The URL can be used to link to this page

04/15/2024Monday, April 15, 2024 1:00 PM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda April 15, 2024Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the February 12, 2024 Pension Trustees meeting as submitted in written summation by the City Clerk. 3. Citizens to be Heard Regarding Items Not on the Agenda 4. New Business Items 4.1 Approve new hires for acceptance into the Pension Plan as listed. 4.2 Approve the following request of employees Jason Gray, Public Utilities Department, and Kevin Nurnberger, Planning and Development Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 Approve the following request of Stephen Avise, Fire Department, Heath Brenner, Fire Department, Regina Dewitt, City Attorney’s Office, Randy Foltz, Public Utilities Department, John Garakop, Solid Waste and Recycling Department, Carol McAnally, Police Department, Howard McChesney, Information Technology Department, Christian Schuele, Fire Department, and Laurie Sullivan, Library Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year that ended December 31, 2023. 4.5 Appoint an individual to the Pension Investment Committee with a term to expire April 18, 2026. 5. Old Business Items 6. Adjourn Page 2 City of Clearwater Printed on 4/8/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0240 Agenda Date: 4/15/2024 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the February 12, 2024 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 4/8/2024 Pension Trustees Meeting Minutes February 12, 2024 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, February 12, 2024 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes February 12, 2024 Page 2 City of Clearwater Roll Call Present 5 - Chair Brian Aungst Sr., Trustee Katleen Beckman, Trustee Mark Bunker, Trustee David Allbritton, and Trustee Lina Teixeira Also Present – Jennifer Poirrier – City Manager, Michael Delk – Assistant City Manager, David Margolis - City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Deputy City Clerk, and Tiffany Makras – 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 The meeting was called to order at 1:41 p.m. Chair Aungst departed Chambers at 1:41 p.m. 2. Approval of Minutes 2.1 Approve the minutes of the December 19, 2023 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Beckman moved to approve the minutes of the December 19, 2023 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. Name/Job Classification/Department Pension Eligibility Date Antoinette Alcala, Recreation Leader, Parks & Recreation 10/21/2023 Amelia Anderson, Recreation Leader, Parks & Recreation 10/21/2023 Jaclyn Gaither, Librarian, Library 10/23/2023 Sandra Aungst, Senior Staff Assistant, Finance & Budget 10/23/2023 Draft Pension Trustees Meeting Minutes February 12, 2024 Page 3 City of Clearwater Michael Bradley, Recreation Leader, Parks & Recreation 10/23/2023 Malik Morrell, Parks Service Technician, Parks & Recreation 10/23/2023 Carter Duerkop, Lead Parks Service Technician, Parks & Recreation 10/23/2023 Donald Hudenburg Jr., Parks Service Technician, Parks & Recreation 10/23/2023 Alan Isidro, Development Review Technician, Planning & Development 10/23/2023 Maria Teles, Police Officer, Police 10/23/2023 Justin Fritz, Police Officer, Police 10/23/2023 Zachary Cyr, Police Officer, Parks & Recreation 10/23/2023 Dominic Glenn, Parks Service Technician , Parks & Recreation 11/06/2023 Sarah Lamb, Development Review Technician, Planning & Development 11/06/2023 Justin Colen, Multimedia Specialist , Public Communications 11/06/2023 Ricky Shaw, Stormwater Technician, Public Works 11/06/2023 Kamrhen Simpkins, Solid Waste Worker , Solid Waste & Recycling 11/06/2023 Noah Starczewksi, Police Cadet, Police Department 11/18/2023 Taylor Hack, Survey Assistant, Public Works 11/20/2023 Brent Jones, Recreation Leader, Parks & Recreation 12/02/2023 Kelsie Juliet, Police Office Specialist, Police 12/02/2023 Juan Ospina Fajardo, Fleet Mechanic, General Services 12/04/2023 Ozell Hall, Parks Service Technician, Parks & Recreation 12/04/2023 Alyssa LoSauro, Recreation Specialist, Parks & Recreation 12/04/2023 Xavier Dominicis, Business Systems Analyst, Customer Service 12/04/2023 Trustee Teixeira 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 employees Ivan Dimitrov, Public Works Department, Timothy Grosso, General Services Department, and Mark Wing, Fire Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. Ivan Dimitrov, Engineering Division Manager, Public Works Department, was employed by the City on February 21, 2017, and his pension service credit is effective on that date. Mr. Dimitrov terminated from city employment on December 7, 2023. Timothy Grosso, Building and Maintenance Supervisor, General Services Department, was employed by the City on November 23, 1998, and his pension service credit is effective on that date. Mr. Grosso terminated from city employment on December 1, 2023. Mark Wing, Fire Administrative Chief, Fire Department, was employed by the City March 19, 2007, and his pension service credit is effective on that date. Mr. Draft Pension Trustees Meeting Minutes February 12, 2024 Page 4 City of Clearwater Wing terminated from city employment on November 9, 2023. 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 five or more years (non-hazardous duty) and ten or more years (hazardous duty) 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 (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 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed ten years of credited service; or the date on which a member has completed 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 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed ten years of credited service. Mr. Dimitrov will meet the non-hazardous duty criteria and begin collecting a pension in July of 2047. Mr. Grosso will meet the non-hazardous duty criteria and begin collecting a pension in September of 2027. 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 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Mr. Wing will meet the hazardous duty criteria and begin collecting a pension in April of 2027. Trustee Allbritton moved to approve the following request of employees Ivan Dimitrov, Public Works Department, Timothy Grosso, General Services Department, and Mark Wing, Fire Department to vest their 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 Vicky Britton, Police Department, John Murray, Solid Draft Pension Trustees Meeting Minutes February 12, 2024 Page 5 City of Clearwater Waste and Recycling Department, and Gerald Theisen, Parks and Recreation Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Vicky Britton, Personnel Payroll Technician, Police Department, was employed by the City on December 21, 2003, and her pension service credit is effective on that date. Her pension will be effective January 1, 2024. Based on an average salary of approximately $45,614.41 over the past five years, the formula for computing regular pensions and Ms. Britton’s selection of the Single Life Annuity, this pension benefit will be approximately $25,119.24 annually. John Murray, Solid Waste Equipment Operator, Solid Waste & Recycling Department, was employed by the City on September 13, 1993, and his pension service credit is effective on January 10. 1994. His pension will be effective March 1, 2024. Based on an average salary of approximately $57,815.76 over the past five years, the formula for computing regular pensions and Mr. Murray’s selection of the Single Life Annuity with the 20% partial lump sum, this pension benefit will be approximately $38,313.84 annually. Gerald Theisen, Lead Parks Service Technician, Parks & Recreation Department, was employed by the City on October 26, 1998, and his pension service credit is effective on that date. His pension will be effective January 1, 2024. Based on an average salary of approximately $52,295.28 over the past five years, the formula for computing regular pensions and Mr. Theisen’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $29,780.76 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 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed ten years of credited service; or the date on which a member has completed 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 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed ten years of credited service. Ms. Britton, Mr. Murray, and Mr. Theisen have 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 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. has met the hazardous duty criteria. Draft Pension Trustees Meeting Minutes February 12, 2024 Page 6 City of Clearwater Trustee Beckman moved to approve the following request of Vicky Britton, Police Department, John Murray, Solid Waste and Recycling Department, and Gerald Theisen, 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. 5. Adjourn The meeting adjourned at 1:42 p.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#24-0274 Agenda Date: 4/15/2024 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date William Perdue, Fleet Operations Trainer, General Services 12/18/2023 Alyssa Allen, Human Resources Analyst , Human Resources 12/18/2023 Michelle Wannike, Librarian , Library 12/18/2023 Mark Still, Code Inspector I , Planning & Development 12/18/2023 Hezekiah Swann, Solid Waste Worker I, Solid Waste & Recycling 12/18/2023 Vincent Hollingsworth, S.W. Worker I, Solid Waste & Recycling 12/18/2023 Sarah Davis, Recreation Leader I, Parks & Recreation 01/02/2024 Modesto Gonzalez, Traffic Engineering Assistant, Public Works 01/02/2024 Sam Wells, Utilities Mechanic, Public Utilities 01/02/2024 Jim Fry, Gas Operations Division Head, Gas 01/02/2024 Patricia Peterson, Librarian I, Library 01/02/2024 Isabella Patton, Library Assistant , Library 01/02/2024 Samantha Reilly, Engineering Specialist III, Public Works 01/02/2024 Lloyd Gardner, Industrial Electrician, Public Utilities 01/02/2024 Kemar Bonner, S.W. Equip. Operator, Solid Waste & Recycling 01/02/2024 Jordan Phillips, Stormwater Technician I, Public Works 01/02/2024 Delaney Rose, Librarian I, Library 01/02/2024 Steven Alejandre-Mar, Marine Facility Operator, Parks & Rec.01/02/2024 Gregory Perles, Parks Service Supervisor II, Parks & Recreation 01/02/2024 Jason Larson, Police Telecommunicator I, Police 01/02/2024 Terrell Smith, S.W. Equipment Operator, Solid Waste & Recycling 01/08/2024 Raymond Dresch, Engineering Specialist III, Public Works 01/16/2024 Annabella Hullen, Engineer II, Public Works 01/16/2024 Darrell Perry, S.W. Equipment Operator, Solid Waste & Recycling 01/16/2024 Kenneth Scherer, Water Plant Operator Trainee, Public Utilities 01/16/2024 William Bridges, Recreation Leader I, Parks & Recreation 01/16/2024 Kayla Cowart, Customer Service Rep I, Planning & Development 01/16/2024 Sarah Crowell, Librarian I, Library 01/16/2024 Michael Alberty, Utility Dispatcher I, Gas 01/16/2024 Melissa Adams, Parks Service Technician I, Parks & Recreation 01/16/2024 Dizzmond Kelly, Meter Reader I, Finance & Budget 01/16/2024 Casey O'Day, Recreation Leader I, Parks & Recreation 01/16/2024 Krista Akers, Parks Service Technician I, Parks & Recreation 01/16/2024 Page 1 City of Clearwater Printed on 4/8/2024 File Number: ID#24-0274 Julie Quattrocki, Customer Service Rep I, Utility Customer Service 01/16/2024 Tracy Boone, Payroll Technician I, Police 01/16/2024 Christopher Corrales, Police Cadet, Police 01/16/2024 Peter Mullady, Police Cadet, Police 01/16/2024 Terry Winthrop, Police Cadet, Police 01/13/2024 Erin McHenry, Police Cadet, Police 01/13/2024 Madison Booth, Police Cadet, Police 01/13/2024 Kenneth Scherer, Water Plant Operator Trainee, Public Utilities 01/29/2024 Seanna White, Crime Analyst I, Police 01/29/2024 Scott Selover, Parks Service Technician I, Parks & Recreation 01/29/2024 Donna Groce, Accounting Technician I, Library 01/29/2024 Deandre Lane, Parks Service Technician I, Parks & Recreation 01/29/2024 Elizabeth Ponga, Police Telecommunicator I, Police 01/29/2024 Anthony Medina, Police Telecommunicator I, Police 01/29/2024 Brian Rautmann, Parking, Facility & Security Aide, Public Works 01/29/2024 Richard Hartman, Transportation Planner, Planning & Dev.01/29/2024 Michael Gunnin, Wastewater Collection Tech. I, Public Utilities 01/29/2024 Misty Autery, Administrative Assistant , Public Utilities 01/29/2024 William McCoy, S.W. Equipment Oper., Solid Waste & Recycling 01/29/2024 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 4/8/2024 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: February 22, 2023, Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date William Perdue Fleet Operations Trainer General Services 12/18/2023 Alyssa Allen Human Resources Analyst Human Resources 12/18/2023 Michelle Wannike Librarian Library 12/18/2023 Mark Still Code Inspector I Planning & Development 12/18/2023 Hezekiah Swann Solid Waste Worker I Solid Waste & Recycling 12/18/2023 Vincent Hollingsworth Solid Waste Worker I Solid Waste & Recycling 12/18/2023 Sarah Davis Recreation Leader I Parks & Recreation 01/02/2024 Modesto Gonzalez Traffic Engineering Assistant Public Works 01/02/2024 Sam Wells Utilities Mechanic Public Utilities 01/02/2024 Patricia Peterson Librarian I Library 01/02/2024 Isabella Patton Library Assistant Library 01/02/2024 Samantha Reilly Engineering Specialist III Public Works 01/02/2024 Lloyd Gardner Industrial Electrician Public Utilities 01/02/2024 Kemar Bonner Solid Waste Equipment Operator Solid Waste & Recycling 01/02/2024 Jordan Phillips Stormwater Technician I Public Works 01/02/2024 Delaney Rose Librarian I Library 01/02/2024 Steven Alejandre-Mar Marine Facility Operator Parks & Recreation 01/02/2024 Gregory Perles Parks Service Supervisor II Parks & Recreation 01/02/2024 Jason Larson Police Telecommunicator I Police 01/02/2024 Terrell Smith Solid Waste Equipment Operator Solid Waste & Recycling 01/08/2024 Raymond Dresch Engineering Specialist III Public Works 01/16/2024 Annabella Hullen Engineer II Public Works 01/16/2024 Darrell Perry Solid Waste Equipment Operator Solid Waste & Recycling 01/16/2024 Kenneth Scherer Water Plant Operator Trainee Public Utilities 01/16/2024 William Bridges Recreation Leader I Parks & Recreation 01/16/2024 Kayla Cowart Customer Service Rep I Planning & Development 01/16/2024 Sarah Crowell Librarian I Library 01/16/2024 Michael Alberty Utility Dispatcher I Gas 01/16/2024 Melissa Adams Parks Service Technician I Parks & Recreation 01/16/2024 Dizzmond Kelly Meter Reader I Finance & Budget 01/16/2024 Casey O'Day Recreation Leader I Parks & Recreation 01/16/2024 Krista Akers Parks Service Technician I Parks & Recreation 01/16/2024 Julie Quattrocki Customer Service Rep I Utility Customer Service 01/16/2024 Tracy Boone Payroll Technician I Police 01/16/2024 Christopher Corrales Police Cadet Police 01/16/2024 Peter Mullady Police Cadet Police 01/16/2024 Terry Winthrop Police Cadet Police 01/13/2024 Erin McHenry Police Cadet Police 01/13/2024 Madison Booth Police Cadet Police 01/13/2024 Kenneth Scherer Water Plant Operator Trainee Public Utilities 01/29/2024 Seanna White Crime Analyst I Police 01/29/2024 Scott Selover Parks Service Technician I Parks & Recreation 01/29/2024 Donna Groce Accounting Technician I Library 01/29/2024 Deandre Lane Parks Service Technician I Parks & Recreation 01/29/2024 Elizabeth Ponga Police Telecommunicator I Police 01/29/2024 Anthony Medina Police Telecommunicator I Police 01/29/2024 Brian Rautmann Parking, Facility & Security Aide Public Works 01/29/2024 Richard Hartman Transportation Planner Planning & Development 01/29/2024 Michael Gunnin Wastewater Collection Technician I Public Utilities 01/29/2024 Misty Autery Administrative Assistant Public Utilities 01/29/2024 William McCoy Solid Waste Equipment Operator Solid Waste & Recycling 01/29/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0275 Agenda Date: 4/15/2024 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employees Jason Gray, Public Utilities Department, and Kevin Nurnberger, Planning and Development Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Jason Gray, Water Distribution Supervisor I, Public Utilities Department, was employed by the City on November 18, 2002, and his pension service credit is effective on that date. Mr. Gray terminated from city employment on February 2, 2024. Kevin Nurnberger, Senior Planner, Planning and Development Department, was employed by the City on October 18, 2010, and his pension service credit is effective on that date. Mr. Nurnberger terminated from city employment on September 5, 2023. 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 five or more years (non-hazardous duty) and ten or more years (hazardous duty) 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 (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 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed ten years of credited service; or the date on which a member has completed 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 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed ten years of credited service. Mr. Gray will meet the non-hazardous duty criteria and begin collecting a pension in December of 2032. Mr. Nurnberger will meet the non-hazardous duty criteria and begin collecting a pension in November of 2030. 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 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. APPROPRIATION CODE AND AMOUNT: N/A Page 1 City of Clearwater Printed on 4/8/2024 File Number: ID#24-0275 USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 4/8/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0276 Agenda Date: 4/15/2024 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the following request of Stephen Avise, Fire Department, Heath Brenner, Fire Department, Regina Dewitt, City Attorney’s Office, Randy Foltz, Public Utilities Department, John Garakop, Solid Waste and Recycling Department, Carol McAnally, Police Department, Howard McChesney, Information Technology Department, Christian Schuele, Fire Department, and Laurie Sullivan, Library Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Stephen Avise, Firefighter/Driver-Operator, Fire Department, was employed by the City on February 9, 2004, and his pension service credit is effective on that date. His pension will be effective March 1, 2024. Based on an average salary of approximately $83,837.32 over the past five years, the formula for computing regular pensions and Mr. Avise’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $31,777.44 annually. Heath Brenner, Fire Lieutenant, Fire Department, was employed by the City on February 9, 2004, and his pension service credit is effective on that date. His pension will be effective March 1, 2024. Based on an average salary of approximately $126,735.92 over the past five years, the formula for computing regular pensions and Mr. Brenner’s selection of the 50% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $49,771.08 annually. Regina Dewitt, Legal Office Administrator, City Attorney’s Office, was employed by the City on November 27, 1995, and her pension service credit is effective on that date. Her pension will be effective April 1, 2024. Based on an average salary of approximately $92,521.59 over the past five years, the formula for computing regular pensions and Ms. Dewitt’s selection of the 75% Joint & Survivor Annuity, this pension benefit will be approximately $66,199.32 annually. Randy Foltz, Utilities Maintenance Supervisor, Public Utilities Department, was employed by the City on October 30, 1995, and his pension service credit is effective on that date. His pension will be effective March 1, 2024. Based on an average salary of approximately $67,237.22 over the past five years, the formula for computing regular pensions and Mr. Foltz’s selection of the 100% Joint and Survivor Annuity with the 10% partial lump sum, this pension benefit will be approximately $38,775.84 annually. John Garakop, Welder/Manufacturer, Solid Waste & Recycling Department, was employed by the City on November 28, 2005, and his pension service credit is effective on that date. His pension will be effective May 1, 2024. Based on an average salary of approximately $53,367.67 Page 1 City of Clearwater Printed on 4/8/2024 File Number: ID#24-0276 over the past five years, the formula for computing regular pensions and Mr. Garakop’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $22,553.04 annually Carol McAnally, Police Records Specialist, Police Department, was employed by the City on May 11, 1998, and her pension service credit is effective on that date. Her pension will be effective March 1, 2024. Based on an average salary of approximately $42,372.93 over the past five years, the formula for computing regular pensions and Ms. McAnally’s selection of the Single Life Annuity, this pension benefit will be approximately $30,070.08 annually. Howard McChesney, Senior Network Engineer, Information Technology Department, was employed by the City on June 12, 1995, and his pension service credit is effective on that date. His pension will be effective April 1, 2024. Based on an average salary of approximately $100,113.33 over the past five years, the formula for computing regular pensions and Mr . McChesney’s selection of the Single Life Annuity, this pension benefit will be approximately $79,289.76 annually. Christian Schuele, Fire Inspector, Fire Department, was employed by the City on March 10, 2003, and his pension service credit is effective on that date. His pension will be effective February 1, 2024. Based on an average salary of approximately $100,034.61 over the past five years, the formula for computing regular pensions and Mr. Schuele’s selection of the Single Life Annuity with the 20% partial lump sum, this pension benefit will be approximately $46,234.20 annually. Laurie Sullivan, Library Assistant, Library Department, was employed by the City on May 19, 2003, and her pension service credit is effective on August 21st, 2006. Her pension will be effective May1, 2024. Based on an average salary of approximately $34,957.88 over the past five years, the formula for computing regular pensions and Ms. Sullivan’s selection of the Single Life Annuity, this pension benefit will be approximately $16,994.40 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 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed ten years of credited service; or the date on which a member has completed 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 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed ten years of credited service. Ms. Dewitt, Mr. Foltz, Mr. Garakop, Ms. McAnally, Mr. McChesney, and Ms. Sullivan have 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 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Mr. Avise, Mr. Brenner, and Mr. Schuele have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A Page 2 City of Clearwater Printed on 4/8/2024 File Number: ID#24-0276 USE OF RESERVE FUNDS: N/A Page 3 City of Clearwater Printed on 4/8/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0331 Agenda Date: 4/15/2024 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 that ended December 31, 2023. SUMMARY: Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2023, the Plan realized an investment return of 13.46%, versus the plan’s benchmark of 11.42%. It was a very good year of investment performance on both an absolute basis and a relative basis. For the last three calendar years, the plan had an average annualized return of 3.16%, versus a benchmark of 4.44%; and for the last five calendar years, the plan had an annualized return of 8.83% versus a benchmark of 8.44%. The investment committee, with the assistance of the Plan’s investment consultant, CapTrust Advisors, 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. STRATEGIC PRIORITY: Professional administration of the pension plan assists in attracting and retaining top-quality personnel via this attractive and competitive compensation benefit. Page 1 City of Clearwater Printed on 4/8/2024 Calendar 2023 Index Last 3 Years Index Last 5 Years Index Total Fund 13.46%11.42%3.16%4.44%8.83%8.44% Large Cap Growth: Northern Trust Index Fund 42.20%42.68%9.37%8.86%n/a Large Cap Value: Eagle Capital Management 38.37%11.46%9.77%8.86%14.93%10.91% Manning & Napier 10.29%11.46%8.27%8.86%9.80%10.91% Northern Trust Index Fund 11.61%11.46%8.88%8.86%10.91%10.91% Mid Cap Growth Artisan Partners 25.02%25.87%-4.18%1.31%13.83%13.81% Mid Cap Value Boston Partners 16.74%12.71%11.41%8.36%n/a Small Cap Growth Riverbridge Partners 20.04%18.66%-5.55%-3.50%10.58%9.22% Small Cap Value Atlanta Capital Management 20.71%16.93%8.28%2.22%12.16%9.97% Victory Sycamore 11.55%14.65%9.30%7.94%11.58%10.00% Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2023 Calendar 2023 Index Last 3 Years Index Last 5 Years Index Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2023 International - EAFE WCM Investment Management - Growth 16.23%15.62%-0.31%1.55%12.37%7.08% Thompson, Siegel & Walmsley-Value 17.16%18.95%4.48%7.59%7.94%7.08% International - Emerging Markets DFA Emerging Markets Portfolio 15.44%9.83%0.71%-5.08%6.18%3.68% Fixed Income Dodge & Cox 7.23%5.53%-1.77%-3.31%2.35%1.10% Western Asset Management 6.05%5.53%-3.58%-3.31%1.39%1.10% Calendar 2023 Index Last 3 Years Index Last 5 Years Index Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2023 Real Estate - Core Multi-Employer Property Trust -15.51%-12.02%2.94%4.92%2.59%4.25% Real Estate - Core Plus Intercontinental U.S. Real Estate Investment -15.95%-12.02%2.70%4.92%3.40%4.25% Affinius Capital (USAA) US Govt Building Fund -7.85%-12.02%7.49%4.92%7.86%4.25% Real Estate - REITs Security Capital 15.67%16.19%6.70%7.56%8.03%7.58% Real Estate - Timber Hancock Timber XI -0.43%9.45%5.42%10.50%3.95%6.62% Molpus Woodlands Fund III 2.41%9.45%12.21%10.50%8.54%6.62% Molpus Woodlands Fund IV 3.55%9.45%11.41%10.50%5.76%6.62% Infrastructure IFM Global Infrastructure 8.40%23.79%11.35%7.27%10.22%12.80% Q4 23Period Ending 12.31.23 | Tampa, FL 33602 400 N. Tampa Street, Suite 1800 Our mission is to enrich the lives of our clients, colleagues and communities through sound financial advice, integrity, and a commitment to service beyond expectation. CAPTRUST QUARTERLY REVIEW City of Clearwater 4th Quarter, 2023 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |in this review City Of Clearwater Employees' Pension Plan 4th Quarter, 2023 Quarterly Review prepared by: Section 1 INDUSTRY UPDATES Section 2 MARKET COMMENTARY AND REVIEW Section 3 EXECUTIVE SUMMARY AppendixPrincipal | Financial Advisor Eric Bailey Financial Advisor Mike Valone 2 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |section 1 : industry updates 3 Q4 23Period Ending 12.31.23 |defined benefit marketplace — topical spotlight KEY NUANCES AND MECHANICS OF PENSION PLAN TERMINATION The recent market environment has made defined benefit (DB) plan termination a hot topic of conversation. Plan termination is an involved process, likely taking 18-24 months. To be prepared and delivered in a timely manner, it requires a resolution, plan amendments, participant notices, government filings, and annuity bids. Here, we explain key mechanisms of plan termination. Termination ready? YES, if hard frozen and fully funded NO, if underfunded Make contributions to be fully funded. Consider partial PRT to reduce participants. Consider lump sums for select active and term- vested participants. Consider a small group annuity purchase (liftout) for retirees. Board approves termination and timeline is developed. Modify asset allocations. Immediately target 100 percent liability-driven investments (LDI) to hedge liabilities, which will remain interest rate sensitive until lump-sum discount rate is finalized.Actuary sends out benefit election notices (lump sum vs. annuity) to participants.Using the finalized lump-sum discount rate and preliminary lump-sum take rates Expected lump-sum payments are hedged with cash. Remaining payouts in the form of annuities will remain interest rate sensitive. New asset allocation targets for cash and LDI Determine annuity providers to be considered. Third-party firms can help. Make final annuity provider selection. LDI allocation is liquidated to purchase annuities, and lump sums are paid out from cash. If final lump-sum take rate is greater than the preliminary, there may be a beneficial reduction in: •Annuity liability•Interest-rate sensitivity for remaining assets•Annuity purchase costs•LDI strategy expense Plan is officially terminated.The post-termination surplus reversion to the sponsor is subject to a punitive excise tax of 20-50%. Strategically, the surplus could be transferred to a qualified retirement plan (QRP), like a 401(k), 403(b), or DB, or used to fund a new QRP. Until the plan has officially terminated:•Continue administering ongoing plan.•Prepare for a PBGC audit. Continue maintaining ERISA-compliant records. 4 Q4 23Period Ending 12.31.23 | HIGHLIGHTS FROM OUR LATEST CAPITAL MARKET ASSUMPTIONS defined benefit marketplace — topical spotlight CAPTRUST periodically updates its capital market assumptions (CMAs) to align with the evolving investment landscape. This involves a mix of quantitative and qualitative analyses of economic conditions, policies, and other variables. Here's an overview of our updated expectations compared to 2022. CMAs are not intended to represent exact market predictions. Instead, they are best estimates for potential annualized growth over a 7- to 10- year period, likely covering a full market cycle. Coupled with other factors and your organization's needs, your CAPTRUST advisor can help craft a suitable investment plan. We've reduced our inflation forecast to 2.3%, anticipating a further decline to 2%. Real GDP growth expectations are now at 1.9% due to interest rate headwinds. Economy Return Risk 2022 2023 Change 2022 2023 Change U.S. Economy Economic Growth (Real GDP)2.10%1.90%-0.20%2.70%2.70%- Inflation (CPI)2.60%2.30%-0.30%1.25%1.25%- Equity Markets Large-Cap Equity 7.25%7.25%-15.50%15.10%-0.40% Mid-Cap Equity 7.50%7.50%-17.80%16.80%-1.00% Small-Cap Equity 7.50%7.50%-19.80%19.60%-0.20% Developed International Stocks 6.25%6.25%-17.00%16.30%-0.70% Emerging International Stocks 7.25%7.25%-22.00%22.00%- Fixed Income Cash 2.30%3.40%1.10%1.00%1.00%- Core Fixed Income 3.70%4.60%0.90%3.70%3.90%0.20% Long-Term Treasury Bonds 3.90%4.20%0.30%12.30%13.70%1.40% Investment Grade Corporate Bonds 4.10%5.00%0.90%5.60%5.70%0.1% Long-Term Corporate Bonds 4.90%5.00%0.10%9.30%9.50%0.20% High-Yield Corporate Bonds 5.70%6.20%0.50%8.40%8.50%0.10% Alternative Investments Public Real Estate (R/E)6.50%6.50%-18.60%19.90%1.30% Private R/E: Opportunistic 8.50%8.50%-22.30%23.90%1.60% Commodities 2.60%2.60%-15.00%15.20%0.20% Core Private Real Assets 6.50%6.50%-13.40%15.50%2.10% Private Equity: Direct 10.25%10.25%-18.60%18.10%-0.50% Hedged Equity 5.40%6.00%0.6%11.60%11.30%-0.30% Core Private Credit 7.10%7.30%0.20%10.00%10.00%- We remain optimistic about long-term domestic equities and expect them to outperform international shares. Equity Expectations for fixed income returns have increased overall, with a normalizing yield curve favoring shorter-duration issues over long-term ones. Fixed Income Our alternatives assumptions have largely remained stable. This year, we've raised our hedged equity performance expectations, reflecting a higher risk-free-rate environment. Alternatives 5 Q4 23Period Ending 12.31.23 | CAPITAL MARKET ASSUMPTIONS: CHANGE IMPLICATIONS defined benefit marketplace — topical spotlight Changes in capital market assumptions (CMAs) tend to be incremental. Thus, institutional investors benefit from the ability to maintain a long- term perspective. An increase in fixed income return expectations coupled with an increase in asset class correlations leads to a slight increase in expected returns for most portfolios. However, investors should consider the many roles that bonds play in their portfolio beyond their contribution to total return. CMAs provide an input for asset allocation decisions, but modest annual changes should not upend long-term investment policies. For many pension plan sponsors, despite lower return expectations, bonds’ primary role is hedging pension liabilities. Your CAPTRUST financial advisor can help contextualize your investment strategy, goals, and objectives within the current market outlook. ADDITIONAL ROLES Liability Hedging Diversification •LDI strategies hedge funded status volatility created by interest rate movement. •If interest rates fall, bonds appreciate as liabilities increase, helping to preserve funding status. •If rates rise, funding generally improves; most plans maintain less interest rate exposure than their liabilities. •Historical fixed income returns demonstrate a low correlation to equity returns. •Both our previous and new capital market assumptions expect this low correlation to persist. •By diversifying with bonds, investors can reduce overall portfolio volatility. Portfolio A Portfolio B Portfolio C AllocationWeightingsLDI Fixed Income 70%50%30% U.S. Large-Cap Equity 20%40%60% Hedged Strategies 10%10%10%Return Forecast2022 5.50%6.06%6.50% 2023 5.60%6.12%6.57% Change 0.10%0.06%0.07% Plan sponsors should consider whether the updated CMAs suggest reevaluating the expected return on assets used for accounting and actuarial purposes. 6 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |section 2 : market commentary and review 7 Q4 23Period Ending 12.31.23 |market commentary RESETTING EXPECTATIONS Asset class returns are represented by the following indexes: Bloomberg 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). •Along the capitalization spectrum, the decline in rate expectations was most impactful to small-cap stocks. The small-cap value segment of the market benefited most, driven by sizable exposure to regional banks. •Broader large-cap equities also surged, and multiple sectors within the index ended the quarter with double-digit gains. The interest-rate-sensitive real estate sector led the pack. Only the energy sector failed to gain ground, erasing its year-to- date achievements. •Bond investors also captured the value of falling rate expectations, with fixed income markets recouping their modest year-to-date losses. •Outside the U.S., international stock market gains were more minimal, but a weakening U.S. dollar filled the gap. •Declining oil prices weighed heavily on commodity markets. Q4 2023 YTD 2023 -4.6% 6.8%7.9% 18.0% 14.0% 10.5%11.7% -7.9% 5.5% 10.3% 12.3% 16.9% 18.9% 26.3% Developed International Stocks Commodities U.S. Large- Cap Stocks U.S. Bonds U.S. Small-Cap Stocks RealEstate Emerging International Stocks The higher-for-longer interest rate message reiterated by the Federal Reserve through the first three quarters of 2023 was essentially dismissed by investors late last year as inflation data showed continued easing. Consequently, expectations for future interest rate changes were reset significantly lower. Nearly all asset classes soared. 8 Q4 23Period Ending 12.31.23 |market commentary DIGGING DEEPER: STOCKS AND BONDS Fixed Income Equities – Relative Performance by Market Capitalization and Style Equities Sources: Morningstar, U.S. Treasury, Federal Reserve Bank of St. Louis. Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international developed market stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based upon the Russell US Style Indexes except for large-cap blend, which is based upon the S&P 500 Index. 9 Q4 23Period Ending 12.31.23 |market commentary Sources: Morningstar, S&P Global. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is not indicative of future returns. DIGGING DEEPER: U.S. EQUITY MARKETS 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 the most recent quarter. Returns by S&P 500 Sector Sector Weight 28.9%13.0%12.6%10.9%8.8%8.6%6.2%3.9%2.5%2.4%2.3% 26.3% 57.8% 12.1% 2.1% 42.4% 18.1% 55.8% 0.5% -1.3% 12.4%12.5% -7.1% 11.7% 17.2%14.0% 6.4% 12.4%13.1%11.0% 5.5% -6.9% 18.8% 9.7%8.6% Last 12 Months Q4 2023 FinancialsTechnology Health Care Industrials Energy Consumer Discretionary Consumer Staples Communication Services UtilitiesMaterialsS&P 500 Index Real Estate 10 Q4 23Period Ending 12.31.23 |market commentary DIGGING DEEPER: FIXED INCOME MARKET U.S. Treasury yields moved lower this quarter with the expectation of a less-aggressive Fed in 2024. Mortgage rates moderated slightly, but remain high, contributing to a slowing housing market. Performance for core bonds was positive for the quarter as yields moved lower. Credit spreads narrowed slightly. Performance for longer-maturity bonds was boosted by lower yields and nearly unchanged credit spreads. Sources: Morningstar, FactSet, U.S. Treasury, Federal Reserve Bank of St. Louis, CAPTRUST Research 11 Q4 23Period Ending 12.31.23 | HEADWINDS market commentary TAILWINDS ECONOMIC OUTLOOK The resolution of pandemic effects and successful monetary policy has led inflation downward toward the Federal Reserve’s long-term 2% target. It’s likely the Fed will start lowering rates in 2024, supporting an already robust labor market. Still, the lagging effects of rate hikes will be felt as consumers grapple with debt and housing affordability. These challenges could be offset by artificial intelligence-led productivity gains. While many of the risks faced in 2023 have been resolved positively, it is still prudent for investors to move forward with caution. Investor optimism is near all-time highs and may create disappointment, which is another reason to remain vigilant, diversified, and prepared for volatility. Economic Soft Landing •As inflation wanes to pre-pandemic levels without having spurred a recession, a soft landing seems likely. Fed rate cuts and a lower inflationary environment could drive economic growth. Inflation-Adjusted Wage Growth •Real wage growth remained positive in 2023, leaving consumers better positioned to tackle rising debt. Productivity-Fueled Growth •The potential for operational efficiency and revenue enhancement has driven heavy investment in artificial intelligence across industries. Widespread implementation over the next decade has the potential to boost productivity growth above long-term averages, thereby increasing gross domestic product (GDP). Uptick in Government Funding •Funds from programs targeting infrastructure and clean energy will be deployed in 2024, adding liquidity to the economy. Consumer Challenges Ahead •Credit card balances are high, and excess savings have been mostly depleted. Despite higher borrowing costs, consumers continue to spend and are now facing high interest payments on loans. Housing Market Upended •In 2023, higher interest rates created an inventory shortage and pushed home prices higher. Although mortgage rates have declined, it will take time for housing affordability to return to historical norms. Election Uncertainty •While markets generally perform well in election years, market leadership can be fluid, especially when candidates have fundamentally different policy agendas. Investor Optimism Creates Risk •The prospect of lower interest rates has inspired high optimism, which may drive volatility if reality falls short of expectations. 12 Q4 23Period Ending 12.31.23 |market commentary IS A SOFT LANDING ON THE HORIZON? As 2023 progressed, economic stability overtook recessionary fears. With inflation now receding, the Federal Reserve’s higher-for-longer monetary policy stance has eased. Investors now expect an economic soft landing and interest rate cuts in 2024, although the pace remains uncertain. Market expectations and Fed projections are currently misaligned. Sources: U.S. Bureau of Economic Analysis, FactSet, CAPTRUST Research. Data as of 12.29.2023 INVESTOR EXPECTATIONS Generally, the Fed’s actions are reactionary, with policies responding to economic outcomes. However, proactive interest rate cuts may be the only way to reconcile market expectations with current economic strength and earnings growth estimates. Despite increased odds of a soft landing, the number and degree of rate cuts could fall short of investor expectations, thereby increasing market volatility. 5.38% 4.63% 3.88% CurrentRate FedProjections MarketExpectations 200 225 250 275 Jan May Sep S&P 500 Earnings Expectations 0% 3% 6% 9% 12% 15% 2019 2020 2021 2022 2023 Unemployment Rate (%) 2024 2023 2024 Year-End Fed Funds Rate Expectations Earnings GrowthLong-term Average: 5.7% 13 Q4 23Period Ending 12.31.23 | 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 4,800 5,000 0% 10% 20% 30% 40% 50% Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 market commentary INVESTOR SENTIMENT BUOYS MARKETS Market movements are driven primarily by investor expectations. For instance, after a challenging 2022, investors were largely pessimistic, expecting a recession to weigh on stocks in 2023. As the outlook improved, so did investor expectations. Sentiment and equity prices climbed in tandem. Now, the question becomes: Are the markets priced to perfection, or will they falter by expecting perfection? Sources: American Association of Individual Investors, FactSet, CAPTRUST Research. Data as of 12.30.2023 INVESTOR OPTIMISM Bullish sentiment, as measured weekly by the American Association of Individual Investor (AAII) survey, is the expectation that stocks will rise in the next six months. Sentiment rose steadily in the fourth quarter of 2023, reaching a near-all-time high of 52%. This optimism is fueled by investor expectations for a soft landing and proactive Fed interest rate cuts in 2024. However, with this much conviction in a single outcome, it is possible that any shortfall—in either the pace or magnitude of rate cuts or the glidepath to a soft landing—could create an outsized market response. S&P 500 vs. Individual Investor Sentiment AAII Investor Sentiment Survey – Bullish Sentiment (%)S&P 500 Price (Right) 14 Q4 23Period Ending 12.31.23 |market commentary 2024 KNOWN UNKNOWNS Questions about the U.S. consumer will be the primary focus of 2024, given the rise in credit card debt, the decline in excess personal savings, and the resumption of student loan payments. However, additional known unknowns could have an outsized impact on the economic landscape. Commercial real estate borrowers face a wall of maturities that will likely need refinancing, and national elections are scheduled in 2024 for countries representing 60% of global GDP. Sources: Federal Reserve Board, “Senior Loan Officer Opinion Survey on Lending – October 2023;” CRED iQ, Bloomberg, Allianz, CAPTRUST Research Approximately 65% of respondents to the Fed’s “Senior Loan Officer Survey” projected tightening lending standards on multifamily and other commercial real estate loans in 2024. Nearly $700 billion in U.S. commercial real estate debt matures in 2024, with banks holding the largest outstanding share. U.S. regulators note that commercial real estate is the leading risk to financial stability. While the U.S. presidential election will undoubtedly garner the most attention, pundits predict more voters will participate in national elections in 2024 than any year in history. This uptick has the potential to reshape the global economic and geopolitical landscapes. Geopolitical hot spots Taiwan, Russia, Ukraine, and Pakistan are all scheduled to elect new leaders in 2024. A national election in Mexico could impact near-shoring and immigration policies. -30% -15% 0% 15% 30% 45% 60% 75% 1Q 2014 2Q 2017 3Q 2020 4Q 2023 Refinancing Conditions Tightening Lending Standards Election Uncertainty Percent (%) of Global GDP 42% 18% 40% Nations Electing Leaders Electing Leaders and/or Parliament No Elections in 2024 15 Q4 23Period Ending 12.31.23 | PRODUCTIVITY IN ACTION Generative AI has the potential to turn every company into a technology company by automating labor tasks, expediting training processes, anticipating problems, and supporting solutions. market commentary THE POWER OF PRODUCTIVITY Productivity is a silent driver of economic prosperity. In simple terms, productivity can be defined as the same number of individuals producing more goods or services. Few variables are more impactful to improving a country’s standard of living. Hence, the prospect of a productivity increase from using generative artificial intelligence (AI) has prompted major investment across industries. While the impact of these advancements won’t be fully realized for a decade or more, their sheer potential has driven markets higher. Sources: U.S. Bureau of Labor Statistics, National Bureau of Economic Research, MIT Economics, Goldman Sachs, GitHub Copilot, CAPTRUST Research CUSTOMER SUPPORT •One study found customer support agents handled 13.8% more inquiries per hour with AI support resources. •The quality of outcomes modestly improved, and the learning curve for new agents was accelerated. BUSINESS PROFESSIONALS •Another study found professionals across industries wrote business documents 59% faster using AI support resources. •Independent evaluators found AI- supported documents provided higher quality content. COMPUTER PROGRAMMING •A third study found experienced computer programmers were 126% more productive, completing projects in less than half the time using AI support resources. •Project quality was unchanged. U.S. Nonfarm Productivity Average Annual Change (%) 16 Q4 23Period Ending 12.31.23 |asset class returns Source: MorningstarThe information contained in this report is from sources believed to be reliable but is not warranted by CAPTRUST to be accurate or complete. Small-Cap Value Stocks (Russell 2000 Value)Large-Cap Value Stocks (Russell 1000 Value)International Equities (MSCI EAFE) Small-Cap Growth Stocks (Russell 2000 Growth)Mid-Cap Growth Stocks (Russell Mid-Cap Growth)Fixed Income (Bloomberg U.S. Aggregate Bond) Large-Cap Growth Stocks (Russell 1000 Growth)Mid-Cap Value Stocks (Russell Mid-Cap Value)Cash (Merrill Lynch 3-Month Treasury Bill) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Small-Cap Growth29.09% Fixed Income7.84% Mid-Cap Value18.51% Small-Cap Growth43.30% Mid-Cap Value14.75% Large-Cap Growth5.67% Small-Cap Value31.74% Large-Cap Growth30.21% Cash1.87% Large-Cap Growth36.39% Large-Cap Growth38.49% Mid-Cap Value28.34% Cash1.46% Large-Cap Growth42.68% Mid-Cap Growth26.38% Large-Cap Growth2.64% Small-Cap Value18.05% Mid-Cap Growth35.74% Large-Cap Value13.45% Fixed Income0.55% Mid-Cap Value20.00% International Equities25.62% Fixed Income0.01% Mid-Cap Growth35.47% Mid-Cap Growth35.59% Small-Cap Value28.27% Large-Cap Value-7.54% Mid-Cap Growth25.87% Mid-Cap Value 24.75% Large-Cap Value 0.39% International Equities 17.90% Small-Cap Value 34.52% Large-Cap Growth 13.05% Cash 0.05% Large-CapValue 17.34% Mid-CapGrowth 25.27% Large-Cap Growth -1.51% Small-CapGrowth 28.48% Small-CapGrowth 34.63% Large-Cap Growth 27.60% Mid-Cap Value -12.03% International Equities 18.85% Small-Cap Value 24.50% Cash0.10% Large-Cap Value 17.51% Large-Cap Growth 33.48% Mid-Cap Growth 11.90% Mid-Cap Growth -0.20% Small-Cap Growth 11.32% Small-CapGrowth 22.17% Mid-CapGrowth -4.75% Mid-Cap Value 27.06% International Equities 8.28% Large-CapValue 25.16% Fixed Income -13.01% Small-CapGrowth 18.66% Large-Cap Growth16.71% Mid-CapValue-1.38% Mid-Cap Growth15.81% Mid-Cap Value33.46% Fixed Income5.97% International Equities-0.39% Mid-Cap Growth7.33% Large-Cap Value13.66% Large-Cap Value-8.27% Large-Cap Value26.54% Fixed Income7.51% Mid-Cap Growth12.73% International Equities-14.01% Small-Cap Value14.65% Large-Cap Value 15.51% Mid-Cap Growth -1.65% Large-Cap Growth 15.26% Large-Cap Value 32.53% Small-Cap Growth 5.60% Small-Cap Growth -1.38% Large-Cap Growth 7.08% Mid-Cap Value 13.34% Small-CapGrowth -9.31% International Equities 22.66% Mid-Cap Value 4.96% International Equities 11.78% Small-Cap Value -14.48% Mid-Cap Value 12.71% International Equities8.21% Small-Cap Growth-2.91% Small-Cap Growth14.59% International Equities23.29% Small-Cap Value4.22% Large-CapValue-3.83% Fixed Income2.65% Small-Cap Value7.84% Mid-Cap Value-12.29% Small-Cap Value22.39% Small-Cap Value4.63% Small-CapGrowth2.83% Small-CapGrowth-26.36% Large-CapValue 11.46% Fixed Income5.89% Small-Cap Value-5.50% Fixed Income4.22% Cash0.07%Cash0.03% Mid-Cap Value-4.78% International Equities1.51% Fixed Income3.54% Small-Cap Value-12.86% Fixed Income8.72% Large-CapValue2.80% Cash0.05% Mid-CapGrowth-26.72% Fixed Income5.53% Cash 0.13% International Equities-11.73% Cash 0.11% Fixed Income-2.02% International Equities-4.48% Small-Cap Value-7.47% Cash 0.33% Cash 0.86% International Equities-13.36% Cash 2.28% Cash 0.67% Fixed Income-1.54% Large-Cap Growth-29.14% Cash 5.01% 17 Q4 23Period Ending 12.31.23 |index performance Sources: Morningstar Direct, MPI. 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 is an investment adviser registered under the Investment Advisers Act of 1940. INDEXES Q4 2023 YTD 2022 2021 2020 2019 2018 1 YEAR 3 YEARS 5 YEARS 10 YEARS 90-Day U.S.Treasury 1.37%5.01%1.46%0.05%0.67%2.28%1.87%5.01%2.15%1.88%1.25% Bloomberg Government 1-3 Year 2.55%4.32%-3.81%-0.60%3.14%3.59%1.58%4.32%-0.08%1.28%1.05% Bloomberg Intermediate Govt 3.97%4.30%-7.73%-1.69%5.73%5.20%1.43%4.30%-1.83%1.03%1.24% Bloomberg Muni Bond 7.89%6.40%-8.53%1.52%5.21%7.54%1.28%6.40%-0.40%2.25%3.03% Bloomberg Intermediate Govt/Credit 4.56%5.24%-8.23%-1.44%6.43%6.80%0.88%5.24%-1.63%1.59%1.72% Bloomberg Intermediate Credit 5.60%6.94%-9.10%-1.03%7.08%9.52%0.01%6.94%-1.28%2.44%2.46% Bloomberg Aggregate Bond 6.82%5.53%-13.01%-1.54%7.51%8.72%0.01%5.53%-3.32%1.10%1.81% Bloomberg Corporate IG Bond 8.50%8.52%-15.76%-1.04%9.89%14.54%-2.51%8.52%-3.29%2.63%2.95% Bloomberg High Yield 7.16%13.44%-11.19%5.28%7.11%14.32%-2.08%13.44%1.98%5.37%4.59% Bloomberg Global Aggregate 8.10%5.72%-16.25%-4.71%9.20%6.84%-1.20%5.72%-5.51%-0.32%0.38% Bloomberg U.S. Long Corporate 14.01%10.93%-25.62%-1.13%13.94%23.89%-7.24%10.93%-6.57%2.86%3.90% S&P 500 11.69%26.29%-18.11%28.71%18.40%31.49%-4.38%26.29%10.01%15.68%12.03% Dow Jones Industrial Average 13.09%16.18%-6.86%20.95%9.72%25.34%-3.48%16.18%9.39%12.47%11.07% NASDAQ Composite 13.56%43.42%-33.10%21.39%43.64%35.23%-3.88%43.42%5.22%17.73%13.64% Russell 1000 Value 9.50%11.46%-7.54%25.16%2.80%26.54%-8.27%11.46%8.86%10.90%8.39% Russell 1000 11.96%26.53%-19.13%26.45%20.96%31.43%-4.78%26.53%8.98%15.51%11.80% Russell 1000 Growth 14.16%42.68%-29.14%27.60%38.49%36.39%-1.51%42.68%8.87%19.49%14.85% Russell Mid-Cap Value Index 12.11%12.71%-12.03%28.34%4.96%27.06%-12.29%12.71%8.37%11.15%8.26% Russell Mid-Cap Index 12.82%17.23%-17.32%22.58%17.10%30.54%-9.06%17.23%5.92%12.67%9.42% Russell Mid-Cap Growth Index 14.55%25.87%-26.72%12.73%35.59%35.47%-4.75%25.87%1.31%13.81%10.56% MSCI EAFE 10.47%18.85%-14.01%11.78%8.28%22.66%-13.36%18.85%4.54%8.69%4.77% MSCI ACWI ex U.S.9.82%16.21%-15.57%8.29%11.13%22.13%-13.78%16.21%2.04%7.59%4.32% Russell 2000 Value 15.26%14.65%-14.48%28.27%4.63%22.39%-12.86%14.65%7.94%9.99%6.75% Russell 2000 14.03%16.93%-20.44%14.82%19.96%25.52%-11.01%16.93%2.22%9.97%7.15% Russell 2000 Growth 12.75%18.66%-26.36%2.83%34.63%28.48%-9.31%18.66%-3.50%9.22%7.16% MSCI Emerging Markets 7.93%10.27%-19.74%-2.22%18.69%18.90%-14.25%10.27%-4.71%4.07%3.04% Dow Jones U.S. Real Estate Index 17.98%12.25%-25.17%38.99%-5.29%28.92%-4.03%12.25%5.30%7.34%7.70% HFRX Absolute Return Index 1.33%2.95%0.85%2.10%2.72%4.37%-0.49%2.95%1.96%2.59%1.97% Consumer Price Index (Inflation)0.45%3.30%6.44%7.19%1.32%2.31%2.00%3.30%5.64%4.09%2.78% BLENDED BENCHMARKS Q4 2023 YTD 2022 2021 2020 2019 2018 1 YEAR 3 YEARS 5 YEARS 10 YEARS 25% S&P 500/5% MSCI EAFE/70% BB Agg 8.22%11.15%-14.08%6.13%10.87%14.96%-1.55%11.15%0.45%5.25%4.66% 30% S&P 500/10% MSCI EAFE/60% BB Agg 8.65%12.84%-14.35%8.27%11.56%16.79%-2.44%12.84%1.52%6.40%5.35% 35% S&P 500/15% MSCI EAFE/50% BB Agg 9.08%14.55%-14.64%10.44%12.18%18.63%-3.34%14.55%2.60%7.52%6.02% 40% S&P 500/20% MSCI EAFE/40% BB Agg 9.51%16.28%-14.96%12.64%12.75%20.48%-4.25%16.28%3.66%8.64%6.68% 45% S&P 500/25% MSCI EAFE/30% BB Agg 9.93%18.02%-15.28%14.87%13.25%22.33%-5.17%18.02%4.73%9.73%7.32% 60% S&P 500/40% Bloomberg Barclays Agg 9.74%17.67%-15.79%15.86%14.73%22.18%-2.35%17.67%4.71%9.98%8.10% 18 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |section 3 : executive summary 19 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $476,000,000 $952,000,000 $1,428,000,000 $1,904,000,000 -$476,000,000 -$952,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,164,796,642 $1,134,988,924 $1,377,994,846 $1,250,564,714 $1,118,379,549 $91,459,988 Net Contributions -$6,871,765 -$38,311,101 -$41,966,611 -$38,323,377 -$34,514,411 -$350,065,056 Net Investment Return $91,294,894 $152,541,947 -$201,039,311 $165,753,509 $166,699,576 $1,507,824,839 Ending Market Value $1,249,219,771 $1,249,219,771 $1,134,988,924 $1,377,994,846 $1,250,564,714 $1,249,219,771 City of Clearwater - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 20 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 03 21 (%) 06 21 (%) 09 21 (%) 12 21 (%) 03 22 (%) 06 22 (%) 09 22 (%) 12 22 (%) 03 23 (%) 06 23 (%) 09 23 (%) 12 23 (%) 28.36 28.19 27.34 28.74 27.80 28.85 27.89 29.86 26.18 24.57 27.39 26.70 ¢ 41.31 41.05 41.50 39.98 39.71 37.06 37.64 35.92 37.21 39.35 40.11 41.68¢ 17.93 18.36 18.18 17.90 17.14 16.47 15.79 16.37 16.99 17.17 13.06 13.50 ¢ 12.40 12.40 12.97 13.39 15.35 17.61 18.69 17.84 19.62 18.92 19.44 18.12¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Portfolio 100.00 100.00 0.00¢ Fixed Income Comp 26.70 28.00 -1.30¢ Domestic Equity Comp 41.68 39.00 2.68¢ International EQ Comp 13.50 18.00 -4.50¢ Real Estate Comp 18.12 15.00 3.12¢ City of Clearwater - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 12.31.23 |Q4 23 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. For Institutional Use Only. 21 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $3,104,334 $161,783,631 1.88 $164,887,965 -13.20 - In House Account $11,180,036 - 100.00 $11,180,036 -0.89 - Security Lending Income Account $517,025 - 100.00 $517,025 -0.04 - Western Asset Management Co.-$2,202,871 $159,206,804 -1.40 $157,003,933 -12.57 - Fixed Income Comp $12,598,524 $320,990,435 3.78 $333,588,958 28.00 26.70 -1.30 Eagle Capital Management $3,663,512 $57,183,134 6.02 $60,846,645 -4.87 - Manning and Napier $871,197 $28,987,272 2.92 $29,858,468 -2.39 - NTGI-QM R1000G $3,478 $179,190,516 0.00 $179,193,994 -14.34 - NTGI-QM R1000V - $84,800,204 - $84,800,204 -6.79 - Artisan Partners $1,559,584 $50,082,709 3.02 $51,642,293 -4.13 - Boston Partners $1,434,838 $53,801,236 2.60 $55,236,074 -4.42 - Atlanta Capital Mgmt $626,907 $17,406,802 3.48 $18,033,709 -1.44 - Riverbridge Partners $527,269 $28,166,611 1.84 $28,693,880 -2.30 - Sycamore Small Cap Value $312,890 $12,071,111 2.53 $12,384,001 -0.99 - Domestic Equity Comp $8,999,674 $511,689,593 1.73 $520,689,267 39.00 41.68 2.68 DFA Emerging Markets - $17,204,829 - $17,204,829 -1.38 - Thompson, Siegel & Walmsley $1,952,342 $69,039,345 2.75 $70,991,687 -5.68 - WCM Investment Management $1,700,974 $78,722,696 2.12 $80,423,670 -6.44 - International EQ Comp $3,653,316 $164,966,870 2.17 $168,620,186 18.00 13.50 -4.50 Hancock - $7,904,233 -$7,904,233 -0.63 - IFM Global Infrastructure (US) L.P.- $93,965,209 - $93,965,209 -7.52 - Molpus Woodlands Fund III - $7,588,253 -$7,588,253 -0.61 - Molpus Woodlands Fund IV - $4,739,804 -$4,739,804 -0.38 - Multi Employer Property Trust - $56,658,944 - $56,658,944 -4.54 - Security Capital $616,182 $15,946,888 3.72 $16,563,070 -1.33 - U.S. Real Estate Investment Fund - $15,362,866 -$15,362,866 -1.23 - USAA - $23,538,979 - $23,538,979 -1.88 - Real Estate Comp $616,182 $225,705,177 0.27 $226,321,359 15.00 18.12 3.12 ASSET ALLOCATION DETAIL City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 22 ASSET ALLOCATION DETAIL City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Total Portfolio $25,867,696 $1,223,352,075 2.07 $1,249,219,771 100.00 100.00 0.00 Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 23 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.87 13.46 3.16 8.83 8.09 7.29 8.87 Total Portfolio Benchmark 7.02 11.42 4.44 8.44 7.42 6.93 8.75 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 13.46 -14.74 13.48 15.71 20.17 -2.64 15.98 8.87 Total Portfolio Benchmark 11.42 -10.41 14.12 11.69 17.85 -4.64 15.39 8.75 City of Clearwater - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 24 Last Quarter 2022 2021 2020 2019 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Domestic Equity Comp 11.34 -20.77 21.97 24.69 29.50 26.79 7.01 14.62 11.16 11.41 01/01/1988 S&P 500 Index 11.69 -18.11 28.71 18.40 31.49 26.29 10.00 15.69 12.03 10.93 All Public Plans > $1B-US Equity Median 11.90 -18.51 25.75 18.76 30.01 24.25 8.55 14.58 10.50 - Large Cap Equity Comp 11.72 -20.72 25.27 19.54 30.02 29.94 8.87 14.94 11.91 10.92 04/01/1988 Russell 1000 Index 11.96 -19.13 26.45 20.96 31.43 26.53 8.97 15.52 11.80 10.88 All Public Plans > $1B-US Equity Median 11.90 -18.51 25.75 18.76 30.01 24.25 8.55 14.58 10.50 - Eagle Capital Management 10.08 -25.08 27.60 15.49 31.28 38.37 9.77 14.93 11.66 13.18 01/31/2013 Russell 1000 Value Index 9.50 -7.54 25.16 2.80 26.54 11.46 8.86 10.91 8.40 9.82 Morningstar Large Value Universe 9.55 -5.40 26.02 2.72 25.57 10.96 9.62 11.26 8.32 10.29 Manning and Napier 7.20 -3.91 19.76 2.05 23.21 10.29 8.27 9.80 8.91 10.01 01/31/2013 Russell 1000 Value Index 9.50 -7.54 25.16 2.80 26.54 11.46 8.86 10.91 8.40 9.82 Morningstar Large Value Universe 9.55 -5.40 26.02 2.72 25.57 10.96 9.62 11.26 8.32 10.29 NTGI-QM R1000G 14.20 -29.09 29.75 - - 42.20 9.37 -- 10.70 11/30/2020 Russell 1000 Growth Index 14.16 -29.14 27.60 - - 42.68 8.86 -- 10.25 Morningstar Large Growth Universe 13.96 -30.94 21.91 - - 38.98 5.45 -- 10.00 NTGI-QM R1000V 9.50 -7.62 25.17 2.77 26.55 11.61 8.88 10.91 8.40 6.64 07/01/2007 Russell 1000 Value Index 9.50 -7.54 25.16 2.80 26.54 11.46 8.86 10.91 8.40 6.60 Morningstar Large Value Universe 9.55 -5.40 26.02 2.72 25.57 10.96 9.62 11.26 8.32 6.72 Mid Cap Equity Comp 10.37 -20.92 18.74 37.35 29.52 20.24 4.13 14.97 9.98 12.17 04/01/1988 Russell Midcap Index 12.82 -17.32 22.58 17.10 30.54 17.23 5.92 12.68 9.42 11.31 All Public Plans > $1B-US Equity Median 11.90 -18.51 25.75 18.76 30.01 24.25 8.55 14.58 10.50 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 25 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Last Quarter 2022 2021 2020 2019 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Artisan Partners 8.98 -36.33 10.53 56.72 38.58 25.02 -4.18 13.83 9.38 10.14 08/01/2001 Russell Midcap Growth Index 14.55 -26.72 12.73 35.59 35.47 25.87 1.31 13.81 10.57 9.11 Morningstar Mid-Cap Growth Universe 12.23 -28.44 11.85 36.48 33.72 20.52 -0.73 12.78 9.49 8.30 Boston Partners 11.70 -6.98 27.34 - - 16.74 11.41 -- 12.04 03/01/2020 Russell Midcap Value Index 12.11 -12.03 28.34 - - 12.71 8.36 -- 11.38 Morningstar Mid-Cap Value Universe 11.33 -7.99 28.73 - - 12.30 9.91 -- 12.23 Small Cap Equity Comp 10.83 -20.83 12.05 31.17 26.79 18.22 1.60 11.77 9.21 10.18 09/01/2003 Russell 2000 Index 14.03 -20.44 14.82 19.96 25.53 16.93 2.22 9.97 7.16 8.59 All Public Plans > $1B-US Equity Median 11.90 -18.51 25.75 18.76 30.01 24.25 8.55 14.58 10.50 - Atlanta Capital Mgmt 11.82 -12.28 19.89 10.77 26.20 20.71 8.28 12.16 9.99 11.93 09/01/2003 Russell 2000 Index 14.03 -20.44 14.82 19.96 25.53 16.93 2.22 9.97 7.16 8.59 Morningstar Small Cap Universe 12.34 -17.67 22.04 14.89 24.83 16.27 5.35 10.80 7.39 8.91 Riverbridge Partners 9.80 -32.15 3.44 54.14 27.35 20.04 -5.55 10.58 9.15 12.79 10/01/2010 Russell 2000 Growth Index 12.75 -26.36 2.83 34.63 28.48 18.66 -3.50 9.22 7.16 10.44 Morningstar Small Growth Universe 11.19 -28.27 9.35 37.99 28.63 16.44 -2.63 10.45 7.87 10.97 Sycamore Small Cap Value 11.80 -6.40 25.08 4.91 26.24 11.55 9.30 11.58 - 7.78 11/30/2017 Russell 2000 Value Index 15.26 -14.48 28.27 4.63 22.39 14.65 7.94 10.00 - 5.52 Morningstar Small Value Universe 13.05 -11.68 31.16 3.54 21.94 15.97 9.96 11.30 - 6.63 International EQ Comp 10.69 -21.08 13.92 18.16 27.53 16.64 1.60 9.59 4.54 5.35 06/01/2001 MSCI AC World ex USA (Net)9.75 -16.00 7.82 10.65 21.51 15.62 1.55 7.08 3.83 5.32 All Public Plans > $1B-Intl. Equity Median 9.96 -17.34 8.79 13.80 23.43 17.54 2.14 8.35 5.02 - Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 26 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Last Quarter 2022 2021 2020 2019 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date DFA Emerging Markets 7.86 -16.40 5.84 13.87 16.04 15.44 0.71 6.18 - 2.92 11/01/2017 MSCI Emerging Markets Index 7.93 -19.74 -2.22 18.69 18.90 10.26 -4.71 4.08 - 1.37 Morningstar Diversified Emerging Mkts Universe 7.79 -22.46 -1.69 17.63 20.63 10.90 -5.63 3.95 - 0.85 Thompson, Siegel & Walmsley 9.99 -14.12 13.34 5.58 21.67 17.16 4.48 7.94 - 4.21 07/31/2015 MSCI EAFE (Net)10.42 -14.45 11.26 7.82 22.01 18.24 4.02 8.16 - 4.94 Morningstar Foreign Large Value Universe 8.53 -9.42 11.79 2.49 18.26 17.84 5.64 7.39 - 4.03 WCM Investment Management 11.95 -27.85 18.16 30.12 38.94 16.23 -0.31 12.37 - 9.56 07/31/2015 MSCI AC World ex USA (Net)9.75 -16.00 7.82 10.65 21.51 15.62 1.55 7.08 - 4.72 Morningstar Foreign Large Growth Universe 11.80 -24.83 8.74 22.09 28.05 15.99 -2.34 8.32 - 5.17 Fixed Income Comp 6.98 -12.21 -1.40 8.97 9.28 6.02 -2.82 1.79 2.38 5.44 01/31/1988 Blmbg. U.S. Aggregate Index 6.82 -13.01 -1.55 7.51 8.72 5.53 -3.31 1.10 1.81 5.34 All Public Plans > $1B-Fixed Income Median 6.34 -11.69 -0.07 8.04 9.53 7.57 -1.69 2.38 2.49 - Dodge & Cox 7.26 -10.57 -1.15 8.72 8.98 7.23 -1.77 2.35 2.70 3.99 03/01/2004 Blmbg. U.S. Aggregate Index 6.82 -13.01 -1.55 7.51 8.72 5.53 -3.31 1.10 1.81 3.10 Morningstar Intermediate Core Bond Universe 6.70 -13.38 -1.59 7.77 8.47 5.60 -3.44 1.06 1.69 2.96 In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.51 01/31/1988 90 Day U.S. Treasury Bill 1.37 1.46 0.05 0.67 2.28 5.02 2.15 1.88 1.24 3.00 Security Lending Income Account 1.57 1.92 0.54 2.00 2.84 8.06 3.45 3.04 3.27 4.84 07/01/2003 90 Day U.S. Treasury Bill 1.37 1.46 0.05 0.67 2.28 5.02 2.15 1.88 1.24 1.42 Western Asset Management Co.7.37 -13.94 -1.78 9.04 9.60 6.05 -3.58 1.39 2.11 3.41 10/01/2004 Blmbg. U.S. Aggregate Index 6.82 -13.01 -1.55 7.51 8.72 5.53 -3.31 1.10 1.81 3.12 Morningstar Intermediate Core Bond Universe 6.70 -13.38 -1.59 7.77 8.47 5.60 -3.44 1.06 1.69 2.97 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 27 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Last Quarter 2022 2021 2020 2019 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Real Estate Comp 0.05 5.43 20.55 1.78 10.16 -2.36 7.46 6.83 8.15 9.77 05/01/2008 Real Estate Composite Benchmark -0.67 -4.98 38.19 -4.14 18.82 -6.54 7.07 6.93 8.04 6.45 All Public Plans > $1B-Real Estate Median -1.75 6.00 19.83 -0.22 6.33 -7.06 4.95 4.26 6.76 3.94 Hancock 0.00 7.00 9.96 -0.34 3.95 -0.43 5.42 3.95 3.56 4.49 05/31/2012 NCREIF Timberland Index 4.34 12.90 9.17 0.81 1.30 9.45 10.50 6.62 5.77 6.42 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 7.30 6.64 IFM Global Infrastructure (US) L.P.2.67 8.16 17.75 2.83 14.61 8.40 11.35 10.22 - 12.15 09/30/2017 MSCI World Index (Net)11.42 -18.14 21.82 15.90 27.67 23.79 7.27 12.80 - 9.46 Morningstar Global Infrastructure Equity Universe 12.31 -6.21 20.59 -6.51 29.41 6.80 6.08 7.58 - 4.55 Molpus Woodlands Fund III 0.00 21.72 13.33 8.22 -1.48 2.41 12.21 8.54 5.77 5.67 06/30/2011 NCREIF Timberland Index 4.34 12.90 9.17 0.81 1.30 9.45 10.50 6.62 5.77 6.01 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 7.30 6.80 Molpus Woodlands Fund IV 0.00 10.76 20.57 -5.78 1.53 3.55 11.41 5.76 - 3.67 10/01/2015 NCREIF Timberland Index 4.34 12.90 9.17 0.81 1.30 9.45 10.50 6.62 - 5.37 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 - 6.07 Multi Employer Property Trust -5.84 7.81 19.74 0.49 3.66 -15.51 2.94 2.59 5.73 6.89 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 7.47 22.17 1.19 5.34 -12.02 4.92 4.25 7.29 8.94 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 7.30 8.08 Security Capital 15.62 -27.59 45.03 -4.59 26.97 15.67 6.70 8.03 7.76 5.95 05/01/2008 Wilshire U.S. Real Estate Securities Index 16.27 -26.70 46.11 -7.95 25.79 16.19 7.56 7.58 7.87 6.22 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 7.30 5.97 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 28 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Last Quarter 2022 2021 2020 2019 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date U.S. Real Estate Investment Fund -5.81 7.39 20.02 0.94 8.11 -15.95 2.70 3.40 - 5.61 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 7.47 22.17 1.19 5.34 -12.02 4.92 4.25 - 5.72 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 - 5.52 USAA -0.49 13.80 18.42 11.12 5.78 -7.85 7.49 7.86 - 8.44 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 7.47 22.17 1.19 5.34 -12.02 4.92 4.25 - 6.24 Morningstar Real Estate Universe 16.28 -26.21 41.34 -4.78 27.71 12.02 5.45 7.36 - 5.51 Total Portfolio 7.87 -14.74 13.48 15.71 20.17 13.46 3.16 8.83 7.29 8.87 01/01/1988 Total Portfolio Benchmark 7.02 -10.41 14.12 11.69 17.85 11.42 4.44 8.44 6.93 8.75 Secondary Benchmark 9.07 -14.05 13.88 13.11 19.61 13.70 3.63 8.53 -- Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 29 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Total Portfolio Total Portfolio Benchmark 90 Day U.S. Treasury Bill 0 3 6 9 12 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Total Portfolio Benchmark Positive Months Ratio 52.78 58.33 Negative Months Ratio 47.22 41.67 Best Quarter 7.87 7.02 Worst Quarter -10.28 -8.69 Standard Deviation 11.18 10.07 Maximum Drawdown -19.30 -14.87 Max Drawdown Recovery Period -- Up Capture 104.37 100.00 Down Capture 114.95 100.00 Alpha -1.57 0.00 Beta 1.09 1.00 R-Squared 0.97 1.00 Consistency 41.67 0.00 Tracking Error 2.07 0.00 Treynor Ratio 0.01 0.03 Information Ratio -0.54 - Sharpe Ratio 0.14 0.27 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 69.68 66.20 Negative Months Ratio 30.32 33.80 Best Quarter 22.31 23.25 Worst Quarter -25.09 -25.67 Standard Deviation 9.21 10.08 Maximum Drawdown -37.50 -41.14 Max Drawdown Recovery Period 35.00 39.00 Up Capture 85.80 100.00 Down Capture 72.20 100.00 Alpha 1.84 0.00 Beta 0.80 1.00 R-Squared 0.76 1.00 Consistency 50.00 0.00 Tracking Error 4.91 0.00 Treynor Ratio 0.07 0.06 Information Ratio 0.01 - Sharpe Ratio 0.65 0.59 City of Clearwater - Total Portfolio PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 30 -8 -4 0 4 8 12 16 20 24 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 7.87 (60)13.46 (46)-1.64 (70)3.16 (67)6.16 (43)8.83 (43)6.83 (27)8.09 (25)7.92 (27) Total Portfolio Benchmark 7.02 (78)11.42 (76)-0.09 (20)4.44 (29)6.21 (41)8.44 (59)6.14 (59)7.42 (56)7.42 (53) 5th Percentile 10.28 17.92 1.11 6.02 7.89 10.26 7.82 9.04 8.79 1st Quartile 9.16 15.03 -0.35 4.55 6.60 9.25 6.86 8.07 7.97 Median 8.19 13.22 -1.06 3.67 6.03 8.67 6.30 7.53 7.46 3rd Quartile 7.10 11.42 -1.86 2.71 5.33 7.91 5.69 6.92 6.89 95th Percentile 5.08 8.32 -3.02 1.34 4.30 6.65 4.85 6.01 6.09 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 31 -28 -20 -12 -4 4 12 20 28 36 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -14.74 (64)13.48 (53)15.71 (24)20.17 (37)-2.64 (12)15.98 (28)6.71 (60)1.43 (8)8.32 (7)17.83 (31) Total Portfolio Benchmark -10.41 (14)14.12 (42)11.69 (69)17.85 (72)-4.64 (56)15.39 (44)7.47 (40)0.28 (39)9.91 (2)14.49 (73) 5th Percentile -7.25 18.36 18.01 22.52 -1.40 18.03 9.66 1.88 8.67 21.12 1st Quartile -11.86 15.36 15.60 20.68 -3.37 16.09 8.06 0.64 7.09 18.31 Median -13.84 13.61 13.34 19.37 -4.45 15.07 7.05 -0.22 6.18 16.22 3rd Quartile -15.59 12.16 11.27 17.44 -5.31 13.73 6.16 -1.17 5.29 14.14 95th Percentile -17.45 8.94 7.19 14.10 -6.61 10.92 4.46 -2.90 3.08 8.89 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 32 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-1988 $37,115,659 -$3,304,490 $40,420,149 2.07 Jun-1988 $40,420,149 -$15,255,464 $55,675,613 4.75 Sep-1988 $55,675,613 --$5,742,484 $49,933,130 0.57 Dec-1988 $49,933,130 -$2,150,038 $52,083,168 2.05 Mar-1989 $52,083,168 -$5,062,468 $57,145,637 4.88 Jun-1989 $57,145,637 -$4,452,993 $61,598,630 5.90 Sep-1989 $61,598,630 -$7,477,281 $69,075,911 7.63 Dec-1989 $69,075,911 -$1,984,196 $71,060,107 1.39 Mar-1990 $71,060,107 -$378,332 $71,438,439 0.06 Jun-1990 $71,438,439 -$7,140,375 $78,578,814 7.03 Sep-1990 $78,578,814 --$9,847,666 $68,731,148 -6.23 Dec-1990 $68,731,148 --$12,927,114 $55,804,034 5.72 Mar-1991 $55,804,034 -$12,979,788 $68,783,821 11.94 Jun-1991 $68,783,821 --$532,887 $68,250,934 0.60 Sep-1991 $68,250,934 -$7,087,410 $75,338,344 6.25 Dec-1991 $75,338,344 -$6,276,425 $81,614,769 8.32 Mar-1992 $81,614,769 --$1,538,976 $80,075,794 -1.73 Jun-1992 $80,075,794 --$5,126,324 $74,949,469 -1.52 Sep-1992 $74,949,469 --$249,609 $74,699,861 3.89 Dec-1992 $74,699,861 -$9,473,620 $84,173,480 6.09 Mar-1993 $84,173,480 -$2,154,103 $86,327,583 2.30 Jun-1993 $86,327,583 -$1,014,565 $87,342,148 0.78 Sep-1993 $87,342,148 -$5,778,255 $93,120,403 4.60 Dec-1993 $93,120,403 -$2,204,043 $95,324,446 1.39 Mar-1994 $95,324,446 --$1,734,063 $93,590,383 -1.67 Jun-1994 $93,590,383 --$13,630,985 $79,959,398 -1.37 Sep-1994 $79,959,398 -$5,504,124 $85,463,522 3.74 Dec-1994 $85,463,522 -$441,019 $85,904,541 0.39 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 33 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-1995 $85,904,541 -$6,435,503 $92,340,044 5.44 Jun-1995 $92,340,044 -$7,602,216 $99,942,260 6.93 Sep-1995 $99,942,260 -$8,917,927 $108,860,187 6.00 Dec-1995 $108,860,187 -$2,257,663 $111,117,850 2.97 Mar-1996 $111,117,850 -$9,193,597 $120,311,447 3.64 Jun-1996 $120,311,447 -$5,523,534 $125,834,982 3.55 Sep-1996 $125,834,982 -$2,395,613 $128,230,595 3.28 Dec-1996 $128,230,595 --$20,044,329 $108,186,266 3.55 Mar-1997 $108,186,266 --$4,620,949 $103,565,317 -1.17 Jun-1997 $103,565,317 -$16,186,768 $119,752,085 11.19 Sep-1997 $119,752,085 -$8,363,384 $128,115,469 7.94 Dec-1997 $128,115,469 --$4,853,658 $123,261,811 -0.24 Mar-1998 $123,261,811 -$16,171,368 $139,433,179 8.16 Jun-1998 $139,433,179 -$2,916,725 $142,349,904 1.63 Sep-1998 $142,349,904 --$20,270,513 $122,079,392 -6.11 Dec-1998 $122,079,392 -$29,799,463 $151,878,854 12.88 Mar-1999 $151,878,854 -$8,156,573 $160,035,427 3.43 Jun-1999 $160,035,427 -$9,634,952 $169,670,379 5.00 Sep-1999 $169,670,379 --$9,304,384 $160,365,995 -4.43 Dec-1999 $160,365,995 -$53,446,249 $213,812,243 14.22 Mar-2000 $213,812,243 -$24,543,944 $238,356,187 4.61 Jun-2000 $238,356,187 --$17,842,470 $220,513,717 -3.11 Sep-2000 $220,513,717 -$2,942,383 $223,456,100 1.69 Dec-2000 $223,456,100 --$32,832,231 $190,623,869 -6.36 Mar-2001 $190,623,869 --$29,540,148 $161,083,721 -6.94 Jun-2001 $161,083,721 -$31,403,540 $192,487,262 4.33 Sep-2001 $192,487,262 --$70,015,520 $122,471,742 -8.99 Dec-2001 $122,471,742 --$3,023,928 $119,447,813 7.12 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 34 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2002 $119,447,813 -$1,049,133 $120,496,946 0.42 Jun-2002 $120,496,946 --$12,368,198 $108,128,749 -5.24 Sep-2002 $108,128,749 --$18,650,925 $89,477,824 -8.46 Dec-2002 $89,477,824 -$4,658,922 $94,136,746 4.77 Mar-2003 $94,136,746 --$2,879,098 $91,257,648 -0.53 Jun-2003 $91,257,648 -$10,445,990 $101,703,639 9.75 Sep-2003 $101,703,639 -$37,744,310 $139,447,949 1.91 Dec-2003 $139,447,949 -$16,625,092 $156,073,041 7.53 Mar-2004 $156,073,041 -$73,396,226 $229,469,267 3.25 Jun-2004 $229,469,267 --$4,397,072 $225,072,195 -0.76 Sep-2004 $225,072,195 --$5,333,659 $219,738,536 -0.81 Dec-2004 $219,738,536 -$94,657,834 $314,396,370 8.13 Mar-2005 $314,396,370 --$4,790,716 $309,605,655 -1.67 Jun-2005 $309,605,655 -$2,951,722 $312,557,377 2.14 Sep-2005 $312,557,377 -$15,924,645 $328,482,022 3.56 Dec-2005 $328,482,022 -$7,404,726 $335,886,748 2.59 Mar-2006 $335,886,748 -$30,546,388 $366,433,136 4.84 Jun-2006 $366,433,136 --$7,552,528 $358,880,608 -1.68 Sep-2006 $358,880,608 -$6,901,238 $365,781,846 3.37 Dec-2006 $365,781,846 -$50,509,167 $416,291,013 4.89 Mar-2007 $416,291,013 -$25,224,122 $441,515,135 1.91 Jun-2007 $441,515,135 -$10,755,795 $452,270,931 4.13 Sep-2007 $452,270,931 -$130,856,770 $583,127,700 2.15 Dec-2007 $583,127,700 --$4,862,636 $578,265,065 -1.11 Mar-2008 $578,265,065 --$42,263,748 $536,001,317 -6.13 Jun-2008 $536,001,317 -$10,314,649 $546,315,966 -0.30 Sep-2008 $546,315,966 --$26,855,825 $519,460,141 -8.96 Dec-2008 $519,460,141 --$73,816,134 $445,644,008 -14.44 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 35 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2009 $445,644,008 --$30,189,157 $415,454,851 -6.73 Jun-2009 $415,454,851 -$63,030,616 $478,485,467 16.39 Sep-2009 $478,485,467 -$63,331,635 $541,817,101 14.53 Dec-2009 $541,817,101 -$29,622,444 $571,439,545 4.79 Mar-2010 $571,439,545 $1,420,521 $28,514,836 $601,374,902 4.98 Jun-2010 $601,374,902 -$5,934,251 -$31,993,847 $563,446,804 -5.35 Sep-2010 $563,446,804 -$6,281,494 $57,321,288 $614,486,598 10.30 Dec-2010 $614,486,598 $2,877,067 $45,649,700 $663,013,366 7.42 Mar-2011 $663,013,366 $1,408,292 $29,471,716 $693,893,374 4.45 Jun-2011 $693,893,374 -$7,230,374 $5,411,491 $692,074,491 0.78 Sep-2011 $692,074,491 -$7,171,688 -$79,447,530 $605,455,273 -11.49 Dec-2011 $605,455,273 $906,702 $41,909,007 $648,270,982 6.95 Mar-2012 $648,270,982 $10,313,159 $52,508,718 $711,092,859 9.30 Jun-2012 $711,092,859 -$7,838,428 -$15,138,887 $688,115,543 -2.11 Sep-2012 $688,115,543 -$7,650,190 $31,651,213 $712,116,567 4.63 Dec-2012 $712,116,567 $1,405,904 $12,465,265 $725,987,735 1.77 Mar-2013 $725,987,735 $2,639,158 $43,316,811 $771,943,704 5.98 Jun-2013 $771,943,704 -$8,529,923 $600 $763,414,381 0.00 Sep-2013 $763,414,381 -$8,426,038 $40,688,177 $795,676,520 5.37 Dec-2013 $795,676,520 -$62,747 $43,826,891 $839,440,664 5.52 Mar-2014 $839,440,664 $997,843 $17,572,308 $858,010,815 2.08 Jun-2014 $858,010,815 -$8,947,389 $30,697,898 $879,761,325 3.61 Sep-2014 $879,761,325 -$8,071,076 -$6,077,661 $865,612,589 -0.70 Dec-2014 $865,612,589 -$2,181,929 $27,093,392 $890,524,051 3.14 Mar-2015 $890,524,051 -$1,048,160 $20,488,068 $909,963,960 2.31 Jun-2015 $909,963,960 -$9,762,293 -$6,659,939 $893,541,728 -0.73 Sep-2015 $893,541,728 -$9,608,772 -$41,440,488 $842,492,468 -4.66 Dec-2015 $842,492,468 -$3,150,132 $29,733,169 $869,075,506 4.76 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 36 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2016 $869,075,506 -$3,639,090 $8,327,326 $873,763,742 0.99 Jun-2016 $873,763,742 -$8,199,903 $19,479,145 $885,042,983 2.25 Sep-2016 $885,042,983 -$9,437,418 $30,450,249 $906,055,814 3.50 Dec-2016 $906,055,814 -$2,437,038 -$1,495,939 $902,122,837 -0.15 Mar-2017 $902,122,837 -$4,042,535 $42,589,028 $940,669,331 4.74 Jun-2017 $940,669,331 -$9,803,863 $32,033,125 $962,898,593 3.43 Sep-2017 $962,898,593 -$10,157,026 $27,748,235 $980,489,801 2.94 Dec-2017 $980,489,801 -$4,041,264 $39,010,026 $1,015,458,563 4.00 Mar-2018 $1,015,458,563 -$5,389,283 $3,399,779 $1,013,469,060 0.34 Jun-2018 $1,013,469,060 -$10,243,223 $12,284,581 $1,015,510,418 1.23 Sep-2018 $1,015,510,418 -$9,312,738 $38,632,345 $1,044,830,025 3.82 Dec-2018 $1,044,830,025 -$4,369,002 -$80,050,645 $960,410,378 -7.66 Mar-2019 $960,410,378 -$5,332,974 $83,125,870 $1,038,203,273 8.69 Jun-2019 $1,038,203,273 -$11,174,999 $39,715,923 $1,066,744,197 3.86 Sep-2019 $1,066,744,197 -$11,418,597 $9,725,692 $1,065,051,291 0.92 Dec-2019 $1,065,051,291 -$4,864,418 $58,192,676 $1,118,379,549 5.48 Mar-2020 $1,118,379,549 -$6,446,114 -$142,023,448 $969,909,987 -12.52 Jun-2020 $969,909,987 -$10,568,540 $133,450,669 $1,092,792,116 13.82 Sep-2020 $1,092,792,116 -$11,572,493 $52,542,792 $1,133,762,416 4.80 Dec-2020 $1,133,762,416 -$5,630,570 $122,432,868 $1,250,564,714 10.89 Mar-2021 $1,250,564,714 -$6,545,816 $28,592,139 $1,272,611,036 2.30 Jun-2021 $1,272,611,036 -$11,680,302 $73,213,434 $1,334,144,168 5.81 Sep-2021 $1,334,144,168 -$13,139,023 $6,094,455 $1,327,099,600 0.45 Dec-2021 $1,327,099,600 -$6,652,583 $57,547,829 $1,377,994,846 4.36 Mar-2022 $1,377,994,846 -$7,485,157 -$80,146,280 $1,290,363,409 -5.82 Jun-2022 $1,290,363,409 -$11,472,029 -$132,305,968 $1,146,585,412 -10.28 Sep-2022 $1,146,585,412 -$12,940,986 -$49,892,253 $1,083,752,173 -4.48 Dec-2022 $1,083,752,173 -$10,020,713 $61,257,465 $1,134,988,924 5.65 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 37 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2023 $1,134,988,924 -$7,179,894 $58,949,336 $1,186,758,365 5.08 Jun-2023 $1,186,758,365 -$10,887,124 $37,276,027 $1,213,147,268 3.16 Sep-2023 $1,213,147,268 -$13,372,317 -$34,978,309 $1,164,796,642 -2.97 Dec-2023 $1,164,796,642 -$6,871,765 $91,294,894 $1,249,219,771 7.87 Total $37,115,659 -$346,255,036 $1,558,359,147 $1,249,219,771 8.86 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 38 FROM DATE TO DATE BENCHMARK Total Portfolio 01/01/2019 Present 31.25% Blmbg. Intermed. U.S. Government/Credit, 26.25% S&P 500 Index, 15.00% MSCI EAFE Index, 15.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross, 12.50% Russell 2500 Index 07/01/2016 01/01/2019 39.00% S&P 500 Index, 28.00% Blmbg. U.S. Aggregate Index, 15.00% Wilshire U.S. Real Estate Securities Index, 10.00% MSCI EAFE Index, 8.00% MSCI Emerging Markets Index 12/01/1987 07/01/2016 42.00% S&P 500 Index, 30.00% Blmbg. U.S. Aggregate Index, 10.00% MSCI EAFE Index, 10.00% Wilshire U.S. Real Estate Securities Index, 8.00% MSCI Emerging Markets Index Domestic Equity Comp 01/31/1988 Present S&P 500 Index Large Cap Equity Comp 04/30/1988 Present Russell 1000 Index Mid Cap Equity Comp 04/30/1988 Present Russell Midcap Index Small Cap Equity Comp 09/30/2003 Present Russell 2000 Index International EQ Comp 06/30/2001 Present MSCI AC World ex USA (Net) Fixed Income Comp 01/31/1988 Present Blmbg. U.S. Aggregate Index Real Estate Comp 04/01/2022 Present 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross, 20.00% Wilshire U.S. Real Estate Securities Index 07/01/2010 04/01/2022 67.00% Wilshire U.S. Real Estate Securities Index, 33.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 01/01/1978 07/01/2010 100.00% Wilshire U.S. Real Estate Securities Index TOTAL FUND POLICY BENCHMARK SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.23 |Q4 23 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. 39 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $280,000,000 $560,000,000 $840,000,000 -$280,000,000 -$560,000,000 -$840,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $467,244,218 $407,659,206 $550,878,596 $512,802,086 $462,769,578 $32,235,837 Net Contributions $451,503 $1,715,440 -$29,182,409 -$69,741,263 -$50,189,834 -$399,795,468 Net Investement Return $52,993,546 $111,314,621 -$114,036,981 $107,817,774 $100,222,341 $888,248,898 Ending Market Value $520,689,267 $520,689,267 $407,659,206 $550,878,596 $512,802,086 $520,689,267 City of Clearwater - Domestic Equity Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 40 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.34 26.79 7.01 14.62 12.82 11.16 11.41 S&P 500 Index 11.69 26.29 10.00 15.69 13.42 12.03 10.93 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 26.79 -20.77 21.97 24.69 29.50 -4.06 22.53 11.41 S&P 500 Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 10.93 City of Clearwater - Domestic Equity Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 41 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Total Portfolio S&P 500 Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio S&P 500 Index Positive Months Ratio 58.33 61.11 Negative Months Ratio 41.67 38.89 Best Quarter 12.92 12.98 Worst Quarter -16.98 -16.10 Standard Deviation 17.39 17.29 Maximum Drawdown -26.04 -23.87 Max Drawdown Recovery Period 24.00 24.00 Up Capture 92.29 100.00 Down Capture 101.62 100.00 Alpha -2.50 0.00 Beta 0.98 1.00 R-Squared 0.95 1.00 Consistency 36.11 0.00 Tracking Error 3.96 0.00 Treynor Ratio 0.06 0.09 Information Ratio -0.70 - Sharpe Ratio 0.36 0.52 Total Portfolio S&P 500 Index Positive Months Ratio 64.81 65.74 Negative Months Ratio 35.19 34.26 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.47 14.75 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.51 100.00 Down Capture 78.68 100.00 Alpha 2.12 0.00 Beta 0.85 1.00 R-Squared 0.76 1.00 Consistency 50.23 0.00 Tracking Error 7.48 0.00 Treynor Ratio 0.10 0.09 Information Ratio 0.05 - Sharpe Ratio 0.62 0.58 City of Clearwater - Domestic Equity Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 42 -10 -4 2 8 14 20 26 32 38 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.34 (87)26.79 (11)0.23 (66)7.01 (84)11.18 (29)14.62 (49)11.27 (37)12.82 (35)12.41 (43) S&P 500 Index 11.69 (61)26.29 (14)1.69 (4)10.00 (7)12.04 (1)15.69 (5)12.07 (5)13.42 (8)13.23 (6) 5th Percentile 12.50 28.15 1.19 10.70 11.72 15.40 11.86 13.60 13.70 1st Quartile 12.12 25.93 0.95 8.90 11.30 15.05 11.43 12.94 12.88 Median 11.90 24.25 0.64 8.55 10.98 14.58 11.02 12.32 12.27 3rd Quartile 11.41 22.07 -0.04 7.57 10.22 13.96 10.02 11.53 11.55 95th Percentile 10.96 19.06 -2.07 6.35 9.06 12.79 9.05 10.44 10.30 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Domestic Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 43 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -20.77 (94)21.97 (92)24.69 (6)29.50 (68)-4.06 (9)22.53 (28)9.61 (95)1.48 (10)11.31 (25)35.15 (36) S&P 500 Index -18.11 (27)28.71 (5)18.40 (60)31.49 (23)-4.38 (10)21.83 (54)11.96 (58)1.38 (11)13.69 (9)32.39 (89) 5th Percentile -15.74 28.64 24.85 33.02 -3.58 24.49 16.63 1.80 15.88 54.59 1st Quartile -18.06 26.24 20.60 31.23 -5.55 22.96 13.52 0.81 11.28 35.93 Median -18.51 25.75 18.76 30.01 -5.89 21.94 12.36 0.10 10.58 34.09 3rd Quartile -19.29 23.15 16.83 29.47 -7.54 20.06 11.06 -0.48 9.03 33.05 95th Percentile -24.20 21.30 13.75 27.38 -9.12 17.90 8.87 -2.49 8.39 31.68 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Domestic Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 44 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $168,900,000 $337,800,000 $506,700,000 $675,600,000 -$168,900,000 -$337,800,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $317,360,957 $288,194,255 $376,051,591 $335,143,299 $314,103,659 $18,032,213 Net Contributions $132,405 -$19,394,501 -$10,293,061 -$39,212,549 -$33,333,870 -$189,299,575 Net Investment Return $37,205,949 $85,899,557 -$77,564,275 $80,120,842 $54,373,510 $525,966,673 Ending Market Value $354,699,311 $354,699,311 $288,194,255 $376,051,591 $335,143,299 $354,699,311 City of Clearwater - Large Cap Equity Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 45 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.72 29.94 8.87 14.94 13.41 11.91 10.92 Russell 1000 Index 11.96 26.53 8.97 15.52 13.21 11.80 10.88 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 29.94 -20.72 25.27 19.54 30.02 -3.49 24.63 10.92 Russell 1000 Index 26.53 -19.13 26.45 20.96 31.43 -4.78 21.69 10.88 City of Clearwater - Large Cap Equity Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 46 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Total Portfolio Russell 1000 Index 90 Day U.S. Treasury Bill 0 3 6 9 12 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Index Positive Months Ratio 58.33 58.33 Negative Months Ratio 41.67 41.67 Best Quarter 13.11 12.54 Worst Quarter -17.29 -16.67 Standard Deviation 17.58 17.42 Maximum Drawdown -26.08 -24.59 Max Drawdown Recovery Period 24.00 24.00 Up Capture 101.41 100.00 Down Capture 102.38 100.00 Alpha -0.11 0.00 Beta 1.01 1.00 R-Squared 0.99 1.00 Consistency 50.00 0.00 Tracking Error 1.50 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.04 - Sharpe Ratio 0.45 0.46 Total Portfolio Russell 1000 Index Positive Months Ratio 65.03 65.73 Negative Months Ratio 34.97 34.27 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.68 14.94 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 85.31 100.00 Down Capture 75.08 100.00 Alpha 1.87 0.00 Beta 0.83 1.00 R-Squared 0.81 1.00 Consistency 49.65 0.00 Tracking Error 6.48 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.02 - Sharpe Ratio 0.61 0.57 City of Clearwater - Large Cap Equity Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 47 -10 -4 2 8 14 20 26 32 38 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.72 (61)29.94 (4)1.50 (4)8.87 (29)11.45 (18)14.94 (33)11.64 (20)13.41 (8)12.83 (29) Russell 1000 Index 11.96 (41)26.53 (13)1.16 (7)8.97 (21)11.85 (2)15.52 (5)11.86 (5)13.21 (14)13.07 (17) 5th Percentile 12.50 28.15 1.19 10.70 11.72 15.40 11.86 13.60 13.70 1st Quartile 12.12 25.93 0.95 8.90 11.30 15.05 11.43 12.94 12.88 Median 11.90 24.25 0.64 8.55 10.98 14.58 11.02 12.32 12.27 3rd Quartile 11.41 22.07 -0.04 7.57 10.22 13.96 10.02 11.53 11.55 95th Percentile 10.96 19.06 -2.07 6.35 9.06 12.79 9.05 10.44 10.30 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Large Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 48 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -20.72 (94)25.27 (59)19.54 (30)30.02 (50)-3.49 (5)24.63 (5)8.88 (95)3.35 (1)13.45 (9)32.24 (90) Russell 1000 Index -19.13 (70)26.45 (15)20.96 (22)31.43 (24)-4.78 (12)21.69 (58)12.05 (58)0.92 (22)13.24 (9)33.11 (74) 5th Percentile -15.74 28.64 24.85 33.02 -3.58 24.49 16.63 1.80 15.88 54.59 1st Quartile -18.06 26.24 20.60 31.23 -5.55 22.96 13.52 0.81 11.28 35.93 Median -18.51 25.75 18.76 30.01 -5.89 21.94 12.36 0.10 10.58 34.09 3rd Quartile -19.29 23.15 16.83 29.47 -7.54 20.06 11.06 -0.48 9.03 33.05 95th Percentile -24.20 21.30 13.75 27.38 -9.12 17.90 8.87 -2.49 8.39 31.68 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Large Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 49 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $19,900,000 $39,800,000 $59,700,000 $79,600,000 -$19,900,000Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $55,168,480 $43,639,686 $57,800,059 $57,819,773 $50,975,128 $33,239,288 Net Contributions $115,625 $419,308 $347,224 -$14,659,658 -$1,617,800 -$37,142,307 Net Investment Return $5,562,541 $16,787,652 -$14,507,598 $14,639,945 $8,462,445 $64,749,664 Ending Market Value $60,846,645 $60,846,645 $43,639,686 $57,800,059 $57,819,773 $60,846,645 City of Clearwater - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 50 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 60 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.08 38.37 9.77 14.93 13.03 11.66 13.18 Russell 1000 Value Index 9.50 11.46 8.86 10.91 8.32 8.40 9.82 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 38.37 -25.08 27.60 15.49 31.28 -4.86 23.52 13.18 Russell 1000 Value Index 11.46 -7.54 25.16 2.80 26.54 -8.27 13.66 9.82 City of Clearwater - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 51 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: January 1, 2013) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 21.99 16.77 Worst Quarter -19.77 -12.21 Standard Deviation 19.76 16.51 Maximum Drawdown -32.38 -17.75 Max Drawdown Recovery Period 26.00 19.00 Up Capture 109.61 100.00 Down Capture 107.13 100.00 Alpha 0.85 0.00 Beta 1.06 1.00 R-Squared 0.79 1.00 Consistency 47.22 0.00 Tracking Error 9.21 0.00 Treynor Ratio 0.09 0.08 Information Ratio 0.16 - Sharpe Ratio 0.47 0.47 Total Portfolio Russell 1000 Value Index Positive Months Ratio 66.67 63.64 Negative Months Ratio 33.33 36.36 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.93 14.96 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 110.41 100.00 Down Capture 99.84 100.00 Alpha 2.32 0.00 Beta 1.04 1.00 R-Squared 0.84 1.00 Consistency 54.55 0.00 Tracking Error 6.72 0.00 Treynor Ratio 0.12 0.10 Information Ratio 0.41 - Sharpe Ratio 0.75 0.66 City of Clearwater - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 52 -12 -4 4 12 20 28 36 44 52 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.08 (39)38.37 (1)1.81 (62)9.77 (49)11.18 (7)14.93 (5)11.37 (2)13.03 (1)12.67 (2) Russell 1000 Value Index 9.50 (52)11.46 (47)1.52 (67)8.86 (67)7.31 (66)10.91 (60)7.45 (58)8.32 (65)9.41 (55) 5th Percentile 12.74 20.27 6.41 13.81 11.61 14.91 10.40 11.56 11.98 1st Quartile 10.74 14.09 3.81 11.00 9.20 12.35 8.63 9.81 10.41 Median 9.56 10.96 2.48 9.62 7.95 11.27 7.67 8.83 9.53 3rd Quartile 8.60 8.19 0.97 8.38 6.87 10.19 6.73 7.89 8.73 95th Percentile 6.54 3.41 -1.50 5.81 4.32 7.86 4.84 6.19 7.19 Population 1,435 1,404 1,368 1,337 1,325 1,309 1,300 1,266 1,241 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Eagle Capital Management Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 53 -40 -25 -10 5 20 35 50 65 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -25.08 (100)27.60 (33)15.49 (2)31.28 (5)-4.86 (12)23.52 (2)10.16 (89)2.35 (3)13.39 (16)- Russell 1000 Value Index -7.54 (70)25.16 (62)2.80 (50)26.54 (37)-8.27 (41)13.66 (79)17.34 (23)-3.83 (58)13.45 (15)32.53 (43) 5th Percentile 1.34 33.04 12.08 30.98 -2.89 21.51 20.96 1.37 14.91 38.56 1st Quartile -2.86 28.34 5.88 27.69 -6.75 18.30 17.08 -1.65 12.58 34.75 Median -5.40 26.02 2.72 25.57 -8.88 16.24 14.39 -3.41 11.03 31.79 3rd Quartile -8.16 23.97 0.15 23.40 -10.71 14.02 12.21 -4.99 9.39 29.66 95th Percentile -13.37 19.29 -5.26 19.61 -14.73 9.36 8.23 -8.67 6.39 23.85 Population 1,404 1,404 1,445 1,488 1,557 1,599 1,597 1,539 1,508 1,466 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Eagle Capital Management Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 54 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $22,900,000 $45,800,000 $68,700,000 $91,600,000 -$22,900,000 -$45,800,000Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $27,853,530 $41,414,648 $53,164,674 $57,606,598 $50,403,074 $33,103,702 Net Contributions -$773 -$14,881,713 -$9,867,021 -$14,856,987 $5,198,659 -$49,168,904 Net Investment Return $2,005,711 $3,325,534 -$1,883,005 $10,415,063 $2,004,864 $45,923,671 Ending Market Value $29,858,468 $29,858,468 $41,414,648 $53,164,674 $57,606,598 $29,858,468 City of Clearwater - Manning and Napier MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 55 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.20 10.29 8.27 9.80 9.34 8.91 10.01 Russell 1000 Value Index 9.50 11.46 8.86 10.91 8.32 8.40 9.82 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 10.29 -3.91 19.76 2.05 23.21 -3.65 21.55 10.01 Russell 1000 Value Index 11.46 -7.54 25.16 2.80 26.54 -8.27 13.66 9.82 City of Clearwater - Manning and Napier INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 56 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: January 1, 2013) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 14.83 16.77 Worst Quarter -10.00 -12.21 Standard Deviation 15.36 16.51 Maximum Drawdown -16.32 -17.75 Max Drawdown Recovery Period 19.00 19.00 Up Capture 90.46 100.00 Down Capture 89.41 100.00 Alpha 0.21 0.00 Beta 0.90 1.00 R-Squared 0.94 1.00 Consistency 52.78 0.00 Tracking Error 3.95 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.19 - Sharpe Ratio 0.46 0.47 Total Portfolio Russell 1000 Value Index Positive Months Ratio 65.91 63.64 Negative Months Ratio 34.09 36.36 Best Quarter 15.42 16.77 Worst Quarter -25.20 -26.73 Standard Deviation 13.97 14.96 Maximum Drawdown -25.20 -26.73 Max Drawdown Recovery Period 12.00 12.00 Up Capture 91.67 100.00 Down Capture 89.36 100.00 Alpha 0.56 0.00 Beta 0.90 1.00 R-Squared 0.92 1.00 Consistency 52.27 0.00 Tracking Error 4.15 0.00 Treynor Ratio 0.10 0.10 Information Ratio -0.14 - Sharpe Ratio 0.67 0.66 City of Clearwater - Manning and Napier PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 57 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 7.20 (92)10.29 (55)2.94 (41)8.27 (77)6.68 (79)9.80 (82)7.43 (59)9.34 (36)9.90 (38) Russell 1000 Value Index 9.50 (52)11.46 (47)1.52 (67)8.86 (67)7.31 (66)10.91 (60)7.45 (58)8.32 (65)9.41 (55) 5th Percentile 12.74 20.27 6.41 13.81 11.61 14.91 10.40 11.56 11.98 1st Quartile 10.74 14.09 3.81 11.00 9.20 12.35 8.63 9.81 10.41 Median 9.56 10.96 2.48 9.62 7.95 11.27 7.67 8.83 9.53 3rd Quartile 8.60 8.19 0.97 8.38 6.87 10.19 6.73 7.89 8.73 95th Percentile 6.54 3.41 -1.50 5.81 4.32 7.86 4.84 6.19 7.19 Population 1,435 1,404 1,368 1,337 1,325 1,309 1,300 1,266 1,241 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Manning and Napier Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 58 -30 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -3.91 (35)19.76 (94)2.05 (58)23.21 (77)-3.65 (8)21.55 (5)13.85 (58)-0.09 (11)10.46 (60)- Russell 1000 Value Index -7.54 (70)25.16 (62)2.80 (50)26.54 (37)-8.27 (41)13.66 (79)17.34 (23)-3.83 (58)13.45 (15)32.53 (43) 5th Percentile 1.34 33.04 12.08 30.98 -2.89 21.51 20.96 1.37 14.91 38.56 1st Quartile -2.86 28.34 5.88 27.69 -6.75 18.30 17.08 -1.65 12.58 34.75 Median -5.40 26.02 2.72 25.57 -8.88 16.24 14.39 -3.41 11.03 31.79 3rd Quartile -8.16 23.97 0.15 23.40 -10.71 14.02 12.21 -4.99 9.39 29.66 95th Percentile -13.37 19.29 -5.26 19.61 -14.73 9.36 8.23 -8.67 6.39 23.85 Population 1,404 1,404 1,445 1,488 1,557 1,599 1,597 1,539 1,508 1,466 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Manning and Napier Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 59 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $56,900,000 $113,800,000 $170,700,000 $227,600,000 $284,500,000 -$56,900,000Market ValueOct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $156,901,906 $135,593,144 $191,150,851 $31,946,711 -$30,545,838 Net Contributions $11,746 -$12,953,416 $47,645 $129,561,381 -$116,655,610 Net Investment Return $22,280,342 $56,554,265 -$55,605,352 $29,642,759 -$31,992,545 Ending Market Value $179,193,994 $179,193,994 $135,593,144 $191,150,851 -$179,193,994 City of Clearwater - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 60 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 15 30 45 60 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 14.20 42.20 9.37 ---10.70 Russell 1000 Growth Index 14.16 42.68 8.86 19.50 17.68 14.86 10.25 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 42.20 -29.09 29.75 ----10.70 Russell 1000 Growth Index 42.68 -29.14 27.60 38.49 36.39 -1.51 30.21 10.25 City of Clearwater - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 61 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Growth Index -8 0 8 16 24 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Growth Index Positive Months Ratio 58.33 55.56 Negative Months Ratio 41.67 44.44 Best Quarter 15.74 15.47 Worst Quarter -20.89 -20.92 Standard Deviation 20.68 20.51 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 101.62 100.00 Down Capture 100.28 100.00 Alpha 0.43 0.00 Beta 1.01 1.00 R-Squared 1.00 1.00 Consistency 50.00 0.00 Tracking Error 1.02 0.00 Treynor Ratio 0.09 0.09 Information Ratio 0.49 - Sharpe Ratio 0.44 0.42 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 60.53 57.89 Negative Months Ratio 39.47 42.11 Best Quarter 15.74 15.47 Worst Quarter -20.89 -20.92 Standard Deviation 20.24 20.71 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 92.93 100.00 Down Capture 100.28 100.00 Alpha -1.83 0.00 Beta 0.94 1.00 R-Squared 0.92 1.00 Consistency 47.37 0.00 Tracking Error 5.79 0.00 Treynor Ratio 0.11 0.13 Information Ratio -0.48 - Sharpe Ratio 0.49 0.62 City of Clearwater - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 62 -25 -10 5 20 35 50 65 80 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 14.20 (42)42.20 (34)0.42 (16)9.37 (7)----- Russell 1000 Growth Index 14.16 (44)42.68 (32)0.55 (14)8.86 (10)15.61 (8)19.50 (7)15.71 (9)17.68 (11)16.30 (7) 5th Percentile 17.94 53.02 2.00 9.64 16.16 19.85 16.27 18.62 16.57 1st Quartile 14.86 43.82 -0.46 7.46 13.83 17.46 14.21 16.43 14.55 Median 13.96 38.98 -2.00 5.45 12.12 16.06 12.91 15.05 13.51 3rd Quartile 13.09 32.05 -4.26 2.83 10.40 14.53 11.41 13.78 12.29 95th Percentile 10.23 19.70 -11.68 -4.66 6.95 11.03 8.87 11.00 10.19 Population 1,456 1,445 1,411 1,377 1,348 1,318 1,309 1,277 1,262 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - NTGI-QM R1000G Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 63 -75 -50 -25 0 25 50 75 100 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -29.09 (36)29.75 (8)-------- Russell 1000 Growth Index -29.14 (36)27.60 (15)38.49 (38)36.39 (19)-1.51 (51)30.21 (40)7.08 (20)5.67 (44)13.05 (25)33.48 (62) 5th Percentile -19.19 30.34 72.51 39.28 5.40 36.70 9.73 11.07 15.88 43.94 1st Quartile -26.66 25.61 43.90 35.83 0.96 32.22 6.32 7.34 12.96 37.01 Median -30.94 21.91 35.62 32.81 -1.47 29.05 2.73 5.06 10.64 34.65 3rd Quartile -34.87 16.86 29.80 30.19 -4.14 25.42 0.37 1.54 8.53 31.81 95th Percentile -45.28 4.64 19.73 25.29 -7.60 19.65 -4.37 -3.22 4.73 27.80 Population 1,464 1,472 1,465 1,488 1,561 1,577 1,603 1,568 1,545 1,523 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - NTGI-QM R1000G Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 64 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $36,900,000 $73,800,000 $110,700,000 $147,600,000 -$36,900,000 -$73,800,000Market ValueJun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $77,437,040 $67,546,777 $73,095,509 $58,383,256 $50,975,274 $26,197,069 Net Contributions $5,808 $8,021,321 $20,204 $14,591 $5,018,102 -$29,662,514 Net Investment Return $7,357,355 $9,232,105 -$5,568,935 $14,697,663 $2,389,880 $88,265,649 Ending Market Value $84,800,204 $84,800,204 $67,546,777 $73,095,509 $58,383,256 $84,800,204 City of Clearwater - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 65 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 9.50 11.61 8.88 10.91 8.33 8.40 6.64 Russell 1000 Value Index 9.50 11.46 8.86 10.91 8.32 8.40 6.60 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 11.61 -7.62 25.17 2.77 26.55 -8.32 13.77 6.64 Russell 1000 Value Index 11.46 -7.54 25.16 2.80 26.54 -8.27 13.66 6.60 City of Clearwater - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 66 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2007) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -10 -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 26.0 28.0 30.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 16.74 16.77 Worst Quarter -12.24 -12.21 Standard Deviation 16.49 16.51 Maximum Drawdown -17.80 -17.75 Max Drawdown Recovery Period 19.00 19.00 Up Capture 99.96 100.00 Down Capture 99.85 100.00 Alpha 0.02 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 41.67 0.00 Tracking Error 0.13 0.00 Treynor Ratio 0.08 0.08 Information Ratio 0.13 - Sharpe Ratio 0.47 0.47 Total Portfolio Russell 1000 Value Index Positive Months Ratio 60.10 60.10 Negative Months Ratio 39.90 39.90 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.57 16.61 Maximum Drawdown -54.40 -54.50 Max Drawdown Recovery Period 66.00 66.00 Up Capture 99.97 100.00 Down Capture 99.82 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 68.18 0.00 Tracking Error 0.40 0.00 Treynor Ratio 0.07 0.07 Information Ratio 0.06 - Sharpe Ratio 0.41 0.41 City of Clearwater - NTGI-QM R1000V PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 67 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 9.50 (52)11.61 (45)1.54 (66)8.88 (67)7.32 (65)10.91 (60)7.45 (58)8.33 (65)9.38 (56) Russell 1000 Value Index 9.50 (52)11.46 (47)1.52 (67)8.86 (67)7.31 (66)10.91 (60)7.45 (58)8.32 (65)9.41 (55) 5th Percentile 12.74 20.27 6.41 13.81 11.61 14.91 10.40 11.56 11.98 1st Quartile 10.74 14.09 3.81 11.00 9.20 12.35 8.63 9.81 10.41 Median 9.56 10.96 2.48 9.62 7.95 11.27 7.67 8.83 9.53 3rd Quartile 8.60 8.19 0.97 8.38 6.87 10.19 6.73 7.89 8.73 95th Percentile 6.54 3.41 -1.50 5.81 4.32 7.86 4.84 6.19 7.19 Population 1,435 1,404 1,368 1,337 1,325 1,309 1,300 1,266 1,241 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - NTGI-QM R1000V Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 68 -30 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -7.62 (70)25.17 (62)2.77 (50)26.55 (37)-8.32 (41)13.77 (78)17.03 (26)-3.66 (55)13.54 (14)32.94 (40) Russell 1000 Value Index -7.54 (70)25.16 (62)2.80 (50)26.54 (37)-8.27 (41)13.66 (79)17.34 (23)-3.83 (58)13.45 (15)32.53 (43) 5th Percentile 1.34 33.04 12.08 30.98 -2.89 21.51 20.96 1.37 14.91 38.56 1st Quartile -2.86 28.34 5.88 27.69 -6.75 18.30 17.08 -1.65 12.58 34.75 Median -5.40 26.02 2.72 25.57 -8.88 16.24 14.39 -3.41 11.03 31.79 3rd Quartile -8.16 23.97 0.15 23.40 -10.71 14.02 12.21 -4.99 9.39 29.66 95th Percentile -13.37 19.29 -5.26 19.61 -14.73 9.36 8.23 -8.67 6.39 23.85 Population 1,404 1,404 1,445 1,488 1,557 1,599 1,597 1,539 1,508 1,466 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - NTGI-QM R1000V Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 69 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $67,900,000 $135,800,000 $203,700,000 -$67,900,000 -$135,800,000 -$203,700,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $96,662,132 $74,563,616 $106,096,870 $107,856,486 $89,648,485 $15,584,862 Net Contributions $191,134 $15,652,365 -$9,365,956 -$21,176,244 -$9,376,584 -$107,491,399 Net Investment Return $10,025,101 $16,662,386 -$22,167,299 $19,416,627 $27,584,585 $198,784,903 Ending Market Value $106,878,366 $106,878,366 $74,563,616 $106,096,870 $107,856,486 $106,878,366 City of Clearwater - Mid Cap Equity Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 70 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.37 20.24 4.13 14.97 11.69 9.98 12.17 Russell Midcap Index 12.82 17.23 5.92 12.68 10.07 9.42 11.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 20.24 -20.92 18.74 37.35 29.52 -9.88 19.76 12.17 Russell Midcap Index 17.23 -17.32 22.58 17.10 30.54 -9.06 18.52 11.31 City of Clearwater - Mid Cap Equity Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 71 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Total Portfolio Russell Midcap Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Index Positive Months Ratio 50.00 52.78 Negative Months Ratio 50.00 47.22 Best Quarter 14.00 13.95 Worst Quarter -17.73 -16.85 Standard Deviation 20.04 19.11 Maximum Drawdown -27.87 -24.27 Max Drawdown Recovery Period -- Up Capture 81.33 100.00 Down Capture 81.78 100.00 Alpha -0.92 0.00 Beta 0.92 1.00 R-Squared 0.77 1.00 Consistency 41.67 0.00 Tracking Error 9.71 0.00 Treynor Ratio 0.04 0.05 Information Ratio -0.16 - Sharpe Ratio 0.20 0.29 Total Portfolio Russell Midcap Index Positive Months Ratio 62.47 63.64 Negative Months Ratio 37.53 36.36 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.82 16.55 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 92.20 100.00 Down Capture 80.58 100.00 Alpha 2.20 0.00 Beta 0.90 1.00 R-Squared 0.70 1.00 Consistency 50.12 0.00 Tracking Error 9.91 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.10 - Sharpe Ratio 0.57 0.55 City of Clearwater - Mid Cap Equity Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 72 -10 -4 2 8 14 20 26 32 38 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.37 (100)20.24 (88)-2.49 (96)4.13 (100)11.59 (8)14.97 (32)10.40 (64)11.69 (69)11.05 (87) Russell Midcap Index 12.82 (4)17.23 (100)-1.55 (94)5.92 (97)8.61 (100)12.68 (98)8.72 (100)10.07 (97)10.53 (95) 5th Percentile 12.50 28.15 1.19 10.70 11.72 15.40 11.86 13.60 13.70 1st Quartile 12.12 25.93 0.95 8.90 11.30 15.05 11.43 12.94 12.88 Median 11.90 24.25 0.64 8.55 10.98 14.58 11.02 12.32 12.27 3rd Quartile 11.41 22.07 -0.04 7.57 10.22 13.96 10.02 11.53 11.55 95th Percentile 10.96 19.06 -2.07 6.35 9.06 12.79 9.05 10.44 10.30 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Mid Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 73 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -20.92 (94)18.74 (100)37.35 (1)29.52 (68)-9.88 (100)19.76 (82)6.73 (97)-1.30 (90)13.38 (9)37.36 (17) Russell Midcap Index -17.32 (17)22.58 (83)17.10 (73)30.54 (35)-9.06 (95)18.52 (93)13.80 (19)-2.44 (95)13.22 (9)34.76 (41) 5th Percentile -15.74 28.64 24.85 33.02 -3.58 24.49 16.63 1.80 15.88 54.59 1st Quartile -18.06 26.24 20.60 31.23 -5.55 22.96 13.52 0.81 11.28 35.93 Median -18.51 25.75 18.76 30.01 -5.89 21.94 12.36 0.10 10.58 34.09 3rd Quartile -19.29 23.15 16.83 29.47 -7.54 20.06 11.06 -0.48 9.03 33.05 95th Percentile -24.20 21.30 13.75 27.38 -9.12 17.90 8.87 -2.49 8.39 31.68 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Mid Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 74 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $30,900,000 $61,800,000 $92,700,000 -$30,900,000 -$61,800,000 -$92,700,000Market ValueJul-01 Oct-02 Jan-04 Apr-05 Jul-06 Oct-07 Jan-09 Apr-10 Jul-11 Oct-12 Jan-14 Apr-15 Jul-16 Oct-17 Jan-19 Apr-20 Jul-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 08/31/2001 Beginning Market Value $47,292,203 $32,313,010 $50,353,781 $54,194,482 $49,643,494 $29,913,539 Net Contributions $102,008 $10,324,950 $277,067 -$9,564,250 -$19,582,240 -$58,695,005 Net Investment Return $4,248,082 $9,004,333 -$18,317,838 $5,723,549 $24,133,228 $80,423,759 Ending Market Value $51,642,293 $51,642,293 $32,313,010 $50,353,781 $54,194,482 $51,642,293 City of Clearwater - Artisan Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 75 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 8.98 25.02 -4.18 13.83 12.14 9.38 10.14 Russell Midcap Growth Index 14.55 25.87 1.31 13.81 12.49 10.57 9.11 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 25.02 -36.33 10.53 56.72 38.58 -3.39 20.81 10.14 Russell Midcap Growth Index 25.87 -26.72 12.73 35.59 35.47 -4.75 25.27 9.11 City of Clearwater - Artisan Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 76 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: August 1, 2001) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell Midcap Growth Index -4 0 4 8 12 16 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Growth Index Positive Months Ratio 47.22 50.00 Negative Months Ratio 52.78 50.00 Best Quarter 13.83 14.55 Worst Quarter -22.20 -21.07 Standard Deviation 21.66 21.06 Maximum Drawdown -40.58 -34.12 Max Drawdown Recovery Period -- Up Capture 94.51 100.00 Down Capture 113.28 100.00 Alpha -5.21 0.00 Beta 0.99 1.00 R-Squared 0.92 1.00 Consistency 38.89 0.00 Tracking Error 6.15 0.00 Treynor Ratio -0.04 0.01 Information Ratio -0.88 - Sharpe Ratio -0.19 0.07 Total Portfolio Russell Midcap Growth Index Positive Months Ratio 60.97 59.85 Negative Months Ratio 39.03 40.15 Best Quarter 36.44 31.56 Worst Quarter -39.29 -40.64 Standard Deviation 19.06 18.71 Maximum Drawdown -50.92 -52.91 Max Drawdown Recovery Period 37.00 39.00 Up Capture 102.58 100.00 Down Capture 98.91 100.00 Alpha 1.21 0.00 Beta 0.98 1.00 R-Squared 0.93 1.00 Consistency 47.96 0.00 Tracking Error 5.15 0.00 Treynor Ratio 0.10 0.09 Information Ratio 0.19 - Sharpe Ratio 0.53 0.48 City of Clearwater - Artisan Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 77 -30 -20 -10 0 10 20 30 40 50 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 8.98 (92)25.02 (22)-10.78 (79)-4.18 (75)8.36 (41)13.83 (25)10.76 (23)12.14 (39)10.46 (59) Russell Midcap Growth Index 14.55 (15)25.87 (17)-3.96 (19)1.31 (28)8.96 (29)13.81 (25)10.49 (29)12.49 (32)11.83 (25) 5th Percentile 17.31 32.07 -0.85 6.33 12.17 15.86 12.29 14.52 13.52 1st Quartile 13.75 24.30 -4.56 1.66 9.17 13.79 10.68 12.81 11.82 Median 12.23 20.52 -6.86 -0.73 7.90 12.78 9.66 11.72 10.77 3rd Quartile 10.86 17.60 -10.25 -4.22 6.25 11.12 7.98 10.46 9.70 95th Percentile 7.72 11.19 -15.74 -10.56 2.30 7.59 5.40 7.70 7.51 Population 644 641 637 624 611 601 589 574 571 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Artisan Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 78 -75 -50 -25 0 25 50 75 100 125 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -36.33 (89)10.53 (62)56.72 (17)38.58 (16)-3.39 (34)20.81 (85)-0.63 (94)3.38 (16)6.96 (61)39.21 (20) Russell Midcap Growth Index -26.72 (37)12.73 (45)35.59 (53)35.47 (37)-4.75 (44)25.27 (47)7.33 (27)-0.20 (53)11.90 (12)35.74 (51) 5th Percentile -16.73 25.13 83.92 41.80 3.72 34.20 13.64 6.25 13.05 44.07 1st Quartile -24.48 16.53 48.46 37.31 -2.19 27.93 7.57 2.42 10.70 38.28 Median -28.44 11.85 36.48 33.72 -5.18 24.96 4.98 0.08 7.76 35.78 3rd Quartile -33.20 7.37 29.53 30.63 -7.65 22.29 2.02 -2.60 5.28 31.67 95th Percentile -42.39 -5.05 18.80 25.96 -14.54 16.28 -2.16 -6.50 0.08 28.08 Population 657 670 669 681 687 703 712 698 686 674 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Artisan Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 79 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $19,900,000 $39,800,000 $59,700,000 $79,600,000 $99,500,000 -$19,900,000Market ValueMar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $49,369,929 $42,250,605 $55,743,089 $53,662,005 -$27,058,203 Net Contributions $89,126 $5,327,415 -$9,643,023 -$11,611,994 --$5,701,639 Net Investment Return $5,777,019 $7,658,053 -$3,849,460 $13,693,078 -$33,879,510 Ending Market Value $55,236,074 $55,236,074 $42,250,605 $55,743,089 -$55,236,074 City of Clearwater - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 80 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.70 16.74 11.41 ---12.04 Russell Midcap Value Index 12.11 12.71 8.36 11.16 7.76 8.26 11.38 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 16.74 -6.98 27.34 ----12.04 Russell Midcap Value Index 12.71 -12.03 28.34 4.96 27.06 -12.29 13.34 11.38 City of Clearwater - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 81 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Boston Partners Russell Midcap Value Index -8 0 8 16 24 Annualized Return (%)-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 22.0 24.0 26.0 28.0 30.0 32.0 34.0 Risk (Annualized Standard Deviation) Boston Partners Russell Midcap Value Index Positive Months Ratio 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 24.61 18.79 Worst Quarter -17.99 -14.68 Standard Deviation 23.20 19.31 Maximum Drawdown -29.72 -20.36 Max Drawdown Recovery Period -- Up Capture 83.25 100.00 Down Capture 61.37 100.00 Alpha 4.69 0.00 Beta 0.90 1.00 R-Squared 0.56 1.00 Consistency 58.33 0.00 Tracking Error 15.51 0.00 Treynor Ratio 0.13 0.08 Information Ratio 0.23 - Sharpe Ratio 0.49 0.40 Boston Partners Russell Midcap Value Index Positive Months Ratio 56.52 58.70 Negative Months Ratio 43.48 41.30 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 26.75 23.20 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period -5.00 Up Capture 87.47 100.00 Down Capture 74.76 100.00 Alpha 1.73 0.00 Beta 0.98 1.00 R-Squared 0.73 1.00 Consistency 54.35 0.00 Tracking Error 13.91 0.00 Treynor Ratio 0.14 0.12 Information Ratio 0.11 - Sharpe Ratio 0.50 0.51 City of Clearwater - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 82 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.70 (39)16.74 (21)4.21 (17)11.41 (25)----- Russell Midcap Value Index 12.11 (30)12.71 (46)-0.42 (88)8.36 (78)7.50 (60)11.16 (57)6.85 (52)7.76 (52)9.22 (48) 5th Percentile 14.07 22.22 7.10 14.46 12.79 16.17 10.08 10.95 11.56 1st Quartile 12.25 16.11 3.48 11.36 9.70 12.97 8.19 8.91 10.11 Median 11.33 12.30 1.91 9.91 7.99 11.41 6.92 7.86 9.17 3rd Quartile 10.40 10.18 0.57 8.65 6.76 10.45 6.01 6.97 8.23 95th Percentile 8.10 6.14 -1.82 6.38 4.84 8.42 4.30 5.63 7.08 Population 476 473 469 465 460 453 447 437 433 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Boston Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 83 -40 -25 -10 5 20 35 50 65 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -6.98 (41)27.34 (65)-------- Russell Midcap Value Index -12.03 (87)28.34 (55)4.96 (34)27.06 (47)-12.29 (35)13.34 (54)20.00 (35)-4.78 (56)14.75 (12)33.46 (58) 5th Percentile -1.08 35.47 10.03 33.15 -7.13 19.30 25.33 0.99 15.96 43.73 1st Quartile -5.04 31.43 6.03 29.54 -11.53 15.58 20.90 -2.50 12.64 36.92 Median -7.99 28.73 2.80 26.78 -13.32 13.43 17.49 -4.18 10.30 34.13 3rd Quartile -10.04 26.07 0.28 23.97 -15.30 11.57 14.83 -6.88 7.20 31.61 95th Percentile -14.54 19.42 -5.25 16.82 -19.83 7.33 10.02 -10.63 1.98 27.88 Population 484 499 504 517 547 548 543 534 502 486 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Boston Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 84 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell 2000 Index Net Cash Flow $0 $50,900,000 $101,800,000 $152,700,000 -$50,900,000 -$101,800,000 -$152,700,000Market ValueAug-03 Nov-04 Feb-06 May-07 Aug-08 Nov-09 Feb-11 May-12 Aug-13 Nov-14 Feb-16 May-17 Aug-18 Nov-19 Feb-21 May-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $53,221,129 $44,901,336 $68,730,135 $69,802,301 $59,017,434 $29,988,472 Net Contributions $127,964 $5,457,576 -$9,523,392 -$9,352,470 -$7,479,380 -$103,004,494 Gain/Loss $5,762,497 $8,752,678 -$14,305,407 $8,280,305 $18,264,247 $132,127,612 Ending Market Value $59,111,590 $59,111,590 $44,901,336 $68,730,135 $69,802,301 $59,111,590 City of Clearwater - Small Cap Equity Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 85 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.83 18.22 1.60 11.77 10.94 9.21 10.18 Russell 2000 Index 14.03 16.93 2.22 9.97 7.33 7.16 8.59 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 18.22 -20.83 12.05 31.17 26.79 1.67 16.66 10.18 Russell 2000 Index 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 8.59 City of Clearwater - Small Cap Equity Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 86 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 47.22 55.56 Negative Months Ratio 52.78 44.44 Best Quarter 10.83 14.03 Worst Quarter -14.50 -17.20 Standard Deviation 17.79 21.11 Maximum Drawdown -27.50 -26.83 Max Drawdown Recovery Period -- Up Capture 77.31 100.00 Down Capture 78.21 100.00 Alpha -0.36 0.00 Beta 0.80 1.00 R-Squared 0.90 1.00 Consistency 44.44 0.00 Tracking Error 7.06 0.00 Treynor Ratio 0.01 0.02 Information Ratio -0.18 - Sharpe Ratio 0.06 0.11 Total Portfolio Russell 2000 Index Positive Months Ratio 63.93 62.70 Negative Months Ratio 36.07 37.30 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.95 19.82 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 93.03 100.00 Down Capture 84.67 100.00 Alpha 2.37 0.00 Beta 0.88 1.00 R-Squared 0.94 1.00 Consistency 52.05 0.00 Tracking Error 4.99 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.22 - Sharpe Ratio 0.55 0.45 City of Clearwater - Small Cap Equity Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 87 -10 -4 2 8 14 20 26 32 38 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.83 (98)18.22 (98)-3.26 (100)1.60 (100)8.30 (100)11.77 (100)10.02 (76)10.94 (87)11.83 (61) Russell 2000 Index 14.03 (3)16.93 (100)-3.55 (100)2.22 (100)6.40 (100)9.97 (100)6.16 (100)7.33 (100)8.99 (98) 5th Percentile 12.50 28.15 1.19 10.70 11.72 15.40 11.86 13.60 13.70 1st Quartile 12.12 25.93 0.95 8.90 11.30 15.05 11.43 12.94 12.88 Median 11.90 24.25 0.64 8.55 10.98 14.58 11.02 12.32 12.27 3rd Quartile 11.41 22.07 -0.04 7.57 10.22 13.96 10.02 11.53 11.55 95th Percentile 10.96 19.06 -2.07 6.35 9.06 12.79 9.05 10.44 10.30 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Small Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 88 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -20.83 (94)12.05 (100)31.17 (1)26.79 (97)1.67 (1)16.66 (96)18.26 (5)-1.70 (92)0.39 (100)42.51 (11) Russell 2000 Index -20.44 (94)14.82 (100)19.96 (28)25.53 (100)-11.01 (100)14.65 (97)21.31 (4)-4.41 (100)4.89 (100)38.82 (13) 5th Percentile -15.74 28.64 24.85 33.02 -3.58 24.49 16.63 1.80 15.88 54.59 1st Quartile -18.06 26.24 20.60 31.23 -5.55 22.96 13.52 0.81 11.28 35.93 Median -18.51 25.75 18.76 30.01 -5.89 21.94 12.36 0.10 10.58 34.09 3rd Quartile -19.29 23.15 16.83 29.47 -7.54 20.06 11.06 -0.48 9.03 33.05 95th Percentile -24.20 21.30 13.75 27.38 -9.12 17.90 8.87 -2.49 8.39 31.68 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Small Cap Equity Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 89 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 -$14,900,000 -$29,800,000Market ValueAug-03 Nov-04 Feb-06 May-07 Aug-08 Nov-09 Feb-11 May-12 Aug-13 Nov-14 Feb-16 May-17 Aug-18 Nov-19 Feb-21 May-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $16,095,321 $10,217,052 $17,200,666 $16,792,169 $15,044,257 $14,989,707 Net Contributions $35,763 $5,103,012 -$4,891,140 -$2,854,948 $105,969 -$26,073,279 Net Investment Return $1,902,625 $2,713,645 -$2,092,474 $3,263,446 $1,641,944 $29,117,281 Ending Market Value $18,033,709 $18,033,709 $10,217,052 $17,200,666 $16,792,169 $18,033,709 City of Clearwater - Atlanta Capital Mgmt MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 90 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.82 20.71 8.28 12.16 10.57 9.99 11.93 Russell 2000 Index 14.03 16.93 2.22 9.97 7.33 7.16 8.59 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 20.71 -12.28 19.89 10.77 26.20 0.48 13.34 11.93 Russell 2000 Index 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65 8.59 City of Clearwater - Atlanta Capital Mgmt INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 91 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 52.78 55.56 Negative Months Ratio 47.22 44.44 Best Quarter 11.82 14.03 Worst Quarter -10.65 -17.20 Standard Deviation 16.18 21.11 Maximum Drawdown -19.79 -26.83 Max Drawdown Recovery Period 19.00 - Up Capture 81.55 100.00 Down Capture 61.19 100.00 Alpha 6.34 0.00 Beta 0.70 1.00 R-Squared 0.84 1.00 Consistency 50.00 0.00 Tracking Error 8.96 0.00 Treynor Ratio 0.10 0.02 Information Ratio 0.54 - Sharpe Ratio 0.44 0.11 Total Portfolio Russell 2000 Index Positive Months Ratio 64.75 62.70 Negative Months Ratio 35.25 37.30 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.12 19.82 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 86.83 100.00 Down Capture 69.70 100.00 Alpha 4.78 0.00 Beta 0.77 1.00 R-Squared 0.91 1.00 Consistency 50.41 0.00 Tracking Error 6.68 0.00 Treynor Ratio 0.14 0.09 Information Ratio 0.35 - Sharpe Ratio 0.69 0.45 City of Clearwater - Atlanta Capital Mgmt PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 92 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.82 (59)20.71 (15)2.90 (12)8.28 (31)8.90 (28)12.16 (26)10.12 (8)10.57 (17)11.48 (11) Russell 2000 Index 14.03 (22)16.93 (42)-3.55 (57)2.22 (65)6.40 (64)9.97 (67)6.16 (66)7.33 (61)8.99 (58) 5th Percentile 15.81 23.82 5.51 13.75 12.33 15.02 10.70 12.56 12.45 1st Quartile 13.78 18.83 0.42 9.08 9.18 12.23 8.30 9.52 10.30 Median 12.34 16.27 -2.71 5.35 7.49 10.80 6.90 7.91 9.27 3rd Quartile 10.94 13.14 -6.52 -0.47 5.66 9.46 5.75 6.67 8.36 95th Percentile 8.17 8.18 -14.88 -8.84 3.27 7.06 3.56 4.72 6.46 Population 1,958 1,944 1,907 1,881 1,864 1,825 1,800 1,762 1,732 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Atlanta Capital Mgmt Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 93 -60 -40 -20 0 20 40 60 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -12.28 (21)19.89 (57)10.77 (61)26.20 (38)0.48 (6)13.34 (54)18.02 (58)4.97 (2)3.50 (60)42.43 (25) Russell 2000 Index -20.44 (62)14.82 (70)19.96 (39)25.53 (44)-11.01 (46)14.65 (44)21.31 (39)-4.41 (56)4.89 (43)38.82 (47) 5th Percentile -5.53 37.06 58.80 36.79 0.96 28.91 30.71 2.45 9.54 49.25 1st Quartile -13.16 28.74 29.17 28.48 -7.05 19.63 24.42 -1.57 6.34 42.41 Median -17.67 22.04 14.89 24.83 -11.59 13.91 19.51 -3.97 4.24 38.46 3rd Quartile -25.12 13.93 5.41 21.57 -15.02 10.26 12.19 -6.29 1.81 35.24 95th Percentile -36.46 0.49 -3.07 16.93 -19.35 5.36 4.22 -11.86 -3.78 30.53 Population 1,968 2,001 2,042 2,118 2,196 2,285 2,262 2,189 2,117 2,046 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Atlanta Capital Mgmt Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 94 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $17,900,000 $35,800,000 $53,700,000 $71,600,000 -$17,900,000 -$35,800,000Market ValueSep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $26,074,162 $23,689,315 $34,601,965 $37,963,992 $29,771,085 $16,876,305 Net Contributions $64,362 $243,018 $223,461 -$4,656,869 -$7,701,222 -$32,954,207 Net Investment Return $2,555,355 $4,761,547 -$11,136,111 $1,294,843 $15,894,129 $44,771,782 Ending Market Value $28,693,880 $28,693,880 $23,689,315 $34,601,965 $37,963,992 $28,693,880 City of Clearwater - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 95 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 10 20 30 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 9.80 20.04 -5.55 10.58 11.80 9.15 12.79 Russell 2000 Growth Index 12.75 18.66 -3.50 9.22 8.08 7.16 10.44 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 20.04 -32.15 3.44 54.14 27.35 7.33 22.97 12.79 Russell 2000 Growth Index 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 10.44 City of Clearwater - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 96 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Growth Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Growth Index Positive Months Ratio 47.22 50.00 Negative Months Ratio 52.78 50.00 Best Quarter 11.64 13.37 Worst Quarter -21.65 -19.25 Standard Deviation 20.24 21.79 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -- Up Capture 81.05 100.00 Down Capture 89.69 100.00 Alpha -2.58 0.00 Beta 0.86 1.00 R-Squared 0.85 1.00 Consistency 52.78 0.00 Tracking Error 8.31 0.00 Treynor Ratio -0.07 -0.03 Information Ratio -0.29 - Sharpe Ratio -0.29 -0.15 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 63.52 61.64 Negative Months Ratio 36.48 38.36 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 18.01 19.84 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -- Up Capture 92.56 100.00 Down Capture 79.82 100.00 Alpha 3.62 0.00 Beta 0.85 1.00 R-Squared 0.88 1.00 Consistency 52.83 0.00 Tracking Error 7.02 0.00 Treynor Ratio 0.15 0.11 Information Ratio 0.25 - Sharpe Ratio 0.71 0.55 City of Clearwater - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 97 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 9.80 (79)20.04 (21)-9.75 (63)-5.55 (70)6.75 (40)10.58 (48)10.04 (16)11.80 (20)11.98 (15) Russell 2000 Growth Index 12.75 (22)18.66 (31)-6.52 (34)-3.50 (58)4.88 (71)9.22 (72)5.89 (80)8.08 (80)8.48 (81) 5th Percentile 14.95 26.16 -2.36 5.49 11.32 15.56 12.41 14.01 13.34 1st Quartile 12.60 19.26 -5.76 0.32 7.97 12.23 9.35 11.48 11.06 Median 11.19 16.44 -8.27 -2.63 6.03 10.45 7.92 9.94 9.84 3rd Quartile 10.09 12.93 -11.48 -6.71 4.54 9.00 6.13 8.24 8.73 95th Percentile 7.10 6.81 -17.52 -12.28 2.81 6.21 4.07 6.31 6.67 Population 674 670 663 653 650 634 630 618 610 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Riverbridge Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 98 -80 -60 -40 -20 0 20 40 60 80 100 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -32.15 (76)3.44 (77)54.14 (22)27.35 (58)7.33 (3)22.97 (49)13.29 (27)-3.15 (63)0.20 (76)43.50 (40) Russell 2000 Growth Index -26.36 (39)2.83 (80)34.63 (61)28.48 (51)-9.31 (79)22.17 (53)11.32 (41)-1.38 (41)5.60 (28)43.30 (41) 5th Percentile -18.55 27.73 71.34 40.39 5.20 36.63 22.12 4.85 9.08 56.69 1st Quartile -24.33 15.19 52.47 34.57 -1.86 26.47 13.49 0.27 5.84 45.51 Median -28.27 9.35 37.99 28.63 -5.13 22.68 10.04 -2.11 3.10 41.75 3rd Quartile -32.07 3.76 27.81 24.72 -8.85 18.19 6.64 -4.40 0.21 37.65 95th Percentile -39.09 -5.70 16.31 18.18 -14.51 11.30 -0.01 -9.27 -6.52 32.25 Population 681 693 703 718 744 781 774 772 743 726 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Riverbridge Partners Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 99 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueNov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $11,051,645 $10,994,968 $16,927,504 $15,046,141 $14,202,093 $13,915,449 Net Contributions $27,840 $111,546 -$4,855,712 -$1,840,653 $115,874 -$8,198,605 Net Investment Return $1,304,516 $1,277,487 -$1,076,823 $3,722,016 $728,174 $6,667,157 Ending Market Value $12,384,001 $12,384,001 $10,994,968 $16,927,504 $15,046,141 $12,384,001 City of Clearwater - Sycamore Small Cap Value MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 100 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.80 11.55 9.30 11.58 --7.78 Russell 2000 Value Index 15.26 14.65 7.94 10.00 6.10 6.76 5.52 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 11.55 -6.40 25.08 4.91 26.24 -8.23 -7.78 Russell 2000 Value Index 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 5.52 City of Clearwater - Sycamore Small Cap Value INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 101 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Value Index -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 26.0 28.0 30.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Value Index Positive Months Ratio 50.00 52.78 Negative Months Ratio 50.00 47.22 Best Quarter 19.59 21.17 Worst Quarter -12.58 -15.28 Standard Deviation 18.93 21.75 Maximum Drawdown -16.71 -21.12 Max Drawdown Recovery Period 13.00 - Up Capture 87.06 100.00 Down Capture 79.89 100.00 Alpha 2.41 0.00 Beta 0.83 1.00 R-Squared 0.91 1.00 Consistency 50.00 0.00 Tracking Error 6.80 0.00 Treynor Ratio 0.10 0.08 Information Ratio 0.10 - Sharpe Ratio 0.45 0.36 Total Portfolio Russell 2000 Value Index Positive Months Ratio 59.46 60.81 Negative Months Ratio 40.54 39.19 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 20.14 23.73 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 88.50 100.00 Down Capture 82.26 100.00 Alpha 2.33 0.00 Beta 0.82 1.00 R-Squared 0.94 1.00 Consistency 50.00 0.00 Tracking Error 6.55 0.00 Treynor Ratio 0.09 0.07 Information Ratio 0.12 - Sharpe Ratio 0.38 0.29 City of Clearwater - Sycamore Small Cap Value PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 102 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.80 (71)11.55 (81)2.18 (39)9.30 (62)8.19 (58)11.58 (44)8.00 (19)-- Russell 2000 Value Index 15.26 (17)14.65 (59)-0.98 (81)7.94 (84)7.10 (76)10.00 (77)5.81 (67)6.10 (68)9.01 (50) 5th Percentile 16.51 24.11 8.28 17.15 14.51 15.52 9.24 9.69 11.82 1st Quartile 14.68 19.27 3.55 12.46 10.20 12.64 7.57 7.97 10.07 Median 13.05 15.95 1.13 9.96 8.51 11.30 6.38 6.81 9.00 3rd Quartile 11.66 12.71 -0.69 8.61 7.14 10.06 5.31 5.65 7.98 95th Percentile 8.86 8.63 -2.97 6.52 5.01 8.19 3.79 4.55 6.47 Population 548 544 525 519 513 501 492 482 479 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Sycamore Small Cap Value Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 103 -40 -25 -10 5 20 35 50 65 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -6.40 (18)25.08 (85)4.91 (37)26.24 (19)-8.23 (4)----- Russell 2000 Value Index -14.48 (81)28.27 (64)4.63 (39)22.39 (45)-12.86 (26)7.84 (65)31.74 (8)-7.47 (70)4.22 (52)34.52 (67) 5th Percentile -1.21 40.46 15.82 31.75 -9.29 17.62 32.66 -0.12 8.95 44.65 1st Quartile -8.52 35.14 7.50 24.98 -12.83 12.11 29.34 -3.32 6.00 39.45 Median -11.68 31.17 3.54 21.94 -15.21 9.36 25.58 -6.02 4.30 36.24 3rd Quartile -13.84 26.51 -0.32 19.89 -17.51 6.77 21.29 -8.01 2.09 33.45 95th Percentile -17.16 21.65 -6.44 14.93 -20.93 2.90 15.71 -13.95 -3.55 29.66 Population 545 546 550 579 588 589 586 565 543 539 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Sycamore Small Cap Value Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 104 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $81,900,000 $163,800,000 $245,700,000 $327,600,000 -$81,900,000 -$163,800,000Market ValueMay-01 Nov-02 May-04 Nov-05 May-07 Nov-08 May-10 Nov-11 May-13 Nov-14 May-16 Nov-17 May-19 Nov-20 May-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $152,095,028 $185,852,802 $246,605,252 $230,430,120 $209,401,214 $20,000,000 Net Contributions $260,404 -$43,879,659 -$8,803,702 -$14,613,515 -$16,845,328 -$49,620,459 Net Investment Return $16,264,754 $26,647,043 -$51,948,748 $30,788,647 $37,874,234 $198,240,645 Ending Market Value $168,620,186 $168,620,186 $185,852,802 $246,605,252 $230,430,120 $168,620,186 City of Clearwater - International EQ Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 105 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.69 16.64 1.60 9.59 8.61 4.54 5.35 MSCI AC World ex USA (Net)9.75 15.62 1.55 7.08 6.33 3.83 5.32 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 20 40 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 16.64 -21.08 13.92 18.16 27.53 -11.88 27.97 5.35 MSCI AC World ex USA (Net)15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 5.32 City of Clearwater - International EQ Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 106 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2001) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) -3 0 3 6 9 12 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.33 55.56 Negative Months Ratio 41.67 44.44 Best Quarter 18.50 19.97 Worst Quarter -14.77 -13.73 Standard Deviation 17.31 16.07 Maximum Drawdown -31.22 -27.87 Max Drawdown Recovery Period -- Up Capture 107.48 100.00 Down Capture 107.26 100.00 Alpha 0.12 0.00 Beta 1.05 1.00 R-Squared 0.95 1.00 Consistency 58.33 0.00 Tracking Error 3.96 0.00 Treynor Ratio 0.01 0.01 Information Ratio 0.07 - Sharpe Ratio 0.06 0.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 57.93 59.41 Negative Months Ratio 42.07 40.59 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 17.22 17.07 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 97.69 100.00 Down Capture 96.61 100.00 Alpha 0.14 0.00 Beta 0.99 1.00 R-Squared 0.96 1.00 Consistency 49.45 0.00 Tracking Error 3.56 0.00 Treynor Ratio 0.05 0.05 Information Ratio 0.02 - Sharpe Ratio 0.31 0.30 City of Clearwater - International EQ Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 107 -10 -5 0 5 10 15 20 25 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.69 (19)16.64 (57)-4.05 (89)1.60 (49)5.51 (21)9.59 (15)5.68 (6)8.61 (4)7.86 (5) MSCI AC World ex USA (Net) 9.75 (54)15.62 (71)-1.45 (43)1.55 (55)3.75 (59)7.08 (64)3.20 (68)6.33 (72)6.10 (74) 5th Percentile 10.92 19.01 0.97 4.67 6.76 9.81 5.75 8.28 7.79 1st Quartile 10.30 17.64 -0.55 2.80 5.13 8.40 4.18 7.62 7.27 Median 9.78 16.88 -1.71 1.59 3.97 7.67 3.70 6.89 6.51 3rd Quartile 9.13 15.53 -2.59 0.20 3.22 6.79 2.96 6.17 5.98 95th Percentile 8.18 13.14 -4.62 -1.79 1.96 5.65 1.84 5.14 4.85 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - International EQ Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 108 -40 -30 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -21.08 (93)13.92 (5)18.16 (6)27.53 (5)-11.88 (5)27.97 (31)2.78 (69)-9.91 (95)-5.56 (100)10.23 (91) MSCI AC World ex USA (Net) -16.00 (26)7.82 (53)10.65 (74)21.51 (74)-14.20 (43)27.19 (54)4.50 (36)-5.66 (84)-3.87 (53)15.29 (79) 5th Percentile -13.44 13.66 18.38 27.20 -11.89 32.05 8.05 1.19 -0.92 27.08 1st Quartile -15.98 9.56 14.94 23.36 -13.20 28.59 5.13 -1.72 -2.19 22.13 Median -17.67 7.89 13.34 22.93 -14.48 27.41 4.06 -2.36 -3.66 17.31 3rd Quartile -18.13 6.51 10.39 21.15 -15.55 25.63 2.65 -4.57 -4.23 15.74 95th Percentile -21.64 -0.54 5.38 19.37 -17.04 22.39 -1.02 -10.16 -4.64 8.74 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - International EQ Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 109 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 $59,600,000 $74,500,000 -$14,900,000Market ValueOct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $15,951,198 $40,928,685 $48,958,040 $46,258,878 $40,627,492 $39,577,385 Net Contributions -$133 -$28,001,765 -$1,980 -$2,458 -$1,716 -$28,010,764 Net Investment Return $1,253,764 $4,277,909 -$8,027,375 $2,701,619 $5,633,102 $5,638,207 Ending Market Value $17,204,829 $17,204,829 $40,928,685 $48,958,040 $46,258,878 $17,204,829 City of Clearwater - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 110 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net)0 8 16 24 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.86 15.44 0.71 6.18 --2.92 MSCI Emerging Markets (Net)7.86 9.83 -5.08 3.68 4.98 2.66 0.99 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 25 50 -25 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 15.44 -16.40 5.84 13.87 16.04 -15.25 -2.92 MSCI Emerging Markets (Net)9.83 -20.09 -2.54 18.31 18.42 -14.57 37.28 0.99 City of Clearwater - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 111 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI Emerging Markets (Net) -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 52.78 47.22 Negative Months Ratio 47.22 52.78 Best Quarter 21.28 22.16 Worst Quarter -12.38 -14.11 Standard Deviation 16.31 17.14 Maximum Drawdown -29.41 -35.98 Max Drawdown Recovery Period -- Up Capture 103.33 100.00 Down Capture 79.48 100.00 Alpha 5.66 0.00 Beta 0.93 1.00 R-Squared 0.96 1.00 Consistency 66.67 0.00 Tracking Error 3.28 0.00 Treynor Ratio 0.00 -0.06 Information Ratio 1.76 - Sharpe Ratio -0.01 -0.35 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 52.70 51.35 Negative Months Ratio 47.30 48.65 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 18.61 18.29 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 - Up Capture 101.55 100.00 Down Capture 93.26 100.00 Alpha 2.00 0.00 Beta 1.00 1.00 R-Squared 0.96 1.00 Consistency 58.11 0.00 Tracking Error 3.71 0.00 Treynor Ratio 0.03 0.01 Information Ratio 0.53 - Sharpe Ratio 0.15 0.04 City of Clearwater - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 112 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 7.86 (49)15.44 (23)-1.76 (13)0.71 (14)3.85 (18)6.18 (22)2.27 (22)-- MSCI Emerging Markets (Net) 7.86 (49)9.83 (60)-6.32 (42)-5.08 (44)0.30 (48)3.68 (57)0.39 (49)4.98 (46)5.74 (42) 5th Percentile 12.27 22.42 1.56 4.21 6.61 9.46 4.87 8.50 8.56 1st Quartile 8.93 15.14 -4.55 -1.86 2.37 5.54 1.66 6.15 6.57 Median 7.79 10.90 -7.16 -5.63 0.00 3.95 0.32 4.79 5.28 3rd Quartile 6.77 8.06 -10.17 -8.68 -1.54 2.89 -0.79 3.79 4.31 95th Percentile 4.79 4.18 -14.34 -11.26 -3.64 0.94 -2.41 2.21 2.92 Population 907 886 843 804 775 748 709 690 659 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - DFA Emerging Markets Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 113 -55 -40 -25 -10 5 20 35 50 65 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -16.40 (15)5.84 (16)13.87 (71)16.04 (81)-15.25 (39)----- MSCI Emerging Markets (Net) -20.09 (30)-2.54 (58)18.31 (47)18.42 (66)-14.57 (29)37.28 (44)11.19 (30)-14.92 (63)-2.19 (42)-2.60 (64) 5th Percentile -12.54 14.52 39.82 30.33 -10.56 47.16 18.86 -5.97 3.54 14.71 1st Quartile -19.22 3.59 25.18 24.55 -14.12 40.79 11.76 -10.08 -0.33 3.99 Median -22.46 -1.69 17.63 20.63 -16.44 35.78 8.46 -13.66 -2.94 -1.07 3rd Quartile -25.86 -5.53 12.40 17.27 -18.95 29.67 4.08 -16.20 -5.02 -4.00 95th Percentile -32.95 -12.38 0.88 9.32 -22.38 21.86 -2.35 -20.59 -8.69 -7.32 Population 898 897 911 951 961 971 957 884 793 711 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - DFA Emerging Markets Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 114 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $22,900,000 $45,800,000 $68,700,000 $91,600,000 $114,500,000 -$22,900,000Market ValueJul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $64,432,688 $64,842,013 $80,786,203 $70,805,506 $75,262,080 $16,165,278 Net Contributions $119,576 -$4,532,684 -$4,551,771 $521,148 -$8,543,597 $24,843,118 Net Investment Return $6,439,423 $10,682,359 -$11,392,420 $9,459,550 $4,087,023 $29,983,292 Ending Market Value $70,991,687 $70,991,687 $64,842,013 $80,786,203 $70,805,506 $70,991,687 City of Clearwater - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 115 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 9.99 17.16 4.48 7.94 6.15 -4.21 MSCI EAFE Value Index (Net)8.22 18.95 7.59 7.08 5.52 3.16 3.87 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 17.16 -14.12 13.34 5.58 21.67 -15.20 22.27 4.21 MSCI EAFE Value Index (Net)18.95 -5.58 10.89 -2.63 16.09 -14.78 21.44 3.87 City of Clearwater - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 116 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI EAFE Value Index (Net) -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI EAFE (Net) Positive Months Ratio 55.56 58.33 Negative Months Ratio 44.44 41.67 Best Quarter 19.55 20.37 Worst Quarter -13.62 -14.51 Standard Deviation 16.52 16.61 Maximum Drawdown -27.01 -27.30 Max Drawdown Recovery Period 24.00 28.00 Up Capture 93.65 88.48 Down Capture 106.36 101.10 Alpha -2.77 -3.05 Beta 0.99 0.97 R-Squared 0.94 0.89 Consistency 41.67 41.67 Tracking Error 4.21 5.43 Treynor Ratio 0.04 0.03 Information Ratio -0.69 -0.61 Sharpe Ratio 0.22 0.19 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 55.88 57.84 Negative Months Ratio 44.12 42.16 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 16.51 15.90 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 95.63 93.39 Down Capture 93.75 87.47 Alpha 0.48 1.41 Beta 0.94 0.90 R-Squared 0.94 0.93 Consistency 52.94 56.86 Tracking Error 4.12 4.64 Treynor Ratio 0.04 0.05 Information Ratio 0.04 0.18 Sharpe Ratio 0.24 0.30 City of Clearwater - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 117 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 9.99 (18)17.16 (58)0.31 (82)4.48 (70)4.75 (50)7.94 (38)3.68 (33)6.15 (33)5.34 (54) MSCI EAFE (Net) 10.42 (13)18.24 (44)0.57 (78)4.02 (80)4.95 (45)8.16 (34)4.15 (23)6.91 (17)6.15 (27) 5th Percentile 11.31 22.72 7.93 10.35 7.50 10.07 5.51 7.44 7.30 1st Quartile 9.61 19.49 4.90 7.44 6.11 8.68 4.07 6.64 6.22 Median 8.54 17.84 2.98 5.64 4.65 7.39 3.08 5.63 5.38 3rd Quartile 7.38 15.34 0.94 4.20 3.56 6.20 2.18 4.89 4.66 95th Percentile 5.72 10.59 -1.18 1.43 2.16 4.82 0.80 3.61 3.36 Population 433 431 415 403 390 389 371 366 353 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Thompson, Siegel & Walmsley Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 118 -40 -30 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -14.12 (87)13.34 (30)5.58 (19)21.67 (17)-15.20 (34)22.27 (58)-0.19 (86)--- MSCI EAFE (Net) -14.45 (88)11.26 (56)7.82 (7)22.01 (15)-13.79 (24)25.03 (27)1.00 (69)-0.81 (34)-4.90 (36)22.78 (38) 5th Percentile -2.33 17.85 8.89 24.52 -9.55 29.56 12.62 2.91 0.53 29.34 1st Quartile -6.73 13.80 4.93 20.88 -14.35 25.09 7.11 0.43 -3.77 24.14 Median -9.42 11.79 2.49 18.26 -16.13 22.77 2.37 -3.35 -5.75 21.64 3rd Quartile -11.95 9.47 -1.16 15.88 -17.81 20.16 0.59 -6.37 -7.30 19.45 95th Percentile -17.45 5.53 -6.98 12.52 -22.65 14.31 -2.98 -11.87 -10.84 10.53 Population 423 427 441 454 444 461 452 430 410 383 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Thompson, Siegel & Walmsley Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 119 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $36,900,000 $73,800,000 $110,700,000 $147,600,000 $184,500,000 -$36,900,000Market ValueJul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $71,711,142 $80,082,105 $116,861,009 $113,365,735 $93,511,642 $16,315,776 Net Contributions $140,962 -$11,345,210 -$4,249,952 -$15,132,205 -$8,300,016 -$2,074,037 Net Investment Return $8,571,567 $11,686,776 -$32,528,953 $18,627,478 $28,154,110 $66,181,931 Ending Market Value $80,423,670 $80,423,670 $80,082,105 $116,861,009 $113,365,735 $80,423,670 City of Clearwater - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 120 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 8 16 24 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.95 16.23 -0.31 12.37 12.14 -9.56 MSCI AC World ex USA (Net)9.75 15.62 1.55 7.08 6.33 3.83 4.72 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 25 50 75 -25 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 16.23 -27.85 18.16 30.12 38.94 -6.56 33.22 9.56 MSCI AC World ex USA (Net)15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.72 City of Clearwater - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 121 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 16.40 19.97 Worst Quarter -17.10 -13.73 Standard Deviation 20.37 16.07 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period -- Up Capture 115.47 100.00 Down Capture 122.49 100.00 Alpha -1.41 0.00 Beta 1.13 1.00 R-Squared 0.80 1.00 Consistency 52.78 0.00 Tracking Error 9.44 0.00 Treynor Ratio 0.00 0.01 Information Ratio -0.11 - Sharpe Ratio -0.02 0.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 65.69 58.82 Negative Months Ratio 34.31 41.18 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 17.02 15.73 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period -- Up Capture 107.54 100.00 Down Capture 83.89 100.00 Alpha 5.21 0.00 Beta 0.96 1.00 R-Squared 0.79 1.00 Consistency 59.80 0.00 Tracking Error 7.83 0.00 Treynor Ratio 0.09 0.04 Information Ratio 0.62 - Sharpe Ratio 0.53 0.27 City of Clearwater - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 122 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.95 (48)16.23 (48)-8.43 (69)-0.31 (38)6.56 (10)12.37 (4)8.96 (2)12.14 (3)10.40 (1) MSCI AC World ex USA (Net) 9.75 (94)15.62 (59)-1.45 (8)1.55 (21)3.75 (53)7.08 (77)3.20 (70)6.33 (81)6.10 (55) 5th Percentile 15.49 22.14 -1.08 3.52 7.32 11.86 8.08 10.88 9.31 1st Quartile 13.15 18.56 -3.30 1.17 5.37 9.47 5.53 8.69 7.51 Median 11.80 15.99 -6.06 -2.34 3.84 8.32 3.99 7.44 6.33 3rd Quartile 10.64 14.41 -9.40 -4.35 2.42 7.16 2.98 6.56 5.36 95th Percentile 9.13 9.17 -13.62 -8.63 0.23 5.31 1.59 5.45 4.56 Population 489 488 481 466 450 437 431 412 388 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - WCM Investment Management Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 123 -60 -40 -20 0 20 40 60 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -27.85 (72)18.16 (5)30.12 (21)38.94 (1)-6.56 (4)33.22 (31)-1.00 (44)--- MSCI AC World ex USA (Net) -16.00 (7)7.82 (59)10.65 (97)21.51 (97)-14.20 (51)27.19 (79)4.50 (8)-5.66 (98)-3.87 (52)15.29 (75) 5th Percentile -15.58 17.44 54.01 35.49 -7.67 43.46 5.22 7.23 2.96 30.48 1st Quartile -20.93 11.49 27.95 31.14 -11.37 34.32 1.19 3.42 -1.46 23.68 Median -24.83 8.74 22.09 28.05 -14.12 31.10 -2.30 0.38 -3.70 20.86 3rd Quartile -28.51 3.27 16.29 26.56 -16.65 27.81 -5.08 -1.39 -6.06 15.21 95th Percentile -36.88 -5.13 13.13 22.32 -19.54 22.99 -7.60 -4.74 -8.81 11.79 Population 507 514 501 504 513 518 489 471 454 447 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - WCM Investment Management Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 124 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $114,900,000 $229,800,000 $344,700,000 $459,600,000 $574,500,000 -$114,900,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $319,002,579 $338,944,586 $396,061,507 $352,063,181 $292,557,226 $59,224,151 Net Contributions -$7,344,473 -$25,438,629 -$11,580,423 $48,458,500 $33,603,977 $60,320,066 Net Investment Return $21,930,853 $20,083,001 -$45,536,498 -$4,460,173 $25,901,977 $214,044,742 Ending Market Value $333,588,958 $333,588,958 $338,944,586 $396,061,507 $352,063,181 $333,588,958 City of Clearwater - Fixed Income Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 125 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 5 10 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 6.98 6.02 -2.82 1.79 1.78 2.38 5.44 Blmbg. U.S. Aggregate Index 6.82 5.53 -3.31 1.10 1.29 1.81 5.34 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 6.02 -12.21 -1.40 8.97 9.28 -0.38 3.91 5.44 Blmbg. U.S. Aggregate Index 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 5.34 City of Clearwater - Fixed Income Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 126 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Total Portfolio Blmbg. U.S. Aggregate Index 90 Day U.S. Treasury Bill 0 3 6 9 12 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 38.89 36.11 Negative Months Ratio 61.11 63.89 Best Quarter 7.00 6.82 Worst Quarter -8.54 -8.23 Standard Deviation 7.28 7.14 Maximum Drawdown -16.58 -17.02 Max Drawdown Recovery Period -- Up Capture 102.75 100.00 Down Capture 97.41 100.00 Alpha 0.57 0.00 Beta 1.02 1.00 R-Squared 0.99 1.00 Consistency 66.67 0.00 Tracking Error 0.65 0.00 Treynor Ratio -0.05 -0.05 Information Ratio 0.79 - Sharpe Ratio -0.66 -0.75 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 74.07 65.97 Negative Months Ratio 25.93 34.03 Best Quarter 7.14 8.01 Worst Quarter -8.54 -8.23 Standard Deviation 3.52 4.16 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period -- Up Capture 82.69 100.00 Down Capture 54.88 100.00 Alpha 1.61 0.00 Beta 0.70 1.00 R-Squared 0.68 1.00 Consistency 51.39 0.00 Tracking Error 2.35 0.00 Treynor Ratio 0.03 0.02 Information Ratio -0.01 - Sharpe Ratio 0.69 0.60 City of Clearwater - Fixed Income Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 127 -10 -7 -4 -1 2 5 8 11 14 17 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 6.98 (15)6.02 (96)-3.53 (81)-2.82 (95)0.00 (85)1.79 (85)1.43 (92)1.78 (94)2.18 (91) Blmbg. U.S. Aggregate Index 6.82 (20)5.53 (100)-4.19 (100)-3.31 (100)-0.72 (97)1.10 (97)0.92 (97)1.29 (98)1.46 (100) 5th Percentile 7.21 11.89 0.37 8.17 8.00 7.86 3.32 4.26 4.84 1st Quartile 6.73 8.76 -1.39 -1.22 1.00 2.81 1.93 2.49 3.04 Median 6.34 7.57 -2.28 -1.69 0.61 2.38 1.72 2.36 2.89 3rd Quartile 5.49 7.07 -3.10 -1.99 0.31 2.01 1.65 2.25 2.40 95th Percentile 3.34 6.11 -3.85 -2.86 -0.49 1.34 1.08 1.58 1.87 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Fixed Income Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 128 -28 -20 -12 -4 4 12 20 28 36 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -12.21 (69)-1.40 (90)8.97 (26)9.28 (61)-0.38 (45)3.91 (92)5.01 (74)0.30 (18)6.18 (12)-0.75 (28) Blmbg. U.S. Aggregate Index -13.01 (81)-1.55 (93)7.51 (61)8.72 (70)0.01 (41)3.54 (100)2.65 (100)0.55 (17)5.97 (13)-2.02 (61) 5th Percentile -5.16 21.31 11.37 10.90 2.77 9.60 8.97 3.12 7.75 4.50 1st Quartile -9.93 0.90 9.04 10.18 0.25 7.85 7.19 -0.14 5.79 -0.21 Median -11.69 -0.07 8.04 9.53 -0.62 6.28 6.45 -1.12 4.00 -1.84 3rd Quartile -12.80 -0.78 5.47 8.29 -1.17 5.43 4.79 -2.51 1.97 -2.72 95th Percentile -13.70 -1.73 3.89 7.18 -1.65 3.86 3.39 -3.08 0.30 -3.39 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Fixed Income Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 129 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $56,900,000 $113,800,000 $170,700,000 $227,600,000 $284,500,000 -$56,900,000Market ValueFeb-04 May-05 Aug-06 Nov-07 Feb-09 May-10 Aug-11 Nov-12 Feb-14 May-15 Aug-16 Nov-17 Feb-19 May-20 Aug-21 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $153,656,897 $153,484,073 $185,443,564 $169,891,140 $147,853,525 $75,655,868 Net Contributions $76,582 $298,557 -$12,209,811 $17,302,179 $9,289,492 $10,238,349 Net Investment Return $11,154,486 $11,105,335 -$19,749,680 -$1,749,755 $12,748,123 $78,993,748 Ending Market Value $164,887,965 $164,887,965 $153,484,073 $185,443,564 $169,891,140 $164,887,965 City of Clearwater - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 130 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.26 7.23 -1.77 2.35 2.25 2.70 3.99 Blmbg. U.S. Aggregate Index 6.82 5.53 -3.31 1.10 1.29 1.81 3.10 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 7.23 -10.57 -1.15 8.72 8.98 0.02 3.99 3.99 Blmbg. U.S. Aggregate Index 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 3.10 City of Clearwater - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 131 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2004) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. U.S. Aggregate Index -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 38.89 36.11 Negative Months Ratio 61.11 63.89 Best Quarter 7.54 6.82 Worst Quarter -7.68 -8.23 Standard Deviation 7.04 7.14 Maximum Drawdown -15.06 -17.02 Max Drawdown Recovery Period -- Up Capture 102.43 100.00 Down Capture 87.80 100.00 Alpha 1.52 0.00 Beta 0.98 1.00 R-Squared 0.98 1.00 Consistency 75.00 0.00 Tracking Error 0.97 0.00 Treynor Ratio -0.04 -0.05 Information Ratio 1.63 - Sharpe Ratio -0.53 -0.75 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.55 60.92 Negative Months Ratio 34.45 39.08 Best Quarter 7.54 6.82 Worst Quarter -7.68 -8.23 Standard Deviation 4.08 4.14 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period -- Up Capture 99.45 100.00 Down Capture 76.55 100.00 Alpha 1.21 0.00 Beta 0.89 1.00 R-Squared 0.81 1.00 Consistency 60.08 0.00 Tracking Error 1.82 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.47 - Sharpe Ratio 0.63 0.42 City of Clearwater - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 132 -10 -7 -4 -1 2 5 8 11 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 7.26 (13)7.23 (3)-2.07 (5)-1.77 (5)0.76 (2)2.35 (1)1.96 (2)2.25 (3)2.65 (1) Blmbg. U.S. Aggregate Index 6.82 (39)5.53 (56)-4.19 (36)-3.31 (38)-0.72 (51)1.10 (48)0.92 (41)1.29 (42)1.46 (47) 5th Percentile 7.66 6.94 -2.24 -1.91 0.38 1.95 1.64 1.96 2.22 1st Quartile 6.97 6.06 -4.04 -3.10 -0.34 1.41 1.11 1.50 1.71 Median 6.71 5.60 -4.40 -3.44 -0.70 1.06 0.83 1.22 1.41 3rd Quartile 6.54 5.15 -4.73 -3.72 -1.01 0.75 0.52 0.90 1.08 95th Percentile 5.38 4.43 -5.47 -4.39 -1.56 0.13 0.00 0.34 0.48 Population 579 569 550 537 523 513 494 481 454 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Dodge & Cox Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 133 -25 -20 -15 -10 -5 0 5 10 15 20 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -10.57 (8)-1.15 (28)8.72 (27)8.98 (28)0.02 (26)3.99 (24)5.55 (2)-0.12 (67)6.01 (25)0.65 (4) Blmbg. U.S. Aggregate Index -13.01 (29)-1.55 (48)7.51 (58)8.72 (36)0.01 (27)3.54 (44)2.65 (48)0.55 (24)5.97 (28)-2.02 (48) 5th Percentile -9.46 -0.14 10.55 10.06 0.88 4.83 4.95 1.42 7.08 0.01 1st Quartile -12.87 -1.10 8.78 9.06 0.04 3.95 3.21 0.53 5.99 -1.39 Median -13.39 -1.59 7.77 8.47 -0.41 3.40 2.59 0.21 5.55 -2.07 3rd Quartile -14.01 -1.99 7.06 7.78 -0.84 2.94 2.13 -0.36 4.78 -2.53 95th Percentile -15.52 -2.55 4.77 5.91 -1.76 1.88 1.27 -1.53 2.39 -3.53 Population 562 562 559 573 566 611 604 597 592 582 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Dodge & Cox Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 134 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $56,900,000 $113,800,000 $170,700,000 $227,600,000 $284,500,000 -$56,900,000Market ValueSep-04 Dec-05 Mar-07 Jun-08 Sep-09 Dec-10 Mar-12 Jun-13 Sep-14 Dec-15 Mar-17 Jun-18 Sep-19 Dec-20 Mar-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 10/31/2004 Beginning Market Value $146,139,876 $147,689,109 $185,610,364 $168,914,677 $146,457,711 $74,568,168 Net Contributions $93,233 $373,129 -$12,108,553 $19,408,773 $9,374,395 $44,658,115 Net Investment Return $10,770,824 $8,941,695 -$25,812,702 -$2,713,086 $13,082,572 $37,777,650 Ending Market Value $157,003,933 $157,003,933 $147,689,109 $185,610,364 $168,914,677 $157,003,933 City of Clearwater - Western Asset Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 135 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.37 6.05 -3.58 1.39 1.46 2.11 3.41 Blmbg. U.S. Aggregate Index 6.82 5.53 -3.31 1.10 1.29 1.81 3.12 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 6.05 -13.94 -1.78 9.04 9.60 -0.73 4.08 3.41 Blmbg. U.S. Aggregate Index 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54 3.12 City of Clearwater - Western Asset Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 136 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2004) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. U.S. Aggregate Index -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 38.89 36.11 Negative Months Ratio 61.11 63.89 Best Quarter 7.37 6.82 Worst Quarter -9.01 -8.23 Standard Deviation 7.93 7.14 Maximum Drawdown -18.48 -17.02 Max Drawdown Recovery Period -- Up Capture 110.74 100.00 Down Capture 109.68 100.00 Alpha 0.12 0.00 Beta 1.11 1.00 R-Squared 1.00 1.00 Consistency 47.22 0.00 Tracking Error 0.95 0.00 Treynor Ratio -0.05 -0.05 Information Ratio -0.23 - Sharpe Ratio -0.70 -0.75 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 62.34 60.61 Negative Months Ratio 37.66 39.39 Best Quarter 7.74 6.82 Worst Quarter -9.01 -8.23 Standard Deviation 4.56 4.12 Maximum Drawdown -18.48 -17.18 Max Drawdown Recovery Period -- Up Capture 109.10 100.00 Down Capture 108.74 100.00 Alpha 0.03 0.00 Beta 1.08 1.00 R-Squared 0.97 1.00 Consistency 55.84 0.00 Tracking Error 0.92 0.00 Treynor Ratio 0.02 0.02 Information Ratio 0.33 - Sharpe Ratio 0.44 0.42 City of Clearwater - Western Asset Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 137 -10 -7 -4 -1 2 5 8 11 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 7.37 (9)6.05 (26)-4.47 (56)-3.58 (65)-0.57 (41)1.39 (27)1.03 (33)1.46 (28)1.73 (24) Blmbg. U.S. Aggregate Index 6.82 (39)5.53 (56)-4.19 (36)-3.31 (38)-0.72 (51)1.10 (48)0.92 (41)1.29 (42)1.46 (47) 5th Percentile 7.66 6.94 -2.24 -1.91 0.38 1.95 1.64 1.96 2.22 1st Quartile 6.97 6.06 -4.04 -3.10 -0.34 1.41 1.11 1.50 1.71 Median 6.71 5.60 -4.40 -3.44 -0.70 1.06 0.83 1.22 1.41 3rd Quartile 6.54 5.15 -4.73 -3.72 -1.01 0.75 0.52 0.90 1.08 95th Percentile 5.38 4.43 -5.47 -4.39 -1.56 0.13 0.00 0.34 0.48 Population 579 569 550 537 523 513 494 481 454 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Western Asset Management Co. Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 138 -25 -20 -15 -10 -5 0 5 10 15 20 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -13.94 (73)-1.78 (61)9.04 (22)9.60 (12)-0.73 (71)4.08 (21)3.66 (17)0.73 (18)6.65 (10)-2.46 (72) Blmbg. U.S. Aggregate Index -13.01 (29)-1.55 (48)7.51 (58)8.72 (36)0.01 (27)3.54 (44)2.65 (48)0.55 (24)5.97 (28)-2.02 (48) 5th Percentile -9.46 -0.14 10.55 10.06 0.88 4.83 4.95 1.42 7.08 0.01 1st Quartile -12.87 -1.10 8.78 9.06 0.04 3.95 3.21 0.53 5.99 -1.39 Median -13.39 -1.59 7.77 8.47 -0.41 3.40 2.59 0.21 5.55 -2.07 3rd Quartile -14.01 -1.99 7.06 7.78 -0.84 2.94 2.13 -0.36 4.78 -2.53 95th Percentile -15.52 -2.55 4.77 5.91 -1.76 1.88 1.27 -1.53 2.39 -3.53 Population 562 562 559 573 566 611 604 597 592 582 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Western Asset Management Co. Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 139 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $67,900,000 $135,800,000 $203,700,000 $271,600,000 $339,500,000 -$67,900,000Market ValueApr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $226,454,818 $202,532,330 $184,449,491 $155,269,328 $153,651,530 $19,346,573 Net Contributions -$239,199 $29,291,748 $7,599,922 -$2,427,099 -$1,083,226 $39,030,806 Net Investment Change $105,740 -$5,502,718 $10,482,916 $31,607,262 $2,701,024 $167,943,981 Ending Market Value $226,321,359 $226,321,359 $202,532,330 $184,449,491 $155,269,328 $226,321,359 City of Clearwater - Real Estate Composite MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 140 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 8 16 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.05 -2.36 7.46 6.83 6.67 8.15 9.77 Real Estate Composite Benchmark -0.67 -6.54 7.07 6.93 5.70 8.04 6.45 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio -2.36 5.43 20.55 1.78 10.16 6.23 6.30 9.77 Real Estate Composite Benchmark -6.54 -4.98 38.19 -4.14 18.82 -0.35 5.80 6.45 City of Clearwater - Real Estate Composite INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 141 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Real Estate Composite Benchmark -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 24.0 26.0 28.0 30.0 Risk (Annualized Standard Deviation) Total Portfolio Real Estate Composite Benchmark Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 7.39 14.11 Worst Quarter -1.74 -4.27 Standard Deviation 5.77 10.30 Maximum Drawdown -3.64 -12.60 Max Drawdown Recovery Period -- Up Capture 50.96 100.00 Down Capture 15.50 100.00 Alpha 4.32 0.00 Beta 0.43 1.00 R-Squared 0.58 1.00 Consistency 50.00 0.00 Tracking Error 6.99 0.00 Treynor Ratio 0.12 0.05 Information Ratio 0.00 - Sharpe Ratio 0.86 0.49 Total Portfolio Real Estate Composite Benchmark Positive Months Ratio -60.64 Negative Months Ratio -39.36 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -20.25 Maximum Drawdown --64.51 Max Drawdown Recovery Period -44.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -0.00 Tracking Error -0.00 Treynor Ratio -0.08 Information Ratio -- Sharpe Ratio -0.37 City of Clearwater - Real Estate Composite PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 142 -20 -15 -10 -5 0 5 10 15 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.05 (15)-2.36 (13)1.46 (33)7.46 (14)6.01 (11)6.83 (1)6.73 (1)6.67 (8)6.70 (18) Real Estate Composite Benchmark -0.67 (30)-6.54 (46)-5.76 (88)7.07 (19)4.15 (38)6.93 (1)5.68 (19)5.70 (26)6.01 (26) 5th Percentile 3.71 -0.67 3.86 8.11 6.65 6.52 6.40 6.78 7.42 1st Quartile -0.55 -5.58 2.47 6.85 4.62 5.34 5.35 5.74 6.04 Median -1.75 -7.06 -3.13 4.95 3.59 4.26 4.73 5.23 5.55 3rd Quartile -2.78 -10.34 -4.92 3.56 2.34 2.88 3.06 4.37 4.58 95th Percentile -6.75 -15.25 -6.96 1.82 1.07 0.88 2.00 3.02 3.46 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Real Estate Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 143 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 5.43 (53)20.55 (44)1.78 (4)10.16 (7)6.23 (68)6.30 (79)6.94 (78)6.96 (93)21.77 (4)6.29 (94) Real Estate Composite Benchmark -4.98 (87)38.19 (1)-4.14 (92)18.82 (1)-0.35 (99)5.80 (84)8.23 (36)8.38 (83)25.28 (1)6.16 (94) 5th Percentile 14.29 28.83 1.65 12.28 8.98 11.10 13.15 15.69 20.47 14.53 1st Quartile 12.10 23.24 0.54 7.91 8.28 9.39 9.10 14.70 14.45 12.53 Median 6.00 19.83 -0.22 6.33 7.45 7.77 8.01 13.03 12.51 10.63 3rd Quartile 1.02 16.02 -1.05 3.78 5.74 6.77 7.07 10.06 11.85 8.14 95th Percentile -8.03 13.71 -5.55 0.09 2.00 2.91 4.98 6.51 2.42 5.83 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Real Estate Composite Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 144 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,600,000 $5,200,000 $7,800,000 $10,400,000 $13,000,000 -$2,600,000Market ValueApr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Oct-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $8,135,469 $8,239,063 $7,846,325 $7,453,661 $7,644,837 $1,263,055 Net Contributions -$231,236 -$299,247 -$222,789 -$328,395 -$163,226 $3,403,807 Net Investment Return --$35,583 $615,527 $721,059 -$27,950 $3,237,371 Ending Market Value $7,904,233 $7,904,233 $8,239,063 $7,846,325 $7,453,661 $7,904,233 City of Clearwater - Hancock MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 145 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 -5Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 -0.43 5.42 3.95 3.41 3.56 4.49 NCREIF Timberland Index 4.34 9.45 10.50 6.62 5.69 5.77 6.42 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio -0.43 7.00 9.96 -0.34 3.95 2.93 1.24 4.49 NCREIF Timberland Index 9.45 12.90 9.17 0.81 1.30 3.21 3.63 6.42 City of Clearwater - Hancock INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 146 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2012) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.89 - Negative Months Ratio 11.11 - Best Quarter 8.63 - Worst Quarter -0.34 - Standard Deviation 6.13 - Maximum Drawdown -0.43 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.54 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 80.71 - Negative Months Ratio 19.29 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 6.05 - Maximum Drawdown -2.67 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.57 - City of Clearwater - Hancock PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 147 -22 -16 -10 -4 2 8 14 20 26 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (100)-0.43 (100)3.22 (1)5.42 (52)3.95 (17)3.95 (94)3.78 (80)3.41 (87)3.31 (93) NCREIF Timberland Index 4.34 (100)9.45 (91)11.16 (1)10.50 (1)7.99 (2)6.62 (72)6.04 (17)5.69 (34)5.30 (55) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Hancock Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 148 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 7.00 (1)9.96 (99)-0.34 (9)3.95 (100)2.93 (1)1.24 (97)2.64 (99)4.51 (15)4.58 (100)8.91 (4) NCREIF Timberland Index 12.90 (1)9.17 (99)0.81 (8)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (8)10.48 (100)9.69 (4) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Hancock Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 149 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $28,900,000 $57,800,000 $86,700,000 $115,600,000 $144,500,000 -$28,900,000Market ValueAug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $91,519,858 $56,703,546 $52,426,102 $44,524,919 $43,301,120 $30,000,000 Net Contributions - $30,000,000 ---$30,000,000 Net Investment Return $2,445,352 $7,261,663 $4,277,444 $7,901,183 $1,223,798 $33,965,209 Ending Market Value $93,965,209 $93,965,209 $56,703,546 $52,426,102 $44,524,919 $93,965,209 City of Clearwater - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 150 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI World Index (Net) 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.67 8.40 11.35 10.22 --12.15 MSCI World Index (Net)11.42 23.79 7.27 12.80 10.73 8.60 9.46 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI World Index (Net) 0 20 40 -20 -40Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 8.40 8.16 17.75 2.83 14.61 18.17 -12.15 MSCI World Index (Net)23.79 -18.14 21.82 15.90 27.67 -8.71 22.40 9.46 City of Clearwater - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 151 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI World Index (Net) -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI World Index (Net) Positive Months Ratio 66.67 58.33 Negative Months Ratio 33.33 41.67 Best Quarter 6.49 11.42 Worst Quarter 0.18 -16.19 Standard Deviation 5.10 16.75 Maximum Drawdown -1.71 -25.42 Max Drawdown Recovery Period 3.00 24.00 Up Capture 27.61 100.00 Down Capture -13.41 100.00 Alpha 11.18 0.00 Beta 0.03 1.00 R-Squared 0.01 1.00 Consistency 47.22 0.00 Tracking Error 16.97 0.00 Treynor Ratio 2.65 0.06 Information Ratio 0.15 - Sharpe Ratio 1.70 0.38 Total Portfolio MSCI World Index (Net) Positive Months Ratio 64.47 64.47 Negative Months Ratio 35.53 35.53 Best Quarter 7.11 19.36 Worst Quarter -3.94 -21.05 Standard Deviation 6.13 17.09 Maximum Drawdown -3.94 -25.42 Max Drawdown Recovery Period 12.00 24.00 Up Capture 29.72 100.00 Down Capture -14.13 100.00 Alpha 11.54 0.00 Beta 0.05 1.00 R-Squared 0.02 1.00 Consistency 47.37 0.00 Tracking Error 17.25 0.00 Treynor Ratio 1.77 0.09 Information Ratio 0.05 - Sharpe Ratio 1.58 0.52 City of Clearwater - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 152 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 2.67 (100)8.40 (43)8.28 (1)11.35 (1)9.15 (1)10.22 (1)11.51 (1)-- MSCI World Index (Net) 11.42 (93)23.79 (1)0.66 (53)7.27 (38)9.37 (1)12.80 (1)8.89 (1)10.73 (1)10.32 (1) 5th Percentile 13.52 14.77 3.36 9.13 5.72 10.17 6.30 9.60 10.12 1st Quartile 13.49 14.71 3.24 9.06 5.62 10.08 6.21 9.52 10.03 Median 12.31 6.80 1.36 6.08 2.75 7.58 4.92 6.50 7.27 3rd Quartile 12.28 5.26 -0.60 6.01 2.71 7.54 4.89 6.46 7.09 95th Percentile 11.15 5.23 -0.66 5.96 2.67 6.91 4.17 6.31 6.59 Population 8 8 8 8 8 8 8 8 8 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - IFM Global Infrastructure (US) L.P. Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 153 -30 -20 -10 0 10 20 30 40 50 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 8.16 (1)17.75 (91)2.83 (1)14.61 (100)18.17 (1)----- MSCI World Index (Net) -18.14 (100)21.82 (11)15.90 (1)27.67 (90)-8.71 (54)22.40 (43)7.51 (97)-0.87 (1)4.94 (96)26.68 (1) 5th Percentile -2.90 21.86 -3.88 29.94 -7.41 31.73 13.87 -6.98 16.50 21.24 1st Quartile -6.09 21.79 -4.07 29.87 -7.42 31.65 13.58 -7.18 16.47 20.93 Median -6.21 20.59 -6.51 29.41 -8.26 19.29 13.07 -11.40 13.24 16.07 3rd Quartile -7.07 20.56 -6.59 29.32 -11.12 16.45 12.08 -13.98 9.98 16.03 95th Percentile -7.14 14.71 -6.72 25.47 -11.19 16.41 7.81 -14.03 5.09 15.47 Population 8 8 8 8 8 8 8 8 8 7 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - IFM Global Infrastructure (US) L.P. Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 154 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,300,000 $4,600,000 $6,900,000 $9,200,000 $11,500,000 -$2,300,000Market ValueMay-11 Feb-12 Nov-12 Aug-13 May-14 Feb-15 Nov-15 Aug-16 May-17 Feb-18 Nov-18 Aug-19 May-20 Feb-21 Nov-21 Aug-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $7,588,253 $7,560,650 $6,407,104 $7,035,870 $6,781,245 $111,299 Net Contributions --$154,718 -$206,622 -$1,425,543 -$282,132 $2,625,511 Net Investment Return -$182,321 $1,360,168 $796,777 $536,757 $4,851,443 Ending Market Value $7,588,253 $7,588,253 $7,560,650 $6,407,104 $7,035,870 $7,588,253 City of Clearwater - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 155 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 2.41 12.21 8.54 6.20 5.77 5.67 NCREIF Timberland Index 4.34 9.45 10.50 6.62 5.69 5.77 6.01 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 2.41 21.72 13.33 8.22 -1.48 1.93 -0.75 5.67 NCREIF Timberland Index 9.45 12.90 9.17 0.81 1.30 3.21 3.63 6.01 City of Clearwater - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 156 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2011) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 100.00 - Negative Months Ratio 0.00 - Best Quarter 19.37 - Worst Quarter 0.00 - Standard Deviation 11.61 - Maximum Drawdown 0.00 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.87 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 94.04 - Negative Months Ratio 5.96 - Best Quarter 19.37 - Worst Quarter -3.17 - Standard Deviation 6.97 - Maximum Drawdown -3.17 - Max Drawdown Recovery Period 13.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.68 - City of Clearwater - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 157 -22 -16 -10 -4 2 8 14 20 26 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (100)2.41 (100)11.65 (1)12.21 (1)11.20 (1)8.54 (19)7.41 (3)6.20 (20)5.84 (32) NCREIF Timberland Index 4.34 (100)9.45 (91)11.16 (1)10.50 (1)7.99 (2)6.62 (72)6.04 (17)5.69 (34)5.30 (55) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Molpus Woodlands Fund III Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 158 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 21.72 (1)13.33 (98)8.22 (5)-1.48 (100)1.93 (1)-0.75 (98)3.30 (97)4.03 (27)7.02 (100)15.16 (3) NCREIF Timberland Index 12.90 (1)9.17 (99)0.81 (8)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (8)10.48 (100)9.69 (4) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Molpus Woodlands Fund III Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 159 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $1,400,000 $2,800,000 $4,200,000 $5,600,000 $7,000,000 -$1,400,000Market ValueSep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,771,879 $4,921,918 $4,587,944 $3,936,912 $4,273,084 $118,305 Net Contributions -$32,075 -$350,943 -$149,543 -$135,850 -$94,339 $3,276,212 Net Investment Return -$168,829 $483,517 $786,882 -$241,833 $1,345,287 Ending Market Value $4,739,804 $4,739,804 $4,921,918 $4,587,944 $3,936,912 $4,739,804 City of Clearwater - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 160 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 3.55 11.41 5.76 4.06 -3.67 NCREIF Timberland Index 4.34 9.45 10.50 6.62 5.69 5.77 5.37 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 3.55 10.76 20.57 -5.78 1.53 -2.88 2.83 3.67 NCREIF Timberland Index 9.45 12.90 9.17 0.81 1.30 3.21 3.63 5.37 City of Clearwater - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 161 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -5 0 5 10 15 20 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 97.22 - Negative Months Ratio 2.78 - Best Quarter 19.91 - Worst Quarter 0.00 - Standard Deviation 12.59 - Maximum Drawdown 0.00 - Max Drawdown Recovery Period 4.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.75 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.89 - Negative Months Ratio 11.11 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 8.29 - Maximum Drawdown -7.27 - Max Drawdown Recovery Period 40.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.29 - City of Clearwater - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 162 -22 -16 -10 -4 2 8 14 20 26 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (100)3.55 (100)7.09 (1)11.41 (1)6.84 (3)5.76 (81)4.26 (73)4.06 (79)3.97 (84) NCREIF Timberland Index 4.34 (100)9.45 (91)11.16 (1)10.50 (1)7.99 (2)6.62 (72)6.04 (17)5.69 (34)5.30 (55) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Molpus Woodlands Fund IV Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 163 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 10.76 (1)20.57 (94)-5.78 (62)1.53 (100)-2.88 (5)2.83 (91)3.34 (97)--- NCREIF Timberland Index 12.90 (1)9.17 (99)0.81 (8)1.30 (100)3.21 (1)3.63 (81)2.59 (99)4.97 (8)10.48 (100)9.69 (4) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Molpus Woodlands Fund IV Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 164 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $20,900,000 $41,800,000 $62,700,000 $83,600,000 $104,500,000 -$20,900,000Market ValueSep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $60,170,073 $67,057,944 $62,200,202 $51,944,240 $51,690,725 - Net Contributions ------ Net Investment Return -$3,511,129 -$10,399,000 $4,857,742 $10,255,962 $253,515 - Ending Market Value $56,658,944 $56,658,944 $67,057,944 $62,200,202 $51,944,240 - City of Clearwater - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 165 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 10 20 -10 -20 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -5.84 -15.51 2.94 2.59 3.66 5.73 6.89 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 -12.02 4.92 4.25 5.30 7.29 8.94 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio -15.51 7.81 19.74 0.49 3.66 7.23 5.53 6.89 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -12.02 7.47 22.17 1.19 5.34 8.35 7.62 8.94 City of Clearwater - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 166 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 86.11 86.11 Negative Months Ratio 13.89 13.89 Best Quarter 6.74 7.97 Worst Quarter -6.07 -4.97 Standard Deviation 9.86 9.43 Maximum Drawdown -20.64 -16.39 Max Drawdown Recovery Period -- Up Capture 98.17 100.00 Down Capture 128.50 100.00 Alpha -1.93 0.00 Beta 1.02 1.00 R-Squared 0.94 1.00 Consistency 11.11 0.00 Tracking Error 2.38 0.00 Treynor Ratio 0.01 0.03 Information Ratio -0.79 - Sharpe Ratio 0.12 0.32 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 95.60 96.23 Negative Months Ratio 4.40 3.77 Best Quarter 6.74 7.97 Worst Quarter -6.07 -4.97 Standard Deviation 5.92 6.09 Maximum Drawdown -20.64 -16.39 Max Drawdown Recovery Period -- Up Capture 85.83 100.00 Down Capture 132.66 100.00 Alpha -1.14 0.00 Beta 0.91 1.00 R-Squared 0.88 1.00 Consistency 7.55 0.00 Tracking Error 2.11 0.00 Treynor Ratio 0.06 0.08 Information Ratio -0.91 - Sharpe Ratio 0.97 1.25 City of Clearwater - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 167 -28 -20 -12 -4 4 12 20 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -5.84 (100)-15.51 (100)-4.56 (6)2.94 (92)2.32 (67)2.59 (98)3.35 (84)3.66 (84)4.19 (81) NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 (100)-12.02 (100)-2.76 (2)4.92 (67)3.98 (16)4.25 (93)4.92 (58)5.30 (46)5.73 (36) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Multi Employer Property Trust Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 168 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 7.81 (1)19.74 (94)0.49 (9)3.66 (100)7.23 (1)5.53 (47)8.02 (22)12.00 (1)12.21 (99)11.83 (3) NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 (1)22.17 (93)1.19 (8)5.34 (100)8.35 (1)7.62 (25)8.77 (15)15.02 (1)12.50 (98)13.94 (3) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Multi Employer Property Trust Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 169 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $34,900,000 $69,800,000 $104,700,000 -$34,900,000 -$69,800,000 -$104,700,000Market ValueApr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $14,304,536 $14,228,305 $19,515,706 $13,374,031 $13,900,512 $19,346,573 Net Contributions $24,112 $96,656 $105,711 $102,942 $102,529 -$81,236,702 Net Investment Return $2,234,423 $2,238,110 -$5,393,112 $6,038,732 -$629,010 $78,453,200 Ending Market Value $16,563,070 $16,563,070 $14,228,305 $19,515,706 $13,374,031 $16,563,070 City of Clearwater - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 170 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Wilshire U.S. Real Estate Securities Index 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 15.62 15.67 6.70 8.03 5.28 7.76 5.95 Wilshire U.S. Real Estate Securities Index 16.27 16.19 7.56 7.58 5.33 7.87 6.22 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Wilshire U.S. Real Estate Securities Index 0 50 100 -50Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio 15.67 -27.59 45.03 -4.59 26.97 -7.16 4.91 5.95 Wilshire U.S. Real Estate Securities Index 16.19 -26.70 46.11 -7.95 25.79 -4.80 4.84 6.22 City of Clearwater - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 171 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Wilshire U.S. Real Estate Securities Index -12 -6 0 6 12 18 Annualized Return (%)-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 22.0 24.0 26.0 28.0 30.0 Risk (Annualized Standard Deviation) Total Portfolio Wilshire U.S. Real Estate Securities Index Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 16.50 17.15 Worst Quarter -20.27 -18.50 Standard Deviation 21.10 21.31 Maximum Drawdown -30.78 -30.09 Max Drawdown Recovery Period -- Up Capture 99.10 100.00 Down Capture 101.86 100.00 Alpha -0.71 0.00 Beta 0.99 1.00 R-Squared 0.99 1.00 Consistency 41.67 0.00 Tracking Error 2.04 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.42 - Sharpe Ratio 0.31 0.35 Total Portfolio Wilshire U.S. Real Estate Securities Index Positive Months Ratio 59.04 58.51 Negative Months Ratio 40.96 41.49 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 23.54 23.94 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 98.11 100.00 Down Capture 98.98 100.00 Alpha -0.19 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 45.21 0.00 Tracking Error 2.21 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.17 - Sharpe Ratio 0.33 0.34 City of Clearwater - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 172 -22 -16 -10 -4 2 8 14 20 26 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 15.62 (64)15.67 (9)-8.48 (34)6.70 (16)3.76 (20)8.03 (30)5.34 (41)5.28 (47)5.33 (53) Wilshire U.S. Real Estate Securities Index 16.27 (51)16.19 (6)-7.72 (16)7.56 (5)3.45 (29)7.58 (43)5.41 (39)5.33 (46)5.61 (39) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Security Capital Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 173 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio -27.59 (74)45.03 (18)-4.59 (48)26.97 (57)-7.16 (73)4.91 (60)5.71 (60)4.70 (11)33.13 (3)1.60 (56) Wilshire U.S. Real Estate Securities Index -26.70 (58)46.11 (16)-7.95 (81)25.79 (69)-4.80 (33)4.84 (62)7.62 (28)4.81 (9)31.53 (14)2.15 (37) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Security Capital Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 174 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueDec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $16,310,871 $18,277,582 $17,020,352 $14,181,452 $14,049,962 $5,708,283 Net Contributions -----$4,204,455 Net Investment Return -$948,005 -$2,914,716 $1,257,230 $2,838,900 $131,490 $5,450,128 Ending Market Value $15,362,866 $15,362,866 $18,277,582 $17,020,352 $14,181,452 $15,362,866 City of Clearwater - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 175 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 10 20 -10 -20 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -5.81 -15.95 2.70 3.40 4.91 -5.61 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 -12.02 4.92 4.25 5.30 7.29 5.72 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio -15.95 7.39 20.02 0.94 8.11 9.16 8.36 5.61 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -12.02 7.47 22.17 1.19 5.34 8.35 7.62 5.72 City of Clearwater - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 176 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: December 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -5 0 5 10 15 20 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 86.11 86.11 Negative Months Ratio 13.89 13.89 Best Quarter 7.07 7.97 Worst Quarter -6.32 -4.97 Standard Deviation 10.12 9.43 Maximum Drawdown -21.26 -16.39 Max Drawdown Recovery Period -- Up Capture 98.44 100.00 Down Capture 132.45 100.00 Alpha -2.17 0.00 Beta 1.02 1.00 R-Squared 0.91 1.00 Consistency 13.89 0.00 Tracking Error 3.07 0.00 Treynor Ratio 0.01 0.03 Information Ratio -0.67 - Sharpe Ratio 0.10 0.32 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 93.81 93.81 Negative Months Ratio 6.19 6.19 Best Quarter 7.07 7.97 Worst Quarter -6.32 -4.97 Standard Deviation 6.86 6.29 Maximum Drawdown -21.26 -16.39 Max Drawdown Recovery Period -- Up Capture 100.77 100.00 Down Capture 122.90 100.00 Alpha -0.49 0.00 Beta 1.00 1.00 R-Squared 0.85 1.00 Consistency 19.59 0.00 Tracking Error 2.69 0.00 Treynor Ratio 0.04 0.05 Information Ratio -0.18 - Sharpe Ratio 0.58 0.71 City of Clearwater - U.S. Real Estate Investment Fund PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 177 -28 -20 -12 -4 4 12 20 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -5.81 (100)-15.95 (100)-4.99 (7)2.70 (93)2.26 (69)3.40 (94)4.34 (72)4.91 (60)5.62 (39) NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 (100)-12.02 (100)-2.76 (2)4.92 (67)3.98 (16)4.25 (93)4.92 (58)5.30 (46)5.73 (36) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - U.S. Real Estate Investment Fund Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 178 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 7.39 (1)20.02 (94)0.94 (8)8.11 (100)9.16 (1)8.36 (19)10.72 (6)--- NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 (1)22.17 (93)1.19 (8)5.34 (100)8.35 (1)7.62 (25)8.77 (15)15.02 (1)12.50 (98)13.94 (3) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - U.S. Real Estate Investment Fund Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 179 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $7,300,000 $14,600,000 $21,900,000 $29,200,000 $36,500,000 -$7,300,000Market ValueMay-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Dec-23 Last Quarter 2023 YTD 2022 2021 2020 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $23,653,879 $25,543,322 $14,445,757 $12,818,243 $12,010,044 $5,000,000 Net Contributions -- $8,000,000 -$640,253 -$646,058 $9,461,438 Net Investment Return -$47,942 -$1,937,384 $3,097,565 $2,267,766 $1,454,257 $9,144,500 Ending Market Value $23,538,979 $23,538,979 $25,543,322 $14,445,757 $12,818,243 $23,538,979 City of Clearwater - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.23 |Q4 23 180 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 8 16 -8 -16 -24Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.49 -7.85 7.49 7.86 7.89 -8.44 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 -12.02 4.92 4.25 5.30 7.29 6.24 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2022 2021 2020 2019 2018 2017 Inception Total Portfolio -7.85 13.80 18.42 11.12 5.78 6.65 9.30 8.44 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -12.02 7.47 22.17 1.19 5.34 8.35 7.62 6.24 City of Clearwater - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.23 |Q4 23 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Total Fund Policy Benchmark Summary" in this presentation. 181 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - Wilshire U.S. REIT Index Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF Fund Index-Open End Diversified Core Equity (VW) -5 0 5 10 15 Annualized Return (%)-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 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 91.67 86.11 Negative Months Ratio 8.33 13.89 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 8.91 9.30 Maximum Drawdown -8.55 -17.24 Max Drawdown Recovery Period -- Up Capture 86.42 100.00 Down Capture 23.99 100.00 Alpha 5.17 0.00 Beta 0.59 1.00 R-Squared 0.38 1.00 Consistency 19.44 0.00 Tracking Error 7.98 0.00 Treynor Ratio 0.09 0.02 Information Ratio 0.41 - Sharpe Ratio 0.60 0.23 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 94.17 94.17 Negative Months Ratio 5.83 5.83 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.63 6.13 Maximum Drawdown -8.55 -17.24 Max Drawdown Recovery Period -- Up Capture 106.34 100.00 Down Capture 14.00 100.00 Alpha 4.79 0.00 Beta 0.63 1.00 R-Squared 0.34 1.00 Consistency 19.42 0.00 Tracking Error 5.87 0.00 Treynor Ratio 0.11 0.04 Information Ratio 0.43 - Sharpe Ratio 1.01 0.68 City of Clearwater - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.23 |Q4 23 For Institutional Use Only. 182 -22 -16 -10 -4 2 8 14 20 26 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.49 (100)-7.85 (100)2.41 (1)7.49 (5)8.38 (2)7.86 (35)7.65 (3)7.89 (2)8.43 (2) NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross -4.83 (100)-12.02 (100)-2.76 (2)4.92 (67)3.98 (16)4.25 (93)4.92 (58)5.30 (46)5.73 (36) 5th Percentile 18.60 16.20 -4.00 7.42 4.67 9.30 6.88 6.99 6.80 1st Quartile 17.22 13.29 -8.22 6.24 3.55 8.24 5.85 5.90 6.01 Median 16.28 12.02 -9.05 5.45 2.81 7.38 5.05 5.13 5.38 3rd Quartile 14.59 10.73 -10.01 4.41 1.88 6.22 4.04 4.32 4.62 95th Percentile 10.81 8.94 -11.39 2.25 -1.16 2.87 0.91 1.27 2.37 Population 293 289 286 274 270 268 262 253 251 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - USAA Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 183 -55 -40 -25 -10 5 20 35 50 65 80 Return2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Portfolio 13.80 (1)18.42 (96)11.12 (5)5.78 (100)6.65 (1)9.30 (11)12.34 (5)--- NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 7.47 (1)22.17 (93)1.19 (8)5.34 (100)8.35 (1)7.62 (25)8.77 (15)15.02 (1)12.50 (98)13.94 (3) 5th Percentile -16.16 51.52 3.78 33.71 -2.99 12.28 11.93 5.24 32.11 6.38 1st Quartile -25.16 43.80 -2.88 30.14 -4.46 7.57 7.82 4.08 30.88 2.67 Median -26.24 41.34 -4.78 27.74 -5.75 5.40 6.10 2.94 29.77 1.76 3rd Quartile -27.74 39.12 -7.10 25.15 -7.30 3.96 5.09 1.74 28.25 0.90 95th Percentile -30.33 18.85 -11.61 18.48 -11.03 1.57 3.71 -4.39 16.24 -1.31 Population 297 297 297 314 308 323 327 316 308 302 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - USAA Period Ending 12.31.23 |Q4 23 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 184 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Portfolio 1,249,219,771 7.86 13.65 3.17 9.01 8.20 7.13 8.67 1987 Fixed Income Comp 333,588,958 6.93 6.54 -2.83 1.40 1.48 2.05 4.16 1987 Dodge & Cox 164,887,965 7.26 7.23 -1.97 1.96 1.96 2.48 0.00 2004 In House Account 11,180,036 0.00 0.00 0.00 0.00 0.00 -9.21 -6.05 1987 Security Lending Income Account 517,025 1.61 5.87 -2.01 -4.23 -6.19 -7.84 -6.78 2003 Western Asset Management Co.157,003,933 7.37 6.05 -3.76 0.94 1.12 1.76 1.85 2004 Domestic Equity Comp 520,689,267 11.34 27.54 7.26 15.35 13.36 10.82 10.78 1987 Large Cap Equity Comp 354,699,311 11.72 30.70 9.08 15.57 13.89 11.75 10.34 1988 Aletheia Research CLOSEDº------- -3.29 2007 Eagle Capital Management 60,846,645 10.08 38.35 11.10 16.71 14.28 11.92 14.11 2013 Manning and Napier 29,858,468 7.20 8.94 8.92 10.70 9.98 9.23 10.69 2013 NTGI-QM R1000G 179,193,994 14.20 43.24 6.91 ---7.23 2020 NTGI-QM R1000V 84,800,204 9.50 13.57 9.52 11.48 8.85 8.81 13.11 2007 Voya Investment Mgmt¹--- 17.43 28.84 21.44 14.91 8.76 1987 Mid Cap Equity Comp 106,878,366 10.37 21.27 4.86 15.91 12.14 9.46 8.73 1988 Artisan Partners 51,642,293 8.98 25.93 -2.52 20.36 16.02 10.10 7.53 2001 Boston Partners 55,236,074 11.70 17.56 12.25 --- 15.76 2020 Mid Cap Dummy Account -------- Wedge Capital Mgmt CLOSED²---- 2.32 1.27 5.73 9.77 2007 Small Cap Equity Comp 59,111,590 10.83 18.93 1.47 13.34 12.48 8.74 14.02 2003 Atlanta Capital Mgmt 18,033,709 11.82 23.78 8.60 12.77 11.21 9.67 8.26 2003 Riverbridge Partners 28,693,880 9.80 20.03 -5.11 14.38 15.68 9.50 15.03 2010 Sycamore Small Cap Value 12,384,001 11.80 11.58 9.58 11.98 --8.37 2017 Systematic Financial Mgt CLOSED³----- 7.81 4.25 4.88 2003 LMCG SmallCap Selected G -------- International EQ Comp 168,620,186 10.69 15.26 0.85 9.96 9.09 5.33 0.00 2001 Earnest Partners CLOSEDºº----- -39.35 -6.80 1.84 2008 DFA Emerging Markets 17,204,829 7.86 12.76 -0.81 5.44 --2.29 2017 International Dummy Account -------- Thompson, Siegel & Walmsley 70,991,687 9.99 16.75 4.03 7.92 6.30 -5.53 2015 WCM Investment Management 80,423,670 11.95 15.11 -0.78 14.10 13.81 -11.16 2015 Wellington Mgmt CLOSED¹¹------- 33.42 2008 WHV Closed²²------ -7.63 1.32 2008 Eaton Vance Mgmt CLOSED -------- NTGI-QM Enhanced EAFE -------- Real Estate Comp 226,321,359 0.05 -2.37 6.81 6.50 6.42 7.84 0.00 2008 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.23 |Q4 23 185 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.23 |Q4 23 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Hancock 7,904,233 0.00 -0.43 5.44 3.89 3.29 3.53 4.13 2012 IFM Global Infrastructure (US) L.P.93,965,209 2.67 8.40 10.90 10.04 --11.85 2017 Molpus Woodlands Fund III 7,588,253 0.00 2.42 12.03 7.85 5.38 5.15 5.61 2011 Molpus Woodlands Fund IV 4,739,804 0.00 3.55 11.49 5.57 3.85 -3.74 2015 Multi Employer Property Trust 56,658,944 -5.84 -15.51 2.94 2.59 3.66 5.69 6.73 2010 Security Capital 16,563,070 15.62 15.69 6.66 12.25 4.91 10.74 31.93 2008 U.S. Real Estate Investment Fund 15,362,866 -5.81 -15.95 2.70 3.40 4.90 -5.63 2015 USAA 23,538,979 -0.49 -7.85 6.08 7.34 7.87 -8.51 2015 º As of periods ending 07/31/2012 ¹ As of periods ending 08/31/2022 ² As of periods ending 04/30/2020 ³ As of periods ending 08/31/2018 ºº As of periods ending 03/31/2017 ¹¹ As of periods ending 01/31/2012 ²² As of periods ending 05/31/2016 186 Market Value $CYTD 2022 2021 2020 2019 2018 Total Portfolio 1,249,219,771 13.65 -14.82 13.45 15.04 20.19 -2.58 Fixed Income Comp 333,588,958 6.54 -12.39 -1.29 8.84 9.23 -0.34 Dodge & Cox 164,887,965 7.23 -10.86 -0.98 8.71 9.06 0.10 In House Account 11,180,036 0.00 -99.92 0.00 -88.27 0.00 -100.00 Security Lending Income Account 517,025 5.87 0.35 -20.50 -4.61 -24.81 -26.91 Western Asset Management Co.157,003,933 6.05 -14.20 -1.51 9.04 9.73 -0.59 Domestic Equity Comp 520,689,267 27.54 -20.72 22.05 22.11 29.48 -3.00 Large Cap Equity Comp 354,699,311 30.70 -20.67 25.36 17.98 30.01 -2.79 Aletheia Research CLOSED ------- Eagle Capital Management 60,846,645 38.35 -25.04 29.62 16.22 31.25 -3.49 Manning and Napier 29,858,468 8.94 -3.57 21.23 3.76 23.20 -3.29 NTGI-QM R1000G 179,193,994 43.24 -29.09 30.85 --- NTGI-QM R1000V 84,800,204 13.57 -7.62 25.17 4.48 26.55 -8.35 Voya Investment Mgmt --0.02 17.51 28.29 33.05 -0.45 Mid Cap Equity Comp 106,878,366 21.27 -20.86 18.78 30.05 29.47 -8.81 Artisan Partners 51,642,293 25.93 -36.30 10.53 55.00 38.49 -1.94 Boston Partners 55,236,074 17.56 -6.90 27.91 --- Mid Cap Dummy Account ------- Wedge Capital Mgmt CLOSED -----22.35 19.80 -15.25 Small Cap Equity Comp 59,111,590 18.93 -20.76 11.89 30.90 26.74 4.99 Atlanta Capital Mgmt 18,033,709 23.78 -12.16 19.51 10.85 26.16 3.68 Riverbridge Partners 28,693,880 20.03 -32.10 3.42 53.48 27.30 11.83 Sycamore Small Cap Value 12,384,001 11.58 -6.34 24.77 5.09 26.21 -6.27 Systematic Financial Mgt CLOSED ------444.66 LMCG SmallCap Selected G ------- International EQ Comp 168,620,186 15.26 -21.03 13.84 18.03 27.49 -11.76 Earnest Partners CLOSED ------- DFA Emerging Markets 17,204,829 12.76 -16.40 5.84 13.83 16.04 -15.25 International Dummy Account ------- Thompson, Siegel & Walmsley 70,991,687 16.75 -14.08 13.32 5.42 21.65 -15.07 WCM Investment Management 80,423,670 15.11 -27.77 17.70 29.98 38.84 -6.44 Wellington Mgmt CLOSED ------- WHV Closed ------- Eaton Vance Mgmt CLOSED ------- NTGI-QM Enhanced EAFE ------- Real Estate Comp 226,321,359 -2.37 5.46 20.52 1.76 10.30 6.14 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.23 |Q4 23 187 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.23 |Q4 23 Market Value $CYTD 2022 2021 2020 2019 2018 Hancock 7,904,233 -0.43 6.96 9.80 -0.37 3.89 2.90 IFM Global Infrastructure (US) L.P.93,965,209 8.40 8.16 17.75 2.82 14.61 18.17 Molpus Woodlands Fund III 7,588,253 2.42 21.35 12.76 8.04 -1.43 1.93 Molpus Woodlands Fund IV 4,739,804 3.55 10.63 20.16 -5.70 1.55 -2.88 Multi Employer Property Trust 56,658,944 -15.51 7.81 19.74 0.49 3.66 7.23 Security Capital 16,563,070 15.69 -27.57 45.04 -4.51 41.40 -10.35 U.S. Real Estate Investment Fund 15,362,866 -15.95 7.39 20.02 0.93 8.11 9.16 USAA 23,538,979 -7.85 14.02 18.16 12.42 7.38 7.98 188 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |appendix 189 Q4 23Period Ending 12.31.23 | ALPHA Alpha measures a manager’s rate of return in excess of that which can be explained by its systematic risk, or Beta. It is a result of regressing a manager’s returns against those of a benchmark index. A positive alpha implies that a manager has added value relative to its benchmark on a risk-adjusted basis. BETA Beta measures a manager’s sensitivity to systematic, or market risk. Beta is a result of the analysis regressing a manager’s returns against those of a benchmark Index. A manager with a Beta of 1 should move perfectly with a benchmark. A Beta of less than 1 implies that a manager’s returns are less volatile than the market’s (i.e., selected benchmarks). A Beta of greater than 1 implies that a manager exhibits greater volatility than the market (i.e., selected benchmark). BEST (WORST) QUARTER Best (Worst) Quarter is the best (worst) three- month return in the measurement period. The three-month period is not necessarily a calendar quarter. CONSISTENCY (BATTING AVERAGE) Formerly known as Batting Average, Consistency measures the percentage of time an active manager outperforms the benchmark. glossary CAPTURE RATIO Up Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was positive. Down Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was negative. An Up Market Capture of greater than 100% and a Down Market Capture of less than 100% is considered desirable. INFORMATION RATIO The Information Ratio measures a manager’s excess return over the passive index divided by the volatility of that excess return or Tracking Error. To obtain a higher Information Ratio, which is preferable, a manager must demonstrate the ability to generate returns above its benchmark while avoiding large performance swings relative to that same benchmark. MAXIMUM DRAWDOWN The Maximum Drawdown measures the maximum observed percentage loss from a peak to a trough in the measurement period. MAX DRAWDOWN RECOVERY PERIOD The Maximum Drawdown Recovery period counts the number of months needed to meet or exceed the prior peak starting from the beginning of the Maximum Drawdown period. If the prior peak has not been met or exceeded, this statistic will not populate. PERCENTILE RANK Percentile Rankings are based on a manager’s performance relative to all other available funds in its universe. Percentiles range from 1, being the best, to 100 being the worst. A ranking in the 50th percentile or above demonstrates that the manager has performed better on a relative basis than at least 50% of its peers. POSITIVE (NEGATIVE) MONTHS RATIO Positive (Negative) Months Ratio is the ratio of months in the measurement period where the returns are positive (negative). RISK-ADJUSTED PERFORMANCE Risk-adjusted Performance, or RAP, measures the level of return that an investment option would generate given a level of risk equivalent to the benchmark index. R-SQUARED R-squared measures the portion of a manager’s movements that are explained by movements in a benchmark index. R-squared values range from 0 to 100. An R-squared of 100 means that all movements of a manager are completely explained by movements in the index. This measurement is identified as the coefficient of determination from a regression equation. A high R-squared value supports the validity of the Alpha and Beta measures, and it can be used as a measure of style consistency. CONTINUED… 190 Q4 23Period Ending 12.31.23 | SHARPE RATIO Sharpe ratio measures a manager’s return per unit of risk, or standard deviation. It is the ratio of a manager’s excess return above the risk-free rate divided by a manager’s standard deviation. A higher Sharpe ratio. STANDARD DEVIATION Standard Deviation is a measure of the extent to which observations in a series vary from the arithmetic mean of the series. This measure of volatility or risk allows the estimation of a range of values for a manager’s returns. The wider the range, the more uncertainty, and, therefore, the riskier a manager is assumed to be. TRACKING ERROR Tracking Error is the standard deviation of the portfolio’s residual (i.e.excess) returns. The lower the tracking error, the closer the portfolio returns have been to its risk index. Aggressively managed portfolios would be expected to have higher tracking errors than portfolios with a more conservative investment style.. TREYNOR RATIO The Treynor Ratio is a measure of reward per unit of risk. With Treynor, the numerator (i.e. reward) is defined as the excess return of the portfolio versus the risk-free rate. The denominator (i.e.risk) is defined as the portfolio beta. The result is a measure of excess return per unit of portfolio systematic risk. As with Sharpe and Sortino ratios, the Treynor Ratio only has value when it is used as the basis of comparison between portfolios. The higher the Treynor Ratio, the better. glossary 191 City Of Clearwater Employees' Pension Plan Q4 23Period Ending 12.31.23 |investment review | evaluation methodology QUANTITATIVE EVALUATION ITEMS QUALITATIVE EVALUATION ITEMS 3/5 Year Risk-adjusted Performance Fund Management MARKED FOR REVIEW The investment option’s 3 or 5 Year Annualized Risk Adjusted Performance falls below the 50th percentile of the peer group. A significant disruption to the investment option’s management team has been discovered. The following categories of the Investment Policy Monitor appear “Marked For Review” when: Fund Family 3/5 Year Performance vs. Peers A significant disruption to the investment option’s parent company has been discovered.The investment option’s 3 or 5 Year Annualized Peer Relative Performance falls below the 50th percentile of the peer group. 3/5 Year Style The investment option’s 3 or 5 Year R-Squared measure falls below the absolute threshold set per asset class. 3/5 Year Confidence The investment option’s 3 or 5 Year Confidence Rating falls below the 50th percentile of the peer group. CAPTRUST’s Investment Policy Monitoring Methodology The Investment Policy Monitoring Methodology document describes the systems and procedures CAPTRUST uses to monitor and evaluate the investment vehicles in your plan/account on a quarterly basis. Our current Investment Policy Monitoring Methodology document can be accessed through the following link: captrust.com/investmentmonitoring 192 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0346 Agenda Date: 4/15/2024 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Appoint an individual to the Pension Investment Committee with a term to expire April 18, 2026. SUMMARY: APPOINTMENT WORKSHEET BOARD: Pension Investment Committee TERM: 2 years APPOINTED BY: City Council (Pension Trustees) RESIDENCY REQUIREMENT: City of Clearwater CONTACT: Jay Ravins, Finance Dir. APPTS. NEEDED: 1 THE FOLLOWING PENSION INVESTMENT COMMITTEE MEMBER HAD A TERM THAT EXPIRED AND NOW REQUIRES REPLACEMENT BY A NEW APPOINTEE: 1. Sheldon Goldberg - 2060 Marilyn Street, 33765 - Real Estate Broker Resigned 11/19/21 THE NAME BELOW IS BEING SUBMITTED FOR CONSIDERATION TO FILL THE ABOVE VACANCY: 1. John Connolly - 521 Mandalay Ave, #402, 33767 - Retired Financial/Consulting/Management 2. Cary Green - 1100 Cleveland St, #204, 33755 - Financial Planner STRATEGIC PRIORITY: Page 1 City of Clearwater Printed on 4/8/2024