Loading...
HomeMy Public PortalAbout11-28-23_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, November 28, 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. August 9, 2023, quarterly meeting minutes IV. REPORTS (ATTORNEY/CONSULTANTS) A. AndCo Consulting, Tyler Grumbles, Investment Consultant 1. Quarterly report as of September 30, 2023 B. Klausner, Kaufman, Jensen & Levinson, Sean Sendra, Board Attorney 1. 25 and Out Ordinance 2. House Bill 3 reporting requirements 3. Robbins-Geller Service Agreement V. OLD BUSINESS VI. NEW BUSINESS VII. CONSENT AGENDA A. Payment ratification 1. Warrants #31 and #32 B. Invoices for payment approval 1. None C. Fund activity report for period August 23, 2023 through 11/21/2023 VIII. STAFF REPORTS, DISCUSSION, and ACTION A. Michelle Rodriguez, Plan Administrator 1. FPPTA Annual Membership Renewal 2. Education Opportunities i. FPPTA Winter Trustee School, January 28-31, 2024, Orlando, FL IX. NEXT QUARTERLY MEETING DATE: March 5, 2024 at 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, August 29, 2023, at 2:30pm TRUSTEES PRESENT: Ellis Conner David Griggs Dan Krusenklaus Andrew Schneider Corey Winkler TRUSTEES ABSENT: None OTHERS PRESENT: Tyler Grumbles, AndCo Consulting (via video) Stu Kaufman, Klausner, Kaufman, Jensen, & Levinson (via video) Joe Griffin, Foster & Foster (via video) Michelle Rodriguez, Foster & Foster Billy Gilliam, City of Crestview Gina Toussant, City of Crestview Donald Howe, Member of the Plan 1. Call to Order – The meeting was called to order at 2:31pm. 2. Roll Call – As reflected above. 3. Public Comments a. Donald Howe Jr. commented he had a pension benefit estimate completed in 2018 because he was threatened by the previous Chief of Police to retire or be fired. Donald commented the Police Chief was later fired, and he kept his job. Donald commented he was thinking of entering the DROP on 1/1/2024 and needs another benefit calculation, however he was told the plan only pays for two calculations. b. Michelle Rodriguez commented there was no administrative rule that determines how many calculations are covered by the plan and said she would need guidance from the Board on this issue. c. Andrew Schneider commented the plan only pays for two calculations, one estimate and one final and added Donald should pay for an additional benefit estimate himself and then ask the City for a reimbursement. 4. Approval of Minutes a. June 6, 2023, quarterly meeting The minutes from the June 6, 2023, quarterly meeting were approved, upon motion by Ellis Conner and second by Dan Krusenklaus; motion carried 5-0. 5. Reports (Attorney/Consultants) a. AndCo Consulting, Tyler Grumbles, Investment Consultant 2 i. Quarterly report as of June 30, 2023 1. Tyler Grumbles reviewed the market environment over the last quarter and commented performance was dominated by large cap US funds, but mid cap and small cap funds also did well. Tyler commented in the fixed income market, corporate bonds did better than government bonds. 2. Tyler Grumbles commented the stock market’s ‘Magnificent Seven’, Apple, Microsoft, Nvidia, Tesla, Meta, Alphabet and Amazon, drove a lot of the returns and Apple was now worth more than the collective value of the Russell 2000 index. 3. Tyler Grumbles reviewed the asset allocations of the plan and did not have any recommendations for rebalancing. Tyler commented the state money was received and put into domestic fixed income. 4. Tyler Grumbles reviewed the financial reconciliation and commented market value increased by $720,051.00 over the last quarter. 5. The market value of assets as of March 31, 2023, was $26,787,274. 6. The gross earnings for the quarter were 3.05%, slightly underperforming the policy benchmark of 3.63%. The fiscal year- to-date earnings were 13.29%, underperforming the policy benchmark of 14.15%. The trailing returns for the 1, 3, 4, and 5- year periods were 8.75%, 7.56%, 6.78%, and 6.78% respectively. Since inception (10/01/1994) returns were 7.57%, slightly underperforming the policy benchmark of 7.69%. 7. Tyler Grumbles reviewed the performance of the individual funds and did not recommend any changes at this time. ii. Updated Investment Policy Statement 1. Tyler Grumbles reviewed changes to the Investment Policy Statement (IPS) and commented he incorporated language in several places that would keep them in compliance with Section 112.662 Florida Statutes. The Board voted to approve the Investment Policy Statement as presented upon motion by Dan Krusenklaus and second by David Griggs; motion carried 5-0. b. KKJL, Stu Kaufman and Sean Sendra, Board Attorneys i. House Bill 3 memo 1. Stu Kaufman commented they continue to work with the State to determine the reporting requirements associated with House Bill 3 and added the investment policy statement had been updated to comply with the language found in Section 112.662 Florida Statutes. ii. State monies update 1. Stu Kaufman commented the Police received $290,456.10 and the Fire received $224,870.27 from the State Premium Tax distributions. Stu commented the amount increased from last year as the Police received $252,262.00 and the Fire received $170,888.96. 3 6. Old Business a. Stu Kaufman commented the 25-year and out proposed ordinance language was approved by the City and commented the administrator would request the City Clerk to put it on the next City Commission agenda for first reading. 7. New Business a. Benefit calculations provided by the plan i. Michelle Rodriguez asked the Board to verify the number of pension benefit calculations for members the plan would pay for. Andrew Schneider commented the plan would pay for one estimate and one final calculation for each member. b. Fiscal Year 2023-2024 Proposed Budget i. Michelle Rodriguez reviewed the proposed budget for the upcoming fiscal year, reviewing the individual expenditure types and the total overall amount. Michelle commented this was a requirement of the State under Chapter 175/185 and was not a budget in the traditional sense that required the plan to set money aside for each expense. The Board voted to approve the Fiscal Year 2023-2024 proposed budget, as presented, upon motion by Dan Krusenklaus and second by David Griggs motion carried 5-0. c. 2024 Meeting Dates i. Michelle Rodriguez commented no action was required and the 2024 meeting dates were being presented for informational purposes only. 8. Consent Agenda a. Payment ratification – Warrants #29, #30 b. Invoices for approval – None c. Fund activity report for May 31, 2023, through August 22, 2023 The Board voted to approve the Consent Agenda as presented, upon motion by David Griggs and second by Dan Krusenklaus; motion carried 5-0. 10. Staff Reports, Discussion and Action a. Foster & Foster, Michelle Rodriguez, Plan Administrator i. Financial Disclosure Forms 1. Michelle Rodriguez reminded the Board to submit their financial disclosure forms to the Supervisor of Elections in the County in which they reside if they had not done so already. ii. Education Opportunities 1. Michelle Rodriguez reviewed education opportunities that were available to the board. 11. Trustee Reports, Discussion and Action a. Corey Winkler asked if active DROP members continue to earn Share Plan allocations while in DROP. b. Joe Griffin said he would research the question and send Corey the answer in between meetings. 12. Adjournment - The meeting adjourned at 3:25pm. 4 13. Next Meeting – November 28, 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="132" DocumentTypeId="1" EffectiveDate="09/30/2023" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending September 30, 2023 City of Crestview General Employees' Pension Plan 3rd Quarter 2023 Market Environment Page 1 The Market Environment Executive Summary As of September 30, 2023 The Economy 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 late July,followed by a pause at the September Federal Open Market Committee (FOMC)meeting.The Fed continues to prioritize fighting high inflation with the press release from the July meeting detailing the FOMC’s commitment to returning inflation to its 2%target rate.In addition,the committee members have agreed to continue reducing the Fed’s balance sheet by reducing holdings in Treasuries, agency debt and agency mortgage-backed securities. The US labor market continues to show signs of weakening.Private payroll growth for the month of September showed growth well below estimates,coming in at just 89,000 new jobs for the month. Capital market yields have risen to their highest levels in over a decade as market participants are demanding a greater premium on long-term Treasury securities. The 30-year Treasury yield jumped 0.88%during the quarter signaling that market participants are anticipating higher levels of both inflation and policy interest rates. The Atlanta Fed’s GDPNow model’s projected third-quarter GDP growth has been revised upward from the original estimates of 3.5%in July to 4.9%at the end of September.The main drivers of the upward revisions came in August upon the release of personal consumption and private domestic investment data from the US Bureau of Labor and Statistics. Equity (Domestic and International) US equities moved broadly lower during the third quarter.The selloff was agnostic to size and style as all major domestic equity benchmarks finished the quarter with losses in the mid to high single-digit territory.After its encouraging performance in the second quarter,the large-cap S&P 500 benchmark fell by -3.3%for the third quarter.Small-cap stocks faced a deeper drawdown over the period with the Russell 2000 returning -5.1%.Contributing factors to this quarter’s performance were,unsurprisingly,related to interest rates and the overall level of inflation in the economy. International stocks also came under pressure during the third quarter,reversing their positive results from last quarter.China continues to show signs of weakness as the cost of debt increases globally.Given China’s large weight in the MSCI Emerging Market Index and its economic influence in the region,future prospects of growth for southeast Asia will be largely dependent on the strength of future growth for the country. Fixed Income While the US economy continues to see signs of disinflation,many of the Fed’s preferred gauges continue to show inflation above their long-term target.During the quarter,the Fed maintained its inflation-fighting policy stance,increasing interest rates by 0.25%in July but opting to pause in September.The additional rate hike in July along with the possibility that additional rate hikes could occur later in the year,drove capital market yields sharply higher during the quarter. The mortgage-backed sector was the worst-performing sector during the quarter as the 10-year Treasury yield hit its highest level in 16 years.US Government securities were the worst-performing sector during the previous 12 months.US Treasuries have lagged corporate and securitized sectors as yields at longer maturities rose significantly and credit availability has tightened since last year. High-yield corporate bonds have held up better than higher-quality issues,aided by narrowing credit spreads,higher coupons,and generally shorter maturities. High-yield bonds were the best-performing segment of the domestic bond market during the quarter and on a trailing 12-month basis. Market Themes Economies around the globe continue to struggle with taming inflation.Markets are beginning to experience pressures brought on by higher costs of debt and pricing in expectations of higher interest rates for longer than originally anticipated. US Treasury yields on the long end of the par curve have risen sharply which threatens to undercut the economy by markedly raising borrowing costs. While energy costs have subsided from the initial shock of the Russian invasion in 2022,oil prices have been driven higher in recent months due to cuts in global production.This was soon followed by consumer-led demand destruction and expectations are that prices could soon subside. Despite concerns about slowing economic growth,lower-quality corporate bonds continue to outperform the government sector. US and international equity markets have struggled to maintain their recovery after last year’s disappointment.Expectations that inflation would continue to moderate and central banks would slow the pace of their monetary tightening cycles have not taken shape as quickly as originally anticipated,leaving the consumer disadvantaged by higher price levels,higher interest rates,and weak availability of credit. Page 2 The Market Environment Major Market Index Performance As of September 30, 2023 Domestic equity markets struggled in the third quarter,reverting from the performance posted in the first half of 2023.Strong performance from domestic equities markets earlier in the year was enough to overshadow the third quarter’s negative returns,leading to positive results for most domestic equity benchmarks on a trailing one-year basis.Macroeconomic challenges faced by the US economy for the past several quarters finally weighed on market participants,leading to dismal market returns.For the period,the Russell 1000 large-cap benchmark returned -3.1 %versus -4.7%for the Russell Mid Cap Index and -5.1%for the Russell 2000 small-cap index. International developed and emerging market equities also delivered disappointing results,in line with their domestic counterparts.Europe continues to face geopolitical risks related to the conflict in Ukraine and rising interest rates.However,inflation has eased somewhat due to higher rates and more manageable energy prices.The developed-market MSCI EAFE Index returned -4.1%for the quarter and the MSCI Emerging Markets Index fell by -2.9%. The domestic bond market continued its decline during the quarter due to the Fed’s decision to hike policy rates an additional 0.25%and a re-shaping of the Treasury yield curve.The Bloomberg US Aggregate Index returned -3.2%for the quarter and investment-grade corporate bonds returned a similar -3.1%. Over the one-year trailing period,US equity markets were positive as the disappointing performance from much of 2022 rolled off.The S&P 500 Index climbed 21.6%for the trailing 12 months.The weakest relative performance for the year was the Russell 2000 Index,which still rose 8.9%over the last 12 months. International markets also shook off their poor 2022 performance.Over the trailing one-year period,the MSCI EAFE Index was the best-performing equity benchmark,returning 25.6%while the MSCI Emerging Markets Index posted a more modest 11.7%. Bond markets were generally flat over the previous 12 months.Investment- grade corporate bonds were the best-performing sector,posting a return of 3.6%.Meanwhile,Treasuries were negative,returning -0.7%over the previous 12 months.The bellwether fixed-income benchmark,the Bloomberg US Aggregate Index,returned a small,positive 0.6%. Source: Investment Metrics 1.3% -3.1% -4.1% -2.6% -3.0% -3.2% -2.9% -4.1% -3.8% -5.1% -4.7% -3.1% -3.3% -3.3% -6.0%-4.0%-2.0%0.0%2.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 4.6% 3.6% -0.2% 1.2% -0.7% 0.6% 11.7% 25.6% 20.4% 8.9% 13.4% 21.2% 20.5% 21.6% -5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of September 30, 2023 During the third quarter,core domestic equity benchmarks reversed course from their encouraging first-half 2023 performance.The selloff was agnostic to style as growth and value were down -3.3%and -3.2%respectively for the Russell 3000 Index,the broad market benchmark. Large-cap stocks once again led results for the capitalization-based benchmarks,besting both the mid-cap and small-cap indices for the quarter. Russell 1000 Index fell by -3.1%while the Russell 2000 Index fell by -5.1%. Among large-cap stocks,performance was relatively uniform across the style spectrum as growth fell by -3.1%and value fell by -3.2%.However,among small-cap stocks,performance across the style spectrum was disparate as growth fell by -7.3%and value fell by just -3.0%. The third quarter’s reversal for domestic equity markets did not eclipse the rebound seen in the asset class during the first half of 2023 as each of the Russell indices were positive on a trailing 12-month basis.Within large-cap stocks,the Russell 1000 Growth Index maintains sizable dominance,returning 27.7%and leading the way among style-and-market-capitalization classifications.The worst-performing sub-index was the Russell 2000 Value, which posted a modest 7.8%return for the trailing 12 months. Growth rebounded from disappointing results in early 2022 and continues to lead value-based benchmarks in all market capitalization ranges over the trailing year.The Russell 2000 Growth Index returned 9.6%,outpacing the Russell 2000 Value Index return of 7.8%.The Russell 1000 Growth and Russell Midcap Growth benchmarks gained 27.7%and 17.5%,respectively, while their corresponding value index counterparts returned solid,but lagging, performance of 14.4%and 11.0%,respectively. -7.3% -5.1% -3.0% -5.2% -4.7% -4.5% -3.1% -3.1% -3.2% -3.3% -3.3% -3.2% -8.0%-6.0%-4.0%-2.0%0.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series 9.6% 8.9% 7.8% 17.5% 13.4% 11.0% 27.7%21.2% 14.4% 26.6% 20.5% 14.0% 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 Page 4 The Market Environment GICS Sector Performance & (Sector Weight) As of September 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. Performance of the large-cap Russell 1000 Index was affected by negative performance in nine of 11 economic sectors during the quarter. However,four of the 11 sectors managed to outpace the core large-cap index. While domestic equities experienced challenges during the quarter,the energy sector managed a solid return of 12.5%.The other three sectors that outpaced the headline large-cap index’s -3.1%return for the quarter were communication services (2.4%),financials (-0.6%)and health care (-3.0%).The worst-performing sectors during the quarter were utilities (-9.2%),and real estate (-8.8%). For the full year,four economic sectors exceeded the return of the broad large-cap index,and nine of the 11 sectors posted positive performance. The weakest economic sectors in the Russell 1000 for the year were utilities,and real estate which declined by -7.0%and -1.5%,respectively. Both sectors have been heavily impacted by rising energy costs and a market rotation away from defensive names. Nine of 11 economic sectors in the small-cap benchmark posted negative results during the quarter while just three exceeded the -5.1%return of the Russell 2000 Index.The health care (-15.1%)and utilities (-11.7%) sectors detracted the most from small-cap performance,lagging the broad benchmark for the quarter.The two economic sectors that were positive for the quarter were energy (18.6%),and financials (1.2%). Similar to their large-cap peers,seven small-cap sectors were positive for the trailing 12 months.Energy posted the strongest sector result (39.1%) while the industrials sector also posting a return of more than 20%for the last 12 months.Just four of the 11 economic sectors fell short of the core small-cap benchmark’s return of 8.9%over the trailing year.The worst- performing sector for the year was health care with a return of -10.4%. The utilities (-6.8%),financials (-3.2%),and communication services (-0.6%)sectors also posted negative results for the year. -7.0% -1.5% 18.8% 41.0% 24.0% 8.0% 14.5% 28.1% 7.2% 14.6% 36.1% -9.2% -8.8% -4.6% -5.4% -4.7% -3.0% -0.6% 12.5% -5.7% -4.6% 2.4% -15.0%-5.0%5.0%15.0%25.0%35.0%45.0% Utilities (2.4%) Real Estate (2.8%) Materials (2.6%) Info Technology (26.7%) Industrials (9.5%) Health Care (13.2%) Financials (13.1%) Energy (4.3%) Consumer Staples (6.2%) Consumer Disc (10.9%) Comm Services (8.3%) Russell 1000 Quarter 1-Year -6.8% 4.6% 15.4% 17.9% 22.6% -10.4% -3.2% 39.1% 15.6% 18.7% -0.6% -11.7% -5.5% -6.0% -9.1% -5.2% -15.1% 1.2% 18.6% -2.9% -5.8% -7.5% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0% Utilities (2.9%) Real Estate (6.1%) Materials (4.6%) Info Technology (13.3%) Industrials (17.1%) Health Care (15.8%) Financials (15.9%) Energy (7.5%) Consumer Staples (3.5%) Consumer Disc (10.7%) Comm Services (2.5%) Russell 2000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of September 30, 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 Technology397.9%10.0%0.6%Super Micro Computer IncInformation Technology24.6%-11.6%6.4%Apple Inc Industrials-8.3%5.8%0.3%Chart Industries IncInformation Technology36.9%-7.1%5.9%Microsoft Corp Energy84.2%15.1%0.3%ChampionX CorpConsumer Discretionary12.5%-2.5%2.9%Amazon.com Inc Energy29.3%6.3%0.3%Chord Energy Corp Ordinary Shares Information Technology258.6%2.8%2.6%NVIDIA Corp Energy32.3%19.1%0.3%Murphy Oil CorpCommunication Services36.8%9.3%2.0%Alphabet Inc Class A Energy22.8%14.0%0.3%Matador Resources CoConsumer Discretionary-5.7%-4.4%1.7%Tesla Inc Consumer Discretionary66.3%3.7%0.3%Light & Wonder Inc Ordinary SharesCommunication Services37.1%9.0%1.7%Alphabet Inc Class C Energy179.7%36.0%0.3%Weatherford International PLC Communication Services121.3%4.6%1.7%Meta Platforms Inc Class A Industrials93.1%8.4%0.3%Simpson Manufacturing Co IncFinancials31.2%2.7%1.6%Berkshire Hathaway Inc Class B Information Technology37.3%-11.2%0.3%SPS Commerce IncEnergy39.1%10.6%1.2%Exxon Mobil Corp 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 Health Care211.0%239.2%0.0%Tango Therapeutics IncInformation Technology105.0%55.3%0.0%AppLovin Corp Ordinary Shares Materials-22.3%166.3%0.0%PolyMet Mining CorpIndustrials283.0%50.2%0.0%Vertiv Holdings Co Class A Communication Services75.5%161.1%0.0%Cardlytics IncConsumer Discretionary36.9%46.6%0.0%Capri Holdings Ltd Communication Services41.3%124.8%0.1%Telephone and Data Systems IncConsumer Discretionary-26.2%45.7%0.0%Rivian Automotive Inc Class A Consumer Staples115.4%116.8%0.0%Thorne HealthTech IncEnergy3.3%38.8%0.0%Texas Pacific Land Corp Health Care588.0%102.4%0.1%Immunovant IncFinancials13.4%38.7%0.0%Affirm Holdings Inc Ordinary Shares Energy77.7%88.8%0.0%Tetra Technologies IncInformation Technology94.5%37.9%0.1%Splunk Inc Information Technology91.1%74.8%0.0%NextNav IncConsumer Discretionary4.5%36.2%0.0%H&R Block Inc Energy38.5%74.3%0.0%Centrus Energy Corp Class AConsumer Discretionary49.6%33.2%0.0%Ollie's Bargain Outlet Holdings Inc Energy156.6%68.3%0.0%Hallador Energy CoFinancials-28.4%31.4%0.0%Zions Bancorp NA 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-81.9%-87.3%0.0%Outlook Therapeutics IncCommunication Services-87.0%-79.4%0.0%AMC Entertainment Holdings Inc Information Technology-81.9%-83.4%0.0%CXApp Inc Ordinary Shares Utilities-62.4%-65.0%0.0%Hawaiian Electric Industries Inc Health Care-97.1%-81.8%0.0%Cano Health Inc Ordinary Shares Health Care-78.7%-61.1%0.0%NovoCure Ltd Communication Services-88.9%-79.2%0.0%Loop Media IncHealth Care-44.3%-58.2%0.0%Apellis Pharmaceuticals Inc Information Technology-74.6%-76.3%0.0%Akoustis Technologies IncInformation Technology-38.9%-55.3%0.0%Viasat Inc Consumer Staples-87.9%-74.5%0.0%Benson Hill IncConsumer Discretionary-63.4%-54.0%0.0%Petco Health and Wellness Co Inc Industrials-76.5%-74.4%0.0%TPI Composites IncIndustrials-55.0%-53.5%0.0%Driven Brands Holdings Inc Health Care-76.7%-73.9%0.0%Kodiak Sciences IncConsumer Staples-79.6%-47.6%0.0%Olaplex Holdings Inc Communication Services-80.8%-73.1%0.0%System1 IncHealth Care-37.9%-46.7%0.0%Masimo Corp Information Technology-30.2%-72.6%0.0%Presto Automation IncIndustrials-26.4%-44.7%0.0%Spirit AeroSystems Holdings Inc Page 6 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of September 30, 2023 International developed and emerging market benchmarks struggled in both US Dollar (USD)and local currency (LCL)terms.The strengthening USD contributed to weaker USD performance for non-US indices during the quarter.The developed-market MSCI EAFE Index struggled with a -4.1% return in USD and -1.3%in LCL terms for the period.The MSCI Emerging Markets Index fell by less than most developed market indices,returning -2.9%in USD and -1.4%in LCL terms. The EMEA index had the smallest drawdown for the quarter in USD terms, falling -1.8%.In local currency terms,the Pacific regional index exhibited a slight 0.2%gain during the quarter,the only positive return among its peers. Trailing one-year results were more appealing compared to the quarter’s results.Much like domestic markets,trailing one-year performance for international developed and emerging markets rolled off their poor performance from 2022 resulting in strong returns for the trailing year. Additionally,LCL returns have outpaced USD returns for many developed markets due to the softening USD relative to many of the world’s developed- market currencies over the year. Annual returns across emerging markets were broadly higher given their strong performance early in the year.Latin American results led the way with returns of 19.4%in USD and 8.3%in LCL terms.Performance in the EMEA regional benchmark detracted from emerging market index with the EMEA Index posting returns of 5.6%in USD and 8.1%in LCL terms.As a result,the broad MSCI Emerging Markets Index returned 11.7%in USD and 10.9%in LCL terms for the year. -1.7% -1.5% -0.8% -1.4% 0.2% -2.0% -1.3% -1.3% -1.4% -4.7% -2.9% -1.8% -2.9% -2.7% -4.9% -4.1% -4.1% -3.8% -5.0%-3.0%-1.0%1.0% 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 8.3% 11.7% 8.1% 10.9% 22.6% 19.3% 20.3% 19.1% 16.7% 19.4% 11.9% 5.6% 11.7% 20.4% 28.5% 25.6% 24.0% 20.4% 0.0%10.0%20.0%30.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of September 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 14.4%-3.4%4.1%Communication Services 32.8%-8.3%12.0%Consumer Discretionary 9.9%-7.1%9.8%Consumer Staples 34.3%11.6%4.8%Energy 33.9%0.8%19.1%Financials 19.0%-3.1%13.4%Health Care 32.9%-6.0%15.9%Industrials 29.2%-10.7%7.7%Information Technology 23.7%-3.2%7.5%Materials 5.4%-1.1%2.3%Real Estate 22.5%-8.8%3.4%Utilities 25.6%-4.1%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS 13.0%-4.9%5.5%Communication Services 22.3%-5.6%11.9%Consumer Discretionary 9.0%-6.4%8.4%Consumer Staples 27.3%9.0%6.0%Energy 22.0%-0.7%21.2%Financials 17.2%-2.8%9.7%Health Care 28.2%-5.8%13.1%Industrials 29.0%-8.7%11.3%Information Technology 16.2%-3.3%7.9%Materials 4.7%-1.1%2.0%Real Estate 11.4%-7.9%3.1%Utilities 20.4%-3.8%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt 12.5%-5.9%9.6%Communication Services 5.1%0.8%13.7%Consumer Discretionary 4.6%-4.4%6.2%Consumer Staples 23.8%6.3%5.3%Energy 10.2%-1.7%22.3%Financials 4.1%-0.8%3.8%Health Care 11.5%-4.6%6.7%Industrials 25.8%-6.8%20.2%Information Technology 6.5%-3.1%8.0%Materials 1.5%-0.6%1.7%Real Estate -5.5%-3.0%2.6%Utilities 11.7%-2.9%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 23.3%-2.4%14.7%22.9%Japan 20.0%-2.8%9.8%15.3%United Kingdom 31.4%-7.1%7.7%12.1%France 13.7%-5.5%6.4%9.9%Switzerland 32.3%-7.7%5.3%8.3%Germany 10.4%-4.7%4.7%7.4%Australia 24.8%-14.1%2.7%4.3%Netherlands 52.0%2.0%2.1%3.3%Denmark 17.9%-5.7%2.0%3.1%Sweden 40.4%-4.1%1.7%2.6%Spain 47.8%-2.4%1.7%2.6%Italy -6.1%-12.1%1.5%2.3%Hong Kong 6.2%-2.1%0.9%1.5%Singapore 20.0%-0.2%0.6%1.0%Belgium -1.9%-6.0%0.6%0.9%Finland 12.9%10.7%0.5%0.7%Norway 0.1%4.5%0.4%0.7%Israel 40.6%-7.7%0.4%0.5%Ireland 7.1%-8.9%0.1%0.2%Portugal 12.2%-10.0%0.1%0.2%New Zealand 34.9%-0.6%0.1%0.2%Austria 25.6%-4.1%64.1%100.0%Total EAFE Countries 8.7%-4.7%7.6%Canada 24.0%-4.1%71.7%Total Developed Countries 5.2%-1.9%8.5%China 10.1%2.7%4.5%India 21.8%-7.4%4.2%Taiwan 26.2%-6.6%3.5%Korea 15.3%-3.6%1.5%Brazil -5.9%-4.4%1.2%Saudi Arabia 6.7%-4.6%0.9%South Africa 33.7%-6.5%0.7%Mexico 1.5%-3.4%0.6%Indonesia 0.1%-4.5%0.5%Thailand 2.2%6.1%0.4%United Arab Emirates 5.2%4.5%0.4%Malaysia -17.8%0.1%0.3%Qatar -1.9%-2.7%0.2%Kuwait 59.1%-12.7%0.2%Poland 74.9%32.7%0.2%Turkey 17.7%-3.8%0.2%Philippines 3.3%-9.8%0.1%Chile 70.6%-7.8%0.1%Greece 29.9%-4.0%0.1%Peru 75.9%0.5%0.1%Hungary 35.7%1.0%0.0%Czech Republic 15.9%0.1%0.0%Colombia 48.4%15.3%0.0%Egypt 11.7%-2.9%28.3%Total Emerging Countries 20.4%-3.8%100.0%Total ACWIxUS Countries Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of September 30, 2023 Fixed income markets continued the decline that began in the second quarter.Yields remain elevated on the back of FOMC actions to hike policy rates throughout the year.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 increases led investors to expect better outcomes in 2023.That expectation was challenged during the second and third quarters,as the additional 0.25%rate hike in July,and guidance toward potential future rate hikes weighed on the asset class and many of the major domestic fixed-income indices posted discouraging returns. The Bloomberg US Aggregate Bond Index,the bellwether US investment grade benchmark,declined -3.2%for the quarter.Beneath the headline benchmark,the Bloomberg US Corporate Investment Grade Index returned -3.1%and the US Mortgage Index posted a weaker -4.1%. Outside of the aggregate index's sub-components,high-yield bonds continued their rise with a return of 0.5%as credit spreads narrowed during the quarter.Additionally,US TIPS fell -2.6%for the quarter.The Bloomberg Global Aggregate ex-US Index lagged most domestic fixed-income indexes and the multiverse benchmark,posting a loss of -4.0%for the quarter. Over the trailing one-year period,the Bloomberg US Aggregate Bond Index gained just 0.6%.The benchmark's sub-components were highly dispersed with Treasuries falling -0.8%while corporate investment grade issues were up 3.6%over the previous 12 months.US TIPS,which are excluded from the aggregate index,increased by 1.2%for the year.High-yield corporate bonds, which have a much shorter duration,nearly tripled the returns of their investment grade counterparts with the Bloomberg US High Yield Index returning an impressive 10.3%for the trailing year. Performance for non-US bonds overcame the disappointing performance in 2022 with the Bloomberg Global Aggregate ex-US Index gaining 3.4%. -3.5% -4.0% -1.9% -3.2% -2.9% -3.2% -3.2% -2.0% -2.6% 0.5% -3.1% -4.1% -3.1% -5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0% Multiverse (6.4) Global Agg x US (7.0) Intermediate Agg (4.6) Aggregate (6.2) Baa (6.7) A (6.7) AA (6.1) AAA (4.2) U.S. TIPS (5.0) U.S. High Yield (3.5) U.S. Corporate IG (6.8) U.S. Mortgage (6.4) U.S. Treasury (5.9) Quarter Performance 2.7% 3.4% 1.4% 0.6% 4.7% 2.8% 1.5% 0.9% 1.2% 10.3% 3.6% -0.2% -0.8% -2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0% Multiverse (6.4) Global Agg x US (7.0) Intermediate Agg (4.6) Aggregate (6.2) Baa (6.7) A (6.7) AA (6.1) AAA (4.2) U.S. TIPS (5.0) U.S. High Yield (3.5) U.S. Corporate IG (6.8) U.S. Mortgage (6.4) U.S. Treasury (5.9) 1-Year Performance Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of September 30, 2023 The gray band across the graph illustrates the range of the current Fed Funds target rate.During the third quarter,the FOMC raised the lower end of its target rate range from 5.00%to 5.25%at their July meeting.While the FOMC paused further rate increases at their September meeting,several speeches and public comments since that meeting have made it clear that additional rate hikes should not be ruled out.While the overwhelming consensus has been that the Fed is moving towards the end of its rate hiking cycle,several statements and key macroeconomic statistics have shed doubt on timing of these expectations. The yield on the US 10-Year Treasury (green line)rose 0.78%largely due to increases in the policy rate and the potential for expected future inflationary pressure.The closing yield on the 10-Year Treasury was 4.59%as of September 29,2023,and is up 71 basis points from its 3.88%yield at 2022 year-end.Capital market rates have now reached their highest levels in 16 years. The blue line illustrates changes in the BAA (Option Adjusted Spread)OAS 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 narrowed from 2.05%to 1.53%,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 4.03%as of the end of the quarter. Spikes in both the BAA OAS and High Yield spread measures were visible in the first quarter of 2023 following a short-lived crisis of confidence in the banking sector,which has since been addressed.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 third quarter as the FOMC increased policy interest rates to continue combatting inflation.The Treasury yield curve has quickly exhibited a re- steepening with longer-term yields increasing at a faster pace than shorter- term yields.During the quarter,the 30-year yield jumped from 3.85%to 4.73%(an increase of 0.88%).Historically,a persistent inversion of the yield curve 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 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-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 6.50 7.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Page 10 Page Intentionally Left Blank Page 11 Jun-2023 : $23,220,754 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed Income International Equity Sep-2023 : $22,429,216 Domestic Equity R&D Real Estate Infrastructure Non-Core FI Domestic Fixed Income International Equity Allocation Market Value Allocation Domestic Equity 10,636,675 45.8¢£ International Equity 3,299,023 14.2¢£ Domestic Fixed Income 4,229,059 18.2¢£ Non-Core Fixed Income 919,406 4.0¢£ Infrastructure 1,430,240 6.2¢£ Real Estate 2,429,573 10.5¢£ Cash Equivalent 276,779 1.2¢£ Allocation Market Value Allocation Domestic Equity 10,208,193 45.5¢£ International Equity 3,107,786 13.9¢£ Domestic Fixed Income 4,057,854 18.1¢£ Non-Core Fixed Income 928,323 4.1¢£ Infrastructure 1,456,436 6.5¢£ Real Estate 2,392,878 10.7¢£ Cash Equivalent 277,745 1.2¢£ Crestview General Employees' Retirement Plan Asset Allocation by Asset Class As of September 30, 2023 Page 12 Jun-2023 : $23,220,754 Sep-2023 : $22,429,216 Allocation Market Value Allocation Vanguard Mid-Cap (VIMAX)2,566,012 11.1¢£ Vanguard Total Stock Market Index (VITSX)8,070,663 34.8¢£ EuroPacific Growth (RERGX)1,675,753 7.2¢£ Transamerica Intl Equity R6 (TAINX)1,623,270 7.0¢£ Metropolitan West Total Return (MWTIX)4,229,059 18.2¢£ Aristotle Floating Rate Income (PLFRX)531,674 2.3¢£ PIMCO Diversified Income (PDIIX)387,732 1.7¢£ Brookfield BSIP Access Fund 1,430,240 6.2¢£ Intercontinental US Real Estate 2,429,573 10.5¢£ R&D Account 276,779 1.2¢£ Allocation Market Value Allocation Vanguard Mid-Cap (VIMAX)2,427,854 10.8¢£ Vanguard Total Stock Market Index (VITSX)7,780,339 34.7¢£ EuroPacific Growth (RERGX)1,564,383 7.0¢£ Transamerica Intl Equity R6 (TAINX)1,543,402 6.9¢£ Metropolitan West Total Return (MWTIX)4,057,854 18.1¢£ Aristotle Floating Rate Income (PLFRX)546,943 2.4¢£ PIMCO Diversified Income (PDIIX)381,380 1.7¢£ Brookfield BSIP Access Fund 1,456,436 6.5¢£ Intercontinental US Real Estate 2,392,878 10.7¢£ R&D Account 277,745 1.2¢£ Crestview General Employees' Retirement Plan Asset Allocation by Manager As of September 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 (10.7%) Infrastructure (6.5%) Non-Core Fixed Income (4.1%) Domestic Fixed Income (18.1%) International Equity (13.9%) Domestic Equity (45.5%) Recomm end ation Asset Allocation Compliance Minimum Allocation (%) Maximum Allocation (%) Current Allocation (%) Target Allocation (%) Non-Core Fixed Income 0.0 10.0 4.1 5.0 Infrastructure 0.0 15.0 6.5 5.0 Real Estate 5.0 20.0 10.7 10.0 International Equity 10.0 20.0 13.9 15.0 Domestic Fixed Income 17.5 27.5 18.1 22.5 Domestic Equity 37.5 47.5 45.5 42.5 Total Fund N/A N/A 100.0 100.0 Crestview General Employees' Retirement Plan Asset Allocation Compliance As of September 30, 2023 Page 14 Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allo cat io n ( %) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Other Crestview General 45.51 (40)13.86 (53)1.70 (92)20.53 (66)6.49 (68)10.67 (29)1.24 (56)N/Az 5th Percentile 60.55 23.51 28.99 56.88 41.17 16.57 10.81 8.64 1st Quartile 50.03 17.34 11.89 32.13 21.48 11.16 3.12 4.85 Median 42.35 14.03 4.95 23.81 11.96 8.98 1.44 2.39 3rd Quartile 30.08 10.48 2.89 18.44 4.87 6.16 0.61 0.61 95th Percentile 13.87 5.90 0.97 11.01 1.31 3.04 0.06 0.14 Population 649 603 177 659 330 453 577 23 Crestview General Employees' Retirement Plan Asset Allocation vs Other Public Pension Plans As of September 30, 2023 Parentheses contain percentile rankings. Calculation based on periodicity. Page 15 Asset Allocation History by Portfolio Sep-2023 Jun-2023 Mar-2023 Dec-2022 Sep-2022 ($)%($)%($)%($)%($)% Total Equity 13,315,979 59.37 13,935,698 60.01 13,129,651 58.09 12,460,053 56.95 11,382,991 54.56 Domestic Equity 10,208,193 45.51 10,636,675 45.81 9,902,886 43.82 9,459,363 43.24 8,805,548 42.21 Vanguard Mid-Cap (VIMAX)2,427,854 10.82 2,566,012 11.05 2,451,647 10.85 2,389,590 10.92 2,195,953 10.53 Vanguard Total Stock Market Index (VITSX)7,780,339 34.69 8,070,663 34.76 7,451,239 32.97 7,069,773 32.31 6,609,595 31.68 International Equity 3,107,786 13.86 3,299,023 14.21 3,226,766 14.28 3,000,690 13.72 2,577,443 12.35 EuroPacific Growth (RERGX)1,564,383 6.97 1,675,753 7.22 1,641,686 7.26 1,512,798 6.91 1,332,087 6.38 Transamerica Intl Equity R6 (TAINX)1,543,402 6.88 1,623,270 6.99 1,585,079 7.01 1,487,892 6.80 1,245,356 5.97 Total Fixed Income 4,986,177 22.23 5,148,464 22.17 5,189,869 22.96 5,097,746 23.30 5,005,988 23.99 Domestic Fixed Income 4,057,854 18.09 4,229,059 18.21 4,287,691 18.97 4,208,594 19.24 4,145,847 19.87 Metropolitan West Total Return (MWTIX)4,057,854 18.09 4,229,059 18.21 4,287,691 18.97 4,208,594 19.24 4,145,847 19.87 Non-Core Fixed Income 928,323 4.14 919,406 3.96 902,178 3.99 889,152 4.06 860,141 4.12 Aristotle Floating Rate Income (PLFRX)546,943 2.44 531,674 2.29 517,377 2.29 506,751 2.32 494,245 2.37 PIMCO Diversified Income (PDIIX)381,380 1.70 387,732 1.67 384,801 1.70 382,401 1.75 365,896 1.75 Infrastructure 1,456,436 6.49 1,430,240 6.16 1,405,153 6.22 1,375,325 6.29 1,351,372 6.48 Brookfield BSIP Access Fund 1,456,436 6.49 1,430,240 6.16 1,405,153 6.22 1,375,325 6.29 1,351,372 6.48 Total Real Estate 2,392,878 10.67 2,429,573 10.46 2,604,294 11.52 2,717,832 12.42 2,914,282 13.97 Intercontinental US Real Estate 2,392,878 10.67 2,429,573 10.46 2,604,294 11.52 2,717,832 12.42 2,914,282 13.97 Cash Accounts R&D Account 277,745 1.24 276,779 1.19 271,736 1.20 226,815 1.04 208,230 1.00 Total Fund 22,429,216 100.00 23,220,754 100.00 22,600,703 100.00 21,877,772 100.00 20,862,863 100.00 Crestview General Employees' Retirement Plan Asset Allocation History by Portfolio As of September 30, 2023 Page 16 Asset Allocation History by Asset Class Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Real Estate Real Return Cash Equivalent 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Allo cat io n ( %) 6/07 3/08 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 9/23 Crestview General Employees' Retirement Plan Asset Allocation History by Asset Class Since Inception Ending September 30, 2023 Page 17 Market Value 07/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2023 Total Equity 13,935,698 -47,043 ----38,108 -610,784 13,315,979 Domestic Equity 10,636,675 -35,639 ----38,108 -430,951 10,208,193 Vanguard Mid-Cap (VIMAX)2,566,012 -8,910 ----8,973 -138,221 2,427,854 Vanguard Total Stock Market Index (VITSX)8,070,663 -26,729 ----29,135 -292,730 7,780,339 International Equity 3,299,023 -11,404 ------179,833 3,107,786 EuroPacific Growth (RERGX)1,675,753 -5,702 ------105,667 1,564,383 Transamerica Intl Equity R6 (TAINX)1,623,270 -5,702 ------74,166 1,543,402 Total Fixed Income 5,148,464 -24,234 ----62,820 -200,873 4,986,177 Domestic Fixed Income 4,229,059 -19,958 ----45,822 -197,068 4,057,854 Metropolitan West Total Return (MWTIX)4,229,059 -19,958 ----45,822 -197,068 4,057,854 Non-Core Fixed Income 919,406 -4,277 ----16,998 -3,805 928,323 Aristotle Floating Rate Income (PLFRX)531,674 -2,138 ----12,292 5,116 546,943 PIMCO Diversified Income (PDIIX)387,732 -2,138 ----4,707 -8,921 381,380 Infrastructure 1,430,240 ----4,312 -12,593 17,915 1,456,436 Brookfield BSIP Access Fund 1,430,240 ----4,312 -12,593 17,915 1,456,436 Total Real Estate 2,429,573 -12,251 ---4,936 -17,187 -36,695 2,392,878 Intercontinental US Real Estate 2,429,573 -12,251 ---4,936 -17,187 -36,695 2,392,878 Cash Accounts R&D Account 276,779 83,528 337,696 -409,079 --13,412 2,232 -277,745 Total Fund 23,220,754 -337,696 -409,079 -9,248 -13,412 132,940 -830,436 22,429,216 Crestview General Employees' Retirement Plan Financial Reconciliation: Quarter to Date 1 Quarter Ending September 30, 2023 Page 18 Market Value 10/01/2022 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2023 Total Equity 11,382,991 -273,831 ----206,973 1,999,846 13,315,979 Domestic Equity 8,805,548 -214,430 ----162,209 1,454,867 10,208,193 Vanguard Mid-Cap (VIMAX)2,195,953 -46,407 ----40,109 238,199 2,427,854 Vanguard Total Stock Market Index (VITSX)6,609,595 -168,024 ----122,100 1,216,668 7,780,339 International Equity 2,577,443 -59,401 ----44,765 544,979 3,107,786 EuroPacific Growth (RERGX)1,332,087 -29,700 ----28,234 233,762 1,564,383 Transamerica Intl Equity R6 (TAINX)1,245,356 -29,700 ----16,530 311,217 1,543,402 Total Fixed Income 5,005,988 -127,972 ----214,228 -106,066 4,986,177 Domestic Fixed Income 4,145,847 -103,951 ----157,010 -141,051 4,057,854 Metropolitan West Total Return (MWTIX)4,145,847 -103,951 ----157,010 -141,051 4,057,854 Non-Core Fixed Income 860,141 -24,021 ----57,218 34,985 928,323 Aristotle Floating Rate Income (PLFRX)494,245 -12,883 ----38,894 26,686 546,943 PIMCO Diversified Income (PDIIX)365,896 -11,138 ----18,323 8,298 381,380 Infrastructure 1,351,372 ----14,999 -66,110 53,953 1,456,436 Brookfield BSIP Access Fund 1,351,372 ----14,999 -66,110 53,953 1,456,436 Total Real Estate 2,914,282 -47,971 ---24,258 -67,771 -516,946 2,392,878 Intercontinental US Real Estate 2,914,282 -47,971 ---24,258 -67,771 -516,946 2,392,878 Cash Accounts R&D Account 208,230 449,774 1,293,635 -1,590,354 --92,247 8,708 -277,745 Total Fund 20,862,863 -1,293,635 -1,590,354 -39,257 -92,247 563,789 1,430,787 22,429,216 Crestview General Employees' Retirement Plan Financial Reconciliation: Fiscal Year to Date October 1, 2022 To September 30, 2023 Page 19 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Total Fund Portfolio (Net)-3.07 (57)9.38 (75)9.38 (75)4.24 (55)5.39 (51)5.28 (40)5.88 (45)07/01/1998 Total Fund Policy -2.78 (44)11.13 (44)11.13 (44)5.00 (34)6.39 (16)6.12 (11)5.93 (43) All Public Plans-Total Fund Median (Net)-2.94 10.75 10.75 4.40 5.40 5.07 5.79 Total Fund Portfolio (Gross)-3.03 9.57 9.57 4.51 5.64 5.52 6.27 07/01/1998 Total Equity -4.15 19.44 19.44 7.77 8.61 7.34 7.63 07/01/1998 Total Equity Policy -3.35 20.74 20.74 8.16 9.12 7.67 6.41 Domestic Equity -3.73 (57)18.45 (41)18.45 (41)9.33 (52)10.06 (38)8.80 (33)12.26 (53)09/01/2009 Domestic Equity Policy -3.25 (46)20.46 (32)20.46 (32)9.38 (52)10.76 (31)9.14 (29)12.56 (46) IM U.S. Equity (SA+CF+MF) Median -3.41 16.41 16.41 9.51 8.82 7.26 12.36 International Equity -5.49 (67)22.87 (33)22.87 (33)3.03 (44)4.19 (36)2.89 (37)3.88 (65)10/01/2009 MSCI AC World ex USA -3.68 (36)21.02 (41)21.02 (41)4.24 (36)4.04 (38)3.07 (33)4.68 (47) IM International Equity (MF) Median -4.52 19.12 19.12 2.06 3.37 2.26 4.51 Total Fixed Income -2.70 2.13 2.13 -4.51 -1.89 0.27 3.46 07/01/1998 Total Fixed Policy -2.69 1.84 1.84 -4.40 -1.79 0.36 3.59 Domestic Fixed Income -3.59 (90)0.32 (76)0.32 (76)-5.64 (85)-2.38 (66)0.08 (51)3.42 (65)07/01/1998 Domestic Fixed Policy -3.23 (69)0.64 (57)0.64 (57)-5.21 (56)-2.30 (57)0.10 (48)3.57 (58) IM U.S. Broad Market Core Fixed Income (MF) Median -3.08 0.77 0.77 -5.13 -2.21 0.08 3.64 Non-Core Fixed Income 1.43 10.82 10.82 1.19 0.31 0.94 1.26 04/01/2014 Total Non-Core Fixed Policy -0.05 7.83 7.83 -0.39 0.61 1.54 1.08 Total Infrastructure 2.13 8.92 8.92 N/A N/A N/A 7.78 07/01/2021 Total Infrastructure Policy 1.79 6.63 6.63 8.86 7.73 7.13 8.95 Total Real Estate -0.81 (12)-15.59 (81)-15.59 (81)6.69 (62)6.11 (27)6.55 (14)9.07 (16)10/01/2014 NCREIF Fund Index-Open End Diversified Core (EW)-1.93 (29)-12.40 (40)-12.40 (40)7.57 (24)6.08 (28)6.10 (36)8.02 (52) IM U.S. Open End Private Real Estate (SA+CF) Median -3.09 -12.83 -12.83 6.81 5.36 5.72 8.09 Crestview General Employees' Retirement Plan Trailing Returns As of September 30, 2023 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 20 Crestview General Employees' Retirement Plan Trailing Returns As of September 30, 2023 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Equity Strategies Vanguard Mid-Cap (VIMAX)-5.07 (78)12.61 (49)12.61 (49)7.26 (85)7.22 (37)6.49 (28)9.00 (24)01/01/2016 Russell Midcap Index -4.68 (64)13.45 (40)13.45 (40)8.09 (77)7.20 (37)6.38 (32)9.18 (20) IM U.S. Mid Cap Core Equity (MF) Median -4.22 12.46 12.46 9.99 6.85 5.43 8.04 Vanguard Total Stock Market Index (VITSX)-3.29 (46)20.38 (33)20.38 (33)9.25 (38)10.66 (28)9.07 (24)11.37 (20)01/01/2017 Russell 3000 Index -3.25 (42)20.46 (31)20.46 (31)9.38 (34)10.76 (24)9.14 (21)11.42 (18) IM U.S. Multi-Cap Core Equity (MF) Median -3.40 18.77 18.77 8.61 9.35 7.93 9.98 International Equity Strategies EuroPacific Growth (RERGX)-6.32 (33)19.65 (43)19.65 (43)0.08 (60)3.61 (60)3.11 (54)5.92 (35)04/01/2016 MSCI AC World ex USA Growth -7.26 (54)16.22 (83)16.22 (83)-1.56 (77)2.98 (74)2.87 (63)5.59 (47) IM International Large Cap Growth Equity (MF) Median -7.10 18.88 18.88 0.89 3.93 3.23 5.53 Transamerica Intl Equity R6 (TAINX)-4.58 (95)26.32 (91)26.32 (91)6.44 (87)4.80 (51)2.67 (58)4.71 (56)04/01/2016 MSCI EAFE Value 0.68 (7)32.46 (27)32.46 (27)11.85 (15)5.51 (42)3.47 (38)5.97 (18) IM International Large Cap Value Equity (MF) Median -2.30 29.35 29.35 9.17 4.89 2.86 4.83 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 21 Crestview General Employees' Retirement Plan Trailing Returns As of September 30, 2023 QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception Date Domestic Fixed Income Strategies Metropolitan West Total Return (MWTIX)-3.57 (90)0.35 (75)0.35 (75)-5.61 (84)-2.37 (65)0.08 (50)0.63 (58)01/01/2016 Blmbg. U.S. Aggregate Index -3.23 (69)0.64 (57)0.64 (57)-5.21 (56)-2.30 (57)0.10 (48)0.65 (56) IM U.S. Broad Market Core Fixed Income (MF) Median -3.08 0.77 0.77 -5.13 -2.21 0.08 0.71 Non-Core Fixed Income Strategies Aristotle Floating Rate Income (PLFRX)3.27 (19)13.38 (9)13.38 (9)5.66 (21)4.21 (12)N/A 4.11 (8)11/01/2018 Morningstar LSTA US Leveraged Loan 3.43 (13)13.02 (14)13.02 (14)6.07 (8)4.80 (1)4.46 (1)4.54 (1) IM U.S. Bank Loans (MF) Median 2.87 11.68 11.68 4.76 3.35 3.04 3.14 PIMCO Diversified Income (PDIIX)-1.08 (23)7.32 (7)7.32 (7)N/A N/A N/A -5.31 (30)07/01/2021 Blmbg. Global Multiverse -3.46 (73)2.70 (49)2.70 (49)-6.62 (70)-3.61 (71)-1.48 (68)-8.91 (64) IM Global Fixed Income (MF) Median -2.42 2.65 2.65 -4.89 -2.73 -0.65 -6.55 Infrastructure Strategies Brookfield BSIP Access Fund 2.13 8.92 8.92 N/A N/A N/A 8.91 07/01/2021 6% Annualized Return 1.47 6.00 6.00 6.00 6.00 6.00 6.00 US Real Estate Strategies Intercontinental US Real Estate -0.81 (12)-15.59 (81)-15.59 (81)6.69 (62)6.11 (27)6.55 (14)9.07 (16)10/01/2014 NCREIF Fund Index-Open End Diversified Core (EW)-1.93 (29)-12.40 (40)-12.40 (40)7.57 (24)6.08 (28)6.10 (36)8.02 (52) IM U.S. Open End Private Real Estate (SA+CF) Median -3.09 -12.83 -12.83 6.81 5.36 5.72 8.09 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 (Gross)9.57 (73)-13.04 (31)19.81 (53)9.11 (43)5.05 (20)8.66 (35)12.99 (24)8.06 (79) Total Fund Policy 11.13 (44)-12.66 (28)19.26 (62)10.68 (26)5.06 (20)8.56 (37)12.08 (45)10.61 (16) All Public Plans-Total Fund Median 10.75 -14.76 19.92 8.54 3.99 7.91 11.82 9.40 Total Fund Portfolio (Net)9.38 -13.46 19.67 8.91 4.84 8.47 12.68 7.57 Total Equity 19.44 -19.86 30.74 11.19 2.41 12.75 19.00 10.10 Total Equity Policy 20.74 -19.42 30.03 12.06 2.04 13.62 19.14 13.68 Domestic Equity 18.45 (41)-16.64 (51)32.35 (55)12.27 (40)3.94 (32)15.86 (46)19.16 (47)11.28 (67) Domestic Equity Policy 20.46 (32)-17.63 (56)31.88 (57)15.00 (35)2.92 (39)17.58 (38)18.71 (51)14.96 (38) IM U.S. Equity (SA+CF+MF) Median 16.41 -16.53 33.84 5.73 1.12 14.69 18.79 13.35 International Equity 22.87 (33)-29.34 (59)25.97 (36)7.75 (47)-2.17 (53)2.22 (30)18.45 (59)6.27 (70) MSCI AC World ex USA 21.02 (41)-24.79 (26)24.45 (44)3.45 (61)-0.72 (40)2.25 (30)20.15 (43)9.80 (47) IM International Equity (MF) Median 19.12 -28.15 23.10 6.54 -1.89 0.18 19.36 9.30 Total Fixed Income 2.13 -15.31 0.66 6.43 9.36 -1.09 2.34 3.96 Total Fixed Policy 1.84 -14.12 -0.09 6.47 9.45 -1.23 0.04 4.53 Domestic Fixed Income 0.32 (76)-16.37 (83)0.15 (51)8.07 (16)10.54 (13)-0.97 (28)0.33 (56)4.18 (89) Domestic Fixed Policy 0.64 (57)-14.60 (24)-0.90 (83)6.98 (49)10.30 (24)-1.22 (42)0.16 (62)3.57 (95) IM U.S. Broad Market Core Fixed Income (MF) Median 0.77 -15.29 0.16 6.94 9.78 -1.32 0.50 5.23 Non-Core Fixed Income 10.82 -9.72 3.55 -2.27 3.52 -1.70 13.82 2.68 Total Non-Core Fixed Policy 7.83 -11.80 3.91 3.67 5.36 -1.32 -0.56 9.23 Total Infrastructure 8.92 6.58 N/A N/A N/A N/A N/A N/A Total Infrastructure Policy 6.63 11.46 8.54 4.41 4.77 5.40 5.25 4.59 Total Real Estate -15.59 (81)26.34 (15)13.86 (71)4.41 (11)8.32 (19)11.40 (9)11.47 (9)13.06 (23) NCREIF Fund Index-Open End Diversified Core (EW)-12.40 (40)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 -12.83 20.19 16.09 1.58 6.80 8.93 7.83 11.18 Crestview General Employees' Retirement Plan Fiscal Year Returns As of September 30, 2023 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 23 Crestview General Employees' Retirement Plan Fiscal Year Returns As of September 30, 2023 FYTD FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Domestic Equity Strategies Vanguard Mid-Cap (VIMAX)12.61 (49)-19.48 (91)36.10 (66)7.09 (10)3.65 (33)13.43 (24)15.30 (46)N/A Russell Midcap Index 13.45 (40)-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 12.46 -14.07 37.86 -2.64 1.86 9.96 15.17 11.88 Vanguard Total Stock Market Index (VITSX)20.38 (33)-18.00 (60)32.11 (35)15.01 (24)2.90 (37)17.62 (21)N/A N/A Russell 3000 Index 20.46 (31)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (40)14.96 (12) IM U.S. Multi-Cap Core Equity (MF) Median 18.77 -17.28 30.69 11.14 1.48 15.61 18.24 11.19 Dana Large Cap Core Equity N/A N/A 28.94 (67)11.94 (56)6.26 (24)15.18 (70)24.49 (6)7.09 (96) S&P 500 Index 21.62 (35)-15.47 (57)30.00 (58)15.15 (39)4.25 (38)17.91 (43)18.61 (58)15.43 (22) IM U.S. Large Cap Core Equity (SA+CF) Median 20.76 -14.98 30.78 13.41 3.16 17.48 19.05 13.19 International Equity Strategies EuroPacific Growth (RERGX)19.65 (43)-32.85 (72)24.76 (27)14.97 (50)1.15 (54)1.47 (62)20.63 (8)N/A MSCI AC World ex USA Growth 16.22 (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 18.88 -28.73 20.62 14.87 1.35 2.48 17.62 7.50 Transamerica Intl Equity R6 (TAINX)26.32 (91)-25.10 (68)27.44 (85)0.04 (6)-5.45 (50)2.37 (6)16.18 (69)N/A MSCI EAFE Value 32.46 (27)-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 29.35 -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 General Employees' Retirement Plan Fiscal Year Returns As of September 30, 2023 FYTD FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Domestic Fixed Income Strategies Metropolitan West Total Return (MWTIX)0.35 (75)-16.32 (81)0.15 (51)8.02 (18)10.55 (13)-1.00 (29)0.33 (56)N/A Blmbg. U.S. Aggregate Index 0.64 (57)-14.60 (24)-0.90 (83)6.98 (49)10.30 (24)-1.22 (42)0.07 (65)5.19 (53) IM U.S. Broad Market Core Fixed Income (MF) Median 0.77 -15.29 0.16 6.94 9.78 -1.32 0.50 5.23 Non-Core Fixed Income Strategies Aristotle Floating Rate Income (PLFRX)13.38 (9)-2.72 (11)6.95 (69)-0.02 (33)N/A N/A N/A N/A Morningstar LSTA US Leveraged Loan 13.02 (14)-2.59 (9)8.40 (32)1.06 (11)3.10 (19)5.19 (12)5.30 (27)5.46 (37) IM U.S. Bank Loans (MF) Median 11.68 -4.15 7.65 -0.61 2.24 4.37 4.51 5.01 PIMCO Diversified Income (PDIIX)7.32 (7)-17.69 (51)N/A N/A N/A N/A N/A N/A Blmbg. Global Multiverse 2.70 (49)-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 2.65 -17.63 0.89 5.39 7.65 -1.33 1.10 7.40 Infrastructure Strategies Brookfield BSIP Access Fund 8.92 9.10 N/A N/A N/A N/A N/A N/A 6% Annualized Return 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 US Real Estate Strategies Intercontinental US Real Estate -15.59 (81)26.34 (15)13.86 (71)4.41 (11)8.32 (19)11.40 (9)11.47 (9)13.06 (23) NCREIF Fund Index-Open End Diversified Core (EW)-12.40 (40)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 -12.83 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 Net Cash Flow $0 $5,500,000 $11,000,000 $16,500,000 $22,000,000 $27,500,000 $33,000,000 -$5,500,000 Market Valu e 6/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 6/22 9/23 $2,719,761 $22,429,216 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Total Fund -3.03 (56)4.28 (63)9.57 (73)-2.39 (42)4.51 (47)5.52 (29)7.01 (28)6.61 (34)6.92 (42) Total Fund Policy -2.78 (44)5.43 (30)11.13 (44)-1.48 (24)5.00 (34)6.12 (11)7.30 (17)7.27 (10)7.64 (11) Median -2.94 4.72 10.75 -2.74 4.40 5.07 6.47 6.25 6.80 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Total Fund 9.57 (73)-13.04 (29)19.81 (63)9.11 (37)5.05 (20)8.66 (40)12.99 (25) Total Fund Policy 11.13 (44)-12.66 (26)19.26 (70)10.68 (18)5.06 (20)8.56 (41)12.08 (48) Median 10.75 -14.76 20.42 8.02 4.00 8.08 11.98 Crestview General Employees' Retirement Plan Long-Term Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present Total Fund Total Fund Policy 3.6 4.2 4.8 5.4 6.0 6.6 7.2 Ret urn (%) 9.0 9.6 10.2 10.8 11.4 12.0 12.6 13.2 13.8 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Total Fund Total Fund Policy 97.2 97.8 98.4 99.0 99.6 100.2 100.8 Up Market Cap ture Ratio (%) 98.0 100.0 102.0 104.0 106.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Total Fund 46.88 -28.43 -0.86 -0.64 0.46 -0.30 0.05 1.03 2.18 Total Fund Policy 0.00 -27.57 0.00 0.00 0.54 N/A 0.06 1.00 0.00 90 Day U.S. Treasury Bill 29.69 0.00 1.00 -5.79 N/A -0.54 0.00 -0.01 10.70 Crestview General Employees' Retirement Plan Long-Term Performance As of September 30, 2023 Peer Group: All Public Plans-Total Fund Page 27 Page Intentionally Left Blank Page 28 Multi Time Period Statistics 1 Qtr Return 1 Quarter Ending Jun-2023 Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Total Fund Portfolio (Gross)-3.03 (56)2.92 (68)4.49 (41)5.07 (71)4.51 (47)5.52 (29)103.80 (64)105.35 (68) Total Fund Policy -2.78 (44)3.60 (34)4.68 (32)5.40 (59)5.00 (34)6.12 (11)100.00 100.00 All Public Plans-Total Fund Median -2.94 3.30 4.30 5.67 4.40 5.07 110.65 112.02 Total Fund Portfolio (Net)-3.07 2.88 4.45 5.01 4.24 5.28 104.64 106.08 Total Fund Policy -2.78 3.60 4.68 5.40 5.00 6.12 100.00 100.00 Total Equity -4.15 6.24 6.96 9.67 7.77 7.34 103.53 104.72 Total Equity Policy -3.35 6.95 7.14 9.03 8.16 7.67 100.00 100.00 Domestic Equity -3.73 (57)7.51 (32)6.34 (40)7.62 (58)9.33 (52)8.80 (33)98.09 (48)101.51 (55) Domestic Equity Policy -3.25 (46)8.39 (27)7.18 (33)7.18 (63)9.38 (52)9.14 (29)100.00 100.00 IM U.S. Equity (SA+CF+MF) Median -3.40 5.46 4.68 8.64 9.51 7.26 96.14 103.68 International Equity -5.49 (67)2.33 (53)8.91 (23)16.66 (29)3.03 (44)2.89 (37)118.32 (44)112.83 (38) MSCI AC World ex USA -3.68 (36)2.67 (44)7.00 (49)14.37 (50)4.24 (36)3.07 (33)100.00 100.00 IM International Equity (MF) Median -4.52 2.45 6.91 14.28 2.06 2.26 113.83 108.60 Total Fixed Income -2.70 -0.65 3.51 2.06 -4.51 0.27 104.45 104.45 Total Fixed Policy -2.69 -0.55 3.00 2.18 -4.40 0.36 100.00 100.00 Domestic Fixed Income -3.59 (90)-1.25 (89)3.58 (10)1.74 (48)-5.64 (85)0.08 (51)109.59 (12)109.59 (12) Domestic Fixed Policy -3.23 (70)-0.84 (55)2.96 (69)1.87 (35)-5.21 (56)0.10 (47)100.00 100.00 IM U.S. Broad Market Core Fixed Income (MF) Median -3.08 -0.81 3.14 1.71 -5.13 0.08 101.26 101.27 Non-Core Fixed Income 1.43 2.23 3.16 3.61 1.19 0.94 70.42 81.00 Total Non-Core Fixed Policy -0.05 0.87 3.16 3.68 -0.39 1.54 100.00 100.00 Total Infrastructure 2.13 2.04 2.41 2.05 N/A N/A N/A N/A Total Infrastructure Policy 1.79 1.42 1.69 1.57 8.86 7.13 N/A N/A Total Real Estate -0.81 (12)-6.09 (97)-3.60 (70)-5.99 (75)6.69 (62)6.55 (14)126.90 (22)115.71 (31) NCREIF Fund Index-Open End Diversified Core (EW)-1.93 (29)-2.86 (71)-3.31 (64)-4.90 (49)7.57 (24)6.10 (36)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -3.09 -1.98 -2.98 -4.97 6.81 5.72 104.06 105.08 Crestview General Employees' Retirement Plan Compliance Statistics As of September 30, 2023 Page 29 Crestview General Employees' Retirement Plan Compliance Statistics As of September 30, 2023 1 Qtr Return 1 Quarter Ending Jun-2023 Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Equity Strategies Vanguard Mid-Cap (VIMAX)-5.07 (78)4.76 (42)3.86 (29)9.02 (65)7.26 (85)6.49 (28)102.88 (8)99.52 (34) Russell Midcap Index -4.68 (64)4.76 (42)4.06 (27)9.18 (60)8.09 (77)6.38 (32)100.00 100.00 IM U.S. Mid Cap Core Equity (MF) Median -4.22 4.64 2.27 9.65 9.99 5.43 84.66 96.20 Vanguard Total Stock Market Index (VITSX)-3.29 (46)8.41 (23)7.15 (29)7.16 (63)9.25 (38)9.07 (24)101.04 (45)100.35 (53) Russell 3000 Index -3.25 (42)8.39 (25)7.18 (27)7.18 (61)9.38 (34)9.14 (21)100.00 100.00 IM U.S. Multi-Cap Core Equity (MF) Median -3.40 7.16 6.16 8.04 8.61 7.93 99.14 100.53 International Equity Strategies EuroPacific Growth (RERGX)-6.32 (33)2.17 (63)9.87 (42)13.79 (65)0.08 (60)3.11 (54)97.58 (37)105.64 (31) MSCI AC World ex USA Growth -7.26 (54)2.08 (69)8.69 (64)12.94 (80)-1.56 (77)2.87 (63)100.00 100.00 IM International Large Cap Growth Equity (MF) Median -7.10 2.45 9.63 14.64 0.89 3.23 91.10 98.23 Transamerica Intl Equity R6 (TAINX)-4.58 (95)2.50 (87)7.88 (42)19.73 (40)6.44 (87)2.67 (58)116.08 (23)106.28 (43) MSCI EAFE Value 0.68 (7)3.54 (39)6.14 (83)19.73 (40)11.85 (15)3.47 (38)100.00 100.00 IM International Large Cap Value Equity (MF) Median -2.30 3.11 7.45 19.00 9.17 2.86 103.70 105.75 Page 30 Crestview General Employees' Retirement Plan Compliance Statistics As of September 30, 2023 1 Qtr Return 1 Quarter Ending Jun-2023 Return 1 Quarter Ending Mar-2023 Return 1 Quarter Ending Dec-2022 Return 3 YR Return 5 YR Return 3 YR Down Market Capture 5 YR Down Market Capture Domestic Fixed Income Strategies Metropolitan West Total Return (MWTIX)-3.57 (90)-1.25 (89)3.58 (10)1.74 (48)-5.61 (84)0.08 (50)109.27 (12)109.27 (13) Blmbg. U.S. Aggregate Index -3.23 (70)-0.84 (55)2.96 (69)1.87 (35)-5.21 (56)0.10 (47)100.00 100.00 IM U.S. Broad Market Core Fixed Income (MF) Median -3.08 -0.81 3.14 1.71 -5.13 0.08 101.26 101.27 Non-Core Fixed Income Strategies Aristotle Floating Rate Income (PLFRX)3.27 (19)3.22 (14)3.54 (10)2.73 (43)5.66 (21)N/A 105.42 (87)N/A Morningstar LSTA US Leveraged Loan 3.43 (13)3.15 (18)3.23 (21)2.62 (51)6.07 (8)4.46 (1)100.00 100.00 IM U.S. Bank Loans (MF) Median 2.87 2.85 2.95 2.63 4.76 3.04 124.89 106.11 PIMCO Diversified Income (PDIIX)-1.08 (23)0.90 (8)2.61 (62)4.79 (32)N/A N/A N/A N/A Blmbg. Global Multiverse -3.46 (73)-1.38 (72)3.02 (33)4.71 (33)-6.62 (70)-1.48 (68)100.00 100.00 IM Global Fixed Income (MF) Median -2.42 -0.58 2.76 3.53 -4.89 -0.65 76.50 87.18 Infrastructure Strategies Brookfield BSIP Access Fund 2.13 2.04 2.41 2.05 N/A N/A N/A N/A 6% Annualized Return 1.47 1.47 1.47 1.47 6.00 6.00 N/A N/A Real Estate Strategies Intercontinental US Real Estate -0.81 (12)-6.09 (97)-3.60 (70)-5.99 (75)6.69 (62)6.55 (14)126.90 (22)115.71 (31) NCREIF Fund Index-Open End Diversified Core (EW)-1.93 (29)-2.86 (71)-3.31 (64)-4.90 (49)7.57 (24)6.10 (36)100.00 100.00 IM U.S. Open End Private Real Estate (SA+CF) Median -3.09 -1.98 -2.98 -4.97 6.81 5.72 104.06 105.08 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 General Employees' 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 9/23 $3.32$3.28 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard Md-Cp I;Adm (VIMAX)-5.07 (78)3.30 (41)12.61 (49)-4.78 (88)7.26 (85)6.49 (29)8.68 (21)9.05 (13)10.41 (11) Russell Midcap Index -4.68 (64)3.91 (27)13.45 (40)-4.37 (86)8.09 (77)6.38 (32)8.68 (21)8.98 (14)10.30 (13) Median -4.22 2.82 12.46 -1.53 9.99 5.43 7.55 7.31 8.95 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Vanguard Md-Cp I;Adm (VIMAX)12.61 (49)-19.48 (91)36.09 (67)7.08 (10)3.65 (33)13.42 (24)15.30 (46) Russell Midcap Index 13.45 (40)-19.39 (90)38.11 (47)4.55 (17)3.19 (37)13.98 (19)15.32 (46) Median 12.46 -14.07 37.86 -2.64 1.86 9.96 15.17 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 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 (%) 16.0 16.8 17.6 18.4 19.2 20.0 20.8 21.6 22.4 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 (%) 99.5 99.6 99.7 99.8 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard Md-Cp I;Adm (VIMAX)46.88 -48.50 -0.01 -0.13 0.43 -0.08 0.09 0.99 1.50 Russell Midcap Index 0.00 -48.60 0.00 0.00 0.44 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.25 0.00 0.99 -8.91 N/A -0.44 0.00 -0.01 20.43 Vanguard Md-Cp I;Adm (VIMAX) Long-Term Composite Performance As of September 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;Inst (VITSX)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 9/23 $3.71$3.74 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Vanguard TSM Idx;Inst (VITSX)-3.30 (46)12.34 (26)20.38 (33)-0.65 (45)9.25 (38)9.06 (24)11.58 (19)11.23 (14)11.07 (12) Russell 3000 Index -3.25 (42)12.39 (25)20.46 (31)-0.39 (39)9.38 (34)9.14 (21)11.64 (16)11.28 (12)11.05 (14) Median -3.40 9.46 18.77 -1.07 8.61 7.93 10.27 9.66 9.63 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Vanguard TSM Idx;Inst (VITSX)20.38 (33)-18.01 (60)32.10 (35)15.01 (24)2.89 (37)17.62 (22)18.64 (43) Russell 3000 Index 20.46 (31)-17.63 (54)31.88 (39)15.00 (24)2.92 (36)17.58 (23)18.71 (40) Median 18.77 -17.28 30.69 11.14 1.48 15.61 18.24 Vanguard TSM Idx;Inst (VITSX) Long-Term Composite Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present Vanguard TSM Idx;Inst (VITSX)Russell 3000 Index 2.0 4.0 6.0 8.0 10.0 Ret urn (%) 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Vanguard TSM Idx;Inst (VITSX)Russell 3000 Index 99.9 100.0 100.1 100.2 Up Market Cap ture Ratio (%) 99.6 99.7 99.8 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Vanguard TSM Idx;Inst (VITSX)54.69 -45.55 0.05 0.05 0.51 0.38 0.09 1.00 0.14 Russell 3000 Index 0.00 -45.95 0.00 0.00 0.51 N/A 0.09 1.00 0.00 90 Day U.S. Treasury Bill 31.25 0.00 0.98 -9.13 N/A -0.51 0.00 -0.01 18.04 Vanguard TSM Idx;Inst (VITSX) Long-Term Composite Performance As of September 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 9/23 $1.41 $1.58 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR American Funds EuPc;R5 (RERFX)-6.36 (35)5.08 (31)19.59 (44)-10.42 (67)0.03 (61)3.06 (56)5.16 (43)4.59 (32)5.55 (31) MSCI AC World ex USA Growth -7.26 (54)2.90 (75)16.22 (83)-9.81 (65)-1.56 (77)2.87 (63)5.01 (51)4.28 (41)5.08 (49) Median -7.10 4.42 18.88 -7.53 0.89 3.23 5.02 3.96 5.04 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 American Funds EuPc;R5 (RERFX)19.59 (44)-32.89 (73)24.70 (27)14.91 (50)1.10 (55)1.44 (63)20.56 (9) MSCI AC World ex USA Growth 16.22 (83)-30.00 (59)17.27 (77)17.90 (27)2.43 (35)3.46 (41)18.09 (41) Median 18.88 -28.73 20.62 14.87 1.35 2.48 17.62 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present American Funds EuPc;R5 (RERFX)MSCI AC World ex USA Growth 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 Ret urn (%) 16.8 17.6 18.4 19.2 20.0 20.8 21.6 22.4 23.2 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 96.0 98.0 100.0 102.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error American Funds EuPc;R5 (RERFX)59.38 -45.07 0.81 0.78 0.22 0.21 0.04 0.99 3.69 MSCI AC World ex USA Growth 0.00 -50.47 0.00 0.00 0.18 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 40.63 0.00 0.94 -3.55 N/A -0.18 0.00 0.00 19.67 American Funds EuPc;R5 (RERFX) Long-Term Composite Performance As of September 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;I (TSWIX)MSCI EAFE Value $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 $2.10 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 9/23 $1.27 $1.49 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Transam:Interntl Eq;I (TSWIX)-4.59 (95)5.41 (92)26.14 (92)-2.79 (90)6.35 (87)2.58 (64)4.37 (55)3.53 (37)5.35 (21) MSCI EAFE Value 0.68 (7)10.63 (29)32.46 (27)3.18 (11)11.85 (15)3.47 (38)5.60 (25)3.59 (36)4.55 (26) Median -2.30 8.75 29.35 0.49 9.17 2.86 4.49 3.15 3.76 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Transam:Interntl Eq;I (TSWIX)26.14 (92)-25.08 (68)27.29 (86)-0.06 (7)-5.52 (54)2.26 (6)16.16 (69) MSCI EAFE Value 32.46 (27)-19.62 (10)31.43 (32)-11.45 (100)-4.31 (27)0.24 (49)23.22 (2) Median 29.35 -22.63 29.29 -5.76 -5.45 -0.02 18.21 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present Transam:Interntl Eq;I (TSWIX)MSCI EAFE Value -0.8 0.0 0.8 1.6 2.4 3.2 4.0 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;I (TSWIX)MSCI EAFE Value 99.5 99.6 99.7 99.8 99.9 100.0 100.1 Up Market Cap ture Ratio (%) 88.0 90.0 92.0 94.0 96.0 98.0 100.0 102.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error Transam:Interntl Eq;I (TSWIX)57.81 -50.49 1.22 1.06 0.20 0.23 0.04 0.96 4.67 MSCI EAFE Value 0.00 -53.93 0.00 0.00 0.14 N/A 0.03 1.00 0.00 90 Day U.S. Treasury Bill 39.06 0.00 0.93 -2.96 N/A -0.14 0.00 0.00 20.53 Transam:Interntl Eq;I (TSWIX) Long-Term Composite Performance As of September 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 MetWest:Total Rtn;I (MWTIX)Blmbg. U.S. Aggregate Index $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 9/23 $1.50 $1.74 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR MetWest:Total Rtn;I (MWTIX)-3.58 (90)-1.36 (78)0.34 (75)-8.37 (85)-5.61 (84)0.08 (49)-0.03 (50)1.16 (48)3.80 (2) Blmbg. U.S. Aggregate Index -3.23 (70)-1.21 (71)0.64 (57)-7.29 (28)-5.21 (56)0.10 (47)-0.09 (56)1.13 (50)2.53 (68) Median -3.08 -0.91 0.77 -7.60 -5.13 0.08 -0.04 1.12 2.80 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 MetWest:Total Rtn;I (MWTIX)0.34 (75)-16.32 (81)0.15 (51)8.03 (18)10.55 (13)-0.97 (28)0.31 (57) Blmbg. U.S. Aggregate Index 0.64 (57)-14.60 (24)-0.90 (83)6.98 (49)10.30 (24)-1.22 (42)0.07 (65) Median 0.77 -15.29 0.16 6.94 9.78 -1.32 0.50 MetWest:Total Rtn;I (MWTIX) Long-Term Composite Performance As of September 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. Broad Market Core Fixed Income (MF) Page 42 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present MetWest:Total Rtn;I (MWTIX)Blmbg. U.S. Aggregate Index 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Ret urn (%) 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present MetWest:Total Rtn;I (MWTIX)Blmbg. U.S. Aggregate Index 95.0 100.0 105.0 110.0 115.0 120.0 125.0 Up Market Cap ture Ratio (%) 99.9 100.0 100.1 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error MetWest:Total Rtn;I (MWTIX)54.69 -17.19 0.91 0.93 0.53 0.39 0.03 1.01 2.37 Blmbg. U.S. Aggregate Index 0.00 -15.93 0.00 0.00 0.41 N/A 0.02 1.00 0.00 90 Day U.S. Treasury Bill 29.69 0.00 0.90 -1.76 N/A -0.41 0.00 0.00 4.30 MetWest:Total Rtn;I (MWTIX) Long-Term Composite Performance As of September 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. Broad Market Core Fixed Income (MF) Page 43 Growth of a Dollar PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 10/07 7/08 4/09 1/10 10/10 7/11 4/12 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 1/19 10/19 7/20 4/21 1/22 10/22 9/23 $1.27 $2.33 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 (21)2.99 (19)8.09 (13)-5.29 (30)-1.78 (29)1.75 (25)2.60 (16)3.76 (5)6.23 (2) Blmbg. Global Multiverse -3.46 (57)-1.92 (63)2.70 (73)-9.55 (64)-6.62 (75)-1.48 (76)-1.33 (80)-0.27 (74)1.57 (75) Median -2.81 -0.35 4.09 -8.32 -5.07 -0.48 -0.39 0.46 2.26 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 PIMCO:Div Income;Inst (PDIIX)8.09 (13)-17.00 (43)5.61 (21)4.31 (74)10.35 (13)1.85 (16)7.78 (10) Blmbg. Global Multiverse 2.70 (73)-20.34 (57)-0.45 (77)5.99 (53)7.54 (54)-1.32 (63)-0.56 (84) Median 4.09 -19.03 2.19 6.16 7.88 -0.99 3.52 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 Unhedged Fixed Income (SA+CF) Page 44 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Ret urn (%) 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present PIMCO:Div Income;Inst (PDIIX)Blmbg. Global Multiverse 96.0 99.0 102.0 105.0 108.0 111.0 114.0 117.0 Up Market Cap ture Ratio (%) 15.0 30.0 45.0 60.0 75.0 90.0 105.0 120.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 30, 2023 Consistency Maximum Drawdown Alpha Active Return Sharpe Ratio Information Ratio Treynor Ratio Beta Tracking Error PIMCO:Div Income;Inst (PDIIX)70.31 -17.18 4.27 3.85 0.59 0.64 0.06 0.81 6.02 Blmbg. Global Multiverse 0.00 -23.40 0.00 0.00 0.14 N/A 0.01 1.00 0.00 90 Day U.S. Treasury Bill 43.75 0.00 0.91 -0.90 N/A -0.14 0.00 0.00 6.53 PIMCO:Div Income;Inst (PDIIX) Long-Term Composite Performance As of September 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 Unhedged Fixed Income (SA+CF) Page 45 Growth of a Dollar Ari Fds:Flt Rt Inc;I (PLFRX)Morningstar LSTA US Leveraged Loan $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 9/23 $2.06 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)3.48 (21)11.00 (13)14.22 (13)5.77 (10)6.41 (24)4.75 (29)5.17 (17)4.74 (24)N/A Morningstar LSTA US Leveraged Loan 3.43 (21)10.13 (37)13.02 (48)4.93 (46)6.07 (52)4.46 (52)4.68 (41)4.29 (60)5.58 (49) Median 3.20 9.96 12.95 4.84 6.14 4.47 4.60 4.32 5.56 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Ari Fds:Flt Rt Inc;I (PLFRX)14.22 (13)-2.05 (28)7.70 (63)0.72 (61)3.93 (35)5.92 (17)6.55 (9) Morningstar LSTA US Leveraged Loan 13.02 (48)-2.59 (46)8.40 (48)1.06 (53)3.10 (66)5.19 (58)5.30 (49) Median 12.95 -2.80 8.39 1.10 3.56 5.40 5.27 Ari Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of September 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 (SA+CF) Page 46 5 Year Rolling Percentile Ranking 0.0 25.0 50.0 75.0 100.0Return Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present Ari Fds:Flt Rt Inc;I (PLFRX) Morningstar LSTA US Leveraged Loan 3.5 4.0 4.5 5.0 5.5 6.0 Ret u rn (%) 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present 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 September 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 0.40 N/A 0.04 1.00 0.00 90 Day U.S. Treasury Bill 21.88 0.00 0.97 -4.23 N/A -0.40 0.00 -0.01 10.50 Ari Fds:Flt Rt Inc;I (PLFRX) Long-Term Composite Performance As of September 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 (SA+CF) Page 47 Growth of a Dollar Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) $0.00 $0.60 $1.20 $1.80 $2.40 $3.00 $3.60 9/07 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 9/23 $2.35 $2.64 Trailing Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR Intercontinental US REIF -0.81 (12)-10.22 (77)-15.61 (81)3.31 (26)6.70 (61)6.56 (14)7.96 (14)9.61 (19)6.03 (46) NCREIF Fund Index-Open End Diversified Core (EW)-1.93 (29)-7.89 (51)-12.40 (40)3.70 (24)7.57 (24)6.10 (36)6.73 (46)8.45 (52)5.60 (58) Median -3.09 -7.88 -12.83 2.45 6.81 5.72 6.33 8.59 5.83 Fiscal Year Returns FYTD FY 2022 FY 2021 FY2020 FY 2019 FY 2018 FY 2017 Intercontinental US REIF -15.61 (81)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)-12.40 (40)22.76 (38)15.75 (54)1.74 (43)6.17 (70)8.82 (56)7.81 (51) Median -12.83 20.19 16.09 1.58 6.80 8.93 7.83 Intercontinental US REIF Long-Term Composite Performance As of September 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 Percent ile Rank 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 9/23 Risk vs Return: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Ret u rn (%) 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Up/Down Markets: October 2007 to Present Intercontinental US REIF NCREIF Fund Index-Open End Diversified Core (EW) 93.0 96.0 99.0 102.0 105.0 108.0 Up Market Capt ure Rat io (%) 93.0 96.0 99.0 102.0 105.0 108.0 Down Market Capture Ratio (%) Historical Statistics: October 1, 2007 To September 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 0.60 N/A 0.05 1.00 0.00 90 Day U.S. Treasury Bill 17.19 0.00 1.05 -4.77 N/A -0.60 0.00 -0.02 7.99 Intercontinental US REIF Long-Term Composite Performance As of September 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 Estimated Annual Fee (%) 09/30/23 Market Value 09/30/23 Allocation (%) Estimated Annual Fee ($) Domestic Equity Dana Equity Portfolio -0.00 - Vanguard Mid-Cap (VIMAX)0.05 2,427,854 10.82 1,214 Vanguard Total Stock Market Index (VITSX)0.03 7,780,339 34.69 2,334 International Equity EuroPacific Growth (RERGX)0.46 1,564,383 6.97 7,196 Transamerica Intl Equity R6 (TAINX)0.75 1,543,402 6.88 11,576 Domestic Fixed Income Metropolitan West Total Return (MWTIX)0.46 4,057,854 18.09 18,666 Non-Core Fixed Income Aristotle Floating Rate Income (PLFRX)0.72 546,943 2.44 3,938 PIMCO Diversified Income (PDIIX)0.79 381,380 1.70 3,013 Infrastructure Brookfield BSIP Access Fund **1.00 1,456,436 6.49 14,564 Real Estate Intercontinental US Real Estate*1.10 2,392,878 10.67 26,322 Cash Accounts R&D Account 277,745 1.24 - Total Fund 0.40 22,429,216 100.00 88,823 Crestview General Employees' Retirement Plan Fee Analysis As of September 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 50 Crestview General Employees' Retirement Plan Compliance Checklist As of September 30, 2023 Total Fund Compliance:Yes No N/A 1. The Total Plan return equaled or exceeded the 7.0% actuarial earnings assumption over the trailing three year period.  2. The Total Plan return equaled or exceeded the 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 International Equity return equaled or exceeded the benchmark over the trailing three year period. 4. Total International Equity return equaled or exceeded the benchmark over the trailing five year period. 5. Total Equity allocation was less than 75% of the total plan assets at market.  6. Total International 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 Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing three year period. 4. Total Non-Core Fixed Income return equaled or exceeded the benchmark over the trailing five year period. 5. No more than 5% of the fixed income portfolio was rated below BBB/Baa. Page 51 Crestview General Employees' Retirement Plan Compliance Checklist As of September 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 50th percentile over the trailing three year period. 4. Manager ranked within the top 50th percentile over the trailing five year period. 5. Manager 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 50th percentile over the trailing three year period. 4. Manager ranked within the top 50th percentile over the trailing five year period. 5. Manager 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 50th percentile over the trailing three year period. 4. Manager ranked within the top 50th percentile over the trailing five year period. 5. Manager 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. Intercontinental RE Vanguard (VITSX) Brookfield Manager Compliance: PIMCO (PDIIX) Manager Compliance:Vanguard (VIMAX)EuroPacific (RERGX) Transamerica (TSWIX) Manager Compliance: Metropolitan (MWTIX)Aristotle (PLFRX) Page 52 Total Fund Policy Weight (%) Jul-1998 Blmbg. U.S. Gov't/Credit 40.00 FTSE 3 Month T-Bill 10.00 S&P 500 Index 50.00 Oct-2000 Blmbg. U.S. Gov't/Credit 35.00 FTSE 3 Month T-Bill 5.00 S&P 500 Index 60.00 Apr-2003 S&P 500 Index 60.00 Blmbg. U.S. Aggregate Index 40.00 Jan-2007 S&P 500 Index 60.00 Bloomberg Intermed Aggregate Index 40.00 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 Sep-2014 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 Sep-2017 Russell 3000 Index 45.00 Blmbg. U.S. 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 Weight (%) Oct-2018 Russell 3000 Index 45.00 MSCI AC World ex USA 15.00 Blmbg. U.S. 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 Jul-2021 Russell 3000 Index 42.50 MSCI AC World ex USA 15.00 Blmbg. U.S. 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 Sep-2023 Russell 3000 Index 42.50 MSCI AC World ex USA 15.00 Blmbg. U.S. 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 6.0% Annualized Return 5.00 Crestview General Employees' Retirement Plan Investment Policies Benchmark History As of September 30, 2023 Page 53 Total Equity Policy Total Domestic Equity Policy Total Infrastructure Policy Weight (%) Jul-1998 S&P 500 Index 100.00 Sep-2009 S&P 500 Index 90.00 MSCI EAFE Index 10.00 Aug-2014 Russell 3000 Index 75.00 MSCI AC World ex USA 25.00 Weight (%) Jan-1926 CPI + 3%100.00 Sep-2023 6.0% Annualized Return 100.00 Weight (%) Jul-1998 S&P 500 Index 100.00 Aug-2014 Russell 3000 Index 100.00 Crestview General Employees' Retirement Plan Investment Policies Benchmark History As of September 30, 2023 Page 54 Total Fixed Policy Total Domestic Fixed Policy Total Non-Core Fixed Policy Weight (%) Jul-1998 Blmbg. U.S. Gov't/Credit 100.00 Apr-2003 Blmbg. U.S. Aggregate Index 100.00 Jan-2007 Bloomberg Intermed Aggregate Index 100.00 Aug-2014 Bloomberg Intermed Aggregate Index 83.00 Blmbg. Global Multiverse 17.00 Sep-2017 Blmbg. U.S. Aggregate Index 83.00 Blmbg. Global Multiverse 17.00 Oct-2018 Blmbg. U.S. Aggregate Index 83.00 Blmbg. Global Multiverse 8.50 Morningstar LSTA US Leveraged Loan 8.50 Weight (%) Jul-1998 Blmbg. U.S. Gov't/Credit 100.00 Apr-2003 Blmbg. U.S. Aggregate Index 100.00 Jan-2007 Bloomberg Intermed Aggregate Index 100.00 Sep-2017 Blmbg. U.S. 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 General Employees' Retirement Plan Investment Policies Benchmark History As of September 30, 2023 Page 55 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 56 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 57 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first. ORDINANCE NO.: _____ AN ORDINANCE OF THE CITY OF CRESTVIEW, FLORIDA; AMENDING THE CITY OF CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT PLAN, ADOPTED BY ORDINANCE NO. 780, AS SUBSEQUENTLY AMENDED; AMENDING AND RENUMBERING SECTION 6 BENEFIT AMOUNTS AND ELIGIBILITY AND SUPPLEMENTAL BENEFIT; AMENDING SECTION 30 PRE-RETIREMENT DEATH; PROVIDING FOR INCLUSION IN THE CODE; PROVIDING FOR SEVERABILITY; PROVIDING FOR A REPEALER; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Crestview Police Officers’ and Firefighters’ are currently provided pension and certain other benefits under Ordinances of the City of Crestview; WHEREAS, the Board of Trustees of the Plan has recommended amending the Plan as set forth below; WHEREAS, amending the normal retirement date as set forth below is in the best interests of the employees and citizens of the City of Crestview; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CRESTVIEW, FLORIDA: SECTION 1: That the City of Crestview Police Officers’ and Firefighters’ Retirement Plan Section 6, Subsection 6, is hereby amended to read: SECTION 6. BENEFIT AMOUNTS AND ELIGIBILITY 1. Normal Retirement Date. A Member’s normal retirement date shall be the first day of the month coincident with, or next following the earlier of the attainment of age fifty-five (55) and the completion of ten (10) years of Credited Service or the attainment of age fifty-two (52) and the completion of twenty- five (25) years of Credited Service regardless of age. A Member may retire on his normal retirement date or on the first day of any month thereafter, and each Member shall become 100% vested in his accrued benefit on the Member’s normal retirement date. Normal retirement under the System is Retirement from employment with the City on or after the normal retirement date. 2 SECTION 2: That the City of Crestview General Employees Retirement Plan Section 30, Subsection 3, is hereby amended to read: SECTION 30. SUPPLEMENTAL BENEFIT COMPONENT FOR SPECIAL BENEFITS; CHAPTER 185 AND 175 SHARE ACCOUNTS * * * 3. Allocation of Monies to Share Accounts A. Allocation of Chapter 185 or 175 Contributions. * * * 2. Effective as of September 30, 2017 valuation date, the amount of any premium tax monies allocated to the share plan (other than the initial allocation) shall be allocated to individual Member Share Accounts as provided for in subsection 3, below. Members retiring (or entering DROP) on or after October 1, 2016 and prior to September 30, 2017 shall receive an allocation. In addition, all premium tax monies allocated to the Share Plan in any subsequent Plan Year shall also be allocated as provided for in this Subsection. Available premium tax monies shall be allocated to individual Member Share Accounts at the end of each Plan Year on September 30 (a “valuation date”). Notwithstanding the foregoing, effective with the premium tax monies received for calendar year 2022, all premium tax monies shall be used to offset the City’s contribution. * * * SECTION 3: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Crestview. SECTION 4: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. 3 SECTION 5: If any section, subsection, sentence, clause, phrase of this Ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 6: That this Ordinance shall become effective upon adoption. PASSED ON FIRST READING, this ____ day of ___________________, 2023. PASSED AND ADOPTED on the second reading, this ____ day of _____________, 2023. __________________________________________ JB WHITTEN, MAYOR ATTEST: ______________________________________ MARYANNE SCHRADER CITY CLERK Client Memorandum To: Florida Public Pension Clients From: Klausner, Kaufman, Jensen & Levinson Date: 10/5/2023 Re: UPDATED MEMO regarding House Bill 3 (Chapter 2023-28, Laws of Florida): Act Relating to Government and Corporate Activism ______________________________________________________________________________ The Division of Retirement released the following draft rules to implement House Bill 3. As set forth in paragraph (2) below, the required report should be submitted as a PDF using the Division’s online portal. Please place this memo on the next agenda for discussion. Our office is working with Florida investment consultants to prepare an appropriate template report. 60T-1.008 Biennial Report of Decision-Making in Voting and Adherence to Fiduciary Standards. (1) By December 15 of each odd-numbered year, each Local Retirement System or Plan shall submit a comprehensive report to the Division which shall include: a. A detailed description of the Local Retirement System or Plan’s governance policies concerning decision-making in vote decisions; and b. A review of adherence to the fiduciary standards required in section 112.662, F.S., including the exercise of shareholder rights, since the previous comprehensive report submission. (2) The comprehensive report shall be saved in a portable document format (.pdf) file and submitted electronically via the Division’s online web portal https://frs.fl.gov/#/local-retirement/comprehensive-report created for this purpose. {00245518.DOC;1} Biennial Report of Decision-Making in Voting and Adherence to Fiduciary Standards HOLLYWOOD FIREFIGHTERS’ PENSION FUND 1. This report is submitted pursuant to DOR Rule 60T-1.008 which implements Section 112.662, Fla.Stat. 2. The Board’s governance policies relating to investments and fiduciary standards are set forth in the Board’s comprehensive investment policy, which is attached and incorporated herein by reference. 3. Following the adoption of Chapter 2023-28, the Board amended its investment policy to specifically address the requirements of Section 112.662. 4. The Board’s decision-making in voting on investments and its adherence to fiduciary standards in making investment decisions are governed by the Board’s investment policy. 5. All security level investment decisions are delegated to professional investment managers and all investment managers with direct holdings are fiduciaries. 6. Where applicable, investment managers with direct holdings have been instructed to abide by Section 112.662 when voting proxies. {00246276.DOCX;1} To: Investment Managers From: Board of Trustees (“Board”) Hollywood Firefighters’ Pension Fund Subject: Florida Statutes 112.662 Proxy Voting Date: November 8, 2023 In the most recent legislative session, the Florida legislature passed a bill which governs Boards of Trustees of Florida governmental pension plans in their decisions regarding investments and their exercise of shareholder rights, including proxy voting. Since you vote proxies on behalf of the Board, please be aware that when deciding whether to exercise or when exercising shareholder rights on behalf of the Board, only pecuniary factors may be considered. This includes the voting of proxies. The interests of the participants and beneficiaries of the system or plan may not be subordinated to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any non-pecuniary factor. Florida Statute §112.662(3). As used in the law, the term “pecuniary factor” means a factor that a fiduciary 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. Florida Statute §112.662(1) Please apply these standards when exercising shareholder rights, including the voting of proxies on behalf of the Board and as always, please retain records of the proxy votes on behalf of the Board. CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION CITY OF CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT TRUST FUND ENGAGEMENT AGREEMENT FOR PORTFOLIO MONITORING THIS IS AN AGREEMENT between CITY OF CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT TRUST FUND (“Client”) and the law firm of ROBBINS GELLER RUDMAN & DOWD LLP (“RGRD”). 1. General Statement of Purpose and Subject of Agreement: Client engages RGRD to monitor Client’s securities portfolio in connection with potential claims against such persons, entities, companies and/or associations that may be liable for damages suffered by Client as a result of breaches of fiduciary duties, fraud, misrepresentation or other violations of law. The purpose of this agreement is to facilitate the review of Client’s securities portfolio to ascertain whether Client has suffered a material loss or harm due to violations of law and to facilitate RGRD’s reporting to Client. This is not an engagement agreement to initiate any specific litigation or to provide claims filing services; the parties must enter into a separate engagement agreement(s) if Client wishes to engage RGRD for any such other services. 2. Identification and Investigation of Possible Claims: In the course of RGRD’s business, RGRD becomes aware of, identifies and investigates possible violations of securities laws, instances of abuse by corporate management, breaches of fiduciary duties, and/or other corporate conduct affecting a company’s securities. In such instances, RGRD shall review Client’s investment portfolio of publicly traded securities to determine whether Client has suffered a material loss or harm and will report losses and/or provide legal advice regarding possible claims. Client understands that RGRD does not undertake to investigate or advise Client with respect to every instance of a loss in value of the securities in Client’s securities portfolio. 3. Data Acquisition: To enable RGRD to perform the services under this agreement, Client will provide or will direct Client’s custodian (or money managers, as appropriate) to provide to RGRD at least the past five years’ statements of monthly transactions in publicly traded securities in electronic format. Additionally, Client will ensure that Client or Client’s custodian or managers provide at least monthly electronic updates of Client’s securities transactions to RGRD on an ongoing basis. Client shall immediately notify RGRD of any changes or developments in Client’s accounts, including, but not limited to: (a) the opening of new accounts; (b) changes in custodial or manager address or contact information; and (c) changes in Client address or contact information. 4. Commencement of Services: RGRD shall commence monitoring Client’s portfolio within a reasonable time period following the date upon which Client or Client’s custodian provides sufficient transactional data. However, due to delays in transfers of such data to RGRD for all appropriate accounts by custodians and the different time periods in which relevant data may be available to monitor, Client acknowledges that delays are outside of RGRD’s control and the monitoring service may only commence when RGRD receives, transfers and processes sufficient data from the custodian(s). CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 2 5. Confidentiality of Records: RGRD agrees to maintain all records provided by Client in a secure and confidential manner with access to such records limited to RGRD and its employees, contractors and third-party vendors necessary to fulfill RGRD’s obligations herein. 6. RGRD’s Reports to Client: RGRD agrees to provide Client with regular reports of the status of RGRD’s monitoring efforts and to apprise Client of material losses due to possible violations of law and to make recommendations to Client of available options to recover such losses. RGRD shall commence providing reports to Client as soon as practicable after RGRD is provided with sufficient historical transactions to generate meaningful results. 7. Costs and Expenses: RGRD shall be responsible for such costs as in its judgment are necessary to fulfill their duties under this agreement, including any expenses associated with obtaining information from Client’s custodian. Client shall have no obligation for any such expenses. 8. Client’s Pursuit of Litigation: Client understands and RGRD acknowledges that this agreement does not authorize the initiation of any litigation on Client’s behalf. Any litigation initiated will be subject to a separate engagement agreement to be negotiated between Client and RGRD. Client may choose not to pursue litigation or may engage counsel other than RGRD to pursue any claim identified pursuant to this agreement. 9. Filing of Settled Claims: Client understands that this agreement does not authorize or require RGRD to file claims on Client’s behalf. The timely filing of any particular claim with respect to any settled or adjudicated case remains the Client’s sole responsibility. Client must prepare and timely file any Proof of Claim and Release necessary to process a claim. 10. Contact Information: RGRD and Client each designate the following person (or such other person or address as such party may designate by written notice) as their primary contacts under this agreement: RGRD: ROBBINS GELLER RUDMAN & DOWD LLP Attention: Danielle S. Myers 655 West Broadway, Suite 1900 San Diego, CA 92101 Telephone: 619/231-1058 Facsimile: 619/231-7423 E-mail: danim@rgrdlaw.com -and- Attention: Laura S. Stein 261 Old York Road, Suite 507A Jenkintown, PA 19046 Telephone: 215/988-9546 Facsimile: 215/988-9885 E-mail: lstein@rgrdlaw.com CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 3 Client: CITY OF CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT TRUST FUND Attention: Michelle Rodriguez, Administrator Address: Foster & Foster Inc. 2503 Del Prado Blvd. South, Suite 502 Cape Coral, FL 33904 Telephone: 239/333-4872 E-mail: michelle.rodriguez@foster-foster.com With a copy to: KLAUSNER, KAUFMAN, JENSEN & LEVINSON, P.A. Contact: Stuart A. Kaufman Address: 7080 Northwest Fourth Street Plantation, FL 33317 Telephone: 954/916-1202 Facsimile: 954/916-1232 E-mail: stu@robertdklausner.com 11. Termination of This Agreement: Client may terminate this agreement at any time by sending written notice to the primary contact for RGRD identified in ¶10, above. RGRD may terminate this agreement at any time, provided that RGRD provides Client with 30 days’ notice to the primary contact for Client identified in ¶10, above, to ensure that Client has a reasonable period of time to avoid any prejudice that could otherwise arise as a result of the termination. 12. Entirety of Terms: This agreement sets forth the entire agreement between the parties with respect to its subject matter, and it may not be altered or modified except by written instrument executed by the contacts identified in ¶10, above (or such other person or address as such party may designate by written notice). The parties expressly acknowledge that no other agreements, arrangements or understandings relating to Portfolio Monitoring Services that are not expressed in this agreement exist among or between them. All parties agree that this agreement was negotiated at arm’s length, and that no parol or other evidence may be offered to explain, construe, contradict or clarify its terms, the intent of the parties or their counsel, or the circumstances under which the agreement was made or executed. The parties, their successors and assigns, and their attorneys undertake to implement the terms of this agreement in good faith and to use good faith in resolving any disputes that may arise in the implementation of the terms of this agreement. 13. Waiver: No waiver, amendment or other modifications of the terms of this agreement shall be binding upon either party unless expressed in writing and signed by both parties hereto. 14. Public Records: RGRD will comply with public records laws, specifically to: (a) Keep and maintain public records required by the Client to perform the service. CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 4 (b) Upon request from the Client or its public records custodian, provide the Client with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. (c) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if RGRD does not transfer the records to the public agency. (d) Upon completion of the contract, transfer, at no cost, to Client all public records in possession of RGRD or keep and maintain public records required by the Client to perform the service. If RGRD transfers all public records to Client upon completion of the contract, RGRD shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If RGRD keeps and maintains public records upon completion of the contract, RGRD shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to Client, upon request from Client or its public records custodian, in a format that is compatible with the information technology systems of Client. IF RGRD HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS: CITY OF CRESTVIEW POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND Michelle Rodriguez, Administrator Address: Foster & Foster Inc., 2503 Del Prado Blvd. South, Suite 502, Cape Coral, FL 33904 Phone: 239/333-4872 Email: michelle.rodriguez@foster-foster.com 15. Section 448.095, Florida Statutes. RGRD agrees to register with and use the E- Verify system to verify the work authorization status of all employees hired on and after January 1, 2021. Additionally, RGRD agrees to require any subcontractor to provide them with an affidavit stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized alien. 16. Choice of Law: This agreement is entered into in the State of Florida and shall be subject to Florida laws. CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 5 17. Copy Received by Client: Client acknowledges receipt of a copy of this agreement concurrently with Client’s execution thereof. This agreement shall be valid if signed in counterparts. FOR: CITY OF CRESTVIEW POLICE OFFICERS’ AND FIREFIGHTERS’ RETIREMENT TRUST FUND By: __________________________________ Date: ____________________ Print Name: _____________________ Title:___________________________ By: __________________________________ Date: ____________________ Print Name: _____________________ Title:___________________________ FOR: ROBBINS GELLER RUDMAN & DOWD LLP By:_________________________________ Date: ____________________ A Member of the Firm By:_________________________________ Date: ____________________ Laura S. Stein, Of Counsel Copyright © 2023 by Robbins Geller Rudman & Dowd LLP. Robbins Geller Rudman & Dowd LLP will vigorously defend all of its rights to this writing/publication. All rights reserved – including the right to reproduce in whole or in part in any form. Any reproduction in any form by anyone of the material contained herein without the permission of Robbins Geller Rudman & Dowd LLP is prohibited. WARRANT # SENT FOR PAYMENT FOR PERIOD DESCRIPTION TOTAL DUE 31 11/3/2023 Since Last Invoice Foster & Foster, invoice #28097, actuarial services $3,260.00 31 11/3/2023 August 2023 Foster & foster, invoice #28212, plan administration $1,725.00 31 11/3/2023 August 2023 Klausner, Kaufman, Jensen & Levinson, invoice #33480, legal services $1,526.40 31 11/3/2023 July 1 - September 30, 2023 AndCo, invoice #45665, investment consulting $6,120.00 31 11/3/2023 July 1 - September 30, 2023 Salem Trust, 3rd quarter fees, custodial services $2,514.88 31 11/3/2023 July 1 - September 30, 2023 Agincourt Capital Management, invoice #19238, investment management $3,190.59 31 11/3/2023 November 30, 2023 - November 30, 2024 Acentria Insurance, invoice #1, Bond Renewal Policy $4,932.00 31 11/3/2023 September 2023 Foster & Foster, invoice #28786, plan administration $1,725.00 32 11/20/2023 October 2023 Klausner, Kaufman, Jensen & Levinson, invoice #33865, legal services $524.70 32 11/20/2023 October 2023 Foster & Foster, invoice 329034, plan administration $1,883.66 Total Invoices $27,402.23 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 August 30, 2023 - November 28, 2023 Invoice Date 8/22/2023 Invoice # 28097 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 9/21/2023 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 E-mail correspondence dated May 25, 2023 regarding the 25 & out study performed based on the October 1, 2021 valuation 281.00 Prepare and provide set of personal statements as of 09/30/2022 for members ($25 * 83 actives)2,075.00 Preparation for and attendance at June 6, 2023 Board meeting (Board's share of expenses)354.00 Refund Calculations: SWEENEY, Schon; ANDERSEN, Christopher 250.00 Benefit Calculations: ANDERSON, James (NORMAL)300.00 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 $3,260.00 FOR RATIFICATION: Warrant #31, Invoices Invoice Date 9/5/2023 Invoice # 28212 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 10/5/2023 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 August 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 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 C/O FOSTER & FOSTER 2503 DEL PRADO BLVD., SUITE 502 CAPE CORAL, FL 33904 August 31, 2023 Bill # 33480 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 08/11/23 SAK REVIEW OF AMENDED INVESTMENT 0.30 143.10 POLICY STATEMENT, CONSULTANT REPORT 08/15/23 SS REVIEW OF QUARTERLY 0.40 190.80 PERFORMANCE REPORT & UPDATED IPS. 08/23/23 SAK REVIEW OF MULTIPLIER ORDINANCE, 0.40 190.80 EMAILS 08/24/23 SS TELEPHONE CONFERENCE WITH 0.30 143.10 ACTUARY JOE GRIFFIN (RE: 25 AND OUT + STATE TAX $). 08/24/23 SS REVIEW E-MAIL FROM ACTUARY JOE 0.10 47.70 GRIFFIN. 08/24/23 SAK REVIEW OF IMPACT STATEMENT 0.20 95.40 08/25/23 SS REVIEW E-MAIL FROM FOSTER & 0.10 47.70 FOSTER (RE: IMPACT STATEMENT FOR ORDINANCE CHANGING NORMAL RETIREMENT DATE & USAGE OF STATE TAX MONIES). 08/25/23 SS REVIEW OF IMPACT STATEMENT FOR 0.20 95.40 ORDINANCE CHANGING NORMAL RETIREMENT DATE & USAGE OF STATE TAX MONIES. 08/28/23 SAK PREPARATION FOR MEETING, REVIEW 0.40 95.40 MATERIALS 08/29/23 SAK ATTENDANCE AT BOARD MEETING 1.00 477.00 Total for Services 3.40 $1,526.40 Continued . . . Page 1 of 1 AndCo Consulting, LLC 5 3 1 W Morse Blvd Ste 20 0 Win te r Pa rk, FL 3 2 78 9 8 4 4 -4 4 2-63 2 6 a r@a nd coco n su ltin g.co m INVOICE BILL TO Crestview Police & Firefighters INVOICE 45665 DATE 09/29/2023 DESCRIPTION AMOUNT Consulting Services and Performance Evaluation, Billed Quarterly (July, 2023)2,040.00 Consulting Services and Performance Evaluation, Billed Quarterly (August, 2023)2,040.00 Consulting Services and Performance Evaluation, Billed Quarterly (September, 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 ,1 2 0.00 Fee A/C# M21337 Crestview P&F Fee Invoice for Period July 1, 2023 to $22,354,526.19 Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee $22,354,526.19 0.00045 $10,059.54 $2,514.88 TOTAL $2,514.88 If you have any questions, please contact Mark Rhein at 877-382-5268. Cape Coral, Fl 33904 billing@foster-foster.com September 30, 2023 Total Market Value for Fund: October 12, 2023 Michelle Rodriguez Foster & Foster 2503 Del Prado Blvd S Suite 502  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 7/1/2023 - 9/30/2023 MONTHLY MARKET VALUE CVP - Crestview Police and Fire Retirement Plan \ 0740007935 9/30/2023 $5,104,948.08 $5,104,948.08 x 0.2500 %=$12,762.37 Total Annual Fee $12,762.37 Total Quarterly Fee Due $3,190.59 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 10/17/2023 #19238 0 4 3 1 24 3 3 4 3 Invoice Date 10/26/2023 Invoice # 28786 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 11/25/2023 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 September 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 -------------- Paid on warrant 31 FOR RATIFICATION: Warrant #32, Invoices Invoice Date 11/15/2023 Invoice # 29034 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 12/15/2023 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 October 2023. 1,725.00 Attendance at August 29, 2023, Board meeting (out-of-pocket expenses shared with Crestview General, Milton P&F, E. Niceville Fire and Ft. Walton P&F Pension Boards ). 158.66 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 $1,883.66 August 23, 2023 through November 21, 2023 Retirees Term Date Monthly Benefit Option Selection PLOP Sent to Custodian None this period 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 None this period Refunded Contributions Term Date Refund Amount Status Sent to Custodian Ann Ruryk 9/14/2020 $7,438.91 Non-Vested 8/23/2023 Schon Sweeney 6/5/2023 $11,427.18 Non-Vested 9/14/2023 Gabriel Dunlap 8/13/2023 $27,094.72 Non-Vested 10/4/2023 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