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04/14/2025Monday, April 14, 2025 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 14, 2025Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the February 3, 2025 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 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2024. 4.2 Approve recommended change in actuarial valuation funding method from Entry Age Normal to Aggregate effective for the actuarial valuation dated January 1, 2025. 4.3 Discuss new procedures in processing applications for disability pensions. 5. Adjourn Page 2 City of Clearwater Printed on 4/8/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0073 Agenda Date: 4/14/2025 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the February 3, 2025 Pension Trustees Meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 4/8/2025 Pension Trustees Meeting Minutes February 3, 2025 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, February 3, 2025 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes February 3, 2025 Page 2 City of Clearwater Roll Call Present 5 - Chair Bruce Rector, Trustee Ryan Cotton, Trustee Michael Mannino, 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 – Chair Rector The meeting was called to order at 1:40 p.m. 2. Approval of Minutes 2.1 Approve the minutes of the December 16, 2024 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Cotton moved to approve the minutes of the December 16, 2024 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 Timmy Benitez, Parks Service Technician I, Parks & Recreation 11/4/2024 Claudia Betham, Police Telecommunicator I, Police Department 11/4/2024 Elizabeth Flanigan, Solid Waste Accounts Coord, Solid Waste & Recycling 11/4/2024 Joseph Garland, Police Telecommunicator I, Police Department 11/4/2024 Amanda Klotz, Parks Service Technician I, Parks & Recreation 11/4/2024 Isaiah Thomas, Parks Service Technician I, Parks & Recreation 11/4/2024 Draft Pension Trustees Meeting Minutes February 3, 2025 Page 3 City of Clearwater Hunter Welch, Parks Service Technician I, Parks & Recreation 11/4/2024 Antoine Winthrop, Parks Service Technician I, Parks & Recreation 11/4/2024 Daldrick Barnes, Solid Waste Equipment Oper, Solid Waste & Recycling 11/18/2024 Najah Glaze, Parks Service Technician I, Parks & Recreation 11/18/2024 Stephanie Morales, Customer Service Rep I, Utility Customer Service 11/18/2024 Amanda Reich, Customer Service Rep I, Utility Customer Service 11/18/2024 Ryan Spedden, Parks Service Technician I, Parks & Recreation 11/18/2024 Randy Alvarez, Parking Enforcement Spec, Public Works 12/02/2024 Anthony Jackson, Parks Service Technician I, Parks & Recreation 12/02/2024 Beverly Schramm, Utility Dispatcher I, Gas System 12/02/2024 Eric Distel, Parking, Fac & Sec Aide, Public Works 12/16/2024 Scott Eisold, Solid Waste Equipment Oper, Solid Waste & Recycling 12/16/2024 Zederick Givins, Solid Waste Worker I, Solid Waste & Recycling 12/16/2024 Franklin Kent, Parking Enforcement Spec, Public Works 12/16/2024 Garrath Ponder, Solid Waste Worker I, Solid Waste & Recycling 12/16/2024 Kimberly Root, Development Review Tech I, Planning & Development 12/16/2024 Ruben Rosario Pagan, Network Analyst I, Information Technology 12/16/2024 Cameron Tisdale, Custodial Worker, Police Department 12/16/2024 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 Ellen Ayo, Parks & Recreation Department, Barry Balmer, Police Department, Shelby Brown, Planning & Development Department, Geraldine Blakley, Public Utilities Department, Gina Clayton-Ghomshe, Planning & Development Department, Patrick Davis Sr, Fire Department, Deborah Humes, Fire Department, Jon Lopez, Fire Department, Stephen Martindale, Public Utilities, Leah Turpack, Police Department, Todd Turpack, Police Department, and Thomas Wiggins, Public Works Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Ellen Ayo, Staff Assistant II, Parks & Recreation Department, was employed by the City on February 22, 2005, and her pension service credit is effective on that date. Her pension will be effective March 1, 2025. Based on an average salary of approximately $47,353.64 over the past five years, the formula for computing regular pensions and Ms. Ayo’s selection of the Single Life Annuity, this pension benefit will be approximately $26,077.08 annually. Barry Palmer, Police Officer, Police Department, was employed by the City on October 4, 2004, and his pension service credit is effective on that date. His pension will be effective January 1, 2025. Based on an average salary of approximately $101,525.98 over the past five years, the formula for computing Draft Pension Trustees Meeting Minutes February 3, 2025 Page 4 City of Clearwater regular pensions and Mr. Balmer’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $54,008.52 annually. Shelby Brown, Code Inspector II, Planning & Development Department, was employed by the City on July 3, 2003, and her pension service credit is effective February 23, 2004. Her pension will be effective November 1, 2024. Based on an average salary of approximately $55,335.65 over the past five years, the formula for computing regular pensions and Ms. Brown’s selection of the Single Life Annuity with the 30% partial lump sum, this pension benefit will be approximately $22,038.12 annually. Geraldine Blakley, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on May 2, 1994, and her pension service credit is effective on that date. Her pension will be effective March 1, 2025. Based on an average salary of approximately $77,062.27 over the past five years, the formula for computing regular pensions and Ms. Blakley’s selection of the Single Life Annuity, this pension benefit will be approximately $65,336.52 annually. Gina Clayton-Ghomshe, Planning & Development Director, Planning & Development Department, was employed by the City on November 10, 1999, and her pension service credit is effective on that date. Her pension will be effective January 1, 2025. Based on an average salary of approximately $139,553.37 over the past five years, the formula for computing regular pensions and Ms. Clayton’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $91,228.92 annually. Patrick Davis Sr, Driver-Operator, Fire Department, was employed by the City on October 14, 1996, and his pension service credit is effective on that date. His pension will be effective January 1, 2025. Based on an average salary of approximately $102,197.39 over the past five years, the formula for computing regular pensions and Mr. Davis’ selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $52,807.56 annually. Deborah Humes, Staff Assistant, Fire Department, was employed by the City on December 19, 2011, and her pension service credit is effective on February 3, 2012. Her pension will be effective January 1, 2025. Based on an average salary of approximately $33,490.91 over the past five years, the formula for computing regular pensions and Ms. Humes’ selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $11,109.60 annually. Jon Lopez, Fire Medic, Fire Department, was employed by the City on July 19, 1999, and his pension service credit is effective on that date. His pension will be effective February 1, 2025. Based on an average salary of approximately $109,347.34 over the past five years, the formula for computing regular pensions and Mr. Lopez’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $49,562.40 annually. Stephen Martindale, Water Distribution Operator II, Public Utilities Department, was employed by the City on March 21, 1994, and his pension service credit is Draft Pension Trustees Meeting Minutes February 3, 2025 Page 5 City of Clearwater effective on that date. His pension will be effective January 1, 2025. Based on an average salary of approximately $64,039.59 over the past five years, the formula for computing regular pensions and Mr. Martindale’s selection of the Single Life Annuity with the 20% partial lump sum, this pension benefit will be approximately $43,350.24 annually. Leah Turpack, Staff Assistant II, Police Department, was employed by the City on July 15, 2002, and her pension service credit is effective on that date. Her pension will be effective January 1, 2025. Based on an average salary of approximately $50,535.30 over the past five years, the formula for computing regular pensions and Ms. Turpack’s selection of the Single Life Annuity, this pension benefit will be approximately $31,203.12 annually. Todd Turpack, Police Sergeant Police Department, was employed by the City on October 4, 2004, and his pension service credit is effective on that date. His pension will be effective January 1, 2025. Based on an average salary of approximately $111, 361.46 over the past five years, the formula for computing regular pensions and Mr. Turpack’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $62,033.28 annually. Thomas Wiggins, Stormwater Heavy Equipment Operator, Public Works Department, was employed by the City on August 8, 1994, and his pension service credit is effective on that date. His pension will be effective March 1, 2025. Based on an average salary of approximately $57, 667.14 over the past five years, the formula for computing regular pensions and Mr. Wiggins’ selection of the 10 Year Certain & Life Annuity, this pension benefit will be approximately $46,196.16 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed five 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 five years of credited service. Ms. Ayo, Ms. Brown, Ms. Blakley, Ms. Clayton-Ghomshe, Ms. Humes, Mr. Martindale, Ms. Turpack, and Mr. Wiggins, 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 Draft Pension Trustees Meeting Minutes February 3, 2025 Page 6 City of Clearwater and completed ten years of credited service. Mr. Balmer, Mr. Davis Sr, Mr. Lopez, and Mr. Turpack have met the hazardous duty criteria. Trustee Allbritton moved to approve the following request of Ellen Ayo, Parks & Recreation Department, Barry Balmer, Police Department, Shelby Brown, Planning & Development Department, Geraldine Blakley, Public Utilities Department, Gina Clayton-Ghomshe, Planning & Development Department, Patrick Davis Sr, Fire Department, Deborah Humes, Fire Department, Jon Lopez, Fire Department, Stephen Martindale, Public Utilities, Leah Turpack, Police Department, Todd Turpack, Police Department, and Thomas Wiggins, Public Works Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.3 Approve the termination of fixed income money manager Western Asset Management Co. and authorize the appropriate officials to execute same. Western Asset was hired as a large cap growth equity manager for the plan in October 2004. As of December 31, 2024, the market value of the plan’s investment in Western Asset’s fixed income product totaled $159.1 million, or 11.8% of the Plan’s total investment portfolio. Western Asset’s performance has declined in recent years, as detailed below. Additionally, the product has experienced significant client redemptions in recent months related to the recent indictment of Western Asset’s co-CIO by a federal grand jury on fraud charges. The Pension Investment Committee unanimously recommended termination at their November 22, 2024, quarterly committee meeting. Performance versus benchmark index: Calendar 2024 Last 3 yearsLast 5 years Net of fees return 0.88% -3.69% -0.81% Benchmark index 1.25% -2.41% -0.33% Trustee Mannino moved to approve the termination of fixed income money manager Western Asset Management Co. and authorize the appropriate officials to execute same. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes February 3, 2025 Page 7 City of Clearwater 4.4 Approve agreement with Longfellow Investment Management Co., LLC, for investment in the Longfellow Investment Management Co. core fixed income product; and authorize the appropriate officials to execute same. One of the plan’s fixed income money managers, Western Asset Management Co., has been recommended for termination per a previous agenda item. The City’s investment consultant, CapTrust Advisors, conducted a manager search for a replacement fixed income money manager. The pension investment committee reviewed the search results at the November 22, 2024, quarterly committee meeting and selected Longfellow Investment Management Co., LLC (“LIM”) for recommendation to the Pension Trustees. The pension investment committee unanimously recommends LIM’s core fixed income fund for an initial investment of up to $160 million, or approximately 12.0% of the total plan investment portfolio. As of December 31, 2024, LIM’s core fixed income performance over the past five years has been as follows: Benchmark Performance Index Calendar 2024 2.19% 1.25% Last 3 years -1.96% -2.41% Last 5 years 0.35% -0.33% Investment manager fees will be 0.30% on the first $35 million; 0.25% on the next $35 million; 0.15% on the next $50 million, and 0.135% thereafter. The pension plan’s outside counsel, Klausner, Kaufman, Jensen and Levinson, has reviewed and approved the Advisory Agreement for execution. APPROPRIATION CODE AND AMOUNT: 6467410-530100 $350,000 annually Trustee Cotton moved to approve agreement with Longfellow Investment Management Co., LLC, for investment in the Longfellow Investment Management Co. core fixed income product; and authorize appropriate officials to execute the same. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes February 3, 2025 Page 8 City of Clearwater 5. Adjourn The meeting adjourned at 1:44 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#25-0283 Agenda Date: 4/14/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2024. SUMMARY: Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2024, the Plan realized an investment return of 10.27%, versus the plan’s benchmark of 9.29% and actuarial assumption of 6.5% 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 2.21%, versus a benchmark of 2.94%; and for the last five calendar years, the plan had an annualized return of 6.99% versus a benchmark of 6.82%. 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 4/8/2025 Calendar 2024 Index Last 3 Years Index Last 5 Years Index Total Fund 10.27%9.29%2.21%2.94%6.99%6.82% Large Cap Equity 25.63%24.51%8.98%8.41%14.15%14.28% Large Cap Growth: Northern Trust Index Fund 33.28%33.36%10.35%10.47%n/a Large Cap Value: Eagle Capital Management 25.56%14.37%9.18%5.63%13.91%8.68% Manning & Napier 11.45%14.37%5.70%5.63%7.62%8.68% Northern Trust Index Fund 14.37%14.37%5.65%5.63%8.69%8.68% Mid Cap Equity 11.47%15.34%1.96%3.79%11.57%9.92% Mid Cap Growth Artisan Partners 12.56%22.10%-3.60%4.04%9.19%11.47% Mid Cap Value Boston Partners 10.45%13.07%6.25%3.88%n/a Small Cap Equity 5.41%11.54%-0.45%1.24%7.72%7.40% Small Cap Growth Riverbridge Partners 3.67%15.15%-5.48%0.21%6.13%6.86% Small Cap Value Atlanta Capital Management 8.09%11.54%4.60%1.24%8.73%7.40% Victory Sycamore 5.57%8.05%3.30%1.94%7.66%7.29% International Equity 5.82%5.53%-0.87%0.82%5.57%4.10% International - EAFE WCM Investment Management - Growth 7.03%5.53%-3.54%0.82%6.65%4.10% Thompson, Siegel & Walmsley-Value 4.64%3.82%1.73%1.65%4.73%4.73% International - Emerging Markets DFA Emerging Markets Portfolio 7.32%7.50%1.18%-1.92%4.54%1.70% Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2024 Calendar 2024 Index Last 3 Years Index Last 5 Years Index Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2024 Fixed Income 1.64%1.25%-1.83%-2.41%0..33%-0.33% Dodge & Cox 2.11%1.25%-0.70%-2.41%1.03%-0.33% Western Asset Management 1.08%1.25%-2.65%-2.41%-0.24%-0.33% Real Estate 1.86%0.85%1.77%-3.61%5.28%3.48% Real Estate - Core Multi-Employer Property Trust -3.72%-1.43%-4.28%-2.32%1.08%2.87% Real Estate - Core Plus Intercontinental U.S. Real Estate Investment -5.04%-1.43%-5.01%-2.32%0.76%2.87% Affinius USAA US Government Building Fund -0.34%-1.43%1.48%-2.32%6.58%2.87% Real Estate - REITs Security Capital 11.45%9.15%-2.27%-2.41%5.25%4.57% Real Estate - Timber Hancock Timber XI -0.27%6.97%3.79%9.75%4.15%7.79% Molpus Woodlands Fund III 1.54%6.97%10.71%9.75%10.72%7.79% Molpus Woodlands Fund IV -1.22%6.97%5.91%9.75%6.18%7.79% Infrastructure IFM Global Infrastructure 5.61%15.10%7.38%7.06%8.44%5.28% Q4 24Period Ending 12.31.24 | 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, 2024 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |in this review City Of Clearwater Employees' Pension Plan 4th Quarter, 2024 Quarterly Review prepared by: Section 1 INDUSTRY UPDATES Section 2 MARKET COMMENTARY AND REVIEW Section 3 EXECUTIVE SUMMARY AppendixPrincipal | Southeast Region | Financial Advisor Eric Bailey Financial Advisor Mike Valone 2 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |section 1 : industry updates 3 Q4 24Period Ending 12.31.24 |defined benefit marketplace — topical spotlight HIGHLIGHTS FROM OUR LATEST CAPITAL MARKET ASSUMPTIONS (CMAs) CAPTRUST periodically updates its 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 2023. CMAs are not intended as 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. Your CAPTRUST advisor can help you leverage these expectations to craft a suitable investment plan. Return Risk 2023 2024 Change 2023 2024 Change U.S. Economy Economic Growth (Real GDP)1.90%2.00%0.10%2.70%2.40%-0.30% Inflation (CPI)2.30%2.30%-1.25%1%-0.25% Equity Markets Large-Cap Equity 7.25%7.25%-15.10%15.20%0.10% Mid-Cap Equity 7.50%7.50%-16.80%17.0%0.20% Small-Cap Equity 7.50%7.00%-0.50%19.60%19.90%0.30% Developed International Stocks 6.25%6.25%-16.30%16.20%-0.10% Emerging International Stocks 7.25%6.75%-0.50%22.00%21.80%-0.20% Fixed Income Cash 3.40%3.20%-0.20%1.00%0.60%-0.40% Core Fixed Income 4.60%4.20%-0.40%3.90%4.10%0.20% Long-Term Treasury Bonds 4.20%4.40%0.20%13.70%13.90%0.20% Investment Grade Corporate Bonds 5.00%4.50%-0.50%5.70%5.90%0.20% Long-Term Corporate Bonds 5.00%4.80%-0.20%9.50%9.90%0.40% High-Yield Corporate Bonds 6.20%5.70%-0.50%8.50%8.50%- Alternative Investments Public Real Estate (R/E)6.50%7.00%0.50%19.90%20.20%0.30% Private R/E: Opportunistic 8.50%9.00%0.50%23.90%24.20%0.30% Commodities 2.60%2.60%-15.20%15.20%- Core Private Real Assets 6.50%6.50%-15.50%11.70%-3.80% Private Equity: Direct 10.25%10.25%-18.10%18.20%0.10% Hedged Equity 6.00%5.90%-0.10%11.30%11.40%0.10% Core Private Credit 7.30%7.50%0.20%10.00%10.00%- Our inflation forecast remains at 2.3%, as supply chain disruptions have subsided. In light of near- term interest-rate cuts, real gross domestic product (GDP) growth expectations are at 2%. Economy We remain optimistic about long-term domestic equities and expect them to outperform international shares. Equity Expectations for fixed income returns have decreased overall. We expect the yield curve will continue to normalize. However, in anticipation of lower interest rates, bond investors can expect lower coupon rates as bonds mature. Fixed Income Our alternatives assumptions have largely remained stable. This year, we've raised our public and private real estate performance expectations, reflecting a lower interest-rate environment, which should provide a tailwind in this space. Alternatives 4 Q4 24Period Ending 12.31.24 |defined benefit marketplace — topical spotlight CAPITAL MARKET ASSUMPTIONS (CMAs): CHANGE IMPLICATIONS CMA changes tend to be incremental, so investors benefit from maintaining a long-term perspective. This year, the decrease in fixed income return expectations has led to a decrease in expected returns for blended portfolios. However, when evaluating potential changes, it’s a good idea to consider the many roles bonds play in your overall 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 to hedge pension liabilities. Your CAPTRUST financial advisor can help contextualize your organization’s investment strategy, goals, and objectives within the current market outlook. Plan sponsors should consider whether the updated CMAs suggest reevaluating the expected return on assets used for accounting and actuarial purposes. Portfolio A Portfolio B Portfolio C AllocationWeightingsLDI Fixed Income 70%50%30% Global Equities 20%40%60% Strategic Opportunities 10%10%10%Return Forecast2023 5.60%6.12%6.57% 2024 5.41%5.92%6.34% Change -0.19%-0.20%-0.23% CASH BALANCE PLAN CONSIDERATIONS •Higher interest rates led to slightly higher expected returns for fixed income asset classes in 2023. Thus, a highly conservative allocation of 100% cash or short-term fixed income, either in the form of money market funds or a Treasury ladder, was sufficient for cash balance plans with interest crediting rates (ICR) around 5%. •As interest rates have started coming down, 2024 CMAs for fixed income asset classes have decreased as well. •We believe the reinvestment risks from short-term fixed income or cash instruments are higher in a falling interest rate environment. We recommend revisiting this asset allocation to evaluate whether re-risking is warranted to meet ICR requirements. 5 Q4 24Period Ending 12.31.24 |defined benefit marketplace — topical spotlight UNDERSTANDING THE INTEREST RATE HEDGE RATIO An interest rate hedge ratio measures how well a defined benefit (DB) plan’s assets move with its liabilities when interest rates change. It is a key indicator of how much interest rate risk a DB plan sponsor is managing. A 100% hedge ratio implies that the plan assets and liabilities respond in the same way, effectively preserving the funding level. While a 100% hedge ratio is not optimal for all plans, setting an appropriate hedge ratio depends on which levers the plan sponsor is willing and able to pull, as well as relative concerns between preserving funding level ($) vs. funded status (%). Plan status and funded status also play important roles in determining optimal hedging efficacy. The desired hedge ratio should be seen as a moving target over the life of a pension plan. Benefits from 100% hedging are minimal for open or underfunded DB plans. For a gradually maturing DB plan, a glidepath structure that gradually de-risks the portfolio by increasing allocation to LDI assets as the funded status improves can dynamically increase the hedge ratio and the resulting hedging efficacy. THREE POTENTIAL WAYS TO PULL THE HEDGE RATIO LEVERS: •Increase plan assets via contribution •Adjust allocation to liability-driven investing (LDI) assets •Adjust duration of LDI assets HEDGE RATIO = LDI Assets x LDI Assets Duration Present Value of Liability x Liability Duration 80% Funded 110% Funded Hedging Strategy Duration Matched 100% Hedge Ratio Duration Matched 100% Hedge Ratio LDI Allocation Lower Higher Asset Duration Matched Longer Matched Funded Status Volatility (%)Lower Higher Similar at ~90% LDI Funding Level Volatility ($)Higher Lower Similar at ~90% LDI PLAN STATUS HEDGE RATIOOpen Hard Frozen/Hibernation HighLowFUNDED STATUSUnder Over 6 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |section 2 : market commentary and review 7 Q4 24Period Ending 12.31.24 |market commentary DOMESTIC EQUITIES BOOSTED BY POLITICAL LANDSCAPE Political and monetary policy crosscurrents drove volatility in the final quarter of 2024. In the U.S., a clean election outcome provided a mid-quarter boost while tariff rhetoric and divergent monetary policy proved to be headwinds for foreign equities. Sentiment continued to favor the U.S., though a more hawkish Federal Reserve disrupted momentum in December. While high interest rates remain a hurdle for many sectors, U.S. mega-cap growth stocks continue to rise. 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). •Investor sentiment shifted in favor of domestic equities on strong relative fundamentals with a clear preference for mega-cap growth stocks. •Bonds yields mostly rose as the market anticipated a slower pace of rate cuts with economic growth and inflation still above expectations. •Commodities saw modest losses and soft global demand. The strength of the dollar contributed. •Real estate, which faced challenges all year, was constrained by the increase in interest rates. •International markets struggled against one of the best years for the U.S. dollar in nearly a decade. Weak relative growth from the EU was also an additional headwind. Q4 2024 YTD 2024 U.S. Large-Cap Stocks U.S. Small-Cap Stocks DevelopedInternational Stocks Commodities EmergingInternational Stocks U.S. Bonds Real Estate -3.1% -8.1%-7.8% -0.4% -7.8% 0.3% 2.4%1.3% 4.3%4.9%5.4% 8.1% 11.5% 25.0% 8 Q4 24Period Ending 12.31.24 |market commentary DIGGING DEEPER: STOCKS AND BONDS Sources: Bloomberg, U.S. Treasury. 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 24Period Ending 12.31.24 |market commentary Source: 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 32.5%13.6%11.3%10.1%9.4%8.2%5.5%3.2%2.3%2.1%1.9% 25.0% 36.6% 30.6%30.1% 2.6% 40.2% 17.5%14.9% 5.7% 23.4% 5.2% 0.0%2.4%4.8%7.1% 14.3% -10.3% 8.9% -2.3%-3.3%-2.4%-5.5%-7.9% -12.4% Last 12 Months Q4 2024 FinancialsTechnology Consumer Discretionary Industrials EnergyHealth Care Consumer Staples Communication Services Utilities MaterialsS&P 500 Index Real Estate 10 Q4 24Period Ending 12.31.24 |market commentary Interest Rates 3 Months 2 Years 5 Years 10 Years 30 Years Mortgage Rate September 2024 4.73%3.66%3.58%3.81%4.14%6.08% December 2024 4.37%4.25%4.38%4.58%4.78%6.85% Change -0.36%0.59%0.80%0.77%0.64%0.77% DIGGING DEEPER: FIXED INCOME MARKET U.S. Treasury yields mostly moved higher in a volatile quarter as investors accepted a slower pace of rate cuts ahead. After a dip in the third quarter, mortgage rates rose once again to levels seen in mid-2024. Core Fixed Income Yield to Worst Duration Total Return Q4 2024 Spread Treasury Rate AA Spread BBB Spread September 2024 4.22%5.99 -3.06% 0.34%3.88%0.37%1.06% December 2024 4.88%5.99 0.33%4.56%0.36%0.95% Change 0.67%0.00 -0.01%0.68%-0.01%-0.11% Performance for core bonds was negative for the quarter amid yield volatility. Yields moved higher for core fixed income, while credit spreads narrowed slightly. Long Credit Yield to Worst Duration Total Return Q4 2024 Spread Treasury Rate AA Spread BBB Spread September 2024 5.21%13.16 -6.26% 1.13%4.09%0.72%1.43% December 2024 5.81%12.55 1.01%4.80%0.67%1.32% Change 0.60%-0.61 -0.12%0.71%-0.05%-0.11% Performance for longer-maturity bonds was negatively impacted this quarter by higher yields and narrower credit spreads. Sources: Morningstar, FactSet, U.S. Treasury, Federal Reserve Bank of St. Louis, CAPTRUST research 11 Q4 24Period Ending 12.31.24 | HEADWINDS All Eyes Still on the Fed •While the Fed has lowered expectations for additional rate cuts, investors remain focused on each new economic data release for signs of monetary policy clarity. Policy Pressures •The goal of tariffs and immigration reform is to promote national interests. However, these policies could be disruptive to business operations and result in wage inflation and higher input costs. Fiscal Decisions •While looming deadlines are likely to be extended and the Treasury may provide temporary liquidity, this year will be filled with budget and debt-ceiling debates. Headline risk around this process will be notable. Housing Market Frozen •The housing market remains stuck as elevated interest rates keep affordability at multi-decade lows. market commentary TAILWINDS ECONOMIC OUTLOOK The Federal Reserve’s easing cycle may be short lived. Positively trending economic growth and a steady labor market led the central bank to caution investors that the pace of future interest rate cuts may be slower than expected. With the timing and impact of the new administration’s policy initiatives currently unknown, a cautious, data-dependent approach in 2025 may be warranted. The forward path of monetary policy remains unsettled, but the economic backdrop is generally favorable with multiple factors pointing to continued growth. While signs point toward a favorable growth backdrop, current market prices seem to incorporate heightened optimism. We encourage investors to remain diversified and exercise prudence moving forward. Pro-Growth Policy Initiatives •President Trump’s platform of regulatory reform and extended tax cuts is intended to drive growth and profitability. This could be positive for U.S. consumers and businesses. While the timing is unknown, Republicans in Congress will likely want to maintain election momentum and move quickly. Broader Profitability Potential •The Magnificent Seven stocks continue to enjoy robust profits and cash flow. Yet smaller companies have struggled amid high interest rates. Now, slightly lower rates and pro-domestic business initiatives create the potential for smaller corporations to improve earnings and foster investment. Promise of Productivity Gains •Artificial intelligence adoption and related infrastructure investment continue. Small productivity steps have been achieved but larger outcomes will be necessary to accelerate economic growth. 12 Q4 24Period Ending 12.31.24 |market commentary IS THERE A LANDING ON THE HORIZON? Investors have been debating the forward path of interest rates for two full years now. At the beginning of 2024, many agreed that monetary policy easing was the likely outcome. Yet circumstances have once again changed. Continued economic growth, a sturdy labor market, and potential policy changes from the administration have left the future of Fed rate cuts uncertain. Sources: Federal Reserve Bank of St. Louis, CME FedWatch Tool, CAPTRUST research Market expectations for fed funds rate cuts moderated significantly over the final quarter of 2024. Rates were lowered by 1 percent over the past three Fed meetings, ending the year at 4.25-4.50 percent. Fed Chair Jerome Powell continues to stress the Fed’s dependence on data before making future changes. With the economy continuing to show signs of strength and the impact of the new administration’s policy changes yet unknown, this stance is now more important than ever. 0% 1% 2% 3% 4% 5% 6% 2020 2021 2022 2023 2024 2025 Effective Fed Funds Rate: Market Expectations Continue to Vary 2025 Expectations – December 2024 2025 Expectations – September 2024 13 Q4 24Period Ending 12.31.24 |market commentary TACKLING DEBT THROUGH GROWTH Most agree the country’s current fiscal path is unsustainable. While multiple approaches could improve our nation’s balance sheet, the least disruptive and most powerful is economic growth. At 1.2 times the country’s gross domestic product (GDP), the U.S. federal debt level is now higher than ever before, comparable only to what it was after World War II. Sources: U.S. Office of Management and Budget, U.S. Bureau of Economic Analysis, retrieved from FRED as of 12.28.2024, CAPTRUST research TAKEAWAY At the end of the Second World War, U.S. debt levels caused widespread panic. Many questioned how the country would survive. The solution was economic growth. Despite debt continuing to grow at nearly 4 percent annually between 1947 and 1981, GDP grew faster. As a result, the debt-to-GDP ratio declined from 1.2x to 0.3x. Individuals cannot outgrow debt because personal debt comes due. The same is not true for nations. Ongoing economic growth perpetually services a nation’s debt. While economic growth is a simple concept, achieving it will not be easy. It requires robust technology to drive enhanced productivity-fueled growth. Failure would result in austerity and inflation, a combination that could carry a significant price for the federal economy and for Americans’ quality of life. 14 Q4 24Period Ending 12.31.24 |market commentary VALUATION DEBATE Sources: Bloomberg Finance: BM7P Index; Mag 7 aggregate weighing based on average position sizes in SPY and VOO. Tesla added in 2020. Despite gaining more than 1,800 percent cumulatively over the last nine years, the year-end trailing P/E ratio for the mega-cap giants—commonly known as the Magnificent Seven (Mag 7), is near the nine-year average. Robust earnings growth has kept pace with skyrocketing stock prices. The Mag 7 are projected to continue leading the charge in profitability with another 17 percent in earnings growth estimated in 2025. $35.1 trillion $14.1 trillion The price-to-earnings (P/E) ratio of the S&P 500 Index is a measure of the price of company stocks relative to their underlying profitability. At the end of 2024, it surpassed 26x, well above historical norms. Analysts continue to fret over these elevated valuations and what they signal. Investors should examine what is driving valuations higher. Risk may stem from market concentration rather than valuation levels alone. Magnificent Seven (Mag 7) Growth vs. Valuation S&P 500 Aggregate Weighting: Mag 7 The primary driver of higher S&P 500 valuations is a significantly larger weighting to the Mag 7. These companies trade at 40x earnings and account for more than one-third of the entire S&P 500. If these companies fail to deliver optimistic expectations for earnings growth, the result could be an outsized impact on cap- weighted indexes. Still, betting against these companies in the last decade has constrained many portfolios. Cumulative Price Growth (RHS)Trailing P/E Ratio (LHS) 0% 200% 400% 600% 800% 1000% 1200% 1400% 1600% 1800% 2000% 10 20 30 40 50 60 70 2015 2017 2018 2020 2021 2023 2024 Period Average 11.3%13.8%14.9%17.3% 24.4%26.7% 20.0% 27.9% 33.5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Alphabet Amazon Apple Meta Microsoft Nvidia Tesla 15 Q4 24Period Ending 12.31.24 |market commentary REGULATORY RELIEF One of the anticipated growth engines under President Trump is a more lenient regulatory landscape for businesses. During Trump’s first term, his goal was to eliminate two regulations for each new one passed into law. In his second term, he has targeted a 10-to-1 reduction ratio. While we are skeptical he will be able to achieve this number of cuts, there is little doubt that his administration will shift the overall regulatory landscape. Sources: Doug Holtz Eakin, American Action Forum, December 2024 Total Costs of Final Regulatory Rules (in billions) From Inauguration Day to Dec. 27 of the President's Fourth Year $0 $500 $1,000 $1,500 $2,000 Obama First Term Trump First Term Biden Term Regulations are generally designed to protect against the potential exploits of capitalism. Yet the expense of implementing regulatory actions either reduces profits or increases consumer prices. Recent rules regarding emission standards, drinking water regulations, fuel efficiency, and minimum Medicare staffing—all potentially valuable policies—have caused the estimated costs of compliance to soar. Combined, the estimated cost of complying with the regulations adopted during President Biden’s term exceeds $1.8 trillion. Trump’s more lenient regulatory approach is expected to accelerate U.S. business growth, but at what price? 16 Q4 24Period Ending 12.31.24 |market commentary OPENING SALVO OR NEW ERA OF PROTECTIONISM? President Trump is likely to impose tariffs on key trading partners, including China, Mexico, and Canada. For China, tariffs would be intended to promote the America-first platform by boosting domestic manufacturing and competitiveness. For Mexico and Canada, tariffs may be a negotiating tactic to exact border security concessions. How tariffs impact the economy will depend on the breadth and degree of application. Sources: Observatory of Economic Complexity (OEC), U.S. Census Bureau, Strategas, CAPTRUST research The U.S. imports more than $3.5 trillion in goods and services annually, with China, Mexico, and Canada accounting for more than 40 percent of the total. Tariffs are often proposed as a tool to address trade imbalances and promote economic goals, such as “leveling the playing field” in highly subsidized industries. Tariffs may also encourage investment in the U.S. manufacturing sector, bolstering domestic production and reducing reliance on imports. Other goals would be to generate revenue to offset tax cuts and other fiscal policies and to serve as a bargaining chip in broader foreign policy discussions. However, tariffs are not without risks. One potential drawback is retaliation from trading partners that could impact U.S. multinational corporations operating abroad and those with global supply chains. Tariffs could also increase the cost of imported goods, which may lead to higher input prices for businesses and higher costs for consumers. According to an analysis by the Yale Budget Lab, a universal tariff could add between 0.75% and 1% to consumer prices. Businesses across the globe will be watching closely as campaign-trail promises transition to real-world trade policies. 17 Q4 24Period Ending 12.31.24 |market commentary IMMIGRATION AND THE LABOR MARKET With the number of unauthorized migrants more than tripling between 1990 and 2023, immigration reform was a major focus in the presidential campaign. The administration has clearly signaled its intention for an aggressive deportation policy, which may be both fiscally and economically expensive. Foreign-born workers constitute a major portion of the U.S. workforce, and the loss of labor could pressure wages, inflation, and GDP growth. Sources: U.S. Bureau of Labor Statistics, American Immigration Council, Brookings Institute, CAPTRUST research •There are 30 million foreign-born individuals in the work force, 8 million of whom (5% of the total workforce) are undocumented. Removing them could either diminish production or require companies to boost wages to replace workers. From an economic perspective, the Brookings Institute estimated a $30-$110 billion GDP loss based on stated deportation goals. •The incoming administration estimated it would deport approximately 20 million people. This effort would require enormous resources involving federal agents, military detention centers, and transportation. The American Immigration Council predicts the cost of such a program could reach $88 billion annually, or $968 billion over the next decade Percent of Foreign-Born Workers in the Labor Force Foreign-Born Workers Employed in Industry 14% 15% 16% 17% 18% 19% 20% 120 130 140 150 160 170 2007 2009 2012 2014 2017 2019 2022 2024Number of Workers (millions)Unauthorized % Authorized % 5.4% 7.4% 5.5% 13.0% 13.4% 19.5% 12.7% 14.6% 17.5% 11.4% 12.3% 13.8% Manufacturing Hospitality Transportation Warehousing Construction Agriculture Landscaping 18 Q4 24Period Ending 12.31.24 |market commentary HOUSING MARKET GRIDLOCK Sources: U.S. Census Bureau, Current Population Survey (CPS-ASEC), Atlanta Fed, Freddie Mac, CAPTRUST research At the start of 2024, market participants were hopeful the Fed’s interest rate cuts would bring mortgage rates to a level where affordability would improve meaningfully. However, the pace of cuts has been slower than expected and has not translated to lower mortgage rates. Nearly 75 percent of outstanding mortgages have interest rates below 5 percent. These locked-in homeowners are unwilling to transact, causing the U.S. move rate to fall dramatically. This rate, which measures the number of people that move to a new home each year, has fallen from 12 percent in 2011 to 7.8 percent today. The result is an extremely low level of housing inventory, which keeps home prices elevated. The combination of high mortgage rates and high home prices has brought housing affordability (median income vs. median home price) to levels not seen in more than 20 years. Americans Are Moving Less Often Housing Affordability Near 20-Year Low Number of Movers (millions)Move Rate (%) 0% 5% 10% 15% 20% 25% 20 25 30 35 40 45 50 1949 1960 1971 1990 2001 2012 2023 2% 3% 4% 5% 6% 7% 8% 60 70 80 90 100 110 120 2005 2008 2011 2014 2017 2020 2024 Affordability Index 30-Year Mortgage Rate (%) 19 Q4 24Period Ending 12.31.24 |asset class returns Source: Markov Processes, Inc., Bloomberg, MobiusThe 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) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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% Cash 1.87% Large-Cap Growth36.39% Large-Cap Growth38.49% Mid-Cap Value28.34% Cash 1.46% Large-Cap Growth42.68% Large-Cap Growth33.36% Large-Cap Growth 2.64% Small-Cap Value 18.05% Mid-Cap Growth 35.74% Large-Cap Value 13.45% Fixed Income 0.55% Mid-Cap Value 20.00% Mid-Cap Growth 25.27% Fixed Income 0.01% Mid-Cap Growth 35.47% Mid-Cap Growth 35.59% Small-Cap Value 28.27% Large-Cap Value -7.54% Mid-Cap Growth 25.87% Mid-Cap Growth 22.10% Large-Cap Value0.39% International Equities17.32% Small-Cap Value34.52% Large-Cap Growth13.05% Cash0.05% Large-Cap Value17.34% International Equities25.03% Large-Cap Growth-1.51% Small-Cap Growth28.48% Small-Cap Growth34.63% Large-Cap Growth27.60% Mid-Cap Value-12.03% International Equities18.24% Small-Cap Growth15.15% Cash 0.10% Large-Cap Value17.51% Large-Cap Growth33.48% Mid-Cap Growth11.90% Mid-Cap Growth-0.20% Small-Cap Growth11.32% Small-Cap Growth22.17% Mid-Cap Growth-4.75% Mid-Cap Value27.06% International Equities7.82% Large-Cap Value25.16% Fixed Income-13.01% Small-Cap Growth18.66% Large-Cap Value14.37% Mid-Cap Value -1.38% Mid-Cap Growth 15.81% Mid-Cap Value 33.46% Fixed Income 5.97% International Equities -0.81% Mid-Cap Growth 7.33% Large-Cap Value 13.66% Large-Cap Value -8.27% Large-Cap Value 26.54% Fixed Income 7.51% Mid-Cap Growth 12.73% International Equities -14.45% Small-Cap Value 14.65% Mid-Cap Value 13.07% Mid-Cap Growth-1.65% Large-Cap Growth15.26% Large-Cap Value32.53% Small-Cap Growth5.60% Small-Cap Growth-1.38% Large-Cap Growth7.08% Mid-Cap Value13.34% Small-Cap Growth-9.31% International Equities22.01% Mid-Cap Value4.96% International Equities11.26% Small-Cap Value-14.48% Mid-Cap Value12.71% Small-Cap Value8.05% Small-Cap Growth-2.91% Small-Cap Growth14.59% International Equities 22.78% Small-Cap Value4.22% Large-Cap Value-3.83% Fixed Income2.65% Small-Cap Value7.84% Mid-Cap Value -12.29% Small-Cap Value22.39% Small-Cap Value4.63% Small-Cap Growth2.83% Small-Cap Growth-26.36% Large-Cap Value11.46% Cash5.25% Small-Cap Value -5.50% Fixed Income 4.22% Cash 0.07% Cash 0.03% Mid-Cap Value -4.78% International Equities 1.00% Fixed Income 3.54% Small-Cap Value -12.86% Fixed Income 8.72% Large-Cap Value 2.80% Cash 0.05% Mid-Cap Growth -26.72% Fixed Income 5.53% International Equities 3.82% International Equities -12.14% Cash0.11% Fixed Income -2.02% International Equities-4.90% Small-Cap Value-7.47% Cash0.33%Cash0.86% International Equities -13.79% Cash2.28%Cash0.67% Fixed Income -1.54% Large-Cap Growth -29.14% Cash5.01%Fixed Income1.25% 20 Q4 24Period Ending 12.31.24 |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 2024 YTD 2023 2022 2021 2020 2019 1 YEAR 3 YEARS 5 YEARS 10 YEARS 90-Day U.S. Treasury 1.17%5.25%5.01%1.46%0.05%0.67%2.28%5.25%3.89%2.46%1.77% Bloomberg Government 1-3 Year -0.09%4.04%4.32%-3.81%-0.60%3.14%3.59%4.04%1.44%1.37%1.39% Bloomberg Intermediate Govt -1.68%2.44%4.30%-7.73%-1.69%5.73%5.20%2.44%-0.47%0.49%1.24% Bloomberg Muni Bond -1.22%1.05%6.40%-8.53%1.52%5.21%7.54%1.05%-0.55%0.99%2.25% Bloomberg Intermediate Govt/Credit -1.60%3.00%5.24%-8.23%-1.44%6.43%6.80%3.00%-0.18%0.85%1.71% Bloomberg Intermediate Credit -1.46%4.01%6.94%-9.10%-1.03%7.08%9.52%4.01%0.37%1.39%2.44% Bloomberg Aggregate Bond -3.06%1.25%5.53%-13.01%-1.54%7.51%8.72%1.25%-2.41%-0.33%1.35% Bloomberg Corporate IG Bond -3.04%2.13%8.52%-15.76%-1.04%9.89%14.54%2.13%-2.26%0.30%2.43% Bloomberg High Yield 0.17%8.19%13.44%-11.19%5.28%7.11%14.32%8.19%2.92%4.21%5.16% Bloomberg Global Aggregate -5.10%-1.69%5.72%-16.25%-4.71%9.20%6.84%-1.69%-4.52%-1.96%0.15% Bloomberg U.S. Long Corporate -6.20%-1.95%10.93%-25.62%-1.13%13.94%23.89%-1.95%-6.82%-1.84%2.20% S&P 500 2.41%25.02%26.29%-18.11%28.71%18.40%31.49%25.02%8.94%14.51%13.09% Dow Jones Industrial Average 0.93%14.99%16.18%-6.86%20.95%9.72%25.34%14.99%7.56%10.54%11.56% NASDAQ Composite 6.17%28.64%43.42%-33.10%21.39%43.64%35.23%28.64%7.27%16.55%15.08% Russell 1000 Value -1.98%14.37%11.46%-7.54%25.16%2.80%26.54%14.37%5.63%8.67%8.48% Russell 1000 2.75%24.51%26.53%-19.13%26.45%20.96%31.43%24.51%8.41%14.26%12.86% Russell 1000 Growth 7.07%33.36%42.68%-29.14%27.60%38.49%36.39%33.36%10.47%18.94%16.76% Russell Mid-Cap Value Index -1.75%13.07%12.71%-12.03%28.34%4.96%27.06%13.07%3.88%8.59%8.10% Russell Mid-Cap Index 0.62%15.34%17.23%-17.32%22.58%17.10%30.54%15.34%3.79%9.91%9.62% Russell Mid-Cap Growth Index 8.14%22.10%25.87%-26.72%12.73%35.59%35.47%22.10%4.04%11.46%11.53% MSCI EAFE -8.11%3.82%18.24%-14.45%11.26%7.82%22.01%3.82%1.64%4.72%5.19% MSCI ACWI ex U.S.-7.60%5.53%15.62%-16.00%7.82%10.65%21.51%5.53%0.82%4.10%4.80% Russell 2000 Value -1.06%8.05%14.65%-14.48%28.27%4.63%22.39%8.05%1.94%7.28%7.14% Russell 2000 0.33%11.54%16.93%-20.44%14.82%19.96%25.52%11.54%1.24%7.40%7.81% Russell 2000 Growth 1.70%15.15%18.66%-26.36%2.83%34.63%28.48%15.15%0.21%6.85%8.08% MSCI Emerging Markets -8.01%7.50%9.83%-20.09%-2.54%18.31%18.44%7.50%-1.92%1.70%3.63% FTSE Nareit All Equity REITs Index -8.15%4.92%11.36%-24.95%41.30%-5.12%28.66%4.92%-4.28%3.28%5.82% HFRX Absolute Return Index 0.78%4.86%2.95%0.85%2.10%2.72%4.37%4.86%2.87%2.68%2.38% Consumer Price Index (Inflation)0.95%2.90%3.32%6.41%7.18%1.30%2.32%2.90%4.20%4.19%3.00% BLENDED BENCHMARKS Q4 2024 YTD 2023 2022 2021 2020 2019 1 YEAR 3 YEARS 5 YEARS 10 YEARS 25% S&P 500/5% MSCI EAFE/70% BB Agg -1.96%6.97%11.12%-14.11%6.10%10.85%14.93%6.97%0.70%3.73%4.59% 30% S&P 500/10% MSCI EAFE/60% BB Agg -1.94%8.26%12.79%-14.40%8.22%11.51%16.73%8.26%1.49%4.75%5.40% 35% S&P 500/15% MSCI EAFE/50% BB Agg -1.93%9.56%14.46%-14.71%10.36%12.11%18.54%9.56%2.27%5.76%6.20% 40% S&P 500/20% MSCI EAFE/40% BB Agg -1.92%10.87%16.16%-15.04%12.54%12.65%20.35%10.87%3.04%6.76%6.98% 45% S&P 500/25% MSCI EAFE/30% BB Agg -1.90%12.19%17.86%-15.39%14.74%13.13%22.17%12.19%3.81%7.74%7.75% 60% S&P 500/40% Bloomberg Barclays Agg 0.21%15.04%17.67%-15.79%15.86%14.73%22.18%15.04%4.46%8.66%8.52% 21 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |section 3 : executive summary 22 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,346,210,685 $1,250,411,601 $1,134,988,924 $1,377,994,846 $1,250,564,714 $91,459,988 Net Contributions -$7,669,145 -$42,339,970 -$38,311,101 -$41,966,611 -$38,323,377 -$392,405,026 Net Investment Return -$3,689,961 $126,779,948 $153,733,777 -$201,039,311 $165,753,509 $1,635,796,617 Ending Market Value $1,334,851,579 $1,334,851,579 $1,250,411,601 $1,134,988,924 $1,377,994,846 $1,334,851,579 City of Clearwater - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 23 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 03 22 (%) 06 22 (%) 09 22 (%) 12 22 (%) 03 23 (%) 06 23 (%) 09 23 (%) 12 23 (%) 03 24 (%) 06 24 (%) 09 24 (%) 12 24 (%) 27.80 28.85 27.89 29.86 26.18 24.57 27.39 26.68 24.94 26.29 25.60 26.22 ¢ 39.71 37.06 37.64 35.92 37.21 39.35 40.11 41.64 43.93 43.97 44.60 46.85¢ 17.14 16.47 15.79 16.37 16.99 17.17 13.06 13.49 13.94 12.45 12.78 9.75 ¢ 15.35 17.61 18.69 17.84 19.62 18.92 19.44 18.20 17.18 17.29 17.02 17.19¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Fixed Income 26.22 28.00 -1.78¢ Total U.S. Equities 46.85 39.00 7.85¢ Total International Equities 9.75 18.00 -8.25¢ Total Real Estate 17.19 15.00 2.19¢ City of Clearwater - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 12.31.24 |Q4 24 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. 24 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $8,867,523 $174,782,677 4.83 $183,650,201 -13.76 - In House Account $6,782,308 - 100.00 $6,782,308 -0.51 - Security Lending Income Account $506,916 $2,094 99.59 $509,009 -0.04 - Western Asset Management Co.$1,066,987 $158,016,591 0.67 $159,083,578 -11.92 - Total Fixed Income $17,223,733 $332,801,363 4.92 $350,025,096 28.00 26.22 -1.78 Eagle Capital Management $3,547,773 $73,431,998 4.61 $76,979,771 -5.77 - Manning and Napier $190,993 $9,874,746 1.90 $10,065,740 -0.75 - NTGI-QM R1000G $3,666 $238,893,729 0.00 $238,897,395 -17.90 - NTGI-QM R1000V - $101,410,244 - $101,410,244 -7.60 - Artisan Partners $1,675,605 $51,952,156 3.12 $53,627,761 -4.02 - Boston Partners $1,624,011 $69,882,977 2.27 $71,506,988 -5.36 - Atlanta Capital Mgmt $801,632 $23,809,932 3.26 $24,611,564 -1.84 - Riverbridge Partners $579,316 $29,434,514 1.93 $30,013,830 -2.25 - Sycamore Small Cap Value $605,234 $17,599,541 3.32 $18,204,775 -1.36 - Total U.S. Equities $9,028,229 $616,289,838 1.44 $625,318,067 39.00 46.85 7.85 DFA Emerging Markets - $13,516,724 -$13,516,724 -1.01 - Thompson, Siegel & Walmsley $27,606 $29,801,590 0.09 $29,829,196 -2.23 - WCM Investment Management $4,027,544 $82,720,457 4.64 $86,748,000 -6.50 - Total International Equities $4,055,150 $126,038,771 3.12 $130,093,921 18.00 9.75 -8.25 Hancock - $7,748,166 -$7,748,166 -0.58 - IFM Global Infrastructure (US) L.P.- $99,234,724 - $99,234,724 -7.43 - Molpus Woodlands Fund III - $8,023,660 -$8,023,660 -0.60 - Molpus Woodlands Fund IV - $4,564,033 -$4,564,033 -0.34 - Multi-Employer Property Trust - $53,197,689 -$53,197,689 -3.99 - Security Capital $229,568 $18,369,621 1.23 $18,599,189 -1.39 - U.S. Real Estate Investment Fund - $14,589,277 -$14,589,277 -1.09 - USAA - $23,457,757 -$23,457,757 -1.76 - Total Real Estate $229,568 $229,184,927 0.10 $229,414,495 15.00 17.19 2.19 Total Portfolio $30,536,681 $1,304,314,899 2.29 $1,334,851,579 100.00 100.00 0.00 ASSET ALLOCATION DETAIL City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 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 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 5 10 15 -5Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.28 10.27 2.21 6.99 7.33 7.49 8.91 Total Portfolio Benchmark -0.78 9.29 2.94 6.82 6.59 6.87 8.76 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 10.27 13.57 -14.74 13.48 15.71 20.17 -2.64 8.91 Total Portfolio Benchmark 9.29 11.42 -10.41 14.12 11.69 17.85 -4.64 8.76 City of Clearwater - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 26 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income -3.22 6.02 -12.21 -1.40 8.97 1.64 -1.83 0.33 1.93 5.34 01/31/1988 Blmbg. U.S. Aggregate Index -3.06 5.53 -13.01 -1.55 7.51 1.25 -2.41 -0.33 1.35 5.23 All Public Plans > $1B-Fixed Income Percentile Rank 83 90 69 93 34 79 78 87 98 - Population 22 56 55 51 47 22 22 20 10 - Dodge & Cox -3.33 7.23 -10.57 -1.15 8.72 2.11 -0.70 1.03 2.32 3.90 03/01/2004 Blmbg. U.S. Aggregate Index -3.06 5.53 -13.01 -1.55 7.51 1.25 -2.41 -0.33 1.35 3.01 Intermediate Core Bond Percentile Rank 92 3 13 20 28 29 12 9 2 1 Population 183 191 182 185 179 183 166 149 104 53 In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 01/31/1988 90 Day U.S. Treasury Bill 1.17 5.02 1.46 0.05 0.67 5.25 3.89 2.46 1.76 3.06 Security Lending Income Account 26.65 8.06 1.92 0.54 2.00 47.17 17.46 10.69 6.61 6.51 07/01/2003 90 Day U.S. Treasury Bill 1.17 5.02 1.46 0.05 0.67 5.25 3.89 2.46 1.76 1.59 Western Asset Management Co.-3.39 6.05 -13.94 -1.78 9.04 1.08 -2.65 -0.24 1.57 3.29 10/01/2004 Blmbg. U.S. Aggregate Index -3.06 5.53 -13.01 -1.55 7.51 1.25 -2.41 -0.33 1.35 3.02 Intermediate Core Bond Percentile Rank 94 33 83 79 19 88 82 49 32 32 Population 183 191 182 185 179 183 166 149 104 56 Total U.S. Equities 2.91 26.79 -20.77 21.97 24.69 20.42 6.55 12.97 12.04 11.65 01/01/1988 S&P 500 Index 2.41 26.29 -18.11 28.71 18.40 25.02 8.94 14.53 13.10 11.28 Russell 3000 Index 2.63 25.96 -19.21 25.66 20.89 23.81 8.01 13.86 12.55 11.23 All Public Plans > $1B-US Equity Percentile Rank 3 8 96 94 6 64 74 55 48 - Population 31 78 75 73 67 31 31 27 14 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 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 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Large Cap Equities 3.54 29.94 -20.72 25.27 19.54 25.63 8.98 14.15 13.05 11.30 04/01/1988 Russell 1000 Index 2.75 26.53 -19.13 26.45 20.96 24.51 8.41 14.28 12.87 11.24 All Public Plans > $1B-US Equity Percentile Rank 1 4 95 58 42 3 7 4 1 - Population 31 78 75 73 67 31 31 27 14 - Eagle Capital Management 1.66 38.37 -25.08 27.60 15.49 25.56 9.18 13.91 12.80 14.16 01/31/2013 Russell 1000 Value Index -1.98 11.46 -7.54 25.16 2.80 14.37 5.63 8.68 8.49 10.19 Large Value Percentile Rank 4 1 100 34 2 2 7 2 1 1 Population 1,028 1,109 1,114 1,114 1,112 1,028 992 971 885 869 Manning and Napier -1.17 10.29 -3.91 19.76 2.05 11.45 5.70 7.62 9.01 10.13 01/31/2013 Russell 1000 Value Index -1.98 11.46 -7.54 25.16 2.80 14.37 5.63 8.68 8.49 10.19 Large Value Percentile Rank 37 56 34 94 59 75 60 81 36 68 Population 1,028 1,109 1,114 1,114 1,112 1,028 992 971 885 869 NTGI-QM R1000G 7.05 42.20 -29.09 29.75 - 33.28 10.35 -- 15.83 11/30/2020 Russell 1000 Growth Index 7.07 42.68 -29.14 27.60 - 33.36 10.47 -- 15.49 Large Growth Percentile Rank 22 32 36 8 - 27 10 --21 Population 1,033 1,113 1,131 1,154 - 1,033 1,009 -- 1,007 NTGI-QM R1000V -1.97 11.61 -7.62 25.17 2.77 14.37 5.65 8.69 8.48 7.07 07/01/2007 Russell 1000 Value Index -1.98 11.46 -7.54 25.16 2.80 14.37 5.63 8.68 8.49 7.03 Large Value Percentile Rank 58 46 70 62 52 49 61 60 56 51 Population 1,028 1,109 1,114 1,114 1,112 1,028 992 971 885 766 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 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Mid Cap Equities 1.44 20.24 -20.92 18.74 37.35 11.47 1.96 11.57 9.79 12.15 04/01/1988 Russell Midcap Index 0.62 17.23 -17.32 22.58 17.10 15.34 3.79 9.92 9.63 11.42 All Public Plans > $1B-US Equity Percentile Rank 75 88 96 100 1 100 100 87 88 - Population 31 78 75 73 67 31 31 27 14 - Artisan Partners 5.25 25.02 -36.33 10.53 56.72 12.56 -3.60 9.19 9.94 10.24 08/01/2001 Russell Midcap Growth Index 8.14 25.87 -26.72 12.73 35.59 22.10 4.04 11.47 11.54 9.64 Mid-Cap Growth Percentile Rank 35 22 89 62 18 61 83 50 55 7 Population 490 526 538 547 525 490 488 470 434 312 Boston Partners -1.94 16.74 -6.98 27.34 - 10.45 6.25 -- 11.71 03/01/2020 Russell Midcap Value Index -1.75 12.71 -12.03 28.34 - 13.07 3.88 -- 11.73 Mid-Cap Growth Percentile Rank 92 79 3 4 - 76 5 --36 Population 490 526 538 547 - 490 488 -- 471 Total U.S. Small Cap Equities 1.45 18.22 -20.83 12.05 31.17 5.41 -0.45 7.72 9.75 9.95 09/01/2003 Russell 2000 Index 0.33 16.93 -20.44 14.82 19.96 11.54 1.24 7.40 7.82 8.73 All Public Plans > $1B-US Equity Percentile Rank 75 99 96 100 1 100 100 100 88 - Population 31 78 75 73 67 31 31 27 14 - Atlanta Capital Mgmt -1.03 20.71 -12.28 19.89 10.77 8.09 4.60 8.73 10.47 11.75 09/01/2003 Russell 2000 Index 0.33 16.93 -20.44 14.82 19.96 11.54 1.24 7.40 7.82 8.73 Small Blend Percentile Rank 73 12 14 69 63 77 16 41 3 1 Population 536 567 573 592 592 534 523 516 465 317 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 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Riverbridge Partners 3.47 20.04 -32.15 3.44 54.14 3.67 -5.48 6.13 9.52 12.12 10/01/2010 Russell 2000 Growth Index 1.70 18.66 -26.36 2.83 34.63 15.15 0.21 6.86 8.09 10.77 Small Growth Percentile Rank 19 21 75 77 23 100 83 74 39 26 Population 535 578 586 598 597 535 525 521 491 456 Sycamore Small Cap Value 0.75 11.55 -6.40 25.08 4.91 5.57 3.30 7.66 - 7.46 11/30/2017 Russell 2000 Value Index -1.06 14.65 -14.48 28.27 4.63 8.05 1.94 7.29 - 5.86 Small Value Percentile Rank 32 80 19 84 37 81 58 71 - 38 Population 425 458 461 460 456 425 413 404 - 387 Total International Equities -7.27 16.64 -21.08 13.92 18.16 5.82 -0.87 5.57 5.73 5.37 06/01/2001 MSCI AC World ex USA (Net)-7.60 15.62 -16.00 7.82 10.65 5.53 0.82 4.10 4.80 5.33 All Public Plans > $1B-Intl. Equity Percentile Rank 54 53 91 7 15 38 93 27 48 - Population 22 64 57 61 57 22 22 20 12 - DFA Emerging Markets -6.87 15.44 -16.40 5.84 13.87 7.32 1.18 4.54 - 3.52 11/01/2017 MSCI Emerging Markets Index -7.84 10.26 -19.74 -2.22 18.69 8.05 -1.48 2.10 - 2.28 Diversified Emerging Mkts Percentile Rank 51 24 13 14 76 35 10 18 -23 Population 693 734 747 748 725 693 646 595 - 557 Thompson, Siegel & Walmsley -6.73 17.16 -14.12 13.34 5.58 4.64 1.73 4.73 - 4.25 07/31/2015 MSCI EAFE (Net)-8.11 18.24 -14.45 11.26 7.82 3.82 1.65 4.73 - 4.82 Foreign Large Value Percentile Rank 29 67 86 35 24 51 79 52 -72 Population 74 75 78 83 76 74 66 57 -32 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. 30 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date WCM Investment Management -7.70 16.23 -27.85 18.16 30.12 7.03 -3.54 6.65 - 9.28 07/31/2015 MSCI AC World ex USA (Net)-7.60 15.62 -16.00 7.82 10.65 5.53 0.82 4.10 - 4.81 Foreign Large Growth Percentile Rank 63 48 86 2 10 37 77 17 -1 Population 114 116 109 110 91 114 101 82 - 46 Total Real Estate 0.54 -1.84 5.43 20.55 1.78 1.86 1.77 5.28 6.29 9.31 05/01/2008 Real Estate Composite Benchmark -0.01 -6.54 -4.98 38.19 -4.14 0.85 -3.61 3.48 5.72 6.10 All Public Plans > $1B-Real Estate Percentile Rank 47 16 66 48 21 12 4 4 7 1 Population 33 77 75 65 63 30 30 25 12 3 Hancock 0.00 4.78 7.00 9.96 -0.34 -0.27 3.79 4.15 3.60 4.52 05/31/2012 NCREIF Timberland Index 1.44 9.45 12.90 9.17 0.81 6.97 9.75 7.79 5.43 6.46 Real Estate Percentile Rank 2 100 1 98 11 100 1 28 94 99 Population 189 215 224 228 228 189 189 186 172 157 IFM Global Infrastructure (US) L.P.2.24 8.40 8.16 17.75 2.83 5.61 7.38 8.44 - 11.22 09/30/2017 S&P Global Infrastructure TR USD -2.48 6.79 -0.17 11.87 -5.76 15.10 7.06 5.28 - 5.88 Real Estate Percentile Rank 1 99 1 97 6 58 1 3 -2 Population 189 215 224 228 228 189 189 186 - 177 Molpus Woodlands Fund III 0.00 9.77 21.72 13.33 8.22 1.54 10.71 10.72 5.95 5.90 06/30/2011 NCREIF Timberland Index 1.44 9.45 12.90 9.17 0.81 6.97 9.75 7.79 5.43 6.08 Real Estate Percentile Rank 2 88 1 98 6 98 1 2 27 83 Population 189 215 224 228 228 189 189 186 172 155 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. 31 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 0.00 8.57 10.76 20.57 -5.78 -1.22 5.91 6.18 - 3.66 10/01/2015 NCREIF Timberland Index 1.44 9.45 12.90 9.17 0.81 6.97 9.75 7.79 - 5.54 Real Estate Percentile Rank 2 99 1 94 65 100 1 4 - 99 Population 189 215 224 228 228 189 189 186 - 176 Multi-Employer Property Trust 0.19 -15.51 7.81 19.74 0.49 -3.72 -4.28 1.08 4.12 6.11 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 1.16 -12.02 7.47 22.17 1.19 -1.43 -2.32 2.87 5.88 8.18 Real Estate Percentile Rank 2 100 1 94 10 100 52 94 85 95 Population 189 215 224 228 228 189 189 186 172 151 Security Capital -4.45 15.67 -27.59 45.03 -4.59 11.45 -2.27 5.25 5.86 6.27 05/01/2008 FTSE NAREIT All Equity REITs (Split)-4.98 16.19 -26.70 46.11 -7.95 9.15 -2.41 4.57 5.88 6.40 Real Estate Percentile Rank 12 11 73 17 52 8 17 10 30 41 Population 189 215 224 228 228 189 189 186 172 148 U.S. Real Estate Investment Fund 0.43 -15.95 7.39 20.02 0.94 -5.04 -5.01 0.76 - 4.37 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 1.16 -12.02 7.47 22.17 1.19 -1.43 -2.32 2.87 - 4.90 Real Estate Percentile Rank 2 100 1 94 9 100 70 96 - 87 Population 189 215 224 228 228 189 189 186 - 176 USAA -1.01 -7.85 13.80 18.42 11.12 -0.34 1.48 6.58 - 7.48 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) Gross 1.16 -12.02 7.47 22.17 1.19 -1.43 -2.32 2.87 - 5.40 Real Estate Percentile Rank 2 100 1 97 6 100 4 4 -3 Population 189 215 224 228 228 189 189 186 - 172 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. 32 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Last Quarter 2023 2022 2021 2020 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Portfolio -0.28 13.57 -14.74 13.48 15.71 10.27 2.21 6.99 7.49 8.91 01/01/1988 Total Portfolio Benchmark -0.78 11.42 -10.41 14.12 11.69 9.29 2.94 6.82 6.87 8.76 Secondary Benchmark -1.47 13.70 -14.05 13.88 13.11 9.80 2.37 6.68 7.00 - All Public Plans-Total Fund Percentile Rank 23 45 62 56 21 61 69 49 25 41 Population 582 1,164 1,190 1,246 1,293 570 546 527 447 10 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. 33 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 Total Portfolio Benchmark 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 Total Portfolio Benchmark Positive Months Ratio 52.78 58.33 Negative Months Ratio 47.22 41.67 Best Quarter 10.80 9.57 Worst Quarter -10.28 -8.69 Standard Deviation 11.29 10.24 Maximum Drawdown -19.30 -14.87 Max Drawdown Recovery Period 26.00 24.00 Up Capture 104.72 100.00 Down Capture 110.30 100.00 Alpha -0.91 0.00 Beta 1.09 1.00 R-Squared 0.98 1.00 Consistency 50.00 100.00 Tracking Error 1.88 0.00 Treynor Ratio -0.01 0.00 Information Ratio -0.32 - Sharpe Ratio -0.09 -0.04 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 69.82 66.44 Negative Months Ratio 30.18 33.56 Best Quarter 22.31 23.25 Worst Quarter -25.09 -25.67 Standard Deviation 9.16 10.00 Maximum Drawdown -37.50 -41.14 Max Drawdown Recovery Period 35.00 39.00 Up Capture 86.40 100.00 Down Capture 72.94 100.00 Alpha 1.83 0.00 Beta 0.80 1.00 R-Squared 0.77 1.00 Consistency 50.68 100.00 Tracking Error 4.85 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 12.31.24 |Q4 24 For Institutional Use Only. 34 -8 -4 0 4 8 12 16 20 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 -0.28 (23)10.27 (61)11.91 (52)2.21 (69)4.92 (69)6.99 (49)9.08 (46)7.33 (32)8.37 (29) Total Portfolio Benchmark -0.78 (45)9.29 (75)10.35 (77)2.94 (43)5.63 (45)6.82 (57)8.58 (66)6.59 (66)7.65 (64) 5th Percentile 0.57 14.47 16.00 4.41 7.27 8.61 10.69 8.34 9.40 1st Quartile -0.33 12.00 13.27 3.48 6.22 7.59 9.60 7.46 8.46 Median -0.88 10.88 11.98 2.70 5.37 6.95 8.96 6.96 7.91 3rd Quartile -1.45 9.25 10.43 1.99 4.69 6.30 8.17 6.32 7.34 95th Percentile -2.24 6.56 7.61 0.91 2.77 4.81 6.41 5.00 6.11 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 35 -28 -20 -12 -4 4 12 20 28 36 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 13.57 (45)-14.74 (62)13.48 (56)15.71 (21)20.17 (34)-2.64 (15)15.98 (28)6.71 (63)1.43 (9)8.32 (7) Total Portfolio Benchmark 11.42 (76)-10.41 (16)14.12 (45)11.69 (65)17.85 (68)-4.64 (57)15.39 (43)7.47 (43)0.28 (37)9.91 (2) 5th Percentile 17.45 -6.93 18.47 17.87 22.48 -0.87 18.02 9.64 2.02 8.62 1st Quartile 14.71 -11.74 15.59 15.30 20.55 -3.27 16.09 8.14 0.63 7.04 Median 13.28 -13.81 13.81 12.96 19.17 -4.39 15.01 7.15 -0.22 6.11 3rd Quartile 11.46 -15.93 12.26 11.01 17.17 -5.31 13.68 6.25 -1.22 5.10 95th Percentile 8.44 -17.42 8.30 7.12 12.78 -6.71 10.16 4.39 -2.96 2.96 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 36 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 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 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 12.31.24 |Q4 24 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Dec-1994 $85,463,522 -$441,019 $85,904,541 0.39 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 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 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return 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 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 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. 39 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return 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 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 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. 40 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return 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 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 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. 41 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater - Total Portfolio Period Ending 12.31.24 |Q4 24 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return 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 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 $92,486,724 $1,250,411,601 7.98 Mar-2024 $1,250,411,601 -$6,829,868 $58,344,482 $1,301,926,214 4.68 Jun-2024 $1,301,926,214 -$14,031,517 $8,025,397 $1,295,920,094 0.64 Sep-2024 $1,295,920,094 -$13,809,439 $64,100,031 $1,346,210,685 4.96 Dec-2024 $1,346,210,685 -$7,669,145 -$3,689,961 $1,334,851,579 -0.28 Total $37,115,659 -$388,595,006 $1,686,330,926 $1,334,851,579 8.90 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. 42 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 Total U.S. Equities 01/31/1988 Present S&P 500 Index Total U.S. Large Cap Equities 04/30/1988 Present Russell 1000 Index Total U.S. Mid Cap Equities 04/30/1988 Present Russell Midcap Index Total U.S. Small Cap Equities 09/30/2003 Present Russell 2000 Index Total International Equities 06/30/2001 Present MSCI AC World ex USA (Net) Total Fixed Income 01/31/1988 Present Blmbg. U.S. Aggregate Index Total Real Estate 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 12.31.24 |Q4 24 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. 43 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $344,620,083 $333,588,958 $338,944,586 $396,061,507 $352,063,181 $59,224,151 Net Contributions $16,537,455 $10,808,220 -$25,438,629 -$11,580,423 $48,458,500 $71,128,286 Net Investment Return -$11,132,442 $5,627,917 $20,083,001 -$45,536,498 -$4,460,173 $219,672,659 Ending Market Value $350,025,096 $350,025,096 $333,588,958 $338,944,586 $396,061,507 $350,025,096 City of Clearwater - Total Fixed Income MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 44 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -3.22 1.64 -1.83 0.33 1.46 1.93 5.34 Blmbg. U.S. Aggregate Index -3.06 1.25 -2.41 -0.33 0.97 1.35 5.23 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 1.64 6.02 -12.21 -1.40 8.97 9.28 -0.38 5.34 Blmbg. U.S. Aggregate Index 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 5.23 City of Clearwater - Total Fixed Income INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 45 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 44.44 41.67 Negative Months Ratio 55.56 58.33 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 7.91 7.72 Maximum Drawdown -15.39 -15.72 Max Drawdown Recovery Period -- Up Capture 104.28 100.00 Down Capture 98.74 100.00 Alpha 0.65 0.00 Beta 1.02 1.00 R-Squared 0.99 1.00 Consistency 72.22 100.00 Tracking Error 0.63 0.00 Treynor Ratio -0.05 -0.06 Information Ratio 0.95 - Sharpe Ratio -0.69 -0.79 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 73.65 65.77 Negative Months Ratio 26.35 34.23 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 3.61 4.21 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period -- Up Capture 83.39 100.00 Down Capture 58.00 100.00 Alpha 1.50 0.00 Beta 0.72 1.00 R-Squared 0.70 1.00 Consistency 52.03 100.00 Tracking Error 2.32 0.00 Treynor Ratio 0.03 0.02 Information Ratio -0.01 - Sharpe Ratio 0.63 0.55 City of Clearwater - Total Fixed Income PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 46 -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 -3.22 (83)1.64 (79)3.81 (89)-1.83 (78)-1.72 (87)0.33 (87)1.77 (100)1.46 (100)1.76 (100) Blmbg. U.S. Aggregate Index -3.06 (76)1.25 (91)3.37 (96)-2.41 (96)-2.19 (100)-0.33 (97)1.13 (100)0.97 (100)1.29 (100) 5th Percentile -0.13 6.93 8.44 2.91 5.49 6.33 6.75 4.32 4.75 1st Quartile -1.48 4.46 5.83 0.22 1.15 2.67 3.75 2.62 3.22 Median -2.30 2.87 5.25 -0.94 -0.59 1.14 2.58 2.09 2.52 3rd Quartile -3.05 1.89 4.57 -1.77 -1.31 0.79 2.33 1.76 2.34 95th Percentile -3.54 0.65 3.38 -2.39 -1.90 -0.23 1.89 1.56 2.06 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total Fixed Income Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 47 -20 -15 -10 -5 0 5 10 15 20 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 6.02 (90)-12.21 (69)-1.40 (93)8.97 (34)9.28 (58)-0.38 (47)3.91 (86)5.01 (70)0.30 (27)6.18 (12) Blmbg. U.S. Aggregate Index 5.53 (96)-13.01 (81)-1.55 (94)7.51 (62)8.72 (73)0.01 (33)3.54 (98)2.65 (97)0.55 (26)5.97 (14) 5th Percentile 10.37 -5.32 10.80 10.77 10.56 1.91 8.81 9.21 2.48 8.87 1st Quartile 8.27 -10.06 1.58 9.33 9.93 0.16 7.06 7.14 0.60 5.66 Median 7.30 -11.33 0.06 8.10 9.42 -0.51 6.26 5.77 -1.05 5.39 3rd Quartile 6.92 -12.83 -0.84 6.51 8.55 -1.23 5.14 4.80 -2.49 2.36 95th Percentile 5.72 -13.88 -1.71 3.24 7.30 -1.78 3.77 2.78 -3.15 0.37 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total Fixed Income Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 48 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 Nov-22 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $174,405,130 $164,887,965 $153,484,073 $185,443,564 $169,891,140 $75,655,868 Net Contributions $15,078,059 $15,310,352 $298,557 -$12,209,811 $17,302,179 $25,548,701 Net Investment Return -$5,832,988 $3,451,884 $11,105,335 -$19,749,680 -$1,749,755 $82,445,632 Ending Market Value $183,650,201 $183,650,201 $164,887,965 $153,484,073 $185,443,564 $183,650,201 City of Clearwater - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 49 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 -3 -6Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -3.33 2.11 -0.70 1.03 1.98 2.32 3.90 Blmbg. U.S. Aggregate Index -3.06 1.25 -2.41 -0.33 0.97 1.35 3.01 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 2.11 7.23 -10.57 -1.15 8.72 8.98 0.02 3.90 Blmbg. U.S. Aggregate Index 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.01 City of Clearwater - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 50 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 -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 Blmbg. U.S. Aggregate Index Positive Months Ratio 47.22 41.67 Negative Months Ratio 52.78 58.33 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 7.75 7.72 Maximum Drawdown -13.94 -15.72 Max Drawdown Recovery Period 32.00 - Up Capture 106.52 100.00 Down Capture 91.51 100.00 Alpha 1.74 0.00 Beta 1.00 1.00 R-Squared 0.99 1.00 Consistency 80.56 100.00 Tracking Error 0.91 0.00 Treynor Ratio -0.04 -0.06 Information Ratio 1.91 - Sharpe Ratio -0.56 -0.79 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.20 60.80 Negative Months Ratio 34.80 39.20 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 4.20 4.23 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period -- Up Capture 100.15 100.00 Down Capture 79.02 100.00 Alpha 1.16 0.00 Beta 0.90 1.00 R-Squared 0.83 1.00 Consistency 61.20 100.00 Tracking Error 1.78 0.00 Treynor Ratio 0.03 0.01 Information Ratio 0.48 - Sharpe Ratio 0.55 0.34 City of Clearwater - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 51 -6 -4 -2 0 2 4 6 8 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 -3.33 (92)2.11 (29)4.64 (11)-0.70 (12)-0.81 (12)1.03 (9)2.31 (5)1.98 (5)2.23 (2) Blmbg. U.S. Aggregate Index -3.06 (68)1.25 (76)3.37 (77)-2.41 (66)-2.19 (57)-0.33 (64)1.13 (63)0.97 (62)1.29 (59) 5th Percentile -1.40 4.14 4.92 0.51 0.11 1.42 2.17 1.93 2.16 1st Quartile -2.85 2.23 4.14 -2.01 -1.82 0.18 1.58 1.32 1.61 Median -3.04 1.58 3.63 -2.35 -2.17 -0.25 1.18 1.00 1.32 3rd Quartile -3.09 1.26 3.38 -2.52 -2.32 -0.39 1.07 0.90 1.21 95th Percentile -3.41 0.83 2.87 -3.31 -2.96 -0.87 0.55 0.38 0.69 Population 183 183 177 166 153 149 133 127 117 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Dodge & Cox Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 52 -25 -20 -15 -10 -5 0 5 10 15 20 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 7.23 (3)-10.57 (13)-1.15 (20)8.72 (28)8.98 (30)0.02 (27)3.99 (23)5.55 (1)-0.12 (94)6.01 (50) Blmbg. U.S. Aggregate Index 5.53 (72)-13.01 (32)-1.55 (43)7.51 (63)8.72 (45)0.01 (29)3.54 (49)2.65 (51)0.55 (38)5.97 (58) 5th Percentile 7.04 -8.42 -0.50 9.69 10.05 0.83 4.59 4.14 1.27 6.43 1st Quartile 6.15 -12.94 -1.28 8.86 9.30 0.03 3.74 3.11 0.61 6.11 Median 5.70 -13.14 -1.61 7.64 8.69 -0.09 3.54 2.65 0.51 6.01 3rd Quartile 5.48 -13.60 -1.75 7.38 8.33 -0.37 3.25 2.47 0.20 5.66 95th Percentile 4.70 -16.05 -2.18 5.73 6.75 -1.01 2.20 1.75 -0.28 3.21 Population 191 182 185 179 162 153 141 128 125 117 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Dodge & Cox Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 53 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 Jun-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 10/31/2004 Beginning Market Value $164,571,849 $157,003,933 $147,689,109 $185,610,364 $168,914,677 $74,568,168 Net Contributions $96,986 $385,428 $373,129 -$12,108,553 $19,408,773 $45,043,543 Net Investment Return -$5,585,257 $1,694,217 $8,941,695 -$25,812,702 -$2,713,086 $39,471,867 Ending Market Value $159,083,578 $159,083,578 $157,003,933 $147,689,109 $185,610,364 $159,083,578 City of Clearwater - Western Asset Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 54 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 -3 -6Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -3.39 1.08 -2.65 -0.24 1.04 1.57 3.29 Blmbg. U.S. Aggregate Index -3.06 1.25 -2.41 -0.33 0.97 1.35 3.02 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 1.08 6.05 -13.94 -1.78 9.04 9.60 -0.73 3.29 Blmbg. U.S. Aggregate Index 1.25 5.53 -13.01 -1.55 7.51 8.72 0.01 3.02 City of Clearwater - Western Asset Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 55 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 41.67 41.67 Negative Months Ratio 58.33 58.33 Best Quarter 8.98 8.23 Worst Quarter -9.01 -8.23 Standard Deviation 8.49 7.72 Maximum Drawdown -17.01 -15.72 Max Drawdown Recovery Period -- Up Capture 108.83 100.00 Down Capture 108.84 100.00 Alpha 0.02 0.00 Beta 1.10 1.00 R-Squared 1.00 1.00 Consistency 47.22 100.00 Tracking Error 0.89 0.00 Treynor Ratio -0.06 -0.06 Information Ratio -0.21 - Sharpe Ratio -0.74 -0.79 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 62.14 60.49 Negative Months Ratio 37.86 39.51 Best Quarter 8.98 8.23 Worst Quarter -9.01 -8.23 Standard Deviation 4.64 4.22 Maximum Drawdown -18.48 -17.18 Max Drawdown Recovery Period -- Up Capture 108.81 100.00 Down Capture 108.61 100.00 Alpha 0.02 0.00 Beta 1.08 1.00 R-Squared 0.97 1.00 Consistency 55.97 100.00 Tracking Error 0.90 0.00 Treynor Ratio 0.02 0.01 Information Ratio 0.31 - Sharpe Ratio 0.37 0.34 City of Clearwater - Western Asset Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 56 -6 -4 -2 0 2 4 6 8 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 -3.39 (94)1.08 (88)3.53 (58)-2.65 (82)-2.44 (82)-0.24 (49)1.34 (44)1.04 (45)1.41 (41) Blmbg. U.S. Aggregate Index -3.06 (68)1.25 (76)3.37 (77)-2.41 (66)-2.19 (57)-0.33 (64)1.13 (63)0.97 (62)1.29 (59) 5th Percentile -1.40 4.14 4.92 0.51 0.11 1.42 2.17 1.93 2.16 1st Quartile -2.85 2.23 4.14 -2.01 -1.82 0.18 1.58 1.32 1.61 Median -3.04 1.58 3.63 -2.35 -2.17 -0.25 1.18 1.00 1.32 3rd Quartile -3.09 1.26 3.38 -2.52 -2.32 -0.39 1.07 0.90 1.21 95th Percentile -3.41 0.83 2.87 -3.31 -2.96 -0.87 0.55 0.38 0.69 Population 183 183 177 166 153 149 133 127 117 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Western Asset Management Co. Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 57 -25 -20 -15 -10 -5 0 5 10 15 20 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 6.05 (33)-13.94 (83)-1.78 (79)9.04 (19)9.60 (16)-0.73 (91)4.08 (17)3.66 (14)0.73 (17)6.65 (2) Blmbg. U.S. Aggregate Index 5.53 (72)-13.01 (32)-1.55 (43)7.51 (63)8.72 (45)0.01 (29)3.54 (49)2.65 (51)0.55 (38)5.97 (58) 5th Percentile 7.04 -8.42 -0.50 9.69 10.05 0.83 4.59 4.14 1.27 6.43 1st Quartile 6.15 -12.94 -1.28 8.86 9.30 0.03 3.74 3.11 0.61 6.11 Median 5.70 -13.14 -1.61 7.64 8.69 -0.09 3.54 2.65 0.51 6.01 3rd Quartile 5.48 -13.60 -1.75 7.38 8.33 -0.37 3.25 2.47 0.20 5.66 95th Percentile 4.70 -16.05 -2.18 5.73 6.75 -1.01 2.20 1.75 -0.28 3.21 Population 191 182 185 179 162 153 141 128 125 117 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Western Asset Management Co. Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 58 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 $308,000,000 $616,000,000 $924,000,000 -$308,000,000 -$616,000,000 -$924,000,000Market 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $600,386,382 $520,689,267 $407,659,206 $550,878,596 $512,802,086 $32,235,837 Net Contributions $6,533,115 -$1,880,441 $1,715,440 -$29,182,409 -$69,741,263 -$401,675,909 Net Investement Return $18,398,570 $106,509,241 $111,314,621 -$114,036,981 $107,817,774 $994,758,139 Ending Market Value $625,318,067 $625,318,067 $520,689,267 $407,659,206 $550,878,596 $625,318,067 City of Clearwater - Total U.S. Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 59 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 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 2.91 20.42 6.55 12.97 12.54 12.04 11.65 S&P 500 Index 2.41 25.02 8.94 14.53 13.83 13.10 11.28 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 20.42 26.79 -20.77 21.97 24.69 29.50 -4.06 11.65 S&P 500 Index 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 11.28 City of Clearwater - Total U.S. Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 60 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 15.88 16.01 Worst Quarter -16.98 -16.10 Standard Deviation 17.43 17.15 Maximum Drawdown -26.04 -23.87 Max Drawdown Recovery Period 23.00 23.00 Up Capture 93.00 100.00 Down Capture 100.11 100.00 Alpha -2.11 0.00 Beta 0.99 1.00 R-Squared 0.96 1.00 Consistency 38.89 100.00 Tracking Error 3.58 0.00 Treynor Ratio 0.04 0.06 Information Ratio -0.61 - Sharpe Ratio 0.24 0.37 Total Portfolio S&P 500 Index Positive Months Ratio 65.09 65.99 Negative Months Ratio 34.91 34.01 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.39 14.65 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.58 100.00 Down Capture 79.20 100.00 Alpha 2.02 0.00 Beta 0.86 1.00 R-Squared 0.76 1.00 Consistency 49.77 100.00 Tracking Error 7.39 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.04 - Sharpe Ratio 0.63 0.60 City of Clearwater - Total U.S. Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 61 -5 0 5 10 15 20 25 30 35 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 2.91 (3)20.42 (64)23.56 (36)6.55 (74)10.21 (87)12.97 (55)15.57 (64)12.54 (52)13.74 (44) S&P 500 Index 2.41 (32)25.02 (3)25.65 (4)8.94 (7)13.58 (3)14.53 (3)17.19 (3)13.83 (2)14.80 (1) 5th Percentile 2.70 23.94 25.38 9.44 13.10 13.99 16.70 13.31 14.28 1st Quartile 2.55 23.05 23.98 7.91 12.34 13.66 16.38 13.02 14.00 Median 2.01 21.45 22.53 7.10 11.46 13.03 16.05 12.60 13.47 3rd Quartile 1.40 19.66 20.63 6.48 10.73 12.17 15.01 11.37 12.29 95th Percentile 0.69 15.97 17.68 5.09 8.81 10.61 13.14 9.83 10.67 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total U.S. Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 62 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 26.79 (8)-20.77 (96)21.97 (94)24.69 (6)29.50 (68)-4.06 (4)22.53 (15)9.61 (98)1.48 (8)11.31 (32) S&P 500 Index 26.29 (12)-18.11 (33)28.71 (8)18.40 (63)31.49 (15)-4.38 (5)21.83 (32)11.96 (66)1.38 (9)13.69 (4) 5th Percentile 27.05 -14.03 29.34 25.03 32.63 -4.45 23.55 16.14 1.82 12.76 1st Quartile 25.67 -17.23 26.56 20.82 30.69 -5.52 22.08 13.66 0.77 11.60 Median 24.19 -18.54 25.75 19.01 30.02 -5.81 20.97 12.44 0.19 10.82 3rd Quartile 22.13 -19.32 23.93 16.59 29.42 -7.51 19.89 11.37 -0.77 9.46 95th Percentile 19.31 -20.73 21.63 12.30 27.45 -9.47 17.82 10.72 -3.22 7.76 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total U.S. Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 63 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 $179,900,000 $359,800,000 $539,700,000 $719,600,000 -$179,900,000 -$359,800,000Market 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $420,477,540 $354,699,311 $288,194,255 $376,051,591 $335,143,299 $18,032,213 Net Contributions -$8,830,619 -$18,264,585 -$19,394,501 -$10,293,061 -$39,212,549 -$207,564,160 Net Investment Return $15,706,229 $90,918,424 $85,899,557 -$77,564,275 $80,120,842 $616,885,097 Ending Market Value $427,353,149 $427,353,149 $354,699,311 $288,194,255 $376,051,591 $427,353,149 City of Clearwater - Total U.S. Large Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 64 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 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 3.54 25.63 8.98 14.15 13.54 13.05 11.30 Russell 1000 Index 2.75 24.51 8.41 14.28 13.58 12.87 11.24 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 25.63 29.94 -20.72 25.27 19.54 30.02 -3.49 11.30 Russell 1000 Index 24.51 26.53 -19.13 26.45 20.96 31.43 -4.78 11.24 City of Clearwater - Total U.S. Large Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 65 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 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 1000 Index Positive Months Ratio 58.33 58.33 Negative Months Ratio 41.67 41.67 Best Quarter 15.98 16.34 Worst Quarter -17.29 -16.67 Standard Deviation 17.41 17.40 Maximum Drawdown -26.08 -24.59 Max Drawdown Recovery Period 23.00 23.00 Up Capture 100.58 100.00 Down Capture 98.35 100.00 Alpha 0.55 0.00 Beta 1.00 1.00 R-Squared 0.99 1.00 Consistency 55.56 100.00 Tracking Error 1.30 0.00 Treynor Ratio 0.06 0.06 Information Ratio 0.41 - Sharpe Ratio 0.37 0.34 Total Portfolio Russell 1000 Index Positive Months Ratio 65.31 65.99 Negative Months Ratio 34.69 34.01 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.61 14.85 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 85.71 100.00 Down Capture 75.18 100.00 Alpha 1.93 0.00 Beta 0.83 1.00 R-Squared 0.81 1.00 Consistency 50.11 100.00 Tracking Error 6.39 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.02 - Sharpe Ratio 0.64 0.59 City of Clearwater - Total U.S. Large Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 66 -5 0 5 10 15 20 25 30 35 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 3.54 (1)25.63 (3)27.77 (3)8.98 (7)12.84 (10)14.15 (4)16.65 (10)13.54 (4)14.87 (1) Russell 1000 Index 2.75 (4)24.51 (4)25.52 (5)8.41 (10)12.66 (16)14.28 (4)16.97 (4)13.58 (3)14.57 (1) 5th Percentile 2.70 23.94 25.38 9.44 13.10 13.99 16.70 13.31 14.28 1st Quartile 2.55 23.05 23.98 7.91 12.34 13.66 16.38 13.02 14.00 Median 2.01 21.45 22.53 7.10 11.46 13.03 16.05 12.60 13.47 3rd Quartile 1.40 19.66 20.63 6.48 10.73 12.17 15.01 11.37 12.29 95th Percentile 0.69 15.97 17.68 5.09 8.81 10.61 13.14 9.83 10.67 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total U.S. Large Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 67 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 29.94 (4)-20.72 (95)25.27 (58)19.54 (42)30.02 (50)-3.49 (3)24.63 (3)8.88 (98)3.35 (1)13.45 (4) Russell 1000 Index 26.53 (9)-19.13 (67)26.45 (31)20.96 (24)31.43 (16)-4.78 (7)21.69 (36)12.05 (62)0.92 (19)13.24 (4) 5th Percentile 27.05 -14.03 29.34 25.03 32.63 -4.45 23.55 16.14 1.82 12.76 1st Quartile 25.67 -17.23 26.56 20.82 30.69 -5.52 22.08 13.66 0.77 11.60 Median 24.19 -18.54 25.75 19.01 30.02 -5.81 20.97 12.44 0.19 10.82 3rd Quartile 22.13 -19.32 23.93 16.59 29.42 -7.51 19.89 11.37 -0.77 9.46 95th Percentile 19.31 -20.73 21.63 12.30 27.45 -9.47 17.82 10.72 -3.22 7.76 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total U.S. Large Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 68 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 $25,900,000 $51,800,000 $77,700,000 $103,600,000 -$25,900,000 -$51,800,000Market 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 Jun-23 Mar-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $75,581,183 $60,846,645 $43,639,686 $57,800,059 $57,819,773 $33,239,288 Net Contributions $146,237 $558,058 $419,308 $347,224 -$14,659,658 -$36,584,249 Net Investment Return $1,252,350 $15,575,068 $16,787,652 -$14,507,598 $14,639,945 $80,324,732 Ending Market Value $76,979,771 $76,979,771 $60,846,645 $43,639,686 $57,800,059 $76,979,771 City of Clearwater - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 69 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 10 20 30 40 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.66 25.56 9.18 13.91 13.29 12.80 14.16 Russell 1000 Value Index -1.98 14.37 5.63 8.68 8.41 8.49 10.19 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 25.56 38.37 -25.08 27.60 15.49 31.28 -4.86 14.16 Russell 1000 Value Index 14.37 11.46 -7.54 25.16 2.80 26.54 -8.27 10.19 City of Clearwater - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 70 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 -8 0 8 16 24 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 61.11 52.78 Negative Months Ratio 38.89 47.22 Best Quarter 13.38 13.62 Worst Quarter -19.77 -12.21 Standard Deviation 18.60 16.66 Maximum Drawdown -30.65 -17.75 Max Drawdown Recovery Period 22.00 18.00 Up Capture 102.77 100.00 Down Capture 86.58 100.00 Alpha 4.04 0.00 Beta 0.96 1.00 R-Squared 0.74 1.00 Consistency 52.78 100.00 Tracking Error 9.54 0.00 Treynor Ratio 0.07 0.03 Information Ratio 0.39 - Sharpe Ratio 0.37 0.18 Total Portfolio Russell 1000 Value Index Positive Months Ratio 68.06 63.89 Negative Months Ratio 31.94 36.11 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.44 14.82 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 109.06 100.00 Down Capture 94.02 100.00 Alpha 3.21 0.00 Beta 1.01 1.00 R-Squared 0.83 1.00 Consistency 55.56 100.00 Tracking Error 6.84 0.00 Treynor Ratio 0.13 0.10 Information Ratio 0.48 - Sharpe Ratio 0.80 0.66 City of Clearwater - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 71 -12 -4 4 12 20 28 36 44 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 1.66 (4)25.56 (2)31.81 (1)9.18 (7)13.52 (10)13.91 (2)16.64 (2)13.29 (1)14.52 (1) Russell 1000 Value Index -1.98 (58)14.37 (49)12.91 (45)5.63 (61)10.21 (61)8.68 (60)11.48 (56)8.41 (56)9.06 (64) 5th Percentile 1.41 21.02 19.31 9.43 14.27 12.59 14.94 11.02 12.05 1st Quartile -0.56 16.34 14.46 7.50 12.24 10.41 12.91 9.53 10.45 Median -1.73 14.29 12.57 6.23 10.77 9.25 11.69 8.62 9.51 3rd Quartile -2.51 11.41 10.21 4.80 9.47 7.97 10.62 7.65 8.57 95th Percentile -4.35 5.91 6.75 2.33 6.95 5.85 8.59 5.87 6.91 Population 1,028 1,028 1,016 992 973 971 958 955 939 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Eagle Capital Management Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 72 -40 -25 -10 5 20 35 50 65 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 38.37 (1)-25.08 (100)27.60 (34)15.49 (2)31.28 (5)-4.86 (14)23.52 (2)10.16 (91)2.35 (3)13.39 (16) Russell 1000 Value Index 11.46 (47)-7.54 (70)25.16 (62)2.80 (51)26.54 (38)-8.27 (44)13.66 (79)17.34 (21)-3.83 (59)13.45 (16) 5th Percentile 19.80 1.18 32.97 12.90 31.18 -2.85 21.43 20.85 1.32 14.85 1st Quartile 14.12 -2.97 28.29 5.97 27.83 -6.36 18.52 16.86 -1.59 12.69 Median 11.05 -5.50 26.11 2.86 25.50 -8.68 16.35 14.31 -3.34 11.19 3rd Quartile 8.33 -8.33 23.97 0.31 23.27 -10.63 14.06 12.20 -4.81 9.41 95th Percentile 3.77 -13.51 19.26 -4.47 19.63 -14.47 9.59 9.05 -7.88 6.91 Population 1,109 1,114 1,114 1,112 1,098 1,094 1,073 1,054 1,010 1,002 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Eagle Capital Management Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 73 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 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 Jun-23 Mar-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $33,762,708 $29,858,468 $41,414,648 $53,164,674 $57,606,598 $33,103,702 Net Contributions -$24,000,191 -$23,909,928 -$14,881,713 -$9,867,021 -$14,856,987 -$73,078,833 Net Investment Return $303,222 $4,117,200 $3,325,534 -$1,883,005 $10,415,063 $50,040,871 Ending Market Value $10,065,740 $10,065,740 $29,858,468 $41,414,648 $53,164,674 $10,065,740 City of Clearwater - Manning and Napier MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 74 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 8 16 24 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.17 11.45 5.70 7.62 8.00 9.01 10.13 Russell 1000 Value Index -1.98 14.37 5.63 8.68 8.41 8.49 10.19 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 11.45 10.29 -3.91 19.76 2.05 23.21 -3.65 10.13 Russell 1000 Value Index 14.37 11.46 -7.54 25.16 2.80 26.54 -8.27 10.19 City of Clearwater - Manning and Napier INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 75 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 -8 0 8 16 24 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 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 14.83 13.62 Worst Quarter -10.00 -12.21 Standard Deviation 15.62 16.66 Maximum Drawdown -16.32 -17.75 Max Drawdown Recovery Period 18.00 18.00 Up Capture 90.29 100.00 Down Capture 87.69 100.00 Alpha 0.47 0.00 Beta 0.92 1.00 R-Squared 0.95 1.00 Consistency 63.89 100.00 Tracking Error 3.64 0.00 Treynor Ratio 0.03 0.03 Information Ratio -0.03 - Sharpe Ratio 0.19 0.18 Total Portfolio Russell 1000 Value Index Positive Months Ratio 65.28 63.89 Negative Months Ratio 34.72 36.11 Best Quarter 15.42 16.77 Worst Quarter -25.20 -26.73 Standard Deviation 13.88 14.82 Maximum Drawdown -25.20 -26.73 Max Drawdown Recovery Period 12.00 12.00 Up Capture 91.34 100.00 Down Capture 89.77 100.00 Alpha 0.37 0.00 Beta 0.90 1.00 R-Squared 0.93 1.00 Consistency 53.47 100.00 Tracking Error 4.04 0.00 Treynor Ratio 0.10 0.10 Information Ratio -0.19 - Sharpe Ratio 0.66 0.66 City of Clearwater - Manning and Napier PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 76 -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 -1.17 (37)11.45 (75)10.87 (70)5.70 (60)9.05 (80)7.62 (81)10.07 (84)8.00 (68)9.60 (48) Russell 1000 Value Index -1.98 (58)14.37 (49)12.91 (45)5.63 (61)10.21 (61)8.68 (60)11.48 (56)8.41 (56)9.06 (64) 5th Percentile 1.41 21.02 19.31 9.43 14.27 12.59 14.94 11.02 12.05 1st Quartile -0.56 16.34 14.46 7.50 12.24 10.41 12.91 9.53 10.45 Median -1.73 14.29 12.57 6.23 10.77 9.25 11.69 8.62 9.51 3rd Quartile -2.51 11.41 10.21 4.80 9.47 7.97 10.62 7.65 8.57 95th Percentile -4.35 5.91 6.75 2.33 6.95 5.85 8.59 5.87 6.91 Population 1,028 1,028 1,016 992 973 971 958 955 939 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Manning and Napier Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 77 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 10.29 (56)-3.91 (34)19.76 (94)2.05 (59)23.21 (76)-3.65 (8)21.55 (5)13.85 (57)-0.09 (11)10.46 (62) Russell 1000 Value Index 11.46 (47)-7.54 (70)25.16 (62)2.80 (51)26.54 (38)-8.27 (44)13.66 (79)17.34 (21)-3.83 (59)13.45 (16) 5th Percentile 19.80 1.18 32.97 12.90 31.18 -2.85 21.43 20.85 1.32 14.85 1st Quartile 14.12 -2.97 28.29 5.97 27.83 -6.36 18.52 16.86 -1.59 12.69 Median 11.05 -5.50 26.11 2.86 25.50 -8.68 16.35 14.31 -3.34 11.19 3rd Quartile 8.33 -8.33 23.97 0.31 23.27 -10.63 14.06 12.20 -4.81 9.41 95th Percentile 3.77 -13.51 19.26 -4.47 19.63 -14.47 9.59 9.05 -7.88 6.91 Population 1,109 1,114 1,114 1,112 1,098 1,094 1,073 1,054 1,010 1,002 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Manning and Napier Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 78 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 ValueOct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $223,138,573 $179,193,994 $135,593,144 $191,150,851 $31,946,711 $30,545,838 Net Contributions $16,734 $61,362 -$12,953,416 $47,645 $129,561,381 $116,716,972 Net Investment Return $15,742,087 $59,642,039 $56,554,265 -$55,605,352 $29,642,759 $91,634,584 Ending Market Value $238,897,395 $238,897,395 $179,193,994 $135,593,144 $191,150,851 $238,897,395 City of Clearwater - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 79 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 15 30 45 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.05 33.28 10.35 ---15.83 Russell 1000 Growth Index 7.07 33.36 10.47 18.96 18.08 16.78 15.49 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 33.28 42.20 -29.09 29.75 ---15.83 Russell 1000 Growth Index 33.36 42.68 -29.14 27.60 38.49 36.39 -1.51 15.49 City of Clearwater - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 80 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 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Growth Index Positive Months Ratio 58.33 58.33 Negative Months Ratio 41.67 41.67 Best Quarter 18.74 18.70 Worst Quarter -20.89 -20.92 Standard Deviation 20.33 20.33 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 23.00 23.00 Up Capture 99.94 100.00 Down Capture 100.37 100.00 Alpha -0.11 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 38.89 100.00 Tracking Error 0.21 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.52 - Sharpe Ratio 0.40 0.41 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 64.00 62.00 Negative Months Ratio 36.00 38.00 Best Quarter 18.74 18.70 Worst Quarter -20.89 -20.92 Standard Deviation 18.70 19.05 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 94.52 100.00 Down Capture 100.26 100.00 Alpha -1.12 0.00 Beta 0.95 1.00 R-Squared 0.93 1.00 Consistency 40.00 100.00 Tracking Error 5.06 0.00 Treynor Ratio 0.14 0.16 Information Ratio -0.42 - Sharpe Ratio 0.73 0.82 City of Clearwater - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 81 -20 -10 0 10 20 30 40 50 60 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 7.05 (22)33.28 (27)37.67 (30)10.35 (10)14.91 (3)---- Russell 1000 Growth Index 7.07 (22)33.36 (27)37.94 (27)10.47 (8)14.53 (4)18.96 (8)21.70 (6)18.08 (8)19.53 (9) 5th Percentile 12.71 44.29 44.82 10.86 14.31 19.56 22.00 18.54 20.40 1st Quartile 6.66 33.75 38.15 8.69 12.28 17.05 19.48 16.30 18.04 Median 5.01 29.06 34.68 7.12 10.40 15.32 18.10 15.08 16.85 3rd Quartile 2.79 23.60 27.76 5.07 8.53 13.25 16.20 13.55 15.33 95th Percentile -1.26 13.85 17.56 -0.59 3.40 10.21 13.27 10.67 12.34 Population 1,033 1,033 1,027 1,009 1,007 997 977 972 947 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - NTGI-QM R1000G Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 82 -75 -50 -25 0 25 50 75 100 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 42.20 (32)-29.09 (36)29.75 (8)------- Russell 1000 Growth Index 42.68 (30)-29.14 (36)27.60 (16)38.49 (37)36.39 (21)-1.51 (53)30.21 (41)7.08 (21)5.67 (46)13.05 (25) 5th Percentile 52.85 -19.46 30.29 73.95 39.21 5.73 37.43 9.89 11.05 16.00 1st Quartile 43.40 -26.58 25.61 44.12 36.04 1.06 32.29 6.41 7.45 12.98 Median 38.88 -30.93 22.07 35.21 33.09 -1.30 29.13 2.79 5.27 10.59 3rd Quartile 31.80 -34.45 17.01 29.37 30.20 -3.88 25.54 0.40 1.66 8.65 95th Percentile 19.64 -46.69 4.41 18.81 25.58 -7.41 20.59 -3.56 -3.18 4.79 Population 1,113 1,131 1,154 1,137 1,107 1,098 1,070 1,057 1,031 1,018 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - NTGI-QM R1000G Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 83 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 $35,900,000 $71,800,000 $107,700,000 $143,600,000 -$35,900,000 -$71,800,000Market ValueJun-07 Sep-08 Dec-09 Mar-11 Jun-12 Sep-13 Dec-14 Mar-16 Jun-17 Sep-18 Dec-19 Mar-21 Jun-22 Sep-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $87,995,075 $84,800,204 $67,546,777 $73,095,509 $58,383,256 $26,197,069 Net Contributions $15,006,600 $5,025,924 $8,021,321 $20,204 $14,591 -$24,636,590 Net Investment Return -$1,591,430 $11,584,117 $9,232,105 -$5,568,935 $14,697,663 $99,849,766 Ending Market Value $101,410,244 $101,410,244 $84,800,204 $67,546,777 $73,095,509 $101,410,244 City of Clearwater - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 84 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 8 16 24 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.97 14.37 5.65 8.69 8.41 8.48 7.07 Russell 1000 Value Index -1.98 14.37 5.63 8.68 8.41 8.49 7.03 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 14.37 11.61 -7.62 25.17 2.77 26.55 -8.32 7.07 Russell 1000 Value Index 14.37 11.46 -7.54 25.16 2.80 26.54 -8.27 7.03 City of Clearwater - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 85 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 13.63 13.62 Worst Quarter -12.24 -12.21 Standard Deviation 16.65 16.66 Maximum Drawdown -17.80 -17.75 Max Drawdown Recovery Period 18.00 18.00 Up Capture 99.98 100.00 Down Capture 99.91 100.00 Alpha 0.02 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 38.89 100.00 Tracking Error 0.13 0.00 Treynor Ratio 0.03 0.03 Information Ratio 0.11 - Sharpe Ratio 0.19 0.18 Total Portfolio Russell 1000 Value Index Positive Months Ratio 60.48 60.48 Negative Months Ratio 39.52 39.52 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.40 16.44 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 67.14 100.00 Tracking Error 0.38 0.00 Treynor Ratio 0.07 0.07 Information Ratio 0.06 - Sharpe Ratio 0.42 0.42 City of Clearwater - NTGI-QM R1000V PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 86 -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 -1.97 (58)14.37 (49)12.98 (44)5.65 (61)10.22 (61)8.69 (60)11.48 (56)8.41 (56)9.07 (63) Russell 1000 Value Index -1.98 (58)14.37 (49)12.91 (45)5.63 (61)10.21 (61)8.68 (60)11.48 (56)8.41 (56)9.06 (64) 5th Percentile 1.41 21.02 19.31 9.43 14.27 12.59 14.94 11.02 12.05 1st Quartile -0.56 16.34 14.46 7.50 12.24 10.41 12.91 9.53 10.45 Median -1.73 14.29 12.57 6.23 10.77 9.25 11.69 8.62 9.51 3rd Quartile -2.51 11.41 10.21 4.80 9.47 7.97 10.62 7.65 8.57 95th Percentile -4.35 5.91 6.75 2.33 6.95 5.85 8.59 5.87 6.91 Population 1,028 1,028 1,016 992 973 971 958 955 939 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - NTGI-QM R1000V Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 87 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 11.61 (46)-7.62 (70)25.17 (62)2.77 (52)26.55 (38)-8.32 (45)13.77 (78)17.03 (24)-3.66 (56)13.54 (15) Russell 1000 Value Index 11.46 (47)-7.54 (70)25.16 (62)2.80 (51)26.54 (38)-8.27 (44)13.66 (79)17.34 (21)-3.83 (59)13.45 (16) 5th Percentile 19.80 1.18 32.97 12.90 31.18 -2.85 21.43 20.85 1.32 14.85 1st Quartile 14.12 -2.97 28.29 5.97 27.83 -6.36 18.52 16.86 -1.59 12.69 Median 11.05 -5.50 26.11 2.86 25.50 -8.68 16.35 14.31 -3.34 11.19 3rd Quartile 8.33 -8.33 23.97 0.31 23.27 -10.63 14.06 12.20 -4.81 9.41 95th Percentile 3.77 -13.51 19.26 -4.47 19.63 -14.47 9.59 9.05 -7.88 6.91 Population 1,109 1,114 1,114 1,112 1,098 1,094 1,073 1,054 1,010 1,002 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - NTGI-QM R1000V Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 88 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $118,081,560 $106,878,366 $74,563,616 $106,096,870 $107,856,486 $15,584,862 Net Contributions $5,220,319 $5,845,178 $15,652,365 -$9,365,956 -$21,176,244 -$101,646,221 Net Investment Return $1,832,869 $12,411,204 $16,662,386 -$22,167,299 $19,416,627 $211,196,108 Ending Market Value $125,134,749 $125,134,749 $106,878,366 $74,563,616 $106,096,870 $125,134,749 City of Clearwater - Total U.S. Mid Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 89 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap 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 1.44 11.47 1.96 11.57 10.55 9.79 12.15 Russell Midcap Index 0.62 15.34 3.79 9.92 9.65 9.63 11.42 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 11.47 20.24 -20.92 18.74 37.35 29.52 -9.88 12.15 Russell Midcap Index 15.34 17.23 -17.32 22.58 17.10 30.54 -9.06 11.42 City of Clearwater - Total U.S. Mid Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 90 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 44.44 47.22 Negative Months Ratio 55.56 52.78 Best Quarter 16.20 17.06 Worst Quarter -17.73 -16.85 Standard Deviation 20.42 19.96 Maximum Drawdown -27.47 -24.27 Max Drawdown Recovery Period 25.00 25.00 Up Capture 77.42 100.00 Down Capture 78.92 100.00 Alpha -1.14 0.00 Beta 0.91 1.00 R-Squared 0.78 1.00 Consistency 38.89 100.00 Tracking Error 9.68 0.00 Treynor Ratio 0.00 0.02 Information Ratio -0.17 - Sharpe Ratio 0.01 0.09 Total Portfolio Russell Midcap Index Positive Months Ratio 62.36 63.49 Negative Months Ratio 37.64 36.51 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.73 16.52 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 91.93 100.00 Down Capture 80.80 100.00 Alpha 2.09 0.00 Beta 0.90 1.00 R-Squared 0.70 1.00 Consistency 49.66 100.00 Tracking Error 9.79 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.09 - Sharpe Ratio 0.57 0.56 City of Clearwater - Total U.S. Mid Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 91 -5 0 5 10 15 20 25 30 35 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 1.44 (75)11.47 (100)15.77 (100)1.96 (100)5.92 (100)11.57 (87)14.38 (92)10.55 (93)11.66 (86) Russell Midcap Index 0.62 (97)15.34 (99)16.28 (100)3.79 (100)8.20 (100)9.92 (98)13.12 (96)9.65 (100)10.72 (94) 5th Percentile 2.70 23.94 25.38 9.44 13.10 13.99 16.70 13.31 14.28 1st Quartile 2.55 23.05 23.98 7.91 12.34 13.66 16.38 13.02 14.00 Median 2.01 21.45 22.53 7.10 11.46 13.03 16.05 12.60 13.47 3rd Quartile 1.40 19.66 20.63 6.48 10.73 12.17 15.01 11.37 12.29 95th Percentile 0.69 15.97 17.68 5.09 8.81 10.61 13.14 9.83 10.67 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total U.S. Mid Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 92 -40 -25 -10 5 20 35 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 20.24 (88)-20.92 (96)18.74 (100)37.35 (1)29.52 (68)-9.88 (97)19.76 (79)6.73 (99)-1.30 (84)13.38 (4) Russell Midcap Index 17.23 (100)-17.32 (26)22.58 (88)17.10 (73)30.54 (35)-9.06 (93)18.52 (85)13.80 (20)-2.44 (90)13.22 (4) 5th Percentile 27.05 -14.03 29.34 25.03 32.63 -4.45 23.55 16.14 1.82 12.76 1st Quartile 25.67 -17.23 26.56 20.82 30.69 -5.52 22.08 13.66 0.77 11.60 Median 24.19 -18.54 25.75 19.01 30.02 -5.81 20.97 12.44 0.19 10.82 3rd Quartile 22.13 -19.32 23.93 16.59 29.42 -7.51 19.89 11.37 -0.77 9.46 95th Percentile 19.31 -20.73 21.63 12.30 27.45 -9.47 17.82 10.72 -3.22 7.76 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total U.S. Mid Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 93 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 Jan-03 Jul-04 Jan-06 Jul-07 Jan-09 Jul-10 Jan-12 Jul-13 Jan-15 Jul-16 Jan-18 Jul-19 Jan-21 Jul-22 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 08/31/2001 Beginning Market Value $55,553,539 $51,642,293 $32,313,010 $50,353,781 $54,194,482 $29,913,539 Net Contributions -$4,888,830 -$4,565,647 $10,324,950 $277,067 -$9,564,250 -$63,260,653 Net Investment Return $2,963,052 $6,551,116 $9,004,333 -$18,317,838 $5,723,549 $86,974,875 Ending Market Value $53,627,761 $53,627,761 $51,642,293 $32,313,010 $50,353,781 $53,627,761 City of Clearwater - Artisan Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 94 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap 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 5.25 12.56 -3.60 9.19 11.01 9.94 10.24 Russell Midcap Growth Index 8.14 22.10 4.04 11.47 12.08 11.54 9.64 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 12.56 25.02 -36.33 10.53 56.72 38.58 -3.39 10.24 Russell Midcap Growth Index 22.10 25.87 -26.72 12.73 35.59 35.47 -4.75 9.64 City of Clearwater - Artisan Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 95 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 52.78 55.56 Negative Months Ratio 47.22 44.44 Best Quarter 17.97 20.06 Worst Quarter -22.20 -21.07 Standard Deviation 21.52 22.15 Maximum Drawdown -36.33 -31.45 Max Drawdown Recovery Period -26.00 Up Capture 80.22 100.00 Down Capture 103.57 100.00 Alpha -7.08 0.00 Beta 0.94 1.00 R-Squared 0.93 1.00 Consistency 33.33 100.00 Tracking Error 5.70 0.00 Treynor Ratio -0.05 0.03 Information Ratio -1.35 - Sharpe Ratio -0.24 0.12 Total Portfolio Russell Midcap Growth Index Positive Months Ratio 61.21 60.50 Negative Months Ratio 38.79 39.50 Best Quarter 36.44 31.56 Worst Quarter -39.29 -40.64 Standard Deviation 18.89 18.66 Maximum Drawdown -50.92 -52.91 Max Drawdown Recovery Period 37.00 39.00 Up Capture 100.90 100.00 Down Capture 98.41 100.00 Alpha 0.88 0.00 Beta 0.97 1.00 R-Squared 0.93 1.00 Consistency 46.98 100.00 Tracking Error 5.15 0.00 Treynor Ratio 0.10 0.09 Information Ratio 0.11 - Sharpe Ratio 0.53 0.50 City of Clearwater - Artisan Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 96 -20 -12 -4 4 12 20 28 36 44 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 5.25 (35)12.56 (61)18.63 (51)-3.60 (83)-0.24 (83)9.19 (50)13.62 (38)11.01 (34)12.19 (51) Russell Midcap Growth Index 8.14 (16)22.10 (24)23.97 (11)4.04 (12)6.15 (15)11.47 (16)15.16 (15)12.08 (17)13.65 (18) 5th Percentile 16.17 35.16 28.64 6.06 9.64 14.25 17.48 15.24 17.53 1st Quartile 7.35 21.12 21.71 1.57 4.99 10.78 14.44 11.54 13.26 Median 3.46 14.62 18.74 -0.10 3.00 9.15 13.03 10.33 12.19 3rd Quartile 0.06 10.45 14.74 -2.60 0.32 7.57 11.56 9.01 10.99 95th Percentile -3.32 3.85 9.88 -7.36 -4.99 4.86 8.71 6.23 8.52 Population 490 490 490 488 479 470 461 454 441 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Artisan Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 97 -75 -50 -25 0 25 50 75 100 125 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 25.02 (22)-36.33 (89)10.53 (62)56.72 (18)38.58 (17)-3.39 (37)20.81 (88)-0.63 (95)3.38 (18)6.96 (62) Russell Midcap Growth Index 25.87 (17)-26.72 (37)12.73 (44)35.59 (55)35.47 (38)-4.75 (47)25.27 (48)7.33 (27)-0.20 (58)11.90 (14) 5th Percentile 32.02 -16.71 25.33 84.14 42.16 4.01 34.48 13.32 6.26 13.16 1st Quartile 24.41 -24.48 16.51 48.98 37.59 -2.01 28.37 7.64 2.68 10.89 Median 20.57 -28.53 11.81 38.98 33.86 -5.01 25.09 4.73 0.52 7.75 3rd Quartile 17.64 -33.24 7.15 30.33 30.82 -7.25 22.90 2.04 -1.93 5.34 95th Percentile 10.91 -41.94 -4.91 18.72 26.61 -12.61 16.23 -1.02 -6.10 0.14 Population 526 538 547 525 515 508 494 494 488 484 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Artisan Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 98 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 ValueMar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $62,528,021 $55,236,074 $42,250,605 $55,743,089 $53,662,005 $27,058,203 Net Contributions $10,109,149 $10,410,825 $5,327,415 -$9,643,023 -$11,611,994 $4,709,187 Net Investment Return -$1,130,182 $5,860,089 $7,658,053 -$3,849,460 $13,693,078 $39,739,598 Ending Market Value $71,506,988 $71,506,988 $55,236,074 $42,250,605 $55,743,089 $71,506,988 City of Clearwater - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 99 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 6 12 18 -6 -12Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.94 10.45 6.25 ---11.71 Russell Midcap Value Index -1.75 13.07 3.88 8.59 7.72 8.10 11.73 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 10.45 16.74 -6.98 27.34 ---11.71 Russell Midcap Value Index 13.07 12.71 -12.03 28.34 4.96 27.06 -12.29 11.73 City of Clearwater - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 100 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 Risk (Annualized Standard Deviation) Boston Partners Russell Midcap Value Index Positive Months Ratio 50.00 50.00 Negative Months Ratio 50.00 50.00 Best Quarter 14.56 15.84 Worst Quarter -17.99 -14.68 Standard Deviation 23.34 19.77 Maximum Drawdown -29.72 -20.36 Max Drawdown Recovery Period 25.00 25.00 Up Capture 79.43 100.00 Down Capture 63.95 100.00 Alpha 3.69 0.00 Beta 0.89 1.00 R-Squared 0.57 1.00 Consistency 50.00 100.00 Tracking Error 15.48 0.00 Treynor Ratio 0.06 0.02 Information Ratio 0.19 - Sharpe Ratio 0.21 0.10 Boston Partners Russell Midcap Value Index Positive Months Ratio 56.90 58.62 Negative Months Ratio 43.10 41.38 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 24.79 21.79 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period 25.00 5.00 Up Capture 88.39 100.00 Down Capture 78.75 100.00 Alpha 0.92 0.00 Beta 0.98 1.00 R-Squared 0.75 1.00 Consistency 48.28 100.00 Tracking Error 12.42 0.00 Treynor Ratio 0.12 0.11 Information Ratio 0.06 - Sharpe Ratio 0.48 0.51 City of Clearwater - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 101 -12 -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 -1.94 (55)10.45 (56)13.55 (28)6.25 (19)11.17 (29)---- Russell Midcap Value Index -1.75 (51)13.07 (30)12.89 (36)3.88 (71)9.52 (63)8.59 (51)11.47 (48)7.72 (40)8.41 (42) 5th Percentile 1.03 16.45 18.42 9.47 13.99 12.28 15.14 10.05 10.84 1st Quartile -0.95 13.48 13.78 5.88 11.28 9.88 12.68 8.50 9.13 Median -1.74 10.77 11.94 4.91 10.46 8.60 11.29 7.41 8.08 3rd Quartile -2.72 8.92 9.91 3.57 8.91 7.22 10.22 6.56 7.22 95th Percentile -4.03 5.48 7.42 1.68 6.88 6.04 8.64 4.86 6.03 Population 349 349 346 343 342 340 339 338 329 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Boston Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 102 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 16.74 (20)-6.98 (39)27.34 (63)------- Russell Midcap Value Index 12.71 (46)-12.03 (86)28.34 (53)4.96 (33)27.06 (49)-12.29 (34)13.34 (55)20.00 (37)-4.78 (60)14.75 (10) 5th Percentile 22.21 -1.06 35.12 10.24 33.08 -7.16 19.62 24.76 1.11 15.31 1st Quartile 15.94 -5.50 31.24 6.04 29.60 -11.44 15.78 21.01 -2.36 12.50 Median 12.28 -8.13 28.56 2.81 26.91 -13.31 13.58 17.93 -3.82 9.86 3rd Quartile 10.35 -10.38 25.91 0.16 24.40 -15.48 11.61 14.95 -6.69 7.02 95th Percentile 6.52 -14.61 18.46 -4.35 17.43 -19.84 7.78 10.96 -10.20 3.01 Population 361 371 384 383 381 381 370 370 366 343 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Boston Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 103 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 $56,900,000 $113,800,000 $170,700,000 -$56,900,000 -$113,800,000 -$170,700,000Market ValueAug-03 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $61,827,282 $59,111,590 $44,901,336 $68,730,135 $69,802,301 $29,988,472 Net Contributions $10,143,415 $10,538,966 $5,457,576 -$9,523,392 -$9,352,470 -$92,465,528 Gain/Loss $859,472 $3,179,613 $8,752,678 -$14,305,407 $8,280,305 $135,307,225 Ending Market Value $72,830,169 $72,830,169 $59,111,590 $44,901,336 $68,730,135 $72,830,169 City of Clearwater - Total U.S. Small Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 104 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 5 10 15 -5Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.45 5.41 -0.45 7.72 9.35 9.75 9.95 Russell 2000 Index 0.33 11.54 1.24 7.40 6.91 7.82 8.73 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 5.41 18.22 -20.83 12.05 31.17 26.79 1.67 9.95 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 8.73 City of Clearwater - Total U.S. Small Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 105 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 41.67 47.22 Negative Months Ratio 58.33 52.78 Best Quarter 14.71 17.62 Worst Quarter -14.50 -17.20 Standard Deviation 19.52 23.30 Maximum Drawdown -25.37 -25.10 Max Drawdown Recovery Period 34.00 30.00 Up Capture 76.46 100.00 Down Capture 81.35 100.00 Alpha -1.75 0.00 Beta 0.82 1.00 R-Squared 0.95 1.00 Consistency 41.67 100.00 Tracking Error 6.19 0.00 Treynor Ratio -0.03 0.00 Information Ratio -0.40 - Sharpe Ratio -0.12 0.00 Total Portfolio Russell 2000 Index Positive Months Ratio 63.28 62.11 Negative Months Ratio 36.72 37.89 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.95 19.85 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 92.10 100.00 Down Capture 84.84 100.00 Alpha 2.06 0.00 Beta 0.88 1.00 R-Squared 0.94 1.00 Consistency 51.17 100.00 Tracking Error 5.02 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.15 - Sharpe Ratio 0.53 0.44 City of Clearwater - Total U.S. Small Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 106 -10 -5 0 5 10 15 20 25 30 35 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 1.45 (75)5.41 (100)11.64 (100)-0.45 (100)2.54 (100)7.72 (100)10.68 (100)9.35 (100)10.24 (100) Russell 2000 Index 0.33 (98)11.54 (100)14.20 (100)1.24 (100)4.48 (100)7.40 (100)10.23 (100)6.91 (100)7.85 (100) 5th Percentile 2.70 23.94 25.38 9.44 13.10 13.99 16.70 13.31 14.28 1st Quartile 2.55 23.05 23.98 7.91 12.34 13.66 16.38 13.02 14.00 Median 2.01 21.45 22.53 7.10 11.46 13.03 16.05 12.60 13.47 3rd Quartile 1.40 19.66 20.63 6.48 10.73 12.17 15.01 11.37 12.29 95th Percentile 0.69 15.97 17.68 5.09 8.81 10.61 13.14 9.83 10.67 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total U.S. Small Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 107 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 18.22 (99)-20.83 (96)12.05 (100)31.17 (1)26.79 (99)1.67 (1)16.66 (97)18.26 (3)-1.70 (86)0.39 (99) Russell 2000 Index 16.93 (100)-20.44 (95)14.82 (100)19.96 (39)25.53 (100)-11.01 (98)14.65 (98)21.31 (2)-4.41 (100)4.89 (98) 5th Percentile 27.05 -14.03 29.34 25.03 32.63 -4.45 23.55 16.14 1.82 12.76 1st Quartile 25.67 -17.23 26.56 20.82 30.69 -5.52 22.08 13.66 0.77 11.60 Median 24.19 -18.54 25.75 19.01 30.02 -5.81 20.97 12.44 0.19 10.82 3rd Quartile 22.13 -19.32 23.93 16.59 29.42 -7.51 19.89 11.37 -0.77 9.46 95th Percentile 19.31 -20.73 21.63 12.30 27.45 -9.47 17.82 10.72 -3.22 7.76 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total U.S. Small Cap Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 108 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 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $19,814,013 $18,033,709 $10,217,052 $17,200,666 $16,792,169 $14,989,707 Net Contributions $5,040,425 $5,152,287 $5,103,012 -$4,891,140 -$2,854,948 -$20,920,993 Net Investment Return -$242,874 $1,425,568 $2,713,645 -$2,092,474 $3,263,446 $30,542,850 Ending Market Value $24,611,564 $24,611,564 $18,033,709 $10,217,052 $17,200,666 $24,611,564 City of Clearwater - Atlanta Capital Mgmt MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 109 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 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 -1.03 8.09 4.60 8.73 9.83 10.47 11.75 Russell 2000 Index 0.33 11.54 1.24 7.40 6.91 7.82 8.73 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 8.09 20.71 -12.28 19.89 10.77 26.20 0.48 11.75 Russell 2000 Index 11.54 16.93 -20.44 14.82 19.96 25.53 -11.01 8.73 City of Clearwater - Atlanta Capital Mgmt INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 110 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 50.00 47.22 Negative Months Ratio 50.00 52.78 Best Quarter 14.40 17.62 Worst Quarter -10.65 -17.20 Standard Deviation 18.18 23.30 Maximum Drawdown -19.79 -25.10 Max Drawdown Recovery Period 18.00 30.00 Up Capture 78.76 100.00 Down Capture 69.23 100.00 Alpha 3.26 0.00 Beta 0.75 1.00 R-Squared 0.91 1.00 Consistency 44.44 100.00 Tracking Error 8.02 0.00 Treynor Ratio 0.03 0.00 Information Ratio 0.28 - Sharpe Ratio 0.13 0.00 Total Portfolio Russell 2000 Index Positive Months Ratio 64.45 62.11 Negative Months Ratio 35.55 37.89 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.20 19.85 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 86.41 100.00 Down Capture 70.36 100.00 Alpha 4.48 0.00 Beta 0.78 1.00 R-Squared 0.91 1.00 Consistency 49.61 100.00 Tracking Error 6.63 0.00 Treynor Ratio 0.14 0.09 Information Ratio 0.31 - Sharpe Ratio 0.67 0.44 City of Clearwater - Atlanta Capital Mgmt PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 111 -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 -1.03 (73)8.09 (77)14.23 (38)4.60 (16)8.23 (33)8.73 (41)11.47 (36)9.83 (6)10.26 (7) Russell 2000 Index 0.33 (35)11.54 (40)14.20 (39)1.24 (67)4.48 (85)7.40 (68)10.23 (66)6.91 (62)7.85 (53) 5th Percentile 3.48 18.96 19.13 6.68 11.94 11.77 14.30 9.92 10.92 1st Quartile 0.70 13.22 15.23 3.79 8.73 9.87 12.18 8.23 8.89 Median -0.28 10.75 13.32 2.11 7.10 8.14 10.74 7.22 7.90 3rd Quartile -1.30 8.27 11.65 0.83 5.34 6.99 9.89 6.46 7.17 95th Percentile -3.67 3.85 8.95 -1.08 3.16 4.94 7.66 4.25 5.31 Population 536 534 529 523 516 516 511 504 499 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Atlanta Capital Mgmt Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 112 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 20.71 (12)-12.28 (14)19.89 (69)10.77 (63)26.20 (33)0.48 (1)13.34 (52)18.02 (76)4.97 (1)3.50 (73) Russell 2000 Index 16.93 (40)-20.44 (83)14.82 (88)19.96 (16)25.53 (42)-11.01 (40)14.65 (32)21.31 (46)-4.41 (56)4.89 (57) 5th Percentile 22.30 -8.92 32.85 25.40 31.11 -6.42 19.74 28.50 -0.46 10.58 1st Quartile 18.13 -14.99 26.58 18.43 27.01 -9.80 15.18 24.01 -2.22 7.03 Median 16.19 -16.74 22.92 12.73 24.88 -11.92 13.47 20.81 -4.14 5.28 3rd Quartile 13.56 -19.97 18.87 7.66 22.37 -14.21 11.01 18.04 -5.65 3.20 95th Percentile 8.73 -22.99 13.94 0.22 18.06 -18.21 8.42 11.68 -9.72 -0.93 Population 567 573 592 592 587 578 569 557 529 516 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Atlanta Capital Mgmt Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 113 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 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $28,943,629 $28,693,880 $23,689,315 $34,601,965 $37,963,992 $16,876,305 Net Contributions $67,252 $259,681 $243,018 $223,461 -$4,656,869 -$32,694,526 Net Investment Return $1,002,948 $1,060,269 $4,761,547 -$11,136,111 $1,294,843 $45,832,051 Ending Market Value $30,013,830 $30,013,830 $28,693,880 $23,689,315 $34,601,965 $30,013,830 City of Clearwater - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 114 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 8 16 24 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.47 3.67 -5.48 6.13 9.10 9.52 12.12 Russell 2000 Growth Index 1.70 15.15 0.21 6.86 7.17 8.09 10.77 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 3.67 20.04 -32.15 3.44 54.14 27.35 7.33 12.12 Russell 2000 Growth Index 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 10.77 City of Clearwater - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 115 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 44.44 47.22 Negative Months Ratio 55.56 52.78 Best Quarter 15.37 18.25 Worst Quarter -20.18 -19.25 Standard Deviation 21.35 23.99 Maximum Drawdown -32.89 -29.45 Max Drawdown Recovery Period -34.00 Up Capture 72.84 100.00 Down Capture 90.30 100.00 Alpha -5.80 0.00 Beta 0.85 1.00 R-Squared 0.91 1.00 Consistency 47.22 100.00 Tracking Error 7.34 0.00 Treynor Ratio -0.08 -0.01 Information Ratio -0.88 - Sharpe Ratio -0.34 -0.03 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 62.57 60.82 Negative Months Ratio 37.43 39.18 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 18.08 19.92 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -41.00 Up Capture 90.46 100.00 Down Capture 80.70 100.00 Alpha 2.76 0.00 Beta 0.85 1.00 R-Squared 0.87 1.00 Consistency 51.46 100.00 Tracking Error 7.10 0.00 Treynor Ratio 0.14 0.11 Information Ratio 0.12 - Sharpe Ratio 0.66 0.55 City of Clearwater - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 116 -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 3.47 (19)3.67 (100)11.55 (89)-5.48 (83)-3.33 (83)6.13 (74)9.40 (81)9.10 (44)10.75 (46) Russell 2000 Growth Index 1.70 (30)15.15 (40)16.89 (31)0.21 (31)0.86 (55)6.86 (67)10.19 (67)7.17 (76)8.94 (73) 5th Percentile 8.19 27.28 23.38 3.47 7.77 14.14 16.94 14.39 14.98 1st Quartile 2.50 18.62 17.86 0.67 3.76 9.74 12.89 10.38 12.18 Median 0.55 13.78 14.92 -1.22 1.28 7.63 10.96 8.63 10.44 3rd Quartile -0.81 10.47 12.72 -4.65 -2.12 5.92 9.80 7.24 8.87 95th Percentile -3.07 5.81 9.63 -7.68 -6.16 3.85 7.09 5.36 7.24 Population 535 535 532 525 522 521 509 507 495 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Riverbridge Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 117 -80 -60 -40 -20 0 20 40 60 80 100 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 20.04 (21)-32.15 (75)3.44 (77)54.14 (23)27.35 (59)7.33 (3)22.97 (54)13.29 (25)-3.15 (63)0.20 (78) Russell 2000 Growth Index 18.66 (31)-26.36 (39)2.83 (80)34.63 (61)28.48 (53)-9.31 (81)22.17 (56)11.32 (38)-1.38 (41)5.60 (31) 5th Percentile 25.93 -18.58 28.62 71.41 40.49 5.37 37.00 23.02 5.10 9.41 1st Quartile 19.19 -24.42 15.25 53.18 34.92 -0.82 27.32 13.21 0.16 6.14 Median 16.34 -28.30 9.34 38.39 29.04 -4.66 23.90 9.68 -2.10 3.29 3rd Quartile 12.67 -32.18 3.74 27.91 24.93 -8.34 19.22 6.42 -4.33 0.98 95th Percentile 6.49 -38.92 -5.83 18.04 19.33 -14.01 13.15 0.31 -8.93 -5.80 Population 578 586 598 597 580 578 564 555 551 545 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Riverbridge Partners Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 118 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 Nov-23 May-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $13,069,640 $12,384,001 $10,994,968 $16,927,504 $15,046,141 $13,915,449 Net Contributions $5,035,738 $5,126,998 $111,546 -$4,855,712 -$1,840,653 -$3,071,606 Net Investment Return $99,398 $693,776 $1,277,487 -$1,076,823 $3,722,016 $7,360,933 Ending Market Value $18,204,775 $18,204,775 $12,384,001 $10,994,968 $16,927,504 $18,204,775 City of Clearwater - Sycamore Small Cap Value MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 119 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Value Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.75 5.57 3.30 7.66 7.65 -7.46 Russell 2000 Value Index -1.06 8.05 1.94 7.29 6.13 7.14 5.86 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 5.57 11.55 -6.40 25.08 4.91 26.24 -8.23 7.46 Russell 2000 Value Index 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 5.86 City of Clearwater - Sycamore Small Cap Value INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 120 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 20 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 41.67 47.22 Negative Months Ratio 58.33 52.78 Best Quarter 13.66 17.00 Worst Quarter -12.58 -15.28 Standard Deviation 20.20 23.44 Maximum Drawdown -16.71 -21.12 Max Drawdown Recovery Period 12.00 26.00 Up Capture 86.49 100.00 Down Capture 82.65 100.00 Alpha 1.37 0.00 Beta 0.84 1.00 R-Squared 0.95 1.00 Consistency 50.00 100.00 Tracking Error 5.72 0.00 Treynor Ratio 0.02 0.01 Information Ratio 0.11 - Sharpe Ratio 0.07 0.03 Total Portfolio Russell 2000 Value Index Positive Months Ratio 56.98 59.30 Negative Months Ratio 43.02 40.70 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 19.94 23.32 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 88.30 100.00 Down Capture 83.56 100.00 Alpha 1.80 0.00 Beta 0.83 1.00 R-Squared 0.94 1.00 Consistency 50.00 100.00 Tracking Error 6.26 0.00 Treynor Ratio 0.08 0.07 Information Ratio 0.04 - Sharpe Ratio 0.34 0.28 City of Clearwater - Sycamore Small Cap Value PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 121 -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 0.75 (32)5.57 (81)8.52 (92)3.30 (58)8.36 (79)7.66 (71)10.56 (60)7.65 (29)- Russell 2000 Value Index -1.06 (72)8.05 (64)11.30 (64)1.94 (86)7.97 (86)7.29 (77)9.67 (77)6.13 (66)6.34 (70) 5th Percentile 3.97 15.85 19.38 8.91 15.12 14.51 15.17 9.90 10.54 1st Quartile 1.05 11.60 14.36 5.65 11.48 10.18 12.16 7.78 8.28 Median -0.33 9.37 12.24 3.77 10.05 8.65 10.97 6.88 7.16 3rd Quartile -1.18 6.29 10.32 2.50 8.66 7.42 9.78 5.72 6.05 95th Percentile -3.16 3.22 7.10 0.38 6.68 5.43 8.21 4.31 4.74 Population 425 425 423 413 408 404 396 387 381 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Sycamore Small Cap Value Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 122 -40 -25 -10 5 20 35 50 65 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 11.55 (80)-6.40 (19)25.08 (84)4.91 (37)26.24 (20)-8.23 (4)---- Russell 2000 Value Index 14.65 (58)-14.48 (82)28.27 (62)4.63 (39)22.39 (47)-12.86 (28)7.84 (69)31.74 (7)-7.47 (73)4.22 (51) 5th Percentile 23.87 0.19 40.09 15.93 32.28 -8.75 17.50 32.34 0.27 8.61 1st Quartile 19.16 -8.22 34.94 8.54 25.53 -12.51 12.11 29.04 -3.05 5.82 Median 15.88 -11.46 30.86 3.54 22.11 -15.29 9.75 25.45 -5.58 4.29 3rd Quartile 12.58 -13.85 26.34 -0.19 20.13 -17.61 7.33 20.91 -7.74 2.02 95th Percentile 8.60 -17.25 21.46 -6.29 15.97 -21.09 3.42 15.60 -13.69 -2.67 Population 458 461 460 456 445 436 429 427 420 403 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Sycamore Small Cap Value Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 123 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 $95,900,000 $191,800,000 $287,700,000 $383,600,000 -$95,900,000 -$191,800,000Market 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-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $172,048,128 $168,620,186 $185,852,802 $246,605,252 $230,430,120 $20,000,000 Net Contributions -$29,762,268 -$48,923,615 -$43,879,659 -$8,803,702 -$14,613,515 -$98,544,074 Net Investment Return -$12,191,939 $10,397,349 $26,647,043 -$51,948,748 $30,788,647 $208,637,995 Ending Market Value $130,093,921 $130,093,921 $168,620,186 $185,852,802 $246,605,252 $130,093,921 City of Clearwater - Total International Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 124 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 5 10 -5 -10 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -7.27 5.82 -0.87 5.57 5.70 5.73 5.37 MSCI AC World ex USA (Net)-7.60 5.53 0.82 4.10 3.53 4.80 5.33 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 20 40 -20 -40Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 5.82 16.64 -21.08 13.92 18.16 27.53 -11.88 5.37 MSCI AC World ex USA (Net)5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 5.33 City of Clearwater - Total International Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 125 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 52.78 50.00 Negative Months Ratio 47.22 50.00 Best Quarter 18.50 19.97 Worst Quarter -14.77 -13.73 Standard Deviation 17.44 16.02 Maximum Drawdown -30.96 -26.50 Max Drawdown Recovery Period 30.00 26.00 Up Capture 104.47 100.00 Down Capture 111.72 100.00 Alpha -1.55 0.00 Beta 1.05 1.00 R-Squared 0.93 1.00 Consistency 50.00 100.00 Tracking Error 4.61 0.00 Treynor Ratio -0.03 -0.02 Information Ratio -0.32 - Sharpe Ratio -0.18 -0.11 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.30 59.01 Negative Months Ratio 41.70 40.99 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 16.99 16.80 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 97.87 100.00 Down Capture 96.75 100.00 Alpha 0.15 0.00 Beta 0.99 1.00 R-Squared 0.95 1.00 Consistency 49.47 100.00 Tracking Error 3.65 0.00 Treynor Ratio 0.05 0.05 Information Ratio 0.02 - Sharpe Ratio 0.30 0.30 City of Clearwater - Total International Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 126 -15 -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 -7.27 (52)5.82 (38)11.10 (39)-0.87 (87)2.64 (43)5.57 (22)8.95 (9)5.70 (10)8.25 (5) MSCI AC World ex USA (Net) -7.60 (79)5.53 (42)10.46 (53)0.82 (45)2.53 (51)4.10 (61)6.82 (62)3.53 (64)6.23 (59) 5th Percentile -1.99 12.75 17.15 4.23 6.87 6.99 9.63 6.26 8.24 1st Quartile -6.72 6.82 12.42 1.57 3.23 4.92 7.87 4.00 6.85 Median -7.24 5.23 10.56 0.51 2.55 4.47 7.11 3.83 6.55 3rd Quartile -7.52 3.90 9.62 -0.51 1.69 3.46 6.38 3.09 5.78 95th Percentile -8.90 2.34 7.64 -2.24 0.00 0.70 2.68 0.45 3.44 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total International Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 127 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 16.64 (47)-21.08 (88)13.92 (6)18.16 (12)27.53 (4)-11.88 (7)27.97 (46)2.78 (78)-9.91 (98)-5.56 (100) MSCI AC World ex USA (Net) 15.62 (65)-16.00 (27)7.82 (56)10.65 (75)21.51 (68)-14.20 (39)27.19 (66)4.50 (45)-5.66 (84)-3.87 (69) 5th Percentile 19.60 -13.12 14.39 20.84 27.21 -11.76 32.25 8.79 1.34 0.80 1st Quartile 17.63 -15.89 10.23 15.27 23.33 -13.47 30.33 5.74 -1.35 -1.27 Median 16.61 -17.65 8.17 13.60 22.73 -14.51 27.77 4.22 -2.81 -3.00 3rd Quartile 15.34 -18.83 6.75 10.50 20.83 -15.26 25.80 3.30 -4.85 -4.17 95th Percentile 13.62 -22.18 1.32 6.57 19.01 -16.79 24.07 0.38 -7.70 -4.71 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total International Equities Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 128 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 Oct-23 Apr-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $14,513,865 $17,204,829 $40,928,685 $48,958,040 $46,258,878 $39,577,385 Net Contributions -$174 -$5,000,791 -$28,001,765 -$1,980 -$2,458 -$33,011,555 Net Investment Return -$996,967 $1,312,686 $4,277,909 -$8,027,375 $2,701,619 $6,950,893 Ending Market Value $13,516,724 $13,516,724 $17,204,829 $40,928,685 $48,958,040 $13,516,724 City of Clearwater - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 129 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 8 16 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -6.87 7.32 1.18 4.54 2.97 -3.52 MSCI Emerging Markets (Net)-8.01 7.50 -1.92 1.70 1.38 3.64 1.87 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 15 30 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 7.32 15.44 -16.40 5.84 13.87 16.04 -15.25 3.52 MSCI Emerging Markets (Net)7.50 9.83 -20.09 -2.54 18.31 18.42 -14.57 1.87 City of Clearwater - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 130 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 20 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 50.00 47.22 Negative Months Ratio 50.00 52.78 Best Quarter 21.28 22.16 Worst Quarter -12.38 -14.11 Standard Deviation 16.32 17.50 Maximum Drawdown -25.35 -29.42 Max Drawdown Recovery Period 28.00 32.00 Up Capture 95.09 100.00 Down Capture 82.81 100.00 Alpha 2.91 0.00 Beta 0.92 1.00 R-Squared 0.97 1.00 Consistency 61.11 100.00 Tracking Error 3.19 0.00 Treynor Ratio -0.01 -0.04 Information Ratio 0.91 - Sharpe Ratio -0.08 -0.25 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 54.65 53.49 Negative Months Ratio 45.35 46.51 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 17.61 17.55 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 - Up Capture 99.79 100.00 Down Capture 92.26 100.00 Alpha 1.72 0.00 Beta 0.98 1.00 R-Squared 0.95 1.00 Consistency 56.98 100.00 Tracking Error 3.76 0.00 Treynor Ratio 0.03 0.01 Information Ratio 0.44 - Sharpe Ratio 0.16 0.06 City of Clearwater - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 131 -20 -15 -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 -6.87 (51)7.32 (35)11.31 (22)1.18 (10)2.33 (12)4.54 (18)6.37 (25)2.97 (23)- MSCI Emerging Markets (Net) -8.01 (81)7.50 (33)8.66 (50)-1.92 (36)-2.08 (40)1.70 (48)4.31 (55)1.38 (47)5.29 (46) 5th Percentile -3.06 14.09 15.57 2.89 4.75 6.59 8.62 5.29 8.43 1st Quartile -5.89 8.41 10.99 -0.95 0.16 3.75 6.26 2.64 6.54 Median -6.86 6.20 8.63 -3.21 -2.93 1.46 4.49 1.12 5.06 3rd Quartile -7.76 3.38 6.73 -5.65 -5.30 -0.25 3.36 0.08 3.93 95th Percentile -10.15 -2.40 3.91 -8.17 -7.66 -2.25 1.59 -1.24 2.57 Population 693 693 680 646 614 595 584 562 553 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - DFA Emerging Markets Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 132 -55 -40 -25 -10 5 20 35 50 65 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 15.44 (24)-16.40 (13)5.84 (14)13.87 (76)16.04 (87)-15.25 (37)---- MSCI Emerging Markets (Net) 9.83 (60)-20.09 (27)-2.54 (57)18.31 (52)18.42 (72)-14.57 (25)37.28 (49)11.19 (27)-14.92 (71)-2.19 (46) 5th Percentile 22.60 -13.00 14.58 42.86 30.92 -11.34 47.45 18.21 -5.78 3.95 1st Quartile 15.12 -19.85 3.17 26.73 26.00 -14.57 41.43 11.39 -9.35 -0.06 Median 10.91 -22.76 -1.74 18.67 21.71 -16.44 37.13 8.31 -12.85 -2.67 3rd Quartile 7.99 -26.30 -5.65 14.02 18.17 -18.86 31.41 3.94 -15.34 -4.58 95th Percentile 4.37 -33.02 -12.12 5.43 11.74 -22.51 24.48 -0.83 -19.43 -7.79 Population 734 747 748 725 707 670 656 633 583 529 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - DFA Emerging Markets Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 133 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 $23,900,000 $47,800,000 $71,700,000 $95,600,000 $119,500,000 -$23,900,000Market ValueJul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $63,750,125 $70,991,687 $64,842,013 $80,786,203 $70,805,506 $16,165,278 Net Contributions -$29,947,474 -$44,621,435 -$4,532,684 -$4,551,771 $521,148 -$19,778,317 Net Investment Return -$3,973,455 $3,458,944 $10,682,359 -$11,392,420 $9,459,550 $33,442,236 Ending Market Value $29,829,196 $29,829,196 $70,991,687 $64,842,013 $80,786,203 $29,829,196 City of Clearwater - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 134 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 5 10 -5 -10 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -6.73 4.64 1.73 4.73 3.82 -4.25 MSCI EAFE (Net)-8.11 3.82 1.65 4.73 4.10 5.20 4.82 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 4.64 17.16 -14.12 13.34 5.58 21.67 -15.20 4.25 MSCI EAFE (Net)3.82 18.24 -14.45 11.26 7.82 22.01 -13.79 4.82 City of Clearwater - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 135 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 (Net) -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 MSCI EAFE (Net) Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 19.55 20.37 Worst Quarter -13.62 -14.51 Standard Deviation 16.33 16.61 Maximum Drawdown -27.01 -27.09 Max Drawdown Recovery Period 23.00 23.00 Up Capture 95.82 100.00 Down Capture 95.05 100.00 Alpha 0.14 0.00 Beta 0.97 1.00 R-Squared 0.97 1.00 Consistency 52.78 100.00 Tracking Error 3.00 0.00 Treynor Ratio -0.01 -0.01 Information Ratio 0.01 - Sharpe Ratio -0.05 -0.05 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 57.02 57.89 Negative Months Ratio 42.98 42.11 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 15.93 15.36 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 99.35 100.00 Down Capture 102.10 100.00 Alpha -0.67 0.00 Beta 1.02 1.00 R-Squared 0.97 1.00 Consistency 49.12 100.00 Tracking Error 2.75 0.00 Treynor Ratio 0.04 0.04 Information Ratio -0.20 - Sharpe Ratio 0.22 0.27 City of Clearwater - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 136 -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 -6.73 (29)4.64 (51)10.72 (55)1.73 (79)4.52 (76)4.73 (52)7.38 (39)3.82 (38)5.96 (53) MSCI EAFE (Net) -8.11 (62)3.82 (59)10.80 (54)1.65 (79)3.97 (82)4.73 (52)7.43 (36)4.10 (36)6.52 (44) 5th Percentile -5.28 10.97 18.68 8.35 9.83 7.53 9.22 5.85 7.48 1st Quartile -6.46 7.12 14.38 6.38 7.60 6.72 8.46 4.59 6.96 Median -7.95 4.83 11.35 4.07 5.65 4.77 7.02 3.42 6.19 3rd Quartile -8.62 2.66 9.86 2.59 4.61 3.97 5.77 2.83 5.52 95th Percentile -9.69 -2.35 6.98 -0.62 1.64 1.78 5.19 0.62 4.27 Population 74 74 68 66 65 57 51 44 36 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Thompson, Siegel & Walmsley Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 137 -40 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 17.16 (67)-14.12 (86)13.34 (35)5.58 (24)21.67 (13)-15.20 (25)22.27 (78)-0.19 (100)-- MSCI EAFE (Net) 18.24 (56)-14.45 (87)11.26 (49)7.82 (2)22.01 (11)-13.79 (21)25.03 (43)1.00 (76)-0.81 (36)-4.90 (43) 5th Percentile 31.64 -4.59 17.43 6.59 24.23 -9.79 30.28 8.74 2.23 -2.36 1st Quartile 20.98 -7.99 13.70 5.37 21.06 -15.24 27.72 7.83 -0.53 -4.13 Median 18.48 -9.56 11.20 1.73 18.67 -15.99 24.78 5.33 -3.03 -5.05 3rd Quartile 16.56 -12.23 8.31 -1.20 16.01 -18.01 22.41 1.00 -4.39 -5.58 95th Percentile 13.41 -15.39 6.92 -6.35 12.29 -23.56 15.54 0.37 -6.86 -7.51 Population 75 78 83 76 68 59 50 46 37 31 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Thompson, Siegel & Walmsley Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 138 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 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $93,784,137 $80,423,670 $80,082,105 $116,861,009 $113,365,735 $16,315,776 Net Contributions $185,380 $698,611 -$11,345,210 -$4,249,952 -$15,132,205 -$1,375,425 Net Investment Return -$7,221,517 $5,625,719 $11,686,776 -$32,528,953 $18,627,478 $71,807,650 Ending Market Value $86,748,000 $86,748,000 $80,423,670 $80,082,105 $116,861,009 $86,748,000 City of Clearwater - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 139 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 8 16 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -7.70 7.03 -3.54 6.65 8.69 -9.28 MSCI AC World ex USA (Net)-7.60 5.53 0.82 4.10 3.53 4.80 4.81 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 25 50 75 -25 -50Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 7.03 16.23 -27.85 18.16 30.12 38.94 -6.56 9.28 MSCI AC World ex USA (Net)5.53 15.62 -16.00 7.82 10.65 21.51 -14.20 4.81 City of Clearwater - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 140 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 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 MSCI AC World ex USA (Net) Positive Months Ratio 52.78 50.00 Negative Months Ratio 47.22 50.00 Best Quarter 19.07 19.97 Worst Quarter -17.10 -13.73 Standard Deviation 20.84 16.02 Maximum Drawdown -36.45 -26.50 Max Drawdown Recovery Period -26.00 Up Capture 113.82 100.00 Down Capture 131.67 100.00 Alpha -3.75 0.00 Beta 1.14 1.00 R-Squared 0.77 1.00 Consistency 55.56 100.00 Tracking Error 10.24 0.00 Treynor Ratio -0.05 -0.02 Information Ratio -0.34 - Sharpe Ratio -0.25 -0.11 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 65.79 57.89 Negative Months Ratio 34.21 42.11 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 16.73 15.14 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period -36.00 Up Capture 108.12 100.00 Down Capture 85.20 100.00 Alpha 4.86 0.00 Beta 0.97 1.00 R-Squared 0.77 1.00 Consistency 59.65 100.00 Tracking Error 8.09 0.00 Treynor Ratio 0.09 0.04 Information Ratio 0.56 - Sharpe Ratio 0.50 0.25 City of Clearwater - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 141 -15 -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 -7.70 (63)7.03 (37)11.53 (49)-3.54 (77)1.48 (47)6.65 (17)11.46 (10)8.69 (1)11.49 (1) MSCI AC World ex USA (Net) -7.60 (62)5.53 (54)10.46 (58)0.82 (24)2.53 (34)4.10 (62)6.82 (92)3.53 (91)6.23 (94) 5th Percentile -3.71 10.79 17.25 4.61 6.54 8.39 11.68 7.56 10.56 1st Quartile -6.64 8.00 12.45 0.79 3.31 5.86 9.47 5.40 8.00 Median -7.32 6.23 11.40 -0.98 1.06 4.47 8.15 4.61 7.51 3rd Quartile -8.23 2.10 9.01 -3.14 -0.73 3.76 7.35 4.03 7.07 95th Percentile -9.25 -1.24 6.14 -6.95 -4.73 1.81 6.44 2.99 5.97 Population 114 114 111 101 98 82 69 54 51 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - WCM Investment Management Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 142 -55 -40 -25 -10 5 20 35 50 65 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 16.23 (48)-27.85 (86)18.16 (2)30.12 (10)38.94 (1)-6.56 (1)33.22 (22)-1.00 (70)-- MSCI AC World ex USA (Net) 15.62 (61)-16.00 (18)7.82 (72)10.65 (98)21.51 (100)-14.20 (74)27.19 (86)4.50 (21)-5.66 (98)-3.87 (71) 5th Percentile 27.40 -12.54 15.08 32.27 35.32 -8.01 38.71 5.71 4.05 2.09 1st Quartile 18.07 -18.89 11.71 25.42 32.30 -10.70 32.46 3.30 1.69 -1.03 Median 15.86 -21.72 9.75 20.72 29.56 -12.54 30.40 1.59 -0.37 -2.85 3rd Quartile 15.17 -26.46 5.73 16.25 27.63 -14.71 28.59 -2.81 -1.35 -4.30 95th Percentile 13.28 -31.81 1.57 14.81 25.53 -17.05 26.81 -8.71 -4.20 -6.33 Population 116 109 110 91 78 60 57 55 49 47 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - WCM Investment Management Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 143 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 Apr-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $229,156,092 $227,513,189 $202,532,330 $184,449,491 $155,269,328 $19,346,573 Net Contributions -$977,446 -$2,344,135 $29,291,748 $7,599,922 -$2,427,099 $36,686,671 Net Investment Change $1,235,850 $4,245,442 -$4,310,888 $10,482,916 $31,607,262 $173,381,252 Ending Market Value $229,414,495 $229,414,495 $227,513,189 $202,532,330 $184,449,491 $229,414,495 City of Clearwater - Total Real Estate MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 144 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.54 1.86 1.77 5.28 6.10 6.29 9.31 Real Estate Composite Benchmark -0.01 0.85 -3.61 3.48 4.98 5.72 6.10 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 1.86 -1.84 5.43 20.55 1.78 10.16 6.23 9.31 Real Estate Composite Benchmark 0.85 -6.54 -4.98 38.19 -4.14 18.82 -0.35 6.10 City of Clearwater - Total Real Estate INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 145 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 44.44 44.44 Negative Months Ratio 55.56 55.56 Best Quarter 3.35 4.50 Worst Quarter -1.74 -4.27 Standard Deviation 3.74 7.37 Maximum Drawdown -4.31 -15.35 Max Drawdown Recovery Period -- Up Capture 60.46 100.00 Down Capture 26.42 100.00 Alpha 3.29 0.00 Beta 0.42 1.00 R-Squared 0.68 1.00 Consistency 61.11 100.00 Tracking Error 4.79 0.00 Treynor Ratio -0.05 -0.07 Information Ratio 1.09 - Sharpe Ratio -0.51 -0.97 Total Portfolio Real Estate Composite Benchmark Positive Months Ratio -60.50 Negative Months Ratio -39.50 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -19.66 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 -100.00 Tracking Error -0.00 Treynor Ratio -0.07 Information Ratio -- Sharpe Ratio -0.35 City of Clearwater - Total Real Estate PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 146 -16 -12 -8 -4 0 4 8 12 16 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 0.54 (47)1.86 (12)-0.01 (10)1.77 (4)6.17 (10)5.28 (4)6.08 (7)6.10 (1)6.13 (1) Real Estate Composite Benchmark -0.01 (61)0.85 (13)-2.91 (15)-3.61 (76)5.48 (12)3.48 (18)5.89 (7)4.98 (7)5.08 (12) 5th Percentile 1.63 7.62 9.39 0.76 6.81 4.52 6.39 5.13 5.50 1st Quartile 1.19 -1.78 -5.45 -0.55 4.01 3.31 4.20 4.25 4.88 Median 0.33 -3.57 -6.67 -2.12 3.26 2.69 3.49 4.03 4.63 3rd Quartile -0.68 -5.50 -8.89 -3.53 2.62 2.03 2.79 3.18 3.78 95th Percentile -6.06 -7.49 -10.03 -5.33 0.69 0.39 1.04 1.84 2.37 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Total Real Estate Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 147 -30 -20 -10 0 10 20 30 40 50 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio -1.84 (16)5.43 (66)20.55 (48)1.78 (21)10.16 (17)6.23 (70)6.30 (82)6.94 (83)6.96 (93)21.77 (5) Real Estate Composite Benchmark -6.54 (36)-4.98 (91)38.19 (2)-4.14 (95)18.82 (1)-0.35 (98)5.80 (89)8.23 (52)8.38 (84)25.28 (1) 5th Percentile 4.68 18.35 28.38 3.93 14.56 9.92 11.10 12.35 16.30 21.52 1st Quartile -5.40 12.51 23.46 1.50 8.30 8.51 9.32 9.68 14.70 15.92 Median -8.85 6.69 20.42 0.25 6.75 7.48 7.97 8.30 13.12 12.80 3rd Quartile -10.89 4.11 16.97 -0.85 4.22 5.74 6.79 7.26 10.21 11.69 95th Percentile -15.97 -6.73 11.42 -4.74 0.87 1.94 4.40 4.80 5.77 5.45 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Total Real Estate Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 148 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 Jul-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $7,845,324 $8,319,678 $8,239,063 $7,846,325 $7,453,661 $1,263,055 Net Contributions -$97,158 -$549,915 -$374,238 -$222,789 -$328,395 $2,778,901 Net Investment Return --$21,597 $454,853 $615,527 $721,059 $3,706,210 Ending Market Value $7,748,166 $7,748,166 $8,319,678 $8,239,063 $7,846,325 $7,748,166 City of Clearwater - Hancock MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 149 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 -0.27 3.79 4.15 3.94 3.60 4.52 NCREIF Timberland Index 1.44 6.97 9.75 7.79 6.17 5.43 6.46 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio -0.27 4.78 7.00 9.96 -0.34 3.95 2.93 4.52 NCREIF Timberland Index 6.97 9.45 12.90 9.17 0.81 1.30 3.21 6.46 City of Clearwater - Hancock INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 150 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 -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 83.33 - Negative Months Ratio 16.67 - Best Quarter 6.72 - Worst Quarter -0.34 - Standard Deviation 4.80 - Maximum Drawdown -0.43 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.00 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 80.92 - Negative Months Ratio 19.08 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 5.97 - 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 0.53 - City of Clearwater - Hancock PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 151 -15 -10 -5 0 5 10 15 20 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 (2)-0.27 (100)2.22 (100)3.79 (1)5.30 (60)4.15 (28)4.11 (99)3.94 (83)3.60 (92) NCREIF Timberland Index 1.44 (1)6.97 (33)8.21 (76)9.75 (1)9.60 (1)7.79 (3)6.68 (69)6.17 (21)5.85 (33) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Hancock Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 152 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 4.78 (100)7.00 (1)9.96 (98)-0.34 (11)3.95 (100)2.93 (1)1.24 (100)2.64 (99)4.51 (16)4.58 (100) NCREIF Timberland Index 9.45 (92)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (9)10.48 (100) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Hancock Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 153 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 Aug-23 Feb-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $97,060,786 $93,965,209 $56,703,546 $52,426,102 $44,524,919 $30,000,000 Net Contributions -- $30,000,000 --$30,000,000 Net Investment Return $2,173,938 $5,269,515 $7,261,663 $4,277,444 $7,901,183 $39,234,724 Ending Market Value $99,234,724 $99,234,724 $93,965,209 $56,703,546 $52,426,102 $99,234,724 City of Clearwater - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 154 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P Global Infrastructure 0 8 16 24 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.24 5.61 7.38 8.44 10.65 -11.22 S&P Global Infrastructure -2.48 15.10 7.06 5.28 5.83 5.92 5.88 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P Global Infrastructure 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 5.61 8.40 8.16 17.75 2.83 14.61 18.17 11.22 S&P Global Infrastructure 15.10 6.79 -0.17 11.87 -5.76 26.99 -9.50 5.88 City of Clearwater - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 155 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 S&P Global Infrastructure -5 0 5 10 15 20 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 S&P Global Infrastructure Positive Months Ratio 61.11 55.56 Negative Months Ratio 38.89 44.44 Best Quarter 4.49 13.43 Worst Quarter -1.10 -11.86 Standard Deviation 4.17 16.23 Maximum Drawdown -2.25 -16.62 Max Drawdown Recovery Period 5.00 22.00 Up Capture 17.05 100.00 Down Capture -11.61 100.00 Alpha 7.19 0.00 Beta 0.03 1.00 R-Squared 0.02 1.00 Consistency 44.44 100.00 Tracking Error 16.23 0.00 Treynor Ratio 1.04 0.04 Information Ratio -0.06 - Sharpe Ratio 0.82 0.27 Total Portfolio S&P Global Infrastructure Positive Months Ratio 63.64 59.09 Negative Months Ratio 36.36 40.91 Best Quarter 7.11 15.03 Worst Quarter -3.94 -29.18 Standard Deviation 5.95 16.94 Maximum Drawdown -3.94 -30.31 Max Drawdown Recovery Period 12.00 19.00 Up Capture 31.63 100.00 Down Capture -14.84 100.00 Alpha 10.60 0.00 Beta 0.09 1.00 R-Squared 0.07 1.00 Consistency 50.00 100.00 Tracking Error 16.44 0.00 Treynor Ratio 0.93 0.05 Information Ratio 0.23 - Sharpe Ratio 1.41 0.27 City of Clearwater - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 156 -15 -10 -5 0 5 10 15 20 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 2.24 (1)5.61 (58)7.00 (91)7.38 (1)9.88 (1)8.44 (3)9.44 (5)10.65 (1)- S&P Global Infrastructure -2.48 (7)15.10 (2)10.86 (21)7.06 (1)8.24 (2)5.28 (9)8.62 (14)5.83 (29)7.52 (3) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - IFM Global Infrastructure (US) L.P. Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 157 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 8.40 (99)8.16 (1)17.75 (97)2.83 (6)14.61 (100)18.17 (1)---- S&P Global Infrastructure 6.79 (100)-0.17 (1)11.87 (98)-5.76 (65)26.99 (64)-9.50 (92)20.13 (4)12.43 (2)-11.46 (100)12.98 (97) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - IFM Global Infrastructure (US) L.P. Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 158 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 May-23 Feb-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $8,023,660 $8,133,583 $7,560,650 $6,407,104 $7,035,870 $111,299 Net Contributions --$234,034 -$154,718 -$206,622 -$1,425,543 $2,391,477 Net Investment Return -$124,111 $727,651 $1,360,168 $796,777 $5,520,884 Ending Market Value $8,023,660 $8,023,660 $8,133,583 $7,560,650 $6,407,104 $8,023,660 City of Clearwater - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 159 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 1.54 10.71 10.72 7.61 5.95 5.90 NCREIF Timberland Index 1.44 6.97 9.75 7.79 6.17 5.43 6.08 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 1.54 9.77 21.72 13.33 8.22 -1.48 1.93 5.90 NCREIF Timberland Index 6.97 9.45 12.90 9.17 0.81 1.30 3.21 6.08 City of Clearwater - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 160 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 11.62 - 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 0.60 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 94.48 - Negative Months Ratio 5.52 - Best Quarter 19.37 - Worst Quarter -3.17 - Standard Deviation 6.96 - 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 0.67 - City of Clearwater - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 161 -15 -10 -5 0 5 10 15 20 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 (2)1.54 (98)5.58 (98)10.71 (1)11.36 (1)10.72 (2)8.59 (15)7.61 (5)6.53 (17) NCREIF Timberland Index 1.44 (1)6.97 (33)8.21 (76)9.75 (1)9.60 (1)7.79 (3)6.68 (69)6.17 (21)5.85 (33) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Molpus Woodlands Fund III Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 162 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 9.77 (88)21.72 (1)13.33 (98)8.22 (6)-1.48 (100)1.93 (1)-0.75 (100)3.30 (97)4.03 (28)7.02 (100) NCREIF Timberland Index 9.45 (92)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (9)10.48 (100) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Molpus Woodlands Fund III Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 163 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 Jun-16 Mar-17 Dec-17 Sep-18 Jun-19 Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,609,316 $4,970,859 $4,921,918 $4,587,944 $3,936,912 $118,305 Net Contributions -$45,283 -$347,170 -$350,943 -$149,543 -$135,850 $2,929,042 Net Investment Return --$59,656 $399,884 $483,517 $786,882 $1,516,686 Ending Market Value $4,564,033 $4,564,033 $4,970,859 $4,921,918 $4,587,944 $4,564,033 City of Clearwater - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 164 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland 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 0.00 -1.22 5.91 6.18 4.17 -3.66 NCREIF Timberland Index 1.44 6.97 9.75 7.79 6.17 5.43 5.54 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio -1.22 8.57 10.76 20.57 -5.78 1.53 -2.88 3.66 NCREIF Timberland Index 6.97 9.45 12.90 9.17 0.81 1.30 3.21 5.54 City of Clearwater - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 165 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 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 91.67 - Negative Months Ratio 8.33 - Best Quarter 10.30 - Worst Quarter -1.26 - Standard Deviation 6.55 - Maximum Drawdown -1.42 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.33 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.29 - Negative Months Ratio 11.71 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 7.99 - 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 0.25 - City of Clearwater - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 166 -15 -10 -5 0 5 10 15 20 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 (2)-1.22 (100)3.56 (100)5.91 (1)9.40 (1)6.18 (4)5.39 (89)4.17 (82)4.00 (86) NCREIF Timberland Index 1.44 (1)6.97 (33)8.21 (76)9.75 (1)9.60 (1)7.79 (3)6.68 (69)6.17 (21)5.85 (33) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Molpus Woodlands Fund IV Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 167 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 8.57 (99)10.76 (1)20.57 (94)-5.78 (65)1.53 (100)-2.88 (4)2.83 (94)3.34 (97)-- NCREIF Timberland Index 9.45 (92)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (9)10.48 (100) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Molpus Woodlands Fund IV Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 168 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 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $53,982,837 $56,658,944 $67,057,944 $62,200,202 $51,944,240 - Net Contributions -$887,290 -$1,347,822 ---- Net Investment Return $102,142 -$2,113,433 -$10,399,000 $4,857,742 $10,255,962 - Ending Market Value $53,197,689 $53,197,689 $56,658,944 $67,057,944 $62,200,202 - City of Clearwater - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 169 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.19 -3.72 -4.28 1.08 2.31 4.12 6.11 NCRIEF ODCE (VW) Gross 1.16 -1.43 -2.32 2.87 3.99 5.88 8.18 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio -3.72 -15.51 7.81 19.74 0.49 3.66 7.23 6.11 NCRIEF ODCE (VW) Gross -1.43 -12.02 7.47 22.17 1.19 5.34 8.35 8.18 City of Clearwater - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 170 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 ODCE (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 80.56 80.56 Negative Months Ratio 19.44 19.44 Best Quarter 6.61 7.37 Worst Quarter -6.07 -4.97 Standard Deviation 8.17 7.12 Maximum Drawdown -23.99 -18.73 Max Drawdown Recovery Period -- Up Capture 104.47 100.00 Down Capture 131.66 100.00 Alpha -1.71 0.00 Beta 1.10 1.00 R-Squared 0.92 1.00 Consistency 77.78 100.00 Tracking Error 2.38 0.00 Treynor Ratio -0.07 -0.06 Information Ratio -0.81 - Sharpe Ratio -0.93 -0.80 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 94.74 95.32 Negative Months Ratio 5.26 4.68 Best Quarter 6.74 7.97 Worst Quarter -6.07 -4.97 Standard Deviation 5.83 5.97 Maximum Drawdown -23.99 -18.73 Max Drawdown Recovery Period -- Up Capture 85.33 100.00 Down Capture 135.06 100.00 Alpha -1.28 0.00 Beta 0.92 1.00 R-Squared 0.88 1.00 Consistency 73.10 100.00 Tracking Error 2.06 0.00 Treynor Ratio 0.05 0.07 Information Ratio -0.94 - Sharpe Ratio 0.81 1.11 City of Clearwater - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 171 -15 -10 -5 0 5 10 15 20 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 0.19 (2)-3.72 (100)-9.81 (100)-4.28 (52)1.23 (97)1.08 (94)1.51 (100)2.31 (97)2.70 (98) NCRIEF ODCE (VW) Gross 1.16 (1)-1.43 (100)-6.87 (100)-2.32 (17)3.30 (95)2.87 (73)3.28 (100)3.99 (83)4.44 (80) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Multi Employer Property Trust Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 172 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio -15.51 (100)7.81 (1)19.74 (94)0.49 (10)3.66 (100)7.23 (1)5.53 (54)8.02 (19)12.00 (1)12.21 (99) NCRIEF ODCE (VW) Gross -12.02 (100)7.47 (1)22.17 (93)1.19 (9)5.34 (100)8.35 (1)7.62 (28)8.77 (13)15.02 (1)12.50 (97) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Multi Employer Property Trust Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 173 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 Apr-23 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $19,410,590 $16,563,070 $14,228,305 $19,515,706 $13,374,031 $19,346,573 Net Contributions $52,285 $134,806 $96,656 $105,711 $102,942 -$81,101,895 Net Investment Return -$863,686 $1,901,313 $2,238,110 -$5,393,112 $6,038,732 $80,354,512 Ending Market Value $18,599,189 $18,599,189 $16,563,070 $14,228,305 $19,515,706 $18,599,189 City of Clearwater - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 174 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 8 16 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -4.45 11.45 -2.27 5.25 6.19 5.86 6.27 FTSE NAREIT All Equity REITs (Split)-4.98 9.15 -2.41 4.57 5.93 5.88 6.40 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 50 100 -50Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio 11.45 15.67 -27.59 45.03 -4.59 26.97 -7.16 6.27 FTSE NAREIT All Equity REITs (Split)9.15 16.19 -26.70 46.11 -7.95 25.79 -4.80 6.40 City of Clearwater - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 175 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 FTSE NAREIT All Equity REITs (Split) -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 FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 50.00 50.00 Negative Months Ratio 50.00 50.00 Best Quarter 16.69 17.22 Worst Quarter -20.27 -18.50 Standard Deviation 20.87 21.28 Maximum Drawdown -30.78 -30.09 Max Drawdown Recovery Period 34.00 34.00 Up Capture 98.87 100.00 Down Capture 98.71 100.00 Alpha 0.05 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 44.44 100.00 Tracking Error 2.18 0.00 Treynor Ratio -0.04 -0.04 Information Ratio 0.02 - Sharpe Ratio -0.19 -0.19 Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 59.50 59.00 Negative Months Ratio 40.50 41.00 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 23.12 23.56 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 98.10 100.00 Down Capture 98.40 100.00 Alpha -0.04 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 45.50 100.00 Tracking Error 2.20 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.11 - Sharpe Ratio 0.33 0.34 City of Clearwater - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 176 -15 -10 -5 0 5 10 15 20 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 -4.45 (12)11.45 (8)13.54 (6)-2.27 (17)7.87 (4)5.25 (10)8.60 (15)6.19 (20)6.03 (31) FTSE NAREIT All Equity REITs (Split) -4.98 (19)9.15 (16)12.61 (10)-2.41 (18)7.95 (3)4.57 (16)7.84 (30)5.93 (26)5.80 (35) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - Security Capital Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 177 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio 15.67 (11)-27.59 (73)45.03 (17)-4.59 (52)26.97 (64)-7.16 (72)4.91 (69)5.71 (57)4.70 (11)33.13 (3) FTSE NAREIT All Equity REITs (Split) 16.19 (6)-26.70 (57)46.11 (15)-7.95 (82)25.79 (72)-4.80 (33)4.84 (70)7.62 (26)4.81 (10)31.53 (14) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Security Capital Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 178 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 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $14,526,284 $15,362,866 $18,277,582 $17,020,352 $14,181,452 $5,708,283 Net Contributions -----$4,204,455 Net Investment Return $62,993 -$773,589 -$2,914,716 $1,257,230 $2,838,900 $4,676,539 Ending Market Value $14,589,277 $14,589,277 $15,362,866 $18,277,582 $17,020,352 $14,589,277 City of Clearwater - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 179 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 5 10 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.43 -5.04 -5.01 0.76 2.95 -4.37 NCRIEF ODCE (VW) Gross 1.16 -1.43 -2.32 2.87 3.99 5.88 4.90 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio -5.04 -15.95 7.39 20.02 0.94 8.11 9.16 4.37 NCRIEF ODCE (VW) Gross -1.43 -12.02 7.47 22.17 1.19 5.34 8.35 4.90 City of Clearwater - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 180 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 ODCE (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 77.78 80.56 Negative Months Ratio 22.22 19.44 Best Quarter 7.07 7.37 Worst Quarter -6.32 -4.97 Standard Deviation 8.63 7.12 Maximum Drawdown -25.55 -18.73 Max Drawdown Recovery Period -- Up Capture 94.23 100.00 Down Capture 135.18 100.00 Alpha -2.35 0.00 Beta 1.14 1.00 R-Squared 0.88 1.00 Consistency 77.78 100.00 Tracking Error 3.16 0.00 Treynor Ratio -0.08 -0.06 Information Ratio -0.84 - Sharpe Ratio -0.96 -0.80 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 91.74 92.66 Negative Months Ratio 8.26 7.34 Best Quarter 7.07 7.97 Worst Quarter -6.32 -4.97 Standard Deviation 6.67 6.04 Maximum Drawdown -25.55 -18.73 Max Drawdown Recovery Period -- Up Capture 97.61 100.00 Down Capture 126.67 100.00 Alpha -0.90 0.00 Beta 1.01 1.00 R-Squared 0.84 1.00 Consistency 84.40 100.00 Tracking Error 2.64 0.00 Treynor Ratio 0.03 0.03 Information Ratio -0.31 - Sharpe Ratio 0.37 0.54 City of Clearwater - U.S. Real Estate Investment Fund PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 181 -20 -15 -10 -5 0 5 10 15 20 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 0.43 (2)-5.04 (100)-10.66 (100)-5.01 (70)0.71 (97)0.76 (96)1.95 (100)2.95 (96)3.61 (92) NCRIEF ODCE (VW) Gross 1.16 (1)-1.43 (100)-6.87 (100)-2.32 (17)3.30 (95)2.87 (73)3.28 (100)3.99 (83)4.44 (80) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - U.S. Real Estate Investment Fund Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 182 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio -15.95 (100)7.39 (1)20.02 (94)0.94 (9)8.11 (100)9.16 (1)8.36 (21)10.72 (2)-- NCRIEF ODCE (VW) Gross -12.02 (100)7.47 (1)22.17 (93)1.19 (9)5.34 (100)8.35 (1)7.62 (28)8.77 (13)15.02 (1)12.50 (97) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - U.S. Real Estate Investment Fund Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 183 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 Feb-16 Nov-16 Aug-17 May-18 Feb-19 Nov-19 Aug-20 May-21 Feb-22 Nov-22 Aug-23 May-24 Dec-24 Last Quarter 2024 YTD 2023 2022 2021 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $23,697,295 $23,538,979 $25,543,322 $14,445,757 $12,818,243 $5,000,000 Net Contributions --- $8,000,000 -$640,253 $9,461,438 Net Investment Return -$239,538 -$81,222 -$1,937,384 $3,097,565 $2,267,766 $9,063,277 Ending Market Value $23,457,757 $23,457,757 $23,538,979 $25,543,322 $14,445,757 $23,457,757 City of Clearwater - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.24 |Q4 24 184 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.01 -0.34 1.48 6.58 6.47 -7.48 NCRIEF ODCE (VW) Gross 1.16 -1.43 -2.32 2.87 3.99 5.88 5.40 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) Gross 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2023 2022 2021 2020 2019 2018 Inception Total Portfolio -0.34 -7.85 13.80 18.42 11.12 5.78 6.65 7.48 NCRIEF ODCE (VW) Gross -1.43 -12.02 7.47 22.17 1.19 5.34 8.35 5.40 City of Clearwater - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.24 |Q4 24 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. 185 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 ODCE (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 80.56 Negative Months Ratio 13.89 19.44 Best Quarter 4.61 7.14 Worst Quarter -7.92 -5.17 Standard Deviation 6.11 7.15 Maximum Drawdown -8.87 -19.91 Max Drawdown Recovery Period -- Up Capture 73.36 100.00 Down Capture 20.83 100.00 Alpha 2.71 0.00 Beta 0.35 1.00 R-Squared 0.17 1.00 Consistency 88.89 100.00 Tracking Error 7.28 0.00 Treynor Ratio -0.06 -0.07 Information Ratio 0.63 - Sharpe Ratio -0.34 -0.91 Total Portfolio NCRIEF ODCE (VW) Gross Positive Months Ratio 93.04 93.04 Negative Months Ratio 6.96 6.96 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.34 5.91 Maximum Drawdown -8.87 -19.91 Max Drawdown Recovery Period -- Up Capture 104.51 100.00 Down Capture 12.46 100.00 Alpha 4.46 0.00 Beta 0.61 1.00 R-Squared 0.33 1.00 Consistency 83.48 100.00 Tracking Error 5.68 0.00 Treynor Ratio 0.09 0.03 Information Ratio 0.44 - Sharpe Ratio 0.85 0.50 City of Clearwater - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.24 |Q4 24 For Institutional Use Only. 186 -15 -10 -5 0 5 10 15 20 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 -1.01 (2)-0.34 (100)-4.17 (100)1.48 (4)5.47 (56)6.58 (4)6.44 (74)6.47 (13)6.82 (9) NCRIEF ODCE (VW) Gross 1.16 (1)-1.43 (100)-6.87 (100)-2.32 (17)3.30 (95)2.87 (73)3.28 (100)3.99 (83)4.44 (80) 5th Percentile -2.31 12.65 13.90 0.27 7.52 5.93 9.29 7.06 6.93 1st Quartile -5.56 7.63 10.00 -3.40 6.42 4.20 8.04 5.94 6.28 Median -6.94 6.02 8.87 -4.17 5.63 3.46 7.26 5.29 5.32 3rd Quartile -7.77 4.89 8.22 -5.25 4.74 2.74 6.25 4.59 4.61 95th Percentile -8.59 2.04 6.11 -6.24 3.24 0.92 4.87 3.00 3.41 Population 189 189 189 189 186 186 185 183 177 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater - USAA Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 187 -55 -40 -25 -10 5 20 35 50 65 80 Return2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Portfolio -7.85 (100)13.80 (1)18.42 (97)11.12 (6)5.78 (100)6.65 (1)9.30 (12)12.34 (2)-- NCRIEF ODCE (VW) Gross -12.02 (100)7.47 (1)22.17 (93)1.19 (9)5.34 (100)8.35 (1)7.62 (28)8.77 (13)15.02 (1)12.50 (97) 5th Percentile 16.41 -16.18 51.84 20.14 34.87 -3.04 12.13 9.91 5.18 32.07 1st Quartile 13.30 -25.16 43.80 -2.81 30.45 -4.31 7.81 7.69 4.11 30.95 Median 12.02 -26.30 41.45 -4.38 28.10 -5.68 5.77 5.91 3.04 29.86 3rd Quartile 10.72 -27.78 39.26 -6.89 25.49 -7.42 4.45 5.03 2.03 28.62 95th Percentile 9.07 -30.26 18.93 -11.27 18.42 -11.30 2.53 3.77 -1.67 16.93 Population 215 224 228 228 227 223 213 212 208 200 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - USAA Period Ending 12.31.24 |Q4 24 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 188 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Portfolio 1,334,851,579 -0.28 10.28 1.97 6.94 7.28 7.27 8.70 1987 Total Fixed Income 350,025,096 -3.24 1.70 -1.88 0.07 1.21 1.67 4.07 1987 Dodge & Cox 183,650,201 -3.31 2.08 -0.99 0.70 1.72 2.11 0.00 2004 In House Account 6,782,308 0.00 0.00 0.00 0.00 0.00 0.00 -5.55 1987 Security Lending Income Account 509,009 26.86 39.59 6.04 1.20 -1.80 -4.27 -3.66 2003 Western Asset Management Co.159,083,578 -3.39 1.08 -2.95 -0.60 0.75 1.32 1.80 2004 Total U.S. Equities 625,318,067 3.06 20.56 6.14 13.00 12.51 11.49 10.90 1987 Total U.S. Large Cap Equities 427,353,149 3.75 25.92 8.47 13.98 13.31 12.50 10.58 1988 Aletheia Research CLOSEDº------- -3.29 2007 Eagle Capital Management 76,979,771 1.66 25.44 9.30 14.89 13.82 12.70 14.72 2013 Manning and Napier 10,065,740 0.99 14.08 4.41 8.06 8.37 9.24 10.81 2013 NTGI-QM R1000G 238,897,395 7.05 33.18 9.87 ---13.55 2020 NTGI-QM R1000V 101,410,244 -1.77 14.42 6.41 9.54 8.98 8.82 13.16 2007 Voya Investment Mgmt¹--- 0.02 25.41 18.42 15.06 8.76 1987 Total U.S. Mid Cap Equities 125,134,749 1.54 11.53 2.11 11.96 10.69 9.03 8.76 1988 Artisan Partners 53,627,761 5.40 12.65 -1.70 13.51 14.48 10.89 7.62 2001 Boston Partners 71,506,988 -1.77 10.49 5.86 --- 14.76 2020 Mid Cap Dummy Account -------- Wedge Capital Mgmt CLOSED²---- -22.35 -6.08 2.02 9.77 2007 Total U.S. Small Cap Equities 72,830,169 1.36 5.32 -1.23 8.79 10.79 10.30 13.91 2003 Atlanta Capital Mgmt 24,611,564 -1.19 7.79 4.06 8.95 10.44 10.85 8.25 2003 Riverbridge Partners 30,013,830 3.47 3.67 -5.35 9.20 12.65 11.31 14.67 2010 Sycamore Small Cap Value 18,204,775 0.72 5.50 2.10 7.85 7.88 -8.08 2017 Systematic Financial Mgt CLOSED³----- 444.66 7.44 4.88 2003 LMCG SmallCap Selected G -------- Total International Equities 130,093,921 -7.26 6.58 -2.33 5.60 5.73 6.40 0.00 2001 Earnest Partners CLOSEDºº------ -8.08 1.84 2008 DFA Emerging Markets 13,516,724 -6.87 8.98 -2.32 3.30 1.94 -2.63 2017 International Dummy Account -------- Thompson, Siegel & Walmsley 29,829,196 -6.65 5.53 1.24 4.59 3.64 -5.53 2015 WCM Investment Management 86,748,000 -7.70 6.95 -4.88 7.42 9.54 - 10.83 2015 Wellington Mgmt CLOSED¹¹------- 33.42 2008 WHV Closed²²------ -8.78 1.32 2008 Eaton Vance Mgmt CLOSED -------- NTGI-QM Enhanced EAFE -------- Total Real Estate 229,414,495 0.54 1.87 1.62 4.88 5.79 6.08 0.00 2008 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.24 |Q4 24 189 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.24 |Q4 24 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Hancock 7,748,166 0.00 -0.27 3.86 4.13 3.89 3.58 4.21 2012 IFM Global Infrastructure (US) L.P.99,234,724 2.24 5.59 7.27 8.17 10.13 - 10.65 2017 Molpus Woodlands Fund III 8,023,660 0.00 1.54 10.74 10.50 6.92 5.24 5.80 2011 Molpus Woodlands Fund IV 4,564,033 0.00 -1.22 6.03 6.14 3.98 -3.74 2015 Multi-Employer Property Trust 53,197,689 0.19 -3.75 -4.29 1.08 2.31 4.12 5.92 2010 Security Capital 18,599,189 -4.45 11.42 -2.17 5.28 5.98 5.15 31.88 2008 U.S. Real Estate Investment Fund 14,589,277 0.43 -5.02 -5.00 0.76 2.94 -4.39 2015 USAA 23,457,757 -1.01 -0.34 1.49 5.48 6.02 -7.25 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 190 Market Value $CYTD 2023 2022 2021 2020 2019 Total Portfolio 1,334,851,579 10.28 13.75 -14.82 13.45 15.04 20.19 Total Fixed Income 350,025,096 1.70 6.54 -12.39 -1.29 8.84 9.23 Dodge & Cox 183,650,201 2.08 7.23 -10.86 -0.98 8.71 9.06 In House Account 6,782,308 0.00 0.00 -99.92 0.00 -88.27 0.00 Security Lending Income Account 509,009 39.59 5.87 0.35 -20.50 -4.61 -24.81 Western Asset Management Co.159,083,578 1.08 6.05 -14.20 -1.51 9.04 9.73 Total U.S. Equities 625,318,067 20.56 27.54 -20.72 22.05 22.11 29.48 Total U.S. Large Cap Equities 427,353,149 25.92 30.70 -20.67 25.36 17.98 30.01 Eagle Capital Management 76,979,771 25.44 38.35 -25.04 29.62 16.22 31.25 Manning and Napier 10,065,740 14.08 8.94 -3.57 21.23 3.76 23.20 NTGI-QM R1000G 238,897,395 33.18 43.24 -29.09 30.85 -- NTGI-QM R1000V 101,410,244 14.42 13.57 -7.62 25.17 4.48 26.55 Total U.S. Mid Cap Equities 125,134,749 11.53 21.27 -20.86 18.78 30.05 29.47 Artisan Partners 53,627,761 12.65 25.93 -36.30 10.53 55.00 38.49 Boston Partners 71,506,988 10.49 17.56 -6.90 27.91 -- Total U.S. Small Cap Equities 72,830,169 5.32 18.93 -20.76 11.89 30.90 26.74 Atlanta Capital Mgmt 24,611,564 7.79 23.78 -12.16 19.51 10.85 26.16 Riverbridge Partners 30,013,830 3.67 20.03 -32.10 3.42 53.48 27.30 Sycamore Small Cap Value 18,204,775 5.50 11.58 -6.34 24.77 5.09 26.21 Total International Equities 130,093,921 6.58 15.26 -21.03 13.84 18.03 27.49 DFA Emerging Markets 13,516,724 8.98 12.76 -16.40 5.84 13.83 16.04 Thompson, Siegel & Walmsley 29,829,196 5.53 16.75 -14.08 13.32 5.42 21.65 WCM Investment Management 86,748,000 6.95 15.11 -27.77 17.70 29.98 38.84 Total Real Estate 229,414,495 1.87 -1.86 5.46 20.52 1.76 10.30 Hancock 7,748,166 -0.27 4.64 6.96 9.80 -0.37 3.89 IFM Global Infrastructure (US) L.P.99,234,724 5.59 8.40 8.16 17.75 2.82 14.61 Molpus Woodlands Fund III 8,023,660 1.54 9.67 21.35 12.76 8.04 -1.43 Molpus Woodlands Fund IV 4,564,033 -1.22 8.41 10.63 20.16 -5.70 1.55 Multi-Employer Property Trust 53,197,689 -3.75 -15.51 7.81 19.74 0.49 3.66 Security Capital 18,599,189 11.42 15.69 -27.57 45.04 -4.51 41.40 U.S. Real Estate Investment Fund 14,589,277 -5.02 -15.95 7.39 20.02 0.93 8.11 USAA 23,457,757 -0.34 -7.85 14.02 18.16 12.42 7.38 COMPARATIVE PERFORMANCE - IRR City of Clearwater Period Ending 12.31.24 |Q4 24 191 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |appendix 192 Q4 24Period Ending 12.31.24 | 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… 193 Q4 24Period Ending 12.31.24 | 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 194 City Of Clearwater Employees' Pension Plan Q4 24Period Ending 12.31.24 |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 195 Q4 24Period Ending 12.31.24 |important disclosures Disclosure regarding CAPTRUST Engagement with Plan Participants as Wealth Clients At CAPTRUST, transparency is important to us, and we wish to inform you that CAPTRUST may be engaged to provide wealth advisory services to individuals who are also participants of our retirement plan clients. These services will be performed separately from the services to the plan and are defined in a separate agreement between CAPTRUST and the individual. In delivering wealth advisory services, CAPTRUST may (A) make recommendations about the advisability of taking retirement plan distributions, how to invest the proceeds of a distribution, or how to invest retirement Plan accounts, (B) manage the participant’s retirement plan account through a self-directed brokerage option available through the plan, as allowed by the terms of the brokerage account and the plan sponsor, or (C) manage a participant’s retirement plan assets via a third-party order management system (an “OMS”). Once approved by the participant, the OMS would receive access to the participant’s retirement plan account data on the recordkeeper’s platform, which in turn would allow CAPTRUST to rebalance the participant’s current allocation as well as set future contribution allocations. By connecting the OMS to the account data, the individual might lose fraud protection otherwise offered by the recordkeeper in the event the account was compromised. If you have any questions or concerns, please let your financial advisor know. 196 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0292 Agenda Date: 4/14/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve recommended change in actuarial valuation funding method from Entry Age Normal to Aggregate effective for the actuarial valuation dated January 1, 2025. SUMMARY: The City’s actuary, Pete Strong with Gabriel Roeder Smith, has suggested a change in actuarial funding method that will provide the Trustees additional flexibility in determining the level of annual employer contributions to the plan. Per State Statute the employer is required to fund at least the “normal cost” of the pension benefit annually as calculated by the actuary. The Aggregate funding method calculates the normal cost differently than the Entry Age Normal funding method and is a preferred funding method for the plan at this time, given that the Plan’s funded ratio is greater than 100%. Should the Plan’s funded ratio fall below 100% at a future date, consideration will be given to returning to the Entry Age Normal funding method. 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 4/8/2025 March 27, 2025 Mr. Jay Ravins Finance Director City of Clearwater 100 S. Myrtle Avenue Clearwater, Florida 33756 Re: City of Clearwater Employees’ Pension Plan Funding Method Projection Study Dear Jay: Gabriel, Roeder, Smith & Company (GRS) has been engaged by the City of Clearwater to prepare projections of the below scenarios for the City of Clearwater Employees’ Pension Plan (Plan). This letter presents 30-year projections of the cost of the Plan under two alternative funding methods. It also includes a discussion of risks associated with measuring the accrued liability and actuarially determined contribution. The results are based on census and asset data as of January 1, 2025. The enclosed exhibits present the following: 1. Scenario 1: 30-year projections of the Plan using the current assumptions and methods as described in the January 1, 2024 Actuarial Valuation Report, with the exception of the mortality assumption, as detailed in the Actuarial Assumption and Methods section. The projections were prepared assuming that future Plan experience matches the actuarial assumptions, including an assumed 6.50% return on the market value of assets for every year of the projection period. The current funding method used for the actuarial valuation is the Entry Age Normal method. 2. Scenario 2: Same as Scenario 1 except the projections reflect a change in the funding method to the Aggregate method. 3. Scenario 3: Same as Scenario 1 except that a “stress test” is performed by assuming the actual market return for the year ending December 31, 2025 is -15%. For all future years after 2025, actual market returns are assumed to match the 6.50% investment return assumption. 4. Scenario 4: Same as Scenario 3 incorporating a “stress test” except the projections reflect a change in the funding method to the Aggregate method. Mr. Jay Ravins March 27, 2025 Page 2 Actuarial Assumptions and Methods As indicated above, the current funding method used for the actuarial valuation is the Entry Age Normal method. Under this method, there are two components of the actuarially determined contribution. The first component is the net employer Normal Cost, which represents the value of benefits accruing for one year of service for the active members of the Plan. The second component is the amortization payment on the Unfunded Actuarial Accrued Liability (UAAL). When the Plan experiences gains or losses or there are assumption or benefit provision changes, the UAAL can increase or decrease significantly. The Plan sponsor does not pay for this change fully in the year it occurs. Instead the change in the UAAL is amortized over a period of time (experience gains and losses are amortized over a 15-year period). As of January 1, 2025, the Plan is in a surplus position (i.e. the Plan assets exceed the actuarial accrued liabilities), and therefore, the annual payment to amortize the UAAL is less than $0. However, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAAL may not reduce the contribution below the amount required to fund the employer Normal Cost. Based on this, the City’s required contribution must be set equal to the employer Normal Cost, without the ability to factor in a credit for the Plan’s overfunded position. Since the required contribution is greater than the actuarially determined amount, the City is overfunding the Plan, and the Plan’s surplus will continue to increase if the actuarial assumptions are met each year. As an alternative, the Board could consider changing the funding method to the Aggregate method. Under this method, there is one component of the actuarially determined contribution, which is the Normal Cost. The Normal Cost is calculated in aggregate for all members of the Plan as the excess of the total projected liability over the assets, funded over the average projected future service of the active members. The Plan’s surplus position is incorporated in the calculation of the Normal Cost, and the Florida Statute mentioned above does not impact the determination of the City’s required contribution. Therefore, the City would not be overfunding the Plan and adding to the surplus by contributing the Entry Age Normal Cost each year. We have shown the projections under both funding methods assuming the actual market value returns match the 6.50% investment return assumption in all years of the projection period (Scenarios 1 and 2). We have also shown the projections under a “stress test” by assuming the actual market value return for 2025 is -15% in order to illustrate the difference in the impact of this investment loss under the two alternative funding methods (Scenarios 3 and 4). Under Scenario 3, which uses the Entry Age Normal funding method with the “stress test,” the Plan’s funded ratio is projected the fall below 100% as of the January 1, 2027 valuation date. At that point in the projections, we have performed a fresh-start of the UAAL amortization bases in accordance with the methodology described for combining and offsetting amortization bases under Internal Revenue Code Section 412(b). Mr. Jay Ravins March 27, 2025 Page 3 Please note that under the Ordinance the minimum required City contribution is 7% of covered payroll. If the Aggregate method is used for the actuarial valuation as of January 1, 2025, the required City contribution for FYE 2026 would be 7% of payroll since the actuarially determined contribution would be below the 7% of payroll minimum, as shown in Scenarios 2 and 4. The funded ratios shown on the enclosed exhibits were determined excluding the Plan’s Credit Balance, which is $40,184,518 as of January 1, 2025. This Credit Balance is available to use as an offset to future required City contributions. These projections reflect an update to the mortality tables from those used previously in the January 1, 2024 actuarial valuation report. The mortality assumption for all municipal pension plans in the State of Florida is mandated under Florida State law to be the same mortality assumption used by the Florida Retirement System (FRS) in either its most current or second most current actuarial valuation. The FRS updated its mortality assumption effective in its July 1, 2024 actuarial valuation. This projection study reflects the City’s direction to use the new FRS mortality assumption for the actuarial valuation as of January 1, 2025. Except as indicated above, all other methods, assumptions, and benefit provisions are the same as described in our January 1, 2024 Actuarial Valuation Report. The calculations are based on the census data and financial information provided by the City for the actuarial valuation as of January 1, 2025. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that results from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: Plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in Plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Mr. Jay Ravins March 27, 2025 Page 4 Examples of risk that may reasonably be anticipated to significantly affect the Plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the either assumed or forecasted returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the Plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example, if the investment return is less (or more) than the assumed rate, the cost of the Plan can be expected to increase (or decrease). Likewise, if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution amounts may be considered as a minimum contribution that complies with the pension Board’s funding policy and the State statutes. The timely receipt of the actuarially determined contributions is critical to support the financial health of the Plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. Risk Assessment Risk assessment was outside the scope of this report. Risk assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. We are prepared to perform such assessment to aid in the decision-making process. Disclosures and Qualifications This report was prepared at the request of the City of Clearwater and is intended for use by the City and those designated or approved by the City or the Board of Trustees. This report may be provided to parties other than the City and Board only in its entirety and only with the permission of the City and Board. GRS is not responsible for unauthorized use of this report. Mr. Jay Ravins March 27, 2025 Page 5 The purpose of this report is to describe the financial effect of potential changes to the funding method. This report should not be relied on for any purpose other than the purpose described. The calculations in this report are based upon information furnished by the City for the January 1, 2025 Actuarial Valuation Report concerning Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We reviewed this information for internal and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the City. Projections are deterministic, meaning that throughout the projection period, Plan experience is expected to exactly match the actuarial assumptions, including the assumed investment return on the market value of assets, except for the assumed market value return in 2025 under Scenarios 3 and 4. Throughout the projections, new members are assumed to be hired each year at a rate sufficient to maintain a constant active headcount. New members are assumed to have the same average demographic characteristics (age, gender, salary – adjusted each year for inflation) at their dates of employment as those of current members hired between January 1, 2020 and January 1, 2025 (during the five-year period ending on the most recent actuarial valuation / census data collection date). The calculations are based upon assumptions regarding future events, which may or may not materialize. They are also based on the assumptions, methods, and plan provisions outlined in this report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important plan provisions relevant to this proposal are not described, or that conditions have changed since the calculations were made, you should contact the author of the report prior to relying on information in the report. This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and this report. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries (MAAA) and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned actuaries are independent of the plan sponsor. Mr. Jay Ravins March 27, 2025 Page 6 We welcome your questions and comments. Sincerely yours, Gabriel, Roeder, Smith & Company Peter N. Strong, FSA, EA, MAAA Trisha Amrose, EA, MAAA Senior Consultant and Actuary Consultant and Actuary This communication shall not be construed to provide tax advice, legal advice or investment advice. 7 Valuation Date $ Amount % of Pay $ Amount % of Pay 2026 1/1/2025 119,120,727 17,348,536 14.56%107%119,120,727 8,338,451 7.00%*107%(9,010,085)2027 1/1/2026 122,412,601 17,684,507 14.45%106%122,412,601 9,936,687 8.12%105%(7,747,820)2028 1/1/2027 125,737,822 18,031,870 14.34%104%125,737,822 14,215,857 11.31%102%(3,816,013)2029 1/1/2028 129,434,549 18,460,944 14.26%106%129,434,549 12,131,297 9.37%104%(6,329,647)2030 1/1/2029 132,955,363 18,850,897 14.18%106%132,955,363 11,962,069 9.00%104%(6,888,828)2031 1/1/2030 136,800,880 19,313,359 14.12%107%136,800,880 12,768,503 9.33%104%(6,544,856)2032 1/1/2031 140,714,540 19,781,155 14.06%107%140,714,540 13,539,087 9.62%104%(6,242,068)2033 1/1/2032 144,771,666 20,272,296 14.00%107%144,771,666 14,304,566 9.88%103%(5,967,730)2034 1/1/2033 149,085,543 20,797,230 13.95%108%149,085,543 15,123,363 10.14%103%(5,673,868)2035 1/1/2034 153,716,373 21,388,823 13.91%108%153,716,373 15,975,026 10.39%103%(5,413,796)2036 1/1/2035 158,493,209 22,022,170 13.89%108%158,493,209 16,832,006 10.62%103%(5,190,165)2037 1/1/2036 163,433,205 22,673,163 13.87%109%163,433,205 17,701,203 10.83%103%(4,971,960)2038 1/1/2037 168,287,827 23,304,851 13.85%109%168,287,827 18,556,642 11.03%102%(4,748,210)2039 1/1/2038 173,235,928 23,950,660 13.83%109%173,235,928 19,416,258 11.21%102%(4,534,402)2040 1/1/2039 178,313,979 24,623,185 13.81%110%178,313,979 20,290,590 11.38%102%(4,332,596)2041 1/1/2040 183,586,788 25,329,856 13.80%110%183,586,788 21,181,459 11.54%102%(4,148,397)2042 1/1/2041 188,793,355 26,016,650 13.78%110%188,793,355 22,052,594 11.68%102%(3,964,056)2043 1/1/2042 194,171,249 26,727,143 13.76%111%194,171,249 22,943,120 11.82%102%(3,784,022)2044 1/1/2043 199,524,429 27,431,858 13.75%111%199,524,429 23,824,072 11.94%101%(3,607,786)2045 1/1/2044 204,771,545 28,115,112 13.73%112%204,771,545 24,689,707 12.06%101%(3,425,405)2046 1/1/2045 210,054,827 28,802,859 13.71%112%210,054,827 25,551,552 12.16%101%(3,251,307)2047 1/1/2046 215,454,273 29,510,913 13.70%112%215,454,273 26,427,232 12.27%101%(3,083,681)2048 1/1/2047 221,083,722 30,243,303 13.68%113%221,083,722 27,318,893 12.36%101%(2,924,410)2049 1/1/2048 226,617,680 30,959,069 13.66%113%226,617,680 28,191,977 12.44%101%(2,767,092)2050 1/1/2049 232,268,853 31,691,485 13.64%114%232,268,853 29,076,427 12.52%101%(2,615,058)2051 1/1/2050 238,106,283 32,464,414 13.63%114%238,106,283 29,989,595 12.60%101%(2,474,819)2052 1/1/2051 244,010,245 33,241,959 13.62%115%244,010,245 30,903,612 12.66%101%(2,338,347)2053 1/1/2052 249,977,203 34,020,338 13.61%115%249,977,203 31,815,002 12.73%101%(2,205,336)2054 1/1/2053 255,990,139 34,818,171 13.60%116%255,990,139 32,737,942 12.79%101%(2,080,229)2055 1/1/2054 262,103,153 35,635,576 13.60%116%262,103,153 33,675,123 12.85%101%(1,960,453) Total 763,512,352 631,469,912 (132,042,440)Total Present Value at 6.50%314,784,855 241,569,764 (73,215,091) * Set to the 7% of payroll minimum City contribution per the Ordinance (ADC is 6.15% of payroll before applying the minimum)AssumptionsInvestment Return Assumption and Actual Return on Plan AssetsIncrease in Administrative Expenses Per Year No future actuarial experience gains or lossesMortality tables are the same as those used in the July 1, 2024 Florida Retirement System Actuarial ValuationAll other assumptions and methods are the same as those used in the January 1, 2024 Actuarial Valuation Report Funded Ratio on Valuation Date Change in ADC as $ Amount 6.50%2.40% City of Clearwater Employees' Pension Plan30-Year Projection of Actuarially Determined Contributions Scenario 1: Entry Age Normal (Current Funding Method) with Projected Experience Matching Assumptions Scenario 2: Change to Aggregate Funding Method with Projected Experience Matching Assumptions Fiscal Year Ending Pensionable Payroll Actuarially Determined Contribution Funded Ratio on Valuation Date Pensionable Payroll Actuarially Determined Contribution 8 Valuation Date $ Amount % of Pay $ Amount % of Pay 2026 1/1/2025 119,120,727 17,348,536 14.56%107%119,120,727 8,338,451 7.00%*107%(9,010,085)2027 1/1/2026 122,412,601 17,684,507 14.45%101%122,412,601 16,051,173 13.11%101%(1,633,334)2028 1/1/2027 125,737,822 25,879,264 20.58%95%125,737,822 26,169,415 20.81%94%290,15120291/1/2028 129,434,549 29,956,690 23.14%93%129,434,549 29,907,052 23.11%92%(49,638)2030 1/1/2029 132,955,363 35,889,409 26.99%89%132,955,363 35,288,617 26.54%89%(600,791)2031 1/1/2030 136,800,880 42,901,817 31.36%86%136,800,880 41,519,204 30.35%85%(1,382,613)2032 1/1/2031 140,714,540 44,142,919 31.37%87%140,714,540 41,689,753 29.63%86%(2,453,166)2033 1/1/2032 144,771,666 45,121,169 31.17%87%144,771,666 41,678,780 28.79%86%(3,442,389)2034 1/1/2033 149,085,543 45,943,847 30.82%88%149,085,543 41,601,669 27.90%87%(4,342,178)2035 1/1/2034 153,716,373 46,675,067 30.36%89%153,716,373 41,568,968 27.04%88%(5,106,099)2036 1/1/2035 158,493,209 45,815,870 28.91%90%158,493,209 41,523,081 26.20%88%(4,292,790) 2037 1/1/2036 163,433,205 48,022,422 29.38%92%163,433,205 41,506,327 25.40%89%(6,516,095)2038 1/1/2037 168,287,827 48,664,197 28.92%93%168,287,827 41,451,473 24.63%90%(7,212,724)2039 1/1/2038 173,235,928 47,089,805 27.18%94%173,235,928 41,415,271 23.91%90%(5,674,534)2040 1/1/2039 178,313,979 47,763,868 26.79%95%178,313,979 41,448,737 23.24%91%(6,315,130)2041 1/1/2040 183,586,788 48,471,111 26.40%96%183,586,788 41,562,004 22.64%92%(6,909,108)2042 1/1/2041 188,793,355 43,535,481 23.06%97%188,793,355 41,637,031 22.05%92%(1,898,450)2043 1/1/2042 194,171,249 44,245,767 22.79%98%194,171,249 41,772,625 21.51%93%(2,473,142)2044 1/1/2043 199,524,429 41,302,050 20.70%99%199,524,429 41,892,993 21.00%93%590,94320451/1/2044 204,771,545 36,442,646 17.80%99%204,771,545 41,985,135 20.50%94%5,542,48920461/1/2045 210,054,827 30,581,282 14.56%100%210,054,827 42,089,416 20.04%94%11,508,13420471/1/2046 215,454,273 30,515,814 14.16%100%215,454,273 42,243,463 19.61%94%11,727,64820481/1/2047 221,083,722 30,760,925 13.91%100%221,083,722 42,452,822 19.20%95%11,691,89720491/1/2048 226,617,680 31,178,876 13.76%100%226,617,680 42,645,471 18.82%95%11,466,59520501/1/2049 232,268,853 31,771,662 13.68%100%232,268,853 42,880,261 18.46%96%11,108,59920511/1/2050 238,106,283 32,502,912 13.65%100%238,106,283 43,187,537 18.14%96%10,684,62520521/1/2051 244,010,245 33,258,751 13.63%100%244,010,245 43,511,850 17.83%96%10,253,09920531/1/2052 249,977,203 34,026,900 13.61%100%249,977,203 43,850,674 17.54%96%9,823,77420541/1/2053 255,990,139 34,820,471 13.60%100%255,990,139 44,224,812 17.28%97%9,404,34120551/1/2054 262,103,153 35,636,291 13.60%100%262,103,153 44,637,921 17.03%97%9,001,630 Total 1,127,950,326 1,171,731,985 43,781,658Total Present Value at 6.50%510,327,653 496,216,359 (14,111,294) * Set to the 7% of payroll minimum City contribution per the Ordinance (ADC is 6.15% of payroll before applying the minimum)AssumptionsInvestment Return Assumption and Actual Return on Plan Assets 6.50% except for a -15% actual return on assets for 2025Increase in Administrative Expenses Per YearNo future actuarial experience gains or losses other than the -15% return on assets for 2025 as detailed aboveMortality tables are the same as those used in the July 1, 2024 Florida Retirement System Actuarial ValuationAll other assumptions and methods are the same as those used in the January 1, 2024 Actuarial Valuation Report Funded Ratio on Valuation Date Change in ADC as $ Amount 2.40% City of Clearwater Employees' Pension Plan30-Year Projection of Actuarially Determined Contributions Scenario 3: Entry Age Normal (Current Funding Method) with Stress Test Scenario 4: Change to Aggregate Funding Method with Stress Test Fiscal Year Ending Pensionable Payroll Actuarially Determined Contribution Funded Ratio on Valuation Date Pensionable Payroll Actuarially Determined Contribution 9 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Projected City Contributions ($)(Millions)Fiscal Year End City of Clearwater Employees' Pension Plan 30-Year Projection of City Contribution Requirement Scenario 1: Entry Age Normal (Current Funding Method) Scenario 2: Aggregate Funding Method Scenario 3: Entry Age Normal Funding Method with Stress Test Scenario 4: Aggregate Funding Method with Stress Test 10 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%Projected City Contributions (% of Pay)Fiscal Year End City of Clearwater Employees' Pension Plan 30-Year Projection of City Contribution Requirement Scenario 1: Entry Age Normal (Current Funding Method) Scenario 2: Aggregate Funding Method Scenario 3: Entry Age Normal Funding Method with Stress Test Scenario 4: Aggregate Funding Method with Stress Test 11 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% 115.0% 120.0% 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% 115.0% 120.0%Funded Ratio (%)Valuation Date City of Clearwater Employees' Pension Plan 30-Year Projection of Funded Ratio Scenario 1: Entry Age Normal (Current Funding Method) Scenario 2: Aggregate Funding Method Scenario 3: Entry Age Normal Funding Method with Stress Test Scenario 4: Aggregate Funding Method with Stress Test Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0313 Agenda Date: 4/14/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Discuss new procedures in processing applications for disability pensions. Page 1 City of Clearwater Printed on 4/8/2025