Ellis Conner and second by Dan Krusenklaus; motion carried 5-0. The Board voted the declaration of returns for the plan shall be 7.00% for the next year, the next several years, and the long-term thereafter net of investment related expenses, upon motion by David Griggs and second by Corey Winkler; motion carried 5-0. b. Agincourt Capital Management, Justin Hildebrand and Ryon Acey, Investment Managers i. Quarterly report as of March 1, 2023 1. Ryon Acey provided an overview of his firm and their investment strategies. c. AndCo Consulting, Tyler Grumbles, Investment Consultant i. Quarterly report as of March 31, 2023 1. Tyler reviewed the market environment over the last quarter and commented that even with the Federal Reserve increasing its rates, longer term rates had gone down, and short-term rates had gone up. Tyler added the real estate market experienced a downturn. 2. The market value of assets as of March 31, 2023, was $25,960,263. 3. The gross earnings for the quarter were 4.38%, slightly underperforming the policy benchmark of 4.55%. The fiscal year- to-date earnings were 9.94%, underperforming the policy benchmark of 10.16%. The trailing returns for the 1, 3, 4, and 5- year periods were -3.87, 10.97%, 6.84%, and 6.38% respectively. Since inception (10/01/1994) returns were 7.53%, slightly underperforming the policy benchmark of 7.62%. 4. Tyler reviewed the asset allocations of the fund and commented he did not have any recommendations for rebalancing at this time, however he would like the board to approve an auto rebalancing letter. 5. Tyler commented this letter would allow the custodian to automatically rebalance the fund in accordance with the Investment Policy Statement. The Board voted to approve the investment consultant prepare an auto rebalance letter that will keep $275,000 in cash and the remainder of the fund in compliance with the Investment Policy Statement, upon motion by Dan Krusenklaus and second by Ellis Conner; motion carried 5-0. 6. Tyler commented Salem now offered share class exchange which provided a lower cost for the TSW fund. The Board voted to approve a share class exchange as presented by the investment consultant, upon motion by David Griggs and second by Dan Krusenklaus; motion carried 5-0. d. KKJL, Stu Kaufman and Sean Sendra, Board Attorneys i. Proposed Ordinance Amendment – RMD Age 3 1. Sean Sendra reviewed the proposed language and the board agreed by consensus to request a no impact letter from the actuary and send to the City for first reading. ii. Proposed Ordinance Amendment – 25 and out 1. Stu reviewed the proposed language and commented he has sent it to the City and was waiting for their response. iii. Legislative update 1. Sean reviewed the memo and commented House Bill 3 recently passed the Florida House and Senate and went into effect July 1, 2023. 2. Sean commented the bill stipulates that only pecuniary factors may be used when making investment decisions and specifically prohibited trustees to consider Environmental, Social and Governance (ESG) factors when making investment decisions. Sean commented the legislation did not prohibit any specific funds, but rather seeks to regulate the reason for choosing funds. Sean commented this board was already in compliance because they only used data points provided by their investment consultant to make all of their investment decisions. 3. Sean commented the legislation would require additional reporting requirements and added his firm was waiting for the State to issue guidance on the process. 6. New Business – None. 7. Old Business – None. 8. Consent Agenda a. Payment ratification – Warrant #28 b. Invoices for approval – None c. Fund activity report for February 22, 2023 through May 30, 2023 The Board voted to approve the Consent Agenda as presented, upon motion by David Griggs and second by Ellis Conner; motion carried 5-0. 10. Staff Reports, Discussion and Action a. Foster & Foster, Michelle Rodriguez, Plan Administrator i. Member Statements 1. Michelle commented she just received the member statements from the actuary and asked the board how they were usually distributed to the members. The board asked the plan administrator to email the statements individually to the members. ii. Annual Report 1. Michelle advised the board the annual report was submitted to the state on May 15, 2023; however she was waiting for the audited financial statement to be completed so it could be submitted to the State as well. iii. Financial Disclosure Forms 1. Michelle reminded the board to submit their financial disclosure forms to the Supervisor of Elections in the County in which they reside by July 1st. 4 iv. Upcoming educational opportunities 1. Michelle reviewed education opportunities that were available to the board. 11. Trustee Reports, Discussion and Action – None. 12. Adjournment - The meeting adjourned at 4:50pm. 13. Next Meeting – August 29, 2023, at 2:30pm. Respectfully submitted by: Approved by: _______________________________ _____________________________ Michelle Rodriguez, Plan Administrator Andrew Schneider, Chair Date Approved by the Pension Board: ______________________________________ <CBDoc TenantId="2" EntityTypeId="3100" EntityId="165" DocumentTypeId="1" EffectiveDate="06/30/2023" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2023 City of Crestview Police Officers & Firefighters' Retirement Plan 2nd Quarter 2023 Market Environment Page 1 The Market Environment Executive Summary As of June 30, 2023 The Economy Though the Atlanta Fed GDPNow model forecasted weak GDP growth in 2023 as the impact from higher interest rates continued to spread through the broader economy,the first quarter GDP final revision of 2%was markedly higher than the 1.3%first reported. The US Federal Reserve Bank (the Fed)continued to increase interest rates during the quarter with an additional 0.25%increase in the Fed Funds rate in May, followed by a pause in June.The Fed continues to prioritize fighting high inflation with the press release from the June meeting detailing the extent that additional policy firming (i.e.,rate increases)will consider the cumulative tightening of monetary policy,the lags with which monetary policy affects economic activity and inflation,and economic and financial developments. June brought some weakness in the US labor market as nonfarm payrolls increased by 209,000,below the expected 240,000 new jobs.This represented the slowest month for job creation since December 2020.Initial jobless also rose for the week ending July 1st. The global banking sector came under duress in the first quarter of 2023,triggered by the second and third-largest regional bank failures in US history.Fears of deterioration in the banking sector have waned,likely helped by aggressive intervention from the FDIC and Federal Reserve. Equity (Domestic and International) US equities moved broadly higher during the second quarter led by growth- oriented sectors.The S&P 500 Benchmark rose 8.7%for the quarter,its best- performing quarter since Q4-2021.Large-cap growth was the best-performing domestic segment of the equity market during the period while small-cap value, while positive,was the weakest relative performer for the quarter. International stocks experienced modest returns during the quarter.Local currency (LCL)performance outpaced US Dollar (USD)performance in most regions though both benchmarks were positive as the USD traded higher during the quarter. Global GDP growth continues to face challenges despite falling energy prices. European growth remained under pressure amid hawkish central bank policies. While China has fully reopened after almost three years of COVID-19 restrictions, there have been challenges associated with the region re-integrating with the global economy. Fixed Income While inflation continues to decline,the Fed maintained their inflation-fighting policy stance,increasing interest rates by 0.25%in May but opting to pause in June.The additional rate hike in May along with the possibility that additional rate hikes could occur in this tightening cycle,drove intermediate and long-term rates slightly higher during the quarter. US Government securities were the worst-performing sector during the quarter. US Treasuries lagged the corporate and securitized sectors as yields at longer maturities rose slightly and credit conditions were considered more favorable than the previous quarter. Corporate bonds with lower credit ratings held up better than higher quality issues, aided by narrowing credit spreads as well as their higher coupons.High-yield bonds were the best-performing segment of the domestic bond market,echoing the equity market’s positive sentiment during the quarter. Global bonds underperformed US issues during the quarter and the trailing one- year period. Market Themes Central banks remained vigilant in their fight against inflation with the Fed,the Bank of England,and the European Central foreshadowing the potential for further tightening with additional rate hikes in the coming months.GDP contraction in the Eurozone for the previous two quarters has been met with recovering asset prices in the most recent quarter as investors remain hopeful of future growth. The conflict in Ukraine continues without expectations of any resolution in the near future.Energy costs have subsided in recent months attributed to a mild winter in the Eurozone region and an increase in fossil fuel production in the US. Short-term interest rates rose across most developed markets as central banks continued to tighten policy stances.Despite previous concerns about the potential for slowing economic growth,lower-quality corporate bonds outpaced higher- quality government bonds as credit spreads narrowed. Both US and international equity markets continued to recover from the disappointing year that was 2022 on expectations that inflation would continue to moderate and central banks would slow the pace of their monetary tightening cycles.Growth has significantly outpaced value in the previous two quarters. Page 2 The Market Environment Major Market Index Performance As of June 30, 2023 Domestic equity markets started 2023 with solid results,led mostly by the large-cap names.The poor performance posted by domestic equities in the first half of 2022 has rolled off and now each index has turned positive on a trailing one-year basis.Factors contributing to the quarter's results include strong economic data in the face of higher benchmark rates and the expectation that the Fed would slow the pace of future interest rate increases. For the period,the S&P 500 large-cap benchmark returned 8.7%versus 4.8% for mid-cap and 5.2%for small-cap benchmarks. International developed and emerging market equities also delivered positive results,albeit lagging behind their domestic counterparts.Europe continues to face geopolitical risks related to the conflict in Ukraine and rising interest rates, though inflation has eased somewhat due to higher rates and more manageable energy prices.Performance in the emerging market index was led by the Latin America region whose regional index posted a strong 14.0% return in USD terms.The developed market MSCI EAFE Index returned 3.0% for the quarter and the MSCI Emerging Markets Index rose by 0.9%. The domestic bond market ebbed during the quarter due to higher rates from the Federal Reserve’s decision to hike policy rates an additional 0.25%.The Bloomberg (BB)US Aggregate Index returned -0.8%for the period while investment-grade corporate bonds were down less with a return of -0.3%. During the one-year trailing period,US equity markets were positive as the weak performance from the first half of 2022 rolled off.The S&P 500 Index returned 19.6%for the year.The weakest relative performance for the year was the Russell 2000 Index,which still climbed 12.3%over the last 12- months. International markets also rolled off their poor performance in 2022.Over the trailing one-year period,the MSCI EAFE Index returned 18.8%while the MSCI Emerging Markets Index added a much more modest 1.7%.Concerns relating to the conflict in Ukraine continued to emanate throughout the region and globally.Elevated inflation and slowing global economic growth continue to be an additional headwind for global markets. Bond markets softened further,posting negative returns over the previous 1- year period for most indices.The primary driver of results during the first half of 2023 continues to be higher interest rates,which directly impact bond prices and index performance.Investment-grade corporate bonds were the only sector to post positive performance over the previous 12-months,adding 1.5%.The US Government sector suffered the most for the period,posting a return of -2.1%. Source: Investment Metrics 1.2% -0.3% -0.6% -1.4% -1.4% -0.8% 0.9% 3.0% 2.4% 5.2% 4.8% 8.6% 8.4% 8.7% -2.5%0.0%2.5%5.0%7.5%10.0% 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 3.7% 1.5% -1.5% -1.4% -2.1% -0.9% 1.7% 18.8% 12.7% 12.3% 14.9% 19.4% 19.0% 19.6% -5.0%0.0%5.0%10.0%15.0%20.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of June 30, 2023 Core domestic equity benchmarks posted positive results for the second quarter in a row.However,concerns regarding the regional banking sector and the financial sector's large weight in the value benchmarks weighed heavily on the broad value indices’performance in the first half of 2023.Large-cap stocks once again led results for the capitalization-based benchmarks,besting both the mid-cap and small-cap indices for the quarter.Growth benchmarks posted the strongest results as economic data continues to show favorable conditions for growth stocks.The Russell 1000 Growth Index topped the quarter, returning 12.8%followed by the Russell 2000 Growth Index and the Russell Midcap Growth Index,which rose by 7.1%and 6.2%,respectively. As previously stated,Growth stocks at all capitalization ranges outperformed their value counterparts by a wide margin for the quarter.This continued the 2023 theme of growth-based benchmark outperformance.Among the value benchmarks Large cap,mid-cap and small-cap value each posted positive performance for the quarter with the Russell 1000 Value Index leading the way at 4.1%. The second quarter’s continued positive performance in tandem with the poor performance from the first half of 2022 rolling off the various benchmark returns turned the Russell indices positive on a trailing 12-month basis.Within large-cap stocks,the Russell 1000 Growth Index returned a strong 27.1%, leading the way among style and market capitalization classifications.The worst-performing index was the Russell 2000 Value,which posted a modest 6.0%return for the trailing 12-months. Growth rebounded from disappointing results in early 2022 and led value- based benchmarks in all market capitalization ranges during the trailing year. The Russell 2000 Growth Index returned 18.5%,outpacing the Russell 2000 Value index return of 6.0%by a span of 12.5%.The Russell 1000 Growth and Russell Midcap Growth benchmarks gained 27.1%and 23.1%,respectively, while their corresponding value index counterparts returned solid,but lagging, performance of 11.5%and 10.5%,respectively. 18.5% 12.3% 6.0% 23.1% 14.9% 10.5% 27.1% 19.4% 11.5% 26.6% 19.0% 11.2% 0.0%5.0%10.0%15.0%20.0%25.0%30.0% 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 7.1% 5.2% 3.2% 6.2% 4.8% 3.9% 12.8% 8.6% 4.1% 12.5% 8.4% 4.0% 0.0%3.0%6.0%9.0%12.0%15.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of June 30, 2023 Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. Large Cap sector performance was mostly positive for the second quarter. Nine of 11 economic sectors posted positive absolute performance for the quarter,but just three managed to outpace the return of the Russell 1000 index. After a challenging 2022,the information technology sector continued its dominating rebound,amassing an impressive 17.1%return for the quarter.The other two sectors that outpaced the headline index's return for the quarter were communication services (12.5%)and consumer discretionary (13.4%).Energy (-0.9%),and utilities (-2.7%)were the two sectors that lost ground for the quarter. For the full year,four economic sectors exceeded the return of the broad large-cap benchmark and seven of the eleven sectors posted positive performance.The weakest economic sector in the Russell 1000 for the year was utilities,which declined by -3.4%and was heavily impacted by rising energy costs and a market rotation away from defensive names. Eight small-cap economic sectors posted positive results during the quarter while just three exceeded the 5.2%return of the Russell 2000 Index.The health care (11.9%),industrials (9.8%),and information technology (8.4%)sectors led the way,outpacing the broad benchmark for the quarter while the utilities (-3.7%),financials (-1.1%),and communication services (-0.3%)sectors posted negative returns. Like large cap sector performance over the trailing year,seven small cap sectors were positive.Industrials posted the strongest sector results (25.9%)but the consumer discretionary,energy,and information technology sectors each also returned in excess of 20%for the last 12- months.Five of the 11 economic sectors fell short of core small-cap benchmark’s return of 12.3%over the trailing year.The worst-performing sector for the year was financials with a return of -6.2%.The communication services (-4.5%),real estate (-3.1%),and utilities (-2.8%) sectors also posted negative results for the year. -3.4% -3.0% 15.8% 39.8% 26.4% 5.4% 11.0% 17.6% 6.7% 24.8% 16.7% -2.7% 2.3% 2.9% 17.1% 7.5% 2.8% 5.4% -0.9% 0.5% 13.4% 12.5% -10.0%0.0%10.0%20.0%30.0%40.0% Utilities (2.7%) Real Estate (2.9%) Materials (2.7%) Info Technology (25.9%) Industrials (9.3%) Health Care (13.9%) Financials (13.1%) Energy (4.4%) Consumer Staples (6.7%) Consumer Disc (10.3%) Comm Services (8.2%) Russell 1000 Quarter 1-Year -2.8% -3.1% 16.0% 23.0% 25.9% 12.5% -6.2% 23.4% 9.7% 23.5% -4.5% -3.7% 2.4% 0.4% 8.4% 9.8% 11.9% -1.1% 3.8% 2.6% 3.2% -0.3% -10.0%0.0%10.0%20.0%30.0% Utilities (3.3%) Real Estate (6.2%) Materials (4.4%) Info Technology (12.2%) Industrials (16.9%) Health Care (17.3%) Financials (15.5%) Energy (6.3%) Consumer Staples (3.8%) Consumer Disc (11.2%) Comm Services (2.7%) Russell 2000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of June 30, 2023 Source: Morningstar Direct Top 10 Weighted StocksTop 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Information Technology517.7%133.9%0.5%Super Micro Computer IncInformation Technology42.7%17.8%7.0%Apple Inc Information Technology69.9%26.1%0.3%SPS Commerce IncInformation Technology33.9%18.4%6.2%Microsoft Corp Information Technology198.6%25.2%0.3%Rambus IncConsumer Discretionary22.7%26.2%2.9%Amazon.com Inc Industrials-4.5%27.4%0.3%Chart Industries IncInformation Technology179.3%52.3%2.4%NVIDIA Corp Information Technology51.8%15.7%0.3%Novanta IncConsumer Discretionary16.6%26.2%1.8%Tesla Inc Energy38.0%16.9%0.3%Chord Energy Corp Ordinary SharesCommunication Services9.9%15.4%1.7%Alphabet Inc Class A Consumer Discretionary46.3%14.5%0.3%Light & Wonder Inc Ordinary SharesCommunication Services78.0%35.4%1.5%Meta Platforms Inc Class A Energy57.8%14.8%0.3%ChampionX CorpFinancials24.9%10.4%1.5%Berkshire Hathaway Inc Class B Industrials87.9%11.0%0.3%Atkore IncCommunication Services10.6%16.3%1.5%Alphabet Inc Class C Materials61.2%8.0%0.3%Commercial Metals CoHealth Care-5.1%2.1%1.1%UnitedHealth Group Inc Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Information Technology9.2%503.3%0.0%CXApp Inc Ordinary Shares -Class AFinancials30.6%97.6%0.0%XP Inc Class A Health Care319.3%391.4%0.2%Immunogen IncConsumer Discretionary49.2%89.3%0.0%Wayfair Inc Class A Information Technology790.5%317.4%0.0%Applied Digital CorpConsumer Discretionary117.7%85.5%0.0%Carnival Corp Information TechnologyN/A230.4%0.0%Presto Automation IncIndustrials95.0%85.0%0.0%XPO Inc Health Care10.5%195.9%0.0%EyePoint Pharmaceuticals IncInformation Technology69.0%81.4%0.1%Palantir Technologies Inc Health CareN/A182.9%0.0%CARISMA Therapeutics IncInformation Technology58.4%76.3%0.1%MongoDB Inc Class A Health Care-19.6%182.1%0.0%P3 Health Partners Inc Class AIndustrials201.6%73.1%0.0%Vertiv Holdings Co Class A Health Care37.1%168.5%0.0%Nano X Imaging Ltd Ordinary SharesFinancials111.0%65.8%0.0%Nu Holdings Ltd Ordinary Shares Consumer Discretionary14.8%164.8%0.1%Carvana Co Class AInformation Technology-25.3%63.4%0.0%AppLovin Corp Ordinary Shares - Information Technology209.9%163.6%0.0%Bit Digital Inc Ordinary SharesConsumer Discretionary95.8%61.9%0.0%Norwegian Cruise Line Holdings Ltd Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Health Care-99.7%-98.6%0.0%Babylon Holdings Ltd Ordinary SharesConsumer Discretionary-37.7%-49.0%0.0%Victoria's Secret & Co Health Care-86.7%-89.8%0.0%ViewRay IncConsumer Discretionary-58.1%-41.5%0.0%Advance Auto Parts Inc Health Care-78.4%-86.3%0.0%Rain Oncology IncHealth Care-58.5%-39.6%0.0%Tandem Diabetes Care Inc Health Care-74.4%-85.5%0.0%FibroGen IncFinancials-46.6%-35.8%0.0%First Horizon Corp Financials-82.0%-66.6%0.0%HomeStreet IncInformation Technology-28.5%-35.1%0.0%Ubiquiti Inc Health Care-49.5%-64.3%0.0%BioXcel Therapeutics IncHealth Care-59.6%-34.0%0.0%Catalent Inc Health CareN/A-64.2%0.0%Orchestra BioMed Holdings IncIndustrials-39.9%-33.4%0.0%Concentrix Corp Ordinary Shares Materials-68.6%-63.2%0.0%PolyMet Mining CorpFinancials3.1%-33.0%0.0%MarketAxess Holdings Inc Energy-80.1%-62.4%0.0%Enviva IncIndustrials-46.2%-32.3%0.0%Mercury Systems Inc Health Care-68.1%-59.1%0.0%NanoString Technologies IncConsumer Discretionary-16.2%-32.2%0.0%Peloton Interactive Inc Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of June 30, 2023 Many of the international developed and emerging market benchmarks posted positive performance in both USD and LCL terms for the second quarter.While the strengthening of the USD chilled non-US index performance in USD during the quarter,the developed market MSCI EAFE Index still returned a solid 3.0%in USD and 4.3%in LCL terms for the period. The MSCI Emerging Markets Index rose by 0.9%in USD and 1.7%in LCL terms. Latin America (LATAM)dramatically outpaced other emerging markets for the quarter with the regional index earning a solid 14.0%in USD and 9.0%in LCL terms.Performance in the region was driven by strong demand for commodity exports from growing worldwide production along with a USD performance boost due to local currency strength in the region. The largest weighted country in the emerging market index (China,8.2%) lagged during the quarters.Investors have struggled to accurately forecast the pace of China’s recovery after its grand economic reopening from COVID- 19 lockdowns,which led to a flurry of spending that has since cooled. Much like domestic markets,trailing one-year results for international developed and emerging markets rolled off their poor performance from early 2022 which resulted in strong results for the trailing year.Much of the strong USD performance in late 2022 has been reversed in 2023 with the MSCI EAFE Index returning 18.8%in USD for the year and 17.5%in LCL terms. Annual returns across emerging markets were more bifurcated.Latin American results led the way with returns of 29.8%in USD and 16.9%in LC terms.Performance in the EM Asia regional benchmark detracted from emerging market index with the EM Asia Index posting returns of -0.9%in USD and 1.4%in LCL terms.As a result,the broad MSCI Emerging Markets Index returned a muted 1.7%in USD and 3.3%in LCL terms for the year. 9.0% 0.3% 5.6% 1.7% 9.5% 1.7% 4.3% 4.0% 3.4% 14.0% -0.8% 2.7% 0.9% 3.5% 2.7% 3.0% 3.0% 2.4% -2.0%2.0%6.0%10.0%14.0% 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 16.9% 1.4% 6.9% 3.3% 19.1% 16.8% 17.5% 16.7% 12.6% 29.8% -0.9% 1.8% 1.7% 13.7% 21.5% 18.8% 17.4% 12.7% -5.0%5.0%15.0%25.0%35.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of June 30, 2023 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE 2.2%-2.6%4.1%Communication Services 30.6%5.0%12.6%Consumer Discretionary 9.9%-0.6%10.1%Consumer Staples 14.3%0.1%4.2%Energy 20.2%4.6%18.3%Financials 9.8%2.0%13.2%Health Care 29.6%6.2%16.2%Industrials 32.7%5.9%8.2%Information Technology 16.4%-1.7%7.4%Materials -7.4%-2.0%2.3%Real Estate 16.5%4.0%3.5%Utilities 18.8%3.0%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS -0.7%-4.6%5.5%Communication Services 12.6%1.5%12.1%Consumer Discretionary 9.0%-0.4%8.6%Consumer Staples 9.4%3.4%5.4%Energy 13.2%4.9%20.6%Financials 7.4%1.5%9.6%Health Care 24.9%5.4%13.2%Industrials 24.1%6.1%11.9%Information Technology 10.7%-2.7%7.9%Materials -9.5%-2.5%2.0%Real Estate 7.8%3.7%3.2%Utilities 12.7%2.4%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt -3.6%-6.8%9.8%Communication Services -15.3%-6.3%13.2%Consumer Discretionary 4.4%0.3%6.4%Consumer Staples 13.5%12.1%5.0%Energy 6.4%5.7%21.9%Financials -9.6%-2.5%3.8%Health Care 5.3%1.8%6.3%Industrials 14.1%5.1%21.2%Information Technology 1.8%-4.2%8.1%Materials -17.7%-4.9%1.8%Real Estate -6.7%4.2%2.6%Utilities 1.7%0.9%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 18.1%6.4%14.5%22.4%Japan 13.2%2.2%9.5%14.7%United Kingdom 31.7%3.2%8.0%12.4%France 13.3%4.0%6.5%10.1%Switzerland 28.4%2.8%5.6%8.6%Germany 11.2%0.3%4.7%7.3%Australia 31.2%4.1%3.0%4.6%Netherlands 16.6%-1.2%2.1%3.3%Sweden 31.9%1.7%2.0%3.1%Denmark 29.0%5.6%1.7%2.6%Spain 43.4%8.2%1.6%2.5%Italy -9.0%-5.1%1.6%2.5%Hong Kong 10.0%-5.6%0.9%1.4%Singapore 6.1%-6.1%0.6%0.9%Belgium -1.2%-8.1%0.6%0.9%Finland 45.3%4.3%0.5%0.8%Ireland -9.0%-1.0%0.4%0.6%Norway -4.7%-4.0%0.4%0.6%Israel 6.7%-1.1%0.1%0.2%Portugal 15.5%-6.0%0.1%0.2%New Zealand 18.9%4.4%0.1%0.2%Austria 18.8%3.0%64.6%100.0%Total EAFE Countries 7.0%3.7%7.6%Canada 17.4%3.0%72.2%Total Developed Countries -16.8%-9.7%8.2%China 12.5%4.5%4.3%Taiwan 14.2%12.2%4.1%India 13.0%4.4%3.4%Korea 29.8%20.7%1.5%Brazil -1.7%6.3%1.2%Saudi Arabia -1.9%-4.9%0.9%South Africa 35.1%5.6%0.8%Mexico 13.2%2.8%0.6%Indonesia 1.7%-8.2%0.5%Thailand -6.4%-8.4%0.4%Malaysia -6.1%5.8%0.4%United Arab Emirates -15.4%-2.4%0.3%Qatar 36.4%24.5%0.2%Poland -4.7%-0.9%0.2%Kuwait 5.8%-1.3%0.2%Philippines 18.1%2.4%0.2%Chile 53.3%-10.7%0.2%Turkey 71.3%23.9%0.1%Greece 34.0%6.5%0.1%Peru 48.8%24.8%0.1%Hungary 8.7%-5.1%0.0%Czech Republic -5.7%11.7%0.0%Colombia 27.0%3.9%0.0%Egypt 1.7%0.9%27.8%Total Emerging Countries 12.7%2.4%100.0%Total ACWIxUS Countries Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of June 30, 2023 Fixed income markets started 2023 strong but performance stalled during the second quarter.Yields remain elevated on the back of the Federal Reserve’s decision to hike policy rates an additional 0.25%in May.After a challenging 2022 in fixed-income markets brought on by the largest and most rapid increase in interest rates since the early 1980s,higher yields and an expected slower pace of rate increase led investors to expect better outcomes in 2023.That expectation was at least temporarily frustrated during the second quarter,as the quarter’s 0.25%rate hike and increased expectations for future rate hikes weighed on the asset class and many of the major domestic fixed-income indices posted negative absolute returns. The Bloomberg US Aggregate Bond Index,the bellwether US investment grade benchmark,returned a mild negative result,returning -0.8%for the quarter.Performance across the investment grade index’s segments soured during the period with the Bloomberg US Corporate Investment Grade Index returning -0.3%and the US Mortgage Index sliding -0.6%. Outside of the aggregate index's sub-components,high-yield bonds continued to rise with a return of 1.7%as credit spreads narrowed during the quarter.US TIPS lost -1.4%for the quarter.The Bloomberg Global Aggregate ex-US Index lagged most domestic fixed-income indexes and the multiverse benchmark,posting a loss of -2.2%for the quarter. Over the trailing one-year period,the Bloomberg US Aggregate Bond Index declined by -0.9%.The benchmark's sub-components fell in a narrow band above and below the broad index's return.US TIPS,which are excluded from the aggregate index,dropped by -1.4%for the year.High-yield corporate bonds,which have a much shorter duration,have outpaced their investment grade counterparts with the Bloomberg US High Yield Index returning a strong 9.1%for the last year. Performance for non-US bonds was also negative for the year with the Bloomberg Global Aggregate ex-US Index falling by -1.8%.The combination of rising interest rates,elevated inflation,and geopolitical risks were a hindrance for non-US index performance. -1.4% -2.2% -0.7% -0.8% 0.0% -0.4% -0.7% -1.1% -1.4% 1.7%-0.3% -0.6% -1.4% -3.0%-2.0%-1.0%0.0%1.0%2.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.6) Aggregate (6.3) Baa (7.1) A (7.1) AA (7.0) AAA (6.0) U.S. TIPS (4.5) U.S. High Yield (3.5) U.S. Corporate IG (7.1) U.S. Mortgage (6.1) U.S. Treasury (6.2) Quarter Performance -2.9% -1.8% -0.6% -0.9% 2.6% 0.7% -0.3% -1.8% -1.4% 9.1% 1.5% -1.5% -2.1% -4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.6) Aggregate (6.3) Baa (7.1) A (7.1) AA (7.0) AAA (6.0) U.S. TIPS (4.5) U.S. High Yield (3.5) U.S. Corporate IG (7.1) U.S. Mortgage (6.1) U.S. Treasury (6.2) 1-Year Performance Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of June 30, 2023 The gray band across the graph illustrates the range of the current Fed Funds target rate.During the second quarter,the Federal Open Market Committee (FOMC)raised the lower end of its target rate range from 4.75%to 5.00%at their May meeting.While the FOMC pushed pause on a rate increase at their June meeting,several speeches and public comments since that meeting have made it clear that additional rate hikes should not be ruled out.The FOMC is continuing its policy of removing liquidity from the market by allowing bonds held on its balance sheet to mature without reinvesting those proceeds. Despite the potential for further rate increases,market participants appear to believe the Fed may be nearing the end of its rate hiking cycle. The yield on the US 10-year Treasury (green line)rose a modest 0.33% partially due to increases in the policy rate and renewed prospects for future growth.The closing yield on the 10-Year Treasury was 3.81%as of June 30, 2023,down just 7 basis points from its 3.88%yield at year-end.The benchmark's rate peaked in October 2022,cresting at just over 4.00%before pulling back to its current level. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread) for BAA-rated corporate bonds.This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues with the lowest investment grade rating.For the full year,the spread has narrowed from 2.05%to 1.62%,signaling a lower premium for credit risk than was the case a year prior.High Yield OAS spreads have narrowed from 5.92%in July 2022 to 4.14%as of the end of Q2.High-yield spreads reached their highs in July 2022 before trading lower the remainder of the year and have continued to tighten in 2023.A spike in both the BAA OAS and High Yield spreads is visible in March following a short-lived crisis of confidence in the banking sector,which was addressed quickly by the FDIC and supported further by the Fed's aggressive short-term par loan program.Both spread measures traded lower on the news of the Government's intervention,and as fears of possible contagion waned,credit spreads returned to their levels prior to February. 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 second quarter as the Fed increased interest rates to continue combatting inflation.Despite these short-term rate increases,at the end of the quarter, both intermediate and longer-term yields were slightly lower than they were at the end of 2022.The yield curve has further inverted (short-term rates higher than long-term rates)between two-and 10-year maturities.Historically,a persistent inversion of these two key rates has been a precursor of an economic recession within six-to 24 months. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Page 10 Page Intentionally Left Blank Page 11 Mar-2023 : $25,960,263 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Jun-2023 : $26,787,274 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed International Equity Allocation Market Value Allocation Domestic Equity 10,857,328 41.8¢£ International Equity 4,298,604 16.6¢£ Domestic Fixed 4,719,321 18.2¢£ Non-Core Fixed income 1,271,759 4.9¢£ Infrastructure 1,510,919 5.8¢£ Real Estate 2,803,928 10.8¢£ Cash Equivalent 498,404 1.9¢£ Allocation Market Value Allocation Domestic Equity 11,673,083 43.6¢£ International Equity 4,398,447 16.4¢£ Domestic Fixed 4,698,389 17.5¢£ Non-Core Fixed income 1,297,960 4.8¢£ Infrastructure 1,537,899 5.7¢£ Real Estate 2,615,813 9.8¢£ Cash Equivalent 565,682 2.1¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Asset Class As of June 30, 2023 Page 12 Mar-2023 : $25,960,263 Jun-2023 : $26,787,274 Allocation Market Value Allocation Vanguard Mid Cap Index (VIMAX)2,667,512 10.3¢£ Vanguard Total Stock Index (VTSAX)8,189,816 31.5¢£ Europacific Growth (RERGX)2,190,057 8.4¢£ Transamerica Intl (TAINX)2,108,546 8.1¢£ Agincourt Fixed Income 4,719,321 18.2¢£ PIMCO Diversified Income (PDIIX)635,431 2.4¢£ Aristotle Floating Rate Income (PLFRX)636,328 2.5¢£ Brookfield BSIP Access Fund 1,510,919 5.8¢£ Intercontinental Real Estate 2,803,928 10.8¢£ R&D 498,404 1.9¢£ Allocation Market Value Allocation Vanguard Mid Cap Index (VIMAX)2,794,530 10.4¢£ Vanguard Total Stock Index (VTSAX)8,878,553 33.1¢£ Europacific Growth (RERGX)2,237,466 8.4¢£ Transamerica Intl (TAINX)2,160,981 8.1¢£ Agincourt Fixed Income 4,698,389 17.5¢£ PIMCO Diversified Income (PDIIX)641,173 2.4¢£ Aristotle Floating Rate Income (PLFRX)656,787 2.5¢£ Brookfield BSIP Access Fund 1,537,899 5.7¢£ Intercontinental Real Estate 2,615,813 9.8¢£ R&D 565,682 2.1¢£ Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation by Manager As of June 30, 2023 Page 13 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% Real Estate (Composite) (9.8%) Infrastructure (5.7%) Non-Core Fixed income (4.8%) Domestic Fixed (17.5%) International Equity (16.4%) Domestic Equity (43.6%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed income 0.0 10.0 4.8 5.0 Infrastructure 0.0 10.0 5.7 5.0 Real Estate (Composite)5.0 15.0 9.8 10.0 International Equity 10.0 20.0 16.4 15.0 Domestic Fixed 17.5 27.5 17.5 22.5 Domestic Equity 37.5 47.5 43.6 42.5 Total Fund Portfolio N/A N/A 100.0 100.0 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation Compliance As of June 30, 2023 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Allo cat io n (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Crestview Police & Fire 43.58 (51)16.42 (29)2.39 (80)19.99 (67)5.74 (73)9.77 (40)2.11 (31)z 5th Percentile 61.66 23.75 24.76 53.59 41.27 16.42 8.75 1st Quartile 51.50 17.12 9.89 31.03 20.56 11.21 2.44 Median 43.62 14.34 4.82 23.84 12.24 8.90 1.26 3rd Quartile 31.93 10.94 2.99 18.27 4.96 5.88 0.59 95th Percentile 14.83 6.53 0.97 11.89 1.02 2.81 0.08 Population 637 598 200 640 310 459 565 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation vs Other Public Pension Plans As of June 30, 2023 Parentheses contain percentile rankings. . Page 15 Jun-2023 Mar-2023 Dec-2022 Sep-2022 Jun-2022 ($)%($)%($)%($)%($)% Total Equity 16,071,530 60.00 15,155,932 58.38 14,158,896 56.69 12,874,218 55.08 12,302,455 50.43 Domestic Equity 11,673,083 43.58 10,857,328 41.82 10,210,706 40.88 9,488,829 40.59 8,876,962 36.39 Dana Large Cap Core Equity -0.00 -0.00 -0.00 -0.00 -1,887 -0.01 Vanguard Mid Cap Index (VIMAX)2,794,530 10.43 2,667,512 10.28 2,568,209 10.28 2,355,828 10.08 2,313,690 9.48 Vanguard Total Stock Index (VTSAX)8,878,553 33.14 8,189,816 31.55 7,642,497 30.60 7,133,001 30.51 6,565,159 26.91 International Equity 4,398,447 16.42 4,298,604 16.56 3,948,190 15.81 3,385,390 14.48 3,425,493 14.04 Europacific Growth (RERGX)2,237,466 8.35 2,190,057 8.44 1,993,290 7.98 1,751,810 7.49 1,726,578 7.08 Transamerica Intl (TAINX)2,160,981 8.07 2,108,546 8.12 1,954,900 7.83 1,633,580 6.99 1,698,915 6.96 Total Fixed Income 5,996,350 22.39 5,991,080 23.08 5,836,611 23.37 5,715,237 24.45 7,319,245 30.00 Agincourt Fixed Income 4,698,389 17.54 4,719,321 18.18 4,603,534 18.43 4,525,439 19.36 6,122,953 25.10 PIMCO Diversified Income (PDIIX)641,173 2.39 635,431 2.45 618,859 2.48 591,117 2.53 557,111 2.28 Aristotle Floating Rate Income (PLFRX)656,787 2.45 636,328 2.45 614,218 2.46 598,681 2.56 639,181 2.62 Total Infrastructure 1,537,899 5.74 1,510,919 5.82 1,478,843 5.92 1,453,084 6.22 1,428,705 5.86 Brookfield BSIP Access Fund 1,537,899 5.74 1,510,919 5.82 1,478,843 5.92 1,453,084 6.22 1,428,705 5.86 Real Estate 2,615,813 9.77 2,803,928 10.80 2,926,169 11.72 3,137,678 13.42 3,109,210 12.75 Intercontinental Real Estate 2,615,813 9.77 2,803,928 10.80 2,926,169 11.72 3,137,678 13.42 3,109,210 12.75 Cash Accounts R&D 565,682 2.11 498,404 1.92 575,061 2.30 195,541 0.84 235,255 0.96 Total Fund Portfolio 26,787,274 100.00 25,960,263 100.00 24,975,580 100.00 23,375,758 100.00 24,394,870 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Portfolio As of June 30, 2023 Page 16 Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Real Estate Real Return Cash Equivalent 0.0 8.0 16.0 24.0 32.0 40.0 48.0 56.0 64.0 72.0 80.0 88.0 96.0 Allocation (%) 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 7/22 6/23 Crestview Police Officers' and Firefighters' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending June 30, 2023 Page 17 Market Value 04/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2023 Total Equity 15,155,932 -----51,517 864,081 16,071,530 Domestic Equity 10,857,328 -----43,170 772,585 11,673,083 Vanguard Mid Cap Index (VIMAX)2,667,512 -----10,220 116,798 2,794,530 Vanguard Total Stock Index (VTSAX)8,189,816 -----32,950 655,787 8,878,553 International Equity 4,298,604 -----8,346 91,497 4,398,447 Europacific Growth (RERGX)2,190,057 -----8,346 39,062 2,237,466 Transamerica Intl (TAINX)2,108,546 ------52,435 2,160,981 Total Fixed Income 5,991,080 ----2,951 -29,473 -21,253 5,996,350 Agincourt Fixed Income 4,719,321 ----2,951 -6,784 -24,765 4,698,389 PIMCO Diversified Income (PDIIX)635,431 -----7,798 -2,056 641,173 Aristotle Floating Rate Income (PLFRX)636,328 -----14,891 5,568 656,787 Infrastructure 1,510,919 ----3,909 -18,978 11,911 1,537,899 Brookfield BSIP Access Fund 1,510,919 ----3,909 -18,978 11,911 1,537,899 Real Estate 2,803,928 -12,426 ---5,425 -17,850 -188,115 2,615,813 Intercontinental Real Estate 2,803,928 -12,426 ---5,425 -17,850 -188,115 2,615,813 Cash Accounts R&D 498,404 12,426 310,093 -247,321 --13,495 5,576 -565,682 Total Fund Portfolio 25,960,263 -310,093 -247,321 -12,285 -13,495 123,394 666,625 26,787,274 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending June 30, 2023 Page 18 Market Value 10/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2023 Total Equity 12,874,218 -----193,609 3,003,703 16,071,530 Domestic Equity 9,488,829 -----134,704 2,049,551 11,673,083 Vanguard Mid Cap Index (VIMAX)2,355,828 -----33,714 404,988 2,794,530 Vanguard Total Stock Index (VTSAX)7,133,001 -----100,990 1,644,563 8,878,553 International Equity 3,385,390 -----58,905 954,152 4,398,447 Europacific Growth (RERGX)1,751,810 -----37,312 448,343 2,237,466 Transamerica Intl (TAINX)1,633,580 -----21,593 505,809 2,160,981 Total Fixed Income 5,715,237 ----8,657 -1,352 178,909 112,212 5,996,350 Agincourt Fixed Income 4,525,439 ----8,657 -1,352 117,704 65,255 4,698,389 PIMCO Diversified Income (PDIIX)591,117 -----22,026 28,030 641,173 Aristotle Floating Rate Income (PLFRX)598,681 -----39,179 18,927 656,787 Infrastructure 1,453,084 ----11,480 -57,545 38,750 1,537,899 Brookfield BSIP Access Fund 1,453,084 ----11,480 -57,545 38,750 1,537,899 Real Estate 3,137,678 -37,946 ---21,315 -54,461 -517,065 2,615,813 Intercontinental Real Estate 3,137,678 -37,946 ---21,315 -54,461 -517,065 2,615,813 Cash Accounts R&D 195,541 37,946 1,342,047 -962,374 --62,375 14,897 -565,682 Total Fund Portfolio 23,375,758 -1,342,047 -962,374 -41,452 -63,727 499,421 2,637,600 26,787,274 Crestview Police Officers' and Firefighters' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2022 To June 30, 2023 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Net)3.00 (65)13.11 (65)8.52 (62)7.23 (53)6.46 (46)6.47 (45)7.22 (63)10/01/1994 Total Fund Policy 3.63 (35)14.15 (50)9.35 (44)8.18 (28)7.49 (14)7.47 (11)7.69 (37) All Public Plans-Total Fund Median 3.32 14.15 9.08 7.28 6.37 6.38 7.40 Total Fund Portfolio (Gross)3.05 13.29 8.75 7.56 6.78 6.78 7.57 10/01/1994 Total Equity 6.04 24.83 16.68 11.25 9.38 8.78 9.01 10/01/1994 Total Equity Policy 6.95 24.93 17.68 12.41 10.18 9.58 9.28 Domestic Equity 7.51 (32)23.02 (37)17.05 (44)12.43 (60)10.59 (42)10.18 (39)13.41 (79)04/01/2009 Domestic Equity Policy 8.39 (27)24.51 (31)18.95 (35)13.89 (48)12.00 (27)11.39 (28)14.71 (51) IM U.S. Equity (SA+CF+MF) Median 5.46 20.39 15.83 13.66 9.80 9.10 14.71 International Equity 2.32 (59)29.92 (33)15.79 (43)7.67 (48)5.50 (47)4.14 (50)6.72 (96)04/01/2009 International Equity Policy 2.67 (51)25.64 (56)13.33 (56)7.75 (46)4.57 (59)4.01 (52)N/A IM International Equity (MF) Median 2.69 26.64 14.70 7.36 5.35 4.13 8.99 Total Fixed Income 0.14 5.10 1.90 -1.89 -0.18 1.20 4.80 10/01/1994 Total Fixed Policy -0.47 4.13 0.32 -2.27 -0.34 0.94 4.58 Domestic Fixed Income -0.38 (37)4.05 (20)0.37 (53)-2.55 (92)-0.14 (92)1.30 (77)4.83 (19)10/01/1994 Domestic Fixed Policy -0.75 (82)3.37 (63)-0.60 (92)-2.89 (98)-0.60 (99)0.83 (99)4.59 (66) IM U.S. Intermediate Duration (SA+CF) Median -0.51 3.52 0.44 -2.00 0.26 1.53 4.64 Non-Core Fixed Income 2.06 9.09 8.50 0.88 -0.54 0.66 0.81 10/01/2014 Non-Core Fixed Income Policy 0.87 7.88 4.90 0.75 0.82 1.39 1.26 Infrastructure 2.04 6.64 8.72 N/A N/A N/A 7.66 07/01/2021 CPI + 3%1.42 4.76 6.18 8.91 7.60 7.01 9.15 Real Estate -6.09 (96)-14.90 (87)-13.54 (80)7.28 (66)6.98 (34)7.25 (29)9.15 (25)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-10.68 (70)-9.82 (50)8.48 (33)6.97 (34)6.96 (51)8.38 (56) IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -10.33 -9.86 8.17 6.84 6.97 8.50 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2023 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 20 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2023 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)4.76 (42)18.62 (39)13.71 (42)11.95 (83)8.78 (37)8.59 (25)10.31 (17)05/01/2016 Russell Midcap Index 4.76 (42)19.02 (33)14.92 (25)12.50 (73)8.62 (41)8.46 (27)10.19 (18) IM U.S. Mid Cap Core Equity (MF) Median 4.65 17.69 12.82 13.58 8.30 7.39 8.85 Vanguard Total Stock Index (VTSAX)8.41 (23)24.47 (35)18.92 (31)13.75 (35)11.88 (28)11.30 (24)12.39 (20)01/01/2017 Russell 3000 Index 8.39 (25)24.51 (34)18.95 (30)13.89 (31)12.00 (24)11.39 (20)12.45 (17) IM U.S. Multi-Cap Core Equity (MF) Median 7.16 23.28 17.38 12.87 10.61 9.83 11.00 International Equity Strategies Europacific Growth (RERGX)2.16 (63)27.72 (56)15.80 (54)5.47 (67)4.89 (66)4.29 (63)6.98 (38)05/01/2016 MSCI AC World ex USA Growth 2.08 (69)25.31 (83)13.65 (78)4.27 (79)4.73 (70)4.39 (60)6.74 (47) IM International Large Cap Growth Equity (MF) Median 2.45 28.42 16.77 6.51 5.53 4.72 6.59 Transamerica Intl (TAINX)2.49 (87)32.29 (39)16.80 (64)9.88 (72)5.89 (39)3.75 (42)5.35 (44)05/01/2016 MSCI EAFE Value 3.54 (39)31.57 (58)18.25 (47)12.08 (32)4.89 (62)3.59 (44)5.56 (36) IM International Large Cap Value Equity (MF) Median 3.11 31.70 18.05 11.17 5.18 3.50 5.10 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Crestview Police Officers' and Firefighters' Retirement Plan Trailing Returns As of June 30, 2023 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Agincourt Fixed Income -0.38 (37)4.05 (20)0.37 (53)-2.55 (92)-0.14 (92)1.30 (77)3.26 (42)07/01/2007 Bloomberg Intermed Aggregate Index -0.75 (82)3.37 (63)-0.60 (92)-2.89 (98)-0.60 (99)0.83 (99)2.75 (92) IM U.S. Intermediate Duration (SA+CF) Median -0.51 3.52 0.44 -2.00 0.26 1.53 3.21 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)0.90 (8)8.47 (13)5.70 (6)N/A N/A N/A -5.48 (40)07/01/2021 Blmbg. Global Multiverse -1.38 (72)6.38 (33)-0.81 (72)-4.67 (69)-2.61 (71)-0.94 (69)-8.37 (62) IM Global Fixed Income (MF) Median -0.58 5.27 0.49 -3.22 -1.67 -0.17 -6.48 Aristotle Floating Rate Income (PLFRX)3.22 (14)9.71 (13)11.12 (9)5.49 (32)3.67 (12)N/A 3.56 (11)11/01/2018 Morningstar LSTA US Leveraged Loan 3.15 (18)9.27 (20)10.71 (20)6.31 (9)4.17 (1)4.13 (1)4.03 (1) IM U.S. Bank Loans (MF) Median 2.84 8.61 9.62 4.99 2.77 2.82 2.68 Infrastructure Strategies Brookfield BSIP Access Fund 2.04 6.64 8.72 N/A N/A N/A 8.92 07/01/2021 CPI + 3%1.42 4.76 6.18 8.91 7.60 7.01 9.15 Real Estate Strategies Intercontinental Real Estate -6.09 (96)-14.90 (87)-13.54 (80)7.28 (66)6.98 (34)7.25 (29)9.15 (25)01/01/2015 NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-10.68 (70)-9.82 (50)8.48 (33)6.97 (34)6.96 (51)8.38 (56) IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -10.33 -9.86 8.17 6.84 6.97 8.50 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 22 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Total Fund Portfolio (Net)13.11 (65)-13.29 (33)19.62 (57)8.27 (53)4.21 (41)8.24 (43)12.68 (29)6.65 (94) Total Fund Policy 14.15 (50)-11.93 (20)19.40 (60)10.32 (30)4.54 (31)8.64 (35)12.05 (43)10.61 (15) All Public Plans-Total Fund (Net)14.15 -14.76 19.96 8.51 3.99 7.88 11.72 9.36 Total Fund Portfolio (Gross)13.29 -12.85 19.87 8.54 4.48 8.50 13.07 7.20 Total Equity 24.83 -21.92 30.53 11.29 2.52 12.72 19.05 8.58 Total Equity Policy 24.93 -19.42 30.03 12.06 2.04 13.62 19.14 13.68 Domestic Equity 23.02 (37)-19.30 (63)32.10 (56)12.20 (41)3.80 (34)15.98 (45)19.19 (47)8.51 (83) Domestic Equity Policy 24.51 (31)-17.63 (56)31.88 (57)15.00 (36)2.92 (39)17.58 (38)18.71 (51)14.96 (38) IM U.S. Equity (SA+CF+MF) Median 20.39 -16.54 33.83 5.72 1.12 14.72 18.80 13.36 International Equity 29.92 (33)-28.94 (63)25.56 (44)7.94 (50)-2.09 (61)1.85 (44)18.43 (71)8.92 (62) International Equity Policy 25.64 (56)-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 26.64 -27.30 24.34 7.82 -1.04 1.33 20.73 10.49 Total Fixed Income 5.10 -11.14 0.42 4.82 7.40 -0.78 2.66 4.17 Total Fixed Policy 4.13 -11.53 0.34 5.37 7.62 -0.99 0.12 4.53 Domestic Fixed Income 4.05 (20)-11.32 (86)-0.33 (85)6.49 (48)8.53 (15)-0.57 (69)0.76 (46)4.41 (24) Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) IM U.S. Intermediate Duration (SA+CF) Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71 3.89 Non-Core Fixed Income 9.09 -10.33 3.91 -2.55 2.90 -1.91 13.82 2.68 Non-Core Fixed Income Policy 7.88 -11.80 3.91 3.67 5.36 -1.32 -0.56 9.23 Infrastructure 6.64 6.58 N/A N/A N/A N/A N/A N/A CPI + 3%4.76 11.46 8.54 4.41 4.77 5.40 5.25 4.59 Real Estate -14.90 (87)26.31 (16)13.86 (71)4.41 (12)8.32 (19)11.40 (9)11.46 (9)13.05 (23) NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68) IM U.S. Open End Private Real Estate (SA+CF) Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83 11.18 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2023 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 23 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2023 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Domestic Equity Strategies Vanguard Mid Cap Index (VIMAX)18.62 (39)-19.48 (91)36.10 (66)7.08 (10)3.65 (33)13.42 (24)15.30 (46)N/A Russell Midcap Index 19.02 (33)-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 17.69 -14.07 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Total Stock Index (VTSAX)24.47 (35)-18.01 (60)32.07 (36)14.99 (25)2.88 (38)17.62 (22)N/A N/A Russell 3000 Index 24.51 (34)-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 23.28 -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 (95) S&P 500 Index 25.73 (30)-15.47 (57)30.00 (57)15.15 (39)4.25 (38)17.91 (43)18.61 (58)15.43 (21) IM U.S. Large Cap Core Equity (SA+CF) Median 24.02 -14.97 30.79 13.05 3.11 17.40 19.05 13.17 International Equity Strategies Europacific Growth (RERGX)27.72 (56)-32.85 (73)24.76 (27)14.97 (50)1.14 (54)1.47 (62)20.63 (8)N/A MSCI AC World ex USA Growth 25.31 (83)-30.00 (59)17.27 (77)17.90 (27)2.43 (35)3.46 (41)18.09 (41)11.92 (13) IM International Large Cap Growth Equity (MF) Median 28.42 -28.73 20.62 14.87 1.35 2.48 17.62 7.50 Transamerica Intl (TAINX)32.29 (39)-25.08 (68)27.29 (86)-0.06 (7)-5.52 (54)2.26 (6)16.16 (69)N/A MSCI EAFE Value 31.57 (58)-19.62 (10)31.43 (32)-11.45 (100)-4.31 (27)0.24 (49)23.22 (2)4.16 (54) IM International Large Cap Value Equity (MF) Median 31.70 -22.63 29.29 -5.76 -5.45 -0.02 18.21 4.33 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 24 Crestview Police Officers' and Firefighters' Retirement Plan Fiscal Year Returns As of June 30, 2023 FYTD FY 2022 FY 2021 FY 2020 FY -2019 FY 2018 FY 2017 FY 2016 Domestic Fixed Income Strategies Agincourt Fixed Income 4.05 (20)-11.32 (86)-0.33 (85)6.49 (48)8.53 (15)-0.57 (69)0.76 (46)4.41 (24) Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86)3.57 (71) IM U.S. Intermediate Duration (SA+CF) Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71 3.89 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)8.47 (13)-17.73 (52)N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse 6.38 (33)-20.34 (63)-0.45 (80)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25) IM Global Fixed Income (MF) Median 5.27 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 Aristotle Floating Rate Income (PLFRX)9.71 (13)-2.91 (16)6.97 (69)0.09 (30)N/A N/A N/A N/A Morningstar LSTA US Leveraged Loan 9.27 (20)-2.59 (9)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 8.61 -4.18 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 6.38 (33)-20.34 (63)-0.45 (80)5.99 (33)7.54 (51)-1.32 (50)-0.56 (78)9.23 (25) IM Global Fixed Income (MF) Median 5.27 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 Infrastructure Strategies Brookfield BSIP Access Fund 6.64 9.10 N/A N/A N/A N/A N/A N/A CPI + 3%4.76 11.46 8.54 4.41 4.77 5.40 5.25 4.59 Real Estate Strategies Intercontinental Real Estate -14.90 (87)26.31 (16)13.86 (71)4.41 (12)8.32 (19)11.40 (9)11.46 (9)13.05 (23) NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51)10.62 (68) IM U.S. Open End Private Real Estate (SA+CF) Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83 11.18 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 25 Plan Growth Total Fund Portfolio Net Cash Flow $0 $6,300,000 $12,600,000 $18,900,000 $25,200,000 $31,500,000 $37,800,000 ($6,300,000) Market Valu e 9/94 12/95 3/97 6/98 9/99 12/00 3/02 6/03 9/04 12/05 3/07 6/08 9/09 12/10 3/12 6/13 9/14 12/15 3/17 6/18 9/19 12/20 3/22 6/23 $5,273,238 $26,787,274 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund Portfolio 3.05 (63)7.56 (55)8.75 (58)-0.56 (33)7.56 (44)6.78 (31)7.82 (32)7.20 (42)6.87 (28) Total Fund Policy 3.63 (35)8.34 (38)9.35 (44)0.44 (12)8.18 (28)7.47 (11)8.26 (17)7.94 (15)7.29 (11) Median 3.32 7.82 9.08 -1.25 7.28 6.38 7.40 7.09 6.47 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Total Fund Portfolio 13.29 (63)-12.85 (29)19.87 (59)8.54 (45)4.48 (33)8.50 (40)13.07 (23) Total Fund Policy 14.15 (50)-11.93 (20)19.40 (67)10.32 (22)4.54 (32)8.64 (38)12.05 (47) Median 14.15 -14.77 20.34 7.99 3.99 8.00 11.91 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 2023 Peer Group: All Public Plans-Total Fund Page 26 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 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 (%) 8.4 9.1 9.8 10.5 11.2 11.9 12.6 13.3 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Total Fund Portfolio Total Fund Policy 97.6 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 June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund Portfolio 52.38 -23.82 -0.20 -0.22 0.54 -0.11 0.06 1.00 1.97 Total Fund Policy 0.00 -27.57 0.00 0.00 0.56 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 26.98 0.00 0.91 -5.97 N/A -0.56 0.00 -0.01 10.58 Crestview Police Officers' and Firefighters' Retirement Plan Long-Term Performance As of June 30, 2023 Peer Group: All Public Plans-Total Fund Page 27 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 1 Quarter Ending Sep-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Net)3.00 (65)4.33 (49)5.25 (65)-4.06 (37)7.23 (53)6.47 (45)105.42 (71)107.66 (67) Total Fund Policy 3.63 (35)4.55 (39)5.37 (61)-4.20 (43)8.18 (28)7.47 (11)100.00 100.00 All Public Plans-Total Fund (Net) Median 3.32 4.31 5.67 -4.31 7.28 6.38 116.40 114.09 Total Fund Portfolio (Gross)3.05 4.38 5.33 -4.01 7.56 6.78 104.42 106.82 Total Fund Policy 3.63 4.55 5.37 -4.20 8.18 7.47 100.00 100.00 Total Equity 6.04 7.04 9.98 -6.53 11.25 8.78 109.46 107.50 Total Equity Policy 6.95 7.14 9.03 -5.80 12.41 9.58 100.00 100.00 Domestic Equity 7.51 (32)6.33 (40)7.61 (58)-4.85 (60)12.43 (60)10.18 (39)106.76 (37)105.66 (47) Domestic Equity Policy 8.39 (27)7.18 (33)7.18 (63)-4.46 (52)13.89 (48)11.39 (28)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median 5.46 4.66 8.63 -4.41 13.67 9.12 94.88 103.56 International Equity 2.32 (53)8.88 (24)16.62 (30)-10.88 (61)7.67 (37)4.14 (31)113.78 (49)110.34 (43) International Equity Policy 2.67 (44)7.00 (49)14.37 (50)-9.80 (39)7.75 (36)4.01 (34)100.00 100.00 IM International Equity (MF) Median 2.44 6.91 14.28 -10.39 6.28 3.10 112.68 107.88 Total Fixed Income 0.14 2.71 2.18 -3.04 -1.89 1.20 93.23 89.24 Total Fixed Policy -0.47 2.52 2.05 -3.66 -2.27 0.94 100.00 100.00 Domestic Fixed Income -0.38 (37)2.60 (19)1.80 (27)-3.53 (83)-2.55 (92)1.30 (77)97.49 (13)97.49 (13) Domestic Fixed Policy -0.75 (82)2.39 (50)1.72 (35)-3.84 (93)-2.89 (98)0.83 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -0.51 2.38 1.58 -2.96 -2.00 1.53 88.81 88.81 Non-Core Fixed Income 2.06 3.14 3.64 -0.54 0.88 0.66 87.49 82.38 Non-Core Fixed Income Policy 0.87 3.16 3.68 -2.76 0.75 1.39 100.00 100.00 Infrastructure 2.04 2.41 2.05 1.95 N/A N/A N/A N/A CPI + 3%1.42 1.69 1.57 1.36 8.91 7.01 N/A N/A Real Estate -6.09 (96)-3.60 (72)-5.99 (75)1.60 (27)7.28 (66)7.25 (29)141.72 (15)127.25 (23) NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-3.31 (65)-4.90 (48)0.96 (41)8.48 (33)6.96 (51)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -2.98 -4.97 0.60 8.17 6.97 96.30 96.39 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2023 Page 28 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2023 1 Qtr Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 1 Quarter Ending Sep-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)4.76 (42)3.87 (30)9.02 (65)-4.14 (43)11.95 (83)8.59 (25)101.94 (12)98.93 (40) Russell Midcap Index 4.76 (42)4.06 (28)9.18 (60)-3.44 (32)12.50 (73)8.46 (27)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median 4.65 2.31 9.63 -4.32 13.58 7.39 83.99 95.30 Vanguard Total Stock Index (VTSAX)8.41 (23)7.16 (28)7.14 (64)-4.46 (41)13.75 (35)11.30 (24)101.06 (43)100.35 (53) Russell 3000 Index 8.39 (25)7.18 (27)7.18 (61)-4.46 (41)13.89 (31)11.39 (20)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median 7.16 6.16 8.06 -4.63 12.87 9.84 99.27 100.55 International Equity Strategies Europacific Growth (RERGX)2.16 (63)9.87 (42)13.78 (65)-9.33 (39)5.47 (67)4.29 (63)99.51 (35)108.44 (25) MSCI AC World ex USA Growth 2.08 (69)8.69 (64)12.94 (80)-9.30 (39)4.27 (79)4.39 (60)100.00 100.00 IM International Large Cap Growth Equity (MF) Median 2.45 9.63 14.64 -9.57 6.51 4.72 89.99 98.55 Transamerica Intl (TAINX)2.49 (87)7.86 (42)19.67 (41)-11.71 (65)9.88 (72)3.75 (42)116.06 (23)106.31 (43) MSCI EAFE Value 3.54 (39)6.14 (83)19.73 (40)-10.12 (32)12.08 (32)3.59 (44)100.00 100.00 IM International Large Cap Value Equity (MF) Median 3.11 7.45 19.00 -10.69 11.17 3.50 103.70 105.75 Page 29 Crestview Police Officers' and Firefighters' Retirement Plan Compliance Statistics As of June 30, 2023 1 Qtr Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 1 Quarter Ending Sep-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 -0.38 (37)2.60 (19)1.80 (27)-3.53 (83)-2.55 (92)1.30 (77)97.49 (13)97.49 (13) Bloomberg Intermed Aggregate Index -0.75 (82)2.39 (50)1.72 (35)-3.84 (93)-2.89 (98)0.83 (99)100.00 100.00 IM U.S. Intermediate Duration (SA+CF) Median -0.51 2.38 1.58 -2.96 -2.00 1.53 88.81 88.81 Non-Core Fixed Income Strategies PIMCO Diversified Income (PDIIX)0.90 (8)2.68 (57)4.69 (33)-2.55 (25)N/A N/A N/A N/A Blmbg. Global Multiverse -1.38 (72)3.02 (33)4.71 (33)-6.76 (71)-4.67 (69)-0.94 (69)100.00 100.00 IM Global Fixed Income (MF) Median -0.58 2.76 3.53 -4.13 -3.22 -0.17 79.68 82.75 Aristotle Floating Rate Income (PLFRX)3.22 (14)3.60 (8)2.60 (52)1.29 (30)5.49 (32)N/A 107.38 (83)N/A Morningstar LSTA US Leveraged Loan 3.15 (18)3.23 (21)2.62 (51)1.31 (27)6.31 (9)4.13 (1)100.00 100.00 IM U.S. Bank Loans (MF) Median 2.84 2.95 2.63 1.05 4.99 2.82 124.89 105.44 Infrastructure Strategies Brookfield BSIP Access Fund 2.04 2.41 2.05 1.95 N/A N/A N/A N/A CPI + 3%1.42 1.69 1.57 1.36 8.91 7.01 N/A N/A Real Estate Strategies Intercontinental Real Estate -6.09 (96)-3.60 (72)-5.99 (75)1.60 (27)7.28 (66)7.25 (29)141.72 (15)127.25 (23) NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-3.31 (65)-4.90 (48)0.96 (41)8.48 (33)6.96 (51)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -1.80 -2.98 -4.97 0.60 8.17 6.97 96.30 96.39 Page 30 Estimated Annual Fee (%) 06/30/23 Market Value 06/30/23 Allocation (%) Estimated Annual Fee ($) Domestic Equity Vanguard Mid Cap Index (VIMAX)0.05 2,794,530 10.43 1,397 Vanguard Total Stock Market Index (VTSAX)0.04 8,878,553 33.14 3,551 International Equity Europacific Growth (RERGX)0.46 2,237,466 8.35 10,292 Transamerica Intl (TAINX)0.75 2,160,981 8.07 16,207 Domestic Fixed Income Agincourt Fixed Income 0.25 4,698,389 17.54 11,746 Non-Core Fixed Income PIMCO Diversified Income (PDIIX)0.79 641,173 2.39 5,065 Aristotle Floating Rate Income (PLFRX)0.72 656,787 2.45 4,729 Infrastructure Brookfield BSIP Access Fund**1.00 1,537,899 5.74 15,379 Real Estate Intercontinental Real Estate*1.10 2,615,813 9.77 28,774 Cash Accounts R&D 565,682 2.11 - Total Fund Portfolio 0.36 26,787,274 100.00 97,141 Crestview Police Officers' and Firefighters' Retirement Plan Fee Analysis As of June 30, 2023 *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. Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 31 Page Intentionally Left Blank Page 32 Long-Term Manager Composite Data Manager Composites are provided for illustrative and historical perspective purposes. They do not represent actual results for Crestview Police Officers' and Firefighters' Retirement Plan. Page 33 Growth of a Dollar Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index ($0.80) $0.00 $0.80 $1.60 $2.40 $3.20 $4.00 $4.80 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 6/23 $3.49$3.46 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)4.76 (42)8.81 (30)13.71 (42)-2.27 (80)11.95 (83)8.59 (25)10.29 (17)10.43 (13)9.59 (15) Russell Midcap Index 4.76 (42)9.01 (28)14.92 (25)-2.51 (83)12.50 (73)8.46 (27)10.12 (20)10.32 (16)9.64 (14) Median 4.65 7.22 12.82 0.41 13.58 7.39 8.98 8.68 8.24 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Vanguard Md-Cp I;Adm (VIMAX)18.62 (39)-19.48 (91)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46) Russell Midcap Index 19.02 (33)-19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46) Median 17.69 -14.07 37.86 -2.64 1.86 9.96 15.17 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 34 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 Ret urn (%) 16.2 17.1 18.0 18.9 19.8 20.7 21.6 22.5 23.4 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard Md-Cp I;Adm (VIMAX)Russell Midcap Index 99.0 99.2 99.4 99.6 99.8 100.0 100.2 Up Market Cap ture Ratio (%) 99.2 99.4 99.6 99.8 100.0 100.2 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)47.62 -48.50 0.02 -0.10 0.46 -0.07 0.09 0.99 1.51 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.46 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 30.16 0.00 0.91 -9.43 N/A -0.46 0.00 -0.01 20.48 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Mid Cap Core Equity (MF) Page 35 Growth of a Dollar Vanguard TSM Idx;Adm (VTSAX)Russell 3000 Index ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 6/23 $3.83$3.86 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Adm (VTSAX)8.41 (23)16.17 (25)18.92 (31)0.99 (44)13.75 (35)11.30 (24)12.80 (20)12.28 (15)10.65 (15) Russell 3000 Index 8.39 (25)16.17 (25)18.95 (30)1.22 (39)13.89 (31)11.39 (20)12.86 (18)12.34 (13)10.61 (15) Median 7.16 13.65 17.38 0.63 12.87 9.84 11.46 10.76 9.14 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Vanguard TSM Idx;Adm (VTSAX)24.47 (35)-18.01 (60)32.08 (36)14.99 (25)2.88 (38)17.62 (22)18.63 (43) Russell 3000 Index 24.51 (34)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (41) Median 23.28 -17.30 30.66 11.15 1.49 15.61 18.24 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 36 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 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 12.0 Ret urn (%) 14.0 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 June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Adm (VTSAX)53.97 -45.58 0.04 0.05 0.53 0.32 0.10 1.00 0.14 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.53 N/A 0.10 1.00 0.00 90 Day U.S. Treasury Bill 30.16 0.00 0.91 -9.57 N/A -0.53 0.00 -0.01 18.10 Vanguard TSM Idx;Adm (VTSAX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Multi-Cap Core Equity (MF) Page 37 Growth of a Dollar American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth $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 10/22 6/23 $1.52 $1.69 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)2.16 (64)12.21 (50)15.74 (55)-8.52 (72)5.43 (68)4.24 (64)7.35 (41)6.25 (33)4.62 (31) MSCI AC World ex USA Growth 2.08 (69)10.95 (68)13.65 (78)-8.04 (69)4.27 (79)4.39 (60)7.05 (48)5.96 (42)3.71 (62) Median 2.45 12.21 16.77 -4.70 6.51 4.72 7.01 5.67 3.94 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 American Funds EuPc;R5 (RERFX)27.70 (57)-32.89 (73)24.70 (27)14.91 (50)1.10 (55)1.44 (63)20.56 (9) MSCI AC World ex USA Growth 25.31 (83)-30.00 (59)17.27 (77)17.90 (27)2.43 (35)3.46 (41)18.09 (41) Median 28.42 -28.73 20.62 14.87 1.35 2.48 17.62 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Large Cap Growth Equity (MF) Page 38 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth 0.0 1.0 2.0 3.0 4.0 5.0 6.0 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 American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth 99.6 99.9 100.2 100.5 100.8 101.1 101.4 Up Market Cap ture Ratio (%) 94.0 95.0 96.0 97.0 98.0 99.0 100.0 101.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)58.73 -45.07 0.77 0.74 0.25 0.20 0.05 1.00 3.71 MSCI AC World ex USA Growth 0.00 -50.47 0.00 0.00 0.21 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 39.68 0.00 0.86 -4.15 N/A -0.21 0.00 0.00 19.68 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Large Cap Growth Equity (MF) Page 39 Growth of a Dollar Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 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 10/22 6/23 $1.26 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;R6 (TAINX)2.69 (78)10.99 (49)17.78 (59)-0.76 (65)10.77 (53)4.61 (27)7.04 (22)N/A N/A MSCI EAFE Value 3.54 (39)9.89 (74)18.25 (47)2.42 (28)12.08 (32)3.59 (44)6.68 (28)4.76 (40)3.04 (34) Median 3.11 10.82 18.05 1.43 11.17 3.50 5.72 4.43 2.54 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Transam:Interntl Eq;R6 (TAINX)33.11 (36)-24.52 (67)28.38 (66)0.80 (1)-4.73 (37)3.14 (2)17.14 (63) MSCI EAFE Value 31.57 (58)-19.62 (10)31.43 (32)-11.45 (100)-4.31 (27)0.24 (49)23.22 (2) Median 31.70 -22.63 29.29 -5.76 -5.45 -0.02 18.21 Transam:Interntl Eq;R6 (TAINX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Large Cap Value Equity (MF) Page 40 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 Ret urn (%) 19.0 19.5 20.0 20.5 21.0 21.5 22.0 22.5 23.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Transam:Interntl Eq;R6 (TAINX)MSCI EAFE Value 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Cap ture Ratio (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;R6 (TAINX)N/A N/A N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Value 0.00 -53.93 0.00 0.00 0.15 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 38.10 0.00 0.86 -3.05 N/A -0.15 0.00 0.00 20.68 Transam:Interntl Eq;R6 (TAINX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM International Large Cap Value Equity (MF) Page 41 Growth of a Dollar Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 6/23 $1.49 $1.62 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Agincourt Intermediate Fixed Income -0.49 (50)1.89 (48)0.51 (44)-3.54 (56)-2.28 (80)1.61 (41)1.14 (48)1.82 (45)3.07 (37) Bloomberg Intermed Aggregate Index -0.75 (82)1.62 (76)-0.60 (92)-4.33 (93)-2.89 (98)0.83 (99)0.52 (98)1.33 (96)2.46 (93) Median -0.51 1.88 0.44 -3.49 -2.00 1.53 1.12 1.78 2.95 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Agincourt Intermediate Fixed Income 3.69 (36)-10.28 (66)-0.43 (89)7.28 (14)8.50 (17)-0.66 (78)0.66 (55) Bloomberg Intermed Aggregate Index 3.37 (63)-11.49 (90)-0.38 (88)5.66 (79)8.08 (46)-0.93 (95)0.25 (86) Median 3.52 -10.02 0.27 6.44 8.01 -0.36 0.71 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 42 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 2.0 2.4 2.8 3.2 3.6 4.0 Ret u rn (%) 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Agincourt Intermediate Fixed Income Bloomberg Intermed Aggregate Index 95.0 100.0 105.0 110.0 115.0 120.0 Up Market Capt ure Rat io (%) 98.0 100.0 102.0 104.0 106.0 108.0 110.0 112.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Agincourt Intermediate Fixed Income 61.90 -11.22 0.43 0.53 0.66 0.43 0.02 1.04 1.24 Bloomberg Intermed Aggregate Index 0.00 -12.19 0.00 0.00 0.57 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 28.57 0.00 0.76 -1.80 N/A -0.57 0.00 0.03 3.14 Agincourt Intermediate Fixed Income Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Intermediate Duration (SA+CF) Page 43 Growth of a Dollar PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 $2.80 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 6/23 $1.32 $2.09 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR PIMCO:Div Income;Inst (PDIIX)0.90 (43)3.53 (44)5.73 (38)-5.43 (56)-1.29 (56)1.54 (57)2.53 (49)3.23 (35)5.04 (18) Blmbg. Global Multiverse -1.38 (76)1.60 (78)-0.81 (81)-8.37 (78)-4.67 (90)-0.94 (87)-0.68 (91)0.36 (83)1.53 (80) Median 0.38 3.17 3.58 -4.64 -0.28 2.11 2.38 2.57 2.79 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 PIMCO:Div Income;Inst (PDIIX)8.48 (42)-17.66 (59)4.82 (50)3.52 (65)9.52 (24)1.08 (42)6.97 (34) Blmbg. Global Multiverse 6.38 (71)-20.34 (71)-0.45 (87)5.99 (40)7.54 (49)-1.32 (79)-0.56 (89) Median 7.51 -16.01 4.80 5.24 7.37 0.52 4.40 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 44 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 0.0 1.5 3.0 4.5 6.0 7.5 Ret urn (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 98.0 100.0 102.0 104.0 106.0 108.0 Up Market Cap ture Ratio (%) 15.0 30.0 45.0 60.0 75.0 90.0 105.0 120.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)69.84 -17.68 3.41 2.99 0.52 0.49 0.05 0.81 6.04 Blmbg. Global Multiverse 0.00 -23.40 0.00 0.00 0.19 N/A 0.01 1.00 0.00 90 Day U.S. Treasury Bill 42.86 0.00 0.82 -1.22 N/A -0.19 0.00 0.01 6.45 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM Global Fixed Income (SA+CF) Page 45 Growth of a Dollar Ari 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 $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 10/22 6/23 $1.99 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Ari Fds:Flt Rt Inc;I (PLFRX)3.21 (15)6.90 (9)11.35 (9)3.82 (12)5.58 (36)3.73 (12)4.32 (13)3.80 (15)N/A Morningstar LSTA US Leveraged Loan 3.15 (18)6.48 (22)10.71 (30)3.74 (15)6.31 (14)4.13 (2)4.63 (5)4.07 (3)4.84 (N/A) Median 2.87 5.80 9.88 2.49 5.09 3.05 3.73 3.29 N/A Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Ari Fds:Flt Rt Inc;I (PLFRX)9.80 (16)-2.74 (19)6.95 (67)0.01 (46)3.21 (25)5.18 (18)5.81 (14) Morningstar LSTA US Leveraged Loan 9.27 (30)-2.59 (17)8.40 (32)1.06 (21)3.10 (31)5.19 (17)5.30 (25) Median 8.85 -3.85 7.69 -0.26 2.56 4.44 4.60 Ari Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of June 30, 2023 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 (MF) Page 46 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present Ari Fds:Flt Rt Inc;I (PLFRX) Morningstar LSTA US Leveraged Loan 2.5 3.0 3.5 4.0 4.5 5.0 Ret u rn (%) 8.0 8.4 8.8 9.2 9.6 10.0 10.4 10.8 11.2 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Ari 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 June 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Ari 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 0.39 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 22.22 0.00 0.90 -4.17 N/A -0.39 0.00 -0.01 10.58 Ari Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of June 30, 2023 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 (MF) Page 47 Growth of a Dollar Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) $0.00 $0.60 $1.20 $1.80 $2.40 $3.00 $3.60 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 $2.39 $2.66 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF -6.10 (96)-9.49 (84)-13.56 (80)6.73 (53)7.31 (64)7.26 (28)8.66 (15)10.09 (24)6.19 (53) NCREIF Fund Index-Open End Diversified Core (EW)-2.86 (71)-6.08 (67)-9.82 (50)8.30 (34)8.48 (33)6.96 (51)7.36 (50)9.02 (58)5.70 (63) Median -1.80 -4.60 -9.86 6.95 8.17 6.97 7.35 9.23 6.19 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Intercontinental US REIF -14.92 (89)26.47 (15)13.84 (72)4.41 (11)8.30 (19)11.37 (10)11.72 (6) NCREIF Fund Index-Open End Diversified Core (EW)-10.68 (70)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51) Median -10.33 20.19 16.09 1.58 6.80 8.93 7.83 Intercontinental US REIF Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 48 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percentile Rank 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 9/21 9/22 6/23 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 5.2 5.6 6.0 6.4 6.8 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To June 30, 2023 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 0.63 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 15.87 0.00 0.96 -5.06 N/A -0.63 0.00 -0.02 7.97 Intercontinental US REIF Long-Term Composite Performance As of June 30, 2023 Long-term composite performance. Actual client results may vary. October 2007 represents the beginning of the current market cycle. Peer Group: IM U.S. Open End Private Real Estate (SA+CF) Page 49 Total Fund Policy Weight (%) Oct-1994 S&P 500 Index 50.00 Blmbg. U.S. Gov't/Credit 50.00 Oct-2000 Blmbg. U.S. Gov't/Credit 40.00 S&P 500 Index 60.00 Apr-2007 Bloomberg Intermed Aggregate Index 40.00 S&P 500 Index 60.00 Apr-2010 S&P 500 Index 45.00 Blmbg. U.S. Aggregate Index 40.00 MSCI EAFE Index 15.00 Aug-2014 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 35.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 Jan-2015 Russell 3000 Index 45.00 Bloomberg Intermed Aggregate Index 25.00 MSCI AC World ex USA 15.00 Blmbg. Global Multiverse 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Oct-2018 Russell 3000 Index 45.00 MSCI AC World ex USA 15.00 Bloomberg Intermed Aggregate Index 25.00 Blmbg. Global Multiverse 2.50 Morningstar LSTA US Leveraged Loan 2.50 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Weight (%) Jul-2021 Russell 3000 Index 42.50 MSCI AC World ex USA 15.00 Bloomberg Intermed Aggregate Index 22.50 Blmbg. Global Multiverse 2.50 Morningstar LSTA US Leveraged Loan 2.50 NCREIF Fund Index-Open End Diversified Core (EW)10.00 CPI + 3%5.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of June 30, 2023 Page 50 Total Equity Policy Domestic Equity Policy International Equity Policy Weight (%) Oct-1994 S&P 500 Index 100.00 Apr-2010 S&P 500 Index 75.00 MSCI EAFE Index 25.00 Aug-2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 Weight (%) Oct-1994 S&P 500 Index 100.00 Aug-2014 Russell 3000 Index 100.00 Weight (%) Apr-2010 MSCI EAFE Index 100.00 Aug-2014 MSCI AC World ex USA 100.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of June 30, 2023 Page 51 Total Fixed Policy Domestic Fixed Policy Non-Core Fixed Policy Weight (%) Oct-1994 Blmbg. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Intermed Aggregate Index 100.00 Apr-2010 Blmbg. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 17.00 Oct-2018 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 8.50 Morningstar LSTA US Leveraged Loan 8.50 Weight (%) Oct-1994 Blmbg. U.S. Gov't/Credit 100.00 Apr-2007 Bloomberg Intermed Aggregate Index 100.00 Apr-2010 Blmbg. U.S. Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 100.00 Weight (%) Jan-1999 Blmbg. Global Multiverse 100.00 Oct-2018 Blmbg. Global Multiverse 50.00 Morningstar LSTA US Leveraged Loan 50.00 Crestview Police Officers' and Firefighters' Retirement Plan Investment Policies Benchmark History As of June 30, 2023 Page 52 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 2023 Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing three year period. 2. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing five year period. 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. Equity Compliance:Yes No N/A 1. Total Domestic Equity return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Equity return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total International Equity return equaled or exceeded the benchmark over the trailing three year period. 6. Total International Equity return equaled or exceeded the benchmark over the trailing five year period. 7. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total International Equity return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. Total Equity investments was less than 75% of the total plan assets at market. 10. Total foreign equity was less than 25% of the total plan assets at market. Fixed Income Compliance:Yes No N/A 1. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 2. Total Domestic Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 3. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 4. Total Domestic Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 5. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 6. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 7. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing three year period. 8. Total Non-Core Fixed Income return ranked within the top 40th percentile of its peer group over the trailing five year period. 9. All fixed income has a minimum rating of BBB/Baa, 5% may fall below. Page 53 Crestview Police Officers' and Firefighters' Pension Fund Compliance Checklist As of June 30, 2023 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 Aristotle (PLFRX) Manager Compliance: Vanguard VIMAX Vanguard VTSAX Europacific RERGX Manager Compliance: Transamerica TSWIX Agincourt Fixed PIMCO (PDIIX) Page 54 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 55 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 56 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first. March 2022August 2023 Page 1 CRESTVIEW (PLAN SPONSOR) POLICE OFFICERS’ AND FIREIFIGHTERS’ RETIREMENT PLAN Investment Policy Statement I. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board of Trustees (Board) maintains that an important determinant of future investment returns is the expression and periodic review of the Crestview Police Officers’ and Firefighters’ Retirement Plan (the Plan) investment objectives. To that end, the Board has adopted this statement of Investment Policy and directs that it apply to all assets under their control. In fulfilling their fiduciary responsibility, the Board recognizes that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Plan are long-term and that investment policy should be made with a view toward performance and return over a number of years. The general investment objective is to obtain a reasonable total rate of return - defined as interest and dividend income plus realized and unrealized capital gains or losses - commensurate with the Prudent Investor Rule and any other applicable ordinances and statutes. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, interest rate fluctuations and volatility of securities markets make it necessary to judge results within the context of several years rather than over short periods of five years or less. The Board will employ investment professionals to oversee and invest the assets of the Plan. Within the parameters allowed in this document and their agreements with the Board, the investment management professionals shall have investment discretion over their mandates, including security selection, sector weightings and investment style. The Board, in performing their investment duties, shall comply with the fiduciary standards set forth in Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1) (A) – (C). In case of conflict with other provisions of law authorizing investments, the investment and fiduciary standards set forth in this section shall prevail. March 2022August 2023 Page 2 II. TARGET ALLOCATIONS In order to provide for a diversified portfolio, the Board has engaged investment professional(s) to manage and administer the fund. The investment manager(s) are responsible for the assets and allocation of their mandate only and may be provided an addendum to this policy with their specific performance objectives and investment criteria. The Board has established the following asset allocation targets for the total fund: Asset Class Target Range Benchmark Index Domestic Equity 42.5% 37.5% - 47.5% Russell 3000 International Equity 15% 10% - 20% MSCI AC World ex USA Total Equities 57.5% 52.5% - 62.5% Domestic Fixed Income 22.5% 17.5% - 27.5% Bloomberg Intermediate Aggregate Global Fixed Income* 2.5% 0% - 5% Bloomberg Multiverse Bank Loans* 2.5% 0% - 5% S&P/LSTA Leveraged Loan Total Fixed Income 27.5% 22.5% - 32.5% Core Real Estate* 10% 5% - 1520% NCREIF ODCE (EW) Core Infrastructure** 5% 0% - 1015% CPI +3%6% Absolute Return Total Alternatives* 15% 10% - 20% * Allocation and benchmark will default to “domestic core fixed income” if these portfolios are not funded. ** Allocation and benchmark will default to 50% domestic equity and 50% domestic core fixed income if these portfolios are not funded The Board will monitor the aggregate asset allocation of the portfolio, and will rebalance to the target asset allocation based on market conditions. If at the end of any calendar quarter, the allocation of an asset class falls outside of its allowable range, barring extenuating circumstances such as pending cash flows or allocation levels viewed as temporary, the asset allocation will be rebalanced into the allowable range. To the extent possible, contributions and withdrawals from the portfolio will be executed proportionally based on the most current market values available. The Board does not intend to exercise short-term changes to the target allocation. III. INVESTMENT PERFORMANCE OBJECTIVES The following performance measures will be used as objective criteria for evaluating the effectiveness of the Investment Managers. A. Total Portfolio Performance 1. The performance of the total portfolio will be measured for rolling three and five year periods. The performance of the portfolio will be compared to the return of the policy indexes comprised of 42.5% Russell 3000, 15% MSCI ACWI ex US, 22.5% Barclays Intermediate Aggregate, 2.5% S&P/LSTA Leveraged Loan, 2.5% Barclays Multiverse, March 2022August 2023 Page 3 5% CPI +3% and 10% NCREIF ODCEa blended benchmark based on the asset allocation table above. 2. On a relative basis, it is expected that the total portfolio performance will rank in the top 40th percentile of the appropriate peer universe over three and five-year time periods. 3. On an absolute basis, the objective is that the return of the total portfolio will equal or exceed the actuarial earnings assumption, and provide inflation protection by meeting Consumer Price Index plus 3%. B. Equity Performance The combined equity portion of the portfolio, defined as common stocks and convertible bonds, is expected to perform at a rate at least equal to 75% of the Russell 3000 Index and of the 25% MSCI ACWI ex US Index. Individual components of the equity portfolio will be compared to the specific benchmarks defined in each Investment Manager addendum. All portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over three and five-year time periods. C. Fixed Income Performance The overall objective of the fixed income portion of the portfolio is to add stability and liquidity to the total portfolio. The fixed income portion of the portfolio is expected to perform at a rate at least equal to 83% of the Bloomberg U.S. Intermediate Aggregate Bond Index, 8.5% S&P/LSTA Leveraged Loan and 8.5% of the Bloomberg Multiverse. All portfolios are expected to rank in the top 40th percentile of the appropriate peer universe over three and five-year time periods. D. Real Estate Performance The overall objective of the real estate portion of the portfolio, if utilized, is to add diversification and another stable income stream to the total fund. The real estate portion of the portfolio, defined as core, open ended private real estate, is expected to perform at a rate at least equal to the NCREIF Open End Diversified Core (ODCE) (EW) Index and rank in the top 40th percentile of the appropriate peer universe over three and five-year time periods. E. Infrastructure Performance The overall objective of the infrastructure portion of the portfolio, if utilized, is to add diversification and another stable income stream to the total fund. The infrastructure portion of the portfolio, defined as core, open ended private infrastructure, is expected to perform at a rate at least equal to CPI +3%6% Absolute Return and rank in the top 40th percentile of the appropriate peer universe (if available) over three and five-year time periods. IV. INVESTMENT GUIDELINES A. Authorized Investments March 2022August 2023 Page 4 Pursuant to the investment powers of the Board of Trustees as set forth in the Florida Statutes and local ordinances, the Board of Trustees sets forth the following investment guidelines and limitations: 1. Equities: a. Must be traded on a national exchange or electronic network; and b. Not more than 5% of the Plan’s assets, at the time of purchase, shall be invested in the common stock, capital stock or convertible stock of any one issuing company, nor shall the aggregate investment in any one issuing company exceed 5% of the outstanding capital stock of the company (this restriction shall not apply to any single holding within a diversified pooled fund); and c. Additional criteria may be outlined in the manager’s addendum. 2. Fixed Income: a. All fixed income investments shall have a minimum rating in one of the four highest classifications by a major rating service, except that no more than 5% of the total portfolio may be invested in securities that fall below these rating guidelines. b. The value of bonds issued by any single corporation shall not exceed 10% of the total fund (excluding issues from the U.S. government, or agency thereof; and this restriction shall not apply to any single holding within a diversified pooled fund); and c. Additional criteria may be outlined in the manager’s addendum. 3. Money Market: a. The money market fund or STIF options provided by the Plan’s custodian; and b. Have a minimum rating of Standard & Poor’s A1 or Moody’s P1. 4. Pooled Funds: Investments made by the Board may include pooled funds. For purposes of this policy pooled funds may include mutual funds, commingled funds, and exchange-traded funds. a. Pooled funds may be governed by separate prospectus which may include investments not expressly permitted in this Investment Policy Statement. In the event of investment by the Plan into a pooled fund the Board the prospectus or governing policy of that pooled fund, as updated from time to time, shall be treated as an addendum to this Investment Policy Statement. b. The asset classification of the fund will be based upon its investment objective. B. Trading Parameters When feasible and appropriate, all securities shall be competitively bid. Except as otherwise required by law, the most economically advantageous bid shall be selected. Commissions March 2022August 2023 Page 5 paid for purchase of securities must meet the prevailing best-execution rates. The responsibility of monitoring best price and execution of trades placed by each manager on behalf of the Plan will be governed by the Portfolio Management Agreement between the Plan and the Investment Managers. C. Limitations 1. Investments in corporate common stock and convertible bonds shall not exceed seventy (75%) of the Plan assets at market. 2. Foreign securities shall not exceed twenty-five percent (25%) of Plan’s market value. 3. All equity and fixed income securities must be readily marketable. Commingled funds must be independently appraised at least annually. 3.4. The Board and its Investment Managers shall comply with the applicable requirements of Chapter 2023-28, Laws of Florida, including Section 112.662, along with regulations adopted by the Department of Management Services. The term “pecuniary factor” is defined as a factor that a named fiduciary “prudently determines is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with the investment objectives and funding policy of the investment program. The term does not include the consideration of the furtherance of any social, political, or ideological interests.” [112.662(1)]. In selecting Investment Managers, only pecuniary factors may be considered and the interests of the participants and beneficiaries of the system may not be subordinated to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. [112.662(2)]. Only pecuniary factors may be considered when voting proxies. [112.662(3)] D. Absolute Restrictions No investments shall be permitted in; 1. Any investment not specifically allowed as part of this policy. 2. Illiquid investments, as described in Chapter 215.47, Florida Statutes. V. COMMUNICATIONS A. On a monthly basis, the custodian shall supply an accounting statement that will include a summary of all receipts and disbursements and the cost and the market value of all assets. B. On a quarterly basis, the Investment Managers shall provide a written report affirming compliance with the security restrictions of Section IV (as well as any provisions outlined in the Investment Manager’s addendum). In addition, the Investment Managers shall deliver a report each quarter detailing the Plan's performance, forecast of the market and economy, portfolio analysis and current assets of the Plan. Written reports shall be delivered to the Board within 30 days of the end of the quarter. A copy of the written report shall be March 2022August 2023 Page 6 submitted to the person designated by the City, and shall be available for public inspection. The Investment Managers will provide immediate written and telephone notice to the Board of any significant market related or non-market related event, specifically including, but not limited to, any deviation from the standards set forth in Section IV or their Investment Manager addendum. In the event of any deviation from the standards set forth in Section IV or their Investment Manager addendum an action plan outlining the investment strategy shall be provided to the Board immediately. C. If the Fund owns investments, that complied with section IV at the time of purchase, which subsequently exceed the applicable limit or do not satisfy the applicable investment standard, such excess or noncompliant investments may be continued until it is economically feasible to dispose of such investment in accordance with the prudent man standard of care, but no additional investment may be made unless authorized by law or ordinance. An action plan outlining the investment ‘hold or sell’ strategy shall be provided to the Board immediately; and followed by a required detailed quarterly report from the investment manager indicating the status of the non-compliant security. The detailed report should include the original date of purchase and corresponding rating agency and rating change dates. D. The Investment Consultant shall evaluate and report on a quarterly basis the rate of return net of investment fees and relative performance of the Plan. E. The Board will meet periodically to review the Investment Consultant performance report. The Board will meet with the investment manager and appropriate outside consultants to discuss performance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Plan on a periodic basis. F. At least annually, the Board shall provide the Investment Managers with projected disbursement needs of the Plan so that the investment portfolio can be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. To this end the Investment Managers should, to the extent possible, attempt to match investment maturities with known cash needs and anticipated cash-flow requirements. G. The Investment Consultant, on behalf of the Plan, shall send a letter to any pooled fund referring the investment manager to the listing of ‘Scrutinized Companies’ by the State Board of Administration (‘SBA list’), on their website www.sbafla.com/fsb/. This letter shall request that they consider removing such companies from the fund or create a similar actively managed fund having indirect holdings devoid of such companies. If the manager creates a similar fund, the Plan shall replace all applicable investments with investments in the similar fund in an expedited timeframe consistent with prudent investing standards. For the purposes of this section, a private equity fund is deemed to be an actively managed investment fund. However, after sending the required correspondence, the Plan is not required to sell the pooled fund. F.H. The Board shall timely comply with the reporting requirement of Section 112.662 by filing a comprehensive report by December 15 of each odd-numbered year. [112.662(4)]. Investment managers and the Board’s Investment Consultant shall assist in the preparation of required reports and shall annually confirm to the Board their compliance with Chapter 2023-28 March 2022August 2023 Page 7 VI. COMPLIANCE A. It is the direction of the Board that the plan assets are held by a third party custodian, and that all securities purchased by, and all collateral obtained by the plan shall be properly designated as Plan assets. No withdrawal of assets, in whole or in part, shall be made from safekeeping except by an authorized member of the Board or their designee. Securities transactions between a broker-dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis to insure that the custodian will have the security or money in hand at conclusion of the transaction. B. The investment policy shall require all approved institutions and dealers transacting repurchase agreements to execute and perform as stated in the Master Repurchase Agreement. All repurchase agreement transactions shall adhere to the requirements of the Master Repurchase Agreement. C. At the direction of the Board, the Plan’s compliance with “Section IV. Authorized Investments” shall be reviewed by independent certified public accountants as part of any financial audit periodically required. Compliance with the Board’s internal controls over financial reporting shall also be verified. These controls have been designed to prevent losses of assets that might arise from fraud, error, or misrepresentation by third parties or imprudent actions by the Board or employees of the plan sponsor, to the extent possible. D. Each member of the Board shall participate in a continuing education program relating to investments and the Board’s responsibilities to the Plan. It is suggested that this education process begin during each Trustee’s first term. E. With each actuarial valuation, the Board shall determine the total expected annual rate of return for the current year, for each of the next several years and for the long term thereafter. This determination shall be filed promptly with the Department of Management Services, the plan’s sponsor and the consulting actuary. F. The proxy votes must be exercised for the exclusive benefit of the participants of the Plan. Each Investment Manager shall provide the Board with a copy of their proxy voting policy for approval. On a regular basis, at least annually, each manager shall report a record of their proxy vote. G. The Investment Consultant will provide Investment Managers for consideration based solely on pecuniary factors as defined by Florida Statutes §112.662. F.H. If a Request for Proposals document is issued for Investment Manager services, the solicitation document must include the following: The Board of Trustees may not request documentation of or consider a vendor’s social, political, or ideological interests when determining if the vendor is a responsible vendor. Additionally, the Board of Trustees may not give preference to a vendor based on vendor’s social, political, or ideological interests. March 2022August 2023 Page 8 VII. CRITERIA FOR INVESTMENT MANAGER REVIEW The Board wishes to adopt standards by which judgments of the ongoing performance of a portfolio manager may be made. If, at any time, any three of the following is breached, the portfolio manager may be warned of the Board's serious concern for the Plan's continued safety and performance. If any five of these are violated the consultant may recommend a manager search for that mandate.  Four (4) consecutive quarters of relative under-performance versus the benchmark.  Three (3) year trailing return below the top 40th 50th percentile within the appropriate peer group.  Three (3) year trailing return and under- performance versus the benchmark.  Five (5) year trailing return below the top 40th 50th percentile within the appropriate peer group.  Five (5) year trailing return and under- performance versus the benchmark.  Three (3) year downside volatility greater than the index (greater than 100), as measured by down market capture ratio.  Five (5) year downside volatility greater than the index (greater than 100), as measured by down market capture ratio.  Style consistency or purity drift from the mandate.  Management turnover in portfolio team or senior management.  Investment process change, including varying the index or benchmark.  Failure to adhere to the IPS or other compliance issues.  Investigation of the firm by the Securities and Exchange Commission (SEC).  Significant asset flows into or out of the company.  Merger or sale of firm.  Fee increases outside of the competitive range.  Servicing issues – key personnel stop servicing the account without proper notification.  Failure to attain a 60% vote of confidence by the Board. Nothing in this section shall limit or diminish the Board’s right to terminate the manager at any time for any reason. March 2022August 2023 Page 9 VIII. APPLICABLE CITY ORDINANCES If at any time this document is found to be in conflict with the City Ordinances or applicable Florida Statutes, the Ordinances and Statutes shall prevail. IX. REVIEW AND AMENDMENTS It is the Board’s intention to review this document at least annually subsequent to the actuarial report and to amend this statement to reflect any changes in philosophy, objectives, or guidelines. In this regard, the Investment Manager's interest in consistency in these matters is recognized and will be taken into account when changes are being considered. If, at any time, the Investment Manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict performance, the Board should be notified in writing. By initialing and continuing acceptance of this Investment Policy Statement, the Investment Managers concur with the provisions of this document. By signing this document, the Chairman attests that this policy has been recommended by the Investment Consultant, reviewed by the plan’s legal counsel for compliance with applicable law, and approved by the Board of Trustees. X. FILING OF THE INVESTMENT POLICY Upon adoption by the Board, the investment policy shall be promptly filed with the Florida Department of Management Services, the City, and the plan’s actuary. The effective date of the Investment Policy shall be the 31 days following the filing date with the City. CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT PLAN _______________________ __________ Chairman, Board of Trustees Date Client Memorandum To: Florida Public Pension Clients From: Klausner, Kaufman, Jensen & Levinson Date: 5/31/2023 Re: House Bill 3 (Chapter 2023-28, Laws of Florida): Act Relating to Government and Corporate Activism ______________________________________________________________________________ The purpose of this memo is to summarize recently adopted Florida statutory amendments, House Bill 3 (HB 3), governing the investment of public funds, along with related investment topics. The broadly written 51-page bill contains twenty-eight sections governing state funds, local funds, and qualified public depositories, among other financial institutions. While all of the various statutory sections amended are noted, the focus of this memo is on those provisions specific to local government plans. The law takes effect starting on July 1, 2023.In addition to regulating the fiduciary standards for public funds, HB 3 also contains a series of prohibitions on Environmental, Social and Governance (ESG) targeted investment practices, along with new anti-discrimination protections for consumers of financial services. Of particular interest for local pension boards, HB 3 amends Chapters 112, 175, 185 and 215, Florida Statutes. The following summary is not intended to be exhaustive, but rather focuses on amendments which are applicable to governmental pensions. As set forth below, HB 3 primarily impacts local government pension plans as follows: • Fiduciaries may solely invest based on “pecuniary factors”; • Fiduciaries may not invest to further any “social, political or ideological interests” (otherwise commonly known as “ESG”); • Governmental plans must comply with requirements 1 and 2 when voting proxies; • By December 15, 2023, and each odd-numbered year thereafter, governmental plans must file a comprehensive report detailing and reviewing governance policies; 2 • Related provisions broadly apply to financial institutions, including investment managers and qualified public depositories; • Requires manager contracts and certain manager communications to include statutory provisions. Our office will be working with investment consultants to formulate appropriate language to be included in revised investment policy guidelines. House Bill 3: Chapter 23-28 Laws of Florida Set forth below are the numbered sections of the bill that are applicable to governmental plans: Section 3: Amends Section 112.656 governing fiduciary duties for trustees to specify that investment decisions must comply with Section 112.662. Section 4: Amends Section 112.661 governing investment policies to provide that Section 112.662 shall prevail in cases of a conflict with other provisions. Section 5: Creates a new Section 112.662 governing investment and the exercise of shareholder rights. It is worthwhile for trustees and service providers to familiarize themselves with Section 112.662 which is the heart of the bill applicable to governmental plans. (1) The term “pecuniary factor” is defined as: a factor that the plan administrator, named fiduciary, board, or board of trustees prudently determines is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with the investment objectives and funding policy of the retirement system or plan. The term does not include the consideration of the furtherance of any social, political, or ideological interests. (2) After defining the term pecuniary factor, Section 112.662 makes clear that “only pecuniary factors may be considered” and the weight given to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. Similarly, “the interests of the participants and beneficiaries” of the plan “may not be subordinated to any nonpecuniary factor.” (3) When exercising shareholder rights by voting proxies these same considerations shall apply. Ordinarily, the board’s investment managers vote proxies on behalf of the board. Thus, investment managers will need to specifically comply with Section 112.662(3). (4) By December 15, 2023, and by December 15 of each odd-numbered year thereafter, retirement plans shall file a “comprehensive report detailing and reviewing the governance policies concerning decision-making in vote decisions and adherence to fiduciary standards,” including proxy voting, as required by HB 3. 3 By January 15, 2024, and by January 15 of each even-numbered year thereafter, the Department of Management Services (DMS) shall submit a report to Tallahassee that includes a summary of reports submitted by local plans. DMS shall also report incidents of non-compliance to the Attorney General who may institute proceedings to enjoin violations. In such actions, the Attorney General is entitled to reasonable attorney’s fees and costs. This section does not apply to member-directed investments. Our office will closely follow the process for adoption of rules to implement the new Section 112.662. In particular, rulemaking will be useful to clarify the degree to which managers may consider environment and governance considerations that a third-party investment manager ordinarily deems to be pecuniary in nature. Section 6: Amends Section 175.071 governing firefighter pension plans to cross reference to new Section 112.662. Section 7: Amends Section 185.06 governing police pension plans to cross reference to new Section 112.662. Sections 8 & 9: Amends Section 215.47 and 215.475 governing authorized investments and investment policies to cross reference to new Section 112.662. Section 10: Amends Section 215.4755 which governs the State Board of Administration and managers working for the Florida Retirement System. This section does not impact municipal plans. Section 11: Creates a new Section 215.681 prohibiting the issuance of ESG bonds. This section may impact municipal employers/plan sponsors, but pension plans do not issue bonds. Section 12: Creates a new Section 215.855 governing external communications by investment managers. As used in 215.855, “governmental entity” includes municipal or other political subdivision, including boards. “Investment manager” is defined as a private sector company that offers investment products or services to a governmental entity that has discretionary investment authority. “Public funds” are defined to include all money under the jurisdiction of a governmental entity including pension funds. Any contract executed, amended, or renewed on or after July 1, 2023, between a governmental entity and an investment manager must include the following provisions: (a) That any written communication made by the investment manager to a company in which such manager invests public funds on behalf of a governmental entity must include the following disclaimer in a conspicuous location if such communication discusses social, political, or ideological interests; subordinates the interests of the company’s shareholders to the interest of another entity; or advocates for the interest of an entity other than the company’s shareholders: 4 The views and opinions expressed in this communication are those of the sender and do not reflect the views and opinions of the people of the State of Florida. (b) That the contract may be unilaterally terminated at the option of the governmental entity if the investment manager does not include the disclaimer required in paragraph (a). Section 14: Amends Section 280.02 applicable to Qualified Public Depositories (QPDs). Section 15: Creates a new Section 280.025 to require attestation by QPDs beginning on July 1, 2023. Section 20: Creates a new Section 287.05701 applicable to government contracting to prevent consideration of a vendor’s social, political, or ideological interests. Beginning July 1, 2023, any solicitation for contractual services must include a provision notifying vendors of Section 280.025. Here is a link to HB 3: https://laws.flrules.org/2023/28 Feel free to contact our office if you have any questions about the application of HB 3. Expenditure Type Actual Expenses as of 09/30/2022 2022-2023 Proposed Budget Amount Actual Expenses as of 07/31/2023 2023-2024 Proposed Budget Amount Actuary $35,701.00 $35,000.00 $28,961.00 $35,000.00 Administrator $20,926.25 $23,000.00 $14,263.82 $23,000.00 Attorney $19,511.99 $19,000.00 $11,578.30 $21,000.00 IME Physician Fees $0.00 $10,000.00 $0.00 $10,000.00 Auditor/Accountant $12,870.00 $10,000.00 $0.00 $0.00 Custodian of Funds $8,456.30 $12,000.00 $4,093.86 $12,000.00 Insurance $5,350.00 $7,000.00 $4,932.00 $7,000.00 School, Travel and Dues $0.00 $10,000.00 $2,252.49 $10,000.00 Investment Consultant $24,000.00 $25,000.00 $12,240.00 $26,000.00 Miscellaneous $0.00 $5,000.00 $0.00 $5,000.00 Totals $126,815.54 $156,000.00 $78,321.47 $149,000.00 SCHEDULE OF EXPENDITURES BUDGET TO ACTUAL AS OF JULY 31, 2023 CITY OF CRESTVIEW POLICE OFFICERS' AND FIREFIGHTERS RETIREMENT PLAN Writer’s e-mail: yolanda@robertdklausner.com MEMORANDUM TO: City of Crestview Police and Firefighters’ Retirement Plan FROM: Yolanda Vega RE: Proposed 2024 Meeting Dates DATE: August 3, 2023 Listed below are the proposed 2024 meeting dates based on the previous year’s schedules. Should they meet with the Board’s approval, please let us know and we will put them on our calendar. Should there be any discrepancies with any of the dates and/or times, please do not hesitate to contact Yolanda at the office, via phone at 954-916-1202 or e-mail at Yolanda@robertdklausner.com, and we will do the best we can to comply with your requests. ALL MEETINGS WILL BE HELD AT 2:30PM Tuesday, March 5 Tuesday, June 4 Tuesday, August 27 Tuesday, December 3 Thank you WARRANT # SENT FOR PAYMENT FOR PERIOD DESCRIPTION TOTAL DUE 29 6/29/2023 April 2023 Klausner, Kaufman, Jensen & Levinson, invoice #32734, legal services $3,434.40 29 6/29/2023 Since Last Invoice Foster & Foster, invoice #27076, actuarial services $25,111.00 29 6/29/2023 May 2023 Klausner, Kaufman, Jensen & Levinson, invoice #32916, legal services $1,335.60 29 6/29/2023 May 2023 Foster & Foster, invoice #27339, plan administration $1,725.00 30 8/21/2023 April 1 - June 30, 2023 AndCo, invoice #44481, investment consulting $6,120.00 30 8/21/2023 June 2023 Klausner, Kaufman, Jensen & Levinson, invoice #33118, legal services $2,021.84 30 8/21/2023 April 1 - June 30, 2023 Salem Trust, 2nd quarter fees, custodial services $2,542.12 30 8/21/2023 April 1 - June 30, 2023 Agincourt Capital Management, invoice #18569, investment management $2,936.47 30 8/21/2023 June 2023 Foster & Foster, invoice #27756, plan administration $1,981.04 30 8/21/2023 July 2023 Klausner, Kaufman, Jensen & Levinson, invoice #33304, legal services $95.40 30 8/21/2023 July 2023 Foster & Foster, invoice #28014, plan administration $1,725.00 Total Invoices $49,027.87 Total Checks $0.00 CHECK REQUESTS **Highlighted items are pending approval and have not yet been paid** INVOICES SUMMARY OF PAYMENTS City of Crestview Police Officers' and Firefighters' Retirement Plan June 07, 2023 - August 29, 2023 FOR RATIFICATION: Warrant #29, Invoices ------------ Paid on warrant 28 Invoice Date 5/26/2023 Invoice # 27076 Bill To City of Crestview Police Officers' & Firefighters' Retirement Plan c/o Foster & Foster, Inc. 2503 Del Prado Blvd., Suite 502 Cape Coral, FL 33904 City of Crestview Police Officers' and Firefighters' Retirement Plan Terms Net 30 Due Date 6/25/2023 Balance DueThank you for your business! Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Description Amount Benefit Calculations: TEMPLE, Shawn (EARLY & NORMAL) 400.00 Preparation for and attendance at November 29, 2023 Board meeting (Board's share of expenses)281.00 Refund Calculations: SMITH, Decatur; NEWCOMB, William; CHISHOLM, Christine 375.00 Benefit Calculations: LEADMON, Michael (EARLY)300.00 Preparation of GASB 67 Statement with measurement date of 09/30/2022 1,600.00 Preparation of GASB 68 Statement with measurement date of 09/30/2022 2,500.00 Preparation of the October 1, 2022 Actuarial Valuation and Report 13,305.00 Electronic filing of 10/1/2022 valuation report to the Division of Retirement 300.00 Preparation of the 2022 Annual Report for the Division of Retirement 3,300.00 Page 1 Invoice Date 5/26/2023 Invoice # 27076 Bill To City of Crestview Police Officers' & Firefighters' Retirement Plan c/o Foster & Foster, Inc. 2503 Del Prado Blvd., Suite 502 Cape Coral, FL 33904 City of Crestview Police Officers' and Firefighters' Retirement Plan Terms Net 30 Due Date 6/25/2023 Balance DueThank you for your business! Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Description Amount Preparation of the 09/30/2022 Share Plan schedule 2,750.00 Page 2 Most preferred method of payment is an ACH deposit. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste104. Fort Myers, FL 33912 $25,111.00 ------------ Paid on this warrant Invoice Date 6/12/2023 Invoice # 27339 Bill To City of Crestview Police Officers' & Firefighters' Retirement Plan c/o Foster & Foster, Inc. 2503 Del Prado Blvd., Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 7/12/2023 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of May 2023. 1,725.00 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $1,725.00 Page 1 of 1 AndCo Consulting, LLC 531 W Morse Blvd Ste 200 Winter Park, FL 32789 844-442-6326 ar@andcoconsulting.com INVOICE BILL TO Kathy Austin Crestview Police & Firefighters INVOICE 44481 DATE 06/30/2023 DESCRIPTION AMOUNT Consulting Services and Performance Evaluation, Billed Quarterly (April, 2023)2,040.00 Consulting Services and Performance Evaluation, Billed Quarterly (May, 2023)2,040.00 Consulting Services and Performance Evaluation, Billed Quarterly (June, 2023)2,040.00 ------------------------------------------------- It is our honor and privilege to provide excellence service. If this is not your experience, please contact us immediately.BALANCE DUE $6,120.00 FOR RATIFICATION: Warrant #30, Invoices Klausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.klausnerkaufman.com Fax (954) 916-1232 Tax I.D.: 45-4083636 CITY OF CRESTVIEW POLICE AND FIREFIGHTERS' RET PLAN CIO FOSTER & FOSTER 2503 DEL PRADO BLVD., SUITE 502 CAPE CORAL, FL 33904 June 30, 2023 BiII # 33118 CLIENT: CRESTVIEW POLICE AND FIREFIGHTERS' RET PLA : 170028 MATTER: CITY OF CRESTVIEW POLICE AND FIREFIGHTERS' RET PLAN :170028 Professional Fees Date Attorney Description Hours Amount 06/06/23 SAK PREPARE FOR MEETING 0.30 143.10 06/06/23 SAK ATTEND MEETING 1.40 667.80 06/06/23 SAK TRAVEL TIME 0.90 214.65 06/06/23 SS ATTEND MEETING 1.40 0.00 06/06/23 SS TRAVEL TIME 0.90 0.00 06/13/23 SAK REVIEW OF INTERCONTINENTAL ESG 0.30 143.10 ISSUES 06/15/23 SAK REVIEW OF BUYBACK ISSUES 0.30 143.10 06/16/23 SAK REVIEW OF SALEM TRUST ISSUES 0.30 143.10 06/22/23 SAK REVIEW OF AND REVISE ROBBINS 0.40 190.80 GELLER SECURITIES MONITORING AGREEMENT Total for Services 6.20 $1,645.65 Costs Date Description Amount 06/06/23 TRAVEL EXPENSES AIRFARE 48.00 06/06/23 TRAVEL EXPENSES CAR RENTAL AND 51.44 TRANSPORTATION 06/06/23 TRAVEL EXPENSES HOTEL AND MEALS 276.75 Total Costs $376.19 Continued .. . ------------ Paid on warrant 29 Fee A/C# M21337 Crestview P&F Fee Invoice for Period April 1, 2023 to $22,596,615.45 Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee $22,596,615.45 0.00045 $10,168.48 $2,542.12 TOTAL $2,542.12 If you have any questions, please contact Mark Rhein at 877-382-5268. July 13, 2023 Michelle Rodriguez Foster & Foster 2503 Del Prado Blvd S Suite 502 Cape Coral, Fl 33904 billing@foster-foster.com June 30, 2023 Total Market Value for Fund:  1715 N. WESTSHORE BLVD., SUITE 750    TAMPA, FL  33607    TEL (877) 382‐5268    FAX (813) 301‐1295 www.salemtrust.com INVOICE FOR PAYMENT Ms. Kim Kilgore Plan Administrator Foster & Foster 2503 Del Prado Blvd. S. Suite 502 Cape Coral, FL 33904 Crestview Police and Fire Retirement Plan Per Our Investment Management Agreement, the fees to Agincourt Capital Management in payment for investment services rendered from 4/1/2023 - 6/30/2023 MONTHLY MARKET VALUE CVP - Crestview Police and Fire Retirement Plan \ 0740007935 6/30/2023 $4,698,357.02 $4,698,357.02 x 0.2500 %=$11,745.89 Total Annual Fee $11,745.89 Total Quarterly Fee Due $2,936.47 Please make payment to Agincourt Capital Management, within 30 days: If by ACH Branch Banking Trust (BBT) 901 East Byrd Street, Richmond, VA 23219 ABA# 021052053 | Account# 72169911 | FBO: Agincourt Capital Management If by Wire Previous wire instructions are valid. Please send wire to account ending with #1778. If you need instructions, please call 804-915-1308. If by Check Agincourt Capital Management, LLC ATTN: Elsie Rose 200 South 10th Street, Suite 800 Richmond, VA 23219 Agincourt's Federal Tax ID: 54-1947440 Please let us know if you would like a copy of our latest SEC Form ADV Part 2, our Code of Ethics or our Privacy Statement. 200 SOUTH 10TH STREET, SUITE 800, RICHMOND, VA 23219 T 804.648.1111 F 804.864.2611 INVOICE 7/17/2023 #18569 Invoice Date 7/26/2023 Invoice # 27756 Bill To City of Crestview Police Officers' & Firefighters' Retirement Plan c/o Foster & Foster, Inc. 2503 Del Prado Blvd., Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 8/25/2023 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of June 2023. Attendance at June 06, 2023, Board meeting (out-of-pocket expenses shared with Crestview General, Ft. Walton Beach Fire/Police and E. Niceville Fire Pension Boards). Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 1,725.00 256.04 $1,981.04 ----------- Paid on warrant 29 Invoice Date 8/17/2023 Invoice # 28014 Bill To City of Crestview Police Officers' & Firefighters' Retirement Plan c/o Foster & Foster, Inc. 2503 Del Prado Blvd., Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 9/16/2023 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of July 2023. 1,725.00 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $1,725.00 May 31, 2023 through August 22, 2023 Retirees Term Date Monthly Benefit Option Selection PLOP Sent to Custodian James Anderson 7/4/2023 $5,562.98 LA 0%8/18/2023 DROP Entries Entry Date Monthly Benefit Option Selection None this period DROP Exits Term Date Monthly Benefit Account Balance Sent to Custodian None this period Share Plan Distriutions Term Date Balance Date Amount Type Sent to Custodian Frank Van Schmidt 2/6/2022 9/30/2022 $3,412.80 Direct Payment 8/7/2023 Refunded Contributions Term Date Refund Amount Status Sent to Custodian None this period Purchase of Service Credit Amount Due Rollover Contributions Sent to Custodian None this period Deceased Members/Beneficiaries Benefit Amount Date of Death Option Selected Sent to Custodian None this period Beneficiary Payments Benefit Amount Type Sent to Custodian None this period FUND ACTIVITY REPORT City of Crestview Municipal Police & Fire Employees' Retirement Trust Fund Page 1