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05/16/2022Monday, May 16, 2022 9:00 AM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda May 16, 2022Pension Trustees Meeting Agenda Citizens wishing to provide comments on an agenda item are encouraged to do so in advance through written comment. The City has established the following four options to ensure public comment for a virtual meeting: 1)eComments via Granicus - eComments is integrated with the published meeting agenda. Individuals may review the agenda item details and indicate their position on the item. You will be prompted to set up a user profile to allow you to comment, which will become part of the official public record. The eComment period is open from the time the agenda is published. Comments received during the meeting will become part of the official record, if posted prior to the closing of public comment. The City Clerk will read received comments into the record. 2)Email – Individuals may submit written comments or videos to ClearwaterCouncil@myclearwater.com. All comments received by 5 p.m. the day before the meeting (May 15) will become part of the official record. The City Clerk will read received comments into the record. 3)Council Chambers - Additionally, like any other council meeting, the public may provide public comment at the Main Library, Council Chambers, 100 N Osceola Avenue. Due to COVID-19, all speakers desiring to appear in person will be subject to all applicable emergency measures in place to prevent the further spread of COVID-19. Speakers who appear in person will be subject to screening for symptoms of COVID-19. Any persons exhibiting any symptoms of COVID-19 will not be permitted to enter council chambers but will be able to participate through the remote options described above. 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the February 14, 2022 Pension Trustees meeting as submitted in written in summation by the City Clerk. 3. Citizens to be Heard Regarding Items Not on the Agenda 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 Approve the following request of employees John Allen, Public Utilities Department, Benjamin Coccia, Planning and Development Department, Stephen Colbert, Fire Department, Patrick Conrey, Fire Department, Gerard Devivo, Fire Department, Eric Gandy, Police Department, Judith Lacosse, Official Records and Legislative Department, David Larremore, Engineering Department, Charles Jeffries, Public Utilities Department, Lance Kielich, General Service Department, Denis O’Connor, Fire Department, and Levi Outley, Parks and Recreation Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.3 Accept the January 1, 2022 Annual Actuarial Valuation for the Employees’ Pension Plan. 4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2021. Page 2 City of Clearwater Printed on 5/11/2022 May 16, 2022Pension Trustees Meeting Agenda 4.5 Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). 5. Adjourn Page 3 City of Clearwater Printed on 5/11/2022 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0205 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the February 14, 2022 Pension Trustees meeting as submitted in written in summation by the City Clerk. SUMMARY: APPROPRIATION CODE AND AMOUNT: USE OF RESERVE FUNDS: Page 1 City of Clearwater Printed on 5/11/2022 Pension Trustees Meeting Minutes February 14, 2022 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, February 14, 2022 9:00 AM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes February 14, 2022 Page 2 City of Clearwater Roll Call Present 5 - Chair Frank Hibbard, Trustee David Allbritton, Trustee Hoyt Hamilton, Trustee Kathleen Beckman, and Trustee Mark Bunker Also Present – Jon Jennings – City Manager, Micah Maxwell – Assistant City Manager, Michael Delk – Assistant City Manager, David Margolis - City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Deputy City Clerk, and Jennifer Poirrier – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Unapproved 1. Call to Order – Chair Hibbard The meeting was called to order at 9:00 a.m. 2. Approval of Minutes 2.1 Approve the minutes of the December 13, 2021 Pension Trustees Meeting as submitted in written summation by the City Clerk. Trustee Hamilton move to approve the minutes of the December 13, 2021 Pension Trustees Meeting as submitted in written summation by the City Clerk. The motion was duly seconded and carried unanimously. 3. Citizens to be Heard Regarding Items Not on the Agenda – None. 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. LAST NAME/FIRST NAME/JOB CLASS/DEPARTMENT PENSION ELIGIBILITY DATE Johnson, Keron, Water Distribution Oper, Public Utilities 10/25/2021 Taraj, Abin, Tree Trimmer, Parks & Recreation 10/25/2021 Pinell, Charles, Parking Enforcement Spec, Engr - Parking 10/25/2021 Castleberry, Torey, Solid Waste Worker, Solid Waste & Recycling 10/25/2021 Domanico, Eric, Plumber, Gs - Mechanical/Plumbing 10/25/2021 Draft Pension Trustees Meeting Minutes February 14, 2022 Page 3 City of Clearwater Drelick, Philip, Storeskeeper, Fire Department 10/25/2021 Faison, Tyre, Solid Waste Worker, Solid Waste & Recycling 10/25/2021 Kopke, Mark, Water Distr Oper Trainee, Public Utilities 10/25/2021 Coyle, Colin, Fire Medic 106hr, Fire Department 11/08/2021 Debose, Marquis, Parks Service Technician, Parks & Recreation 11/08/2021 Deuel, Lindsey, Wstwtr Trtmnt Plant Oper Trn, Public Utilities 11/08/2021 Feaster, Edward, Industrial Electrician, Public Utilities 11/08/2021 Hiller, Scott, Industrial Pretrmnt Inspector, Public Utilities 11/08/2021 Kemry, Brian, Fire Medic 106hr, Fire Department 11/08/2021 Sowers, Kathy, Contracts & Procurement Spec, Engineering 11/08/2021 Mathews, Paul, Storeskeeper, Fire Department 11/08/2021 Ryan, Austin, Fire Medic 106hr, Fire Department 11/08/2021 Skopis, Panagiotis, Fire Medic 106hr, Fire Department 11/08/2021 O'connell, Kathryn, Library Assistant, Library 11/22/2021 Heine, Thomas, Aquatics Coordinator, Parks & Recreation 11/22/2021 Kramer, Suzanne, Real Estate Services Coord, Engineering 11/22/2021 Dowd, Ryan, Solid Waste Technical Oper, Solid Waste & Recycling 12/06/2021 Mcdowell, Hubert, Building Constructn Inspector, Planning & Development 12/06/2021 Perez, Dania, Housing Specialist, Economic Development & Housing 12/06/2021 Ayotte, Shelby, Police Telecommunicator, Police Department 12/06/2021 Paradowski, Jordan, Library Assistant, Library Department 10/23/2021 Dressel, Kaitlin, Library Assistant, Library Department 11/20/2021 Avgoustis, Anna, Customer Service Rep, Planning & Development 12/06/2021 Toney, Georgia, Beach Lifeguard, Fire Department 12/06/2021 Steen, Adam, Beach Lifeguard, Fire Department 12/06/2021 Taylor, Donald, Recreation Leader, Parks & Recreation 10/25/2021 Jacobs, Colton, Recreation Leader, Parks & Recreation 10/25/2021 Hutfilz, Emily, Recreation Leader, Parks & Recreation 10/25/2021 Cooper, Ahmad, Solid Waste Worker, Solid Waste & Recycling 12/20/2021 Floyd, Antonio, Wastewater Treatment Plant Op. Trainee, Public Utilities 12/20/2021 Murray, Shaun, Street Sweeper, Engineering Stormwater 12/20/2021 Teuber, Travis, Public Utilities Asst Manager, Public Utilities 12/20/2021 Thomas, Bradley, Gas Technician Apprentice, Gas 12/20/2021 Trustee Allbritton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.2 Approve the following request of employee Bennett Elbo, Engineering Department to vest his pension as provided by Section 2.419 of the Employees’ Pension Plan. Bennett Elbo, Senior Engineering Specialist, Engineering Department, was employed by the City on February 3, 2003, and began participating in the Draft Pension Trustees Meeting Minutes February 14, 2022 Page 4 City of Clearwater Pension Plan on that date. Mr. Elbo terminated from City employment on December 13, 2021. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Elbo will meet the non-hazardous duty criteria and begin collecting a pension in April 2025. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Trustee Beckman moved to approve the following request of employee Bennett Elbo, Engineering Department to vest his pension as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.3 Approve the following request of employees Paul Bosco, Police Department, Suzanne Melton, Engineering Department, Denis O’Connor, Fire Department, Fatos Pojani, Public Utilities Department, and Karen Wiseman, Parks and Recreation Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Draft Pension Trustees Meeting Minutes February 14, 2022 Page 5 City of Clearwater Paul Bosco, Police Officer, Police Department, was employed by the City on April 28, 1997, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $112,325.13 over the past five years, the formula for computing regular pensions and Mr. Bosco’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $74,318.52 annually. Suzanne Melton, Staff Assistant, Engineering Department, was employed by the City on November 5, 2001, and her pension service credit is effective on that date. Her pension will be effective February 1, 2022. Based on an average salary of approximately $33,219.17 over the past five years, the formula for computing regular pensions and Ms. Melton’s selection of the Single Life Annuity, this pension benefit will be approximately $18,483.72 annually. Denis O’Connor, Firefighter, Fire Department, was employed by the City on September 24, 2001, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $78,118.20 over the past five years, the formula for computing regular pensions and Mr. O’Connor’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $29,849.40 annually. Fatos Pojani, Utilities Electronics Technician, Public Utilities Department, was employed by the City on June 11, 2007, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $47,918.66 over the past five years, the formula for computing regular pensions and Mr. Pojani’s selection of the Single Life Annuity this pension benefit will be approximately $19,243.08 annually. Karen Wiseman, Senior Parks Service Technician, Parks and Recreation Department, was employed by the City on August 18, 1997, and her pension service credit is effective on that date. Her pension will be effective February 1, 2022. Based on an average salary of approximately $34,624.55 over the past five years, the formula for computing regular pensions and Ms. Wiseman’s selection of the Single Life Annuity this pension benefit will be approximately $12,625.80 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Ms. Melton, Mr. Pojani, and Ms. Wiseman have met the non-hazardous duty Draft Pension Trustees Meeting Minutes February 14, 2022 Page 6 City of Clearwater criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Bosco and Mr. O’Connor have met the hazardous duty criteria. Trustee Bunker moved to approve the following request of employees Paul Bosco, Police Department, Suzanne Melton, Engineering Department, Denis O’Connor, Fire Department, Fatos Pojani, Public Utilities Department, and Karen Wiseman, Parks and Recreation Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.4 Approve beneficiary Ryan Webb to be granted a death benefit as provided by Clearwater Code of Ordinances Sections 2.420 and 2.455 of the Employee’ Pension Plan. Donna Light-Cowley, Customer Service Department, was employed by the City on January 19, 2021, and her pension service credit is effective on that date. Ms. Light-Cowley passed away on September 27, 2021, due to an injury that occurred on the job. Ms. Light- Cowley named Ryan Webb as her pre-retirement beneficiary. Based on an average salary of approximately $19,478.32 over the year, this pension benefit will be approximately $5,042.16 annually. Mr. Webb will begin collecting effective October 1, 2021. Sec. 2.420. - Death benefit. (1)a.In the event of the death of a participant who is vested in his accrued benefit prior to his termination of employment, his beneficiary (as described below) shall be entitled to receive a death benefit. Said death benefit shall be in an amount equal to the accrued benefit of such participant as of the date of his death. (3) The participant's surviving spouse shall be deemed to be the beneficiary designated to receive the death benefit payable under the plan, and if none, his children under the age of 18 who are the participant's dependents (within the meaning of Section 152 of the Internal Revenue Code) at the time of his death. Sec. 2.455. - Beneficiaries. (1) Each member or retiree may, on a form provided for that purpose, signed and filed with the board, designate a beneficiary (or beneficiaries) to receive the benefit, if any, which may be payable in the event of his death. Each designation may be revoked or changed by such member or retiree by signing and filing with the board a new designation-of-beneficiary form. Upon such change, the rights of all previously designated beneficiaries to receive any benefits under the Draft Pension Trustees Meeting Minutes February 14, 2022 Page 7 City of Clearwater system shall cease.(2)If a deceased member or retiree failed to name a beneficiary in the manner prescribed in subsection (1), or if the beneficiary (or beneficiaries) named by a deceased member or retiree predeceased the member or retiree, the death benefit, if any, which may be payable under the system with respect to such deceased member or retiree, shall be paid to the estate of the member or retiree. Trustee Allbritton moved to approve beneficiary Ryan Webb to be granted a death benefit as provided by Clearwater Code of Ordinances Sections 2.420 and 2.455 of the Employee’ Pension Plan. The motion was duly seconded and carried unanimously. 4.5 Approve beneficiaries Edith Sterling and Robbin Beem to be granted a death benefit as provided by Code of Ordinances Sections 2.420 and 2.455 of the Employees’ Pension Plan. Stacey Sterling, Parks and Recreation Department, was employed by the City on April 14, 1997, and his pension service credit is effective on that date. Mr. Sterling passed away September 30, 2021. Mr. Sterling named Edith Sterling as his pre-retirement beneficiary. Based on an average salary of approximately $43,878.67 over the past five years, this pension benefit will be approximately $25,953.24 annually. Mrs. Sterling will begin collecting effective October 1, 2021. Louis Beem, Solid Waste and Recycling Department, was employed by the City on July 14, 2003, and his pension service credit is effective on that date. Mr. Beem passed away October 20, 2021. Robbin Beem is the spouse of Louis Beem. Based on an average salary of approximately $40,874.91 over the past five years, this pension benefit will be approximately $17,758.68 annually. Mrs. Beem will begin collecting effective November 1, 2021. Sec. 2.420. - Death benefit. (1)a. In the event of the death of a participant who is vested in his accrued benefit prior to his termination of employment, his beneficiary (as described below) shall be entitled to receive a death benefit. Said death benefit shall be in an amount equal to the accrued benefit of such participant as of the date of his death. (3) The participant's surviving spouse shall be deemed to be the beneficiary designated to receive the death benefit payable under the plan, and if none, his children under the age of 18 who are the participant's dependents (within the meaning of Section 152 of the Internal Revenue Code) at the time of his death. Sec. 2.455. - Beneficiaries. (1) Each member or retiree may, on a form provided for that purpose, signed and filed with the board, designate a beneficiary (or beneficiaries) to receive the Draft Pension Trustees Meeting Minutes February 14, 2022 Page 8 City of Clearwater benefit, if any, which may be payable in the event of his death. Each designation may be revoked or changed by such member or retiree by signing and filing with the board a new designation-of-beneficiary form. Upon such change, the rights of all previously designated beneficiaries to receive any benefits under the system shall cease.(2)If a deceased member or retiree failed to name a beneficiary in the manner prescribed in subsection (1), or if the beneficiary (or beneficiaries) named by a deceased member or retiree predeceased the member or retiree, the death benefit, if any, which may be payable under the system with respect to such deceased member or retiree, shall be paid to the estate of the member or retiree. Trustee Beckman moved to approve beneficiaries Edith Sterling and Robbin Beem to be granted a death benefit as provided by Code of Ordinances Sections 2.420 and 2.455 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 5. Adjourn The meeting adjourned at 9:02 a.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0219 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Last Name/First Name/Job Classification/Department Pension Eligibility Date KINDRED, CHARLES, CUSTODIAL WORKER, POLICE DEPARTMENT 01/03/2022 JOHNSON, CHRISTOPHER, TRAFFIC SIGNAL TECH, ENGINEERING 01/31/2022 CAPONE, MATTHEW, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 MCCALLUM, BENJAMIN, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 MENGERINK, ADAM, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 NEGRON, SAMANTHA, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 NEIGHLY, KATHERN, SR ACCOUNTANT, SOLID WASTE & RECYCLING 01/03/2022 PINSKER, KRISTEN, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 ROBINSON, ALICIA, DEVELOPMENT REVIEW TECHNICIAN, PLANNING & DEV 01/03/2022 STYLES, LAUREN, POLICE OFFICER, POLICE DEPARTMENT 01/03/2022 KINDRED, CHARLES, CUSTODIAL WORKER, POLICE DEPARTMENT 01/03/2022 TAGGART, STEVEN, WSTWTR TRTMNT PLANT OPER TRN, PUBLIC UTILITIES 01/03/2022 PRINS, DYLAN, PLANNER, PLANNING & DEVELOPMENT 01/10/2022 JOHNSON, BRANDY, CUSTOMER SERVICE REP, UTILITY CUSTOMER SERVICE 01/18/2022 BIONDO VITO, METER READER, UTILITY CUSTOMER SERVICE 01/18/2022 SIVANISH, LELAND, SR ACCOUNTANT, ENGR - STORMWATER 01/18/2022 BLAUVELT, SHAWNA, CONTRACTS & PROCUREMENT SPEC, ENGINEERING 01/18/2022 WINGFIELD, RYAN, PARKING ENFORCEMENT SPEC, ENGR - PARKING 01/18/2022 NINA, JOEL, POLICE CADET, POLICE DEPARTMENT 01/15/2022 PERRY MICHELE, POLICE CADET, POLICE DEPARTMENT 01/15/2022 MITCHELL, JONATHAN, POLICE CADET, POLICE DEPARTMENT 01/15/2022 GREEN MARQUEZ, SOLID WASTE WORKER, SOLID WASTE & RECYCLING 01/31/2022 HARRIS BROOKE, SR SYSTEMS PROGRAMMER, INFORMATION TECHNOLOGY 01/31/2022 MANNOSSOS, TARA, UTILITY DISPATCHER, GAS SYSTEM 01/31/2022 REICH OWEN POLICE CADET POLICE DEPARTMENT 01/15/2022 WOJCIECHOWSKA, BARBARA, ACCOUNTING TECHNICIAN, PUBLIC UTLILITIES 01/15/2022 COTHRAN, SAUL, PARKING ENFORCEMENT SPECIALIST, ENGR - PARKING 01/15/2022 BUTLER ALEXIS, CUSTOMER SERVICE REP, UTILITY CUSTOMER SERVICE 02/14/2022 BURGETT, JENNIFER, STAFF ASSISTANT, ENGINEERING/STORMWATER 02/14/2022 HOPKINSON, KARRI, GAS TECH APPRENTICE, GAS 02/14/2022 OLSON, TYLER, PARKS SERVICE TECHNICIAN, PARKS & RECREATION 02/14/2022 POTTER, JORDAN, CRIME ANALYST, POLICE 02/14/2022 CHADWICK, EVAN, CRIME ANALYST, POLICE 02/14/2022 KLEIN, JANICE, CRIME ANALYST POLICE 02/14/2022 RICE, LLOYD, RECREATION LEADER, PARKS & RECREATION 02/14/2022 Page 1 City of Clearwater Printed on 5/11/2022 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Jennifer Poirrier, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: February 18, 2022 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Last Name First Name Job Classification Department PENSION ELIGIBILITY DATE KINDRED CHARLES CUSTODIAL WORKER POLICE DEPARTMENT 01/03/2022 JOHNSON CHRISTOPHER TRAFFIC SIGNAL TECH ENGINEERING 01/31/2022 CAPONE MATTHEW POLICE OFFICER POLICE DEPARTMENT 01/03/2022 MCCALLUM BENJAMIN POLICE OFFICER POLICE DEPARTMENT 01/03/2022 MENGERINK ADAM POLICE OFFICER POLICE DEPARTMENT 01/03/2022 NEGRON SAMANTHA POLICE OFFICER POLICE DEPARTMENT 01/03/2022 NEIGHLY KATHERN SR ACCOUNTANT SOLID WASTE & RECYCLING 01/03/2022 PINSKER KRISTEN POLICE OFFICER POLICE DEPARTMENT 01/03/2022 ROBINSON ALICIA DEVELOPMENT REVIEW TECHNICIAN PLANNING & DEVELOPMENT 01/03/2022 STYLES LAUREN POLICE OFFICER POLICE DEPARTMENT 01/03/2022 TAGGART STEVEN WSTWTR TRTMNT PLANT OPER TRN PUBLIC UTILITIES 01/03/2022 PRINS DYLAN PLANNER PLANNING & DEVELOPMENT 01/10/2022 JOHNSON BRANDY CUSTOMER SERVICE REP UTILITY CUSTOMER SERVICE 01/18/2022 BIONDO VITO METER READER UTILITY CUSTOMER SERVICE 01/18/2022 SIVANISH LELAND SR ACCOUNTANT ENGR - STORMWATER 01/18/2022 BLAUVELT SHAWNA CONTRACTS & PROCUREMENT SPEC ENGINEERING 01/18/2022 WINGFIELD RYAN PARKING ENFORCEMENT SPEC ENGR - PARKING 01/18/2022 NINA JOEL POLICE CADET POLICE DEPARTMENT 01/15/2022 PERRY MICHELE POLICE CADET POLICE DEPARTMENT 01/15/2022 MITCHELL JONATHAN POLICE CADET POLICE DEPARTMENT 01/15/2022 GREEN MARQUEZ SOLID WASTE WORKER SOLID WASTE & RECYCLING 01/31/2022 HARRIS BROOKE SR SYSTEMS PROGRAMMER INFORMATION TECHNOLOGY 01/31/2022 MANNOSSOS TARA UTILITY DISPATCHER GAS SYSTEM 01/31/2022 REICH OWEN POLICE CADET POLICE DEPARTMENT 01/15/2022 WOJCIECHOWSKA BARBARA ACCOUNTING TECHNICIAN PUBLIC UTLILITIES 01/15/2022 COTHRAN SAUL PARKING ENFORCEMENT SPECIALIST ENGR - PARKING 01/15/2022 BUTLER ALEXIS CUSTOMER SERVICE REPRESENTATIVE UTILITY CUSTOMER SERVICE 02/14/2022 BURGETT JENNIFER STAFF ASSISTANT ENGINEERING/STOREWATER 02/14/2022 HOPKINSON KARRI GAS TECH APPRENTICE GAS 02/14/2022 OLSON TYLER PARKS SERVICE TECHNICIAN PARKS & RECREATION 02/14/2022 POTTER JORDAN CRIME ANALYST POLICE 02/14/2022 CHADWICK EVAN CRIME ANALYST POLICE 02/14/2022 KLEIN JANICE CRIME ANALYST POLICE 02/14/2022 RICE LLOYD RECREATION LEADER PARKS & RECREATION 02/14/2022 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0220 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employees John Allen, Public Utilities Department, Benjamin Coccia, Planning and Development Department, Stephen Colbert, Fire Department, Patrick Conrey, Fire Department, Gerard Devivo, Fire Department, Eric Gandy, Police Department, Judith Lacosse, Official Records and Legislative Department, David Larremore, Engineering Department, Charles Jeffries, Public Utilities Department, Lance Kielich, General Service Department, Denis O’Connor, Fire Department, and Levi Outley, Parks and Recreation Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: John Allen, Water Distribution Operator, Public Utilities Department, was employed by the City on September 23,1985, and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $65,716.79 over the past five years, the formula for computing regular pensions and Mr. Allen’s selection of the Joint and Survivor Annuity, this pension benefit will be approximately $65,716.80 annually. Benjamin Coccia, Senior Plans Examiner, Planning and Development Department, was employed by the City on July 8, 1996, and his pension service credit is effective on that date. His pension will be effective August 1, 2022. Based on an average salary of approximately $72,096.64 over the past five years, the formula for computing regular pensions and Mr . Coccia’s selection of the Single Life Annuity, this pension benefit will be approximately $51,670.20 annually. Stephen Colbert, Fire Medic, Fire Department, was employed by the City on December 12, 1994, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $93,228.62 over the past five years, the formula for computing regular pensions and Mr. Colbert’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $47,594.40 annually. Patrick Conrey, Fire Lieutenant, Fire Department, was employed by the City on October 16, 2000, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $108,351.24 over the past five years, the formula for computing regular pensions and Mr. Conrey’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $43,578.96 annually. Gerard Devivo, Fire Medic, Fire Department, was employed by the City on October 4, 1999, Page 1 City of Clearwater Printed on 5/11/2022 File Number: ID#22-0220 and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $88,194.30 over the past five years, the formula for computing regular pensions and Mr. Devivo’s selection of the Single Life Annuity, this pension benefit will be approximately $57,722.80 annually. Eric Gandy, Police Deputy Chief, Police Department, was employed by the City on July 29, 1991, and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $135,982.88 over the past five years, the formula for computing regular pensions and Mr. Gandy’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $111,732.48 annually. Judith Lacosse, Staff Assistant, Official Records and Legislative Department, was employed by the City on February 10, 2003, and her pension service credit is effective on that date. Her pension will be effective April 1, 2022. Based on an average salary of approximately $36,097.06 over the past five years, the formula for computing regular pensions and Ms. Lacosse’s selection of the Single Life Annuity, this pension benefit will be approximately $18,928.64 annually. David Larremore, Traffic Engineering Analyst, Engineering Department, was employed by the City on March 30, 1998, and his pension service credit is effective on that date. His pension will be effective November 1, 2022. Based on an average salary of approximately $66,325.00 over the past five years, the formula for computing regular pensions and Mr. Larremore’s selection of the Single Life Annuity, this pension benefit will be approximately $44, 762.52 annually. Charles Jeffries, Water Distribution Operator Lead, Public Utilities Department, was employed by the City on January 14, 1991, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $54,564.65 over the past five years, the formula for computing regular pensions and Mr . Jeffries’ selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $43,538.88 annually. Lance Kielich, Fleet Operations Trainer, General Services Department, was employed by the City on February 11, 2002, and his pension service credit is effective on June 14, 2002. His pension will be effective February 1, 2022. Based on an average salary of approximately $47,665.73 over the past five years, the formula for computing regular pensions and Mr. Kielich selection of the Single Life Annuity, this pension benefit will be approximately $25,731.84 annually. Denis O’Connor, Firefighter, Fire Department, was employed by the City on September 24, 2001, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $78,118.20 over the past five years, the formula for computing regular pensions and Mr. O’Connor’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $29,849.40 annually. Levi Outley, Senior Parks Service Technician, Parks and Recreation Department, was employed by the City on September 15, 1997, and his pension service credit is effective on that date. His pension will be effective April 1, 2022. Based on an average salary of approximately $40,426.18 over the past five years, the formula for computing regular pensions and Mr . Outley’s selection of the Single Life Annuity this pension benefit will be approximately Page 2 City of Clearwater Printed on 5/11/2022 File Number: ID#22-0220 $25,910.64 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Allen, Mr. Coccia, Ms. Lacosse, Mr. Larremore, Mr. Jeffries, Mr. Kielich, and Mr. Outley Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Colbert, Mr. Conrey, Mr. Devivo, Mr. Gandy, and Mr. O’Connor APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 3 City of Clearwater Printed on 5/11/2022 SUBJECT/RECOMMENDATION: ..Title Recommend approval of the following request of employees John Allen, Public Utilities Department, Benjamin Coccia, Planning and Development Department, Stephen Colbert, Fire Department, Patrick Conrey, Fire Department, Gerard Devivo, Fire Department, Eric Gandy, Police Department, Judith Lacosse, Official Records and Legislative Department, David Larremore, Engineering Department, Charles Jeffries, Public Utilities Department, Lance Kielich, General Service Department, Denis O’Connor, Fire Department, and Levi Outley, Parks and Recreation Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. ..Body SUMMARY: John Allen, Water Distribution Operator, Public Utilities Department, was employed by the City on September 23,1985, and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $65,716.79 over the past five years, the formula for computing regular pensions and Mr. Allen’s selection of the Joint and Survivor Annuity, this pension benefit will be approximately $65,716.80 annually. Benjamin Coccia, Senior Plans Examiner, Planning and Development Department, was employed by the City on July 8, 1996, and his pension service credit is effective on that date. His pension will be effective August 1, 2022. Based on an average salary of approximately $72,096.64 over the past five years, the formula for computing regular pensions and Mr. Coccia’s selection of the Single Life Annuity, this pension benefit will be approximately $51,670.20 annually. Stephen Colbert, Fire Medic, Fire Department, was employed by the City on December 12, 1994, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $93,228.62 over the past five years, the formula for computing regular pensions and Mr. Colbert’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $47,594.40 annually. Patrick Conrey, Fire Lieutenant, Fire Department, was employed by the City on October 16, 2000, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $108,351.24 over the past five years, the formula for computing regular pensions and Mr. Conrey’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $43,578.96 annually. Gerard Devivo, Fire Medic, Fire Department, was employed by the City on October 4, 1999, and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $88,194.30 over the past five years, the formula for computing regular pensions and Mr. Devivo’s selection of the Single Life Annuity, this pension benefit will be approximately $57,722.80 annually. Eric Gandy, Police Deputy Chief, Police Department, was employed by the City on July 29, 1991, and his pension service credit is effective on that date. His pension will be effective March 1, 2022. Based on an average salary of approximately $135,982.88 over the past five years, the formula for computing regular pensions and Mr. Gandy’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $111,732.48 annually. Judith Lacosse, Staff Assistant, Official Records and Legislative Department, was employed by the City on February 10, 2003, and her pension service credit is effective on that date. Her pension will be effective April 1, 2022. Based on an average salary of approximately $36,097.06 over the past five years, the formula for computing regular pensions and Ms. Lacosse’s selection of the Single Life Annuity, this pension benefit will be approximately $18,928.64 annually. David Larremore, Traffic Engineering Analyst, Engineering Department, was employed by the City on March 30, 1998, and his pension service credit is effective on that date. His pension will be effective November 1, 2022. Based on an average salary of approximately $66,325.00 over the past five years, the formula for computing regular pensions and Mr. Larremore’s selection of the Single Life Annuity, this pension benefit will be approximately $44, 762.52 annually. Charles Jeffries, Water Distribution Operator Lead, Public Utilities Department, was employed by the City on January 14, 1991, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $54,564.65 over the past five years, the formula for computing regular pensions and Mr. Jeffries’ selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $43,538.88 annually. Lance Kielich, Fleet Operations Trainer, General Services Department, was employed by the City on February 11, 2002, and his pension service credit is effective on June 14, 2002. His pension will be effective February 1, 2022. Based on an average salary of approximately $47,665.73 over the past five years, the formula for computing regular pensions and Mr. Kielich selection of the Single Life Annuity, this pension benefit will be approximately $25,731.84 annually. Denis O’Connor, Firefighter, Fire Department, was employed by the City on September 24, 2001, and his pension service credit is effective on that date. His pension will be effective February 1, 2022. Based on an average salary of approximately $78,118.20 over the past five years, the formula for computing regular pensions and Mr. O’Connor’s selection of the 100% Joint and Survivor Annuity with a 30% partial lump sum, this pension benefit will be approximately $29,849.40 annually. Levi Outley, Senior Parks Service Technician, Parks and Recreation Department, was employed by the City on September 15, 1997, and his pension service credit is effective on that date. His pension will be effective April 1, 2022. Based on an average salary of approximately $40,426.18 over the past five years, the formula for computing regular pensions and Mr. Outley’s selection of the Single Life Annuity this pension benefit will be approximately $25,910.64 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five (55) years and completed twenty (20) years of credited service; the date on which a participant has reached age sixty-five (65) years and completed ten (10) years of credited service; or the date on which a member has completed thirty (30) years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty (60) years and completed twenty-five (25) years of credited service; or the date on which a participant has reached the age of sixty-five (65) years and completed ten (10) years of credited service. Mr. Allen, Mr. Coccia, Ms. Lacosse, Mr. Larremore, Mr. Jeffries, Mr. Kielich, and Mr. Outley have all met the non-hazardous duty criteria Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty (20) years of credited service regardless of age, or the date on which the participant has reached fifty-five (55) years and completed ten (10) years of credited service. Mr. Colbert, Mr. Conrey, Mr. Devivo, Mr. Gandy, and Mr. O’Connor have all met the hazardous duty criteria APPROPRIATION CODE AND AMOUNT: n/a USE OF RESERVE FUNDS: n/a Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0459 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Accept the January 1, 2022 Annual Actuarial Valuation for the Employees’ Pension Plan. SUMMARY: Per the actuarial valuation report dated January 1, 2022, a minimum city employer contribution of $11.70 million, or 12.44% of covered payroll, is required for fiscal year 2023. This is an increase of approximately $298 thousand over the fiscal 2022 required contribution of $11.40 million, which represented 12.30% of covered payroll. The breakout of the required contribution by group is as follows: Police $ 4,776,753 22.27% Fire $ 3,380,615 18.97% Non-Hazardous $ 3,541,249 6.46% Total $11,698,617 12.44% The calendar year 2021 investment return was 12.90%, versus an assumed rate of 6.55%. The five-year “smoothed” actuarial investment rate of return was 12.46% versus the 6.55% assumption. Calendar 2017 through 2021 investment returns were 16.01%, (-2.48%), 20.20%, 15.12%, and 12.90%, respectively. As previously approved by the Trustees, the assumed rate of return will reduce to 6.50% effective January 1, 2022. The plan experienced a net actuarial experience gain of $65.5 million for the year. The gain was primarily due to investment returns in excess of the assumption, with some additional very minor net liability-related gains. The plan’s funded ratio on January 1, 2022 was 114.57% (including the credit balance) versus 108.70% for the prior year. The market value of assets exceeds the actuarial value of assets by $151.1 million as of January 1, 2022. The plan’s credit balance, which reflects actual contributions in-excess of actuarially required contributions in prior years, increased from $31.55 million to $33.82 million during calendar 2021, primarily due to interest earned on the credit balance. This credit balance is available to subsidize volatile employer contribution requirements during future investment market downturns. Page 1 City of Clearwater Printed on 5/11/2022 City of Clearwater Employees’ Pension Plan Actuarial Valuation Report as of January 1, 2022 Annual Employer Contribution for the Fiscal Year Ending September 30, 2023 April 26, 2022 Board of Trustees City of Clearwater Employees’ Pension Plan Clearwater, Florida Dear Board Members: The results of the January 1, 2022 Annual Actuarial Valuation of the City of Clearwater Employees’ Pension Plan are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System’s funding progress and to determine the employer contribution rate for the fiscal year ending September 30, 2023. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results, associated with the benefits described in this report, for purposes other than those identified above may be significantly different. The contribution rate in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment of risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data or other information through December 31, 2021. The valuation was based upon information furnished by the City concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the City. In addition, this report was prepared using certain assumptions approved by the Board as authorized under the Florida and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes, Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this valuation. Board of Trustees April 26, 2022 Page ii This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY Peter N. Strong, FSA, MAAA Trisha Amrose, MAAA Enrolled Actuary No. 20-6975 Enrolled Actuary No. 20-8010 City of Clearwater Employees’ Pension Plan TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1. Discussion of Valuation Results A-1 2. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution A-5 B Valuation Results 1. Participant Data B-1 2. Actuarially Determined Contribution (ADC) B-3 3. Actuarial Value of Benefits and Assets B-6 4. Calculation of Employer Normal Cost B-9 5. Reconciliation of Credit Balance B-12 6. Liquidation of the Unfunded Actuarial Accrued Liability B-13 7. Actuarial Gains and Losses B-18 8. Recent History of Valuation Results B-24 9. Recent History of Contributions B-25 10. Actuarial Assumptions and Cost Method B-26 11. Glossary of Terms B-37 C Pension Fund Information 1. Statement of Plan Assets at Market Value C-1 2. Reconciliation of Plan Assets C-2 3. Development of Actuarial Value of Assets C-3 4. Allocation of Plan Assets C-4 5. Investment Rate of Return C-5 D Financial Accounting Information 1. FASB No. 35 D-1 E Miscellaneous Information 1. Reconciliation of Membership Data E-1 2. Active Participant Distribution E-2 3. Inactive Participant Distribution E-6 F Summary of Plan Provisions F-1 SECTION A DISCUSSION OF VALUATION RESULTS City of Clearwater Employees’ Pension Plan A-1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions The required employer contribution developed in this year's valuation is compared below to last year's results: Required Employer/State Contribution $11,710,617 $11,412,994 $297,623 As % of Covered Payroll 12.45 %12.31 %0.14 % Estimated State Contribution 12,000 12,000 0 As % of Covered Payroll 0.01 %0.01 %0.00 % Required Employer Contribution 11,698,617 11,400,994 297,623 As % of Covered Payroll 12.44 %12.30 %0.14 % Credit Balance 33,820,230 31,554,611 2,265,619 1/1/2022 Valuation (Decrease) Increase Valuation 1/1/2021 For FYE 9/30/2023 For FYE 9/30/2022 Based onBased on Required Employer Contribution by Group The required employer contribution for each group developed in this year's valuation is shown below: Required Employer Contribution by Group Non-Hazardous $3,541,249 $3,489,438 $51,811 As % of Covered Payroll 6.46 %6.46 %0.00 % Hazardous Police 4,776,753 4,681,293 95,460 As % of Covered Payroll 22.27 %21.84 %0.43 % Hazardous Fire 3,380,615 3,230,263 150,352 As % of Covered Payroll 18.97 %18.68 %0.29 % Total 11,698,617 11,400,994 297,623 As % of Covered Payroll 12.44 %12.30 %0.14 % For FYE 9/30/2023 For FYE 9/30/2022 Valuation (Decrease) Based on 1/1/2022 Increase Based on 1/1/2021 Valuation City of Clearwater Employees’ Pension Plan A-2 The contribution has been adjusted for interest on the basis that payments are made uniformly during the first two quarters of the City’s fiscal year. The required employer contribution has been computed under the assumption that the amount to be received from the State on behalf of police officers and firefighters in 2022 and 2023 will be $12,000. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. The actual Employer and State contributions during the year ending December 31, 2021 were $11,599,786 and $12,000, respectively, for a total of $11,611,786, compared to the required contribution of $11,412,994. The excess contribution of $198,792 was used to increase the credit balance. The minimum required City contribution is 7% of covered payroll. Revisions in Benefits There have been no revisions in benefits since the previous valuation. Revisions in Actuarial Assumptions or Methods The investment return assumption has been reduced by 0.05% from 6.55% to 6.50%. This assumption change caused the required City contribution to increase by $224,890, or 0.24% of covered pensionable payroll. For informational purposes, if this year’s valuation had been completed using the mortality rates assumed prior to January 1, 2016 (the RP-2000 Combined Healthy Participant Mortality Table for males and females with mortality improvements projected with Scale BB) rather than the mortality rates used by the FRS as mandated by the Florida Statutes, the required City contribution for FY 2023 would have been $12,422,914, or 13.21% of covered payroll, and the funded ratio (excluding the credit balance) as of January 1, 2022 would have been 108.04%. Actuarial Experience There was a net actuarial experience gain of $65,543,127 during the year, which means that actual experience was more favorable than expected. The gain is predominantly due to a recognized investment return (on the smoothed actuarial value of assets) above the assumed rate of 6.55%. The investment return on the market value of assets was 12.90%, and the investment return was 12.46% based on the actuarial value of assets. Additionally, there were very minor net liability-related experience gains, as liability-related gains and losses essentially offset each other. Actual withdrawal and disability experience were the primary sources of liability gains, as there were more terminations than expected (141 actual versus 92 expected) and fewer disabilities than expected (1 actual versus 4 expected). There were offsetting liability-related experience losses resulting from salary increase experience (salaries increased by 6.37% on average versus an expected average increase of 4.24%) and mortality experience (an actual decrease in annual retirement benefits of $781,255 versus an expected decrease of $1,073,271). City of Clearwater Employees’ Pension Plan A-3 Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution required to fund the Normal Cost. As a result, since the annual payment to amortize the UAL is below $0 as of January 1, 2022, the actuarial experience gain had no effect on the required employer contribution. The actuarial experience gain did cause the Plan’s funded ratio to increase by approximately 6.2%. Analysis of Change in Employer Contribution The components of change in the required City contribution are as follows: Contribution Rate Last Year 12.30 % Change in Benefits 0.00 Change in Assumptions and Methods 0.24 Amortization Payment on UAAL 0.00 Normal Cost (0.20) Experience Gain/Loss 0.00 Change in Administrative Expenses 0.10 Change in State Revenue 0.00 Contribution Rate This Year 12.44 Funded Ratio One measure of the Plan’s funding progress is the ratio of the actuarial value of assets to the actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded ratio is 114.57% this year (115.22% before the changes in assumptions) compared to 108.70% last year. Not including the credit balance in the actuarial value of assets, the funded ratio is 111.40% this year (112.04% before the changes in assumptions) compared to 105.65% last year. Variability of Future Contribution Rates The Actuarial Cost Method used to determine the contribution rate is intended to produce contribution rates which are generally level as a percent of payroll. Even so, when experience differs from the assumptions, as it often does, the employer’s contribution rate can vary significantly from year-to-year. The Market Value of Assets exceeds the Actuarial Value of Assets by $151,075,655 as of the valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting losses. City of Clearwater Employees’ Pension Plan A-4 Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate would have remained at 12.44% of covered payroll (since the annual payment to amortize the UAL would have remained at $0 due to Chapter 112.66 of the Florida Statutes), and the funded ratio (excluding the credit balance) would have been 125.54%. The funded ratio based on the market value of assets (excluding the credit balance) last year was 118.17%. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Clearwater Employees’ Pension Plan A-5 RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the expected returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution rate shown on page 1 may be considered as a minimum contribution rate that complies with the Board’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Clearwater Employees’ Pension Plan A-6 Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 1/1/2022 1/1/2021 Ratio of the market value of assets to total payroll 14.62 13.53 Ratio of actuarial accrued liability to payroll 11.36 11.16 Ratio of actives to retirees and beneficiaries 1.09 1.14 Ratio of net cash flow to market value of assets (2.80)%(2.68)% Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in plan sponsor contributions as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability (and also plan sponsor contributions) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. City of Clearwater Employees’ Pension Plan A-7 Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. SECTION B VALUATION RESULTS City of Clearwater Employees’ Pension Plan B-1 ACTIVE MEMBERS Number 1,510 1,083 232 195 Covered Annual Payroll $94,070,686 $54,799,503 $21,449,955 $17,821,228 Average Annual Payroll $62,298 $50,600 $92,457 $91,391 Average Age 44.1 45.6 39.4 41.0 Average Past Service 10.6 10.3 10.9 11.6 Average Age at Hire 33.5 35.3 28.5 29.4 RETIREES & BENEFICIARIES Number 1,263 805 273 185 Annual Benefits $50,117,248 $27,967,892 $13,384,612 $8,764,744 Average Annual Benefit $39,681 $34,743 $49,028 $47,377 Average Age 68.1 69.9 64.0 66.5 DISABILITY RETIREES Number 127 34 51 42 Annual Benefits $4,317,063 $750,101 $2,064,856 $1,502,106 Average Annual Benefit $33,993 $22,062 $40,487 $35,764 Average Age 65.5 71.1 61.9 65.4 TERMINATED VESTED MEMBERS Number 79 58 13 8 Annual Benefits $1,669,968 $1,091,817 $382,769 $195,382 Average Annual Benefit $21,139 $18,824 $29,444 $24,423 Average Age 49.0 50.9 44.7 42.7 Non-Hazardous Hazardous Police January 1, 2022 Total Hazardous Fire PARTICIPANT DATA City of Clearwater Employees’ Pension Plan B-2 ACTIVE MEMBERS Number 1,541 1,114 236 191 Covered Annual Payroll $92,726,419 $54,005,534 $21,431,416 $17,289,469 Average Annual Payroll $60,173 $48,479 $90,811 $90,521 Average Age 44.2 45.6 39.9 41.2 Average Past Service 10.7 10.4 11.5 11.5 Average Age at Hire 33.5 35.2 28.4 29.7 RETIREES & BENEFICIARIES Number 1,219 773 270 176 Annual Benefits $47,643,970 $26,611,279 $12,722,711 $8,309,980 Average Annual Benefit $39,084 $34,426 $47,121 $47,216 Average Age 67.7 69.4 63.8 66.1 DISABILITY RETIREES Number 129 36 50 43 Annual Benefits $4,219,162 $787,025 $1,911,064 $1,521,073 Average Annual Benefit $32,707 $21,862 $38,221 $35,374 Average Age 65.4 70.3 62.7 64.6 TERMINATED VESTED MEMBERS Number 74 53 10 11 Annual Benefits $1,475,373 $949,571 $266,611 $259,191 Average Annual Benefit $19,937 $17,916 $26,661 $23,563 Average Age 48.9 50.7 43.9 44.9 PARTICIPANT DATA - PRIOR YEAR January 1, 2021 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-3 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2023 9/30/2023 9/30/2023 9/30/2023 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 10,995,884 3,325,116 4,491,787 3,178,981 F.ADC if Paid on the Valuation Date: D+E 10,995,884 3,325,116 4,491,787 3,178,981 G.ADC Adjusted for Frequency of Payments 11,710,617 3,541,249 4,783,753 3,385,615 H.ADC as % of Covered Payroll 12.45 %6.46 %22.30 %19.00 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 94,070,686 54,799,503 21,449,955 17,821,228 K.ADC for Contribution Year: H x J 11,710,617 3,541,249 4,783,753 3,385,615 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 11,698,617 3,541,249 4,776,753 3,380,615 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 12.44 %6.46 %22.27 %18.97 % O.Credit Balance 33,820,230 16,984,270 9,956,043 6,879,917 Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION CHANGES January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-4 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2023 9/30/2023 9/30/2023 9/30/2023 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 10,779,660 3,237,986 4,416,217 3,125,457 F.ADC if Paid on the Valuation Date: D+E 10,779,660 3,237,986 4,416,217 3,125,457 G.ADC Adjusted for Frequency of Payments 11,485,727 3,450,074 4,705,479 3,330,174 H.ADC as % of Covered Payroll 12.21 %6.30 %21.94 %18.69 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 94,070,686 54,799,503 21,449,955 17,821,228 K.ADC for Contribution Year: H x J 11,485,727 3,450,074 4,705,479 3,330,174 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 11,473,727 3,450,074 4,698,479 3,325,174 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 12.20 %6.30 %21.90 %18.66 % O.Credit Balance 33,820,230 16,984,270 9,956,043 6,879,917 Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - BEFORE ASSUMPTION CHANGES * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-5 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2022 9/30/2022 9/30/2022 9/30/2022 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 10,711,397 3,274,930 4,400,087 3,036,380 F.ADC if Paid on the Valuation Date: D+E 10,711,397 3,274,930 4,400,087 3,036,380 G.ADC Adjusted for Frequency of Payments 11,412,994 3,489,438 4,688,293 3,235,263 H.ADC as % of Covered Payroll 12.31 %6.46 %21.88 %18.71 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 92,726,419 54,005,534 21,431,416 17,289,469 K.ADC for Contribution Year: H x J 11,412,994 3,489,438 4,688,293 3,235,263 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 11,400,994 3,489,438 4,681,293 3,230,263 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 12.30 %6.46 %21.84 %18.68 % O.Credit Balance 31,554,611 15,970,879 9,252,205 6,331,527 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR January 1, 2021 January 1, 2021 January 1, 2021 January 1, 2021 Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-6 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 424,241,170 $ 190,273,541 $ 132,183,013 $ 101,784,616 b. Vesting Benefits 38,067,297 27,460,940 6,508,958 4,097,399 c. Disability Benefits 22,402,897 3,966,053 11,265,294 7,171,550 d. Preretirement Death Benefits 5,377,675 3,362,050 1,104,571 911,054 e. Return of Member Contributions 4,099,684 2,950,653 660,464 488,567 f. Total 494,188,723 228,013,237 151,722,300 114,453,186 2.Inactive Members a. Service Retirees & Beneficiaries 658,612,846 350,400,869 191,505,262 116,706,715 b. Disability Retirees 56,500,520 7,991,817 28,967,229 19,541,474 c. Terminated Vested Members 18,806,373 11,230,679 5,149,000 2,426,694 d. Total 733,919,739 369,623,365 225,621,491 138,674,883 3. Total for All Members 1,228,108,462 597,636,602 377,343,791 253,128,069 C.Actuarial Accrued (Past Service) Liability 1,068,348,048 541,189,899 316,534,086 210,624,063 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,003,226,826 503,811,878 300,722,551 198,692,397 E.Plan Assets 1.Market Value 1,375,042,294 700,679,655 401,162,327 273,200,312 2. Actuarial Value 1,223,966,639 623,696,104 357,086,693 243,183,842 3. Actuarial Value Excluding Credit Balance 1,190,146,409 606,711,834 347,130,650 236,303,925 F.Actuarial Present Value of Projected Covered Payroll 795,615,409 435,945,720 201,307,080 158,362,609 G.Actuarial Present Value of Projected Member Contributions 70,786,350 34,875,657 20,081,329 15,829,364 H.Accumulated Value of Active Member Contributions 66,538,014 35,807,548 16,617,258 14,113,208 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(121,798,361) (65,521,935) (30,596,564) (25,679,862) J.Funded Ratio = E.2. / C.114.57%115.25%112.81%115.46% K.Funded Ratio Excluding Credit Balance = E.3. / C.111.40%112.11%109.67%112.19% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - AFTER ASSUMPTION CHANGES January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 City of Clearwater Employees’ Pension Plan B-7 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 420,146,283 $ 188,584,526 $ 130,775,730 $ 100,786,027 b. Vesting Benefits 37,606,120 27,124,425 6,429,624 4,052,071 c. Disability Benefits 22,198,778 3,935,463 11,155,668 7,107,647 d. Preretirement Death Benefits 5,326,033 3,330,325 1,093,235 902,473 e. Return of Member Contributions 4,093,396 2,946,183 659,415 487,798 f. Total 489,370,610 225,920,922 150,113,672 113,336,016 2.Inactive Members a. Service Retirees & Beneficiaries 655,457,929 348,813,820 190,502,875 116,141,234 b. Disability Retirees 56,218,410 7,959,809 28,812,030 19,446,571 c. Terminated Vested Members 18,658,320 11,142,995 5,108,716 2,406,609 d. Total 730,334,659 367,916,624 224,423,621 137,994,414 3. Total for All Members 1,219,705,269 593,837,546 374,537,293 251,330,430 C.Actuarial Accrued (Past Service) Liability 1,062,263,441 538,217,897 314,624,207 209,421,337 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 997,580,499 501,142,367 298,897,068 197,541,064 E.Plan Assets 1.Market Value 1,375,042,294 700,679,655 401,162,327 273,200,312 2. Actuarial Value 1,223,966,639 623,696,104 357,086,693 243,183,842 3. Actuarial Value Excluding Credit Balance 1,190,146,409 606,711,834 347,130,650 236,303,925 F.Actuarial Present Value of Projected Covered Payroll 793,142,599 434,598,972 200,667,483 157,876,144 G.Actuarial Present Value of Projected Member Contributions 70,566,062 34,767,919 20,017,420 15,780,723 H.Accumulated Value of Active Member Contributions 66,538,014 35,807,548 16,617,258 14,113,208 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(127,882,968) (68,493,937) (32,506,443) (26,882,588) J.Funded Ratio = E.2. / C.115.22%115.88%113.50%116.12% K.Funded Ratio Excluding Credit Balance = E.3. / C.112.04%112.73%110.33%112.84% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - BEFORE ASSUMPTION CHANGES January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 City of Clearwater Employees’ Pension Plan B-8 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 419,687,968 $ 189,145,015 $ 134,278,375 $ 96,264,578 b. Vesting Benefits 37,170,897 27,026,080 6,163,846 3,980,971 c. Disability Benefits 21,723,016 3,900,242 10,934,743 6,888,031 d. Preretirement Death Benefits 5,350,494 3,355,659 1,116,093 878,742 e. Return of Member Contributions 4,005,332 2,925,556 615,861 463,915 f. Total 487,937,707 226,352,552 153,108,918 108,476,237 2.Inactive Members a. Service Retirees & Beneficiaries 630,420,379 336,896,421 181,939,193 111,584,765 b. Disability Retirees 54,896,963 8,569,863 26,357,137 19,969,963 c. Terminated Vested Members 16,396,732 9,531,725 3,537,891 3,327,116 d. Total 701,714,074 354,998,009 211,834,221 134,881,844 3. Total for All Members 1,189,651,781 581,350,561 364,943,139 243,358,081 C.Actuarial Accrued (Past Service) Liability 1,034,718,990 525,599,102 306,555,615 202,564,273 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 970,493,309 489,411,798 290,331,609 190,749,902 E.Plan Assets 1.Market Value 1,254,293,845 641,315,529 364,947,164 248,031,152 2. Actuarial Value 1,124,737,021 575,073,632 327,251,535 222,411,854 3. Actuarial Value Excluding Credit Balance 1,093,182,410 559,102,753 317,999,330 216,080,327 F.Actuarial Present Value of Projected Covered Payroll 776,476,285 428,012,330 195,344,184 153,119,771 G.Actuarial Present Value of Projected Member Contributions 69,009,378 34,240,988 19,462,742 15,305,648 H.Accumulated Value of Active Member Contributions 66,757,705 36,139,486 17,210,741 13,407,478 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(58,463,420) (33,503,651) (11,443,715) (13,516,054) J.Funded Ratio = E.2. / C.108.70%109.41%106.75%109.80% K.Funded Ratio Excluding Credit Balance = E.3. / C.105.65%106.37%103.73%106.67% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR January 1, 2021 January 1, 2021 January 1, 2021 January 1, 2021 City of Clearwater Employees’ Pension Plan B-9 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $13,365,746 $4,799,362 $4,841,561 $3,724,823 2.Vesting 2,466,809 1,626,005 502,014 338,790 3.Disability Benefits 2,002,367 314,540 1,008,502 679,325 4.Death Benefits 227,601 129,724 49,375 48,502 5.Refund of Contributions 895,586 669,575 124,682 101,329 6.Total for Future Benefits 18,958,109 7,539,206 6,526,134 4,892,769 7.Assumed Amount for Administrative Expenses 332,822 169,870 96,974 65,978 8.Total Normal Cost 19,290,931 7,709,076 6,623,108 4,958,747 C.Expected Member Contributions 8,295,047 4,383,960 2,131,321 1,779,766 D.Employer Normal Cost: B8 - C 10,995,884 3,325,116 4,491,787 3,178,981 E. Employer Normal Cost as % of Covered Payroll 11.69%6.07%20.94%17.84% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST ENTRY AGE NORMAL METHOD - AFTER ASSUMPTION CHANGES January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 City of Clearwater Employees’ Pension Plan B-10 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $13,196,182 $4,736,571 $4,779,701 $3,679,910 2.Vesting 2,435,569 1,604,248 496,228 335,093 3.Disability Benefits 1,988,099 312,549 1,000,873 674,677 4.Death Benefits 225,131 128,261 48,834 48,036 5.Refund of Contributions 896,904 670,447 124,928 101,529 6.Total for Future Benefits 18,741,885 7,452,076 6,450,564 4,839,245 7.Assumed Amount for Administrative Expenses 332,822 169,870 96,974 65,978 8.Total Normal Cost 19,074,707 7,621,946 6,547,538 4,905,223 C.Expected Member Contributions 8,295,047 4,383,960 2,131,321 1,779,766 D.Employer Normal Cost: B8 - C 10,779,660 3,237,986 4,416,217 3,125,457 E. Employer Normal Cost as % of Covered Payroll 11.46%5.91%20.59%17.54% CALCULATION OF EMPLOYER NORMAL COST ENTRY AGE NORMAL METHOD - BEFORE ASSUMPTION CHANGES Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022 City of Clearwater Employees’ Pension Plan B-11 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $13,144,753 $4,778,517 $4,778,940 $3,587,296 2.Vesting 2,421,305 1,596,210 504,608 320,487 3.Disability Benefits 1,967,473 309,813 996,671 660,989 4.Death Benefits 226,345 129,550 49,421 47,374 5.Refund of Contributions 878,771 655,826 124,204 98,741 6.Total for Future Benefits 18,638,647 7,469,916 6,453,844 4,714,887 7.Assumed Amount for Administrative Expenses 244,753 125,457 70,978 48,318 8.Total Normal Cost 18,883,400 7,595,373 6,524,822 4,763,205 C.Expected Member Contributions 8,172,003 4,320,443 2,124,735 1,726,825 D.Employer Normal Cost: B8 - C 10,711,397 3,274,930 4,400,087 3,036,380 E. Employer Normal Cost as % of Covered Payroll 11.55%6.06%20.53%17.56% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR ENTRY AGE NORMAL METHOD January 1, 2021 January 1, 2021 January 1, 2021 January 1, 2021 City of Clearwater Employees’ Pension Plan B-12 Total Non-Hazardous Hazardous Police Hazardous Fire $31,554,611 $15,970,879 $9,252,205 $6,331,527 -11,400,994 -3,489,438 -4,681,293 -3,230,263 +11,599,786 +3,456,736 +4,779,112 +3,363,938 +2,066,827 +1,046,093 +606,019 +414,715 33,820,230 16,984,270 9,956,043 6,879,917 Interest on Credit Balance Credit Balance at End of Year Credit Balance at Beginning of Year Required Employer Contribution Employer Contribution Made Reconcilation of Credit Balance City of Clearwater Employees’ Pension Plan B-13 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL) UAAL Amortization Period and Payments - Non-Hazardous Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (2,679,461)$ 16 (4,332,147)$ (416,446)$ (417,655)$ 1/1/2016 (Gain)/Loss 244,325 9 367,596 51,856 51,943 1/1/2016 Assumption Change (2,200,261) 19 (3,299,791) (288,633) (289,603) 1/1/2017 (Gain)/Loss (9,301,995) 10 (13,010,598) (1,699,376) (1,702,555) 1/1/2017 Assumption Change 156,236 20 218,121 18,588 18,653 1/1/2018 (Gain)/Loss (5,692,965) 11 (7,429,565) (907,280) (909,145) 1/1/2019 (Gain)/Loss 2,983,422 12 3,634,754 418,315 419,249 1/1/2019 Assumption Change 12,955,157 22 15,767,322 1,283,463 1,288,312 1/1/2020 (Gain)/Loss (611,097) 13 (695,955) (75,988) (76,171) 1/1/2020 Assumption Change 5,818,657 23 6,623,301 528,376 530,442 1/1/2021 (Gain)/Loss (26,810,531) 14 (28,576,340) (2,976,782) (2,984,457) 1/1/2021 Assumption Change (4,671,812) 24 (4,979,123) (389,904) (391,477) 1/1/2022 (Gain)/Loss (32,781,512) 15 (32,781,512) (3,273,620) (3,282,602) 1/1/2022 Assumption Change 2,972,002 25 2,972,002 228,779 N/A (59,619,835) (65,521,935) (7,498,652) (7,745,066) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-14 UAAL Amortization Period and Payments - Hazardous Police Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,506,064)$ 16 (2,200,503)$ (211,533)$ (212,147)$ 1/1/2016 (Gain)/Loss 137,330 9 179,728 25,354 25,397 1/1/2016 Assumption Change (1,236,717) 19 (1,689,381) (147,770) (148,267) 1/1/2017 (Gain)/Loss (5,228,439) 10 (6,415,467) (837,955) (839,522) 1/1/2017 Assumption Change 87,817 20 111,903 9,536 9,569 1/1/2018 (Gain)/Loss (3,199,886) 11 (3,689,462) (450,548) (451,474) 1/1/2019 (Gain)/Loss 1,676,914 12 1,815,786 208,974 209,441 1/1/2019 Assumption Change 7,281,798 22 8,117,902 660,799 663,295 1/1/2020 (Gain)/Loss (343,483) 13 (349,448) (38,155) (38,247) 1/1/2020 Plan Amendment 5,717,584 8 5,609,671 865,087 866,375 1/1/2020 Assumption Change 3,552,608 23 3,709,789 295,950 297,107 1/1/2021 (Gain)/Loss (10,424,892) 14 (11,125,278) (1,158,914) (1,161,902) 1/1/2021 Assumption Change (5,894,181) 24 (6,287,912) (492,392) (494,379) 1/1/2022 (Gain)/Loss (20,293,771) 15 (20,293,771) (2,026,572) (2,032,132) 1/1/2022 Assumption Change 1,909,879 25 1,909,879 147,019 N/A (27,763,503) (30,596,564) (3,151,120) (3,306,886) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-15 UAAL Amortization Period and Payments - Hazardous Fire Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,027,124)$ 16 (1,665,318)$ (160,086)$ (160,551)$ 1/1/2016 (Gain)/Loss 93,658 9 141,450 19,954 19,988 1/1/2016 Assumption Change (843,431) 19 (1,268,204) (110,930) (111,303) 1/1/2017 (Gain)/Loss (3,565,754) 10 (5,005,339) (653,771) (654,994) 1/1/2017 Assumption Change 59,890 20 83,825 7,143 7,168 1/1/2018 (Gain)/Loss (2,182,297) 11 (2,857,716) (348,977) (349,694) 1/1/2019 (Gain)/Loss 1,143,642 12 1,397,855 160,876 161,235 1/1/2019 Assumption Change 4,966,128 22 6,058,909 493,196 495,060 1/1/2020 (Gain)/Loss (234,253) 13 (267,614) (29,220) (29,290) 1/1/2020 Plan Amendment 4,071 8 4,658 718 719 1/1/2020 Assumption Change 2,356,236 23 2,688,525 214,478 215,317 1/1/2021 (Gain)/Loss (8,511,064) 14 (9,076,024) (945,445) (947,882) 1/1/2021 Assumption Change (4,361,137) 24 (4,649,751) (364,111) (365,581) 1/1/2022 (Gain)/Loss (12,467,844) 15 (12,467,844) (1,245,061) (1,248,477) 1/1/2022 Assumption Change 1,202,726 25 1,202,726 92,583 N/A (23,366,553) (25,679,862) (2,868,653) (2,968,285) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-16 Amortization Schedule The UAAL is being liquidated as a level dollar amount over the number of years remaining in the amortization period. The expected amortization schedules are as follows: 2022 $(65,521,935) 2023 (61,794,792) 2024 (57,825,389) 2025 (53,597,975) 2026 (49,095,779) 2027 (44,300,940) 2032 (15,171,117) 2037 - Amortization Schedule - Non-Hazardous Year Expected UAAL 2022 $(30,596,564) 2023 (29,229,392) 2024 (27,773,359) 2025 (26,222,685) 2026 (24,571,217) 2027 (22,812,403) 2032 (10,217,912) 2037 - Amortization Schedule - Hazardous Police Year Expected UAAL City of Clearwater Employees’ Pension Plan B-17 2022 $(25,679,862) 2023 (24,293,958) 2024 (22,817,950) 2025 (21,246,001) 2026 (19,571,876) 2027 (17,788,932) 2032 (6,954,818) 2037 - Amortization Schedule - Hazardous Fire Year Expected UAAL City of Clearwater Employees’ Pension Plan B-18 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long-term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1.Last Year's UAAL $(58,463,420)$(33,503,651)$(11,443,715)$(13,516,054) 2.Employer Normal Cost for Contribution Year 10,711,397 3,274,930 4,400,087 3,036,380 3.Last Year's Contributions 11,412,994 *3,489,438 *4,688,293 *3,235,263 * 4. Interest at the Assumed Rate on: a.1 and 2 for one year (3,127,758)(1,979,981)(461,358)(686,419) b.3 from dates paid 47,066 14,285 19,393 13,388 c. a - b (3,174,824)(1,994,266)(480,751)(699,807) 5.This Year's Expected UAAL: 1 + 2 - 3 + 4c (62,339,841)(35,712,425)(12,212,672)(14,414,744) 6.This Year's Actual UAAL (Before any changes in benefits and assumptions)(127,882,968)(68,493,937)(32,506,443)(26,882,588) 7.Net Actuarial Gain (Loss): (5) - (6)65,543,127 32,781,512 20,293,771 12,467,844 8.Gain (Loss) Due to Investments 65,521,092 9.Gain (Loss) Due to other sources 22,035 Hazardous FireA. Derivation of the Current UAAL Total Non-Hazardous Hazardous Police * Excludes the portion of the actual contribution above the required contribution that was used to increase the credit balance. City of Clearwater Employees’ Pension Plan B-19 Gains (losses) in previous years have been as follows: Year Ending Gain 12/31 (Loss) 2009 $32,358,262 (4.89)% 2010 2,311,412 (0.37) 2011 (13,721,771)2.28 2012 (7,015,253)1.15 2013 62,452,347 (11.02) 2014 34,213,347 (6.01) 2015 (475,313)0.07 ** 2016 18,096,188 (2.51)** 2017 11,075,148 (1.48)** 2018 (5,803,978)0.75 ** 2019 1,188,833 (0.14)** 2020 45,746,487 (5.30)** 2021 65,543,127 (7.43)** Employer Cost Rate* Change in * Before 2015, Change in Normal Cost Rate. ** Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0 or limited after reflecting Chapter 112.66 of the Florida Statutes (the requirement to fund at least the normal cost). City of Clearwater Employees’ Pension Plan B-20 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: 12/31/1986 N/A 7.00 %7.40 %5.00 % 12/31/1987 N/A 7.00 5.90 5.00 12/31/1988 N/A 7.00 9.10 5.00 12/31/1989 N/A 7.00 8.70 5.00 12/31/1990 N/A 7.00 5.30 5.00 12/31/1991 N/A 7.00 6.10 5.00 12/31/1992 N/A 7.00 6.80 5.00 12/31/1993 7.42 %7.00 1.20 5.00 12/31/1994 6.28 7.00 4.40 5.00 12/31/1995 9.14 7.00 6.40 5.00 12/31/1996 11.54 7.00 6.70 5.00 12/31/1997 13.74 7.00 5.60 5.00 12/31/1998 15.28 7.00 7.40 5.00 12/31/1999 17.96 7.00 4.20 5.00 12/31/2000 12.42 7.00 5.80 5.00 12/31/2001 7.40 7.00 5.90 5.00 12/31/2002 (1.85)7.50 5.80 6.00 12/31/2003 7.45 7.50 6.40 6.00 12/31/2004 2.18 7.50 6.38 6.00 12/31/2005 4.58 7.50 5.49 6.00 12/31/2006 7.87 7.50 5.15 6.00 12/31/2007 10.68 7.50 6.62 6.00 12/31/2008 (10.61)7.50 4.25 6.00 12/31/2009 16.53 7.50 3.29 6.00 12/31/2010 5.98 7.50 1.27 6.00 12/31/2011 4.46 7.50 2.56 6.00 12/31/2012 5.50 7.50 4.48 6.00 12/31/2013 14.04 7.00 3.16 4.07 12/31/2014 11.04 7.00 3.38 4.04 12/31/2015 7.64 7.00 8.65 *4.09 12/31/2016 8.22 7.00 1.23 *4.13 12/31/2017 8.89 7.00 7.35 4.16 12/31/2018 5.76 7.00 4.08 4.18 12/31/2019 7.39 6.75 8.84 4.35 12/31/2020 11.10 6.65 6.05 4.30 12/31/2021 12.46 6.55 6.37 4.24 Averages 8.14 %---5.47 %--- Assumed Salary Increases Actual Investment Return Year Ending Actual Assumed * Salary for the year ending 12/31/2015 included 27 pay periods rather than 26. The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. City of Clearwater Employees’ Pension Plan B-21 History of Investment Return Based on Actuarial Value of Assets -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Plan Year End Actual Assumed History of Salary Increases 0% 5% 10% 15% 0% 5% 10% 15% Plan Year End Compared to Previous Year Actual Assumed City of Clearwater Employees’ Pension Plan B-22 Active Members Year Vested Other End of Ended A E A E A E A E A A A E Year 12/31/2009 49 110 54 57 0 6 0 2 10 46 56 93 1,567 12/31/2010 78 137 68 51 2 6 3 2 15 49 64 85 1,508 12/31/2011 84 124 43 49 6 6 0 2 11 64 75 84 1,468 12/31/2012 119 113 51 52 3 6 1 2 18 40 58 81 1,474 12/31/2013 102 98 27 42 2 3 4 2 11 54 65 79 1,478 12/31/2014 135 131 45 51 5 3 2 2 21 58 79 78 1,482 12/31/2015 145 122 43 52 7 3 1 2 18 53 71 82 1,505 12/31/2016 159 144 49 60 4 3 2 3 18 71 89 89 1,520 12/31/2017 164 161 47 59 2 3 2 2 25 85 110 91 1,523 12/31/2018 207 175 45 65 1 3 0 2 27 102 129 92 1,555 12/31/2019 164 148 38 52 3 4 1 2 13 93 106 99 1,571 12/31/2020 105 135 43 52 0 4 0 2 8 84 92 100 1,541 12/31/2021 168 199 55 56 1 4 2 1 18 123 141 92 1,510 12/31/2022 54 4 1 90 13 Yr Totals *1679 1797 608 698 36 54 18 26 213 922 1135 1145 * Totals are through current Plan Year only. Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Terminations Year Retirement Retirement Death Totals During Service Disability City of Clearwater Employees’ Pension Plan B-23 Year Ended Number Number 12/31/2009 12 $142,606 16 $313,189 12/31/2010 12 139,508 18 363,242 12/31/2011 13 220,877 19 416,467 12/31/2012 12 232,755 20 466,010 12/31/2013 20 401,192 20 480,787 12/31/2014 16 275,728 21 510,892 12/31/2015 19 385,405 22 558,603 12/31/2016 20 498,746 25 708,907 12/31/2017 15 288,110 26 753,482 12/31/2018 25 762,324 28 831,241 12/31/2019 20 566,781 28 885,857 12/31/2020 27 921,472 29 949,503 12/31/2021 25 781,255 32 1,073,271 12/31/2022 34 1,160,759 Actual (A) Compared to Expected (E) Deaths Among Retirees and Beneficiaries Actual During Year Annual Pensions Annual Pensions Expected During Year City of Clearwater Employees’ Pension Plan B-24 Active Members Inactive Members 1/1/07 1,692 819 $79,385,090 $559,830,590 N/A N/A N/A $9,192,407 11.58 % 1/1/08 1,641 878 80,371,617 610,979,087 N/A N/A N/A 6,920,400 8.61 1/1/09 1,628 903 82,104,837 536,834,473 N/A N/A N/A 20,005,238 24.37 1/1/10 1,567 955 80,443,199 618,444,906 $647,167,565 $28,722,659 95.6 % 15,879,628 19.74 1/1/11 1,508 1,024 76,505,599 646,956,800 672,786,812 25,830,012 96.2 15,461,725 20.21 1/1/12 1,468 1,072 74,765,020 664,087,199 702,438,432 38,351,233 94.5 17,064,100 22.82 1/1/13 1,474 1,127 74,422,344 688,731,221 774,749,811 86,018,590 88.9 12,845,501 17.26 1/1/14 1,478 1,144 74,254,159 772,411,068 795,927,127 23,516,059 97.0 4,626,039 6.23 1/1/15 1,482 1,194 75,078,542 829,486,793 824,274,144 (5,212,649)100.6 8,194,115 10.91 1/1/16 1,505 1,237 80,250,993 866,598,975 857,177,619 (9,421,356)101.1 8,358,975 10.42 1/1/17 1,520 1,278 79,276,100 908,229,246 880,316,652 (27,912,594)103.2 8,092,922 10.21 1/1/18 1,523 1,334 82,317,307 957,314,542 916,334,666 (40,979,876)104.5 8,236,726 10.01 1/1/19 1,555 1,374 84,608,940 978,492,240 965,611,907 (12,880,333)101.3 9,106,282 10.76 1/1/20 1,571 1,401 90,594,113 1,015,277,332 1,017,746,535 2,469,203 99.8 10,463,285 11.55 1/1/21 1,541 1,422 92,726,419 1,093,182,410 1,034,718,990 (58,463,420)105.7 10,711,397 11.55 1/1/22 1,510 1,469 94,070,686 1,190,146,409 1,068,348,048 (121,798,361)111.4 10,995,884 11.69 Unfunded Actuarial Liability (Entry Age)* RECENT HISTORY OF VALUATION RESULTS Number of Employer Normal Cost* Valuation Date Covered Annual Payroll Actuarial Value of Assets % of PayrollAmount Actuarial Accrued Liability (Entry Age) Funded Ratio * Starting with the January 1, 2015 valuation, the Employer Normal Cost is calculated under the Entry Age Normal Method and the Credit Balance is excluded from the Actuarial Value of Assets. Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-25 1/1/07 9/30/08 $12,532,399 15.79 %$12,000 0.02 %$12,520,399 15.77 %$12,520,399 $12,000 $12,532,399 1/1/08 9/30/09 10,086,978 12.55 12,000 0.01 10,074,978 12.54 10,074,978 12,000 10,086,978 1/1/09 9/30/10 23,960,586 29.18 12,000 0.01 23,948,586 29.17 23,948,586 12,000 23,960,586 1/1/10 9/30/11 19,373,992 24.08 12,000 0.01 19,361,992 24.07 19,361,992 12,000 19,373,992 1/1/11 9/30/12 18,898,567 24.70 12,000 0.01 18,886,567 24.69 18,886,567 12,000 18,898,567 1/1/12 9/30/13 20,925,720 27.99 12,000 0.02 20,913,720 27.97 20,913,720 12,000 20,925,720 1/1/13 9/30/14 19,608,078 26.35 12,000 0.02 19,596,078 26.33 19,596,078 12,000 19,608,078 1/1/14 9/30/15 10,803,098 14.55 12,000 0.02 10,791,098 14.53 10,791,098 12,000 10,803,098 1/1/15 9/30/16 8,767,703 11.68 12,000 0.02 8,755,703 11.66 8,755,703 12,000 8,767,703 1/1/16 9/30/17 8,944,103 11.15 12,000 0.02 8,932,103 11.13 8,932,103 12,000 8,944,103 1/1/17 9/30/18 8,659,427 10.92 12,000 0.01 8,647,427 10.91 8,647,427 12,000 8,659,427 1/1/18 9/30/19 8,813,297 10.71 12,000 0.02 8,801,297 10.69 8,801,297 12,000 8,813,297 1/1/19 9/30/20 9,720,956 11.49 12,000 0.01 9,708,956 11.48 9,708,956 12,000 9,720,956 1/1/20 9/30/21 11,534,013 12.73 12,000 0.01 11,522,013 12.72 11,522,013 12,000 11,534,013 1/1/21 9/30/22 11,412,994 12.31 12,000 0.01 11,400,994 12.30 11,400,994 12,000 11,412,994 1/1/22 9/30/23 11,710,617 12.45 12,000 0.01 11,698,617 12.44 --- --- --- % of Payroll Employer State Valuation Date End of Year To Which Valuation Applies Amount Actual Contributions % of Payroll TotalAmount % of PayrollAmount RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Estimated State Required Contributions Employer & State Net Employer Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-26 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member’s benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member’s year by year projected covered pay. Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar amount contributions over a reasonable period of future years. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected and actual return on market value of assets at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Both the economic and decrement assumptions were established following the Experience Investigation for the Five Years Ended December 31, 2017, dated December 6, 2018. The mortality assumption is mandated by Chapter 112.63, Florida Statutes. Economic Assumptions The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net rate after investment expenses). This assumption was changed this year (based on the results of a 5-year experience study) from 6.55%. City of Clearwater Employees’ Pension Plan B-27 The Inflation Rate assumed in this valuation is 2.25% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 6.5% investment return rate translates to an assumed real rate of return over inflation of 4.25%. The rate of salary increase used for individual members can be seen in the tables below. Part of the assumption is for merit and/or seniority increases and productivity increases, and 2.25% recognizes inflation. This assumption is used to project a member’s current salary to the salaries upon which benefits will be based. Years of Service 1 - 2 2.25%7.60% 3 - 4 2.25%6.25% 5 - 9 2.25%5.50% 10 - 14 2.25%5.25% 15 and Higher 2.25%4.50% % Increase in Salary - Hazardous Duty Merit and Seniority Inflation Total Increase 5.35% 4.00% 3.25% 3.00% 2.25% Years of Service 1 2.25%6.50% 2 2.25%5.60% 3 2.25%4.50% 4 - 9 2.25%3.75% 10 - 14 2.25%3.55% 15 - 19 2.25%3.05% 20 and Higher 2.25%2.75% % Increase in Salary - Non-Hazardous Duty Merit and Seniority Inflation Total Increase 4.25% 3.35% 2.25% 1.50% 1.30% 0.50% 0.80% City of Clearwater Employees’ Pension Plan B-28 Demographic Assumptions The mortality tables used in the valuation for Hazardous Duty members are based on the PUB-2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for healthy lives to all future years after 2010 using Scale MP-2018. No mortality improvement is projected for disabled lives. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted Safety Employee Female Table, set forward 1 year Headcount Weighted Safety Healthy Retiree Female Table, set forward 1 year Male Healthy Headcount Weighted Safety Below Median Employee Male Table, set forward 1 year Headcount Weighted Safety Below Median Healthy Retiree Male Table, set forward 1 year Female Disabled N/A 80% Headcount Weighted General Disabled Retiree Female Table; 20% Headcount Weighted Safety Disabled Retiree Female Table Male Disabled N/A 80% Headcount Weighted General Disabled Retiree Male Table; 20% Headcount Weighted Safety Disabled Retiree Male Table These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2021 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the same mortality tables used by the FRS in either of its two most recently published actuarial valuation reports. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. City of Clearwater Employees’ Pension Plan B-29 FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2022)Men Women Men Women 50 0.42 %0.20 %32.59 36.43 55 0.55 0.36 27.82 31.39 60 0.92 0.60 23.23 26.59 65 1.31 0.92 18.95 22.07 70 2.08 1.44 14.93 17.81 75 3.51 2.40 11.32 13.88 80 6.24 4.12 8.24 10.41 Probability of Future Life Dying Next Year Expectancy (years) The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All Police and 90% of Firefighters’ deaths before retirement are assumed to be non- service connected. FRS Healthy Pre-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2022)Men Women Men Women 50 0.16 %0.10 %35.74 39.66 55 0.25 0.16 30.66 34.51 60 0.42 0.22 25.70 29.44 65 0.69 0.30 20.93 24.42 70 1.17 0.54 16.40 19.51 75 2.06 1.06 12.16 14.81 80 6.24 4.12 8.24 10.41 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Special Risk Class Members Sample Attained Ages Men Women Men Women 50 1.45 %1.25 %24.04 26.84 55 1.91 1.50 20.88 23.54 60 2.37 1.81 17.92 20.32 65 3.00 2.22 15.07 17.17 70 3.91 2.90 12.39 14.10 75 5.30 4.13 9.87 11.22 80 7.66 6.21 7.60 8.67 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-30 The mortality tables used in the valuation for Non-Hazardous Duty members are based on the PUB- 2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for healthy lives to all future years after 2010 using Scale MP-2018. No mortality improvement is projected for disabled lives. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted General Below Median Employee Female Table Headcount Weighted General Below Median Healthy Retiree Female Table Male Healthy Headcount Weighted General Below Median Employee Male Table, set back 1 year Headcount Weighted General Below Median Healthy Retiree Male Table, set back 1 year Female Disabled N/A PUB-2010 Headcount Weighted General Disabled Retiree Female, set forward 3 years Male Disabled N/A PUB-2010 Headcount Weighted General Disabled Retiree Male, set forward 3 years These are the same rates used for Regular Class members (other than K-12 School Instructional Personnel) of the Florida Retirement System (FRS) in the July 1, 2021 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either of the two most recently published actuarial valuation reports of FRS. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. FRS Healthy Post-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2022)Men Women Men Women 50 0.19 %0.58 %33.24 37.04 55 0.95 0.57 28.87 32.59 60 1.13 0.59 24.77 28.04 65 1.29 0.68 20.70 23.46 70 1.79 1.08 16.68 18.98 75 2.84 1.87 12.97 14.79 80 4.78 3.38 9.68 11.03 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-31 The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All deaths before retirement are assumed to be non-service connected. FRS Healthy Pre-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2022)Men Women Men Women 50 0.19 %0.11 %37.80 40.34 55 0.30 0.17 32.79 35.21 60 0.46 0.26 27.93 30.18 65 0.65 0.37 23.24 25.25 70 0.90 0.56 18.68 20.43 75 1.34 0.93 14.24 15.74 80 2.11 1.56 9.94 11.23 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Non-Special Risk Class Members Sample Attained Ages Men Women Men Women 50 2.02 %1.64 %20.99 23.92 55 2.53 1.91 18.18 20.88 60 3.08 2.27 15.50 17.88 65 3.93 2.83 12.94 14.91 70 5.08 3.79 10.53 12.07 75 6.98 5.46 8.29 9.45 80 10.12 8.31 6.33 7.19 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-32 The rates of retirement used to measure the probability of eligible members retiring under normal and early retirement eligibility during the next year were as follows: Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 15 60 - 64 40 65 & Over 100 20 & Over Under 55 15 55 - 59 30 60 - 64 40 65 & Over 100 Hazardous Duty Retirement Years of Probability of Service Age Retirement 10 - 19 65 - 74 30 % 75 & Over 100 20 - 29 55 - 64 20 65 - 69 30 70 & Over 100 30 & Over Under 55 45 55 - 59 20 60 - 64 30 65 - 69 50 70 & Over 100 Non-Hazardous Duty Retirement City of Clearwater Employees’ Pension Plan B-33 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members separating from employment prior to becoming eligible for retirement. Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 1 All Ages 8.5 %Under 1 All Ages 20.0 % 1 All Ages 7.5 1 & Over All Ages 4.0 2 - 5 Under 40 4.5 40 & Over 2.5 6 & Over Under 40 2.0 40 & Over 1.5 Hazardous Duty Withdrawal - Males Hazardous Duty Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 1 Under 35 25.0 %Under 3 Under 30 22.0 % 35 & Over 11.0 30 - 34 15.0 35 - 44 5.0 1 - 2 All Ages 16.0 45 - 49 14.0 50 - 59 18.0 3 - 4 Under 40 11.0 60 & Over 25.0 40 & Over 5.0 3 - 4 Under 30 18.0 5 - 9 Under 30 12.5 30 - 39 14.0 30 - 49 5.0 40 - 59 5.0 50 - 59 3.0 60 & Over 20.0 60 & Over 7.5 5 - 9 Under 35 5.0 10 & Over Under 35 7.5 35 - 44 6.0 35 - 39 4.0 45 - 59 4.5 40 - 49 3.5 60 & Over 3.0 50 - 54 2.0 55 - 59 3.0 10 & Over Under 40 6.0 60 & Over 4.5 40 - 44 5.0 45 - 49 3.75 50 - 54 3.25 55 - 59 2.75 60 & Over 6.0 Non-Hazardous Duty Withdrawal - Males Non-Hazardous Duty Withdrawal - Females City of Clearwater Employees’ Pension Plan B-34 Rates of disability among active members (100% of disabilities are assumed to be service- connected). Sample Ages 20 0.25 %0.50 % 25 0.25 0.50 30 0.25 0.75 35 0.30 1.00 40 0.45 1.25 45 0.60 1.50 50 0.60 1.50 55 0.60 1.50 60 0.75 1.50 65 1.00 1.50 70 1.50 1.50 Males Females Hazardous Duty Disability % of Active Members Becoming Disabled Within Next Year Sample Ages 20 0.03 %0.03 % 25 0.03 0.03 30 0.03 0.03 35 0.04 0.04 40 0.07 0.07 45 0.10 0.10 50 0.14 0.14 55 0.24 0.24 60 0.29 0.29 65 0.34 0.34 70 0.44 0.44 Males Females Non-Hazardous Duty Disability % of Active Members Becoming Disabled Within Next Year City of Clearwater Employees’ Pension Plan B-35 Miscellaneous and Technical Assumptions Administrative & Investment Expenses The investment return assumption is intended to be the net return after investment expenses. Annual administrative expenses are assumed to be equal to the administrative expenses of the previous year. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Cost of Living Increases The adjustment is 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. There is a five-year delay in the COLA for non- grandfathered non-hazardous duty members and hazardous duty police officers employed on or after January 1, 2020 for benefits accrued after January 1, 2013. There is no COLA for non- grandfathered hazardous duty firefighters for benefits accrued after January 1, 2013. Decrement Operation Disability and mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member’s accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made in equal installments during the first two quarters of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. City of Clearwater Employees’ Pension Plan B-36 Marriage Assumption 75% of males and 75% of females are assumed to be married for purposes of death-in-service benefits and to determine the normal form of benefit when applicable. Male spouses are assumed to be three years older than female spouses for all active members and for members who became inactive before January 1, 2015. For members who became inactive on or after January 1, 2015, spouses ages are based on the beneficiary dates of birth provided by the Plan Administrator. Normal Form of Benefit The normal form of benefit is a life annuity for non-grandfathered non-hazardous duty members. For all other members, the normal form of benefit is a life annuity that includes a survivor benefit where after the participant’s death, 100% is payable to the spouse for five years, after which the benefit is reduced to 50%. Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported pays represent the annual rate of pay on the valuation date. The pay used for the valuation is equal to the greater of the actual pay for the plan year increased by the salary scale assumption rate (which varies by years of service) and the annual rate of pay on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Clearwater Employees’ Pension Plan B-37 GLOSSARY Actuarial Accrued Liability (AAL) The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value (APV) The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of Future Benefits (APVFB) The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of the Funded Ratio and the Actuarially Determined Contribution (ADC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the Actuarially Determined Contribution (ADC). City of Clearwater Employees’ Pension Plan B-38 Actuarially Determined Contribution (ADC) The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The ADC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between the normal cost rate from last year and the normal cost rate from this year. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. City of Clearwater Employees’ Pension Plan B-39 Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. SECTION C PENSION FUND INFORMATION City of Clearwater Employees’ Pension Plan C-1 Statement of Plan Assets at Market Value 2021 2020 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables 1.Member Contributions -$ -$ 2.Employer Contributions 6,335,459 6,573,873 3.Investment Income and Other Receivables 19,098,072 7,531,666 4.Total Receivables 25,433,531$ 14,105,539$ C.Investments 1.Short-Term Investments 58,242,171$ 36,656,865$ 2.Domestic Equities 562,405,910 518,911,746 3.International Equities 237,897,795 221,655,402 4.Domestic Fixed Income 370,602,808 340,222,143 5.International Fixed Income - - 6.Real Estate 104,285,403 95,691,009 7.Infrastructure 52,426,102 44,524,919 8.Private Equity - - 9.Total Investments 1,385,860,189$ 1,257,662,084$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables (36,251,426) (17,473,778) 3.Total Liabilities (36,251,426)$ (17,473,778)$ E.Total Market Value of Assets Available for Benefits 1,375,042,294$ 1,254,293,845$ F.Allocation of Investments 1.Short-Term Investments 4.20%2.91% 2.Domestic Equities 40.58%41.26% 3.International Equities 17.17%17.62% 4.Domestic Fixed Income 26.74%27.06% 5.International Fixed Income 0.00%0.00% 6.Real Estate 7.53%7.61% 7.Infrastructure 3.78%3.54% 8.Private Equity 0.00%0.00% 9.Total Investments 100.00%100.00% December 31 Item City of Clearwater Employees’ Pension Plan C-2 Reconciliation of Plan Assets 2021 2020 A.Market Value of Assets at Beginning of Year 1,254,293,845$ 1,120,895,937$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 8,067,296$ 7,971,499$ b.Employer Contributions 11,599,786 12,187,284 c.State Contributions 12,000 12,000 d.Total 19,679,082$ 20,170,783$ 2.Investment Income a.Interest, Dividends, and Other Income 17,688,176$ 18,588,138$ b.Net Realized Gains/(Losses)127,408,438 82,411,206 c.Net Unrealized Gains/(Losses)21,806,250 72,374,011 d.Investment Expenses (7,628,843) (6,395,926) e.Net Investment Income 159,274,021$ 166,977,429$ 3.Benefits and Refunds a.Refunds (1,419,565)$ (916,875)$ b.Regular Monthly Benefits (53,544,256) (51,027,801) c.Partial Lump-Sum Benefits Paid (2,908,011) (1,560,875) d.Total (57,871,832)$ (53,505,551)$ 4.Administrative and Miscellaneous Expenses (332,822)$ (244,753)$ 5.Transfers -$ -$ C.Market Value of Assets at End of Year 1,375,042,294$ 1,254,293,845$ December 31 Item City of Clearwater Employees’ Pension Plan C-3 Development of Actuarial Value of Assets Valuation Date - December 31 2020 2021 2022 2023 2024 2025 A.Actuarial Value of Assets Beginning of Year 1,044,240,614$ 1,124,737,021$ B.Market Value End of Year 1,254,293,845 1,375,042,294 C.Market Value Beginning of Year 1,120,895,937 1,254,293,845 D.Non-Investment/Administrative Net Cash Flow (33,579,521) (38,525,572) E.Investment Income E1. Actual Market Total: B-C-D 166,977,429 159,274,021 E2. Assumed Rate of Return 6.65%6.55%6.50%6.50%6.50%6.50% E3. Assumed Amount of Return 73,216,742 80,720,070 E4. Amount Subject to Phase-In: E1–E3 93,760,687 78,553,951 F.Phase-In Recognition of Investment Income F1. Current Year: 0.2 x E4 18,752,137 15,710,790 F2. First Prior Year 25,489,010 18,752,137 15,710,790 F3. Second Prior Year (19,001,935) 25,489,010 18,752,137 15,710,790 F4. Third Prior Year 16,085,119 (19,001,935) 25,489,010 18,752,137 15,710,790 F5. Fourth Prior Year (465,145) 16,085,118 (19,001,937) 25,489,008 18,752,139 15,710,791 F6. Total Phase-Ins 40,859,186 57,035,120 40,950,000 59,951,935 34,462,929 15,710,791 G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 1,124,737,021$ 1,223,966,639$ G2. Upper Corridor Limit: 120%*B 1,505,152,614$ 1,650,050,753$ G3. Lower Corridor Limit: 80%*B 1,003,435,076$ 1,100,033,835$ G4. Funding Value End of Year 1,124,737,021$ 1,223,966,639$ G5. Credit Balance 31,554,611$ 33,820,230$ G6. Final Actuarial Value of Assets 1,093,182,410$ 1,190,146,409$ H.Recognized Investment Earnings 114,075,928$ 137,755,190$ I.Difference between Market & Actuarial Value 129,556,824$ 151,075,655$ J.Actuarial Rate of Return 11.10%12.46% K.Market Value Rate of Return 15.12%12.90% L.Ratio of Actuarial Value of Assets to Market Value 89.67%89.01% The Actuarial Value of Assets recognizes assumed investment return (line E3) fully each year. Differences between actual and assumed investment income (Line E4) are phased-in over a closed 5-year period. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than the assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. If assumed rates are exactly realized for 5 consecutive years, Actuarial Value of Assets will become equal to Market Value. City of Clearwater Employees’ Pension Plan C-4 Allocation of Plan Assets by Group Total Non-Hazardous Hazardous Police Hazardous Fire A.Market Value of Assets as of January 1, 2021 1,254,293,845$ 641,315,529$ 364,947,164$ 248,031,152$ B.Contributions (All)19,679,082 7,736,944 6,869,233 5,072,905 C.Net Investment Return 159,274,021 81,292,370 46,407,661 31,573,990 D.Benefit Payments (All)57,871,832 29,495,318 16,964,757 11,411,757 E.Administrative Expenses 332,822 169,870 96,974 65,978 F.Market Value of Assets as of January 1, 2022 1,375,042,294 700,679,655 401,162,327 273,200,312 G.Actuarial Value of Assets as of January 1, 2022 1,223,966,639 623,696,104 357,086,693 243,183,842 H Actuarial Value of Assets less Credit Balance 1,190,146,409 606,711,834 347,130,650 236,303,925 Item City of Clearwater Employees’ Pension Plan C-5 Investment Rate of Return Plan Year Ending December 31 1986 13.21 % N/A 1987 10.78 N/A 1988 9.12 N/A 1989 20.84 N/A 1990 6.21 N/A 1991 28.52 N/A 1992 6.49 N/A 1993 9.29 7.42 % 1994 0.89 6.28 1995 23.36 9.14 1996 14.80 11.54 1997 17.49 13.74 1998 16.74 15.28 1999 18.61 17.96 2000 (3.43)12.42 2001 (5.16)7.40 2002 (8.83)(1.85) 2003 20.08 7.45 2004 9.73 2.18 2005 6.67 4.58 2006 11.80 7.87 2007 7.29 10.68 2008 (27.01)(10.61) 2009 30.93 16.53 2010 17.50 5.98 2011 (0.32)4.46 2012 13.92 5.50 2013 16.90 14.04 2014 7.99 11.04 2015 (0.28)7.64 2016 6.70 8.22 2017 16.01 8.89 2018 (2.48)5.76 2019 20.20 7.39 2020 15.12 11.10 2021 12.90 12.46 Average returns: Last five years:12.06 % 9.09 % Last ten years:10.46 % 9.17 % All years:9.48 % 8.14 % Actuarial*Market* *Before investment expenses prior to 2013. The above rates are based on the retirement system’s financial information reported to the actuary. They may differ from figures that the investment consultant reports, in part because of differences in the handling of administrative and investment expenses, and in part because of differences in the handling of cash flows. SECTION D FINANCIAL ACCOUNTING INFORMATION City of Clearwater Employees’ Pension Plan D-1 A.Valuation Date B.Actuarial Present Value of Accumulated Plan Benefits 1.Vested Benefits a.Members Currently Receiving Payments $715,113,366 $685,317,342 b.Terminated Vested Members 18,806,373 16,396,732 c.Other Members 249,915,460 250,641,102 d.Total 983,835,199 952,355,176 2.Non-Vested Benefits 19,391,627 18,138,133 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 1,003,226,826 970,493,309 4.Accumulated Contributions of Active Members 66,538,014 66,757,705 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 970,493,309 955,480,325 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 0 b.Change in Actuarial Assumptions 5,646,327 (13,512,345) c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 84,959,022 82,030,880 d.Benefits Paid (57,871,832)(53,505,551) e.Net Increase 32,733,517 15,012,984 3.Total Value at End of Period 1,003,226,826 970,493,309 D.Market Value of Assets 1,375,042,294 1,254,293,845 E.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION January 1, 2022 January 1, 2021 SECTION E MISCELLANEOUS INFORMATION City of Clearwater Employees’ Pension Plan E-1 A. 1.Number Included in Last Valuation 1,541 1,571 2.New Members Included in Current Valuation 168 104 3.Non-Vested Employment Terminations (123)(84) 4.Vested Employment Terminations (18)(8) 5.Service Retirements (55)(43) 6.Disability Retirements (1)0 7.Deaths (2)0 8.Rehired Members/Data Corrections 0 1 9.Number Included in This Valuation 1,510 1,541 B. 1.Number Included in Last Valuation 74 80 2.Additions from Active Members 18 8 3.Lump Sum Payments/Refund of Contributions (1)(3) 4.Payments Commenced (9)(11) 5.Deaths (1)0 6.Conversion to Disability/Rehired Members (2)0 7.Data Corrections 0 0 8.Number Included in This Valuation 79 74 C. 1.Number Included in Last Valuation 1,348 1,321 2.Additions from Active Members 56 43 3.Additions from Terminated Vested Members 10 11 4.Deaths Resulting in No Further Payments (25)(27) 5.Deaths Resulting in New Survivor Benefits 2 0 6.End of Certain Period - No Further Payments (1)0 7.Data Correction/Waiver of Benefits 0 0 8.Number Included in This Valuation 1,390 1,348 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 1/1/2020From 1/1/2021 To 1/1/2021To 1/1/2022 City of Clearwater Employees’ Pension Plan E-2 ACTIVE PARTICIPANT DISTRIBUTION ALL ACTIVE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 0 0 0 0 0 0 0 0 0 0 0 2 TOT PAY 69,254 0 0 0 0 0 0 0 0 0 0 0 69,254 AVG PAY 34,627 0 0 0 0 0 0 0 0 0 0 0 34,627 20-24 NO.26 7 3 2 1 0 0 0 0 0 0 0 39 TOT PAY 1,053,010 272,837 107,215 71,018 40,183 0 0 0 0 0 0 0 1,544,263 AVG PAY 40,500 38,977 35,738 35,509 40,183 0 0 0 0 0 0 0 39,596 25-29 NO.47 19 19 23 20 31 0 0 0 0 0 0 159 TOT PAY 2,039,969 1,014,796 907,397 1,232,661 1,074,265 1,808,840 0 0 0 0 0 0 8,077,928 AVG PAY 43,404 53,410 47,758 53,594 53,713 58,350 0 0 0 0 0 0 50,805 30-34 NO.26 19 25 21 23 66 15 0 0 0 0 0 195 TOT PAY 1,120,050 856,077 1,329,855 1,409,246 1,278,069 3,918,562 1,060,816 0 0 0 0 0 10,972,675 AVG PAY 43,079 45,057 53,194 67,107 55,568 59,372 70,721 0 0 0 0 0 56,270 35-39 NO.17 6 12 18 20 62 36 35 0 0 0 0 206 TOT PAY 762,971 274,887 601,013 995,495 1,175,529 3,941,223 2,846,307 2,497,372 0 0 0 0 13,094,797 AVG PAY 44,881 45,814 50,084 55,305 58,776 63,568 79,064 71,353 0 0 0 0 63,567 40-44 NO.11 12 7 16 11 32 29 42 10 0 0 0 170 TOT PAY 412,237 515,459 354,766 754,961 579,042 2,117,072 2,097,169 3,413,255 649,794 0 0 0 10,893,755 AVG PAY 37,476 42,955 50,681 47,185 52,640 66,158 72,316 81,268 64,979 0 0 0 64,081 45-49 NO.10 2 11 17 5 31 30 41 48 8 0 0 203 TOT PAY 380,229 69,774 539,189 793,766 280,386 1,737,608 2,154,675 3,384,764 4,337,060 623,094 0 0 14,300,545 AVG PAY 38,023 34,887 49,017 46,692 56,077 56,052 71,822 82,555 90,355 77,887 0 0 70,446 50-54 NO.6 11 8 9 6 22 19 43 32 30 4 0 190 TOT PAY 280,336 554,385 365,765 515,900 341,653 1,367,806 1,353,410 3,672,922 2,791,930 2,815,427 320,005 0 14,379,539 AVG PAY 46,723 50,399 45,721 57,322 56,942 62,173 71,232 85,417 87,248 93,848 80,001 0 75,682 55-59 NO.16 4 6 9 2 21 19 28 31 19 11 2 168 TOT PAY 622,622 193,234 241,665 470,295 88,602 1,114,193 1,038,044 1,783,793 2,227,866 1,543,894 893,515 162,271 10,379,994 AVG PAY 38,914 48,308 40,278 52,255 44,301 53,057 54,634 63,707 71,867 81,258 81,229 81,136 61,786 60-64 NO.5 2 5 5 4 15 12 38 18 17 6 3 130 TOT PAY 211,340 97,015 261,783 243,103 191,544 883,739 574,700 2,260,145 1,022,738 1,163,212 384,193 180,375 7,473,887 AVG PAY 42,268 48,508 52,357 48,621 47,886 58,916 47,892 59,478 56,819 68,424 64,032 60,125 57,491 65+ NO.2 3 0 1 0 5 8 11 6 8 4 0 48 TOT PAY 66,330 212,462 0 33,215 0 265,765 430,682 614,965 314,014 586,287 360,329 0 2,884,049 AVG PAY 33,165 70,821 0 33,215 0 53,153 53,835 55,906 52,336 73,286 90,082 0 60,084 TOT NO.168 85 96 121 92 285 168 238 145 82 25 5 1,510 TOT AMT 7,018,348 4,060,926 4,708,648 6,519,660 5,049,273 17,154,808 11,555,803 17,627,216 11,343,402 6,731,914 1,958,042 342,646 94,070,686 AVG AMT 41,776 47,776 49,048 53,881 54,883 60,192 68,785 74,064 78,230 82,097 78,322 68,529 62,298 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-3 ACTIVE PARTICIPANT DISTRIBUTION NON-HAZARDOUS DUTY MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 0 0 0 0 0 0 0 0 0 0 0 2 TOT PAY 69,254 0 0 0 0 0 0 0 0 0 0 0 69,254 AVG PAY 34,627 0 0 0 0 0 0 0 0 0 0 0 34,627 20-24 NO.19 6 3 2 1 0 0 0 0 0 0 0 31 TOT PAY 662,000 210,749 107,215 71,018 40,183 0 0 0 0 0 0 0 1,091,165 AVG PAY 34,842 35,125 35,738 35,509 40,183 0 0 0 0 0 0 0 35,199 25-29 NO.32 9 13 17 13 17 0 0 0 0 0 0 101 TOT PAY 1,166,853 349,192 464,098 740,119 534,135 680,980 0 0 0 0 0 0 3,935,377 AVG PAY 36,464 38,799 35,700 43,536 41,087 40,058 0 0 0 0 0 0 38,964 30-34 NO.19 16 15 7 15 40 8 0 0 0 0 0 120 TOT PAY 711,085 644,205 614,207 283,728 652,889 1,837,699 418,056 0 0 0 0 0 5,161,869 AVG PAY 37,426 40,263 40,947 40,533 43,526 45,942 52,257 0 0 0 0 0 43,016 35-39 NO.13 5 9 11 13 35 18 25 0 0 0 0 129 TOT PAY 508,471 199,409 375,431 464,502 631,624 1,740,026 999,373 1,395,700 0 0 0 0 6,314,536 AVG PAY 39,113 39,882 41,715 42,227 48,586 49,715 55,521 55,828 0 0 0 0 48,950 40-44 NO.11 11 6 15 10 18 18 19 8 0 0 0 116 TOT PAY 412,237 445,198 281,610 659,313 500,447 922,505 1,025,517 1,020,588 412,585 0 0 0 5,680,000 AVG PAY 37,476 40,473 46,935 43,954 50,045 51,250 56,973 53,715 51,573 0 0 0 48,966 45-49 NO.10 2 11 16 5 28 19 21 21 6 0 0 139 TOT PAY 380,229 69,774 539,189 714,289 280,386 1,471,090 1,072,057 1,251,580 1,203,820 350,895 0 0 7,333,309 AVG PAY 38,023 34,887 49,017 44,643 56,077 52,539 56,424 59,599 57,325 58,483 0 0 52,758 50-54 NO.5 10 7 7 4 19 14 21 17 17 3 0 124 TOT PAY 190,196 460,124 287,306 352,049 173,590 1,078,392 840,108 1,296,898 1,136,449 1,194,708 195,074 0 7,204,894 AVG PAY 38,039 46,012 41,044 50,293 43,398 56,757 60,008 61,757 66,850 70,277 65,025 0 58,104 55-59 NO.16 4 6 7 2 20 18 23 27 13 10 2 148 TOT PAY 622,622 193,234 241,665 305,710 88,602 1,000,348 942,146 1,315,750 1,739,110 881,941 734,742 162,271 8,228,141 AVG PAY 38,914 48,309 40,278 43,673 44,301 50,017 52,341 57,207 64,411 67,842 73,474 81,136 55,596 60-64 NO.5 2 5 5 4 14 12 36 18 16 6 3 126 TOT PAY 211,340 97,015 261,783 243,103 191,544 733,546 574,700 2,045,249 1,022,738 1,055,676 384,193 180,375 7,001,262 AVG PAY 42,268 48,508 52,357 48,621 47,886 52,396 47,892 56,812 56,819 65,980 64,032 60,125 55,566 65+ NO.2 3 0 1 0 5 8 10 6 8 4 0 47 TOT PAY 66,330 212,462 0 33,215 0 265,765 430,682 510,612 314,014 586,287 360,329 0 2,779,696 AVG PAY 33,165 70,821 0 33,215 0 53,153 53,835 51,061 52,336 73,286 90,082 0 59,142 TOT NO.134 68 75 88 67 196 115 155 97 60 23 5 1,083 TOT AMT 5,000,617 2,881,362 3,172,504 3,867,046 3,093,400 9,730,351 6,302,639 8,836,377 5,828,716 4,069,507 1,674,338 342,646 54,799,503 AVG AMT 37,318 42,373 42,300 43,944 46,170 49,645 54,806 57,009 60,090 67,825 72,797 68,529 50,600 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-4 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS POLICE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.3 1 0 0 0 0 0 0 0 0 0 0 4 TOT PAY 173,130 62,088 0 0 0 0 0 0 0 0 0 0 235,218 AVG PAY 57,710 62,088 0 0 0 0 0 0 0 0 0 0 58,805 25-29 NO.10 5 4 4 4 12 0 0 0 0 0 0 39 TOT PAY 600,766 320,651 302,121 337,151 305,868 971,133 0 0 0 0 0 0 2,837,690 AVG PAY 60,077 64,130 75,530 84,288 76,467 80,928 0 0 0 0 0 0 72,761 30-34 NO.4 2 4 5 5 15 2 0 0 0 0 0 37 TOT PAY 245,555 148,195 310,643 387,265 387,636 1,204,043 171,073 0 0 0 0 0 2,854,410 AVG PAY 61,389 74,098 77,661 77,453 77,527 80,270 85,537 0 0 0 0 0 77,146 35-39 NO.4 1 3 2 4 13 12 3 0 0 0 0 42 TOT PAY 254,500 75,478 225,582 158,278 322,995 1,118,103 1,218,496 316,327 0 0 0 0 3,689,759 AVG PAY 63,625 75,478 75,194 79,139 80,749 86,008 101,541 105,442 0 0 0 0 87,851 40-44 NO.0 1 1 1 1 10 2 10 2 0 0 0 28 TOT PAY 0 70,261 73,156 95,648 78,595 865,347 211,729 1,129,678 237,209 0 0 0 2,761,623 AVG PAY 0 70,261 73,156 95,648 78,595 86,535 105,865 112,968 118,605 0 0 0 98,629 45-49 NO.0 0 0 1 0 2 9 8 16 2 0 0 38 TOT PAY 0 0 0 79,477 0 164,648 870,186 847,680 1,870,355 272,199 0 0 4,104,545 AVG PAY 0 0 0 79,477 0 82,324 96,687 105,960 116,897 136,100 0 0 108,014 50-54 NO.0 0 0 2 1 2 4 11 6 9 1 0 36 TOT PAY 0 0 0 163,851 79,826 203,032 401,609 1,211,594 702,666 1,185,297 124,931 0 4,072,806 AVG PAY 0 0 0 81,926 79,826 101,516 100,402 110,145 117,111 131,700 124,931 0 113,134 55-59 NO.0 0 0 0 0 0 1 2 1 2 1 0 7 TOT PAY 0 0 0 0 0 0 95,898 204,524 120,531 196,322 158,773 0 776,048 AVG PAY 0 0 0 0 0 0 95,898 102,262 120,531 98,161 158,773 0 110,864 60-64 NO.0 0 0 0 0 0 0 1 0 0 0 0 1 TOT PAY 0 0 0 0 0 0 0 117,856 0 0 0 0 117,856 AVG PAY 0 0 0 0 0 0 0 117,856 0 0 0 0 117,856 65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 TOT NO.21 10 12 15 15 54 30 35 25 13 2 0 232 TOT AMT 1,273,951 676,673 911,502 1,221,670 1,174,920 4,526,306 2,968,991 3,827,659 2,930,761 1,653,818 283,704 0 21,449,955 AVG AMT 60,664 67,667 75,959 81,445 78,328 83,820 98,966 109,362 117,230 127,217 141,852 0 92,457 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-5 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS FIRE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.4 0 0 0 0 0 0 0 0 0 0 0 4 TOT PAY 217,880 0 0 0 0 0 0 0 0 0 0 0 217,880 AVG PAY 54,470 0 0 0 0 0 0 0 0 0 0 0 54,470 25-29 NO.5 5 2 2 3 2 0 0 0 0 0 0 19 TOT PAY 272,350 344,953 141,178 155,391 234,262 156,727 0 0 0 0 0 0 1,304,861 AVG PAY 54,470 68,991 70,589 77,696 78,087 78,364 0 0 0 0 0 0 68,677 30-34 NO.3 1 6 9 3 11 5 0 0 0 0 0 38 TOT PAY 163,410 63,677 405,005 738,253 237,544 876,820 471,687 0 0 0 0 0 2,956,396 AVG PAY 54,470 63,677 67,501 82,028 79,181 79,711 94,337 0 0 0 0 0 77,800 35-39 NO.0 0 0 5 3 14 6 7 0 0 0 0 35 TOT PAY 0 0 0 372,715 220,910 1,083,094 628,438 785,345 0 0 0 0 3,090,502 AVG PAY 0 0 0 74,543 73,637 77,364 104,740 112,192 0 0 0 0 88,300 40-44 NO.0 0 0 0 0 4 9 13 0 0 0 0 26 TOT PAY 0 0 0 0 0 329,220 859,923 1,262,989 0 0 0 0 2,452,132 AVG PAY 0 0 0 0 0 82,305 95,547 97,153 0 0 0 0 94,313 45-49 NO.0 0 0 0 0 1 2 12 11 0 0 0 26 TOT PAY 0 0 0 0 0 101,870 212,432 1,285,504 1,262,885 0 0 0 2,862,691 AVG PAY 0 0 0 0 0 101,870 106,216 107,125 114,808 0 0 0 110,104 50-54 NO.1 1 1 0 1 1 1 11 9 4 0 0 30 TOT PAY 90,140 94,261 78,459 0 88,237 86,382 111,693 1,164,430 952,815 435,422 0 0 3,101,839 AVG PAY 90,140 94,261 78,459 0 88,237 86,382 111,693 105,857 105,868 108,856 0 0 103,395 55-59 NO.0 0 0 2 0 1 0 3 3 4 0 0 13 TOT PAY 0 0 0 164,585 0 113,845 0 263,519 368,225 465,631 0 0 1,375,805 AVG PAY 0 0 0 82,293 0 113,845 0 87,840 122,742 116,408 0 0 105,831 60-64 NO.0 0 0 0 0 1 0 1 0 1 0 0 3 TOT PAY 0 0 0 0 0 150,193 0 97,040 0 107,536 0 0 354,769 AVG PAY 0 0 0 0 0 150,193 0 97,040 0 107,536 0 0 118,256 65+ NO.0 0 0 0 0 0 0 1 0 0 0 0 1 TOT PAY 0 0 0 0 0 0 0 104,353 0 0 0 0 104,353 AVG PAY 0 0 0 0 0 0 0 104,353 0 0 0 0 104,353 TOT NO.13 7 9 18 10 35 23 48 23 9 0 0 195 TOT AMT 743,780 502,891 624,642 1,430,944 780,953 2,898,151 2,284,173 4,963,180 2,583,925 1,008,589 0 0 17,821,228 AVG AMT 57,214 71,842 69,405 79,497 78,095 82,804 99,312 103,400 112,345 112,065 0 0 91,391 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-6 INACTIVE PARTICIPANT DISTRIBUTION Disabled Retired Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - 1 9,516 20-24 - - - - - - 2 52,417 25-29 - - - - - - - - 30-34 - - - - - - 2 31,640 35-39 8 136,721 3 126,358 - - 3 99,599 40-44 19 467,983 3 168,563 2 65,943 2 55,291 45-49 17 404,667 7 333,077 15 590,189 2 40,802 50-54 20 444,343 15 630,034 59 2,892,461 4 84,793 55-59 4 56,840 8 372,538 148 6,622,399 7 245,881 60-64 11 159,414 20 680,063 165 7,443,668 19 603,912 65-69 - - 25 746,898 284 12,147,594 26 600,818 70-74 - - 21 641,729 232 9,306,136 19 481,053 75-79 - - 12 271,760 125 4,782,947 22 597,779 80-84 - - 7 185,493 50 1,795,457 19 425,196 85-89 - - 6 160,550 21 655,243 19 249,294 90-94 - - - - 7 174,779 4 34,363 95-99 - - - - - - 3 25,580 100 & Over - - - - - - 1 2,498 Total 79 1,669,968 127 4,317,063 1,108 46,476,816 155 3,640,432 Average Age 49 66 68 71 Terminated Vested Deceased with Beneficiary SECTION F SUMMARY OF PLAN PROVISIONS City of Clearwater Employees’ Pension Plan F-1 SUMMARY OF PLAN PROVISIONS A. Ordinances The Plan was established under the Code of Ordinances for the City of Clearwater, Florida, Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9380-20 passed and adopted on March 5, 2020. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code. B. Effective Date Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January 1, 1996). C. Plan Year January 1 through December 31. D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full-time permanent employees of the City are required to participate and become participants on their date of hire. F. Grandfathered Members Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the plan provisions in effect before Ordinance No. 8333-12. G. Credited Service Credited Service is measured as the total number of years and fractional parts of years from the date of employment to the date of termination or retirement. No service is credited for any periods of employment for which a participant received a refund of their contributions. City of Clearwater Employees’ Pension Plan F-2 H. Compensation The total compensation for services rendered to the City reportable on the participant’s W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding any lump sum payments of unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal allowances. Effective January 1, 2013: For non-grandfathered hazardous duty members, the amount of overtime included in Compensation is limited to 300 hours per year; For non-grandfathered non- hazardous duty members, Compensation excludes overtime and additional pay above the base rate of pay. I. Average Monthly Compensation (AMC) One-twelfth of the average of Compensation during the highest 5 years out of the last 10 years preceding termination or retirement. J. Normal Retirement Eligibility: For Non-Hazardous Duty A participant hired before January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 with 20 years of Credited Service, or (2) 30 years of Credited Service regardless of age, or (3) age 65 with 10 years of Credited Service. A participant hired on or after January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 60 with 25 years of Credited Service, or (2) age 65 with 10 years of Credited Service For Hazardous Duty Police Officers and Firefighters A participant may retire on the first day of the month coincident with or next following the earlier of: (1) age 55 with 10 years of Credited Service, or (2) 20 years of Credited Service regardless of age. City of Clearwater Employees’ Pension Plan F-3 Benefit: 2.75% of AMC multiplied by years of Credited Service. For Non-Hazardous Duty participants hired on or after January 1, 2013, 2.00% of AMC multiplied by years of Credited Service. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. K. Early Retirement Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal Retirement Eligibility upon the attainment of age 50 with 10 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early Retirement date precedes age 55. City of Clearwater Employees’ Pension Plan F-4 Normal Form of Benefit: A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: For Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. L. Delayed Retirement Same as Normal Retirement taking into account Compensation earned and service credited until the date of actual retirement. M. Service Connected Disability Eligibility: Any participant who becomes totally and permanently disabled due to an illness or injury contracted in the line of duty and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: For Non-Hazardous Duty Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 42% of the participant’s AMC (66 2/3% of the participant’s AMC if grandfathered). Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. City of Clearwater Employees’ Pension Plan F-5 For Hazardous Duty Police Officers and Firefighters Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. N. Non-Service Connected Disability Eligibility: Any participant who has 10 or more years of Credited Service and becomes totally and permanently disabled and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. City of Clearwater Employees’ Pension Plan F-6 Benefit: Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. O. Death in the Line of Duty Eligibility: Any participant whose employment is terminated by reason of death in the line of duty is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. City of Clearwater Employees’ Pension Plan F-7 Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. In lieu of the benefits described above, the participant’s beneficiary can elect to receive a refund of participant’s accumulated contributions with interest. P. Other Pre-Retirement Death Eligibility: Any participant who dies with 10 or more years of Credited Service is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. City of Clearwater Employees’ Pension Plan F-8 COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. In lieu of the benefits described above, a participant’s beneficiary can elect to receive a refund of the participant’s accumulated contributions with interest. Accumulated contributions, plus interest, will be refunded for all participants with less than 10 years of Credited Service. Q. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. R. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with the remaining monthly retirement benefit reduced accordingly. S. Vested Termination Eligibility: A participant has earned a non-forfeitable right to Plan benefits after the completion of 10 years of Credited Service provided employee contributions are not refunded. Vesting is determined in accordance with the following table. Years of Credited Service % of Normal Retirement Benefits Less Than 10 10 or more 0% 100% City of Clearwater Employees’ Pension Plan F-9 Benefit: The participant’s accrued Normal Retirement Benefit as of the date of termination. Benefit begins on the member’s Normal Retirement date. Alternatively, police officers and firefighters may elect to receive an actuarially reduced Early Retirement Benefit any time after age 50. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. Plan participants with less than 10 years of Credited Service will receive a refund of their own accumulated contributions with interest. T. Refunds Eligibility: All participants terminating employment with less than 10 years of Credited Service are eligible. Optionally, vested members (those with 10 or more years of credited service) may elect a refund in lieu of the vested benefits otherwise due. City of Clearwater Employees’ Pension Plan F-10 Benefit: Refund of the member’s contributions with 5% simple interest paid in a single lump sum. U. Member Contributions 8% of Compensation for Non-Hazardous Duty participants. 10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered). V. Employer Contributions Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all employees participating in the plan, plus any additional amount determined by the actuary needed to fund the plan properly according to State laws. W. Cost of Living Increases For Non-Hazardous Duty and Hazardous Duty Police Officers 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers, the COLA with a 5- year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers employed by the City on or after January 1, 2020. For Hazardous Duty Firefighters 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is no COLA for benefits accrued after January 1, 2013. X. 13th Check Not Applicable Y. Deferred Retirement Option Plan Not Applicable Z. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Clearwater Employees’ Pension Plan liability if continued beyond the availability of funding by the current funding source. City of Clearwater Employees’ Pension Plan F-11 AA. Changes from Previous Valuation None. Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0460 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2021. SUMMARY: Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2021, the Plan realized an investment return of 13.33%, versus a customized benchmark of 14.09%, placing the plan in the 76th percentile of public pension plans per the Wilshire Public Plan Sponsor Universe. For the last three calendar years, the plan had an average annualized return of 16.36%, versus a benchmark of 12.21%, placing the plan in the 43rd percentile of public plans. The investment committee, with the assistance of the Plan’s investment consultant, CapTrust, meets on at least a quarterly basis to monitor asset allocation and money manager performance, and will continue to recommend money manager terminations, replacements, and/or additions when appropriate. Page 1 City of Clearwater Printed on 5/11/2022 City of ClearwaterCity of Clearwater Employees’PensionPlan Employees’PensionPlan May 16, 2022May 16, 2022 Calendar Year 2021 InvestmentPerformanceCalendar Year 2021 InvestmentPerformance Total Fund 13.33% 76 th percentile Benchmark 14.09% 67 th percentile Minus 0.76% Total Fund 13.33% 76 th percentile Benchmark 14.09% 67 th percentile Minus 0.76% Calendar Year 2021 InvestmentPerformanceCalendar Year 2021 InvestmentPerformance Domestic Equity 21.97% 66 th Benchmark 28.71% 20 th Minus 6.74% Domestic Equity 21.97% 66 th Benchmark 28.71% 20 th Minus 6.74% Calendar Year 2021 InvestmentPerformanceCalendar Year 2021 InvestmentPerformance International Equity 13.92% 35 th Benchmark 7.82% 68 th Plus 6.10% International Equity 13.92% 35 th Benchmark 7.82% 68 th Plus 6.10% Calendar Year 2021 InvestmentPerformanceCalendar Year 2021 InvestmentPerformance Domestic Fixed Income (1.40)% 71 st Benchmark (1.54)% 76 th Plus 0.14% Domestic Fixed Income (1.40)% 71 st Benchmark (1.54)% 76 th Plus 0.14% Calendar Year 2021 InvestmentPerformanceCalendar Year 2021 InvestmentPerformance Real Estate 19.39% 66th Benchmark 38.03% 19 th Minus 18.64% Real Estate 19.39% 66th Benchmark 38.03% 19 th Minus 18.64% Calendar Year 2021Total FundInvestment Performance Calendar Year 2021Total FundInvestment Performance Three Year Return Total Fund 16.36% 43 rd Five Year Return Total Fund 12.21% 38 th Ten Year Return Total Fund 10.85% 28 th Three Year Return Total Fund 16.36% 43 rd Five Year Return Total Fund 12.21% 38 th Ten Year Return Total Fund 10.85% 28 th Individual ManagerPerformanceCalendar 2021 Individual ManagerPerformanceCalendar 2021 NT Russell1000 LCG 29.75% 22 nd NT Russell1000 LCV 25.17% 75 th Eagle Capital LCV 27.60% 36 th Mann. & Napier LCV 19.76% 100 th NT Russell1000 LCG 29.75% 22 nd NT Russell1000 LCV 25.17% 75 th Eagle Capital LCV 27.60% 36 th Mann. & Napier LCV 19.76% 100 th Individual ManagerPerformanceCalendar 2021 Individual ManagerPerformanceCalendar 2021 Artisan MCG 10.53% 83 rd Boston Ptnrs MCV 27.34% 69 th Riverbridge SCG 3.44% 87 th Atlanta SCV 19.89% 80 th Victory Cap SCV 25.08% 61 st Artisan MCG 10.53% 83 rd Boston Ptnrs MCV 27.34% 69 th Riverbridge SCG 3.44% 87 th Atlanta SCV 19.89% 80 th Victory Cap SCV 25.08% 61 st Individual ManagerPerformanceCalendar 2021 Individual ManagerPerformanceCalendar 2021 International: TS&W EAFE 13.34% 40 th WCM EAFE 18.16% 20 th DFA Emerg Mkts 5.84% 74 th International: TS&W EAFE 13.34% 40 th WCM EAFE 18.16% 20 th DFA Emerg Mkts 5.84% 74 th Individual ManagerPerformanceCalendar 2021 Individual ManagerPerformanceCalendar 2021 Fixed Income: Dodge Cox -1.15% 61 st WAMCO -1.78% 86 th Fixed Income: Dodge Cox -1.15% 61 st WAMCO -1.78% 86 th Individual ManagerPerformanceCalendar 2021 Individual ManagerPerformanceCalendar 2021 Real Estate: MEPT Core 19.74% 64th USAA Core Plus 18.42% 67th U.S. Real E.Core Plus 20.02% 64th Molpus Timber 0.55% 89th Hancock Timber 1.23% 88th SEC CAP REITS 45.03% 3rd Real Estate: MEPT Core 19.74% 64th USAA Core Plus 18.42% 67th U.S. Real E.Core Plus 20.02% 64th Molpus Timber 0.55% 89th Hancock Timber 1.23% 88th SEC CAP REITS 45.03% 3rd Individual Manager PerformanceCalendar 2021 Individual Manager PerformanceCalendar 2021 Infrastructure: IFM Infrastructure 17.75% 68 th Infrastructure: IFM Infrastructure 17.75% 68 th Calendar 2021Money Manager Changes Calendar 2021Money Manager Changes November 2021 Terminated large-cap growth manager Voya Investment Management Transferred monies to large-cap growth manager Northern Trust Russell 1000 Index City of Clearwater Employees’ Pension Plan City of Clearwater Employees’ Pension Plan Questions?Questions? 400 N. Tampa Street, Suite 1800, Tampa, FL 33602-5140 ♦ Tel: 813/218-5000 Eric W. Bailey, CFA John J. Griffith, Jr., JD, CPC, AIF® Principal, Financial Advisor Senior Vice President, Financial Advisor CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN PERFORMANCE REVIEW DECEMBER 31, 2021 TABLE OF CONTENTS Important Disclosures 1 Market Commentary 2 Fund Overview 3 Performance Review Total Fund 4 Domestic Equity 5 International Equity 6 Fixed Income 7 Real Estate 8 Appendix 9 IMPORTANT DISCLOSURES This report has been compiled from sources believed to be reliable but are not guaranteed to be accurate or complete. This material has been prepared solely for information purposes and is not a solicitation. Performance reports contain returns that are net of fees. Any depiction of account value/performance is not warranted to be accurate or complete. Please refer to your official monthly/quarterly custodial statements for verification. Past performance does not guarantee future results. CAPTRUST Financial Advisors does not render legal, accounting, or tax advice. Please contact your CAPTRUST Financial Advisor if your Investment Objectives or your personal or financial situation has changed or if you want to place reasonable restrictions on the management of your investment account(s) or portfolio. You may call direct at 919.870.6822 or 800.216.0645 or email compliance@captrustadvisors.com. Prior to January 1st 2016, manager returns were reported both gross and net of fees depending on custody arrangements and past practices. Effective January 1st 2016, prospectively, all manager returns will be reported net of fees. 1 2 Period Ending 12.31.21 | Q4 21 •U.S. large-cap stocks delivered solid returns for the quarter and finished 2021 with a gain of nearly 29% for a third consecutive year of outsized returns. Small-cap stocks lagged their large-cap peers but still posted double-digit returns. •International developed market stocks also posted healthy returns for the year, even as China risks cast a dark cloud over emerging markets. •Fueled by a rebound in oil prices, commodities advanced by more than 27% for the year despite a fourth-quarter pullback amid rapid spread of the omicron variant. •Public real estate added to gains in the fourth quarter despite continued virus concerns, following steady advances over the course of the year. •Core bonds treaded water in the fourth quarter (and the full year), as bond yields shrugged off inflation concerns with only a modest uptick. market commentary CHOPPY QUARTER CAPS STELLAR YEAR FOR U.S. STOCKS Despite bouts of volatility fueled by virus and policy uncertainty, supply chain woes, and inflation worries, most asset classes posted solid returns in 2021, led by economically sensitive sectors that benefitted from reopening trends. Emerging markets stocks were roiled by China policy and growth concerns, and core bonds moved sideways as bond yields ticked modestly higher. Q4 2021 YTD 2021 -1.2% 0.0% 2.7%2.1% -1.6% 11.0% 14.6% -2.2%-1.5% 11.8% 14.8% 27.1% 28.7% 39.0% Emerging Market Stocks Commodities Real Estate U.S. Large-Cap Stocks U.S. Small-Cap Stocks U.S. Bonds Developed International Stocks Asset class returns are represented by the following indexes: Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds), S&P 500 Index (U.S. large-cap stocks), Russell 2000® (U.S. small-cap stocks), MSCI EAFE Index (international developed market stocks), MSCI Emerging Market Index (emerging market stocks), Dow Jones U.S. Real Estate Index (real estate), and Bloomberg Commodity Index (commodities). 3 Period Ending 12.31.21 | Q4 21market commentary DIGGING DEEPER – STOCKS AND BONDS Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based upon the Russell U.S. Style Indexes except for large-cap blend, which is based upon the S&P 500 Index. Best and worst sectors are based on returns from the quarter. Source: Bloomberg, U.S. Treasury, Barclays Live. Q4 2021 YTD 2021 Last 12 Months U.S. Stocks 11.0% 28.7% 28.7% •Q4 Best Sector: Financials 17.5% 46.1% 46.1% •Q4 Worst Sector: Industrials 0.0% 21.6% 21.6% International Stocks 2.7% 11.8% 11.8% Emerging Market Stocks -1.2% -2.2% -2.2% 12.31.21 09.30.21 12.30.20 1-Year U.S. Treasury Yield 0.39% 0.09% 0.10% 10-Year U.S. Treasury Yield 1.52% 1.52% 0.93% QTD 2021 YTD 2021 Last 12 Months 10-Year U.S. Treasury Total Return 0.67% -3.60% -3.60% Fixed Income Equities – Relative Performance by Market Capitalization and Style Equities Q4 2021 Value Blend Growth Large 7.8% 11.0% 11.6% Mid 8.5% 6.4% 2.8% Small 4.4% 2.1% 0.0% YTD 2021 Value Blend Growth Large 25.2% 28.7% 27.6% Mid 28.3% 12.6% 12.7% Small 28.3% 14.8% 2.8% Last 12 Months Value Blend Growth Large 25.2% 28.7% 27.6% Mid 28.3% 12.6% 12.7% Small 28.3% 14.8% 2.8% 4 Period Ending 12.31.21 | Q4 21market commentary DIGGING DEEPER: U.S. EQUITY MARKETS All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is not indicative of future returns. Source: Bloomberg. The S&P 500 Index is a market-capitalization-weighted index of U.S. large-cap stocks across a diverse set of industry sectors. The stocks represented in these 11 sectors generated a range of returns for the last 12 months and most recent quarter Returns by S&P 500 Sector Sector Weight 29.2% 13.3% 12.5% 10.7% 10.2% 7.8% 5.9% 2.8% 2.7% 2.6% 2.5% 28.7% 34.5% 26.1%24.4% 34.9% 21.6%21.1%18.6% 46.1% 54.4% 27.3% 17.7% 11.0% 16.7% 11.2%12.8% 4.5% 0.0% 8.6% 13.3% 17.5% 7.9% 15.2%12.9% Last 12 Months Q4 2021 FinancialsTechnology Health Care Industrials Energy Consumer Discretionary Consumer Staples Communication Service UtilitiesMaterials S&P 500 Index Real Estate 5 Period Ending 12.31.21 | Q4 21market commentary DIGGING DEEPER: FIXED INCOME MARKET Interest Rates 3 Month 2 Year 5 Year 10 Year 30 Year Mortgage Rate September 2021 0.04% 0.28% 0.98% 1.52% 2.08% 3.18% December 2021 0.06% 0.73% 1.26% 1.52% 1.90%3.27% Change 0.02% 0.45% 0.28% 0.00% -0.18% 0.09% U.S. Treasury yields noticeably increased in the fourth quarter at the shorter end of the yield curve, reflecting increased ratehike expectations. Mortgage rates continued trending upward in the latter half of 2021, although borrowing costs for housing remain at historically low levels. Bloomberg Barclays U.S. Aggregate Bond Index Yield to Worst Duration Total Return Q4 2021 Spread Treasury Rate AA Spread BBB Spread September 2021 1.56% 6.71 0.01% 0.33% 1.23% 0.48% 1.06% December 2021 1.75% 6.78 0.36% 1.39% 0.53% 1.15% Change 0.19% 0.07 0.03% 0.16% 0.05% 0.09% Core fixed income total return was negative for a calendar year—down 1.54%—for first time since 2013. Credit spreads remain tight with a strong economic backdrop as investors continue to yearn for yield. Bloomberg Barclays U.S. Long Credit Index Yield to Worst Duration Total Return Q4 2021 Spread Treasury Rate AA Spread BBB Spread September 2021 3.13% 15.11 1.52% 1.23% 1.91% 0.84% 1.49% December 2021 3.10% 15.01 1.30% 1.80% 0.91% 1.55% Change -0.04% -0.10 0.07% -0.11% 0.07% 0.07% Long credit demonstrated solid performance in the fourth quarter but still was negative for 2021 due to rising interest rates. Typically, corporate bonds’ yield advantage mitigates the impact of rising rates, but tight credit spreads subdued this effect. Source: Bloomberg, Barclays Live, CAPTRUST, U.S. Treasury. 6 Period Ending 12.31.21 | Q4 21 ECONOMIC OUTLOOK The combination of accelerating vaccine rollouts, strong consumer balance sheets, and a record- shattering injection of fiscal stimulus sets the stage for breakout growth. However, the virus remains a concern, and risks remain, along with rising inflation fears. HEADWINDS TAILWINDS market commentary Following a third year of outsized equity returns, investors should not be complacent. Although fundamentals remain strong, the global economy now faces a risky transition as exceptional stimulus fades into a tighter policy environment even as virus risks remain. Buying Power •The consumer is the engine of the global economy, and U.S. household balance sheets are uncommonly strong following several years of asset price gains, lower costs, and stimulus checks. The result is trillions of dollars in excess savings that will buoy demand into 2022. Strong Fundamentals •Corporate profit margins exploded in 2021 as pandemic-driven cost-containment measures met a surge of pent-up demand, resulting in an estimated 45% pop in S&P 500 earnings—far in excess of the 5% average growth seen over the past decade. •Even as earnings growth returns to earth and input costs rise, easing supply chains and an extended inventory restocking cycle bode well for continued above-trend earnings growth. Tight Labor Markets Push Wages Higher •Rising wages will help fill the gap left by the winding down of government stimulus, particularly as inflation pressure falls. A combination of higher pay, pandemic progress, and fewer childcare constraints could entice workers sidelined by the pandemic back to the workplace. Variants Raise Specter of Winter Surge •New virus variants continue to rattle markets. Omicron represents an uncertain threat given reports of high transmissibility. However, given its milder symptoms, this could also mark the beginning of COVID-19’s transition from pandemic to endemic. As Inflation Fears Mount… •The November Consumer Price Index (CPI ) reached a 40-year high level of 6.8%. Although skewed by outliers in categories such as energy and transportation, robust demand, supply constraints, and rising wages and housing costs suggest more persistent inflationary pressures may be ahead. …Central Bank Hawks Kettle •The Federal Reserve has joined other global central banks in emphasizing inflation risks in statements on future policy. In December, it doubled the pace of tapering its asset purchases, paving the way for rate hikes in 2022. •The pace of tightening will be driven by how sticky inflation is relative to virus threats and labor conditions. This raises the risks of policy error if the Fed acts too soon—or waits too long. 7 Period Ending 12.31.21 | Q4 21market commentary OBSERVATIONS •Consumer balance sheets have never been stronger. Household wealth surged over the past two years, propelled by financial and real estate asset prices and elevated savings rates. •Importantly, wealth gains have been spread across income bands, given the significant impact of stimulus checks, extended unemployment benefits, and rising wages. •Although the post-pandemic surge in pent-up demand for goods may be behind us, higher levels of U.S. household wealth and income will continue to provide significant support to the economy. •Shrinking loan balances represent another reservoir of future spending power as households have steadily de-levered following the global financial crisis. Sources: U.S. Federal Reserve, U.S. Bureau of Economic Analysis, Federal Reserve Bank of St. Louis HOUSEHOLD WEALTH SURGE SUSTAINS GROWTH Despite the personal and economic trauma caused by the COVID-19 pandemic, U.S. household wealth swelled by nearly $30 trillion since the end of 2019 through the combination of massive fiscal support and stimulus programs and surging asset prices. Although the direct impacts of fiscal stimulus are now fading, solid wage growth will provide further support to household balance sheets in 2022 and beyond. Household Assets, Liabilities, and Net Worth (as a % of Disposable Income) 0% 50% 100% 150% 200% 200% 300% 400% 500% 600% 700% 800% 900% 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Household Assets Net Worth Household LiabilitiesHousehold Liabilities (RHS) 8 Period Ending 12.31.21 | Q4 21market commentary INFLATION: LOOKING PAST THE HEADLINES The Consumer Price Index (CPI) posted a shocking 6.8% year-over-year change in November, the highest reading since 1982, quickly prompting a pivot by the Federal Reserve as it begins to tighten policy. However, a closer look at the latest CPI reading reveals that price pressures remain uneven, largely isolated within categories most disrupted by the pandemic. OBSERVATIONS •A subset of categories tightly linked to the economic reopening—such as fuel and energy—along with categories most affected by supply chain problems (such as autos) has driven most of the inflation pressure this year. •Despite alarming levels of headline inflation, market-based measures remain more sanguine. Treasury yields have barely budged, and the 10-year breakeven rate—the average level of inflation expected by investors over the next decade—remains well below 3%. •A key aspect of whether inflation is temporary or a stickier, 1970s-style problem is how it alters consumer behaviors. So far, consumers appear unfazed. •A recent survey suggests consumers expect inflation to settle at 3% over the next five years, even given the historical tendency of such surveys to overestimate inflation’s future path. Source: U.S. Bureau of Labor Statistics, Bloomberg, CAPTRUST Research 0% 10% 20% 30% 40% 50% 60% Motor Fuel Used Cars and Trucks New Vehicles Energy Services Food Shelter November CPI = 6.8% Consumer Price Index - November 2021 Year-over-Year Change (in %) Motor Fuel Used Cars and Trucks New Vehicles Energy Services Categories representing 14% of CPI weight… …drove 55% of the CPI increase All Other All Other November CPI by Category All Other 9 Period Ending 12.31.21 | Q4 21market commentary TIGHT LABOR MARKET DRIVES WAGES HIGHER In 2021, economic challenges were largely driven by supply constraints. Soaring demand for goods and stressed supply chains have contributed to delays, bottlenecks, and rising prices. The same forces are now at work within labor markets as the economy continues to add jobs—but not the workers to fill them. The result is rapidly rising wages, particularly for lower-wage service sector jobs. OBSERVATIONS •As U.S. gross domestic product returned to pre-pandemic levels, job creation has been strong, resulting in more than 10 million open positions. However, total employment continues well below its pre-pandemic peak as labor force participation remains stubbornly low. •Reasons for this shortfall are many and complex, including accelerated retirements made possible by strong investment returns, health fears, and childcare concerns, not to mention elevated personal savings, stimulus checks, and enhanced unemployment benefits. •Many workers will eventually be compelled to return to work. But if they don’t return soon enough, an already-tight labor market could get even tighter, adding to inflation concerns and threatening corporate profit margins under pressure from rising input costs. Source: Bloomberg, Bureau of Labor Statistics, Federal Reserve Bank of Atlanta Job Openings and Job Seekers Wage Growth by Income Quartile 60 61 62 63 64 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 12,000,000 2018 2019 2020 2021 U.S. Job Openings - LHS Labor Force Participation Rate % - RHS 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 2006 2008 2010 2012 2014 2016 2018 2020 Lowest Quartile Highest Quartile Overall 10 Period Ending 12.31.21 | Q4 21market commentary TALKING ABOUT TAPERING AND TIGHTENING OBSERVATIONS •To accomplish its dual mandate of maintaining maximum employment and price stability, the Fed relies on two primary tools: changes to the fed funds rate and the size and composition of its balance sheet. •Less traditional tools, such as credit and liquidity facilities, are also available in times of stress. •After slashing its discount rate to zero at the onset of the COVID-19 crisis, the Fed returned to its crisis playbook and began gobbling up Treasury and mortgage bonds at a $120 billion per month clip to lower financing costs, loosen financial conditions, and spur demand. •Now, with the economy expanding at a faster-than-expected rate and inflation fears rising, the Fed announced a swifter conclusion to this program. Its planned $30 billion/month taper is a much faster pace than following the global financial crisis and paves the way for rate hikes next year if inflation concerns persist. Sources: Bloomberg; CAPTRUST Research In December, the U.S. Federal Reserve abruptly shifted its tone from one of patience while the labor market fully recovers to heightened wariness of inflation pressures. Given the outsized influence of monetary policy on asset prices and growth conditions, investors are wise to pay close attention to the Fed’s comments and actions. Shifting gears on policy priorities also creates heighted risk of a policy error, if the Fed either tightens too soon and too fast or waits too long. Federal Reserve Balance Sheet and Fed Funds Rate 0% 1% 2% 3% 4% 5% 6% $0T $2T $4T $6T $8T $10T 2003 2006 2009 2012 2015 2018 2021 Federal Reserve's Balance Sheet ($ in Trillions)Federal Funds Rate Global Financial Crisis COVID-19 Pandemic 11 Period Ending 12.31.21 | Q4 21 0 5 10 15 20 25 30 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 market commentary Source: Bloomberg, Robert Shiller, CAPTRUST Research S&P 500 Index: Forward P/E Ratio +1 Std Dev: 20.4x 25-year Average: 17.1x -1 Std Dev: 13.7x Current: 22.1x Valuation Measure Description Latest 25-year Average Std Dev Over-/Under-Valued Inception Year P/E Forward P/E 22.1x 17.2x 1.4x 1996 CAPE Shiller’s P/E 39.6 28.0 1.8 1996 Div. Yield Dividend Yield 1.4% 2.0% -2.2 2006 P/B Price to Book 4.9 3.1 2.2 1996 P/CF Price to Cash Flow 15.7 10.6 2.1 2006 Sources: Bloomberg, Robert Shiller, NASDAQ, CAPTRUST Research. Price to earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months provided by Bloomberg. Average P/E and standard deviations are calculated using 25 years of history. Shiller’s P/E uses trailing 10 years of inflation- adjusted earnings as reported by companies. Dividend yield is calculated as the current year's consensus dividend divided by most recent price. Price-to-book ratio is the price divided by book value per share. Price to cash flow is price divided by cash flow for next 12 months. Standard deviation over-/under-valued is calculated using the average and standard deviation for each measure. 12 Period Ending 12.31.21 | Q4 21 0 100 200 300 400 500 600 700 800 900 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 market commentary S&P 500 and MSCI ACWI Excluding U.S. Index Price Return (January 1996 = 100) Source: Bloomberg, CAPTRUST Research S&P 500 MSCI ACWI ex U.S. P/E Avg Since 12.31.2005 Div Yield Avg Since 12.31.2005 S&P 500 22.1x 15.9x 1.4% 2.0% MSCI ACWI ex-U.S.14.0x 13.4x 3.0% 3.2% Sources: Bloomberg, CAPTRUST Research. Price to earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months provided by Bloomberg. Returns are cumulative and based on price movement only, and do not include the reinvestment of dividends. Dividend yield is calculated as consensus estimates of dividends for current year, divided by most recent price, as provided by Bloomberg. Past performance is not a reliable indicator of current and future results. +106%-49% +101% -57% +333% December 31, 2021 P/E (fwd) = 22.1x +48% -52% +216% -62% +115% December 31, 2021 P/E (fwd) = 14.0x -20% 44% -13% 19% 113% 72% -33% 13 Period Ending 12.31.21 | Q4 21market commentary Source: CAPTRUST Research, Bloomberg S&P 500 vs. Bloomberg Barclays U.S. Aggregate 12-Month Relative Performance Positive = U.S. Stocks Outperforming Bonds -60% -40% -20% 0% 20% 40% 60% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 S&P 500 vs. Bloomberg Barclays U.S. Aggregate Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations S&P 500 vs. MSCI EAFE 12-Month Relative Performance Positive = U.S. Stocks Outperforming International Developed Stocks -70% -50% -30% -10% 10% 30% 50% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 S&P 500 vs. MSCI EAFE Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 14 Period Ending 12.31.21 | Q4 21market commentary Source: CAPTRUST Research, Bloomberg Russell 1000 vs. Russell 2000 12-Month Relative Performance Positive = U.S. Large-Cap Value Stocks Outperforming U.S. Small-Cap Stocks -40% -30% -20% -10% 0% 10% 20% 30% 40% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Russell 1000 vs. Russell 2000 Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations Russell 1000 Value vs. Russell 1000 Growth 12-Month Relative Performance Positive = U.S. Large-Cap Value Stocks Outperforming U.S. Large-Cap Growth Stocks -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 15 Period Ending 12.31.21 | Q4 21market commentary Source: CAPTRUST Research, Bloomberg Russell 2000 Value vs. Russell 2000 Growth 12-Month Relative Performance Positive = U.S. Small-Cap Value Stocks Outperforming U.S. Small-Cap Growth Stocks -80% -60% -40% -20% 0% 20% 40% 60% 80% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Small Value vs. Small Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations S&P 500 vs. FTSE NAREIT 12-Month Relative Performance Positive = U.S. Stocks Outperforming REITs -60% -40% -20% 0% 20% 40% 60% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 S&P 500 vs. FTSE NAREIT Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 16 Period Ending 12.31.21 | Q4 21market commentary Source: CAPTRUST Research, Bloomberg Bloomberg Barclays U.S. Aggregate vs. FTSE NAREIT 12-Month Relative Performance Positive = U.S. Bonds Outperforming REITs -120% -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 17 Period Ending 12.31.21 | Q4 21asset class returns Source: Markov Processes, Inc., Bloomberg, Mobius Cash (BofA Merrill Lynch 3-Month Treasury Bill Index) The BofA Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to maturity of less than 3 months. Real Estate (Dow Jones US Real Estate Index) The Dow Jones US Real Estate Index tracks the performance of publicly traded real estate equity. It is comprised of companies whose charter is the equity ownership and operation of commercial real estate. Strategic Opportunities (HFRX Absolute Return Index) The HFRX Absolute Return Index measures the overall returns of hedge funds. Since hedge funds explore unique investment strategies and seek to generate absolute returns rather than focus on beating a benchmark, the HFRX is representative of all hedge fund strategies. Fixed Income (Bloomberg Barclays U.S. Aggregate Bond Index) The Bloomberg Barclays U.S. Aggregate Bond Index is a market capitalization-weighted index that tracks the majority of U.S.- traded investment grade bonds. The index includes Treasurys, agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in United States. International Equities (MSCI ACWI Ex-US Index) The MSCI ACWI Ex-US Index tracks large- and mid-cap stocks from 22 of 23 developed market countries (excluding the U.S.) and 24 emerging markets countries. This index covers approximately 85% of the global equity opportunity set outside the United States. Large-Cap Stocks (Russell 1000 Index) The Russell 1000 Index tracks the performance of 1,000 of the largest public companies in the U.S. It includes more than 90% of the total market capitalization of all listed U.S. stocks. The information contained in this report is from sources believed to be reliable, but not warranted by CAPTRUST Financial Advisors to be accurate or complete. Small-Cap Stocks (Russell 2000 Index) The Russell 2000 Index tracks the performance of approximately 2,000 small-cap companies contained in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. Mid-Cap Stocks (Russell Mid-Cap Index) The Russell Mid-Cap Index is a market-capitalization-weighted index representing the smallest 800 companies in the Russell 1000 Index. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Fixed Income 5.24% Internatio nal Equities 42.14% Real Estate 28.48% Real Estate 8.69% Real Estate 17.77% Small-Cap Stocks 38.82% Real Estate 30.38% Strategic Opportuni ties2.86% Small-Cap Stocks 21.31% Internatio nal Equities 27.77% Cash 1.87% Large- Cap Stocks 31.43% Large- Cap Stocks 20.96% Real Estate 38.99% Cash 1.51% Mid-Cap Stocks 40.48% Small-Cap Stocks 26.85% Fixed Income 7.84% Internatio nal Equities 17.39% Mid-Cap Stocks 34.76% Large- Cap Stocks 13.24% Real Estate 2.14% Mid-Cap Stocks 13.80% Large- Cap Stocks 21.69% Fixed Income 0.01% Mid-Cap Stocks 30.54% Small-Cap Stocks 19.96% Large- Cap Stocks 26.45% Strategic Opportuni ties -13.09% Real Estate 28.61% Mid-Cap Stocks 25.48% Large- Cap Stocks 1.50% Mid-Cap Stocks 17.28% Large- Cap Stocks 33.11% Mid-Cap Stocks 13.22% Large- Cap Stocks 0.92% Large- Cap Stocks 12.05% Mid-Cap Stocks 18.52% Strategic Opportun ities -0.49% Real Estate 28.92% Mid-Cap Stocks 17.10% Mid-Cap Stocks 22.58% Small-Cap Stocks -33.79% Large- Cap Stocks 28.43% Large- Cap Stocks 16.10% Cash 0.10% Large- Cap Stocks 16.42% Internatio nal Equities 15.78% Fixed Income 5.97% Fixed Income 0.55% Real Estate 7.56% Small-Cap Stocks 14.65% Real Estate -4.03% Small-Cap Stocks 25.52% Internatio nal Equities 11.13% Small-Cap Stocks 14.82% Large- Cap Stocks -37.60% Small-Cap Stocks 27.17% Internatio nal Equities 11.60% Mid-Cap Stocks -1.55% Small-Cap Stocks 16.35% Strategic Opportuni ties 3.58% Small-Cap Stocks 4.89% Cash 0.05% Internatio nal Equities 5.01% Real Estate 9.84% Large- Cap Stocks -4.78% Internatio nal Equities 22.13% Fixed Income 7.51% Internatio nal Equities 8.29% Real Estate -37.97% Fixed Income 5.93% Fixed Income 6.54% Strategic Opportuni ties -3.71% Fixed Income 4.22% Real Estate 2.47% Strategic Opportuni ties 0.79% Mid-Cap Stocks -2.44% Fixed Income 2.65% Fixed Income 3.54% Mid-Cap Stocks -9.06% Fixed Income 8.72% Strategic Opportun ities 2.72% Strategic Opportun ities 2.10% Mid-Cap Stocks -41.46% Cash 0.21% Cash 0.13% Small-Cap Stocks -4.18% Strategic Opportuni ties 0.88% Cash 0.07% Cash 0.03% Small-Cap Stocks -4.41% Cash 0.33% Strategic Opportun ities 3.40% Small-Cap Stocks -11.01% Strategic Opportun ities 4.37% Cash 0.67% Cash 0.05% Internatio nal Equities -45.25% Strategic Opportuni ties -3.58% Strategic Opportuni ties -0.12% Internatio nal Equities -13.33% Cash 0.11% Fixed Income -2.02% Internatio nal Equities -3.44% Internatio nal Equities -5.25% Strategic Opportuni ties 0.31% Cash 0.86% Internatio nal Equities -13.78% Cash 2.28% Real Estate -5.29% Fixed Income -1.54% 18 Period Ending 12.31.21 | Q4 21index performance The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or to participate in any investment strategy. The performance data quoted represents past performance and does not guarantee future results. Index averages are provided for comparison purposes only. The information and statistics in this report are from sources believed to be reliable but are not guaranteed to be accurate or complete. CAPTRUST Financial Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Sources:Morningstar Direct, MPI INDEXES 2021 YTD 2020 2019 2018 2017 2016 1 YEAR 3 YEARS 5 YEARS 10 YEARS 90-Day U.S. Treasury 0.01% 0.05% 0.67% 2.28% 1.87% 0.86% 0.33% 0.05% 0.99% 1.14% 0.63% Bloomberg Barclays Government 1-3 Year -0.58% -0.60% 3.14% 3.59% 1.58% 0.45% 0.87% -0.60% 2.03% 1.62% 1.10% Bloomberg Barclays Intermediate Govt -0.58% -1.69% 5.73% 5.20% 1.43% 1.14% 1.05% -1.69% 3.02% 2.32% 1.68% Bloomberg Barclays Muni Bond 0.72% 1.52% 5.21% 7.54% 1.28% 5.45% 0.25% 1.52% 4.72% 4.17% 3.72% Bloomberg Barclays Intermediate Govt/Credit -0.57% -1.44% 6.43% 6.80% 0.88% 2.14% 2.08% -1.44% 3.86% 2.91% 2.38% Bloomberg Barclays Intermediate Credit -0.55% -1.03% 7.08% 9.52% 0.01% 3.67% 3.68% -1.03% 5.09% 3.77% 3.53% Bloomberg Barclays Aggregate Bond 0.01% -1.54% 7.51% 8.72% 0.01% 3.54% 2.65% -1.54% 4.79% 3.57% 2.90% Bloomberg Barclays Corporate IG Bond 0.23% -1.04% 9.89% 14.54% -2.51% 6.42% 6.11% -1.04% 7.59% 5.26% 4.69% Bloomberg Barclays High Yield 0.71% 5.28% 7.11% 14.32% -2.08% 7.50% 17.13% 5.28% 8.83% 6.29% 6.82% Bloomberg Barclays Global Aggregate -0.67% -4.71% 9.20% 6.84% -1.20% 7.39% 2.09% -4.71% 3.59% 3.36% 1.77% Bloomberg Barclays U.S. Long Corporate 1.47% -1.13% 13.94% 23.89% -7.24% 12.09% 10.97% -1.13% 11.75% 7.73% 6.54% S&P 500 11.03% 28.71% 18.40% 31.49% -4.38% 21.83% 11.96% 28.71% 26.06% 18.46% 16.54% Dow Jones Industrial Average 7.87% 20.95% 9.72% 25.34% -3.48% 28.11% 16.50% 20.95% 18.48% 15.51% 14.20% NASDAQ Composite 8.28% 21.39% 43.64% 35.23% -3.88% 28.24% 7.50% 21.39% 33.09% 23.77% 19.62% Russell 1000 Value 7.77% 25.16% 2.80% 26.54% -8.27% 13.66% 17.34% 25.16% 17.64% 11.16% 12.96% Russell 1000 9.78% 26.45% 20.96% 31.43% -4.78% 21.69% 12.05% 26.45% 26.20% 18.41% 16.53% Russell 1000 Growth 11.64% 27.60% 38.49% 36.39% -1.51% 30.21% 7.08% 27.60% 34.07% 25.30% 19.77% Russell Mid-Cap Value Index 8.54% 28.34% 4.96% 27.06% -12.29% 13.34% 20.00% 28.34% 19.62% 11.21% 13.43% Russell Mid-Cap Index 6.44% 22.58% 17.10% 30.54% -9.06% 18.52% 13.80% 22.58% 23.28% 15.09% 14.89% Russell Mid-Cap Growth Index 2.85% 12.73% 35.59% 35.47% -4.75% 25.27% 7.33% 12.73% 27.45% 19.82% 16.61% MSCI EAFE 2.74% 11.78% 8.28% 22.66% -13.36% 25.62% 1.51% 11.78% 14.07% 10.06% 8.53% MSCI ACWI ex U.S.1.88% 8.29% 11.13% 22.13% -13.78% 27.77% 5.01% 8.29% 13.69% 10.11% 7.77% Russell 2000 Value 4.36% 28.27% 4.63% 22.39% -12.86% 7.84% 31.74% 28.27% 17.99% 9.06% 12.02% Russell 2000 2.14% 14.82% 19.96% 25.52% -11.01% 14.65% 21.31% 14.82% 20.02% 12.01% 13.22% Russell 2000 Growth 0.01% 2.83% 34.63% 28.48% -9.31% 22.17% 11.32% 2.83% 21.16% 14.52% 14.12% MSCI Emerging Markets -1.24% -2.22% 18.69% 18.90% -14.25% 37.75% 11.60% -2.22% 11.32% 10.26% 5.86% Dow Jones U.S. Real Estate Index 14.58% 38.99% -5.29% 28.92% -4.03% 9.84% 7.56% 38.99% 19.27% 12.33% 11.70% HFRX Absolute Return Index 0.27% 2.10% 2.72% 4.37% -0.49% 3.39% 0.31% 2.10% 3.06% 2.40% 2.04% Consumer Price Index (Inflation)7.12% 2.21%1.30% 2.26% 1.92% 2.10% 2.05%7.12% 3.53% 2.92% 2.12% BLENDED BENCHMARKS 2021 YTD 2020 2019 2018 2017 2016 1 YEAR 3 YEARS 5 YEARS 10 YEARS 25% S&P 500/5% MSCI EAFE/70% BB Agg 2.87% 6.13% 10.87% 14.96% -1.55% 8.93% 5.00% 6.13% 10.59% 7.72% 6.66% 30% S&P 500/10% MSCI EAFE/60% BB Agg 3.56% 8.27% 11.56% 16.79% -2.44% 10.90% 5.43% 8.27% 12.15% 8.83% 7.65% 35% S&P 500/15% MSCI EAFE/50% BB Agg 4.25% 10.44% 12.18% 18.63% -3.34% 12.90% 5.85% 10.44% 13.70% 9.91% 8.63% 40% S&P 500/20% MSCI EAFE/40% BB Agg 4.94% 12.64% 12.75% 20.48% -4.25% 14.93% 6.26% 12.64% 15.23% 10.99% 9.60% 45% S&P 500/25% MSCI EAFE/30% BB Agg 5.63% 14.87% 13.25% 22.33% -5.17% 16.99% 6.65% 14.87% 16.75% 12.04% 10.56% 60% S&P 500/40% Bloomberg Barclays Agg 6.57% 15.86% 14.73% 22.18% -2.35% 14.21% 8.31% 15.86% 17.54% 12.62% 11.14% 19 20 City of Clearwater Employees Pension Fund Asset Allocation vs Target & Policy Total Fund As of 12/31/21 Manager Market Value Actual % Policy % Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier NTGI-QM R1000G Artisan Partners Boston Partners Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Total Domestic Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets Total International Equity Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Total Domestic Fixed Income Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Total Real Estate Total Fund 840,498.00 73,095,508.97 57,800,059.30 53,164,673.91 191,150,851.04 50,353,781.28 55,743,088.63 17,200,666.14 34,601,965.44 16,927,503.67 550,878,596.38 116,861,008.98 80,786,203.40 48,958,039.73 246,605,252.11 185,443,564.17 185,610,363.59 12,853,904.94 12,153,673.98 396,061,506.68 62,200,201.90 19,515,705.55 6,026,968.00 7,216,208.00 14,445,756.76 17,020,352.00 52,426,101.55 3,822,666.00 182,673,959.76 1,376,219,314.93 0.06 5.31 4.20 3.86 13.89 3.66 4.05 1.25 2.51 1.23 40.03 8.49 5.87 3.56 17.92 13.47 13.49 0.93 0.88 28.78 4.52 1.42 0.44 0.52 1.05 1.24 3.81 0.28 13.27 100.00 39.00 18.00 28.00 15.00 21 City of Clearwater Employees Pension Fund Sources of Fund Growth Total Fund 9/30/21 - 12/31/21 Manager Name Beginning Value Net Contrib Invest Fees Invest Gain/Loss Ending Value Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier NTGI-QM R1000G Artisan Partners Boston Partners Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets International EQ Comp Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Fixed Income Comp Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Real Estate Comp Total Fund 10,461,280 67,820,267 55,920,625 49,642,558 171,237,126 60,707,457 57,403,939 18,258,048 41,829,067 17,515,454 550,795,822 115,066,024 77,663,234 48,535,693 241,264,950 182,165,775 180,349,027 469,893 -109,148 362,875,547 58,274,231 16,860,755 6,159,340 7,332,798 13,142,538 15,966,590 50,574,173 3,852,855 172,163,280 1,327,099,600 -9,989,617 5,087 111,199 -374 12,843 -9,888,059 -5,900,587 -2,963,722 -4,922,434 -1,958,816 -35,494,480 -4,784,917 136,005 -613 -4,649,525 4,076,906 5,104,959 12,382,725 12,262,822 33,827,411 0 29,377 -132,372 -116,590 -163,864 0 0 -30,189 -413,639 -6,730,234 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 368,835 5,270,156 1,768,236 3,522,489 19,900,882 -465,617 4,239,737 1,906,339 -2,304,667 1,370,865 35,577,255 6,579,902 2,986,964 422,961 9,989,827 -799,117 156,378 1,287 0 -641,452 3,925,971 2,625,574 0 0 1,467,083 1,053,762 1,851,928 0 10,924,318 55,849,948 840,498 73,095,509 57,800,059 53,164,674 191,150,851 50,353,781 55,743,089 17,200,666 34,601,965 16,927,504 550,878,596 116,861,009 80,786,203 48,958,040 246,605,252 185,443,564 185,610,364 12,853,905 12,153,674 396,061,507 62,200,202 19,515,706 6,026,968 7,216,208 14,445,757 17,020,352 52,426,102 3,822,666 182,673,960 1,376,219,315 22 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2021 Net of Fee Return Name Value $(000) Periods Ending 12/31/21 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Total Fund Policy Index Secondary Benchmark Domestic Equity Comp S&P 500 Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Boston Partners Russell MidCap Value Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE Value (N) WCM Investment Management MSCI ACWI ex US (Net) 1,376,219 550,879 376,052 57,800 53,165 191,151 73,096 106,097 50,354 55,743 68,730 17,201 34,602 16,928 246,605 48,958 80,786 116,861 4.23 4.80 4.90 6.53 11.03 8.71 9.77 3.16 7.76 7.10 7.76 11.62 11.63 3.26 6.43 -0.77 2.85 7.74 8.53 1.44 2.13 10.92 2.14 -5.50 0.00 8.17 4.35 4.23 1.81 0.87 -1.25 3.85 1.16 5.88 1.82 13.33 14.09 13.87 21.97 28.71 18.74 22.58 10.53 12.73 27.34 28.33 12.05 14.81 19.89 14.81 3.44 2.82 25.08 28.26 13.92 7.82 5.84 -2.23 13.34 10.88 18.16 7.82 16.36 14.81 15.49 25.35 26.07 24.87 26.21 24.60 17.64 14.62 17.64 28.31 23.28 33.90 27.46 23.06 20.02 18.78 20.02 26.63 21.16 18.32 17.99 19.74 13.18 11.83 11.33 13.34 7.82 28.79 13.18 12.21 10.75 11.04 18.28 18.47 18.55 18.42 17.85 11.16 12.01 11.16 17.92 15.09 22.88 19.83 17.19 12.02 13.80 12.02 21.79 14.53 14.12 9.61 8.58 5.34 21.60 9.61 9.81 8.69 9.04 14.47 14.93 14.85 14.84 14.39 9.73 10.45 9.73 9.72 9.73 13.33 12.23 16.30 14.91 14.43 10.76 13.08 10.76 16.66 11.65 8.70 6.77 10.85 9.84 16.45 16.55 16.55 16.54 16.39 14.90 17.87 16.63 15.77 13.23 14.64 13.32 17.42 14.13 8.18 8.19 8.38 7.31 11.24 10.66 10.80 10.74 11.96 10.22 14.17 11.69 11.07 8.69 12.62 8.01 4.78 3.87 9.51 9.40 12.11 11.49 11.50 11.49 15.90 11.80 11.67 11.80 32.55 30.53 7.36 7.33 13.11 12.13 12.43 10.49 44.95 47.42 11.75 10.01 12.96 10.04 17.34 13.76 10.64 8.92 6.31 5.81 5.24 5.07 5.46 3.06 15.87 6.56 12/31/87 12/31/87 3/31/88 3/31/88 1/31/13 1/31/13 1/31/13 1/31/13 11/30/20 11/30/20 6/30/07 6/30/07 3/31/88 3/31/88 7/31/01 7/31/01 3/31/20 3/31/20 8/31/03 8/31/03 8/31/03 8/31/03 9/30/10 9/30/10 11/30/17 11/30/17 5/31/01 5/31/01 10/31/17 10/31/17 7/31/15 7/31/15 7/31/15 7/31/15 13.06 12.97 11.17 11.16 17.64 17.64 25.27 26.45 27.60 25.15 19.76 25.15 29.75 27.59 25.17 25.15 7.77 7.76 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000G Russell 1000 Growth NTGI-QM R1000V R1000V 23 12/31/87 12/31/87 12/31/15 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending December 31, 2021 Net of Fee Return Name Value $(000) Periods Ending 12/31/21 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Fixed Income Comp BC Agg Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 396,062 185,444 12,154 12,854 185,610 182,674 7,216 52,426 6,027 3,823 62,200 19,516 17,020 14,446 -0.17 0.01 -0.44 0.01 0.00 0.01 0.21 0.01 0.09 0.01 6.35 14.12 0.00 4.56 3.66 7.76 0.00 4.56 0.00 4.56 6.74 7.97 15.57 17.15 6.60 7.97 11.30 7.97 -1.40 -1.54 -1.15 -1.54 0.00 0.05 0.54 0.05 -1.78 -1.54 19.39 38.03 1.23 9.17 17.75 21.81 6.70 9.17 0.55 9.17 19.74 22.18 45.03 46.11 20.02 22.18 18.42 22.18 5.50 4.79 5.41 4.79 0.00 0.96 1.79 0.96 5.49 4.79 10.14 16.46 0.97 3.69 11.54 21.70 2.25 3.69 0.75 3.69 7.65 9.20 20.67 19.16 9.41 9.20 11.65 9.20 3.98 3.57 4.03 3.57 0.00 1.11 2.12 1.11 3.93 3.57 8.57 10.72 1.41 3.58 1.58 3.58 0.43 3.58 7.14 8.71 11.35 11.05 9.15 8.71 10.16 8.71 3.59 3.00 3.64 3.00 0.00 0.84 2.27 0.84 3.43 3.00 8.11 9.99 2.03 3.64 2.17 3.64 7.95 9.60 9.56 9.64 3.69 2.90 3.98 2.90 -0.00 0.60 3.23 0.60 3.30 2.90 9.57 11.55 3.74 5.30 8.42 10.45 11.53 11.64 4.71 4.09 4.89 4.09 -0.00 0.86 5.32 0.86 4.45 4.09 5.99 6.03 4.69 3.95 0.54 2.93 4.83 1.20 4.36 4.00 6.94 8.36 3.86 5.50 14.04 13.86 3.97 5.06 -0.34 3.58 9.07 11.16 8.24 8.43 9.41 8.72 10.38 9.18 12/31/87 12/31/87 2/29/04 2/29/04 12/31/87 12/31/87 6/30/03 6/30/03 9/30/04 9/30/04 4/30/08 4/30/08 5/31/12 5/31/12 9/30/17 9/30/17 6/30/11 6/30/11 9/30/15 9/30/15 9/30/10 9/30/10 4/30/08 4/30/08 12/31/15 12/31/15 6/30/15 6/30/15 24 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2021 Net of Fee Return Name Value $(000) Calendar Years 2021 2020 2019 2018 2017 2016 Total Fund Policy Index Domestic Equity Comp S&P 500 Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Boston Partners Russell MidCap Value Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE Value (N) WCM Investment Management MSCI ACWI ex US (Net) 1,376,219 550,879 376,052 57,800 53,165 191,151 73,096 106,097 50,354 55,743 68,730 17,201 34,602 16,928 246,605 48,958 80,786 116,861 13.33 14.09 21.97 28.71 18.74 22.58 10.53 12.73 27.34 28.33 12.05 14.81 19.89 14.81 3.44 2.82 25.08 28.26 13.92 7.82 5.84 -2.23 13.34 10.88 18.16 7.82 15.68 12.61 24.69 18.40 19.54 20.96 15.49 2.80 2.05 2.80 2.77 2.80 37.35 17.10 56.72 35.59 31.18 19.96 10.77 19.96 54.14 34.63 4.91 4.63 18.16 10.65 13.87 18.69 5.58 -2.63 30.12 10.65 20.17 17.79 29.50 31.49 30.02 31.43 31.28 26.54 23.21 26.54 29.52 30.54 38.58 35.47 26.79 25.52 26.20 25.53 27.35 28.48 26.24 22.39 27.53 21.52 16.04 18.90 21.67 16.09 38.94 21.52 -2.64 -4.62 -4.06 -4.38 -3.49 -4.78 -4.86 -8.27 -3.65 -8.27 -9.88 -9.06 -3.39 -4.75 1.67 -11.01 0.48 -11.01 7.33 -9.31 -8.23 -12.86 -11.88 -14.20 -15.25 -14.25 -15.20 -14.78 -6.56 -14.20 15.98 15.44 22.53 21.83 24.63 21.69 23.52 13.66 21.55 13.66 19.76 18.52 20.81 25.27 16.66 14.65 13.34 14.65 22.97 22.17 27.97 27.19 22.27 21.44 33.22 27.19 6.71 7.32 9.61 11.96 8.88 12.05 10.16 17.34 13.85 17.34 17.03 17.34 6.73 13.80 -0.63 7.33 18.26 21.31 18.02 21.31 13.29 11.32 2.78 4.50 -0.19 5.02 -1.00 4.50 25.27 26.45 27.60 25.15 19.76 25.15 29.75 27.59 25.17 25.15 26.55 26.54 -8.32 -8.27 13.77 13.66 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000G Russell 1000 Growth NTGI-QM R1000V R1000V 25 City of Clearwater Employees Pension Fund Executive Summary Table December 31, 2021 Net of Fee Return Name Value $(000) Calendar Years 2021 2020 2019 2018 2017 2016 Fixed Income Comp BC Agg Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 396,062 185,444 12,154 12,854 185,610 182,674 7,216 52,426 6,027 3,823 62,200 19,516 17,020 14,446 -1.40 -1.54 -1.15 -1.54 0.00 0.05 0.54 0.05 -1.78 -1.54 19.39 38.03 1.23 9.17 17.75 21.81 6.70 9.17 0.55 9.17 19.74 22.18 45.03 46.11 20.02 22.18 18.42 22.18 8.97 7.51 8.72 7.51 0.00 0.59 2.00 0.59 9.04 7.51 1.58 -3.78 -2.16 0.81 2.83 15.90 1.70 0.81 0.18 0.81 0.49 1.18 -4.59 -7.95 0.94 1.18 11.12 1.18 9.28 8.72 8.98 8.72 0.00 2.25 2.84 2.25 9.60 8.72 10.16 18.93 3.95 1.29 14.61 27.67 -1.48 1.29 1.53 1.29 3.66 5.34 26.97 25.79 8.11 5.34 5.78 5.34 -0.38 0.01 0.02 0.01 0.00 1.86 3.83 1.86 -0.73 0.01 6.23 -0.39 2.93 3.21 18.17 -8.71 1.93 3.21 -2.88 3.21 7.23 8.35 -7.16 -4.80 9.16 8.35 6.65 8.35 3.91 3.54 3.99 3.54 0.00 0.84 1.44 0.84 4.08 3.54 6.30 5.75 1.24 3.63 -0.75 3.63 2.83 3.63 5.53 7.62 4.91 4.84 8.36 7.62 9.30 7.62 5.01 2.65 5.55 2.65 0.00 0.27 1.84 0.27 3.66 2.65 6.94 8.06 2.64 2.59 3.30 2.59 3.34 2.59 8.02 8.76 5.71 7.62 10.72 8.76 12.34 8.76 26 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Total Fund Public Sponsors Periods Ending 12/21 High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 6.91 5.69 4.77 3.85 2.91 4.23 69 4.80 48 20.58 17.29 15.63 13.43 8.88 13.33 76 14.09 67 17.21 15.65 14.44 12.46 9.72 14.50 48 13.35 67 19.23 17.45 16.12 14.35 11.62 16.36 43 14.81 69 12.54 11.62 10.57 9.22 7.77 11.29 37 9.61 71 13.64 12.52 11.51 10.22 8.09 12.21 38 10.75 68 12.85 11.73 11.01 9.69 7.88 11.28 42 10.17 67 10.91 10.13 9.42 8.24 6.32 9.81 39 8.69 65 10.51 9.86 9.08 8.05 6.31 9.63 33 8.85 61 11.51 10.81 10.08 8.88 6.53 10.51 33 9.47 61 11.61 10.91 10.37 9.22 6.77 10.85 28 9.84 61 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% T1 T1 T 1 T 1 T 1 T 1 T 1 T 1 T1 T 1 T 1 27 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Total Fund Public Sponsors Years Ending December High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 20.58 17.29 15.63 13.43 8.88 13.33 76 14.09 67 17.02 13.82 12.18 10.11 6.82 15.68 10 12.61 39 23.15 20.30 18.70 17.14 13.61 20.17 26 17.79 66 1.76 -2.06 -3.99 -5.41 -6.95 -2.64 31 -4.62 61 18.60 16.24 15.02 13.66 7.95 15.98 33 15.44 42 10.87 9.04 7.95 6.99 4.09 6.71 78 7.32 67 3.41 1.21 0.20 -1.11 -3.00 1.43 22 0.22 49 9.25 7.39 6.51 5.32 3.52 8.32 12 9.91 2 21.77 19.11 16.45 13.24 5.12 17.83 36 14.62 65 15.12 13.45 12.41 10.79 6.73 13.93 18 13.17 30 -10% -5% 0% 5% 10% 15% 20% 25% T1 T 1 T 1 T 1 T1 T1 T1 T 1 T 1 T1 28 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2021 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Qtr YTD 1 Year 3 Year 5 Year Incept 12/31/87 Total Fund Policy Index 4.23 4.80 69 7.77 7.76 64 3.16 7.76 100 7.10 7.76 79 11.62 11.63 5 -0.77 2.85 91 13.33 14.09 76 25.17 25.15 75 27.60 25.15 36 19.76 25.15 100 29.75 27.59 22 10.53 12.73 83 13.33 14.09 76 25.17 25.15 75 27.60 25.15 36 19.76 25.15 100 29.75 27.59 22 10.53 12.73 83 16.36 14.81 43 17.64 17.64 68 24.60 17.64 2 14.62 17.64 88 33.90 27.46 1 12.21 10.75 38 11.17 11.16 88 17.85 11.16 7 12.01 11.16 69 22.88 19.83 6 9.51 9.40 7.36 7.33 15.90 11.80 11.67 11.80 32.55 30.53 12.43 10.49 12/31/87 6/30/07 1/31/13 1/31/13 11/30/20 7/31/01 $1,376,219,315 $73,095,509 $57,800,059 $53,164,674 $191,150,851 $50,353,781 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Total Fund Policy Index Rank NTGI-QM R1000V R1000V Rank Eagle Capital Management Russell 1000 Value Rank Manning and Napier Russell 1000 Value Rank NTGI-QM R1000G Russell 1000 Growth Rank Artisan Partners R Mid Cap G Rank 29 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2021 7.74 8.53 74 10.92 2.14 1 -5.50 0.00 99 8.17 4.35 10 5.88 1.82 16 3.85 1.16 30 0.87 -1.25 -0.44 0.01 70 0.09 0.01 36 0.21 0.01 27.34 28.33 69 19.89 14.81 80 3.44 2.82 87 25.08 28.26 93 18.16 7.82 20 13.34 10.88 40 5.84 -2.23 -1.15 -1.54 61 -1.78 -1.54 86 0.54 0.05 0.00 0.05 27.34 28.33 69 19.89 14.81 80 3.44 2.82 87 25.08 28.26 93 18.16 7.82 20 13.34 10.88 40 5.84 -2.23 -1.15 -1.54 61 -1.78 -1.54 86 0.54 0.05 0.00 0.05 18.78 20.02 84 26.63 21.16 19 18.32 17.99 84 28.79 13.18 2 13.34 7.82 70 11.83 11.33 5.41 4.79 42 5.49 4.79 39 1.79 0.96 0.00 0.96 13.80 12.02 41 21.79 14.53 22 21.60 9.61 1 8.58 5.34 80 4.03 3.57 42 3.93 3.57 44 2.12 1.11 44.95 47.42 12.96 10.04 17.34 13.76 10.64 8.92 15.87 6.56 5.46 3.06 5.24 5.07 4.69 3.95 4.36 4.00 4.83 1.20 3/31/20 8/31/03 9/30/10 11/30/17 7/31/15 7/31/15 10/31/17 2/29/04 9/30/04 6/30/03 $55,743,089 $17,200,666 $34,601,965 $16,927,504 $116,861,009 $80,786,203 $48,958,040 $185,443,564 $185,610,364 $12,853,905 $12,153,674 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Boston Partners Russell MidCap Value Rank Atlanta Capital Mgmt Russell 2000 Rank Riverbridge Partners R2000G Rank Sycamore Small Cap Value Russell 2000 Value Rank WCM Investment Management MSCI ACWI ex US (Net) Rank Thompson, Siegel & Walmsley MSCI EAFE Value (N) Rank DFA Emerging Markets MSCI Emg Mkts (Gross) Dodge & Cox BC Agg Rank Western Asset Management Co. BC Agg Rank Security Lending Income Account 3-month T-Bill In House Account 3-month T-Bill 0.00 0.01 0.00 1.11 0.54 2.93 12/31/87 30 City of Clearwater Employees Pension Fund Performance Summary Total Fund December 31, 2021 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Multi Employer Property Trust NCREIF ODCE Rank Security Capital Wilshire RESI Rank Molpus Woodlands Fund III NCREIF Timberland Index Rank Hancock NCREIF Timberland Index Rank USAA NCREIF ODCE Fund Index Rank U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Rank IFM Global Infrastructure (US) L.P. MSCI World (Net) Rank Molpus Woodlands Fund IV NCREIF Timberland Index Rank 6.74 7.97 60 15.57 17.15 13 0.00 4.56 90 0.00 4.56 90 11.30 7.97 24 6.60 7.97 60 3.66 7.76 74 0.00 4.56 90 19.74 22.18 64 45.03 46.11 3 6.70 9.17 83 1.23 9.17 88 18.42 22.18 67 20.02 22.18 64 17.75 21.81 68 0.55 9.17 89 19.74 22.18 64 45.03 46.11 3 6.70 9.17 83 1.23 9.17 88 18.42 22.18 67 20.02 22.18 64 17.75 21.81 68 0.55 9.17 89 7.65 9.20 72 20.67 19.16 13 2.25 3.69 81 0.97 3.69 82 11.65 9.20 32 9.41 9.20 50 11.54 21.70 32 0.75 3.69 82 7.14 8.71 72 11.35 11.05 24 1.58 3.58 83 1.41 3.58 83 10.16 8.71 38 9.15 8.71 43 0.43 3.58 85 9.07 11.16 8.24 8.43 3.97 5.06 3.86 5.50 10.38 9.18 9.41 8.72 14.04 13.86 -0.34 3.58 9/30/10 4/30/08 6/30/11 5/31/12 6/30/15 12/31/15 9/30/17 9/30/15 $62,200,202 $19,515,706 $6,026,968 $7,216,208 $14,445,757 $17,020,352 $52,426,102 $3,822,666 31 32 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/21 Microsoft Corp Alphabet Inc Cl-C Meta Platforms Inc Amazon Com Inc Comcast Corp New Citigroup Inc Marriott Intl Inc Ne Aon Plc Netflix Com Inc Unitedhealth Group I GICS Sector % Port Information Technology Telecom Services Telecom Services Consumer Discretionary Telecom Services Financials Consumer Discretionary Financials Telecom Services Health Care 1.94 1.92 1.39 1.32 1.20 1.04 1.02 0.95 0.94 0.89 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.74 3.98 16.13 13.13 4.86 13.29 16.50 19.57 9.86 0.94 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 6.53 11.03 550,796 -35,494 35,577 550,879 21.97 28.71 512,802 -69,741 107,818 550,879 21.97 28.71 512,802 -69,741 107,818 550,879 25.35 26.07 355,572 -117,785 313,092 550,879 18.28 18.47 363,349 -192,956 380,486 550,879 16.45 16.55 287,135 -367,685 631,428 550,879 12.11 11.49 32,236 -372,329 890,972 550,879 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 33 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 12/31/21 Cash & Equiv $7,429 1.35% Domestic Equity $543,450 98.65% Periods from 12/87 to 12/21 Alpha Beta R-Squared 0.04 1.07 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 E1 T Annualized Standard Deviation% E Domestic Equity Comp 1 S&P 500 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 12.11 11.49 3.04 17.17 15.52 1.29 0.53 0.54 0.00 0.17 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 34 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 12.65 11.01 7.97 5.86 0.52 6.53 68 11.03 21 31.48 28.57 25.06 19.61 7.22 21.97 66 28.71 20 31.60 23.65 19.61 16.42 10.56 23.32 33 23.44 27 32.88 26.41 22.96 19.83 11.65 25.35 39 26.07 28 24.06 18.04 14.85 11.61 7.78 17.24 35 17.65 26 25.19 19.02 15.87 12.58 7.83 18.28 36 18.47 29 21.46 17.82 16.02 13.17 8.56 16.79 42 17.36 29 18.79 15.37 13.72 10.77 6.89 14.47 39 14.93 29 17.92 14.83 12.76 10.75 6.61 14.07 40 14.78 25 20.05 16.88 15.01 12.99 10.03 16.24 39 16.62 30 19.24 16.88 14.94 13.23 10.29 16.45 34 16.55 31 0% 5% 10% 15% 20% 25% 30% 35% E 1 E 1 E1 E1 E1 E1 E1 E1 E1 E1 E1 35 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 31.48 28.57 25.06 19.61 7.22 21.97 66 28.71 20 44.71 21.78 18.13 7.96 -1.75 24.69 22 18.40 44 37.57 31.55 29.16 24.78 11.84 29.50 49 31.49 27 3.72 -3.30 -5.17 -10.43 -15.81 -4.06 29 -4.38 35 34.52 23.10 20.37 14.71 5.24 22.53 27 21.83 33 28.16 17.37 11.99 7.02 -2.37 9.61 65 11.96 51 8.02 1.62 -0.68 -3.93 -12.63 1.48 26 1.38 29 15.93 13.03 9.20 4.48 -5.17 11.31 38 13.69 14 45.43 37.98 33.23 29.16 0.10 35.15 38 32.41 59 22.59 17.93 15.95 12.44 2.67 18.37 21 15.98 49 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% E 1 E 1 E1 E1 E1 E1 E1 E1 E1 E1 36 City of Clearwater Employees Pension Fund Risk Measure Summary Domestic Equity Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.77 0.00 0.47 7.99 21.97 21.97 6.53 0.71 0.44 0.90 3.36 30.81 4.09 -1.41 0 4 0.58 11.03 28.71 28.71 8.93 3.21 1 11 0.97 0.98 0.42 -19.21 22.67 -8.33 62.87 20.69 1.03 -0.27 0.95 1.18 23.75 4.56 -0.12 1 11 -19.60 20.54 -6.98 56.35 19.65 1.28 2 18 0.98 0.98 0.45 -19.21 22.67 -8.33 62.87 18.40 1.02 -0.11 0.96 0.93 16.77 3.63 -0.03 3 17 -19.60 20.54 -6.98 56.35 17.64 0.98 37 99 1.06 1.04 0.51 -23.59 22.67 -37.76 62.87 17.17 1.07 0.04 0.94 0.53 8.46 4.41 0.17 33 103 -21.93 21.32 -38.07 56.35 15.52 0.54 37 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 10.0 12.6 15.2 17.8 20.4 23.0 25.6 28.2 30.8 33.4 36.0 ES MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 25.35 39 20.69 42 26.07 28 19.65 25 22.96 21.52 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 ES MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 18.28 36 18.40 46 18.47 29 17.64 30 15.87 18.77 38 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/21 Microsoft Corp Alphabet Inc Cl-C Meta Platforms Inc Amazon Com Inc Comcast Corp New Citigroup Inc Netflix Com Inc Marriott Intl Inc Ne Unitedhealth Group I Home Depot Inc GICS Sector % Port Information Technology Telecom Services Telecom Services Consumer Discretionary Telecom Services Financials Telecom Services Consumer Discretionary Health Care Consumer Discretionary 5.01 4.97 3.60 3.41 3.11 2.68 2.44 2.32 2.29 2.28 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.33 4.61 12.86 13.21 8.85 10.44 16.65 12.95 20.10 0.00 -2.00.02.04.06.08.010.012.014.016.018.020.022.024.026.028.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 8.71 9.77 355,082 -9,861 30,831 376,052 25.27 26.45 335,143 -39,213 80,121 376,052 25.27 26.45 335,143 -39,213 80,121 376,052 24.87 26.21 240,657 -71,437 206,831 376,052 18.55 18.42 235,980 -116,211 256,283 376,052 16.55 16.54 171,555 -202,978 407,474 376,052 11.50 11.49 18,032 -159,612 517,631 376,052 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 39 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 12/31/21 Cash & Equiv $3,649 0.97% Domestic Equity $372,402 99.03% Periods from 3/88 to 12/21 Alpha Beta R-Squared 0.05 0.98 0.97 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 L1 T Annualized Standard Deviation% L Large Cap Equity Comp 1 R1000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.50 11.49 3.02 15.88 15.98 1.28 0.53 0.53 0.00 -0.02 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 40 City of Clearwater Employees Pension Fund Large Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 12.74 11.67 10.99 9.87 5.86 8.71 85 9.77 77 32.97 28.67 27.26 26.42 23.29 25.27 81 26.45 72 26.21 23.38 22.32 19.39 14.96 22.37 47 23.67 19 27.94 26.08 24.66 21.28 18.30 24.87 47 26.21 21 19.99 17.53 16.49 13.73 11.00 17.08 37 17.62 15 19.76 18.39 17.27 15.75 12.37 18.55 13 18.42 19 18.84 17.27 16.02 14.77 12.87 16.88 35 17.34 17 15.68 14.68 13.58 12.18 10.26 14.85 23 14.84 23 15.26 14.71 13.67 12.59 10.43 14.67 27 14.64 27 18.04 16.55 16.24 14.67 12.77 16.50 36 16.56 17 17.70 16.47 16.06 14.49 12.85 16.55 13 16.54 13 5% 10% 15% 20% 25% 30% 35% L1 L1 L 1 L 1 L1 L1 L1 L1 L1 L1 L1 41 City of Clearwater Employees Pension Fund Large Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 32.97 28.67 27.26 26.42 23.29 25.27 81 26.45 72 21.48 20.90 18.47 15.22 6.28 19.54 39 20.96 21 33.93 31.53 31.14 28.03 24.36 30.02 66 31.43 43 -1.22 -4.35 -4.78 -5.69 -9.76 -3.49 11 -4.78 51 24.75 22.82 21.80 21.16 18.37 24.63 5 21.69 64 18.13 12.47 11.86 10.90 8.43 8.88 92 12.05 31 3.63 1.44 0.99 -1.56 -4.54 3.35 6 0.92 52 17.59 14.35 13.63 12.61 9.56 13.45 58 13.25 60 39.16 33.54 32.60 32.27 29.09 32.23 76 33.11 39 18.42 16.37 15.92 14.83 12.17 17.02 9 16.42 21 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% L1 L1 L1 L1 L 1 L 1 L 1 L1 L1 L1 42 City of Clearwater Employees Pension Fund Risk Measure Summary Large Cap Equity Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.96 0.50 0.44 8.82 25.27 25.27 7.87 0.93 0.14 0.99 3.20 27.00 1.28 -0.80 0 4 0.21 9.77 26.45 26.45 8.50 3.11 1 11 0.95 0.96 0.33 -19.39 20.29 -7.49 56.34 19.69 0.96 -0.05 0.99 1.21 24.98 2.02 -0.64 1 11 -20.22 21.82 -8.03 60.59 20.52 1.23 2 18 0.98 0.94 0.50 -19.39 20.29 -7.49 56.34 17.52 0.96 0.19 0.99 0.99 18.21 1.87 -0.02 3 17 -20.22 21.82 -8.03 60.59 18.27 0.95 36 99 0.99 0.98 0.51 -20.96 20.29 -37.57 56.34 15.88 0.98 0.05 0.97 0.53 8.69 2.81 -0.02 32 103 -22.48 21.88 -38.26 60.59 15.98 0.53 43 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Neutral Portfolios Annualized Rate of Return14.0 15.3 16.6 17.9 19.2 20.5 21.8 23.1 24.4 25.7 27.0 18.0 19.4 20.8 22.1 23.5 24.9 26.3 27.7 29.1 30.5 31.9 L 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 24.87 47 19.69 35 26.21 21 20.52 66 24.66 20.17 Annualized Rate of Return12.0 13.2 14.4 15.6 16.8 18.0 19.2 20.4 21.6 22.8 24.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 L 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 18.55 13 17.52 26 18.42 19 18.27 64 17.27 17.75 44 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/21 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 7.77 7.76 67,820 5 5,270 73,096 25.17 25.15 58,383 15 14,698 73,096 25.17 25.15 58,383 15 14,698 73,096 17.64 17.64 40,267 5,051 27,778 73,096 11.17 11.16 42,187 1,087 29,822 73,096 13.06 12.97 53,022 -47,203 67,277 73,096 7.36 7.33 26,197 -37,704 84,602 73,096 Portfolio Performance (%) 45 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 12/31/21 Domestic Equity $73,096 100.00% Periods from 6/07 to 12/21 Alpha Beta R-Squared 0.01 1.00 1.00 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 n1 T Annualized Standard Deviation% n NTGI-QM R1000V 1 R1000V T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 7.36 7.33 0.77 18.16 18.20 0.58 0.36 0.36 0.00 0.06 Asset Allocation ($000) Risk/Return Analysis 46 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 12.89 9.48 8.46 7.52 5.86 7.77 64 7.76 64 32.21 27.90 26.91 25.28 22.62 25.17 75 25.15 75 19.23 17.03 14.58 13.00 10.89 13.42 63 13.42 63 24.12 20.41 19.15 16.37 14.03 17.64 68 17.64 68 16.91 13.50 11.51 10.33 9.53 10.53 70 10.55 70 18.46 14.09 12.78 11.81 10.29 11.17 88 11.16 88 17.07 14.59 12.88 12.00 10.16 12.13 71 12.17 69 14.48 12.17 10.76 9.98 8.46 9.72 80 9.73 80 14.18 11.86 10.82 10.19 7.25 10.19 75 10.19 75 15.76 14.66 13.20 12.05 10.04 12.51 63 12.47 63 15.24 14.82 13.80 12.48 11.09 13.06 65 12.97 70 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 47 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 32.21 27.90 26.91 25.28 22.62 25.17 75 25.15 75 32.49 7.57 4.20 1.97 -1.92 2.77 68 2.80 67 34.78 29.68 27.17 23.17 20.38 26.55 57 26.54 57 -1.11 -3.04 -4.63 -8.21 -11.32 -8.32 75 -8.27 75 31.19 20.37 18.28 15.66 13.61 13.77 91 13.66 93 21.28 16.65 13.55 10.93 4.27 17.03 23 17.34 18 6.63 0.32 -0.62 -3.92 -7.22 -3.66 71 -3.83 72 14.24 13.01 11.61 10.73 6.67 13.54 14 13.45 17 40.72 36.96 32.46 27.67 24.08 32.94 45 32.54 48 23.03 20.55 16.72 14.79 10.38 18.09 32 17.50 39 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 48 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 24.12 21.02 19.26 17.19 14.29 17.64 73 17.64 73 14.76 12.15 10.57 9.57 7.97 10.07 69 10.07 69 17.67 14.75 13.30 12.17 10.90 12.42 66 12.42 66 16.20 13.64 12.20 10.71 8.60 10.93 68 10.96 68 13.85 10.31 7.47 5.68 4.47 6.04 71 6.07 71 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% n 1 n 1 n 1 n 1 n 1 NTGI-QM R1000V Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -0.2% -0.1% 0.0% 0.1% 0.2% 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 -0.2 0.0 0.0 0.0 0.0 0.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000V 49 City of Clearwater Employees Pension Fund Risk Measure Summary NTGI-QM R1000V Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.00 0.99 0.75 -0.77 11.24 25.17 25.17 10.13 1.00 0.01 1.00 2.48 25.15 0.03 0.66 1 3 -0.78 11.26 25.15 25.15 10.15 2.47 2 10 1.00 1.00 0.67 -26.69 16.26 -17.14 55.94 22.30 1.00 -0.00 1.00 0.75 16.64 0.13 -0.03 2 10 -26.73 16.25 -17.17 56.09 22.31 0.75 4 16 1.00 1.00 0.75 -26.69 16.26 -17.14 55.94 18.78 1.00 0.00 1.00 0.53 10.03 0.11 0.04 4 16 -26.73 16.25 -17.17 56.09 18.78 0.53 18 40 1.00 1.00 0.79 -26.69 18.29 -42.31 55.94 18.16 1.00 0.01 1.00 0.36 6.61 0.43 0.06 18 40 -26.73 18.24 -42.42 56.09 18.20 0.36 50 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Value Portfolios Annualized Rate of Return8.0 10.6 13.2 15.8 18.4 21.0 23.6 26.2 28.8 31.4 34.0 10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.5 24.3 26.1 27.9 n1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 17.64 68 22.30 66 17.64 68 22.31 66 19.15 21.51 Annualized Rate of Return8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.1 21.9 n1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 11.17 88 18.78 60 11.16 88 18.78 60 12.78 18.07 51 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/21 Microsoft Corp Alphabet Inc Cl-C Meta Platforms Inc Amazon Com Inc Netflix Com Inc Marriott Intl Inc Ne Unitedhealth Group I Goldman Sachs Group Comcast Corp New Morgan Stanley GICS Sector % Port Information Technology Telecom Services Telecom Services Consumer Discretionary Telecom Services Consumer Discretionary Health Care Financials Telecom Services Financials 9.59 9.51 6.89 6.53 4.67 4.45 4.38 4.21 4.11 4.08 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.81 7.06 18.08 0.00 7.69 21.76 10.72 33.88 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 3.16 7.76 55,921 111 1,768 57,800 27.60 25.15 57,820 -14,660 14,640 57,800 27.60 25.15 57,820 -14,660 14,640 57,800 24.60 17.64 38,531 -15,916 35,185 57,800 17.85 11.16 39,941 -25,210 43,069 57,800 15.90 11.80 33,239 -37,909 62,470 57,800 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 52 City of Clearwater Employees Pension Fund Eagle Capital Management as of 12/31/21 Cash & Equiv $1,340 2.32% Domestic Equity $56,460 97.68% Periods from 1/13 to 12/21 Alpha Beta R-Squared 0.87 0.96 0.88 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 E 1 T Annualized Standard Deviation% E Eagle Capital Management 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 15.90 11.80 0.69 15.77 14.15 0.26 0.96 0.79 0.00 0.53 Asset Allocation ($000) Risk/Return Analysis 53 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 12.89 9.48 8.46 7.52 5.86 3.16 100 7.76 64 32.21 27.90 26.91 25.28 22.62 27.60 36 25.15 75 19.23 17.03 14.58 13.00 10.89 21.40 2 13.42 63 24.12 20.41 19.15 16.37 14.03 24.60 2 17.64 68 18.46 14.09 12.78 11.81 10.29 17.85 7 11.16 88 0% 5% 10% 15% 20% 25% 30% 35% E 1 E 1 E 1 E 1 E 1 54 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank 2021 2020 2019 2018 2017 32.21 27.90 26.91 25.28 22.62 27.60 36 25.15 75 32.49 7.57 4.20 1.97 -1.92 15.49 8 2.80 67 34.78 29.68 27.17 23.17 20.38 31.28 20 26.54 57 -1.11 -3.04 -4.63 -8.21 -11.32 -4.86 50 -8.27 75 31.19 20.37 18.28 15.66 13.61 23.52 16 13.66 93 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% E 1 E 1 E 1 E 1 E 1 55 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 24.12 21.02 19.26 17.19 14.29 24.60 2 17.64 73 14.76 12.15 10.57 9.57 7.97 17.33 1 10.07 69 17.67 14.75 13.30 12.17 10.90 18.88 1 12.42 66 16.20 13.64 12.20 10.71 8.60 16.73 1 10.96 68 13.85 10.31 7.47 5.68 4.47 12.99 13 6.07 71 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% E 1 E 1 E 1 E 1 E 1 Eagle Capital Management Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 3.1 2.4 0.5 2.4 3.7 2.0 0.6 -2.4 0.7 2.8 -2.8 3.1 4.3 3.6 0.5 3.5 -0.2 3.6 3.0 -4.3 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 56 City of Clearwater Employees Pension Fund Risk Measure Summary Eagle Capital Management Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.95 -2.82 0.50 2.20 11.05 27.60 27.60 8.67 0.74 2.02 0.63 3.18 37.35 7.60 0.23 1 3 -0.78 11.26 25.15 25.15 10.15 2.47 2 10 1.15 0.80 0.75 -23.61 20.31 -11.01 67.91 22.68 0.99 1.54 0.94 1.04 23.85 5.68 1.05 2 10 -26.73 16.25 -17.17 56.09 22.31 0.75 3 17 1.24 0.86 0.80 -23.61 20.31 -11.01 67.91 19.60 1.01 1.49 0.94 0.85 16.48 4.88 1.26 4 16 -26.73 16.25 -17.17 56.09 18.78 0.53 5 30 1.14 0.79 0.77 -23.61 20.31 -11.01 67.91 15.70 1.00 0.98 0.91 0.95 14.91 4.65 0.83 7 28 -26.73 16.25 -17.17 56.09 15.04 0.71 57 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 10.0 12.6 15.2 17.8 20.4 23.0 25.6 28.2 30.8 33.4 36.0 E 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 24.60 41 22.68 61 17.64 81 22.31 56 22.96 21.52 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 E 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 17.85 39 19.60 62 11.16 86 18.78 52 15.87 18.77 58 City of Clearwater Employees Pension Fund Equity Summary Statistics Eagle Capital Management Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 32 56,459,663 615,111,731 108,102,091 0.76 20.42 25.90 1.14 3.13 68.83 20.16 852 148,868,907 13,788,439 1.93 22.78 21.04 0.97 2.66 69.59 4.87 Ten Largest Holdings Microsoft Corp Alphabet Inc Cl-C Meta Platforms Inc Amazon Com Inc Netflix Com Inc Marriott Intl Inc Ne Unitedhealth Group I Goldman Sachs Group Comcast Corp New Morgan Stanley Market Value % of Portfolio Quarterly Ret 5,415,761 5,370,503 3,892,242 3,684,446 2,635,073 2,510,822 2,470,027 2,377,548 2,319,055 2,305,288 9.59 9.51 6.89 6.53 4.67 4.45 4.38 4.21 4.11 4.08 19.51 8.56 -0.90 1.50 -1.29 11.58 28.92 1.73 -9.62 1.56 Ten Best Performers Unitedhealth Group I Anthem Inc Microsoft Corp Hilton Worldwide Hld Aercap Holdings Nv Marriott Intl Inc Ne General Motors Corp. Alphabet Inc Cl-C Aon Plc Wells Fargo & Co New Quarterly Ret 28.92 24.69 19.51 18.08 13.16 11.58 11.23 8.56 5.34 3.79 Ten Worst Performers Dish Network Corp Citigroup Inc Charter Communicatio Capital One Finl Cor Comcast Corp New Disney Walt Prodtns General Electric Co Liberty Broadband Co Naspers Ltd Evolution Gaming Gro Quarterly Ret -25.36 -13.32 -10.39 -10.08 -9.62 -8.44 -8.23 -6.72 -6.62 -6.10 59 City of Clearwater Employees Pension Fund Equity Contribution to Return Eagle Capital Management Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 32 56,459,663 615,111,731 108,102,091 0.76 20.42 25.90 1.14 3.13 68.83 20.16 852 148,868,907 13,788,439 1.93 22.78 21.04 0.97 2.66 69.59 4.87 Ten Best Contributors Microsoft Corp Unitedhealth Group I Anthem Inc Alphabet Inc Cl-C Hilton Worldwide Hld Marriott Intl Inc Ne Aon Plc General Motors Corp. Aercap Holdings Nv Wells Fargo & Co New Market Value % of Portfolio Quarterly Ret 5,415,761 2,470,027 1,872,238 5,370,503 1,868,136 2,510,822 2,259,610 1,073,691 677,555 1,549,754 9.59 4.38 3.32 9.51 3.31 4.45 4.00 1.90 1.20 2.75 19.51 28.92 24.69 8.56 18.08 11.58 5.34 11.23 13.16 3.79 Ten Worst Contributors Citigroup Inc Dish Network Corp Comcast Corp New General Electric Co Liberty Broadband Co Capital One Finl Cor Charter Communicatio Disney Walt Prodtns Meta Platforms Inc Netflix Com Inc Market Value % of Portfolio Quarterly Ret 2,152,541 929,828 2,319,055 2,173,944 1,944,316 845,004 813,659 919,892 3,892,242 2,635,073 3.81 1.65 4.11 3.85 3.44 1.50 1.44 1.63 6.89 4.67 -13.32 -25.36 -9.62 -8.23 -6.72 -10.08 -10.39 -8.44 -0.90 -1.29 60 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Eagle Capital Management Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 0.85 7.02 16.68 0.00 6.23 26.98 8.25 33.99 0.00 100.00 5.11 3.64 11.61 5.62 7.14 17.35 21.44 10.21 8.29 4.89 100.00 -0.48 -3.78 7.77 27.07 0.34 19.51 -2.66 3.51 7.83 13.28 7.26 9.25 11.10 11.59 4.82 6.95 -5.27 13.22 7.00 0.00 -0.12 -0.78 -0.25 0.00 0.96 -1.21 1.04 0.89 0.00 0.54 -0.04 -0.17 -0.01 0.25 -0.29 -0.51 -0.12 0.00 -3.15 -0.30 -4.36 -0.04 -0.29 -0.79 0.00 -0.29 0.45 -1.33 1.04 -2.27 -0.30 -3.82 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.10% [ Actual Return 3.41% ] - [ Buy Hold Return 3.51% ] 61 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Eagle Capital Management Quarter Ending 12/21 % Allocation Energy 0.00 5.11 Materials 0.85 3.64 Industrials 7.02 11.61 Con. Discretionary 16.68 5.62 Consumer Staples 0.00 7.14 Health Care 6.23 17.35 Financials 26.98 21.44 Infomation Tech. 8.25 10.21 Telecom. Services 33.99 8.29 Utilities 0.00 4.89 Eagle Capital Management Russell 1000 Value % Return 7.83 -0.48 13.28 -3.78 7.26 7.77 9.25 11.10 27.07 11.59 0.34 4.82 19.51 6.95 -2.66 -5.27 13.22 % Variance -0.04 -0.29 -0.79 0.00 -0.29 0.45 -1.33 1.04 -2.27 -0.30 62 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/21 Home Depot Inc J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Procter & Gamble Co Cisco Sys Inc Oracle Corp Qualcomm Inc Intel Corp Union Pac Corp GICS Sector % Port Consumer Discretionary Financials Consumer Staples Health Care Consumer Staples Information Technology Information Technology Information Technology Information Technology Industrials 4.78 3.56 3.50 3.47 3.21 2.76 2.48 2.43 2.40 2.24 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.69 8.76 19.21 7.88 18.52 13.46 11.07 15.38 5.03 0.00 -2.00.02.04.06.08.010.012.014.016.018.020.022.024.026.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 7.10 7.76 49,643 0 3,522 53,165 19.76 25.15 57,607 -14,857 10,415 53,165 19.76 25.15 57,607 -14,857 10,415 53,165 14.62 17.64 40,748 -9,473 21,889 53,165 12.01 11.16 35,983 -11,049 28,231 53,165 11.67 11.80 33,104 -24,420 44,481 53,165 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 63 City of Clearwater Employees Pension Fund Manning and Napier as of 12/31/21 Cash & Equiv $1,469 2.76% Domestic Equity $51,696 97.24% Periods from 1/13 to 12/21 Alpha Beta R-Squared 0.13 0.87 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 M 1 T Annualized Standard Deviation% M Manning and Napier 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.67 11.80 0.69 13.36 14.15 0.26 0.82 0.79 0.00 -0.28 Asset Allocation ($000) Risk/Return Analysis 64 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years Last 6 Years 12.89 9.48 8.46 7.52 5.86 7.10 79 7.76 64 32.21 27.90 26.91 25.28 22.62 19.76 100 25.15 75 19.23 17.03 14.58 13.00 10.89 10.55 97 13.42 63 24.12 20.41 19.15 16.37 14.03 14.62 88 17.64 68 18.46 14.09 12.78 11.81 10.29 12.01 69 11.16 88 17.07 14.59 12.88 12.00 10.16 12.32 69 12.17 69 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% M 1 M 1 M 1 M 1 M 1 M 1 65 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank 2021 2020 2019 2018 2017 2016 32.21 27.90 26.91 25.28 22.62 19.76 100 25.15 75 32.49 7.57 4.20 1.97 -1.92 2.05 73 2.80 67 34.78 29.68 27.17 23.17 20.38 23.21 73 26.54 57 -1.11 -3.04 -4.63 -8.21 -11.32 -3.65 34 -8.27 75 31.19 20.37 18.28 15.66 13.61 21.55 21 13.66 93 21.28 16.65 13.55 10.93 4.27 13.85 48 17.34 18 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M 1 M 1 M 1 M 1 M 1 M 1 66 City of Clearwater Employees Pension Fund Risk Measure Summary Manning and Napier Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.86 2.97 0.00 -2.32 9.91 19.76 19.76 10.48 0.96 -0.92 0.98 1.88 20.51 0.76 -5.99 1 3 -0.78 11.26 25.15 25.15 10.15 2.47 2 10 0.88 0.99 0.25 -25.20 14.90 -16.48 49.95 20.96 0.94 -0.46 0.99 0.65 14.56 2.30 -1.31 2 10 -26.73 16.25 -17.17 56.09 22.31 0.75 4 16 0.99 0.93 0.50 -25.20 14.90 -16.48 49.95 17.55 0.92 0.35 0.98 0.62 11.77 3.15 0.16 4 16 -26.73 16.25 -17.17 56.09 18.78 0.53 6 29 0.93 0.86 0.51 -25.20 14.90 -16.48 49.95 13.84 0.90 0.22 0.96 0.76 11.73 3.27 -0.10 7 28 -26.73 16.25 -17.17 56.09 15.04 0.71 67 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 24.12 21.02 19.26 17.19 14.29 14.62 91 17.64 73 14.76 12.15 10.57 9.57 7.97 8.22 93 10.07 69 17.67 14.75 13.30 12.17 10.90 11.94 80 12.42 66 16.20 13.64 12.20 10.71 8.60 10.45 77 10.96 68 13.85 10.31 7.47 5.68 4.47 6.60 61 6.07 71 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% M 1 M 1 M 1 M 1 M 1 Manning and Napier Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2.2 1.6 1.2 1.8 1.7 -1.1 2.3 2.1 -1.4 -1.5 0.4 -0.2 2.1 0.5 -1.1 -2.2 -1.2 -1.0 -1.5 -0.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 68 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 10.0 12.6 15.2 17.8 20.4 23.0 25.6 28.2 30.8 33.4 36.0 M 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 14.62 92 20.96 44 17.64 81 22.31 56 22.96 21.52 Annualized Rate of Return6.0 8.6 11.2 13.8 16.4 19.0 21.6 24.2 26.8 29.4 32.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 M 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 12.01 78 17.55 27 11.16 86 18.78 52 15.87 18.77 69 City of Clearwater Employees Pension Fund Equity Summary Statistics Manning and Napier Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 90 51,695,644 166,804,551 45,054,157 2.82 18.50 21.53 0.85 3.18 79.19 7.63 852 148,868,907 13,788,439 1.93 22.78 21.04 0.97 2.66 69.59 4.87 Ten Largest Holdings Home Depot Inc J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Procter & Gamble Co Cisco Sys Inc Oracle Corp Qualcomm Inc Intel Corp Union Pac Corp Market Value % of Portfolio Quarterly Ret 2,467,649 1,837,177 1,805,731 1,790,761 1,658,047 1,425,635 1,278,063 1,252,477 1,239,039 1,155,855 4.78 3.56 3.50 3.47 3.21 2.76 2.48 2.43 2.40 2.24 26.95 -2.69 4.22 6.63 17.74 17.22 0.43 42.33 -2.67 29.15 Ten Best Performers Qualcomm Inc Grainger W W Inc Union Pac Corp Home Depot Inc C H Robinson Worldwi Automatic Data Proce Eastman Chem Co Illinois Tool Wks In Johnson Ctls Intl Pl Quest Diagnostics In Quarterly Ret 42.33 32.30 29.15 26.95 24.37 23.89 20.81 20.03 19.96 19.59 Ten Worst Performers Kyndryl Hldgs Inc Grifols S A Philips Elec(Kon) Takeda Pharmaceutica Posco Citigroup Inc Garmin Ltd Sk Telecom Ltd Comcast Corp New Honda Motor Ltd Quarterly Ret -52.18 -23.13 -17.08 -16.79 -15.49 -13.32 -11.97 -10.37 -9.62 -7.24 70 City of Clearwater Employees Pension Fund Equity Contribution to Return Manning and Napier Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 90 51,695,644 166,804,551 45,054,157 2.82 18.50 21.53 0.85 3.18 79.19 7.63 852 148,868,907 13,788,439 1.93 22.78 21.04 0.97 2.66 69.59 4.87 Ten Best Contributors Home Depot Inc Qualcomm Inc Union Pac Corp Procter & Gamble Co Cisco Sys Inc Linde Plc Automatic Data Proce Bhp Billiton Plc Illinois Tool Wks In Johnson Ctls Intl Pl Market Value % of Portfolio Quarterly Ret 2,467,649 1,252,477 1,155,855 1,658,047 1,425,635 1,028,204 711,383 860,509 635,757 598,929 4.78 2.43 2.24 3.21 2.76 1.99 1.38 1.67 1.23 1.16 26.95 42.33 29.15 17.74 17.22 18.47 23.89 17.91 20.03 19.96 Ten Worst Contributors Comcast Corp New Citigroup Inc Takeda Pharmaceutica J P Morgan Chase & C Philips Elec(Kon) Intel Corp US Bancorp Del Honda Motor Ltd Garmin Ltd Posco Market Value % of Portfolio Quarterly Ret 1,042,586 745,756 312,822 1,837,177 285,108 1,239,039 669,546 415,569 244,017 187,461 2.02 1.44 0.61 3.56 0.55 2.40 1.30 0.81 0.47 0.36 -9.62 -13.32 -16.79 -2.69 -17.08 -2.67 -4.73 -7.24 -11.97 -15.49 71 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Manning and Napier Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.73 8.34 18.65 7.37 18.17 13.99 12.11 14.80 5.85 0.00 100.00 5.11 3.64 11.61 5.62 7.14 17.35 21.44 10.21 8.29 4.89 100.00 11.94 12.01 10.13 14.22 9.25 2.71 -2.17 11.36 -3.94 7.27 7.83 13.28 7.26 9.25 11.10 11.59 4.82 6.95 -5.27 13.22 7.00 0.03 -0.11 0.54 0.37 -0.34 -1.24 -0.85 0.65 0.08 0.00 -0.87 -0.04 0.30 0.02 0.04 0.45 -0.15 0.20 -0.00 0.30 -0.30 0.81 -0.01 0.19 0.55 0.41 0.12 -1.40 -0.64 0.65 0.38 -0.30 -0.06 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.00% [ Actual Return 7.27% ] - [ Buy Hold Return 7.27% ] 72 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Manning and Napier Quarter Ending 12/21 % Allocation Energy 0.73 5.11 Materials 8.34 3.64 Industrials 18.65 11.61 Con. Discretionary 7.37 5.62 Consumer Staples 18.17 7.14 Health Care 13.99 17.35 Financials 12.11 21.44 Infomation Tech. 14.80 10.21 Telecom. Services 5.85 8.29 Utilities 0.00 4.89 Manning and Napier Russell 1000 Value % Return 11.94 7.83 12.01 13.28 10.13 7.26 14.22 9.25 9.25 11.10 2.71 11.59 -2.17 4.82 11.36 6.95 -3.94 -5.27 13.22 % Variance -0.01 0.19 0.55 0.41 0.12 -1.40 -0.64 0.65 0.38 -0.30 73 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/21 Hubspot Inc Atlassian Corp Plc Global Pmts Inc Veeva Sys Inc Ascendis Pharma A S Ingersoll Rand Inc Catalent Inc Svb Finl Group Ameriprise Finl Inc Datadog Inc GICS Sector % Port Information Technology Information Technology Information Technology Health Care Health Care Industrials Health Care Financials Financials Information Technology 2.14 1.67 1.52 1.44 1.31 1.30 1.26 1.21 1.20 1.17 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 3.93 3.51 16.18 12.11 0.93 14.70 19.50 22.04 5.00 2.11 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 3.26 6.43 118,111 -15,789 3,774 106,097 18.74 22.58 107,856 -21,176 19,417 106,097 18.74 22.58 107,856 -21,176 19,417 106,097 28.31 23.28 68,774 -30,005 67,327 106,097 17.92 15.09 75,957 -44,368 74,508 106,097 16.39 14.90 72,130 -104,773 138,739 106,097 13.11 12.13 15,585 -113,778 204,290 106,097 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 74 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 12/31/21 Cash & Equiv $2,175 2.05% Domestic Equity $103,922 97.95% Periods from 3/88 to 12/21 Alpha Beta R-Squared 0.14 1.09 0.84 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 M1 T Annualized Standard Deviation% M Mid Cap Equity Comp 1 R Mid Cap T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 13.11 12.13 3.02 21.74 18.12 1.28 0.46 0.50 0.00 0.12 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 75 City of Clearwater Employees Pension Fund Midcap Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 12.45 10.88 9.40 7.98 7.42 3.26 100 6.43 100 33.64 31.33 24.76 22.33 19.68 18.74 100 22.58 68 23.31 20.09 19.04 16.71 10.91 27.71 1 19.81 34 27.99 22.66 22.33 21.43 16.75 28.31 1 23.28 8 17.25 15.29 14.84 12.36 11.59 17.46 1 14.25 56 19.02 16.48 15.61 13.14 11.92 17.92 9 15.09 53 18.55 16.68 16.26 14.36 12.17 15.97 50 14.88 53 15.99 14.12 13.70 11.64 10.41 13.33 53 12.23 53 15.27 13.10 12.58 11.39 9.76 13.34 21 12.35 53 17.09 16.62 14.52 13.17 12.34 15.79 25 14.64 42 17.00 16.64 14.24 13.59 11.51 16.39 31 14.90 35 0% 5% 10% 15% 20% 25% 30% 35% M 1 M 1 M 1 M 1 M 1 M 1 M1 M1 M1 M1 M 1 76 City of Clearwater Employees Pension Fund Midcap Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 33.64 31.33 24.76 22.33 19.68 18.74 100 22.58 68 26.26 13.74 10.24 7.82 1.50 37.35 1 17.10 8 36.90 33.66 27.59 26.59 23.95 29.52 40 30.54 32 1.43 -4.32 -4.93 -8.03 -12.51 -9.88 79 -9.06 77 26.34 20.37 18.67 16.21 11.83 19.76 25 18.52 52 21.13 20.48 16.13 13.69 9.50 6.73 99 13.80 72 10.64 1.46 -1.04 -2.16 -5.68 -1.30 55 -2.44 78 19.65 10.44 6.55 5.29 1.24 13.38 10 13.21 10 41.85 37.40 33.50 31.50 26.97 37.36 27 34.76 33 23.73 17.91 16.62 14.75 11.91 22.00 5 17.26 46 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M1 M1 M1 M 1 M1 M1 M 1 M 1 77 City of Clearwater Employees Pension Fund Risk Measure Summary Mid Cap Equity Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.75 -0.83 0.50 0.77 7.98 18.74 18.74 6.21 0.69 0.75 0.80 3.01 26.90 4.65 -0.75 1 3 -0.93 8.14 22.58 22.58 8.40 2.68 2 10 0.97 0.61 0.58 -17.51 28.43 -9.03 75.95 22.99 0.87 1.62 0.94 1.19 31.55 6.93 0.45 2 10 -27.07 24.61 -18.31 73.64 25.84 0.86 3 17 1.01 0.81 0.60 -18.03 28.43 -9.88 75.95 20.89 0.92 0.85 0.93 0.80 18.26 5.76 0.35 4 16 -27.07 24.61 -18.31 73.64 22.00 0.63 37 98 1.11 1.09 0.56 -26.78 49.24 -41.79 77.74 21.74 1.09 0.14 0.84 0.46 9.23 9.01 0.12 39 96 -27.28 24.61 -41.46 73.64 18.12 0.50 78 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Neutral Portfolios Annualized Rate of Return18.0 19.1 20.2 21.3 22.4 23.5 24.6 25.7 26.8 27.9 29.0 14.0 15.8 17.6 19.4 21.1 22.9 24.7 26.5 28.3 30.1 31.9 M 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 28.31 1 22.99 45 23.28 8 25.84 82 22.33 23.53 Annualized Rate of Return17.0 17.9 18.8 19.7 20.6 21.5 22.4 23.3 24.2 25.1 26.0 11.0 11.9 12.7 13.6 14.5 15.4 16.3 17.2 18.1 19.0 19.9 M 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 17.92 9 20.89 44 15.09 53 22.00 76 15.61 21.70 79 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/21 Hubspot Inc Atlassian Corp Plc Veeva Sys Inc Ascendis Pharma A S Ingersoll Rand Inc Catalent Inc Svb Finl Group Global Pmts Inc Datadog Inc MSCI Inc GICS Sector % Port Information Technology Information Technology Health Care Health Care Industrials Health Care Financials Information Technology Information Technology Financials 4.53 3.54 3.05 2.76 2.74 2.66 2.56 2.52 2.46 2.35 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.31 11.29 10.27 0.00 20.55 12.55 35.51 8.52 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.77 2.85 60,707 -9,888 -466 50,354 10.53 12.73 54,194 -9,564 5,724 50,354 10.53 12.73 54,194 -9,564 5,724 50,354 33.90 27.46 35,540 -28,776 43,590 50,354 22.88 19.83 36,678 -36,624 50,300 50,354 17.87 16.63 35,729 -64,293 78,918 50,354 12.43 10.49 29,914 -69,297 89,737 50,354 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 80 City of Clearwater Employees Pension Fund Artisan Partners as of 12/31/21 Cash & Equiv $1,190 2.36% Domestic Equity $49,164 97.64% Periods from 7/01 to 12/21 Alpha Beta R-Squared 0.50 0.96 0.92 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 r 1 T Annualized Standard Deviation% r Artisan Partners 1 R Mid Cap G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 12.43 10.49 1.33 18.44 18.12 0.46 0.60 0.51 0.00 0.23 Asset Allocation ($000) Risk/Return Analysis 81 City of Clearwater Employees Pension Fund Midcap Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 7.63 6.50 3.09 2.99 -2.06 -0.77 91 2.85 79 21.18 17.80 15.14 11.02 3.80 10.53 83 12.73 50 31.68 29.85 28.37 25.09 23.86 31.62 5 23.63 99 33.45 31.21 29.23 28.58 27.42 33.90 1 27.46 94 23.44 21.93 19.86 18.94 18.67 23.41 5 18.51 100 22.91 21.73 21.43 21.14 19.49 22.88 6 19.83 94 20.27 19.09 18.72 18.05 17.53 18.61 56 17.65 94 17.25 16.77 16.31 14.87 13.67 16.30 51 14.91 67 16.37 15.92 14.71 13.90 12.04 15.09 46 14.53 55 18.59 18.30 17.56 16.51 14.76 17.55 51 16.72 63 18.46 18.11 17.81 16.68 14.60 17.87 41 16.63 76 -5% 0% 5% 10% 15% 20% 25% 30% 35% r 1 r 1 r 1 r 1 r 1 r 1 r1 r1 r1 r1 r1 82 City of Clearwater Employees Pension Fund Midcap Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 21.18 17.80 15.14 11.02 3.80 10.53 83 12.73 50 63.37 56.72 43.33 39.03 33.28 56.72 25 35.59 88 41.43 37.46 35.02 32.68 30.51 38.58 19 35.47 43 3.83 -2.51 -5.09 -6.98 -8.02 -3.39 37 -4.75 40 31.78 30.65 27.44 23.04 18.16 20.81 81 25.27 53 9.34 8.50 5.32 3.51 0.83 -0.63 99 7.33 34 8.27 3.48 0.20 -3.35 -4.32 3.38 33 -0.20 52 11.97 9.10 7.43 5.35 0.41 6.96 56 11.91 5 46.09 40.53 38.74 37.83 34.40 39.21 42 35.76 85 21.84 19.33 16.08 12.52 10.84 20.82 12 15.80 50 -10% 0% 10% 20% 30% 40% 50% 60% 70% r1 r 1 r1 r1 r 1 r 1 r 1 r 1 r 1 r 1 83 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Midcap Growth Portfolios High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 33.90 27.46 26.76 25.14 18.78 17.91 17.76 25.52 16 19.14 44 29.57 28.13 21.85 21.48 20.74 28.13 26 22.39 49 26.97 25.41 20.43 19.52 18.66 25.56 16 19.41 78 30.05 29.39 21.98 21.33 20.98 28.02 42 20.50 100 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% 36% r 1 r 1 r 1 r 1 r 1 Artisan Partners Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 1.0 2.5 -3.6 -3.3 1.4 0.8 2.0 -2.7 2.0 4.5 -3.0 -0.9 10.0 4.7 2.1 -1.7 -1.7 -0.6 3.9 -3.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap G 84 City of Clearwater Employees Pension Fund Risk Measure Summary Artisan Partners Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.67 -0.64 0.25 -2.23 10.45 10.53 10.53 11.35 0.86 -0.05 0.72 0.92 12.21 6.38 -0.33 2 2 -0.76 11.07 12.73 12.73 11.07 1.15 4 8 1.08 0.67 0.50 -12.07 36.44 -0.09 74.25 25.95 0.98 1.45 0.92 1.27 33.74 7.64 0.65 4 8 -20.04 30.26 -9.45 68.61 25.55 1.04 5 15 1.06 0.88 0.55 -18.25 36.44 -3.39 74.25 23.20 1.01 0.66 0.92 0.94 21.59 6.78 0.38 5 15 -20.04 30.26 -9.45 68.61 22.04 0.85 23 58 1.01 0.88 0.49 -27.54 36.44 -42.87 74.25 20.43 0.96 0.50 0.92 0.61 12.89 5.81 0.23 23 58 -27.36 30.26 -44.32 68.61 20.39 0.52 85 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Growth Portfolios Annualized Rate of Return22.0 23.0 24.0 25.0 26.0 27.0 28.0 29.0 30.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 33.90 1 25.95 56 27.46 94 25.55 43 29.23 25.94 Annualized Rate of Return18.0 19.3 20.6 21.9 23.2 24.5 25.8 27.1 28.4 29.7 31.0 19.0 19.5 20.0 20.5 21.0 21.5 22.0 22.5 23.0 23.5 24.0 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 22.88 6 23.20 45 19.83 94 22.04 18 21.43 24.60 86 City of Clearwater Employees Pension Fund Equity Summary Statistics Artisan Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 63 49,163,950 29,544,042 22,719,928 0.14 96.42 44.39 1.09 6.81 52.30 9.15 393 29,779,704 12,592,473 0.52 67.04 24.70 1.12 10.43 69.37 11.86 Ten Largest Holdings Hubspot Inc Atlassian Corp Plc Veeva Sys Inc Ascendis Pharma A S Ingersoll Rand Inc Catalent Inc Svb Finl Group Global Pmts Inc Datadog Inc MSCI Inc Market Value % of Portfolio Quarterly Ret 2,225,950 1,739,064 1,500,434 1,356,735 1,348,642 1,306,802 1,257,457 1,239,330 1,211,860 1,153,695 4.53 3.54 3.05 2.76 2.74 2.66 2.56 2.52 2.46 2.35 -2.51 -2.59 -11.34 -15.60 22.77 -3.79 4.85 -14.05 26.01 0.88 Ten Best Performers Arista Networks Inc On Semiconductor Cor Trex Inc Datadog Inc Advanced Drain Sys I Tradeweb Mkts Inc Synopsys Inc Ingersoll Rand Inc Zscaler Inc Lattice Semiconducto Quarterly Ret 67.33 48.39 32.47 26.01 25.96 24.07 23.08 22.77 22.54 19.20 Ten Worst Performers Chegg Inc Draftkings Inc Toast Inc Bigcommerce Hldgs In Neogenomics Inc Roku Inc Wayfair Inc Marqeta Inc Lyft Inc Exact Sciences Corp Quarterly Ret -54.87 -42.96 -30.51 -30.15 -29.27 -27.17 -25.65 -22.38 -20.27 -18.46 87 City of Clearwater Employees Pension Fund Equity Contribution to Return Artisan Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 63 49,163,950 29,544,042 22,719,928 0.14 96.42 44.39 1.09 6.81 52.30 9.15 393 29,779,704 12,592,473 0.52 67.04 24.70 1.12 10.43 69.37 11.86 Ten Best Contributors Arista Networks Inc Datadog Inc Ingersoll Rand Inc On Semiconductor Cor Tradeweb Mkts Inc Zscaler Inc Synopsys Inc Lattice Semiconducto Argenx Se Trex Inc Market Value % of Portfolio Quarterly Ret 1,021,344 1,211,860 1,348,642 550,695 1,066,992 1,109,231 958,469 1,144,880 1,111,153 413,462 2.08 2.46 2.74 1.12 2.17 2.26 1.95 2.33 2.26 0.84 67.33 26.01 22.77 48.39 24.07 22.54 23.08 19.20 15.96 32.47 Ten Worst Contributors Ascendis Pharma A S Global Pmts Inc Roku Inc Veeva Sys Inc Match Group Inc New Zynga Inc Generac Hldgs Inc Lyft Inc Bigcommerce Hldgs In Neogenomics Inc Market Value % of Portfolio Quarterly Ret 1,356,735 1,239,330 633,255 1,500,434 986,585 925,837 910,417 542,970 337,253 326,085 2.76 2.52 1.29 3.05 2.01 1.88 1.85 1.10 0.69 0.66 -15.60 -14.05 -27.17 -11.34 -15.76 -15.01 -13.89 -20.27 -30.15 -29.27 88 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Artisan Partners Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 1.24 10.26 13.78 0.00 21.76 11.21 32.99 8.76 0.00 100.00 1.57 1.75 14.41 16.32 1.82 17.82 5.04 34.30 4.92 0.14 100.00 7.23 5.98 -15.08 -4.82 7.76 5.83 -12.44 -0.72 5.92 13.89 8.29 -0.95 1.86 -0.93 0.77 5.74 -15.84 4.06 2.48 0.00 -0.08 -0.24 -1.95 0.00 -0.85 0.78 0.03 0.30 0.00 -2.00 -0.05 -0.06 -0.24 0.09 0.01 -0.13 -0.11 -0.04 -0.70 -0.00 -1.24 -0.05 -0.14 -0.48 -1.86 0.01 -0.98 0.68 -0.01 -0.41 -0.00 -3.25 Index - R Mid Cap G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.04% [ Actual Return -0.69% ] - [ Buy Hold Return -0.72% ] 89 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Artisan Partners Quarter Ending 12/21 % Allocation Energy 0.00 1.57 Materials 1.24 1.75 Industrials 10.26 14.41 Con. Discretionary 13.78 16.32 Consumer Staples 0.00 1.82 Health Care 21.76 17.82 Financials 11.21 5.04 Infomation Tech. 32.99 34.30 Telecom. Services 8.76 4.92 Utilities 0.00 0.14 Artisan Partners R Mid Cap G % Return 5.92 7.23 13.89 5.98 8.29 -15.08 -0.95 1.86 -4.82 -0.93 7.76 0.77 5.83 5.74 -12.44 -15.84 4.06 % Variance -0.05 -0.14 -0.48 -1.86 0.01 -0.98 0.68 -0.01 -0.41 -0.00 90 City of Clearwater Employees Pension Fund Boston Partners as of 12/31/21 Ameriprise Finl Inc Fifth Third Bancorp Autozone Inc Dover Corp Huntington Bancshare Keycorp Eaton Corp Plc Te Connectivity Ltd Ametek Inc New Icon Plc GICS Sector % Port Financials Financials Consumer Discretionary Industrials Financials Financials Industrials Information Technology Industrials Health Care 2.27 2.05 1.95 1.74 1.72 1.61 1.55 1.49 1.40 1.39 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 7.45 5.49 20.57 13.77 1.76 9.43 25.75 9.94 1.83 4.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/20 Boston Partners Russell MidCap Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/20 Boston Partners Russell MidCap Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 7.74 8.53 57,404 -5,901 4,240 55,743 27.34 28.33 53,662 -11,612 13,693 55,743 27.34 28.33 53,662 -11,612 13,693 55,743 44.95 47.42 27,058 -1,386 30,071 55,743 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 91 City of Clearwater Employees Pension Fund Boston Partners as of 12/31/21 Cash & Equiv $985 1.77% Domestic Equity $54,758 98.23% Periods from 3/20 to 12/21 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 b1 T Annualized Standard Deviation% b Boston Partners 1 Russell MidCap Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 44.95 47.42 0.08 17.62 16.13 0.02 2.55 2.93 0.00 -0.65 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 92 City of Clearwater Employees Pension Fund Midcap Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low b Boston Partners Net Ret Rank 1 Russell MidCap Value Net Ret Rank Last Qtr Last Year 17.01 12.50 9.72 7.50 6.59 7.74 74 8.53 69 36.52 30.81 29.97 26.83 25.31 27.34 69 28.33 58 5% 10% 15% 20% 25% 30% 35% 40% b 1 b 1 93 City of Clearwater Employees Pension Fund Midcap Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low b Boston Partners Net Ret Rank 1 Russell MidCap Value Net Ret Rank 2021 36.52 30.81 29.97 26.83 25.31 27.34 69 28.33 58 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 35% 36% 37% b 1 94 City of Clearwater Employees Pension Fund Risk Measure Summary Boston Partners Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.99 1.61 0.25 -1.63 13.78 27.34 27.34 12.72 1.05 -0.48 0.99 2.15 26.10 1.36 -0.54 1 3 -1.01 13.05 28.33 28.33 11.78 2.40 1 6 0.96 1.61 0.29 -1.63 21.87 27.34 71.10 15.99 0.99 -0.36 0.97 2.81 45.30 2.82 -0.65 1 6 -1.01 20.43 28.33 73.76 15.72 3.01 95 City of Clearwater Employees Pension Fund Equity Summary Statistics Boston Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell MidCap Value 141 54,758,297 28,032,692 19,593,339 1.53 21.20 20.90 1.26 2.62 76.95 1.10 703 22,888,092 10,830,062 1.70 23.17 19.81 1.10 2.54 71.11 5.37 Ten Largest Holdings Ameriprise Finl Inc Fifth Third Bancorp Autozone Inc Dover Corp Huntington Bancshare Keycorp Eaton Corp Plc Te Connectivity Ltd Ametek Inc New Icon Plc Market Value % of Portfolio Quarterly Ret 1,241,331 1,119,366 1,069,159 951,221 938,908 881,045 848,892 815,412 767,255 760,623 2.27 2.05 1.95 1.74 1.72 1.61 1.55 1.49 1.40 1.39 14.64 3.32 23.46 17.12 0.75 7.90 16.26 17.94 18.74 18.20 Ten Best Performers Duke Realty Corp. Centene Corp Del Live Nation Inc KLA Instrs Corp Masco Corp Devon Energy Corp Advanced Drain Sys I Norfolk Southern Cor Edison Intl Autozone Inc Quarterly Ret 37.78 32.24 31.34 28.91 26.87 26.51 25.96 24.91 24.31 23.46 Ten Worst Performers Norwegian Cruise Lin Carnival Corp Global Pmts Inc Activision Blizzard Royal Caribbean Crui Zimmer Hldgs Inc Hexcel Corp New Alaska Airgroup Bwx Technologies Inc Capital One Finl Cor Quarterly Ret -22.35 -19.55 -14.05 -14.03 -13.55 -13.04 -12.78 -11.09 -10.74 -10.08 96 City of Clearwater Employees Pension Fund Equity Contribution to Return Boston Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell MidCap Value 141 54,758,297 28,032,692 19,593,339 1.53 21.20 20.90 1.26 2.62 76.95 1.10 703 22,888,092 10,830,062 1.70 23.17 19.81 1.10 2.54 71.11 5.37 Ten Best Contributors Autozone Inc Duke Realty Corp. Ameriprise Finl Inc Dover Corp Te Connectivity Ltd Ametek Inc New Centene Corp Del Icon Plc Eaton Corp Plc F M C Corp Market Value % of Portfolio Quarterly Ret 1,069,159 634,082 1,241,331 951,221 815,412 767,255 435,814 760,623 848,892 556,263 1.95 1.16 2.27 1.74 1.49 1.40 0.80 1.39 1.55 1.02 23.46 37.78 14.64 17.12 17.94 18.74 32.24 18.20 16.26 20.60 Ten Worst Contributors Zimmer Hldgs Inc Global Pmts Inc Fidelity Natl Inform Qorvo Inc Hexcel Corp New Discover Finl Svcs Alaska Airgroup Bwx Technologies Inc Universal Health Svc Polaris Inds Inc Market Value % of Portfolio Quarterly Ret 428,633 339,978 442,603 626,342 306,760 663,892 295,876 269,038 466,517 370,946 0.78 0.62 0.81 1.14 0.56 1.21 0.54 0.49 0.85 0.68 -13.04 -14.05 -9.96 -6.46 -12.78 -5.54 -11.09 -10.74 -6.14 -7.63 97 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Boston Partners Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 7.38 5.01 20.94 13.69 1.85 9.38 26.26 9.27 2.43 3.79 100.00 5.16 7.25 15.57 10.73 4.19 8.38 16.83 9.81 4.02 6.99 100.00 4.18 14.18 7.76 8.67 0.41 8.41 6.99 8.71 5.54 14.78 7.96 5.62 12.05 8.71 6.28 10.60 4.11 6.36 12.92 -6.06 12.90 6.98 -0.11 0.11 -0.20 0.33 -0.19 0.40 0.16 -0.39 0.28 0.07 0.47 -0.03 -0.11 0.09 -0.02 -0.08 -0.03 -0.06 -0.03 0.21 -0.19 -0.26 -0.14 -0.01 -0.10 0.31 -0.27 0.37 0.11 -0.42 0.49 -0.12 0.22 Index - Russell MidCap Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.15% [ Actual Return 8.11% ] - [ Buy Hold Return 7.96% ] 98 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Boston Partners Quarter Ending 12/21 % Allocation Energy 7.38 5.16 Materials 5.01 7.25 Industrials 20.94 15.57 Con. Discretionary 13.69 10.73 Consumer Staples 1.85 4.19 Health Care 9.38 8.38 Financials 26.26 16.83 Infomation Tech. 9.27 9.81 Telecom. Services 2.43 4.02 Utilities 3.79 6.99 Boston Partners Russell MidCap Value % Return 4.18 5.62 14.18 12.05 7.76 8.71 8.67 6.28 0.41 10.60 8.41 4.11 6.99 6.36 8.71 12.92 5.54 -6.06 14.78 12.90 % Variance -0.14 -0.01 -0.10 0.31 -0.27 0.37 0.11 -0.42 0.49 -0.12 99 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/21 Globant S A Sps Comm Inc Kornit Digital Ltd Workiva Inc Five Below Inc Ritchie Bros Auction Paylocity Hldg Corp Blackline Inc Amedisys Inc Alarm Com Hldgs Inc GICS Sector % Port Information Technology Information Technology Industrials Information Technology Consumer Discretionary Industrials Information Technology Information Technology Health Care Information Technology 2.33 2.01 1.90 1.81 1.76 1.67 1.62 1.60 1.59 1.57 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.61 3.71 21.32 14.57 4.54 15.70 11.62 26.40 0.89 0.65 -2.00.02.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.44 2.13 77,603 -9,845 973 68,730 12.05 14.81 69,802 -9,352 8,280 68,730 12.05 14.81 69,802 -9,352 8,280 68,730 23.06 20.02 46,140 -16,343 38,933 68,730 17.19 12.02 51,413 -32,377 49,695 68,730 15.77 13.23 43,450 -59,934 85,215 68,730 11.75 10.01 29,988 -98,939 137,681 68,730 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 100 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 12/31/21 Cash & Equiv $1,605 2.33% Domestic Equity $67,125 97.67% Periods from 8/03 to 12/21 Alpha Beta R-Squared 0.69 0.85 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 S 1 T Annualized Standard Deviation% S Small Cap Equity Comp 1 R2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.75 10.01 1.27 17.67 19.25 0.47 0.59 0.45 0.00 0.19 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 101 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 10.43 8.32 7.19 6.04 2.65 1.44 100 2.13 99 33.11 29.38 27.11 23.30 17.15 12.05 99 14.81 99 23.33 20.13 19.05 15.22 12.49 21.24 10 17.36 69 26.08 23.23 22.60 19.79 16.39 23.06 33 20.02 72 15.82 14.07 12.36 10.65 8.08 17.32 1 11.37 65 16.50 14.95 13.51 11.46 9.31 17.19 1 12.02 65 17.66 16.57 15.03 13.03 10.88 17.37 5 13.51 65 15.11 13.79 12.30 11.09 9.63 14.43 5 10.76 78 13.56 12.08 11.51 10.80 9.20 12.58 5 10.01 78 16.03 15.02 14.10 13.90 11.99 15.56 5 12.89 83 15.80 15.00 14.30 13.91 12.33 15.77 5 13.23 87 0% 5% 10% 15% 20% 25% 30% 35% S1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 102 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 33.11 29.38 27.11 23.30 17.15 12.05 99 14.81 99 29.66 19.86 11.88 6.80 2.24 31.18 3 19.96 22 36.46 31.04 26.92 25.42 21.77 26.79 51 25.52 68 -4.03 -8.59 -13.13 -14.18 -16.72 1.67 1 -11.01 35 25.14 19.77 14.05 12.07 6.91 16.66 32 14.65 46 29.97 27.55 24.47 21.08 16.00 18.26 89 21.31 68 2.42 -0.23 -2.62 -3.64 -6.37 -1.70 31 -4.41 77 10.66 7.70 5.72 1.14 -3.67 0.39 79 4.89 63 48.69 43.25 39.43 35.80 32.18 42.51 30 38.82 55 22.92 18.69 16.37 14.41 11.11 17.61 37 16.34 50 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% S1 S 1 S1 S 1 S1 S1 S1 S 1 S 1 S1 103 City of Clearwater Employees Pension Fund Risk Measure Summary Small Cap Equity Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.59 -0.04 0.25 0.18 5.76 12.05 12.05 5.11 0.38 1.51 0.83 2.35 31.75 9.44 -0.36 1 3 -4.36 12.70 14.81 14.81 14.08 1.05 2 10 0.86 0.62 0.50 -21.62 26.89 -12.40 77.00 24.85 0.78 1.43 0.95 0.89 28.42 9.06 0.04 3 9 -30.61 31.37 -23.99 94.85 31.38 0.61 3 17 0.94 0.63 0.60 -21.62 26.89 -12.40 77.00 21.30 0.78 1.59 0.94 0.75 20.58 7.79 0.39 5 15 -30.61 31.37 -23.99 94.85 26.64 0.41 18 55 0.94 0.79 0.59 -25.65 26.89 -38.63 77.00 18.58 0.85 0.69 0.94 0.58 12.61 5.41 0.19 21 52 -30.61 31.37 -37.50 94.85 21.19 0.42 104 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return23.0 24.5 26.0 27.5 29.0 30.5 32.0 33.5 35.0 36.5 38.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 23.06 33 24.85 8 20.02 72 31.38 60 22.60 30.49 Annualized Rate of Return19.0 20.3 21.6 22.9 24.2 25.5 26.8 28.1 29.4 30.7 32.0 4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.1 21.9 S 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 17.19 1 21.30 8 12.02 65 26.64 68 13.51 25.63 105 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/21 Globant S A Sps Comm Inc Kornit Digital Ltd Workiva Inc Five Below Inc Ritchie Bros Auction Paylocity Hldg Corp Blackline Inc Amedisys Inc Alarm Com Hldgs Inc GICS Sector % Port Information Technology Information Technology Industrials Information Technology Consumer Discretionary Industrials Information Technology Information Technology Health Care Information Technology 4.59 3.95 3.74 3.56 3.46 3.28 3.18 3.14 3.13 3.09 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 14.68 17.33 1.61 25.21 3.04 37.49 0.65 0.00 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -5.50 0.00 41,829 -4,922 -2,305 34,602 3.44 2.82 37,964 -4,657 1,295 34,602 3.44 2.82 37,964 -4,657 1,295 34,602 26.63 21.16 23,169 -12,107 23,539 34,602 21.79 14.53 23,399 -20,611 31,815 34,602 17.42 14.13 20,478 -33,420 47,544 34,602 17.34 13.76 16,876 -33,421 51,147 34,602 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 106 City of Clearwater Employees Pension Fund Riverbridge Partners as of 12/31/21 Cash & Equiv $507 1.47% Domestic Equity $34,095 98.53% Periods from 9/10 to 12/21 Alpha Beta R-Squared 1.25 0.84 0.90 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 R 1 T Annualized Standard Deviation% R Riverbridge Partners 1 R2000G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 17.34 13.76 0.57 16.94 18.69 0.24 0.99 0.71 0.00 0.33 Asset Allocation ($000) Risk/Return Analysis 107 City of Clearwater Employees Pension Fund Small Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Last Qtr Last 2 Qtrs Last 3 Qtrs 12/21 YTD Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years 11.29 7.21 5.63 0.41 -3.66 -5.50 99 0.00 78 10.57 6.91 4.33 -0.04 -3.62 -3.58 90 -5.65 96 16.65 10.85 8.49 5.29 1.99 2.77 84 -1.96 96 27.10 19.75 17.74 8.97 2.68 3.44 87 2.82 90 27.10 19.75 17.74 8.97 2.68 3.44 87 2.82 90 31.01 23.80 20.51 19.97 16.33 26.27 11 17.66 87 34.04 26.17 24.82 21.91 19.39 26.63 19 21.16 87 23.92 18.94 16.44 14.38 13.20 21.50 11 12.70 96 27.52 21.71 17.43 15.05 14.63 21.79 22 14.53 96 23.17 21.09 16.46 15.50 13.40 20.33 31 13.99 85 19.40 18.24 14.21 12.85 11.19 16.66 34 11.65 81 17.71 16.67 12.81 11.88 10.62 14.46 37 10.88 85 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% R 1 R 1 R 1 R1 R1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 108 City of Clearwater Employees Pension Fund Small Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 27.10 19.75 17.74 8.97 2.68 3.44 87 2.82 90 70.18 43.21 29.35 22.28 12.28 54.14 13 34.63 44 41.98 37.57 30.32 25.44 23.20 27.35 62 28.48 52 4.09 -0.30 -3.44 -10.32 -12.77 7.33 1 -9.31 70 37.17 30.00 22.49 18.18 12.42 22.97 45 22.17 54 25.88 18.76 17.42 10.07 3.62 13.29 58 11.32 62 4.97 2.60 0.75 -1.85 -3.86 -3.15 90 -1.38 68 10.80 7.43 4.88 3.08 -0.76 0.20 92 5.60 43 52.28 44.74 41.94 34.30 31.04 43.50 35 43.29 37 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% R1 R 1 R1 R 1 R1 R1 R 1 R 1 R1 109 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Small Growth Portfolios High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 26.63 21.16 21.34 11.70 24.41 15.94 24.99 17.16 28.20 16.20 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% R 1 R 1 R 1 R 1 R 1 Riverbridge Partners Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 2.4 4.2 -4.8 -0.9 6.2 0.8 4.2 6.1 -1.2 2.1 1.6 -3.3 12.0 4.2 1.1 -2.9 -4.0 2.6 8.1 -5.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R2000G 110 City of Clearwater Employees Pension Fund Risk Measure Summary Riverbridge Partners Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.81 0.63 0.50 -5.50 6.59 3.44 3.44 9.97 0.22 0.76 0.04 0.34 15.31 12.33 0.01 1 3 -5.65 4.88 2.82 2.82 9.56 0.29 3 9 0.98 0.67 0.58 -16.88 36.06 -8.58 86.66 28.07 0.87 1.66 0.91 0.91 29.45 9.56 0.34 3 9 -25.76 30.58 -18.58 90.20 30.85 0.65 4 16 1.09 0.73 0.65 -16.88 36.06 -8.58 86.66 24.12 0.86 1.96 0.90 0.86 23.93 8.67 0.62 4 16 -25.76 30.58 -18.58 90.20 26.53 0.50 10 35 0.96 0.69 0.51 -16.88 36.06 -8.58 86.66 19.43 0.84 1.25 0.90 0.86 19.97 7.21 0.33 10 35 -25.76 30.58 -18.58 90.20 21.91 0.60 111 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Growth Portfolios Annualized Rate of Return16.0 18.4 20.8 23.2 25.6 28.0 30.4 32.8 35.2 37.6 40.0 12.0 14.6 17.2 19.8 22.4 25.0 27.6 30.2 32.8 35.4 38.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 26.63 19 28.07 60 21.16 87 30.85 87 24.82 27.63 Annualized Rate of Return16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 21.79 22 24.12 51 14.53 96 26.53 79 17.43 24.41 112 City of Clearwater Employees Pension Fund Equity Summary Statistics Riverbridge Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R2000G 54 34,094,857 5,851,419 4,391,858 0.24 113.35 26.88 1.01 6.56 46.10 11.95 1,246 4,053,746 1,229,977 0.40 163.65 8.38 1.22 5.33 58.24 5.52 Ten Largest Holdings Globant S A Sps Comm Inc Kornit Digital Ltd Workiva Inc Five Below Inc Ritchie Bros Auction Paylocity Hldg Corp Blackline Inc Amedisys Inc Alarm Com Hldgs Inc Market Value % of Portfolio Quarterly Ret 1,566,367 1,345,635 1,275,246 1,213,948 1,178,239 1,119,164 1,084,211 1,070,397 1,067,922 1,053,510 4.59 3.95 3.74 3.56 3.46 3.28 3.18 3.14 3.13 3.09 11.77 -11.75 5.19 -7.43 17.01 -0.38 -15.78 -12.30 8.57 8.47 Ten Best Performers Cmc Materials Inc Grid Dynamics Hldgs Willscot Mobil Mini Pra Group Inc Five Below Inc Medpace Hldgs Inc Chemed Corp New Kadant Inc Ensign Group Inc National Instrs Corp Quarterly Ret 56.54 29.95 28.75 19.15 17.01 14.98 13.82 13.07 12.18 12.00 Ten Worst Performers Thredup Inc 2u Inc Vimeo Inc Fiverr Intl Ltd Freshpet Inc Phreesia Inc Heska Corp Health Care Group In Squarespace Inc Proto Labs Inc Quarterly Ret -41.17 -40.21 -38.85 -37.76 -33.23 -32.48 -29.42 -28.02 -23.65 -22.90 113 City of Clearwater Employees Pension Fund Equity Contribution to Return Riverbridge Partners Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Growth 54 34,094,857 5,851,419 4,391,858 0.24 113.35 26.88 1.01 6.56 46.10 11.95 1,246 4,053,746 1,229,977 0.40 163.65 8.38 1.22 5.33 58.24 5.52 Ten Best Contributors Grid Dynamics Hldgs Willscot Mobil Mini Cmc Materials Inc Five Below Inc Globant S A Ensign Group Inc Medpace Hldgs Inc Pra Group Inc Amedisys Inc Alarm Com Hldgs Inc Market Value % of Portfolio Quarterly Ret 796,345 829,338 391,814 1,178,239 1,566,367 901,227 703,848 484,125 1,067,922 1,053,510 2.34 2.43 1.15 3.46 4.59 2.64 2.06 1.42 3.13 3.09 29.95 28.75 56.54 17.01 11.77 12.18 14.98 19.15 8.57 8.47 Ten Worst Contributors Freshpet Inc Fiverr Intl Ltd Heska Corp Paylocity Hldg Corp Sps Comm Inc Blackline Inc Phreesia Inc Thredup Inc 2u Inc Pegasystems Inc Market Value % of Portfolio Quarterly Ret 548,279 471,741 594,187 1,084,211 1,345,635 1,070,397 403,477 313,819 300,307 954,719 1.61 1.38 1.74 3.18 3.95 3.14 1.18 0.92 0.88 2.80 -33.23 -37.76 -29.42 -15.78 -11.75 -12.30 -32.48 -41.17 -40.21 -12.00 114 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Riverbridge Partners Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 0.00 13.52 17.29 2.29 22.69 2.93 40.29 0.99 0.00 100.00 2.12 2.94 13.88 14.86 3.66 28.98 5.11 22.62 2.69 0.30 100.00 3.21 -7.04 -33.23 -6.30 -1.54 -1.81 -38.85 -4.13 -0.79 2.99 10.02 -0.47 5.60 -11.58 9.19 5.11 -9.19 14.18 -0.34 0.00 0.00 -0.92 -1.14 -0.89 1.20 -0.31 -2.79 -0.29 0.00 -5.14 0.01 -0.10 -0.04 -0.00 -0.08 0.71 -0.21 0.96 0.15 -0.04 1.36 0.01 -0.10 -0.96 -1.14 -0.97 1.91 -0.52 -1.83 -0.14 -0.04 -3.79 Index - R2000G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -1.29% [ Actual Return -5.42% ] - [ Buy Hold Return -4.13% ] 115 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Riverbridge Partners Quarter Ending 12/21 % Allocation Energy 0.00 2.12 Materials 0.00 2.94 Industrials 13.52 13.88 Con. Discretionary 17.29 14.86 Consumer Staples 2.29 3.66 Health Care 22.69 28.98 Financials 2.93 5.11 Infomation Tech. 40.29 22.62 Telecom. Services 0.99 2.69 Utilities 0.00 0.30 Riverbridge Partners R2000G % Return -0.79 2.99 3.21 10.02 -7.04 -0.47 -33.23 5.60 -6.30 -11.58 -1.54 9.19 -1.81 5.11 -38.85 -9.19 14.18 % Variance 0.01 -0.10 -0.96 -1.14 -0.97 1.91 -0.52 -1.83 -0.14 -0.04 116 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/21 Kinsale Cap Group In Choice Hotels Intl I Qualys Inc Inter Parfums Inc ICU Med Inc Dorman Products Inc Selective Ins Group Beacon Roofing Suppl Integra Lifesciences Houlihan Lokey Inc GICS Sector % Port Financials Consumer Discretionary Information Technology Consumer Staples Health Care Consumer Discretionary Financials Industrials Health Care Financials 3.45 3.24 3.17 3.09 2.96 2.59 2.54 2.38 2.36 2.21 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 5.20 25.92 12.91 9.09 9.03 17.28 19.28 1.29 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 10.92 2.14 18,258 -2,964 1,906 17,201 19.89 14.81 16,792 -2,855 3,263 17,201 19.89 14.81 16,792 -2,855 3,263 17,201 18.78 20.02 11,827 -2,636 8,010 17,201 13.80 12.02 15,409 -8,410 10,202 17,201 14.64 13.32 12,688 -16,284 20,797 17,201 12.96 10.04 14,990 -26,285 28,496 17,201 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 117 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 12/31/21 Cash & Equiv $688 4.00% Domestic Equity $16,513 96.00% Periods from 8/03 to 12/21 Alpha Beta R-Squared 1.23 0.71 0.90 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 t 1 T Annualized Standard Deviation% t Atlanta Capital Mgmt 1 Russell 2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 12.96 10.04 1.27 15.87 19.23 0.47 0.74 0.46 0.00 0.19 Asset Allocation ($000) Risk/Return Analysis 118 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 10.43 8.32 7.19 6.04 2.65 10.92 1 2.14 99 33.11 29.38 27.11 23.30 17.15 19.89 80 14.81 99 23.33 20.13 19.05 15.22 12.49 15.24 72 17.36 69 26.08 23.23 22.60 19.79 16.39 18.78 84 20.02 72 15.82 14.07 12.36 10.65 8.08 13.92 25 11.37 65 16.50 14.95 13.51 11.46 9.31 13.80 41 12.02 65 17.66 16.57 15.03 13.03 10.88 14.49 56 13.52 65 15.11 13.79 12.30 11.09 9.63 13.08 40 10.76 78 13.56 12.08 11.51 10.80 9.20 11.84 28 10.01 78 16.03 15.02 14.10 13.90 11.99 14.88 32 12.81 83 15.80 15.00 14.30 13.91 12.33 14.64 39 13.32 79 0% 5% 10% 15% 20% 25% 30% 35% t 1 t 1 t 1 t1 t 1 t 1 t1 t 1 t 1 t 1 t1 119 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 33.11 29.38 27.11 23.30 17.15 19.89 80 14.81 99 29.66 19.86 11.88 6.80 2.24 10.77 60 19.96 22 36.46 31.04 26.92 25.42 21.77 26.20 58 25.53 68 -4.03 -8.59 -13.13 -14.18 -16.72 0.48 1 -11.01 35 25.14 19.77 14.05 12.07 6.91 13.34 51 14.65 46 29.97 27.55 24.47 21.08 16.00 18.02 89 21.31 68 2.42 -0.23 -2.62 -3.64 -6.37 4.97 1 -4.41 77 10.66 7.70 5.72 1.14 -3.67 3.50 68 4.89 63 48.69 43.25 39.43 35.80 32.18 42.43 30 37.88 67 22.92 18.69 16.37 14.41 11.11 12.53 91 18.05 35 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% t 1 t 1 t1 t 1 t1 t 1 t 1 t1 t 1 t 1 120 City of Clearwater Employees Pension Fund December 31, 2021 Performance Comparison Total Returns of Small Cap Neutral Portfolios High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Mar 19 Dec 21 Dec 18 Sep 21 Sep 18 Jun 21 Jun 18 Mar 21 Mar 18 Dec 20 27.77 25.63 23.70 22.34 18.80 18.78 96 20.02 84 18.09 15.80 13.53 10.60 8.88 9.06 93 10.54 75 20.19 17.35 15.01 12.98 10.64 12.51 82 13.52 62 19.82 18.15 15.70 12.85 9.06 14.50 69 14.76 62 19.13 15.41 11.27 8.20 5.55 11.99 39 10.25 61 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% t 1 t 1 t 1 t 1 t 1 Atlanta Capital Mgmt Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -1.4 0.7 -2.1 1.6 1.7 -0.9 4.2 7.6 -2.7 3.7 5.1 -5.2 9.5 -5.2 -1.8 -9.4 -3.7 -2.9 2.8 8.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 2000 121 City of Clearwater Employees Pension Fund Risk Measure Summary Atlanta Capital Mgmt Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.10 0.39 0.50 -1.70 10.92 19.89 19.89 11.91 0.57 2.66 0.41 1.67 34.91 11.87 0.32 1 3 -4.36 12.70 14.81 14.81 14.08 1.05 2 10 0.76 0.67 0.42 -24.06 19.05 -14.08 58.37 22.52 0.68 0.94 0.90 0.79 26.02 12.42 -0.32 3 9 -30.61 31.37 -23.99 94.85 31.38 0.61 3 17 0.83 0.67 0.50 -24.06 19.05 -14.08 58.37 19.33 0.69 1.07 0.90 0.65 18.29 10.28 -0.05 5 15 -30.61 31.37 -23.99 94.85 26.64 0.41 17 56 0.87 0.60 0.59 -24.06 19.05 -24.55 58.37 15.96 0.71 1.23 0.90 0.75 16.78 7.95 0.19 20 53 -30.61 31.37 -38.89 94.85 21.30 0.42 122 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return22.0 23.8 25.6 27.4 29.2 31.0 32.8 34.6 36.4 38.2 40.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 18.78 84 22.52 1 20.02 72 31.38 60 22.60 30.49 Annualized Rate of Return19.0 20.4 21.8 23.2 24.6 26.0 27.4 28.8 30.2 31.6 33.0 4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.1 21.9 t 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 13.80 41 19.33 1 12.02 65 26.64 68 13.51 25.63 123 City of Clearwater Employees Pension Fund Equity Summary Statistics Atlanta Capital Mgmt Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 60 16,512,531 4,179,179 3,915,422 0.84 29.58 25.74 0.96 3.50 43.64 6.24 2,036 3,525,367 1,142,925 1.02 57.38 9.62 1.22 2.45 58.13 3.79 Ten Largest Holdings Kinsale Cap Group In Choice Hotels Intl I Qualys Inc Inter Parfums Inc ICU Med Inc Dorman Products Inc Selective Ins Group Beacon Roofing Suppl Integra Lifesciences Houlihan Lokey Inc Market Value % of Portfolio Quarterly Ret 569,033 534,266 522,534 510,661 489,158 427,630 419,041 393,192 390,150 365,633 3.45 3.24 3.17 3.09 2.96 2.59 2.54 2.38 2.36 2.21 47.20 23.44 23.30 43.35 1.70 19.37 8.87 20.08 -2.18 12.86 Ten Best Performers Kinsale Cap Group In Rogers Corp Forward Air Corp Inter Parfums Inc Simpson Manufacturin Sprouts Fmrs Mkt Inc Fuller H B Co Kirby Expl Co. Choice Hotels Intl I Qualys Inc Quarterly Ret 47.20 46.40 46.15 43.35 30.31 28.10 25.79 23.89 23.44 23.30 Ten Worst Performers Frontdoor Inc Commvault Systems In Power Integrations I Cass Information Sys Kar Auction Svcs Inc Huron Consulting Gro Umpqua Hldgs Corp Wolverine World Wide Integra Lifesciences Patterson Companies Quarterly Ret -12.53 -8.48 -6.03 -5.41 -4.70 -4.04 -4.00 -3.12 -2.18 -1.83 124 City of Clearwater Employees Pension Fund Equity Contribution to Return Atlanta Capital Mgmt Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 60 16,512,531 4,179,179 3,915,422 0.84 29.58 25.74 0.96 3.50 43.64 6.24 2,036 3,525,367 1,142,925 1.02 57.38 9.62 1.22 2.45 58.13 3.79 Ten Best Contributors Kinsale Cap Group In Inter Parfums Inc Forward Air Corp Choice Hotels Intl I Qualys Inc Dorman Products Inc Simpson Manufacturin Beacon Roofing Suppl Rogers Corp Cbiz Inc Market Value % of Portfolio Quarterly Ret 569,033 510,661 351,766 534,266 522,534 427,630 268,266 393,192 168,714 310,769 3.45 3.09 2.13 3.24 3.17 2.59 1.63 2.38 1.02 1.88 47.20 43.35 46.15 23.44 23.30 19.37 30.31 20.08 46.40 20.96 Ten Worst Contributors Frontdoor Inc Power Integrations I Commvault Systems In Wolverine World Wide Huron Consulting Gro Integra Lifesciences Kar Auction Svcs Inc Cass Information Sys Umpqua Hldgs Corp Envestnet Inc Market Value % of Portfolio Quarterly Ret 190,653 308,766 172,162 303,744 213,572 390,150 167,884 130,149 163,944 337,354 1.15 1.87 1.04 1.84 1.29 2.36 1.02 0.79 0.99 2.04 -12.53 -6.03 -8.48 -3.12 -4.04 -2.18 -4.70 -5.41 -4.00 -1.12 125 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Atlanta Capital Mgmt Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 4.36 27.00 13.48 7.31 10.79 17.42 18.39 1.25 0.00 100.00 4.55 3.77 14.18 11.50 3.23 20.30 15.51 14.19 3.46 2.41 100.00 16.24 14.04 9.32 20.59 0.16 14.08 9.97 16.06 11.76 -4.21 5.40 9.70 1.63 8.17 -10.20 5.99 6.11 -10.84 12.54 1.49 0.00 0.47 1.17 1.04 0.91 1.12 1.41 0.71 0.34 0.00 7.16 0.26 0.02 1.05 0.00 0.27 1.11 0.09 0.19 0.27 -0.27 3.01 0.26 0.50 2.22 1.04 1.18 2.23 1.50 0.90 0.61 -0.27 10.17 Index - Russell 2000 Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.07% [ Actual Return 11.69% ] - [ Buy Hold Return 11.76% ] 126 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Atlanta Capital Mgmt Quarter Ending 12/21 % Allocation Energy 0.00 4.55 Materials 4.36 3.77 Industrials 27.00 14.18 Con. Discretionary 13.48 11.50 Consumer Staples 7.31 3.23 Health Care 10.79 20.30 Financials 17.42 15.51 Infomation Tech. 18.39 14.19 Telecom. Services 1.25 3.46 Utilities 0.00 2.41 Atlanta Capital Mgmt Russell 2000 % Return -4.21 16.24 5.40 14.04 9.70 9.32 1.63 20.59 8.17 0.16 -10.20 14.08 5.99 9.97 6.11 16.06 -10.84 12.54 % Variance 0.26 0.50 2.22 1.04 1.18 2.23 1.50 0.90 0.61 -0.27 127 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/21 Umb Finl Corp Independent Bk Cp Ma Applied Indl Technol Emcor Group Inc South St Corp Ufp Industries Inc Crane Co Apple Hospitality Re Pdc Energy Inc Silgan Holdings Inc GICS Sector % Port Financials Financials Industrials Industrials Financials Industrials Industrials Financials Energy Materials 1.74 1.63 1.62 1.54 1.53 1.51 1.45 1.41 1.39 1.38 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.49 9.86 30.44 10.52 6.04 2.71 23.69 10.60 1.01 2.64 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 8.17 4.35 17,515 -1,959 1,371 16,928 25.08 28.26 15,046 -1,841 3,722 16,928 25.08 28.26 15,046 -1,841 3,722 16,928 18.32 17.99 11,144 -1,600 7,383 16,928 10.64 8.92 13,915 -3,454 6,466 16,928 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 128 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 12/31/21 Cash & Equiv $409 2.42% Domestic Equity $16,518 97.58% Periods from 11/17 to 12/21 Alpha Beta R-Squared 0.59 0.79 0.98 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 S 1 T Annualized Standard Deviation% S Sycamore Small Cap Value 1 Russell 2000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.64 8.92 1.22 20.11 23.66 0.31 0.47 0.33 0.00 -0.09 Asset Allocation ($000) Risk/Return Analysis 129 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years 10.43 8.32 7.19 6.04 2.65 8.17 25 4.35 77 33.11 29.38 27.11 23.30 17.15 25.08 61 28.26 41 23.33 20.13 19.05 15.22 12.49 14.55 80 15.85 72 26.08 23.23 22.60 19.79 16.39 18.32 87 17.99 87 15.82 14.07 12.36 10.65 8.08 11.04 65 9.38 87 0% 5% 10% 15% 20% 25% 30% 35% S 1 S 1 S 1 S 1 S 1 130 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank 2021 2020 2019 2018 33.11 29.38 27.11 23.30 17.15 25.08 61 28.26 41 29.66 19.86 11.88 6.80 2.24 4.91 80 4.63 83 36.46 31.04 26.92 25.42 21.77 26.24 56 22.39 90 -4.03 -8.59 -13.13 -14.18 -16.72 -8.23 21 -12.86 46 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% S 1 S 1 S 1 S 1 131 City of Clearwater Employees Pension Fund Risk Measure Summary Sycamore Small Cap Value Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.86 0.71 0.50 -2.12 15.48 25.08 25.08 15.24 0.72 1.07 0.89 1.64 34.71 8.18 -0.42 1 3 -2.98 21.17 28.26 28.26 20.43 1.38 2 10 0.85 0.77 0.42 -28.98 27.85 -18.93 70.59 26.83 0.79 0.67 0.98 0.65 21.83 8.12 -0.25 3 9 -35.66 33.36 -29.64 97.05 33.48 0.51 5 12 0.85 0.78 0.50 -28.98 27.85 -18.93 70.59 24.42 0.79 0.59 0.98 0.37 11.33 7.39 -0.09 5 11 -35.66 33.36 -29.64 97.05 132 City of Clearwater Employees Pension Fund Equity Summary Statistics Sycamore Small Cap Value Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Value 112 16,518,040 4,070,267 3,417,742 1.23 24.21 20.14 1.18 2.33 51.88 3.91 1,449 2,996,640 1,069,815 1.63 34.77 10.14 1.21 1.59 58.05 2.17 Ten Largest Holdings Umb Finl Corp Independent Bk Cp Ma Applied Indl Technol Emcor Group Inc South St Corp Ufp Industries Inc Crane Co Apple Hospitality Re Pdc Energy Inc Silgan Holdings Inc Market Value % of Portfolio Quarterly Ret 286,497 269,049 267,020 254,780 252,347 248,427 239,066 232,560 229,266 227,052 1.74 1.63 1.62 1.54 1.53 1.51 1.45 1.41 1.39 1.38 10.11 7.71 14.30 10.53 7.92 35.67 7.76 2.73 4.31 12.06 Ten Best Performers Encore Wire Corp Forward Air Corp Mueller Inds Inc Comfort Sys Usa Inc Ufp Industries Inc Citi Trends Inc Astec Inds Inc First Industrial Rea Stewart Information Edgewell Pers Care C Quarterly Ret 50.90 46.15 44.76 38.91 35.67 29.87 28.94 27.63 26.67 26.38 Ten Worst Performers Cognyte Software Ltd Helix Energy Solutio Hanger Orthopedic Gr Delek US Hldgs Inc N Frontier Group Hldgs Manitowoc Co Inc Kaiser Aluminum Corp Hexcel Corp New Apria Inc Kemper Corp Del Quarterly Ret -23.75 -19.59 -17.44 -16.58 -14.06 -13.21 -13.16 -12.78 -12.25 -11.53 133 City of Clearwater Employees Pension Fund Equity Contribution to Return Sycamore Small Cap Value Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Value 112 16,518,040 4,070,267 3,417,742 1.23 24.21 20.14 1.18 2.33 51.88 3.91 1,449 2,996,640 1,069,815 1.63 34.77 10.14 1.21 1.59 58.05 2.17 Ten Best Contributors Ufp Industries Inc Mueller Inds Inc First Industrial Rea Astec Inds Inc Forward Air Corp Hyatt Hotels Corp Hillenbrand Inc Comfort Sys Usa Inc Stewart Information Applied Indl Technol Market Value % of Portfolio Quarterly Ret 248,427 184,016 213,495 187,029 112,008 210,980 198,862 113,781 151,487 267,020 1.51 1.11 1.29 1.13 0.68 1.28 1.20 0.69 0.92 1.62 35.67 44.76 27.63 28.94 46.15 24.38 22.44 38.91 26.67 14.30 Ten Worst Contributors Kaiser Aluminum Corp Delek US Hldgs Inc N Cognyte Software Ltd Hanger Orthopedic Gr Hexcel Corp New Apria Inc Netgear Inc Altra Holdings Inc Helix Energy Solutio Abm Inds Inc Market Value % of Portfolio Quarterly Ret 159,698 124,417 81,484 108,780 139,860 125,510 146,050 175,338 57,408 122,550 0.97 0.75 0.49 0.66 0.85 0.76 0.88 1.06 0.35 0.74 -13.16 -16.58 -23.75 -17.44 -12.78 -12.25 -8.46 -6.68 -19.59 -8.87 134 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Sycamore Small Cap Value Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 2.85 9.78 30.47 11.03 4.95 3.86 24.88 8.93 0.88 2.37 100.00 7.07 4.62 14.50 8.01 2.78 11.27 26.32 5.42 4.26 4.59 100.00 -5.46 7.63 11.92 14.62 5.70 -5.29 7.78 6.59 7.14 12.10 8.79 -5.27 6.98 9.39 5.67 11.67 -6.54 5.34 10.40 -12.06 12.42 3.38 -0.01 0.06 0.77 0.99 -0.30 0.05 0.61 -0.34 0.17 -0.01 2.00 0.37 0.19 0.96 0.07 0.18 0.73 -0.03 0.25 0.52 -0.20 3.04 0.36 0.25 1.73 1.06 -0.12 0.78 0.58 -0.09 0.69 -0.21 5.03 Index - Russell 2000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.16% [ Actual Return 8.63% ] - [ Buy Hold Return 8.79% ] 135 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Sycamore Small Cap Value Quarter Ending 12/21 % Allocation Energy 2.85 7.07 Materials 9.78 4.62 Industrials 30.47 14.50 Con. Discretionary 11.03 8.01 Consumer Staples 4.95 2.78 Health Care 3.86 11.27 Financials 24.88 26.32 Infomation Tech. 8.93 5.42 Telecom. Services 0.88 4.26 Utilities 2.37 4.59 Sycamore Small Cap Value Russell 2000 Value % Return -5.46 -5.27 7.63 6.98 11.92 9.39 14.62 5.67 5.70 11.67 -5.29 -6.54 7.78 5.34 6.59 10.40 7.14 -12.06 12.10 12.42 % Variance 0.36 0.25 1.73 1.06 -0.12 0.78 0.58 -0.09 0.69 -0.21 136 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/21 Asml Holding N V Taiwan Semiconductor Dsv As Experian Group Ltd Lasertec Corp Accenture Plc Irelan Resmed Inc Canadian Pac Ry Ltd Csl Ltd Icon Plc GICS Sector % Port Information Technology Information Technology Industrials Industrials Information Technology Information Technology Health Care Industrials Health Care Health Care 3.25 2.90 2.73 2.72 2.59 2.47 2.36 2.32 2.23 2.20 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.02 4.96 15.84 14.03 8.10 21.24 9.90 23.09 1.56 0.27 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 4.23 1.81 241,265 -4,650 9,990 246,605 13.92 7.82 230,430 -14,614 30,789 246,605 13.92 7.82 230,430 -14,614 30,789 246,605 19.74 13.18 163,305 -30,410 113,710 246,605 14.12 9.61 165,383 -55,312 136,535 246,605 8.18 8.19 92,549 4,896 149,160 246,605 6.31 5.81 20,000 -4,786 231,391 246,605 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 137 City of Clearwater Employees Pension Fund International EQ Comp as of 12/31/21 Cash & Equiv $8,634 3.50% Intl Equity $189,013 76.65% Domestic Equity $48,958 19.85% Periods from 5/01 to 12/21 Alpha Beta R-Squared 0.12 1.03 0.95 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 I 1 T Annualized Standard Deviation% I International EQ Comp 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.31 5.81 1.35 16.94 16.58 0.46 0.29 0.27 0.00 0.12 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 138 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 9.05 4.54 2.20 -0.08 -3.66 4.23 27 1.81 55 25.75 16.26 11.60 5.83 -4.99 13.92 35 7.82 68 25.30 16.11 11.87 8.71 3.55 16.02 25 9.22 70 27.40 19.60 15.49 12.66 8.13 19.74 23 13.18 70 16.33 10.51 7.14 5.01 1.84 10.90 22 5.61 68 19.97 13.99 10.98 9.21 5.87 14.12 24 9.61 70 17.01 12.50 10.16 8.25 5.85 12.15 27 8.74 69 14.83 10.63 8.60 6.81 4.66 8.70 48 6.77 75 12.72 9.39 7.37 5.58 3.64 6.80 55 5.30 81 14.65 11.14 8.80 6.89 4.18 7.18 70 7.16 71 14.91 12.00 9.81 7.95 5.50 8.18 72 8.19 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% I 1 I 1 I 1 I 1 I 1 I 1 I 1 I 1 I1 I1 I1 139 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 25.75 16.26 11.60 5.83 -4.99 13.92 35 7.82 68 37.32 20.49 11.29 5.87 -3.43 18.16 30 10.65 54 33.96 27.40 22.89 20.13 10.26 27.53 23 21.52 65 -1.55 -10.65 -13.98 -16.50 -20.74 -11.88 30 -14.20 52 42.58 32.39 27.39 23.44 13.32 27.97 44 27.19 52 17.75 8.22 4.36 0.85 -4.13 2.78 59 4.50 48 10.19 2.26 -1.37 -6.24 -16.62 -9.91 81 -4.29 66 10.33 1.39 -2.58 -4.92 -9.61 -5.56 79 -4.48 70 34.11 26.04 19.88 11.42 -5.00 10.23 76 23.29 34 26.44 21.19 18.55 15.66 5.77 17.61 59 17.90 55 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% I 1 I 1 I 1 I1 I1 I1 I 1 I1 I 1 I1 140 City of Clearwater Employees Pension Fund Risk Measure Summary International EQ Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.42 0.55 1.00 -1.65 7.22 13.92 13.92 7.38 1.05 1.31 0.91 1.88 13.19 1.91 3.02 1 3 -2.99 5.48 7.82 7.82 7.23 1.07 3 9 1.24 0.92 1.00 -22.76 21.49 -11.18 58.55 22.10 1.04 1.36 0.98 0.85 17.96 2.87 2.14 3 9 -23.35 17.01 -15.57 49.41 21.09 0.58 5 15 1.19 0.91 0.85 -22.76 21.49 -11.88 58.55 18.95 1.04 0.97 0.98 0.69 12.43 2.79 1.55 6 14 -23.35 17.01 -15.57 49.41 17.98 0.47 27 55 1.04 1.01 0.55 -26.42 31.05 -47.94 71.81 20.10 1.03 0.12 0.95 0.26 5.01 4.56 0.12 29 53 -23.35 25.85 -46.20 58.14 19.01 0.25 141 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 19.74 23 22.10 53 13.18 70 21.09 40 15.49 21.94 Annualized Rate of Return10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2 28.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 14.12 24 18.95 50 9.61 70 17.98 32 10.98 19.11 142 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/21 Asml Holding N V Taiwan Semiconductor Dsv As Experian Group Ltd Lasertec Corp Accenture Plc Irelan Resmed Inc Canadian Pac Ry Ltd Csl Ltd Icon Plc GICS Sector % Port Information Technology Information Technology Industrials Industrials Information Technology Information Technology Health Care Industrials Health Care Health Care 5.04 4.50 4.23 4.22 4.02 3.83 3.67 3.59 3.46 3.41 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 3.18 15.09 14.85 4.97 26.40 5.46 30.06 0.00 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 5.88 1.82 115,066 -4,785 6,580 116,861 18.16 7.82 113,366 -15,132 18,627 116,861 18.16 7.82 113,366 -15,132 18,627 116,861 28.79 13.18 66,848 -22,852 72,865 116,861 21.60 9.61 65,638 -37,799 89,021 116,861 15.87 6.56 16,316 13,521 87,024 116,861 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 143 City of Clearwater Employees Pension Fund WCM Investment Management as of 12/31/21 Cash & Equiv $5,667 4.85% Intl Equity $111,194 95.15% Periods from 7/15 to 12/21 Alpha Beta R-Squared 2.17 1.00 0.87 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 w 1 T Annualized Standard Deviation% w WCM Investment Managemen 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 15.87 6.56 0.95 14.35 14.88 0.27 1.04 0.38 0.00 1.31 Asset Allocation ($000) Risk/Return Analysis 144 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years 9.05 4.54 2.20 -0.08 -3.66 5.88 16 1.82 55 25.75 16.26 11.60 5.83 -4.99 18.16 20 7.82 68 25.30 16.11 11.87 8.71 3.55 24.00 5 9.23 70 27.40 19.60 15.49 12.66 8.13 28.79 2 13.18 70 16.33 10.51 7.14 5.01 1.84 18.86 1 5.61 68 19.97 13.99 10.98 9.21 5.87 21.60 1 9.61 70 17.01 12.50 10.16 8.25 5.85 17.51 3 8.74 69 -10% -5% 0% 5% 10% 15% 20% 25% 30% w 1 w 1 w 1 w 1 w 1 w 1 w 1 145 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 2021 2020 2019 2018 2017 2016 25.75 16.26 11.60 5.83 -4.99 18.16 20 7.82 68 37.32 20.49 11.29 5.87 -3.43 30.12 9 10.65 54 33.96 27.40 22.89 20.13 10.26 38.94 1 21.52 65 -1.55 -10.65 -13.98 -16.50 -20.74 -6.56 11 -14.20 52 42.58 32.39 27.39 23.44 13.32 33.22 22 27.19 52 17.75 8.22 4.36 0.85 -4.13 -1.00 84 4.50 48 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% w 1 w 1 w 1 w 1 w 1 w 1 146 City of Clearwater Employees Pension Fund December 31, 2021 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 12/21 9/21 6/21 3/21 12/20 27.40 19.60 15.49 12.66 8.13 28.79 2 13.18 70 19.93 13.10 9.41 7.25 3.61 20.67 3 8.03 67 21.43 14.04 10.68 7.85 4.06 21.94 4 9.38 60 17.87 11.05 7.71 5.13 0.69 18.91 3 6.51 62 17.26 10.32 5.91 2.73 -1.19 19.09 4 4.88 58 -5% 0% 5% 10% 15% 20% 25% 30%w 1 w 1 w 1 w 1 w 1 WCM Investment Management Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 3.0 3.4 -1.3 -0.3 3.0 4.3 3.0 -1.6 3.5 7.2 1.7 1.3 7.3 8.0 2.3 -0.8 -2.1 3.9 3.6 4.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI ACWI ex US (Net) 147 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2 28.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w WCM Investment Management 1 MSCI ACWI ex US (Net) Median 21.60 1 18.86 49 9.61 70 17.98 32 10.98 19.11 Annualized Rate of Return10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2 28.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w WCM Investment Management 1 MSCI ACWI ex US (Net) Median 21.60 1 18.86 49 9.61 70 17.98 32 10.98 19.11 148 City of Clearwater Employees Pension Fund Global Equity Summary Statistics WCM Investment Management Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI ACWI ex US (Net) 33 111,194,357 128,400,998 56,342,400 0.57 60.29 58.78 0.00 9.64 62.89 13.91 10.94 2,336 71,624,917 8,107,275 2.45 24.45 22.32 1.00 2.07 68.83 7.01 7.23 Ten Largest Holdings Asml Holding N V Taiwan Semiconductor Dsv As Experian Group Ltd Lasertec Corp Accenture Plc Irelan Resmed Inc Canadian Pac Ry Ltd Csl Ltd Icon Plc Market Value % of Portfolio Quarterly Ret 5,598,456 5,003,813 4,706,351 4,693,572 4,464,561 4,261,159 4,078,856 3,994,325 3,849,427 3,793,206 5.04 4.50 4.23 4.22 4.02 3.83 3.67 3.59 3.46 3.41 7.08 8.12 -1.95 17.74 33.20 29.96 -1.01 10.80 1.06 18.20 Ten Best Performers Lasertec Corp Sika Ag Accenture Plc Irelan Ferrari N V Mettler Toledo Inter Steris Plc Icon Plc Experian Group Ltd Epam Sys Inc Nestle S A Quarterly Ret 33.20 31.52 29.96 23.77 23.22 19.38 18.20 17.74 17.17 16.77 Ten Worst Performers Wuxi Biologics Cayma Aia Group Ltd Shenzhou Intl Group Adyen N V Evolution Gaming Gro Li Ning Co Ltd Lululemon Athletica Atlassian Corp Plc Dsv As Resmed Inc Quarterly Ret -27.92 -12.36 -9.65 -6.13 -6.10 -6.07 -3.27 -2.59 -1.95 -1.01 149 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/21 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Argentina Australia Austria Belgium Bermuda Brazil Canada Cayman Islands Chile China Colombia Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Isle of Man Israel Italy Japan Kuwait Luxembourg Macau 0.05 4.38 0.14 0.57 0.00 1.32 7.05 0.00 0.13 10.06 0.05 0.04 1.66 0.02 0.65 7.11 5.76 0.05 1.88 0.08 3.61 0.40 0.45 0.10 0.39 1.55 15.33 0.18 0.00 0.06 0.05 4.38 0.14 0.57 0.00 1.32 7.05 0.00 0.13 10.06 0.05 0.04 1.66 0.02 0.65 7.11 5.76 0.05 1.88 0.08 3.61 0.40 0.45 0.10 0.39 1.55 15.33 0.18 0.00 0.06 1.46 7.09 2.04 -4.50 6.95 -3.77 -4.38 3.92 12.63 7.86 18.29 4.95 9.60 2.38 -0.47 -3.25 -5.55 -0.08 6.16 3.58 -2.71 13.48 6.71 -0.92 2.47 0.65 2.12 5.08 0.12 -6.58 7.26 -8.27 -3.67 -2.67 12.71 5.81 18.37 2.98 7.54 0.46 -2.34 -3.40 -9.68 -0.22 6.61 1.56 -14.49 13.52 4.71 -4.00 2.25 0.50 0.00 3.49 0.00 0.00 0.00 0.00 0.00 6.53 0.00 0.00 0.00 0.00 4.43 0.00 0.00 1.90 0.00 0.00 3.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.06 -15.90 -1.95 10.76 -12.36 33.20 1.06 -15.90 -1.95 10.76 -12.36 33.20 0.00 0.01 -0.01 0.00 0.09 -0.33 -0.15 0.01 0.67 -0.00 -0.00 0.15 -0.00 -0.02 -0.38 -0.00 0.00 -0.11 0.01 0.09 -0.02 -0.01 0.01 -0.04 -0.07 0.39 -0.00 0.00 -0.00 -0.04 0.00 0.01 0.03 -0.03 0.01 -0.09 0.00 -0.00 0.03 -0.00 0.01 0.14 0.10 0.00 -0.00 0.00 -0.00 -0.00 0.01 0.01 -0.00 0.03 0.45 0.00 0.00 -0.01 -1.04 -0.43 0.02 -0.36 1.08 0.00 -0.04 -0.00 0.01 0.11 -0.36 -1.19 0.01 0.59 0.00 -0.00 -0.25 -0.00 -0.01 -0.22 0.10 0.00 -0.47 0.01 0.09 -0.02 0.00 0.02 -0.04 -0.04 1.92 -0.00 0.00 Benchmark : MSCI ACWI ex US (Net) 150 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 12/21 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Malaysia Mexico Netherlands New Zealand Norway Pakistan Papua-New Guinea Peru Philippines Poland Portugal Qatar Russia Saudi Arabia Singapore South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States 0.39 0.57 3.07 0.15 0.42 0.00 0.00 0.05 0.19 0.22 0.12 0.22 1.16 0.99 0.73 0.93 3.73 1.50 2.33 6.04 4.36 0.48 0.08 0.24 9.10 0.00 100.00 0.39 0.57 3.07 0.15 0.42 0.00 0.00 0.05 0.19 0.22 0.12 0.22 1.16 0.99 0.73 0.93 3.73 1.50 2.33 6.04 4.36 0.48 0.08 0.24 9.10 0.00 100.00 1.26 6.10 -17.90 -2.14 1.29 1.14 3.84 2.58 4.17 2.65 -3.82 -0.56 0.97 6.03 -0.08 0.69 10.31 10.22 7.74 1.74 32.77 10.52 5.02 -7.73 1.76 6.52 1.91 -2.48 0.26 -2.44 3.88 1.08 2.21 2.65 -7.02 -0.66 2.32 -0.04 -0.48 -1.20 6.59 12.83 8.50 3.05 -11.18 10.53 5.78 -7.87 0.00 0.00 5.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.16 4.84 11.01 0.00 0.00 0.00 0.00 6.01 47.23 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 100.00 9.03 2.84 6.27 16.55 9.73 7.44 6.45 9.03 2.84 6.27 16.55 9.73 7.44 6.45 0.00 -0.02 -0.46 0.01 0.00 0.00 0.00 -0.00 -0.00 -0.00 -0.00 0.07 0.03 0.01 -0.03 0.09 -0.01 0.20 0.39 -0.24 0.00 -0.02 -0.02 -0.08 -1.09 -0.89 -0.00 -0.00 -0.61 0.00 0.00 0.00 -0.00 -0.00 0.00 0.00 -0.00 0.04 -0.00 -0.01 0.06 0.01 0.03 0.08 -0.17 -0.04 -0.01 0.03 -0.00 -0.08 0.15 0.15 1.43 0.05 -0.20 0.70 0.28 3.51 5.04 0.00 -0.02 0.37 0.01 0.01 0.00 0.00 -0.00 0.00 -0.00 -0.00 0.11 0.03 -0.00 0.02 0.10 0.06 0.09 0.92 -0.28 -0.00 0.01 -0.02 0.12 2.57 4.30 Benchmark : MSCI ACWI ex US (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 151 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis WCM Investment Management Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 2.56 14.19 19.28 4.47 24.00 7.39 28.11 0.00 0.00 100.00 4.96 8.42 11.63 11.90 8.68 9.88 19.71 13.29 6.58 2.25 100.00 31.52 9.49 -1.55 14.22 6.23 -7.25 10.68 6.45 -0.48 3.93 2.36 -2.79 3.36 -0.06 1.91 5.28 -2.54 4.90 1.56 0.00 0.71 1.01 0.24 0.49 1.51 -0.68 1.52 0.00 0.00 4.79 0.10 -0.14 0.02 -0.32 -0.08 -0.23 -0.04 0.55 0.27 -0.08 0.06 0.10 0.57 1.03 -0.08 0.41 1.28 -0.72 2.07 0.27 -0.08 4.85 Index - MSCI ACWI ex US (Net) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.17% [ Actual Return 6.28% ] - [ Buy Hold Return 6.45% ] 152 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/21 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.87 -1.25 48,536 -1 423 48,958 5.84 -2.23 46,259 -2 2,702 48,958 5.84 -2.23 46,259 -2 2,702 48,958 11.83 11.33 35,012 -6 13,951 48,958 5.24 5.07 39,577 -7 9,388 48,958 Portfolio Performance (%) 153 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 12/31/21 Domestic Equity $48,958 100.00% Periods from 10/17 to 12/21 Alpha Beta R-Squared -0.01 1.08 0.98 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 D1 T Annualized Standard Deviation% D DFA Emerging Markets 1 MSCI Emg Mkts (Gross) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.24 5.07 1.21 18.66 17.73 0.30 0.22 0.22 0.00 0.12 Asset Allocation ($000) Risk/Return Analysis 154 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years 9.05 4.54 2.20 -0.08 -3.66 0.87 64 -1.25 85 25.75 16.26 11.60 5.83 -4.99 5.84 74 -2.23 91 25.30 16.11 11.87 8.71 3.55 9.78 66 7.72 81 27.40 19.60 15.49 12.66 8.13 11.83 81 11.33 85 16.33 10.51 7.14 5.01 1.84 4.34 80 4.29 81 -10% -5% 0% 5% 10% 15% 20% 25% 30% D 1 D 1 D 1 D 1 D 1 155 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank 2021 2020 2019 2018 25.75 16.26 11.60 5.83 -4.99 5.84 74 -2.23 91 37.32 20.49 11.29 5.87 -3.43 13.87 42 18.69 28 33.96 27.40 22.89 20.13 10.26 16.04 89 18.90 80 -1.55 -10.65 -13.98 -16.50 -20.74 -15.25 66 -14.25 52 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% D 1 D 1 D 1 D 1 156 City of Clearwater Employees Pension Fund December 31, 2021 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank 12/21 9/21 6/21 3/21 12/20 27.40 19.60 15.49 12.66 8.13 11.83 81 11.33 85 19.93 13.10 9.41 7.25 3.61 9.08 52 8.96 54 21.43 14.04 10.68 7.85 4.06 11.00 47 11.67 40 17.87 11.05 7.71 5.13 0.69 5.07 76 6.87 56 17.26 10.32 5.91 2.73 -1.19 3.85 68 6.56 43 -5% 0% 5% 10% 15% 20% 25% 30% D 1 D 1 D 1 D 1 D 1 DFA Emerging Markets Value Added Analysis - Net of Fee 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% -0.1 0.2 -2.2 -0.3 1.1 -1.2 0.1 -0.1 -1.2 -6.2 2.2 -1.1 1.2 2.9 1.1 1.9 2.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI Emg Mkts (Gross) 157 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 12/21 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Netherlands New Zealand Norway Papua-New Guinea Portugal Singapore Spain Sweden Switzerland United Kingdom United States 6.92 0.22 0.90 0.00 0.00 2.62 1.03 11.22 9.10 2.96 0.71 0.15 0.62 2.45 24.20 0.00 0.10 4.84 0.24 0.66 0.00 0.19 1.16 2.37 3.68 9.53 14.37 0.00 100.00 6.92 0.22 0.90 0.00 0.00 2.62 1.03 11.22 9.10 2.96 0.71 0.15 0.62 2.45 24.20 0.00 0.10 4.84 0.24 0.66 0.00 0.19 1.16 2.37 3.68 9.53 14.37 0.00 100.00 1.46 7.09 2.04 7.86 4.95 9.60 2.38 -4.29 3.58 -13.58 13.48 6.71 -0.92 0.65 5.56 -2.14 1.29 4.17 1.75 0.69 10.31 10.22 5.35 4.03 2.12 5.08 0.12 5.81 2.98 7.54 0.46 -4.43 1.56 -15.98 13.52 4.71 -4.00 0.50 3.58 -2.48 0.26 2.21 2.47 -1.20 6.59 12.83 5.83 2.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.18 -0.01 0.02 -0.10 -0.01 -0.63 0.15 0.25 0.00 0.03 -0.06 -0.07 1.20 0.00 -0.07 0.01 0.02 -0.00 0.03 0.08 -0.23 -0.59 -0.19 0.01 -0.13 0.00 0.01 0.02 0.01 0.09 0.06 -0.03 0.01 0.00 -0.01 0.02 0.45 -0.00 0.04 -0.00 -0.00 0.00 -0.02 0.02 0.09 -0.37 -0.25 -0.00 0.05 -0.00 0.02 -0.08 -0.00 -0.53 0.21 0.21 0.01 0.03 -0.07 -0.05 1.64 0.00 -0.04 0.01 0.02 0.00 0.00 0.09 -0.14 -0.96 -0.44 0.01 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 158 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/21 Sony Group Corporati Nestle Sa Roche Holdings Ag Ubs Group Ag Orix Corporation Samsung Electronics Reckitt Benckiser Gr Seven & I Holdings C Novartis Ag Toyota Industries Co GICS Sector % Port Consumer Discretionary Consumer Staples Health Care Financials Financials Information Technology Consumer Staples Consumer Staples Health Care Industrials 3.91 3.26 2.78 2.51 2.41 2.23 2.14 2.01 2.00 1.99 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.88 8.17 17.21 12.54 13.76 11.89 17.94 10.45 4.39 0.77 -1.00.01.02.03.04.05.06.07.08.09.010.011.012.013.014.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE Value (N) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE Value (N) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 3.85 1.16 77,663 136 2,987 80,786 13.34 10.88 70,806 521 9,460 80,786 13.34 10.88 70,806 521 9,460 80,786 13.34 7.82 61,445 -7,552 26,894 80,786 8.58 5.34 67,730 -17,453 30,509 80,786 5.46 3.06 16,165 33,928 30,693 80,786 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 159 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 12/31/21 Cash & Equiv $2,967 3.67% Intl Equity $77,819 96.33% Periods from 7/15 to 12/21 Alpha Beta R-Squared 0.53 0.96 0.95 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 t 1 T Annualized Standard Deviation% t Thompson, Siegel & Walms 1 MSCI EAFE Value (N) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.46 3.06 0.95 15.93 16.98 0.27 0.28 0.12 0.00 0.46 Asset Allocation ($000) Risk/Return Analysis 160 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE Value (N) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years 9.05 4.54 2.20 -0.08 -3.66 3.85 30 1.16 60 25.75 16.26 11.60 5.83 -4.99 13.34 40 10.88 53 25.30 16.11 11.87 8.71 3.55 9.39 69 3.91 94 27.40 19.60 15.49 12.66 8.13 13.34 70 7.82 95 16.33 10.51 7.14 5.01 1.84 5.41 70 1.66 95 19.97 13.99 10.98 9.21 5.87 8.58 80 5.34 96 17.01 12.50 10.16 8.25 5.85 7.07 88 5.29 96 -10% -5% 0% 5% 10% 15% 20% 25% 30% t 1 t 1 t 1 t 1 t 1 t 1 t 1 161 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE Value (N) Net Ret Rank 2021 2020 2019 2018 2017 2016 25.75 16.26 11.60 5.83 -4.99 13.34 40 10.88 53 37.32 20.49 11.29 5.87 -3.43 5.58 75 -2.63 93 33.96 27.40 22.89 20.13 10.26 21.67 62 16.09 88 -1.55 -10.65 -13.98 -16.50 -20.74 -15.20 65 -14.78 60 42.58 32.39 27.39 23.44 13.32 22.27 80 21.44 83 17.75 8.22 4.36 0.85 -4.13 -0.19 81 5.02 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% t 1 t 1 t 1 t 1 t 1 t 1 162 City of Clearwater Employees Pension Fund December 31, 2021 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE Value (N) Net Ret Rank 12/21 9/21 6/21 3/21 12/20 27.40 19.60 15.49 12.66 8.13 13.34 70 7.82 95 19.93 13.10 9.41 7.25 3.61 6.48 81 3.04 95 21.43 14.04 10.68 7.85 4.06 7.45 79 3.78 95 17.87 11.05 7.71 5.13 0.69 5.14 74 1.85 91 17.26 10.32 5.91 2.73 -1.19 2.89 74 -1.24 95 -5% 0% 5% 10% 15% 20% 25% 30% t 1 t 1 t 1 t 1 t 1 Thompson, Siegel & Walmsley Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 0.8 1.1 -1.8 0.7 1.6 0.7 -0.2 -2.5 0.7 0.8 1.7 1.6 3.1 3.6 3.9 -2.2 -1.2 1.6 -0.8 2.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI EAFE Value (N) 163 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2 28.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 t 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Thompson, Siegel & Walmsley 1 MSCI EAFE Value (N) Median 8.58 80 18.79 48 5.34 96 18.95 50 10.98 19.11 Annualized Rate of Return10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2 28.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 t 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Thompson, Siegel & Walmsley 1 MSCI EAFE Value (N) Median 8.58 80 18.79 48 5.34 96 18.95 50 10.98 19.11 164 City of Clearwater Employees Pension Fund Global Equity Summary Statistics Thompson, Siegel & Walmsley Period Ending 12/21 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI EAFE Value (N) 101 77,818,757 59,424,568 16,019,984 2.48 26.27 17.80 1.09 1.64 76.50 6.08 9.55 502 55,047,926 9,420,502 3.99 22.17 15.71 1.05 1.29 95.22 1.59 4.71 Ten Largest Holdings Sony Group Corporati Nestle Sa Roche Holdings Ag Ubs Group Ag Orix Corporation Samsung Electronics Reckitt Benckiser Gr Seven & I Holdings C Novartis Ag Toyota Industries Co Market Value % of Portfolio Quarterly Ret 2,400,873 2,000,101 1,705,877 1,542,018 1,475,915 1,370,044 1,314,258 1,233,760 1,224,707 1,221,024 3.91 3.26 2.78 2.51 2.41 2.23 2.14 2.01 2.00 1.99 12.61 15.77 13.50 12.07 7.80 5.73 9.27 -3.66 6.98 -3.21 Ten Best Performers Compagnie Financiere Veolia Environnement Bunzl Linde Plc Bhp Billiton Plc Capgemini Bhp Group Plc Investor Ab Nxp Semiconductors N Glaxosmithkline Quarterly Ret 43.92 19.63 18.73 18.47 17.91 17.38 17.01 16.91 16.59 16.43 Ten Worst Performers Entain Plc Japan Airlines Co Lt Ubisoft Entertainmen Fresenius Se&Co Kgaa Koninklijke Philips Kirin Holdings Compa Santos Limited Aib Group Plc Heidelbergcement Ag Hitachi Quarterly Ret -20.63 -20.16 -18.54 -16.37 -16.15 -12.24 -11.42 -10.61 -9.84 -9.09 165 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/21 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Netherlands New Zealand Norway Papua-New Guinea Portugal Singapore South Korea Spain Sweden Switzerland United Kingdom United States 6.92 0.22 0.90 0.00 0.00 2.62 1.03 11.22 9.10 2.96 0.71 0.15 0.62 2.45 24.20 0.00 0.10 4.84 0.24 0.66 0.00 0.19 1.16 0.00 2.37 3.68 9.53 14.37 0.00 6.92 0.22 0.90 0.00 0.00 2.62 1.03 11.22 9.10 2.96 0.71 0.15 0.62 2.45 24.20 0.00 0.10 4.84 0.24 0.66 0.00 0.19 1.16 0.00 2.37 3.68 9.53 14.37 0.00 1.46 7.09 2.04 7.86 4.95 9.60 2.38 -4.29 3.58 -13.58 13.48 6.71 -0.92 0.65 5.56 -2.14 1.29 4.17 1.75 0.69 10.31 10.22 5.35 2.12 5.08 0.12 5.81 2.98 7.54 0.46 -4.43 1.56 -15.98 13.52 4.71 -4.00 0.50 3.58 -2.48 0.26 2.21 2.47 -1.20 6.59 12.83 5.83 3.20 0.38 0.09 0.00 2.47 0.45 0.20 1.43 7.71 0.00 4.14 0.91 0.00 0.00 29.29 0.60 0.00 3.67 0.00 1.17 0.00 0.00 1.68 2.17 0.00 3.08 13.61 20.46 3.28 3.20 0.00 0.00 0.00 0.00 0.45 0.00 0.00 0.00 2.47 0.00 0.00 0.00 0.00 29.29 0.00 0.00 0.00 0.00 1.17 0.00 0.00 1.68 2.17 0.00 3.08 13.99 23.46 5.83 3.18 -2.70 3.88 1.10 34.89 17.12 10.82 0.80 -0.51 -20.99 9.20 2.83 6.37 7.01 -5.47 8.83 6.15 9.83 11.84 6.82 0.95 3.85 -0.38 1.93 0.94 32.33 14.93 8.74 -1.09 -0.22 -20.63 7.15 -0.37 4.37 5.26 -6.43 9.59 5.73 6.13 14.50 7.04 0.95 0.10 0.01 0.02 -0.10 -0.08 -0.01 -0.55 0.02 0.25 -0.02 -0.13 -0.06 -0.07 -0.25 -0.02 0.00 -0.02 0.01 -0.01 -0.00 -0.01 -0.09 0.08 -0.04 0.25 0.08 -0.13 -0.07 0.00 0.01 0.02 0.01 0.09 0.06 -0.01 0.01 0.00 -0.01 0.02 -0.09 -0.00 0.04 -0.00 0.00 0.00 0.01 0.03 0.02 0.01 0.17 0.16 0.07 0.05 -0.04 0.00 0.03 0.12 0.02 0.02 -0.12 -0.17 -0.07 0.00 1.10 0.04 0.05 -0.08 0.12 0.13 -0.01 0.22 0.30 0.03 0.08 -0.03 0.02 -0.07 0.06 0.02 -0.44 -0.04 0.24 -0.18 -0.20 -0.07 -0.05 0.75 0.01 0.00 0.07 0.01 -0.09 0.00 0.12 0.07 0.09 -0.04 0.64 0.54 -0.03 Benchmark : MSCI EAFE (Net) 166 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/21 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total 100.00 100.00 4.03 2.79 100.00 100.00 5.00 4.12 -0.77 0.54 1.75 1.52 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 167 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 12/21 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 1.58 7.75 16.15 14.55 14.85 12.49 17.24 10.16 4.60 0.63 100.00 5.90 9.57 11.40 9.96 6.71 8.78 27.95 3.09 6.70 3.88 100.00 -8.26 3.41 -0.01 9.51 5.14 3.93 6.48 5.68 -4.87 15.70 4.34 -0.44 4.61 0.44 -2.66 1.47 1.98 1.39 -2.75 -4.36 7.29 0.77 -0.12 -0.09 -0.07 1.77 0.54 0.24 0.88 0.86 -0.02 0.05 4.04 0.05 -0.07 -0.02 -0.16 0.06 0.04 -0.07 -0.25 0.11 -0.21 -0.51 -0.07 -0.16 -0.09 1.61 0.60 0.29 0.81 0.61 0.08 -0.16 3.53 Index - MSCI EAFE Value (N) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.12% [ Actual Return 4.46% ] - [ Buy Hold Return 4.34% ] 168 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/21 United States Treas FNMA Single Fam Mtg United States Treas United States Treas United States Treas United States Treas FNMA Pool #ca8441 United States Treas United States Treas FHLMC Pool #sd7526 Sector % Port Government Mortgage Government Government Government Government Mortgage Government Government Mortgage 3.99 3.40 2.81 2.04 1.80 1.67 1.56 1.54 1.47 1.45 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 10.46 35.02 11.32 25.60 0.77 4.00 0.83 4.57 7.45 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.17 0.01 362,876 33,827 -641 396,062 -1.40 -1.54 352,063 48,458 -4,460 396,062 -1.40 -1.54 352,063 48,458 -4,460 396,062 5.50 4.79 280,709 67,777 47,576 396,062 3.98 3.57 249,705 89,406 56,951 396,062 3.69 2.90 200,087 101,724 94,250 396,062 5.99 6.03 59,224 97,310 239,528 396,062 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 169 City of Clearwater Employees Pension Fund Fixed Income Comp as of 12/31/21 Other $2 0.00% Domestic Equity $4 0.00% Cash & Equiv $23,496 5.93% Domestic Fixed $372,560 94.07% Periods from 12/87 to 12/21 Alpha Beta R-Squared 0.24 0.65 0.61 Annualized Return% 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 F 1 T Annualized Standard Deviation% F Fixed Income Comp 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.99 6.03 3.04 3.22 3.97 1.29 0.92 0.75 0.00 -0.04 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 170 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.18 0.32 -0.10 -0.51 -0.68 -0.17 53 0.01 41 4.60 0.85 -0.94 -1.52 -2.35 -1.40 71 -1.54 76 7.26 4.16 3.25 2.76 1.81 3.66 37 2.88 71 12.33 6.05 5.13 4.20 2.97 5.50 38 4.79 57 7.78 4.36 3.83 3.34 2.58 4.00 42 3.58 63 7.98 4.50 3.83 3.17 2.39 3.98 43 3.57 62 7.70 4.57 3.58 3.01 2.32 4.15 38 3.41 57 6.33 3.88 3.28 2.75 2.11 3.59 39 3.00 65 7.70 4.11 3.64 2.93 2.08 3.91 32 3.37 62 6.08 3.49 3.08 2.51 1.80 3.38 30 2.75 65 6.75 3.82 3.27 2.71 1.76 3.69 26 2.90 64 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% F1 F1 F 1 F1 F1 F1 F1 F1 F1 F1 F 1 171 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 4.60 0.85 -0.94 -1.52 -2.35 -1.40 71 -1.54 76 16.47 9.55 7.65 5.36 0.38 8.97 30 7.51 53 23.52 12.52 9.03 7.07 2.47 9.28 46 8.72 57 3.52 0.97 -0.00 -1.91 -6.63 -0.38 60 0.01 49 12.49 7.59 4.36 3.10 0.99 3.91 57 3.54 69 15.78 8.25 3.76 2.34 0.29 5.01 38 2.65 64 4.21 1.22 0.50 -1.53 -5.38 0.30 55 0.55 49 17.28 6.33 4.50 2.26 0.11 6.18 27 5.97 32 9.53 1.86 -0.74 -2.11 -8.35 -0.75 50 -2.02 73 17.29 10.54 6.92 4.19 0.96 6.53 53 4.22 74 -10% -5% 0% 5% 10% 15% 20% 25% F1 F 1 F1 F1 F1 F 1 F1 F1 F1 F 1 172 City of Clearwater Employees Pension Fund Risk Measure Summary Fixed Income Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.01 0.97 0.50 -3.26 2.07 -1.40 -1.40 4.39 1.01 0.04 0.99 -0.33 -1.44 0.36 0.40 1 3 -3.37 1.83 -1.54 -1.54 4.35 -0.37 2 10 1.11 0.97 0.58 -3.26 5.14 -1.40 9.28 4.19 0.99 0.18 0.74 1.08 4.54 2.11 0.32 1 11 -3.37 3.15 -1.54 8.93 3.82 0.99 4 16 1.08 0.97 0.60 -3.26 5.14 -1.40 9.58 3.48 0.98 0.11 0.77 0.82 2.89 1.67 0.24 3 17 -3.37 3.15 -1.54 10.30 3.23 0.75 24 112 0.92 0.50 0.54 -3.26 5.72 -1.40 15.87 3.22 0.65 0.24 0.61 0.92 4.54 2.36 -0.04 28 108 -3.37 7.96 -3.23 18.48 3.97 0.75 173 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 F 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 5.50 38 4.19 61 4.79 57 3.82 47 5.13 3.88 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0.5 1.2 1.9 2.6 3.3 4.0 4.7 5.3 6.0 6.7 7.4 F1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 3.98 43 3.48 63 3.57 62 3.23 52 3.83 3.21 174 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/21 FNMA Single Fam Mtg United States Treas United States Treas FNMA Pool #ca8441 United States Treas FHLMC Pool #sd7526 United States Treas United States Treas United States Treas FNMA Pool #fn Ca6271 Sector % Port Mortgage Government Government Mortgage Government Mortgage Government Government Government Mortgage 7.25 6.00 3.56 3.32 3.28 3.09 2.62 2.59 2.57 2.54 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 11.04 27.69 8.27 33.36 1.08 4.26 1.69 2.96 9.65 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.44 0.01 182,166 4,077 -799 185,444 -1.15 -1.54 169,891 17,302 -1,750 185,444 -1.15 -1.54 169,891 17,302 -1,750 185,444 5.41 4.79 140,937 20,878 23,629 185,444 4.03 3.57 122,312 34,411 28,720 185,444 3.98 2.90 111,073 22,153 52,218 185,444 4.69 3.95 75,656 19,735 90,053 185,444 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 175 City of Clearwater Employees Pension Fund Dodge & Cox as of 12/31/21 Cash & Equiv $3,107 1.68% Domestic Fixed $182,337 98.32% Periods from 2/04 to 12/21 Alpha Beta R-Squared 0.31 0.81 0.60 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 d 1 T Annualized Standard Deviation% d Dodge & Cox 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.69 3.95 1.27 3.20 3.23 0.48 1.07 0.83 0.00 0.30 Asset Allocation ($000) Risk/Return Analysis 176 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.18 0.32 -0.10 -0.51 -0.68 -0.44 70 0.01 41 4.60 0.85 -0.94 -1.52 -2.35 -1.15 61 -1.54 76 7.26 4.16 3.25 2.76 1.81 3.67 37 2.88 71 12.33 6.05 5.13 4.20 2.97 5.41 42 4.79 57 7.78 4.36 3.83 3.34 2.58 4.04 41 3.58 63 7.98 4.50 3.83 3.17 2.39 4.03 42 3.57 62 7.70 4.57 3.58 3.01 2.32 4.28 32 3.41 57 6.33 3.88 3.28 2.75 2.11 3.64 37 3.00 65 7.70 4.11 3.64 2.93 2.08 3.93 31 3.37 62 6.08 3.49 3.08 2.51 1.80 3.56 23 2.75 65 6.75 3.82 3.27 2.71 1.76 3.98 21 2.90 64 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% d1 d1 d 1 d1 d1 d1 d 1 d1 d1 d 1 d 1 177 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 4.60 0.85 -0.94 -1.52 -2.35 -1.15 61 -1.54 76 16.47 9.55 7.65 5.36 0.38 8.72 33 7.51 53 23.52 12.52 9.03 7.07 2.47 8.98 50 8.72 57 3.52 0.97 -0.00 -1.91 -6.63 0.02 49 0.01 49 12.49 7.59 4.36 3.10 0.99 3.99 55 3.54 69 15.78 8.25 3.76 2.34 0.29 5.55 35 2.65 64 4.21 1.22 0.50 -1.53 -5.38 -0.12 64 0.55 49 17.28 6.33 4.50 2.26 0.11 6.01 30 5.97 32 9.53 1.86 -0.74 -2.11 -8.35 0.65 31 -2.02 73 17.29 10.54 6.92 4.19 0.96 7.85 42 4.22 74 -10% -5% 0% 5% 10% 15% 20% 25% d1 d1 d1 d1 d1 d 1 d1 d1 d 1 d 1 178 City of Clearwater Employees Pension Fund December 31, 2021 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low d Dodge & Cox Return Rank 1 BC Agg Return Rank 12/21 9/21 6/21 3/21 12/20 12.33 6.05 5.13 4.20 2.97 5.41 42 4.79 57 11.35 6.96 5.86 4.75 2.19 5.75 53 5.36 64 11.66 7.04 5.93 4.82 2.20 5.93 50 5.34 65 8.47 6.01 5.09 4.42 1.71 5.17 48 4.65 68 10.34 6.44 5.57 4.56 1.82 5.83 43 5.34 58 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% d 1 d 1 d 1 d 1 d 1 Dodge & Cox Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0.3 -0.1 0.2 0.1 0.6 -0.1 0.6 -1.1 0.4 -0.3 -0.2 0.4 -3.0 2.3 0.6 1.3 0.7 0.1 0.0 -0.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 179 City of Clearwater Employees Pension Fund Risk Measure Summary Dodge & Cox Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 0.83 0.79 0.75 -2.68 1.92 -1.15 -1.15 3.79 0.86 0.04 0.97 -0.32 -1.40 0.94 0.40 1 3 -3.37 1.83 -1.54 -1.54 4.35 -0.37 2 10 1.06 0.79 0.67 -2.68 5.22 -1.15 8.98 4.05 0.88 0.26 0.61 1.09 5.01 2.53 0.23 1 11 -3.37 3.15 -1.54 8.93 3.82 0.99 4 16 1.04 0.76 0.65 -2.68 5.22 -1.15 8.98 3.32 0.86 0.20 0.64 0.87 3.35 2.04 0.21 3 17 -3.37 3.15 -1.54 10.30 3.23 0.75 15 56 1.05 0.58 0.62 -2.88 6.98 -1.15 17.78 3.45 0.81 0.31 0.60 0.99 4.19 2.35 0.30 18 53 -3.37 4.57 -2.02 10.56 3.41 0.78 180 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 d 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 5.41 42 4.05 57 4.79 57 3.82 47 5.13 3.88 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0.5 1.2 1.9 2.6 3.3 4.0 4.7 5.3 6.0 6.7 7.4 d 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 4.03 42 3.32 56 3.57 62 3.23 52 3.83 3.21 181 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Dodge & Cox Quarter Ending 12/21 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 248 182,336,505 1.84 15.92 2.51 9.79 1.65 9.49 13.09 12,350 1.75 8.71 2.43 6.84 0.43 6.78 8.71 Yield to Maturity 5+ 1.8% 4 - 5 1.0% 3 - 4 8.7% 2 - 3 31.8% 1 - 2 39.8% 0 - 1 16.8% Time to Maturity 10+ 49.4% 7 - 10 9.9% 5 - 7 8.9% 3 - 5 18.5% 1 - 3 11.9% 0 - 1 1.4% Coupon 11+ 0.0% 9 - 11 0.4% 7 - 9 2.5% 5 - 7 9.3% 3 - 5 20.3% 0 - 3 67.5% Quality NR 31.8% B 0.4% BA 3.5% BAA 16.8% A 4.3% AA 1.4% AAA 14.6% GOVT 27.3% Duration 8+ 40.7% 6 - 8 5.7% 4 - 6 30.0% 3 - 4 6.8% 1 - 3 15.2% 0 - 1 1.6% Effective Duration 8+ 40.0% 6 - 8 6.2% 4 - 6 29.8% 3 - 4 4.2% 1 - 3 16.8% 0 - 1 3.0% 182 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Dodge & Cox As of 12/31/21 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 26.98 26.94 0.04 2.20 --- --- 2.20 --- --- 12.68 --- 1.66 10.94 0.07 --- --- --- 41.86 --- --- --- 0.59 0.52 --- 0.07 --- 0.09 --- --- --- --- --- 0.75 --- --- 1.43 --- --- --- 3.18 0.88 --- 1.90 0.41 0.72 --- --- --- --- --- 0.41 --- --- 4.30 --- --- --- 15.58 4.90 3.66 5.87 1.15 0.28 --- --- --- --- --- 0.53 --- 0.37 16.75 0.71 --- 0.71 2.78 1.67 0.11 0.64 0.35 --- --- --- --- --- --- --- --- --- 3.49 --- --- --- 0.36 --- --- 0.36 --- --- --- --- --- --- --- --- --- --- 0.36 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 1.84 0.30 0.49 --- 1.05 --- 20.68 2.22 4.76 13.70 --- --- --- 9.28 31.80 27.69 26.94 0.75 26.53 8.27 4.26 11.04 2.96 1.09 33.36 2.22 6.42 24.64 0.07 1.69 --- 9.65 100.00 183 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Dodge & Cox Quarter Ending 12/21 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 11.87 24.75 8.79 34.33 1.11 4.30 1.75 3.09 10.01 100.00 5.96 52.85 11.08 22.61 0.74 3.74 0.01 3.00 0.00 100.00 -0.20 -0.61 0.19 -0.69 0.75 -0.45 0.28 0.05 -0.40 0.00 -0.02 -0.15 0.02 -0.24 0.01 -0.02 0.00 0.00 0.00 -0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 -0.15 0.02 -0.24 0.01 -0.02 0.00 0.00 0.00 -0.40 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.00% [ Actual Return -0.41% ] - [ Buy Hold Return -0.40% ] 184 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/21 United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas United States Treas Sector % Port Government Government Government Government Government Government Government Government Government Government 8.52 4.34 3.84 3.14 3.09 3.02 2.08 1.63 1.62 1.60 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 9.90 42.04 14.24 18.15 0.47 3.76 0.00 6.11 5.33 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co.BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co. BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.09 0.01 180,349 5,105 156 185,610 -1.78 -1.54 168,915 19,409 -2,713 185,610 -1.78 -1.54 168,915 19,409 -2,713 185,610 5.49 4.79 140,609 21,150 23,851 185,610 3.93 3.57 120,187 37,333 28,090 185,610 3.30 2.90 87,331 56,432 41,848 185,610 4.36 4.00 74,568 56,394 54,649 185,610 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 185 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 12/31/21 Domestic Fixed $190,223 102.49% Other $2 0.00% Cash & Equiv $-4,614 -2.49% Periods from 9/04 to 12/21 Alpha Beta R-Squared 0.04 1.07 0.92 Annualized Return% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 w 1 T Annualized Standard Deviation% w Western Asset Management 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.36 4.00 1.27 3.65 3.31 0.82 0.85 0.82 0.00 0.33 Asset Allocation ($000) Risk/Return Analysis 186 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.18 0.32 -0.10 -0.51 -0.68 0.09 36 0.01 41 4.60 0.85 -0.94 -1.52 -2.35 -1.78 86 -1.54 76 7.26 4.16 3.25 2.76 1.81 3.49 41 2.88 71 12.33 6.05 5.13 4.20 2.97 5.49 39 4.79 57 7.78 4.36 3.83 3.34 2.58 3.90 48 3.58 63 7.98 4.50 3.83 3.17 2.39 3.93 44 3.57 62 7.70 4.57 3.58 3.01 2.32 3.89 42 3.41 57 6.33 3.88 3.28 2.75 2.11 3.43 42 3.00 65 7.70 4.11 3.64 2.93 2.08 3.83 34 3.37 62 6.08 3.49 3.08 2.51 1.80 3.11 46 2.75 65 6.75 3.82 3.27 2.71 1.76 3.30 46 2.90 64 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% w1 w1 w1 w1 w1 w1 w1 w1 w1 w1 w1 187 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 4.60 0.85 -0.94 -1.52 -2.35 -1.78 86 -1.54 76 16.47 9.55 7.65 5.36 0.38 9.04 30 7.51 53 23.52 12.52 9.03 7.07 2.47 9.60 42 8.72 57 3.52 0.97 -0.00 -1.91 -6.63 -0.73 64 0.01 49 12.49 7.59 4.36 3.10 0.99 4.08 54 3.54 69 15.78 8.25 3.76 2.34 0.29 3.66 51 2.65 64 4.21 1.22 0.50 -1.53 -5.38 0.73 42 0.55 49 17.28 6.33 4.50 2.26 0.11 6.65 20 5.97 32 9.53 1.86 -0.74 -2.11 -8.35 -2.46 81 -2.02 73 17.29 10.54 6.92 4.19 0.96 5.07 64 4.22 74 -10% -5% 0% 5% 10% 15% 20% 25% w1 w 1 w1 w1 w1 w1 w1 w1 w1 w1 188 City of Clearwater Employees Pension Fund December 31, 2021 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Return Rank 1 BC Agg Return Rank 12/21 9/21 6/21 3/21 12/20 12.33 6.05 5.13 4.20 2.97 5.49 39 4.79 57 11.35 6.96 5.86 4.75 2.19 5.85 50 5.36 64 11.66 7.04 5.93 4.82 2.20 5.90 51 5.34 65 8.47 6.01 5.09 4.42 1.71 5.02 52 4.65 68 10.34 6.44 5.57 4.56 1.82 5.86 42 5.34 58 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% w 1 w 1 w 1 w 1 w 1 Western Asset Management Co. Value Added Analysis - Net of Fee 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.1 0.0 0.2 0.2 -0.2 -0.1 0.1 -0.5 0.2 0.2 0.1 0.3 -1.7 1.7 0.6 0.8 -0.7 0.4 0.0 0.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 189 City of Clearwater Employees Pension Fund Risk Measure Summary Western Asset Management Co. Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.24 1.20 0.50 -4.04 2.24 -1.78 -1.78 5.24 1.20 0.03 1.00 -0.35 -1.52 0.90 -0.23 1 3 -3.37 1.83 -1.54 -1.54 4.35 -0.37 1 11 1.16 1.20 0.75 -4.04 4.65 -1.78 9.60 4.37 1.10 0.08 0.86 1.03 4.07 1.66 0.41 1 11 -3.37 3.15 -1.54 8.93 3.82 0.99 3 17 1.13 1.21 0.65 -4.04 4.65 -1.78 10.27 3.68 1.10 0.03 0.88 0.76 2.54 1.32 0.28 3 17 -3.37 3.15 -1.54 10.30 3.23 0.75 18 51 1.10 1.12 0.62 -4.04 5.22 -2.46 14.60 3.65 1.07 0.04 0.92 0.85 2.89 1.09 0.33 17 52 -3.37 4.57 -2.02 10.56 3.31 0.82 190 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 w 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 5.49 39 4.37 63 4.79 57 3.82 47 5.13 3.88 Annualized Rate of Return0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0.5 1.2 1.9 2.6 3.3 4.0 4.7 5.3 6.0 6.7 7.4 w1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 3.93 44 3.68 67 3.57 62 3.23 52 3.83 3.21 191 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Western Asset Management Co. Quarter Ending 12/21 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 913 190,223,163 1.76 12.96 2.71 8.12 1.01 7.69 10.21 12,350 1.75 8.71 2.43 6.84 0.43 6.78 8.71 Yield to Maturity 5+ 1.4% 4 - 5 1.1% 3 - 4 9.8% 2 - 3 21.4% 1 - 2 52.5% 0 - 1 13.8% Time to Maturity 10+ 40.7% 7 - 10 8.4% 5 - 7 19.4% 3 - 5 15.1% 1 - 3 8.4% 0 - 1 8.0% Coupon 11+ 0.0% 9 - 11 0.0% 7 - 9 0.7% 5 - 7 7.3% 3 - 5 38.9% 0 - 3 53.1% Quality NR 14.0% BA 1.2% BAA 16.9% A 11.7% AA 2.1% AAA 12.3% GOVT 41.8% Duration 8+ 31.3% 6 - 8 19.6% 4 - 6 19.5% 3 - 4 10.7% 1 - 3 10.8% 0 - 1 8.0% Effective Duration 8+ 30.2% 6 - 8 18.0% 4 - 6 18.3% 3 - 4 10.7% 1 - 3 13.2% 0 - 1 9.5% 192 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Western Asset Management Co. As of 12/31/21 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 41.99 41.67 0.32 1.03 1.02 --- 0.00 --- --- 11.10 2.80 1.00 7.02 0.28 --- --- --- 54.13 --- --- --- 1.91 1.35 0.08 0.19 0.29 --- --- --- --- --- --- --- --- 0.19 2.10 --- --- --- 11.57 4.83 0.22 5.53 0.99 0.03 --- --- --- --- --- --- --- 0.11 11.71 --- --- --- 16.29 6.06 3.38 3.65 3.20 0.44 --- --- --- --- --- --- --- 0.13 16.86 0.05 --- 0.05 1.17 0.98 --- 0.19 --- --- --- --- --- --- --- --- --- --- 1.22 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 2.04 0.01 0.08 0.33 1.63 --- 7.05 0.32 2.13 4.60 --- --- --- 4.89 13.98 42.04 41.67 0.37 34.01 14.25 3.76 9.89 6.11 0.47 18.15 3.12 3.13 11.62 0.28 --- --- 5.32 100.00 193 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Western Asset Management Co. Quarter Ending 12/21 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 10.29 39.74 14.78 19.91 0.28 4.01 0.00 6.29 4.70 100.00 5.96 52.85 11.08 22.61 0.74 3.74 0.01 3.00 0.00 100.00 -0.50 0.38 0.32 0.02 1.14 0.23 0.00 -0.07 0.16 0.00 -0.05 0.15 0.05 0.00 0.00 0.01 0.00 -0.00 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.15 0.05 0.00 0.00 0.01 0.00 -0.00 0.00 0.16 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.01% [ Actual Return 0.14% ] - [ Buy Hold Return 0.16% ] 194 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/21 Prologis Inc Public Storage Inc Equinix Inc Digital Rlty Tr Inc Equity Residential P Avalonbay Cmntys Inc Alexandria Real Esta First Industrial Rea American Homes 4 Ren Healthpeak Pptys Inc GICS Sector % Port Financials Financials Telecom Services Financials Financials Financials Financials Financials Financials Financials 9.68 7.29 7.06 6.01 5.45 4.83 4.48 4.13 4.05 3.43 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 6.35 14.12 172,163 -414 10,924 182,674 19.39 38.03 154,957 -2,459 30,176 182,674 19.39 38.03 154,957 -2,459 30,176 182,674 10.14 16.46 160,825 -25,573 47,422 182,674 8.57 10.72 123,686 -5,245 64,233 182,674 9.57 11.55 68,499 3,974 110,201 182,674 6.94 8.36 19,347 2,084 161,243 182,674 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 195 City of Clearwater Employees Pension Fund Real Estate Comp as of 12/31/21 Cash & Equiv $350 0.19% Domestic Equity $19,166 10.49% Real Estate $163,158 89.32% Periods from 4/08 to 12/21 Alpha Beta R-Squared -0.11 0.89 0.91 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 R 1 T Annualized Standard Deviation% R Real Estate Comp 1 Policy Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.94 8.36 0.57 19.99 21.43 0.24 0.32 0.36 0.00 -0.28 Asset Allocation ($000) Risk/Return Analysis 196 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 16.14 10.78 7.58 3.55 -0.55 6.35 61 14.12 20 42.25 30.54 21.80 11.98 -10.31 19.39 66 38.03 19 18.59 13.36 10.98 6.99 -13.69 10.13 61 15.25 20 22.58 16.40 9.47 6.20 -16.79 10.14 40 16.46 24 15.95 11.78 8.93 6.39 -12.25 9.15 47 12.00 24 16.45 11.28 8.98 6.45 -9.11 8.57 59 10.72 32 13.84 10.80 8.77 6.13 -7.62 8.30 59 10.27 34 14.94 10.66 9.33 5.68 -5.93 8.11 66 9.99 33 17.11 11.47 9.77 6.47 -4.00 9.73 51 11.79 19 15.06 10.95 9.86 6.57 -3.00 9.34 61 11.13 20 15.07 11.54 10.31 7.12 -1.44 9.57 54 11.55 23 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% R 1 R 1 R 1 R 1 R 1 R1 R1 R1 R1 R1 R1 197 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 19.39 66 38.03 19 13.35 3.37 -0.62 -6.85 -27.59 1.58 33 -3.78 62 31.12 18.43 7.32 2.39 -19.22 10.16 38 18.93 24 25.31 9.45 5.06 -4.86 -17.90 6.23 46 -0.39 60 24.73 11.32 7.59 3.76 -10.59 6.30 61 5.75 63 23.72 10.62 8.20 3.42 -14.98 6.94 59 8.06 51 32.18 15.82 10.97 2.40 -21.34 6.96 58 8.33 55 35.45 20.18 13.29 8.71 -11.08 21.77 23 25.22 20 30.84 14.92 10.19 2.99 -6.88 6.29 61 6.02 62 34.81 17.65 11.68 5.64 -7.11 11.69 49 15.41 32 -30% -20% -10% 0% 10% 20% 30% 40% 50% R 1 R 1 R 1 R 1 R1 R1 R1 R 1 R1 R 1 198 City of Clearwater Employees Pension Fund Risk Measure Summary Real Estate Comp Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.51 0.25 2.23 6.35 19.42 19.42 3.46 0.40 1.16 0.73 5.60 48.58 7.46 -2.01 0 4 3.29 14.12 38.03 38.03 9.25 4.11 1 11 0.42 0.01 0.42 -2.59 6.35 1.10 19.42 4.76 0.27 1.18 0.69 1.92 34.41 12.23 -0.60 2 10 -16.92 14.12 -11.14 38.03 15.83 0.98 2 18 0.49 -0.05 0.50 -2.59 6.35 1.10 19.42 3.92 0.25 1.17 0.67 1.89 29.24 10.39 -0.31 4 16 -16.92 14.12 -11.14 38.03 13.29 0.72 9 45 0.78 0.79 0.44 -37.93 33.98 -45.85 118.01 21.01 0.89 -0.10 0.91 0.35 8.33 6.63 -0.28 13 41 -40.40 35.93 -45.65 115.40 22.54 0.39 199 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 10.14 40 4.76 20 16.46 24 15.83 67 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 8.57 59 3.92 12 10.72 32 13.29 65 8.98 6.23 200 City of Clearwater Employees Pension Fund Security Capital as of 12/31/21 Prologis Inc Public Storage Inc Equinix Inc Digital Rlty Tr Inc Equity Residential P Avalonbay Cmntys Inc Alexandria Real Esta First Industrial Rea American Homes 4 Ren Healthpeak Pptys Inc GICS Sector % Port Financials Financials Telecom Services Financials Financials Financials Financials Financials Financials Financials 9.68 7.29 7.06 6.01 5.45 4.83 4.48 4.13 4.05 3.43 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 15.57 17.15 16,861 29 2,626 19,516 45.03 46.11 13,374 103 6,039 19,516 45.03 46.11 13,374 103 6,039 19,516 20.67 19.16 28,485 -19,706 10,737 19,516 11.35 11.05 37,311 -27,328 9,532 19,516 11.53 11.64 41,960 -56,630 34,185 19,516 8.24 8.43 19,347 -81,439 81,608 19,516 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 201 City of Clearwater Employees Pension Fund Security Capital as of 12/31/21 Cash & Equiv $350 1.79% Domestic Equity $19,166 98.21% Periods from 4/08 to 12/21 Alpha Beta R-Squared -0.01 0.98 0.99 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 s1 T Annualized Standard Deviation% s Security Capital 1 Wilshire RESI T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 8.24 8.43 0.57 23.62 24.07 0.24 0.32 0.33 0.00 -0.12 Asset Allocation ($000) Risk/Return Analysis 202 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 16.14 10.78 7.58 3.55 -0.55 15.57 13 17.15 3 42.25 30.54 21.80 11.98 -10.31 45.03 3 46.11 3 18.59 13.36 10.98 6.99 -13.69 17.63 9 15.97 15 22.58 16.40 9.47 6.20 -16.79 20.67 13 19.16 16 15.95 11.78 8.93 6.39 -12.25 13.01 19 12.65 22 16.45 11.28 8.98 6.45 -9.11 11.35 24 11.05 29 13.84 10.80 8.77 6.13 -7.62 10.39 34 10.47 31 14.94 10.66 9.33 5.68 -5.93 9.56 41 9.64 39 17.11 11.47 9.77 6.47 -4.00 12.26 17 12.16 17 15.06 10.95 9.86 6.57 -3.00 11.02 22 11.01 22 15.07 11.54 10.31 7.12 -1.44 11.53 25 11.64 22 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 203 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 45.03 3 46.11 3 13.35 3.37 -0.62 -6.85 -27.59 -4.59 65 -7.95 78 31.12 18.43 7.32 2.39 -19.22 26.97 14 25.79 17 25.31 9.45 5.06 -4.86 -17.90 -7.16 85 -4.80 74 24.73 11.32 7.59 3.76 -10.59 4.91 70 4.84 71 23.72 10.62 8.20 3.42 -14.98 5.71 65 7.62 54 32.18 15.82 10.97 2.40 -21.34 4.70 66 4.81 66 35.45 20.18 13.29 8.71 -11.08 33.13 8 31.53 10 30.84 14.92 10.19 2.99 -6.88 1.60 84 2.15 81 34.81 17.65 11.68 5.64 -7.11 16.22 29 17.55 25 -30% -20% -10% 0% 10% 20% 30% 40% 50% s1 s 1 s1 s1 s1 s1 s1 s1 s1 s1 204 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 s 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 20.67 13 20.39 86 19.16 16 22.83 95 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 s 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 11.35 24 17.78 91 11.05 29 19.26 97 8.98 6.23 205 City of Clearwater Employees Pension Fund December 31, 2021 Calendar Year Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 45.03 3 46.11 3 13.35 3.37 -0.62 -6.85 -27.59 -4.59 65 -7.95 78 31.12 18.43 7.32 2.39 -19.22 26.97 14 25.79 17 25.31 9.45 5.06 -4.86 -17.90 -7.16 85 -4.80 74 24.73 11.32 7.59 3.76 -10.59 4.91 70 4.84 71 23.72 10.62 8.20 3.42 -14.98 5.71 65 7.62 54 32.18 15.82 10.97 2.40 -21.34 4.70 66 4.81 66 35.45 20.18 13.29 8.71 -11.08 33.13 8 31.53 10 30.84 14.92 10.19 2.99 -6.88 1.60 84 2.15 81 34.81 17.65 11.68 5.64 -7.11 16.22 29 17.55 25 -30% -20% -10% 0% 10% 20% 30% 40% 50% s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 15.57 13 17.15 3 42.25 30.54 21.80 11.98 -10.31 45.03 3 46.11 3 18.59 13.36 10.98 6.99 -13.69 17.63 9 15.97 15 22.58 16.40 9.47 6.20 -16.79 20.67 13 19.16 16 15.95 11.78 8.93 6.39 -12.25 13.01 19 12.65 22 16.45 11.28 8.98 6.45 -9.11 11.35 24 11.05 29 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% s 1 s 1 s 1 s 1 s 1 s 1 206 City of Clearwater Employees Pension Fund Risk Measure Summary Security Capital Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.98 0.50 1.73 15.57 45.03 45.03 12.75 0.96 0.17 0.98 3.53 46.77 2.69 -0.33 0 4 1.64 17.15 46.11 46.11 13.16 3.50 1 11 0.94 0.77 0.33 -21.73 15.57 -13.90 45.03 20.39 0.89 0.71 0.99 0.96 22.07 3.39 0.20 2 10 -25.73 17.15 -19.47 46.11 22.83 0.80 4 16 0.94 0.88 0.30 -21.73 15.57 -13.90 45.03 17.78 0.92 0.23 0.98 0.57 11.13 2.83 -0.03 4 16 -25.73 17.15 -19.47 46.11 19.26 0.51 16 38 0.96 0.97 0.35 -37.93 33.98 -45.85 118.01 24.70 0.98 -0.01 0.99 0.35 8.94 2.40 -0.12 16 38 -40.40 35.93 -45.65 115.40 25.10 0.36 207 City of Clearwater Employees Pension Fund USAA as of 12/31/21 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 11.30 7.97 13,143 -164 1,467 14,446 18.42 22.18 12,818 -640 2,268 14,446 18.42 22.18 12,818 -640 2,268 14,446 11.65 9.20 11,757 -1,877 4,565 14,446 10.16 8.71 10,850 -2,973 6,569 14,446 10.38 9.18 5,000 1,461 7,984 14,446 Portfolio Performance (%) 208 City of Clearwater Employees Pension Fund USAA as of 12/31/21 Real Estate $14,446 100.00% Periods from 6/15 to 12/21 Alpha Beta R-Squared 0.87 0.71 0.29 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 u 1 T Annualized Standard Deviation% u USAA 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.38 9.18 0.94 4.87 3.64 0.46 1.94 2.26 0.00 0.24 Asset Allocation ($000) Risk/Return Analysis 209 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years 16.14 10.78 7.58 3.55 -0.55 11.30 24 7.97 49 42.25 30.54 21.80 11.98 -10.31 18.42 67 22.18 44 18.59 13.36 10.98 6.99 -13.69 14.71 20 11.18 45 22.58 16.40 9.47 6.20 -16.79 11.65 32 9.20 55 15.95 11.78 8.93 6.39 -12.25 10.38 35 8.99 48 16.45 11.28 8.98 6.45 -9.11 10.16 38 8.71 54 13.84 10.80 8.77 6.13 -7.62 10.52 29 8.72 54 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% u 1 u 1 u 1 u 1 u 1 u 1 u 1 210 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 2021 2020 2019 2018 2017 2016 42.25 30.54 21.80 11.98 -10.31 18.42 67 22.18 44 13.35 3.37 -0.62 -6.85 -27.59 11.12 6 1.18 38 31.12 18.43 7.32 2.39 -19.22 5.78 62 5.34 64 25.31 9.45 5.06 -4.86 -17.90 6.65 44 8.35 32 24.73 11.32 7.59 3.76 -10.59 9.30 34 7.62 49 23.72 10.62 8.20 3.42 -14.98 12.34 19 8.76 42 -30% -20% -10% 0% 10% 20% 30% 40% 50% u 1 u 1 u 1 u 1 u 1 u 1 211 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 u1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank u USAA 1 NCREIF ODCE Fund Index Median 10.16 38 5.27 43 8.71 54 4.09 18 8.98 6.23 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 u1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank u USAA 1 NCREIF ODCE Fund Index Median 10.16 38 5.27 43 8.71 54 4.09 18 8.98 6.23 212 City of Clearwater Employees Pension Fund Risk Measure Summary USAA Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.83 0.50 1.39 11.30 18.42 18.42 9.32 0.95 -0.49 0.50 1.97 19.43 7.45 -0.44 0 4 2.11 7.97 22.18 22.18 5.28 4.19 1 11 1.13 -1.03 0.50 -0.15 11.30 5.56 18.42 6.65 0.74 1.11 0.35 1.60 14.44 5.93 0.37 1 11 -1.56 7.97 1.18 22.18 5.35 1.54 1 19 1.08 -1.03 0.50 -0.15 11.30 2.70 18.42 5.27 0.75 0.81 0.34 1.71 12.02 4.69 0.28 1 19 -1.56 7.97 1.18 22.18 4.09 1.85 1 25 1.07 -1.03 0.50 -0.15 11.30 2.70 18.42 4.87 0.71 0.87 0.29 1.94 13.27 4.50 0.24 1 25 -1.56 7.97 1.18 22.18 3.64 2.26 213 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/21 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 6.74 7.97 58,274 0 3,926 62,200 19.74 22.18 51,944 0 10,256 62,200 19.74 22.18 51,944 0 10,256 62,200 7.65 9.20 49,864 0 12,337 62,200 7.14 8.71 44,062 0 18,138 62,200 8.42 10.45 23,665 5,000 33,536 62,200 9.07 11.16 0 25,000 37,200 62,200 Portfolio Performance (%) 214 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 12/31/21 Real Estate $62,200 100.00% Periods from 9/10 to 12/21 Alpha Beta R-Squared -0.29 0.92 0.88 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 M 1 T Annualized Standard Deviation% M Multi Employer Property 1 NCREIF ODCE T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.07 11.16 0.57 3.10 3.09 0.41 2.74 3.43 0.00 -1.66 Asset Allocation ($000) Risk/Return Analysis 215 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 16.14 10.78 7.58 3.55 -0.55 6.74 60 7.97 49 42.25 30.54 21.80 11.98 -10.31 19.74 64 22.18 44 18.59 13.36 10.98 6.99 -13.69 9.70 62 11.18 45 22.58 16.40 9.47 6.20 -16.79 7.65 72 9.20 55 15.95 11.78 8.93 6.39 -12.25 7.54 70 8.99 48 16.45 11.28 8.98 6.45 -9.11 7.14 72 8.71 54 13.84 10.80 8.77 6.13 -7.62 7.28 71 8.72 54 14.94 10.66 9.33 5.68 -5.93 7.95 66 9.60 40 17.11 11.47 9.77 6.47 -4.00 8.47 64 9.96 37 15.06 10.95 9.86 6.57 -3.00 8.84 63 10.39 32 15.07 11.54 10.31 7.12 -1.44 8.42 68 10.45 39 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% MO MO MO MO MO MO MO MO MO MO MO 216 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 19.74 64 22.18 44 13.35 3.37 -0.62 -6.85 -27.59 0.49 45 1.18 38 31.12 18.43 7.32 2.39 -19.22 3.66 71 5.34 64 25.31 9.45 5.06 -4.86 -17.90 7.23 42 8.35 32 24.73 11.32 7.59 3.76 -10.59 5.53 63 7.62 49 23.72 10.62 8.20 3.42 -14.98 8.02 51 8.76 42 32.18 15.82 10.97 2.40 -21.34 12.00 46 15.01 32 35.45 20.18 13.29 8.71 -11.08 12.21 56 12.49 55 30.84 14.92 10.19 2.99 -6.88 11.83 40 13.94 30 34.81 17.65 11.68 5.64 -7.11 4.70 78 10.94 55 -30% -20% -10% 0% 10% 20% 30% 40% 50% MO MO MO MO MO MO MO MO MO M O 217 City of Clearwater Employees Pension Fund December 31, 2021 Calendar Year Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank 1 NCREIF ODCE Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 19.74 64 22.18 44 13.35 3.37 -0.62 -6.85 -27.59 0.49 45 1.18 38 31.12 18.43 7.32 2.39 -19.22 3.66 71 5.34 64 25.31 9.45 5.06 -4.86 -17.90 7.23 42 8.35 32 24.73 11.32 7.59 3.76 -10.59 5.53 63 7.62 49 23.72 10.62 8.20 3.42 -14.98 8.02 51 8.76 42 32.18 15.82 10.97 2.40 -21.34 12.00 46 15.01 32 35.45 20.18 13.29 8.71 -11.08 12.21 56 12.49 55 30.84 14.92 10.19 2.99 -6.88 11.83 40 13.94 30 34.81 17.65 11.68 5.64 -7.11 4.70 78 10.94 55 -30% -20% -10% 0% 10% 20% 30% 40% 50% M1 M1 M1 M1 M1 M1 M1 M1 M1 M 1 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank 1 NCREIF ODCE Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 6.74 60 7.97 49 42.25 30.54 21.80 11.98 -10.31 19.74 64 22.18 44 18.59 13.36 10.98 6.99 -13.69 9.70 62 11.18 45 22.58 16.40 9.47 6.20 -16.79 7.65 72 9.20 55 15.95 11.78 8.93 6.39 -12.25 7.54 70 8.99 48 16.45 11.28 8.98 6.45 -9.11 7.14 72 8.71 54 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M 1 M 1 M 1 M 1 218 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 7.65 72 5.21 25 9.20 55 5.35 29 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 7.14 72 4.00 13 8.71 54 4.09 18 8.98 6.23 219 City of Clearwater Employees Pension Fund Risk Measure Summary Multi Employer Property Trust Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.89 0.25 1.60 6.74 19.74 19.74 4.71 0.89 0.04 0.99 4.18 22.14 1.03 -2.05 0 4 2.11 7.97 22.18 22.18 5.28 4.19 1 11 0.89 1.79 0.33 -2.80 6.74 0.11 19.74 5.21 0.94 -0.25 0.95 1.28 7.06 1.19 -1.23 1 11 -1.56 7.97 1.18 22.18 5.35 1.54 1 19 0.86 1.79 0.25 -2.80 6.74 0.11 19.74 4.00 0.94 -0.26 0.95 1.50 6.37 0.96 -1.54 1 19 -1.56 7.97 1.18 22.18 4.09 1.85 2 43 0.83 1.79 0.18 -2.80 6.74 0.11 19.74 3.10 0.92 -0.29 0.88 2.74 9.20 1.17 -1.66 1 44 -1.56 7.97 1.18 22.18 3.09 3.43 220 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/21 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 4.56 6,159 -132 0 6,027 6.70 9.17 6,612 -1,426 841 6,027 6.70 9.17 6,612 -1,426 841 6,027 2.25 3.69 7,170 -1,995 852 6,027 1.58 3.58 7,729 -2,641 939 6,027 3.74 5.30 2,874 179 2,974 6,027 3.97 5.06 111 2,987 2,929 6,027 Portfolio Performance (%) 221 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 12/31/21 Real Estate $6,027 100.00% Periods from 6/11 to 12/21 Alpha Beta R-Squared 0.14 0.50 0.17 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund II 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 3.97 5.06 0.60 4.50 3.69 0.25 0.75 1.21 0.00 -0.42 Asset Allocation ($000) Risk/Return Analysis 222 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 6.70 83 9.17 80 18.59 13.36 10.98 6.99 -13.69 4.17 81 4.91 78 22.58 16.40 9.47 6.20 -16.79 2.25 81 3.69 80 16.45 11.28 8.98 6.45 -9.11 1.58 83 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M 1 M 1 M 1 223 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 6.70 83 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 1.70 31 0.81 42 31.12 18.43 7.32 2.39 -19.22 -1.48 84 1.29 77 25.31 9.45 5.06 -4.86 -17.90 1.93 55 3.21 53 24.73 11.32 7.59 3.76 -10.59 -0.75 86 3.63 75 23.72 10.62 8.20 3.42 -14.98 3.30 75 2.59 78 32.18 15.82 10.97 2.40 -21.34 4.03 69 4.97 65 35.45 20.18 13.29 8.71 -11.08 7.02 78 10.50 67 30.84 14.92 10.19 2.99 -6.88 15.16 24 9.68 51 34.81 17.65 11.68 5.64 -7.11 0.77 86 7.75 70 -30% -20% -10% 0% 10% 20% 30% 40% 50% M1 M1 M1 M1 M 1 M1 M1 M 1 M 1 M 1 224 City of Clearwater Employees Pension Fund December 31, 2021 Calendar Year Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 42.25 30.54 21.80 11.98 -10.31 6.70 83 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 1.70 31 0.81 42 31.12 18.43 7.32 2.39 -19.22 -1.48 84 1.29 77 25.31 9.45 5.06 -4.86 -17.90 1.93 55 3.21 53 24.73 11.32 7.59 3.76 -10.59 -0.75 86 3.63 75 23.72 10.62 8.20 3.42 -14.98 3.30 75 2.59 78 32.18 15.82 10.97 2.40 -21.34 4.03 69 4.97 65 35.45 20.18 13.29 8.71 -11.08 7.02 78 10.50 67 30.84 14.92 10.19 2.99 -6.88 15.16 24 9.68 51 34.81 17.65 11.68 5.64 -7.11 0.77 86 7.75 70 -30% -20% -10% 0% 10% 20% 30% 40% 50% M1 M1 M1 M1 M 1 M1 M1 M1 M 1 M 1 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 6.70 83 9.17 80 18.59 13.36 10.98 6.99 -13.69 4.17 81 4.91 78 22.58 16.40 9.47 6.20 -16.79 2.25 81 3.69 80 15.95 11.78 8.93 6.39 -12.25 2.17 82 3.57 80 16.45 11.28 8.98 6.45 -9.11 1.58 83 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M 1 M 1 M 1 M 1 225 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 2.25 81 3.32 12 3.69 80 2.64 8 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 1.58 83 2.84 4 3.58 82 2.05 3 8.98 6.23 226 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund III Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.73 0.50 0.00 4.22 6.70 6.70 3.66 0.01 1.60 0.00 1.82 445.09 5.76 -0.42 0 4 0.76 4.56 9.17 9.17 3.26 2.80 1 11 0.91 79.25 0.50 -3.17 4.22 -1.57 6.70 3.32 0.42 0.04 0.12 0.38 2.97 3.74 -0.39 1 11 -0.04 4.56 0.19 9.17 2.64 1.02 2 18 0.62 79.25 0.40 -3.17 4.22 -1.57 6.70 2.84 0.34 -0.09 0.07 0.15 1.28 3.26 -0.61 1 19 -0.04 4.56 0.19 9.17 2.05 1.19 9 33 0.74 6.72 0.38 -3.17 7.86 -2.71 16.17 3.88 0.50 0.14 0.17 0.71 5.47 3.99 -0.42 3 39 -0.35 6.02 0.19 10.64 3.09 1.44 227 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/21 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 4.56 3,853 -30 0 3,823 0.55 9.17 4,186 -136 -228 3,823 0.55 9.17 4,186 -136 -228 3,823 0.75 3.69 4,416 -442 -152 3,823 0.43 3.58 4,247 -261 -164 3,823 -0.34 3.58 118 3,777 -72 3,823 Portfolio Performance (%) 228 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 12/31/21 Real Estate $3,823 100.00% Periods from 9/15 to 12/21 Alpha Beta R-Squared -0.20 0.20 0.03 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund IV 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio -0.34 3.58 0.97 3.33 2.40 0.27 -0.39 1.09 0.00 -0.99 Asset Allocation ($000) Risk/Return Analysis 229 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Return Rank 1 NCREIF Timberland Index Return Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 0.55 89 9.17 80 18.59 13.36 10.98 6.99 -13.69 0.37 85 4.91 78 22.58 16.40 9.47 6.20 -16.79 0.75 82 3.69 80 16.45 11.28 8.98 6.45 -9.11 0.43 85 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M 1 M 1 M 1 230 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 42.25 30.54 21.80 11.98 -10.31 0.55 89 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 0.18 47 0.81 42 31.12 18.43 7.32 2.39 -19.22 1.53 76 1.29 77 25.31 9.45 5.06 -4.86 -17.90 -2.88 64 3.21 53 24.73 11.32 7.59 3.76 -10.59 2.83 77 3.63 75 23.72 10.62 8.20 3.42 -14.98 3.34 75 2.59 78 -30% -20% -10% 0% 10% 20% 30% 40% 50% M 1 M 1 M 1 M 1 M 1 M 1 231 City of Clearwater Employees Pension Fund December 31, 2021 Calendar Year Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 42.25 30.54 21.80 11.98 -10.31 0.55 89 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 0.18 47 0.81 42 31.12 18.43 7.32 2.39 -19.22 1.53 76 1.29 77 25.31 9.45 5.06 -4.86 -17.90 -2.88 64 3.21 53 24.73 11.32 7.59 3.76 -10.59 2.83 77 3.63 75 23.72 10.62 8.20 3.42 -14.98 3.34 75 2.59 78 -30% -20% -10% 0% 10% 20% 30% 40% 50% M 1 M 1 M 1 M 1 M 1 M 1 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 0.55 89 9.17 80 18.59 13.36 10.98 6.99 -13.69 0.37 85 4.91 78 22.58 16.40 9.47 6.20 -16.79 0.75 82 3.69 80 15.95 11.78 8.93 6.39 -12.25 -0.17 84 3.57 80 16.45 11.28 8.98 6.45 -9.11 0.43 85 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M 1 M 1 M 1 M 1 M 1 M 1 232 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund IV 1 NCREIF Timberland Index Median 0.75 82 0.86 6 3.69 80 2.64 8 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund IV 1 NCREIF Timberland Index Median 0.43 85 1.76 3 3.58 82 2.05 3 8.98 6.23 233 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund IV Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.06 0.00 0.00 0.38 0.55 0.55 0.36 0.00 0.12 0.00 1.40 168.89 3.39 -2.40 0 4 0.76 4.56 9.17 9.17 3.26 2.80 3 9 0.25 13.90 0.25 -0.56 0.88 -0.37 1.53 0.86 0.10 -0.12 0.09 -0.28 -2.50 2.78 -1.05 1 11 -0.04 4.56 0.19 9.17 2.64 1.02 6 14 0.15 13.90 0.25 -2.92 1.71 -2.88 2.83 1.76 0.19 -0.29 0.05 -0.41 -3.85 2.62 -1.19 1 19 -0.04 4.56 0.19 9.17 2.05 1.19 9 16 0.23 3.66 0.24 -2.92 3.95 -2.88 5.09 2.31 0.20 -0.20 0.03 -0.14 -1.66 2.93 -0.99 2 23 -0.26 4.56 0.19 9.17 1.93 1.35 234 City of Clearwater Employees Pension Fund Hancock as of 12/31/21 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 4.56 7,333 -117 0 7,216 1.23 9.17 7,316 -328 228 7,216 1.23 9.17 7,316 -328 228 7,216 0.97 3.69 8,354 -1,521 384 7,216 1.41 3.58 8,405 -1,915 726 7,216 3.86 5.50 1,263 3,941 2,012 7,216 Portfolio Performance (%) 235 City of Clearwater Employees Pension Fund Hancock as of 12/31/21 Real Estate $7,216 100.00% Periods from 5/12 to 12/21 Alpha Beta R-Squared -0.61 1.17 0.49 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 H 1 T Annualized Standard Deviation% H Hancock 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 3.86 5.50 0.65 5.75 3.84 0.25 0.56 1.26 0.00 -0.42 Asset Allocation ($000) Risk/Return Analysis 236 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 1.23 88 9.17 80 18.59 13.36 10.98 6.99 -13.69 -0.48 85 4.91 78 22.58 16.40 9.47 6.20 -16.79 0.97 82 3.69 80 16.45 11.28 8.98 6.45 -9.11 1.41 83 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% H 1 H 1 H 1 H 1 H 1 237 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 42.25 30.54 21.80 11.98 -10.31 1.23 88 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 -2.16 54 0.81 42 31.12 18.43 7.32 2.39 -19.22 3.95 70 1.29 77 25.31 9.45 5.06 -4.86 -17.90 2.93 54 3.21 53 24.73 11.32 7.59 3.76 -10.59 1.24 82 3.63 75 23.72 10.62 8.20 3.42 -14.98 2.64 77 2.59 78 32.18 15.82 10.97 2.40 -21.34 4.51 67 4.97 65 35.45 20.18 13.29 8.71 -11.08 4.58 83 10.50 67 30.84 14.92 10.19 2.99 -6.88 8.91 54 9.68 51 -30% -20% -10% 0% 10% 20% 30% 40% 50% H 1 H 1 H1 H1 H1 H1 H 1 H 1 H1 238 City of Clearwater Employees Pension Fund December 31, 2021 Calendar Year Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 2021 2020 2019 2018 2017 2016 2015 2014 2013 42.25 30.54 21.80 11.98 -10.31 1.23 88 9.17 80 13.35 3.37 -0.62 -6.85 -27.59 -2.16 54 0.81 42 31.12 18.43 7.32 2.39 -19.22 3.95 70 1.29 77 25.31 9.45 5.06 -4.86 -17.90 2.93 54 3.21 53 24.73 11.32 7.59 3.76 -10.59 1.24 82 3.63 75 23.72 10.62 8.20 3.42 -14.98 2.64 77 2.59 78 32.18 15.82 10.97 2.40 -21.34 4.51 67 4.97 65 35.45 20.18 13.29 8.71 -11.08 4.58 83 10.50 67 30.84 14.92 10.19 2.99 -6.88 8.91 54 9.68 51 -30% -20% -10% 0% 10% 20% 30% 40% 50% H 1 H1 H1 H1 H1 H1 H1 H 1 H1 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 0.00 90 4.56 71 42.25 30.54 21.80 11.98 -10.31 1.23 88 9.17 80 18.59 13.36 10.98 6.99 -13.69 -0.48 85 4.91 78 22.58 16.40 9.47 6.20 -16.79 0.97 82 3.69 80 15.95 11.78 8.93 6.39 -12.25 1.46 82 3.57 80 16.45 11.28 8.98 6.45 -9.11 1.41 83 3.58 82 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% H 1 H 1 H 1 H 1 H 1 H 1 239 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 0.97 82 2.85 9 3.69 80 2.64 8 9.47 6.85 Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 H 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 1.41 83 2.63 3 3.58 82 2.05 3 8.98 6.23 240 City of Clearwater Employees Pension Fund Risk Measure Summary Hancock Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.13 0.00 0.00 0.51 1.23 1.23 0.45 -0.03 0.36 0.05 2.62 -39.84 3.69 -2.04 0 4 0.76 4.56 9.17 9.17 3.26 2.80 4 8 -0.12 -108.81 0.17 -1.78 4.35 -2.16 3.95 2.85 -0.01 0.01 0.00 -0.01 2.08 4.06 -0.67 1 11 -0.04 4.56 0.19 9.17 2.64 1.02 10 10 0.15 -108.81 0.20 -1.78 4.35 -2.16 3.95 2.63 0.00 0.07 0.00 0.10 84.41 3.40 -0.63 1 19 -0.04 4.56 0.19 9.17 2.05 1.19 21 17 0.61 -12.81 0.21 -1.83 11.90 -2.16 12.16 5.57 1.17 -0.59 0.49 0.56 2.67 4.05 -0.40 2 36 -0.26 6.02 0.19 10.64 3.18 1.52 241 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/21 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P.MSCI World (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P. MSCI World (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 3.66 7.76 50,574 0 1,852 52,426 17.75 21.81 44,525 0 7,901 52,426 17.75 21.81 44,525 0 7,901 52,426 11.54 21.70 37,782 0 14,644 52,426 14.04 13.86 30,000 0 22,426 52,426 Portfolio Performance (%) 242 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 12/31/21 Real Estate $52,426 100.00% Periods from 9/17 to 12/21 Alpha Beta R-Squared 2.63 0.13 0.18 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 I 1 T Annualized Standard Deviation% I IFM Global Infrastructur 1 MSCI World (Net) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 14.04 13.86 1.21 6.94 16.24 0.30 1.85 0.78 0.00 -0.17 Asset Allocation ($000) Risk/Return Analysis 243 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years 16.14 10.78 7.58 3.55 -0.55 3.66 74 7.76 49 42.25 30.54 21.80 11.98 -10.31 17.75 68 21.81 49 18.59 13.36 10.98 6.99 -13.69 10.03 61 18.82 4 22.58 16.40 9.47 6.20 -16.79 11.54 32 21.70 11 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% I 1 I 1 I 1 I 1 244 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank 2021 2020 2019 2018 42.25 30.54 21.80 11.98 -10.31 17.75 68 21.81 49 13.35 3.37 -0.62 -6.85 -27.59 2.83 27 15.90 2 31.12 18.43 7.32 2.39 -19.22 14.61 29 27.67 12 25.31 9.45 5.06 -4.86 -17.90 18.17 7 -8.71 89 -30% -20% -10% 0% 10% 20% 30% 40% 50% I 1 I 1 I 1 I 1 245 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 I 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 12/31/21 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I IFM Global Infrastructure (US) L.P. 1 MSCI World (Net) Median 11.54 32 5.31 29 21.70 11 20.00 83 9.47 6.85 246 City of Clearwater Employees Pension Fund Risk Measure Summary IFM Global Infrastructure (US) L.P. Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.56 -700.69 0.25 1.69 6.49 17.75 17.75 4.06 0.35 2.41 0.27 4.36 51.15 8.12 -0.48 1 3 -0.01 7.76 21.81 21.81 7.32 2.97 1 11 0.35 -0.04 0.25 -3.94 6.49 2.83 18.03 5.31 0.17 1.64 0.38 1.99 61.03 17.46 -0.67 2 10 -21.05 19.36 -10.39 54.03 20.00 1.04 1 16 0.44 -0.34 0.41 -3.94 7.11 2.83 22.41 5.47 0.13 2.63 0.18 2.35 100.43 17.77 -0.17 4 13 -21.05 19.36 -10.39 54.03 19.15 0.66 247 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/21 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 6.60 7.97 15,967 0 1,054 17,020 20.02 22.18 14,181 -32 2,871 17,020 20.02 22.18 14,181 -32 2,871 17,020 9.41 9.20 12,996 -32 4,056 17,020 9.15 8.71 11,081 -127 6,067 17,020 9.41 8.72 5,708 4,172 7,140 17,020 Portfolio Performance (%) 248 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 12/31/21 Real Estate $17,020 100.00% Periods from 12/15 to 12/21 Alpha Beta R-Squared 0.53 0.80 0.77 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 u1 T Annualized Standard Deviation% u U.S. Real Estate Investm 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.41 8.72 1.01 5.01 5.07 0.27 1.68 1.52 0.00 0.33 Asset Allocation ($000) Risk/Return Analysis 249 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 12/21 High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 16.14 10.78 7.58 3.55 -0.55 6.60 60 7.97 49 42.25 30.54 21.80 11.98 -10.31 20.02 64 22.18 44 18.59 13.36 10.98 6.99 -13.69 10.06 61 11.18 45 22.58 16.40 9.47 6.20 -16.79 9.41 50 9.20 55 16.45 11.28 8.98 6.45 -9.11 9.15 43 8.71 54 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% u 1 u 1 u 1 u 1 u 1 250 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December 5 High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 2021 2020 2019 2018 2017 2016 42.25 30.54 21.80 11.98 -10.31 20.02 64 22.18 44 13.35 3.37 -0.62 -6.85 -27.59 0.94 41 1.18 38 31.12 18.43 7.32 2.39 -19.22 8.11 46 5.34 64 25.31 9.45 5.06 -4.86 -17.90 9.16 27 8.35 32 24.73 11.32 7.59 3.76 -10.59 8.36 42 7.62 49 23.72 10.62 8.20 3.42 -14.98 10.72 24 8.76 42 -30% -20% -10% 0% 10% 20% 30% 40% 50% u 1 u 1 u 1 u 1 u 1 u 1 251 City of Clearwater Employees Pension Fund Risk Measure Summary U.S. Real Estate Investment Fund Quarterly Periods Ending 12/31/21 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.91 0.50 2.29 6.60 20.27 20.27 3.73 0.82 0.51 0.97 5.43 24.70 1.77 -0.96 0 4 2.11 7.97 22.18 22.18 5.28 4.19 1 11 0.98 0.15 0.67 -0.24 6.60 0.94 20.27 4.40 0.80 0.45 0.92 1.93 10.57 1.78 0.12 1 11 -1.56 7.97 1.18 22.18 5.35 1.54 1 19 1.02 0.15 0.70 -0.24 6.60 0.94 20.27 3.42 0.81 0.46 0.90 2.36 9.98 1.45 0.29 1 19 -1.56 7.97 1.18 22.18 4.09 1.85 1 23 1.05 0.15 0.67 -0.24 6.60 0.94 20.27 3.38 0.81 0.53 0.77 2.50 10.44 1.89 0.35 1 23 -1.56 7.97 1.18 22.18 3.71 2.08 252 REPORT EXPLANATIONS Executive Summary The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, and relative to the investment policy. These statistics are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Time Weighted Return: This statistic demonstrates a measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by the size and timing of cash flows, it is used to compare the returns of investment managers. Dollar Weighted Return: This demonstrates the rate of return for an asset or portfolio of assets. It is calculated by finding the rate of return that will set the present values of all cash flows and terminal values equal to the value of the initial investment. The dollar weighted rate of return incorporates the size and timing of cash flows and is equivalent to the internal rate of return (IRR). Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The methodology utilized segregates the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to that of the policy is the up market capture ratio. The ratio of the fund's return in down markets to that of the policy is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio and a smaller down market capture ratio. 253 Risk Measures The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages illustrate the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. # Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero. The number of positive quarters is the number of quarterly returns which were greater or equal to zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten the policy and the percent of the quarters the policy has outperformed the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusted for beta. A higher alpha indicates a higher risk adjusted return. R-squared measures the relationship between the policy and the fund. A high r squared means the returns of the fund can largely be explained by movements of the policy. A higher r-squared indicates a more reliable alpha and beta. R-squared may range from 0 to 100. Beta, alpha and r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha. Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more return for the level of risk that was experienced. Tracking Error/Information Ratio: Tracking error is a measure of how closely a portfolio follows the index to which it is benchmarked, or a measure of the deviation from the benchmark. Dividing portfolio return by portfolio tracking error gives the information ratio, which is a risk adjusted performance metric. 254 Quarterly Comparison Analysis ($) This report shows the performance, in dollars, of the fund relative to the objectives. The purpose is to show a hypothetical value that reflects what the account would be worth if it had instead invested in each objective. The column titled "Portfolio" shows the actual values in the portfolio at the end of the quarter. The amount shown for the first date is the same for each objective as that of the fund. This is the amount assumed to be invested in each objective. All other values for the objectives are based on reinvesting the preceding amount, earning the return of the objective, and adjusting for contributions or withdrawals to the fund. A positive difference between the fund and an objective represents the additional dollars that are in the fund that would not be available if the fund had actually experienced the return of the objective. A negative difference may be thought of as the cost incurred in experiencing the actual performance instead of the objective performance. The report will show results since the inception of the fund, or quarterly results over the last five years, whichever is less. Quarterly Comparison Analysis (%) This page compares the returns of the portfolio to the returns of the investment policy and to the other investment objectives quarter by quarter for the last five years. The last row shows the returns since inception. The purpose of this page is to indicate how closely the portfolio has tracked its objectives, particularly the investment policy. If the quarterly differences are small, then the portfolio has tracked the objectives closely. Wide discrepancies suggest that the portfolio is being invested in a fashion which does not resemble the underlying objective. It is not likely a portfolio invested in stocks and/or bonds will track a fixed (e.g. 10%) rate of return, or inflation very closely. However, a portfolio invested in securities should be able to track an index comprised of similar securities. This page also provides a measure of the portfolio's ability to meet its objectives frequently. If the portfolio often outperforms the objective, then the difference column will have a preponderance of positive values. If the investment policy or the objectives have changed over time, the heading at the top of each column will only reflect the current policy and objectives, even though the quarterly returns include the alterations. Market Values and Cash Flows This page summarizes the market values, cash flows, unrealized net gain or loss and returns for the fund. Net flows refer to the contributions less the withdrawals from the fund. This page illustrates the change in market value through time, and suggests whether changes were due to contributions, withdrawals, or unrealized investment profits. 255 EQUITY INVESTMENT STYLES In an attempt to achieve diversification, investors may invest in a variety of asset classes. Different asset classes, such as small, mid, large and all capitalization, offer vastly different levels of risk and potential rewards, but so does investment style diversification. Growth and Value investments tend to go in and out of favor in a cyclical pattern. Dividing your portfolio among asset classes that do not respond to the same market environments the same way at the same time has the potential to help minimize the effects of market volatility, as well as help to maximize the chances of increased returns over time. Ideally, when investments in one class are performing poorly, the assets in another class are doing well. The gains in the latter would potentially offset the losses in the former, minimizing the overall effect on your portfolio. Note that one can diversify away much of the risks of holding a single investment, but one cannot diversify away the risks of simply being invested in the market. Equity investment managers will typically fall into a particular "Style" category, purchasing stocks with either growth or value characteristics. Understanding the intricacies of the particular equity styles allows you to combine investment managers with complementary styles more efficiently. Or, if you select a single investment style, knowledge of the style categories may help you plan for the ups and downs associated with a particular style. Below are descriptions of the different investment styles. The Core Style The philosophy behind a core investment style is to have no bias towards growth or value, only the quality of the position. Typically a core portfolio searches to buy shares in companies that an investment manager believes would perform well in all market environments. As a result, they tend to contain a mixture of both growth and value shares. The Value Style A simple way to describe value investing is that it is an approach that seeks to buy companies that offer the best value for the money. Value managers look for companies with prices that are believed to be undervalued relative to the market. Undiscovered companies or stocks that have price movements that do not correspond to the company's long-term fundamentals are generally considered to be value investments. Relative value: investment will employ a value-oriented strategy that is "diluted” in nature in comparison with the true value style. Relative value managers tend to outperform their deeper value peers during periods when growth is outperforming value, however tend to trail during market conditions that favor a deeper value posture. Relative value managers have a definite value emphasis, but often have some growth overlays in security selection. True value: investment style exhibits characteristics similar to those of the Russell 1000 Value Index. We often times refer to true value as a "plain vanilla" value investment approach. This type of portfolio will hold many of the same positions as the Russell 1000 Value Index, or positions whose characteristics in aggregate are similar to the overall characteristics of the Index. Deep value: investing is the extreme of the value-oriented styles. A deep value strategy will avoid stocks that are the latest market fad. A deep value manager will typically invest in companies or industries that are out of favor, with the anticipation that the tides will turn and the investment will pay off. Deep value managers tend to demonstrate performance volatility, as they usually outperform their less value -biased peers during periods when value is outperforming growth. The reverse takes place when growth is outperforming, the deeper value styles will generally underperform their relative and true value peers. Core GARP (Growth at a Reasonable Price) True Growth Aggressive Growth Relative Value True Value Deep Value 256 The Growth Style Investment managers who chose to implement a growth style search for companies that are growing their earnings at a rapid pace. The companies are expected to grow faster than the stock market average. A growth investor tends to aim for big gains over the long term and must be willing to withstand the ups and downs of the growth oriented market. Growth at a Reasonable Price ("GARP") investing combines the search for sustainable earnings growth with an emphasis on valuation. GARP investing reflects the desire to find companies that could be undervalued, but have solid sustainable growth potential. A GARP investment has historically been favored when the economy begins to slow because the consistent earnings of high quality companies become increasingly attractive. GARP investment managers maintain, generally speaking, that over long periods of time, stocks go up for one reason - underlying earnings growth. True Growth: A true growth portfolio will typically display characteristics similar to those of the Russell 1000 Growth Index. A manager who employs a true growth management style will purchase many of the same companies that are in the Russell 1000 Growth Index, or a portfolio of holdings whose characteristics are similar to those of the Index. They seek to purchase only companies that remain faithful to the category of a "growth" investment style. Aggressive Growth: Investment managers that seek the highest of earnings growth, regardless of valuation, are considered aggressive growth managers. They seek aggressive and sometimes emerging growth stocks, and are often dramatically overweight traditional growth-oriented sectors like Technology, for example. Which is the best style? Many investors buy into a particular investment style that experienced above- average performance results after those performance results were achieved, only to sell out of that particular style when it begins to suffer a more difficult performance run. We maintain that it is prudent for investors not only to seek out investment managers who have demonstrated consistency as it relates to people, philosophy/process and performance, but also to choose managers in whom they can maintain conviction over the long term, so as to avoid the untimely cost of switching styles. We believe that understanding the uniqueness of each investment style is key to staying the course. Source: Wells Fargo Advisors, LLC 257 City of Clearwater Employees’ PensionPlanMay 16, 2022 Calendar Year 2021 Investment Performance Total Fund 13.33% 76th percentile Benchmark 14.09% 67th percentile Minus 0.76% Calendar Year 2021 Investment Performance Domestic Equity 21.97% 66th Benchmark 28.71% 20th Minus 6.74% Calendar Year 2021 Investment Performance International Equity 13.92% 35th Benchmark 7.82% 68th Plus 6.10% Calendar Year 2021 Investment Performance Domestic Fixed Income (1.40)% 71st Benchmark (1.54)% 76th Plus 0.14% Calendar Year 2021 Investment Performance Real Estate 19.39% 66th Benchmark 38.03% 19th Minus 18.64% Calendar Year 2021 Total Fund Investment Performance Three Year Return Total Fund 16.36% 43rd Five Year Return Total Fund 12.21% 38th Ten Year Return Total Fund 10.85% 28th Individual Manager Performance Calendar 2021 NT Russell1000 LCG 29.75% 22nd NT Russell1000 LCV 25.17% 75th Eagle Capital LCV 27.60% 36th Mann. & Napier LCV 19.76% 100th Individual Manager Performance Calendar 2021 Artisan MCG 10.53% 83rd Boston Ptnrs MCV 27.34%69th Riverbridge SCG 3.44% 87th Atlanta SCV 19.89% 80th Victory Cap SCV 25.08% 61st Individual Manager Performance Calendar 2021 International: TS&W EAFE 13.34% 40th WCM EAFE 18.16% 20th DFA Emerg Mkts 5.84% 74th Individual Manager Performance Calendar 2021 Fixed Income: Dodge Cox -1.15% 61st WAMCO -1.78% 86th Individual Manager Performance Calendar 2021 Real Estate: MEPT Core 19.74% 64th USAA Core Plus 18.42% 67th U.S. Real E.Core Plus 20.02% 64th Molpus Timber 0.55% 89th Hancock Timber 1.23% 88th SEC CAP REITS 45.03% 3rd Individual Manager Performance Calendar 2021 Infrastructure: IFM Infrastructure 17.75% 68th Calendar 2021 Money Manager Changes November 2021 Terminated large-cap growth manager Voya Investment Management Transferred monies to large-cap growth manager Northern Trust Russell 1000 Index City of Clearwater Employees’ Pension Plan Questions? Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#22-0461 Agenda Date: 5/16/2022 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). SUMMARY: Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary. Staff is recommending the current plan investment rate of return assumptions of 6.5%, net of investment-related fees, as the expected annual rate of return for the current year; 6.5% for the next year; and 6.5% for all years thereafter. Page 1 City of Clearwater Printed on 5/11/2022