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06/02/2025Monday, June 2, 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 June 2, 2025Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the April 14, 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 Approve contract with the State of Florida Division of Administrative Hearings, pursuant to Clearwater Code of Ordinances Section 2.563(1)(g) Legal, and authorize the appropriate officials to execute same. 4.2 Approve the termination of fixed income money manager Manning and Napier and authorize the appropriate officials to execute same. 4.3 Approve Participation Agreement and Addendum with Bank of New York Mellon, as Trustee, for investment in the BNYM Newton NSL U.S. Dynamic Large Cap Value Fund, and authorize the appropriate officials to execute same. 4.4 Accept the January 1, 2025 Annual Actuarial Valuation for the Employees’ Pension Plan. 4.5 Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). 4.6 Approve the new hires for acceptance into the Pension Plan as listed. 4.7 Approve the following request of employees David Melton, Public Works Department and Kyle Vaughan, Public Works Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.8 Approve the following request of Perry Conzen, General Services Department, Nilda Espinosa, Planning & Development Department, Robert Orner, General Services Department, Maria Pita, Police Department, and Christian Zarra, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.9 Approve the new hires for acceptance into the Pension Plan as listed. 4.10 Approve the following request of employees Leviticus McKinnon, Parks and Recreation Department, Shirlene Spata, Police Department, and Miguel Tambucho, Fire Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. Page 2 City of Clearwater Printed on 5/27/2025 June 2, 2025Pension Trustees Meeting Agenda 4.11 Approve the following request of Alfred Basore, Parks and Recreation Department, David Bell, Parks and Recreation Department, Matthew Daerr, Fire Department, Peter Gushee, Fire Department, Lawrence Labus, Parks and Recreation Department, Thomas Mahony, Public Works Department, Daniel O’Brien, Police Department, and Stephanie Sansom, Public Works Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 5. Adjourn Page 3 City of Clearwater Printed on 5/27/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0144 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the April 14, 2025 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 5/27/2025 Pension Trustees Meeting Minutes April 14, 2025 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, April 14, 2025 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes April 14, 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, Daniel Slaughter – 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 1:36 p.m. 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. Trustee Teixeira moved to approve the minutes of the February 3, 2025 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 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2024. 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 Draft Pension Trustees Meeting Minutes April 14, 2025 Page 3 City of Clearwater 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. Finance Director Jay Ravins reviewed the Plan's investment performance for the calendar and plan year ending December 31, 2024. 4.2 Approve recommended change in actuarial valuation funding method from Entry Age Normal to Aggregate Method effective for the January 1, 2025 actuarial valuation. 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. Gabriel, Roeder, Smith & Co. Actuary Pete Strong provided a PowerPoint reviewing the proposed change to the Plan's funding method. One individual expressed concerns with the organization's practice of rehiring retirees. Draft Pension Trustees Meeting Minutes April 14, 2025 Page 4 City of Clearwater Trustee Mannino moved to approve recommended change in actuarial valuation funding method from Entry Age Normal to Aggregate Method effective for the January 1, 2025 actuarial valuation. The motion was duly seconded and carried unanimously. 4.3 Discuss new procedures in processing applications for disability pensions. The City Attorney said historically the Pension Advisory Committee (PAC) in Clearwater has been the body responsible for processing disability applications and presiding over the question if the employee or former employee is eligible for disability benefits. He said the PAC conducts mini trials and determines if the medical standards have been met for a disability pension under the City's retirement system. In recent years, the process has become harder to manage due to the increasing number of disability pension requests and complicated cases. Since the PAC is comprised of councilmembers, citizens and union members, it is increasingly difficult to coordinate member schedules to hold meetings and disability hearings. As part of the latest round of collective bargaining with the police and fire unions, the Trustees will now have a decision to make regarding the new disability hearing process recently codified by Ordinance 9813-25: do the Trustees wish to determine, on a case-by-case basis, the physicians handling the disability application? He said historically the Pension Fund's attorney has handled the evaluation process by a physician. Discussion ensued with consensus to keep the physician evaluation Process with the Pension Fund's attorney. Trustee Teixeira moved to designate the Pension Fund's legal counsel to select and arrange the physicians on behalf of the Trustees. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes April 14, 2025 Page 5 City of Clearwater 5. Adjourn The meeting adjourned at 1:56 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#25-0336 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve contract with the State of Florida Division of Administrative Hearings, pursuant to Clearwater Code of Ordinances Section 2.563(1)(g) Legal, and authorize the appropriate officials to execute same. SUMMARY: The City of Clearwater Employees’ Pension Plan governs the payment of retirement benefits for City employees. In 2024, the City and labor unions agreed to a change in the disability process for members. Under the new process, the City Manager, after consideration of all relevant factors, may either enter a stipulated approval for an applicant’s disability retirement benefit or schedule an evidentiary hearing. If the City Manager enters into a stipulated approval, an agenda item shall be brought before the Pension Trustees confirming the stipulation. If the City Manager opts for an evidentiary hearing, the hearing shall be conducted by the State of Florida Division of Administrative Hearings. The hearing officer shall review the application for a disability retirement, determine whether the claim meets the criteria for awarding a disability pension benefit, and issue a recommended order. The hearing officer shall then transmit the recommended order composed of findings of fact, conclusions of law, and disposition to the Pension Trustees. Due to the change in the disability process, this contract is needed to provide the City with the services of the hearing officers. The contract rate for services is $207.00 per hour plus expenses. The contract is for one year and renews automatically. The City Manager will execute the contract on behalf of the City. APPROPRIATION CODE AND AMOUNT: Funds are available in cost code 6467410-530100, Clearwater Employees’ Pension Plan, to fund this contract. Page 1 City of Clearwater Printed on 5/27/2025 ADMINISTRATIVE LAW JUDGE SERVICES CONTRACT Page 1 of 4 This CONTRACT is between the City of Clearwater, (hereinafter the “City”), and the State of Florida, Division of Administrative Hearings (“DOAH”). WHEREAS, the City of Clearwater Code of Ordinances Section 2.418(8) provides for the use of Administrative Law Judges to conduct evidentiary hearings and determine whether a claim meets the criteria for awarding a disability pension benefit; WHEREAS, Section 120.65, Florida Statutes, authorizes DOAH to provide Administrative Law Judges (ALJs) on a contract basis to any governmental entity; WHEREAS, the City desires to use the services of DOAH’s ALJs to conduct hearings and determine whether a claim meets the criteria for awarding a disability pension benefit; and NOW, THEREFORE, the parties, for valuable consideration and the mutual promises between them, agree as follows: 1. Scope of Services. The foregoing Recitals are hereby incorporated herein as if fully restated. DOAH agrees to make ALJs available to the City. The ALJs will be full-time judges employed by the State of Florida, Division of Administrative Hearings, and are experts in the adjudication of administrative disputes. 2. Compensation. The fiscal year 2003-2004 General Appropriation Act, Chapter 2003-397, Laws of Florida, requires DOAH to renegotiate its contracts for ALJ services annually so that the hourly rate charged is based on a total – cost recovery methodology. The rate has been determined to be $207.00 per hour beginning October 1, 2024. DOAH will notify the City of the amended hourly rate on or about the first day of September of each year. That rate will become effective on the first day of October of that same year. The City agrees to compensate DOAH for each hour actually worked, and subsequently, at the hourly rate determined in accordance with the Florida Legislature’s directive. This rate will apply for ALJ services in preparing for hearings, traveling to hearings, conducting hearings, and preparing Recommended Orders. ADMINISTRATIVE LAW JUDGE SERVICES CONTRACT Page 2 of 4 3. Expenses. The City agrees to pay the actual travel expenses of the assigned ALJ in the amount provided pursuant to Chapter 112, Florida Statutes. DOAH will submit invoices monthly and the City agrees to remit payment monthly in accordance with Chapter 218, Part VII, Florida Statutes. DOAH agrees to provide the City an itemized statement of the charges and costs in the invoice. 4. Contract Management. Megan Silver, Executive Director & Administrative Law Judge, and Patricia Kenyon, Operations Manager, will provide contract management services under this Contract for DOAH. 5. Term. This contract is for a term of one (1) year and will automatically renew for succeeding yearly periods one year from the date last signed. This contract may be amended from time to time by mutual agreement of the parties, and may be terminated by either party for the convenience of that party upon thirty (30) days’ written notice. 6. Request for Services. To initiate a proceeding, the City shall send a letter to the Chief Judge, Division of Administrative Hearings, requesting the assignment of an ALJ and shall include with such request a copy of the relevant agency action letter, claim asserted and/or request for hearing, as well as any code provisions or other local procedure that governs the type of hearing requested. DOAH shall assign an ALJ promptly after receipt of the letter. 7. Effective Date. This Contract will become effective on the date the last signature is made. 8. Designated Email Address for Case Service: The City designates the following generic, role-based email address for service of significant case-related filings issued by DOAH pursuant to this Contract: legaldepartment@myclearwater.com. This email address shall not be associated with any individual employee, shall be monitored regularly, and shall remain active throughout the term of this Contract. The City shall notify DOAH in writing of any change to the designated email address at least [five (5)] business days before the change becomes effective. ADMINISTRATIVE LAW JUDGE SERVICES CONTRACT Page 3 of 4 9. Notices. All notices required or permitted by this Contract shall be in writing, and shall be deemed to have been duly given if mailed first-class, certified postage prepaid, addressed as follows: To: City of Clearwater Attn: City Attorney’s Office 600 Cleveland Street, Suite 600 Clearwater, FL 33755 727-562-4010 To: DOAH State of Florida, Division of Administrative Hearings Attn: Patricia Kenyon, Operations Manager 1230 Apalachee Parkway Tallahassee, FL 32301 850-488-9675 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] ADMINISTRATIVE LAW JUDGE SERVICES CONTRACT Page 4 of 4 WHEREUPON, the parties have executed this Contract as follows: CITY OF CLEARWATER, FLORIDA ______________________________ Jennifer Poirrier City Manager Approved as to form: Attest: ______________________________ ______________________________ David Margolis Rosemarie Call City Attorney City Clerk STATE OF FLORIDA, DIVISION OF ADMINISTRATIVE HEARINGS ____________________________________________ __________ Megan S. Silver Date Executive Director & Administrative Law Judge [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0423 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the termination of fixed income money manager Manning and Napier and authorize the appropriate officials to execute same. SUMMARY: SUMMARY: Manning & Napier was hired as a large cap value money manager for the plan in December 2012. As of December 31, 2024, the market value of the plan’s investment in Manning & Napier’s large cap value product totaled $10.1 million, or 0.75% of the Plan’s total investment portfolio. Manning & Napier’s performance has declined in recent years, as detailed below. Over the past few years the committee has reduced the investment in Manning & Napier from in excess of $50 million to the current level of $10.1 million. The Pension Investment Committee unanimously recommended termination at their February 28, 2025, quarterly committee meeting. Performance versus benchmark index: Calendar 2024 Last 3 years Last 5 years Net of fees return 11.45% 5.70% 7.62% Benchmark index 14.37% 5.63% 8.68% Large Value percentile rank 75th 60th 81st Page 1 City of Clearwater Printed on 5/27/2025 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#25-0424 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve Participation Agreement and Addendum with Bank of New York Mellon, as Trustee, for investment in the BNYM Newton NSL U.S. Dynamic Large Cap Value Fund, and authorize the appropriate officials to execute same. SUMMARY: One of the plan’s large cap value money managers, Manning & Napier, has been recommended for termination by the pension plan’s pension investment committee. The City’s investment consultant, CapTrust Advisors, conducted a manager search for a replacement large cap value money manager. The pension investment committee reviewed the search results at the February 28, 2025, quarterly committee meeting and unanimously selected Newton Investment Management Group for recommendation to the Pension Trustees. The investment will be in Newton’s collective investment trust, BNYM Newton NSL U.S. Dynamic Large Cap Value Fund, for an initial investment of up to $50 million, or approximately 4% of the total plan investment portfolio. As December 31, 2024, the fund’s performance over the past five years has been as follows: Benchmark Performance Index Calendar 2024 16.95% 14.37% Last 3 years 11.32% 5.63% Last 5 years 14.16% 8.68% Investment manager fees will be 0.40% on all assets under management. The pension plan’s outside counsel, Klausner, Kaufman, Jensen and Levinson, has reviewed and approved the participation agreement and addendum for execution. APPROPRIATION CODE AND AMOUNT: 6467410-530100 $250,000 annually Page 1 City of Clearwater Printed on 5/27/2025 BNY v.3.25 1 The BNY Participation Agreement This PARTICIPATION AGREEMENT (including all Exhibits hereto, the “Agreement”) is made by and between (i) The Bank of New York Mellon, a New York state chartered banking institution, (“BNY”) in its capacity as trustee (“Trustee”) of each trust (“Trust”) and separate collective investment fund (“Fund”) identified and defined on Exhibit C to this Agreement, (ii) the Fiduciary identified and defined on Exhibit A to this Agreement, and (iii) if any, the plan sponsor (“Plan Sponsor”) identified and defined on Exhibit A to this Agreement (collectively referred to herein as “Party” or “Parties”). This Agreement supersedes any and all prior contemporaneous agreements, either written or oral, between the parties with respect to the subject matter of this Agreement, unless otherwise agreed upon by the parties in writing. In consideration of the mutual promises and covenants set forth below, the parties agree as follows: 1.Appointment and Acceptance of BNY as Trustee. a.Fiduciary hereby appoints The Bank of New York as Trustee and managing agent of the participating trust identified and defined on Exhibit A to this Agreement (the “Participating Trust”), with respect to such assets of the Participating Trust that may from time to time be invested in any Fund. BNY hereby accepts such appointment and agrees that it will be a fiduciary of such Participating Trust and each retirement plan of which the Participating Trust is a part (individually, a “Plan” and collectively, the “Plans”) with respect to the assets of such Plan invested in a Fund. Fiduciary agrees that the responsibilities and duties of BNY under such appointment are limited to the amounts transferred by the Participating Trust to BNY as described in this Agreement and further agrees that BNY under such appointment has no responsibilities or duties with respect to any other assets of the Participating Trust. b.Fiduciary and Plan Sponsor each acknowledges that it has received the Declaration of Trust with respect to each Trust (“Declaration of Trust”) and the Schedule A & Disclosure Document (“Schedule A Document”) with respect to each Fund, and agrees (i) to comply with the terms and conditions specified therein as the same may be amended from time to time; and (ii) that the Participating Trust’s participation in the Fund will at all times be subject to the Declaration of Trust and Schedule A Document. In the event of any inconsistency between this Agreement and the Declaration of Trust with respect to the Participating Trust’s investment in any Fund, the Declaration of Trust will control. c.BNY represents and warrants that to the extent BNY has appointed an investment adviser to act as the discretionary sub-adviser to a Fund, such appointment has been disclosed in the Schedule A Document for such Fund. Any such investment adviser would be subject to the oversight of BNY, which retains ultimate authority and responsibility with respect to the investment of Fund assets. 2.Acceptance of Investing Trust as a Participating Trust. BNY hereby accepts that the Participating Trust may participate in each Fund as of the effective date of this Agreement indicated on the Signature Page hereto. Fiduciary will direct the transfer of Participating Trust assets to BNY for investment in the Funds from time to time in accordance with the Declaration of Trust, Schedule A Document and any applicable procedures for additions to such Fund that BNY may adopt from time to time; and Fiduciary agrees that each warranty, representation, acknowledgement and covenant made by it in this Agreement will be deemed to be reaffirmed as of the date of any such addition to any Fund(s). 3.Warranties, Representations, Acknowledgements and Covenants of Fiduciary. a.Fiduciary warrants and represents to, and covenants with, BNY and each Fund as follows: i.the Participating Trust constitutes or is part of one or more Plans, each Plan is a retirement plan of the Plan Sponsor, and no portion of any Plan or the Participating Trust includes assets of a “deemed IRA” described in §408(q) of the Internal Revenue Code of 1986, as amended (the “Code”). Each Plan will be separately and severally responsible BNY v.3.25 2 under the terms of this Agreement for ensuring and maintaining the Participating Trust’s representations and warranties herein, and BNY can rely upon these representations and warranties until advised to the contrary by the Participating Trust; ii.the Participating Trust either is: A.a qualified trust, exempt from taxation under Code §501(a), by reason of constituting part of a plan qualifying under Code §401(a), other than a trust or account which forms part of an "H.R. 10 plan" for self-employed workers within the meaning of 17 C.F.R. 230.144A(a)(1)(i)(F); or B.an eligible governmental plan trust or custodial account under Code §457(b) that is exempt from taxation under Code §457(g); or C.a governmental plan described in Code §401(a)(24) that is not subject to federal income taxation and is not funded by an annuity contract described in Code §403(b), and that complies with the “exclusive benefit” requirements of Revenue Ruling 81-100 (1981-1 C.B. 326) (as amended, and any successor ruling, “RR 81-100”); or D.a common, collective or commingled trust fund (each, a “collective trust”) which consists solely of assets of plans described in (A)-(C) above, and is exempt from federal income taxation by reason of qualifying as a “group trust” under RR 81-100; or E.a segregated asset account maintained by a life insurance company that consists solely of the assets of the participants that individually satisfy the requirements of sub-clauses (A) through (D) above; or F.a church plan (as defined in Section 414(e) of the Code) that is either a retirement income account within the meaning of Section 403(b)(9) of the Code or a church plan organization defined in Section 414(e)(3)(A) of the Code, together with other assets permitted to be commingled for investment purposes with the assets of such retirement income account or church plan organization without adversely affecting the tax status of such retirement income account or church plan organization. G.any other plan or trust (other than an individual retirement account under section 408 of the Code) permitted by RR 81-100 to be commingled in trust for investment purposes with assets of other Participating Trusts hereunder with the resulting commingled trust being exempt from federal income taxation under section 501(a) of the Code by reason of qualifying as a “group trust”; provided, however, that the organization documents, maintenance, actions and activities of such plan or trust satisfy any applicable conditions of RR 81-100 and any other legal requirements identified by BNY. iii.each Plan forming part of the Participating Trust is established, maintained and operated under one or more governing documents (or statutes or regulations as may be applicable) that authorize the assets of the Participating Trust to be transferred to a RR 81-100 group trust. iv.the Declaration of Trust (including each Fund) is adopted as part of the Participating Trust and each Plan; and if and to the extent that assets of any Fund are invested directly or indirectly in interests in any collective trust (other than the Trust and the Funds) that is exempt from taxation under the Code or applicable Internal Revenue Service rulings and regulations under RR 81-100 and Code §401(a)(24), each such collective trust (and the instrument(s) pursuant to which such collective trust is established) is also adopted as part of the Participating Trust and each Plan. v.the Participating Trust signatory (A) either is a “named fiduciary” within the meaning of §402(a)(2) of the Employee Retirement Income Security Act of 1974 (“ERISA”) or a duly authorized agent thereof acting at the direction BNY v.3.25 3 thereof (to the extent applicable), and (B) has authority under the governing documents of the Participating Trust (or applicable statutes or regulations) to appoint BNY as contemplated hereby or has been properly directed to sign this Agreement by such authorized person. vi. this Agreement constitutes the valid and binding agreement of the Participating Trust, enforceable against the Participating Trust in accordance with its terms and any approval, authorization or license from any foreign, federal, state or local regulatory authority or agency required on the part of the Participating Trust has been obtained and any necessary filing with any of the foregoing has been duly made. vii. all obligations of Fiduciary and the Participating Trust under this Agreement, and all directions and instructions given by Fiduciary to BNY, will comply with and do not conflict with the terms of the Participating Trust, this Agreement, ERISA (to the extent ERISA is applicable to the Participating Trust) and all other applicable laws or regulations. viii. if and to the extent the Schedule A Document for a Fund explicitly restricts eligibility for its investors to "qualified institutional buyers" ("QIBs") as defined in Securities and Exchange Commission (“SEC”) Rule 144A(a)(1) under the Securities Act of 1933, the Participating Trust is and will be a QIB during the period it owns any Fund units. ix. if the Plan or Plans forming the Participating Trust are not “eligible individual account plans” within the meaning of ERISA §407(d)(3), not more than 10% of the Participating Trust’s assets (excluding for all purposes of such calculation the Participating Trust’s assets that are invested in the Funds) are or will be invested in “employer securities,” as defined in ERISA §407. x. it will advise BNY if the Plan Sponsor or its affiliates is owned 10% or more by a broker-dealer, or if the Plan Sponsor or its affiliates is controlling or controlled by a broker-dealer. xi. it is the person who directs investment of the Participating Trust’s assets (or in the case where the person who directs the investment of the Participating Trust’s assets is a participant or beneficiary of the Participating Trust, the Plan Sponsor or other plan fiduciary that has authorized the use of the Funds as an investment option). xii. it has (A) received and reviewed a copy of the Declaration of Trust, the Schedule A Document, and such other information regarding the Funds as it has deemed material; (B) sufficient knowledge, sophistication and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in each Fund; (C) determined that the Participating Trust’s participation in each Fund is prudent, suitable, and appropriate for the Participating Trust, and is otherwise consistent with Fiduciary’s fiduciary responsibilities under ERISA (including the requirement for diversifying the investments of the Participating Trust). xiii. Except as otherwise expressly agreed to in writing by BNY, (A) it has not relied upon the Trust, the Funds, BNY, or any affiliate, agent or independent contractor of, or any investment adviser to, BNY in connection with the Funds or any employees, officers, principals or agents thereof or of any of the foregoing for any tax, ERISA, or other legal advice in connection with the acquisition of units of the Fund(s) (the “Units”); and (B) it understands that neither BNY nor any of the other foregoing entities or persons will act as a fiduciary (as defined in ERISA §3(21), to the extent ERISA is applicable to the Participating Trust) with respect to the decision to allocate assets of the Participating Trust to any Fund. xiv. if the Participating Trust is not subject to Title I of ERISA, neither the Trust (nor any Fund) nor BNY will be subject to any laws, rules or regulations applicable to such Participating Trust solely as a result of the investment in a Fund by such Participating Trust. BNY v.3.25 4 xv.to the extent Fiduciary was introduced to the Fund(s) by a marketing agent acting on behalf of BNY, such as BNY Mellon Securities Corporation, which is a registered broker-dealer affiliated with BNY, or a third party intermediary, Fiduciary has acknowledged the role of such marketing agent as provided in Exhibit C to this Agreement, and it has reviewed and understands the description of such marketing agent’s services and compensation as provided in the Marketing and Distribution Services section of the applicable Schedule A Document. xvi.the Fiduciary hereby authorizes and empowers the Trustee to execute on the Participating Trust’s behalf any documents as may be reasonably necessary or appropriate to satisfy any regulatory obligations that Trustee is required to comply with and carried out for purposes of this Agreement and subject to the terms and conditions of this Agreement. xvii.the Fiduciary hereby acknowledges to the Trustee that the Participating Trust may hold assets in other investments that are not part of any Fund(s) hereunder and agrees that the Trustee shall have no responsibility or liability for the overall diversification of the investment portfolio of the Participating Trust or for the prudence of participating in the Fund(s) in relation to the total investment portfolio of the Participating Trust. b.Fiduciary hereby authorizes the Participating Trust’s investment in each Fund identified in Exhibit C in accordance with the Fund’s investment objectives and strategies. Fiduciary also acknowledges that BNY, or its delegate, will vote proxies issued by companies whose securities are owned by the Funds, and that BNY’s policy is that proxies be voted and recorded in accordance with (i) the proxy voting policy for each Fund as indicated in Exhibit E, although BNY, or its delegate, may solicit recommendations and advice from unaffiliated proxy advisory firms or other advisors which it retains with respect to a Fund, and (ii) the independent voter fiduciary standards set forth in the Declaration of Trust, as applicable. Fiduciary acknowledges receipt of proxy voting policies for each Fund identified in Exhibit E, and that it has had the opportunity to review such proxy voting policies. c.Fiduciary understands (and, to the extent the Participating Trust is participant-directed or is a collective trust functioning as a pass-through investment vehicle, has communicated or will communicate to all participants in the Participating Trust prior to their direction to invest in Units of the Fund(s)) the following: i.Units (A) are not insured by the FDIC or any other governmental agency, and are not deposits of, or guaranteed by, any bank; and (B) will fluctuate in value over time, with the risk that the Participating Trust and its participants could incur significant losses; ii.No assurance can be given that a Fund will achieve its investment objectives, and past performance is no guarantee of future results; iii.All other material information regarding each Fund as set forth in the Schedule A Document, including without limitation the Fund’s (A) investment objectives, strategies, and related investment risk considerations, (B) fee and expense structure, and (C) any other information as may be required by ERISA or applicable law. Fiduciary further understands that neither BNY nor any investment adviser retained by BNY has any responsibility for any communication to participants in the Participating Trust. d.Fiduciary, on behalf of the Participating Trust, will execute, deliver, acknowledge and file any and all further documents or information (including, without limitation, copies of the organizational instruments of the Participating Trust, the most recent determination or opinion letter issued by the Internal Revenue Service with respect to the Plan or Plans, and current financial information.) which BNY may deem necessary or appropriate in connection with the Participating Trust’s investment in any Fund or a particular class of units (“Class”). BNY v.3.25 5 e. The Fiduciary represents that except as disclosed in Exhibit A to this Agreement, the Plan (not including an eligible individual account plan within the meaning of Section 407(d)(3) of ERISA) does not have publicly traded employer securities (as defined in Section 407 of ERISA) (“Employer Securities”). f. The Fiduciary hereby agrees to provide Trustee on written request any documentation necessary for the Parties compliance with applicable rules and regulations as well as the warranties, representations, covenants and acknowledgements and covenants contained in this Agreement. If the Fiduciary fails to provide any such documentation, BNY may redeem all Units of the Fund held by the Participating Trust. Additionally, the Fiduciary, on behalf of the Participating Trust, will cooperate in good faith in response with any reasonable requests by BNY to allow it to satisfy any regulatory obligations with which it is required to comply in connection with the terms of this Agreement. g. Fiduciary acknowledges that BNY may from time to time adopt procedures and measures to discourage frequent trading that may harm any of the participating investors of the applicable Fund, including any applicable limits on the frequency of purchases and redemptions, as provided in its Schedule A Document (“Frequent Trading Procedures”), and BNY may in its sole discretion reject any instructions or requests by Fiduciary or the Participating Trust that violate such Frequent Trading Procedures. The Participating Trust and Fiduciary will comply with such Frequent Trading Procedures. The Participating Trust and Fiduciary will be solely responsible for providing all notices or other communications required by law to the participants of the Participating Trust regarding the Frequent Trading Procedures. h. Fiduciary agrees promptly to notify BNY in the event that any of the warranties, representations, covenants and acknowledgements contained in (or any information provided pursuant to) this Agreement ceases to be accurate during the term of this Agreement. Until such notice is actually received by BNY, BNY may rely on such warranties, representations, covenants, acknowledgements, and information in connection with all matters related to the Trust and the Funds. i. Fiduciary acknowledges it has responsibility for ensuring the Participating Trust is an eligible Participant in each Trust and Fund identified and defined on Exhibit C. The Fiduciary shall promptly notify BNY if the Participating Trust ceases to be an eligible Participant. j. Fiduciary acknowledges and agrees to all Exhibits to the extent applicable. k. Fiduciary and, if any, Plan Sponsor hereby acknowledge that BNY is subject to federal laws, including the customer identification program (“CIP”) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which BNY must obtain, verify and record information that allows BNY to identify the Fiduciary. Accordingly, prior to opening an account hereunder BNY will ask the Fiduciary to provide certain information including, but not limited to, Fiduciary’s name, physical address, tax identification number and other information that will help BNY to identify and verify the Fiduciary’s identity such as organizational documents, certificate of good standing, license to do business or other pertinent identifying information. Fiduciary agrees that BNY cannot open an account hereunder unless and until BNY verifies the Fiduciary’s identity in accordance with its CIP requirements. l. Fiduciary and, if any, Plan Sponsor acknowledge the assets contributed by the Participating Trust in the Fund were not directly or indirectly derived from activities that may contravene Federal, state or international laws and regulations, including anti-money laundering laws and regulations, and neither the Plan Sponsor, Participating Trust, nor the Plan nor any person controlling or controlled by the Sponsor, Participating Trust, or the Plan is an individual or entity named on a list of prohibited person or entities by the U.S. Department of the Treasury’s Office of Foreign Asset Control. BNY v.3.25 6 m.Fiduciary and, if any, Plan Sponsor represent that, except as disclosed in Exhibit A to this Agreement, neither Fiduciary, any employer whose employees are covered by the Plan nor any of their respective affiliates is a securities or commodities broker or dealer, bank or trust company, insurance company, investment adviser, or other financial services firm (“Financial Services Firm(s)”) engaged in the business of trading or dealing in securities, commodities, or derivate instruments. 4.Authorization of Certain Transactions Fiduciary acknowledges that BNY or any investment adviser retained by BNY may place orders for the execution of securities transactions with or through any broker-dealer it may select and, subject to §28(e) of the Securities Exchange Act of 1934 and other applicable law, may pay commissions on transactions in excess of the amount of commissions another broker-dealer would have charged. BNY or any investment adviser retained by BNY, as applicable, will seek best execution under the circumstances of the particular transaction taking into consideration, without limitation and only to the extent permitted in accordance with applicable law, the full range and quality of a broker’s services in placing brokerage including, among other things, the value of research provided as well as execution capability, commission rate, financial responsibility and responsiveness to BNY (and any applicable investment adviser). Subject to applicable law to the contrary, Fiduciary acknowledges that (a) research obtained may not necessarily benefit a Fund (or Participating Trust therein) whose commission credits are used to pay for such research; (b) neither BNY nor any investment adviser retained by BNY will be under any duty to obtain the lowest commission or best net price for any Fund on any particular transaction, and (c) neither BNY nor any investment adviser retained by BNY is under any duty to execute transactions for any Fund before or after transactions for other like accounts or funds managed by BNY or any such investment adviser. 5.Representations and Role of BNY as Trustee a.BNY represents and warrants that it is, and will continue to be (i) an “investment manager” (as defined in Section 3(38) of ERISA) with respect to the assets of the Plan invested in the Fund, (ii) a “fiduciary” (as defined in Section 3(21)(A) of ERISA), (iii) a “bank” within the meaning of Section 202(a)(2) of the Investment Advisers Act of 1940, as amended, (iv) a “qualified professional asset manager” in accordance with the Department of Labor Prohibited Transaction Class Exemption 84-14 (a “QPAM”) and any applicable amendments thereto; and (v) the sole discretionary trustee named in the Declaration of Trust and, in such capacity, a "named fiduciary" (as defined in Section 402(a)(2) of ERISA) under such trust instrument with respect to the control and management of the Fund and its related assets. BNY agrees to carry out its duties and exercise its powers under this Agreement in compliance with ERISA and other applicable laws and regulations. BNY shall not engage in, or cause the Fund or Plan to engage in, a non-exempt prohibited transaction, as described in Section 406 of ERISA and Section 4975 of the Code. b.BNY shall act with the degree of care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. c.BNY shall promptly notify Fiduciary of any material civil, criminal, SEC, Department of Labor (“DOL”) or other governmental investigation, disciplinary proceeding, administrative action, or a court proceeding resulting in a finding of a violation of an investment related statute or regulation by BNY which has a material adverse effect on the Participating Trust’s investment in a Fund. BNY shall also promptly notify Fiduciary in the event of a civil, criminal, SEC, DOL or other governmental investigation, disciplinary proceeding, administrative action, or court proceeding which has a material adverse effect on the Participating Trust’s investment in a Fund. d.No less frequently than annually, BNY shall furnish to Fiduciary in a manner consistent with applicable regulatory guidance all reporting and disclosures required by Section 408(b)(2) of ERISA or any successor prohibited transaction exemption, and such information as is reasonably requested by Fiduciary to complete the Form 5500 in connection with the investment in a Fund or as otherwise is required to be disclosed. BNY v.3.25 7 e.BNY shall maintain procedures, consistent with industry standards and as required by law, to ensure the security of all data of the Participating Trust that is maintained on its information technology systems. In addition, BNY shall maintain a disaster recovery program, consistent with industry standards and as required by law. f.BNY shall maintain, to the extent required by applicable law, the records of the Plan for a period of at least seven (7) years. g.BNY currently maintains in full force and effect professional liability and errors and omissions insurance coverage in the amount of $100,000,000 per occurrence and in the aggregate. A copy of BNY’s current Summary of Insurance Coverage is available any time upon request. Such policy covers BNY for all services provided for a fee (including services provided as a fiduciary under ERISA). Fiduciary acknowledges that BNY may modify, change, or cancel this policy (or any other insurance policy) at any time without prior notice. h.Pursuant to Section 13 of the Declaration of Trust, if BNY appoints an investment manager (which has not been previously appointed and disclosed in the Schedule A Document) with respect to the management of any Fund in which the Participating Trust invests under this Agreement, then BNY shall notify Fiduciary in accordance with BNY’s fiduciary responsibilities to all investors in such Fund. For clarity, such notice will not be required in respect of an underlying fund manager that manages the assets of any mutual fund or other applicable fund as may be selected for investment by the Fund in accordance with its Schedule A Document. i.BNY shall comply with the fidelity bonding requirements set forth in Section 412 of ERISA and its implementing regulations, to the extent applicable. j.To the fullest extent permitted by applicable law and the Declaration of Trust, BNY and any advisers, consultants, sub-advisers, or other agents of BNY (and their respective affiliates), will be held harmless and indemnified out of assets of the Trust for any losses, liabilities, claims, demands, penalties, fines, surcharges, obligations, expenses and damages of any kind whatsoever incurred in connection with any action taken or omitted in accordance with fiduciary standards as articulated under ERISA in connection with the Trust or this Agreement, including without limitation the reasonable fees and expenses of attorneys, accountants, consultants and experts incurred in connection with defending any claim, proceeding or legal action brought with respect to any action so taken or omitted. This subsection (j) shall not apply in connection with a claim, proceeding or legal action brought by the Fiduciary, unless BNY is the prevailing party in such claim, proceeding or legal action. BNY further acknowledges that BNY and any advisors, consultants, sub-advisers or other agents of BNY (and their affiliates) will not be held harmless or indemnified out of the assets of the Trust for any losses, liabilities, claims, demands, penalties, fines, surcharges, obligations, expenses or damages of any kind whatsoever that arise from BNY’s breach of its fiduciary duty under ERISA or any other Indemnified Parties that are acting in their capacity as agents of BNY and as fiduciaries under ERISA. Furthermore, this subsection (j) shall survive the termination of this Agreement. k.BNY and any advisers, consultants, sub-advisers, or other agents and their respective affiliates may sponsor, offer, distribute, manage and/or advise other accounts, investment funds, collective trusts, registered or unregistered investment companies, or pooled funds in such a manner that is substantially the same or different from investment decisions made in whole or in part for those other funds as are made for the Funds. 6.Compensation a.BNY is entitled to reasonable compensation for its services provided hereunder and pursuant to the Declaration of Trust in accordance with (i) the Schedule A Document as in effect from time to time; and (ii) to the extent that a Class or Fund does not impose internally charged management fees, the Fee Schedule attached as Exhibit C to this Agreement. If the Participating Trust is participant-directed or is a collective trust functioning as a pass-through BNY v.3.25 8 investment vehicle, Fiduciary acknowledges and agrees that it has communicated, and upon any change in compensation applicable to the Participating Trust will communicate, to all participants in the Participating Trust, (i) the compensation charged to the Participating Trust and each participant therein, (ii) that such compensation may vary; and (iii) that the compensation paid directly and/or indirectly by the Participating Trust and each participant therein may change, as described in the Schedule A Document and Fee Schedule, as applicable. b.With respect to a Class, each Unit will be of equal value to every other Unit of the same Class (or, if a Fund does not have more than one Class, each Unit will be of equal value to every other Unit). c.Each Unit will represent an undivided proportionate interest in all the net assets of the Fund attributable to such Class (or, if a Fund does not have more than one Class, each Unit will represent an individual proportionate interest in all the net assets of such Fund). There will be separate accounting as evidenced by Units to reflect the interests of the Participating Trust and any other participant investing in the applicable Fund (each, a “Fund Participant”), including separate accounting for contributions to the Fund by any Fund Participant purchasing Units and for disbursements by the Fund to any Fund Participant redeeming Units, and the Units held by each Fund Participant will reflect the investment experience of the applicable Fund as allocable to the respective Fund Participants. d.As of any valuation date, BNY, in its sole discretion, may make a uniform change in the Units, either by dividing such Units into a greater number of Units of lesser value, or combining such Units to produce a lesser number of Units of greater value, provided that the proportionate interest of each Participating Trust in the Fund (or Class thereof, if applicable) will not thereby be changed. e.If the Participating Trust is subject to ERISA, then in accordance with ERISA §408(b)(2) and the regulations thereunder (the “Services Exemption”), Fiduciary hereby acknowledges, agrees and represents that i.it is the “responsible plan fiduciary” as defined in the Services Exemption (the “RPF”), and ii.as the RPF, Fiduciary has received and reviewed the information contained in ERISA §408(b)(2) disclosure information included in the Schedule A Document and any other applicable documents regarding the services and fees required by and in accordance with, the Services Exemption. 7.Directions from Fiduciary – Indemnification Fiduciary will designate on the Authorized Signature Form the individual(s) (who may be employees of Fiduciary or of other agents or service providers to the Participating Trust) identified to communicate directions, instructions, or other notices required or permitted under this Agreement to BNY on its behalf. Fiduciary may change such designated individuals from time to time upon reasonable prior written notice to BNY. BNY will be protected fully in relying on and proceeding in accordance with any such direction or notice. To the extent permitted by applicable law, the Fiduciary and the Plan Sponsor as applicable hereby agree to indemnify and hold harmless BNY, and any advisers, consultants, sub-advisers, or other agents (which may be affiliates of BNY) to BNY, from any and all claims, losses, liabilities, damages, demands, and costs (including reasonable attorney fees and expenses), which arise out of (i) any misrepresentation by the Fiduciary or the Plan Sponsor contained in this Agreement, (ii) any material breach by the Fiduciary or the Plan Sponsor of this Agreement, or (iii) BNY’s reasonable reliance on any direction, instruction or other notices given to BNY on behalf of the Participating Trust. BNY agrees to indemnify and hold harmless the Fiduciary and the Plan Sponsor from any and all claims, losses, liabilities, damages, demands and costs (including reasonable attorney fees and expenses), which arise out of (i) any misrepresentation by BNY contained in this Agreement, or (ii) any material breach by BNY of this Agreement. The parties’ obligations under this Section 7 will survive termination of the Agreement. To the extent permitted by applicable law, in no event will BNY and any advisers, consultants, sub-advisers or other agents of BNY (and their respective affiliates) be liable for any indirect, incidental, consequential, exemplary, punitive or special damages, or for any loss of revenues, profits or business opportunity, arising out of or related to this Agreement (whether BNY v.3.25 9 or not foreseeable and even if BNY has been advised of the possibility of such losses or damages), to the fullest extent permitted by applicable law. 8.Confidentiality The Parties acknowledge that they may receive non-public business and financial information under this Agreement (including with respect to the Fiduciary and Plan Sponsor, information regarding the Participating Trust and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement (“Confidential Information”). Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use the Participating Trust’s Confidential Information in connection with certain functions performed on a centralized basis by BNY, its affiliates (any entity that directly or indirectly controls, is controlled by or under common control with such entity (“Affiliate”)), and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations; (c) disclose information to parties (including, but not limited to, custodians, broker-dealers, brokers, attorneys, accountants, auditors, record-keepers, counterparties and trade data repositories) in connection with the performance of its services under this Agreement or to assist or enable the effective management of the Participating Plan’s overall relationship with BNY and its Affiliates, provided they are subject to similar restrictions on further disclosure of such Confidential Information; (d) store the names and business contact information of the Plan Sponsor, Fiduciary, and Participating Trust’s employees, representatives and beneficiaries relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers; and (e) aggregate information regarding Participating Trust on an anonymized basis with other similar client data for BNY’s and its Affiliates’ reporting, research, product development and distribution, and marketing purposes. The Parties’ respective obligations under this Section 8 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e)that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority. In addition, notwithstanding anything to the contrary herein, Fiduciary authorizes and consents to the disclosure of the Plan’s identity as a client of BNY in any representative client list prepared by BNY for use in its marketing materials, unless BNY is advised in writing of Fiduciary’s objection to being named in such marketing materials. This entire Section 8 shall survive the termination of this Agreement. 9.Litigation Expenses To the extent permitted by law, the costs and expenses of BNY and its affiliates incurred in connection with any pending, threatened or potential litigation or other dispute or proceeding (each an “Action”) relating to the Funds or the Trust will be a reimbursable expense, except for costs and expenses incurred in connection with an Action between the Participating Trust and BNY or an Action in which BNY is found to have breached its duty hereunder or under the Declaration of Trust. This Section 9 will survive the termination of this Agreement. BNY v.3.25 10 10.General 10.1 Statements The Trustee will furnish, or cause to be furnished, no less frequently than quarterly, to Fiduciary and such persons as Fiduciary may designate from time to time, periodic reports regarding the Funds. Such information may be provided on behalf of the Trustee by any entity providing other services to the Funds. Fiduciary hereby agrees to carefully review such Statements and periodic reports and promptly notify the Trustee of any discrepancy, exception or objection thereto. 10.2 Termination This Agreement will continue for so long as the Participating Trust has assets invested in any Fund and will terminate upon the Participating Trust’s complete withdrawal of Units from all Funds within the relevant Declarations of Trust. Withdrawals will be processed in accordance with the provisions contained in the applicable Declaration of Trust and each Fund’s Schedule A Document. The Parties shall cooperate as may be necessary or desirable to affect the orderly transition of the Participating Trust into or out of the Fund(s) specified in this Agreement. 10.3 Entire Agreement This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written with respect to such matters. 10.4 No Third-Party Beneficiaries This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any Party or entity other than the Parties, their respective successors and assigns, and participants and their beneficiaries under the Participating Trust. 10.5 Amendments and Assignments This Agreement, including all Exhibits attached hereto, (i) will be binding upon the successors and assigns of the parties hereto, (ii) together with the Declaration(s) of Trust is the entire agreement between the parties regarding the subject matter of this Agreement, and (iii) may be amended from time to time by written agreement (including an electronic writing) of BNY, the Fiduciary executing this Agreement on behalf of the Participating Trust, and the Plan Sponsor. This Agreement may not be amended or assigned by either party without the written consent of the other party provided however, that (i) BNY may amend (A) the list of Funds and/or Classes of Units available on Exhibit C, and/or (B) the list of affiliates in Section 1(g) in Exhibit D, in each such case, on reasonable advance written notice to Fiduciary; (ii) Fiduciary may amend Exhibits A and B to update the electronic mail (“e-mail”) or other contact information set forth therein on reasonable advance written notice to BNY; and (iii) BNY may amend its QPAM representation as required under Department of Labor Prohibited Transaction Class Exemption 84-14 in Section 5(a) by written notice to the Fiduciary. 10.6 Interpretation The interpretation of this Agreement and the rights of the parties hereunder will be governed by ERISA (to the extent ERISA is applicable to the Participating Trust) and other applicable federal law and, to the extent not preempted by the foregoing, the laws of the State of New York, without giving effect to the conflict of law provisions thereof that would result in the application of the law of any other jurisdiction. The Fiduciary and, if any, the Plan Sponsor hereby irrevocably and unconditionally (i) submit to the exclusive jurisdiction of any state or federal court situation in the Borough of Manhattan, The City of New York in connection with any dispute arising hereunder; and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place or residence or domicile. To the extent that in any jurisdiction the Fiduciary and, if any, the Plan Sponsor may now or hereafter be entitled to a claim, for itself or its assets, BNY v.3.25 11 immunity from suit, execution, attachment (before or after judgment) or other legal process, it irrevocably agrees not to claim, and it hereby waives, such immunity. The Fiduciary and, if any, the Plan Sponsor and BNY hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 10.7 Severability The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties. 10.8 Force Majeure Notwithstanding anything in this Agreement to the contrary contained herein, BNY and Fiduciary shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the Fund resulting from any event beyond the reasonable control of BNY or Fiduciary or their agents, including but not limited to nationalization, expropriation, devaluation, seizure, or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Fund property; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts of war, terrorism, insurrection or revolution; or acts of God, or any other similar event. BNY shall use reasonable commercial efforts to mitigate any losses resulting from such events and shall maintain a commercially reasonable business recovery plan. The parties’ obligations under this Section 10.7 will survive termination of the Agreement. 10.9 Counterparts This Agreement may be executed in any number of counterparts either manually or by electronic signature (defined as an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods (“Electronic Signature”)), each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. 10.10 No Waiver No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. 10.11 Headings All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement. 10.12 Capitalized Terms Capitalized terms not defined herein shall have the meanings set forth in the Declaration of Trust or Schedule A Document, as applicable. 10.13 Notices Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be addressed to BNY, or its affiliate as appropriate or the Fiduciary and, if any, Plan Sponsor in accordance with the provisions in the Declaration of Trust and the Schedule A Document for each relevant fund under this Agreement. All notices given in accordance with this Section will be effective upon receipt. BNY v.3.25 12 11.Consent to Electronic Delivery of Documents and Electronic Signatures a.Fiduciary and, if any, Plan Sponsor consents to electronic delivery of all or a portion of the documents that BNY or its marketing agent may deliver to Fiduciary and, if any, Plan Sponsor and/or the Participating Trust, in accordance with the terms and conditions set forth in this Section 11. Fiduciary and, if any, Plan Sponsor understand that the types of documents that BNY or its marketing agent may deliver electronically include account opening documents and forms; account statements and reports; notice of changes to account terms, products, or services; Fund disclosure documents (i.e., Schedule A Document and supplements thereto); policy and procedure documents; and any other confirmation, notice, report or information required by law, rule, regulation, or prohibited transaction exemption to be provided in writing related to an investment in the Funds. b.Fiduciary and, if any, Plan Sponsor agree that the documents to be delivered electronically may be sent via e- mail to the e-mail address(es) indicated in Exhibits A and B. Fiduciary acknowledges that alternatively, BNY or its marketing agent may send a separate notice by e-mail advising as to the Internet website or other site that Fiduciary must go to in order to obtain certain documents, and Fiduciary hereby confirms it will do so. Fiduciary further represents that if it is unable to retrieve a document in such manner, Fiduciary will be obligated to immediately notify BNY. c.Fiduciary and, if any, Plan Sponsor acknowledge that access to the internet is required in order to retrieve the documents that will be electronically delivered and Fiduciary hereby confirms that it has such access. d.Fiduciary and, if any, Plan Sponsor acknowledge that documents delivered electronically may be in Portable Document Format (“PDF”), and that the Adobe Acrobat Reader software required to view them is available free of charge from Adobe's website at www.adobe.com. Any electronic communications sent by BNY shall not contain any sensitive or confidential information unless such transmissions are protected by encryption under commercially reasonable standards. e.Fiduciary and, if any, Plan Sponsor understand that the Internet is not a secure network and that communications transmitted over the Internet may be accessed by unauthorized or unintended third parties. f.Fiduciary and, if any, Plan Sponsor, may at any time request, and receive at no charge, a paper copy of any document delivered electronically. g.Fiduciary and, if any, Plan Sponsor may revoke or alter their consent and/or instructions hereunder, including any change in the e-mail address(es) provided at Exhibits A and B, at any time by notifying BNY or its marketing agent by regular mail or e-mail. Fiduciary and, if any, Plan Sponsor, understand that it may take up to ten (10) business days to process a revocation of consent to electronic delivery, and that it may continue to receive documents by electronic delivery in the interim period. h.Fiduciary and, if any, Plan Sponsor agree that this consent will apply to all of the Participating Trust’s accounts maintained with BNY. i.Fiduciary and, if any, Plan Sponsor agree to maintain valid e-mail address(es) as set forth in Exhibits A and B and to maintain access to the internet. If any e-mail address changes, it will immediately notify BNY of the new e-mail address. j.Fiduciary and, if any, Plan Sponsor represent and warrant that: (i) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms. BNY v.3.25 13 EXECUTED as of the date set forth below. THE BANK OF NEW YORK MELLON, as Trustee (Printed Name of Fiduciary) By: By: (Authorized Signature of Fiduciary) (Authorized Signature of Fiduciary) Name: Name: Title: Title: Date: Date: (Printed Name of Plan Sponsor) By: (Authorized Signature of Plan Sponsor) Name: Title: Date: Agreement Effective Date: City of Clearwater Employees' Pension Fund BNY v.3.25 14 List of Exhibits Exhibit A – Participating Trust Information Exhibit B – Authorized Signature and Email List Exhibit C – List of Funds and Fee Schedule Exhibit D – ERISA Prohibited Transaction Exemption Schedule and Other Disclosures Exhibit E – Proxy Voting Policies BNY v.3.25 15 Exhibit A Participating Trust Information 1.Participating Trust Information (attach separate exhibit for each Participating Trust) General Plan/Trust Name: Address: Primary Contact: Telephone: E-mail: Plan Sponsor/Trust Taxpayer ID Number (please provide W-9): Three Digit Plan Number (from Form 5500): Principal Business Activity Code/Industry Sector (from Form 5500): Number of Active Participants: Number of Total Participants: Type of Participating Trust (Please check the boxes that correctly identify the type of retirement plan. If the type of plan is not listed, check “Other” and enter the type of retirement plan. For more information on the types of eligible retirement plans, please see Section 3 of the Agreement.) ☐401(a) Defined Benefit Plan ☐401(a) Defined Contribution Plan ☐401(k) Plan ☐457 Governmental Plan ☐414(d) Governmental Plan ☐414(e) Church Plan ☐Profit Sharing Plan ☐Pooled Separate Account ☐Collective Investment Fund ☐ESOP ☐Other: Plan Document Please provide a formation document for this plan. City of Clearwater Employees' Pension Fund Municipal Services Building, 100 South Myrtle Avenue, Clearwater, FL 33756 Brian Jay Ravins (727) 444-8501 Jay.Ravins@myclearwater.com X 59-6000289 N/A N/A 1,556 1,496 BNY v.3.25 16 2.Fiduciary Information Name: Address: Contact: Telephone: E-mail: 3.Plan Sponsor Information Name: Address: Contact: Telephone: E-mail: EIN: 4.Recordkeeper / Custodian Information Name: Address: Contact: Telephone: E-mail: Standing Wire Instructions: As a part of our policy to provide the most timely and accurate processes possible, we require standing wire instructions for each of our clients. Please provide us with the following information. Bank Name: ABA #: For Credit to Bank Account #: Sub Account # (if applicable): In Favor of: Please note that as a means of authentication BNY will send an e-mail confirming changes in standing wire instructions to the Primary Contact you designated above. If you would like to elect a different method of authentication, please notify your Client Service Representative. Board of Trustees Municipal Services Building, 100 South Myrtle Avenue, Clearwater, FL 33756 Brian Jay Ravins (727) 444-8501 Jay.Ravins@myclearwater.com City of Clearwater Municipal Services Building, 100 South Myrtle Avenue, Clearwater, FL 33756 Jennifer Poirrier (727) 562-4040 Jennifer.Poirrier@myclearwater.com 59-6000289 Northern Trust 333 S. Wabash, WB-42, Chicago, IL 60604 Karson Wattles (312) 630-6548 KLB12@ntrs.com Northern Trust 071000152 5186061000 City of Clearwater Employees' Pension Fund BNY v.3.25 17 5.Consultant Information Name: Address: Contact: Telephone: E-mail: 6.Client Reporting The following individuals are authorized to receive information related to this investment. Please ensure that at least one individual is selected for each of the contact designations. Primary Contact: Individual may receive investment and administrative communications from BNY and its affiliates. Administrative communications may include, but are not limited to, receiving a confirmation email for redemptions and withdrawal requests, changes of address and/or changes of standing wire instructions. Invoice Contact: Individual may receive investment management fee information via email and/or hardcopy from The BNY and its affiliates. Access to Web Reporting: The list of those authorized to access information related to the account(s) on www.NewtonPortal.com. BNY is pleased to provide account statements via www.NewtonPortal.com. Your use of our web site constitutes authorization to deliver such information to you in this way. Name: ☐Mr. ☐ Ms. Position/Title: Company: Address: City/State/Zip: Telephone: Fax: E-mail: ☐Primary Contact ☐Invoice Contact ☐Access to Web Reporting Name: ☐Mr. ☐ Ms. Position/Title: Company: Address: City/State/Zip: Telephone: Fax: E-mail: ☐Primary Contact ☐Invoice Contact ☐Access to Web Reporting X Brian Jay Ravins Finance Director City of Clearwater Municipal Services Building, 100 South Myrtle Avenue Clearwater, FL 33756 (727) 444-8501 Jay.Ravins@myclearwater.com X X X Consultant Captrust 400 N. Tampa St. Suite 1800, Tampa, FL 33602 Mike Valone (813) 218-5033 Mike.Valone@captrust.com X Mike Valone Captrust 400 N. Tampa St., Suite 1800 Tampa, FL 33602 (813) 218-5033 Mike.Valone@captrust.com X X X BNY v.3.25 18 Name: ☐Mr. ☐ Ms. Position/Title: Company: Address: City/State/Zip: Telephone: Fax: E-mail: ☐Primary Contact ☐Invoice Contact ☐Access to Web Reporting Name: ☐Mr. ☐ Ms. Position/Title: Company: Address: City/State/Zip: Telephone: Fax: E-mail: ☐Primary Contact ☐Invoice Contact ☐Access to Web Reporting 7.Related Plan Investments Please list all plans (other than the Participating Trust) established or maintained by (i) the same employer or an affiliate thereof, or (ii) the same employee organization, the assets of which are invested in any of the Funds. 8.Employer Securities Pursuant to Section 3(e) of this Agreement, please list the Plan’s publicly traded Employer Securities in the space provided below. List of Employer Securities 9.Financial Service Firms Pursuant to Section 3(m) of this Agreement, please list any Financial Services Firm affiliated with the Plan in the space provided below. Name of Financial Services Firm Type of Financial Services Firm (e.g., broker-dealer) BNY v.3.25 19 Exhibit B Authorized Signature & Email List The City of Clearwater Employees’ Pension Plan (the “Plan” or “Trust”) hereby certifies to BNY that the below named person or persons as representative by their signature or e-mail address below are authorized to act on its behalf in connection with the Agreement. Any person(s) so certified shall be deemed to be authorized representative(s) of the Plan/Trust. When any person so certified shall cease to have authority to act on behalf of the Plan/Trust, the Plan/Trust shall promptly give notice to that effect. Until such notice, the following person(s) shall be authorized representative(s) of the Plan/Trust. Signature: Name: Title: Date: In order to comply with Anti-Money Laundering Guidelines please provide first, middle, and last names for any appropriate parties below. Authorized Representatives: Signature Specimen: E-mail Address: Brian Jay Ravins Jay.Ravins@myclearwater.com BNY v.3.25 20 Exhibit C Fee Schedule Trust Fund Class Investment Management Fee Schedule* The Bank of New York Mellon Employee Benefit Collective Investment Fund Plan BNYM Newton NSL U.S. Dynamic Large Cap Value Fund Instl 0.40% (40 basis points) investment management fee charged on all assets The Trustee provides marketing and distribution services on behalf of the Fund(s), and it may delegate such authority to other parties (“Marketing Agents”). The investment management fees above will be billed and payable quarterly in arrears based on the market value of the account(s) at the end of each calendar quarter. In any calendar quarter when there is a contribution and/or withdrawal to/from the account, the calendar quarter end market value will be adjusted to take into account the timing of such contribution and/or withdrawal on a pro-rata basis. The Fiduciary and Trustee agree that all investment management fees shall become due and owing to Trustee promptly after the termination date of any account and that the amount of such fees shall be calculated by treating the termination date as the next investment management fee computation date. The annual base investment management fee will be prorated for such fees owed through the termination date; provided, however, that any minimum annual fee for any account will not be prorated if such account is terminated within twelve (12) months of its inception. *Each funds operates under an expense cap relating to administrative fees comprised of related party and third-party expenses which will not exceed these caps of the fund's AUM in any given fiscal year of the fund and may be charged directly to the fund. Related party expenses may include annual custody, accounting and transfer agent fees paid to The Bank of New York Mellon. Please note actual administrative fees may be lower for funds operating below administrative fee cap levels. For more information about the Fund’s expenses, please see the Schedule A Document and the Fund’s audited financial statements. EXECUTED as set forth above (Printed Name of Fiduciary) (Printed Name of Plan Sponsor) By: By: (Authorized Signature of Fiduciary) (Authorized Signature of Plan Sponsor) Name: Name: Title: Title: Date: Date: City of Clearwater Employees' Pension Fund BNY v.3.25 21 BNY v.3.25 22 Exhibit D ERISA Prohibited Transaction Exemption Schedule and Other Disclosures The following disclosures may apply to Funds listed on Exhibit C, now or in the future, depending upon a Fund’s investment strategy and underlying investments. 1.Authorization of Covered Transactions. (a)Fiduciary acknowledges that from time to time BNY may determine that a Fund should purchase, either directly or indirectly through another pooled fund, securities during the existence of an underwriting or selling syndicate with respect to such securities in situations where a broker-dealer affiliated with BNY serves as a manager or member of such syndicate (an “affiliated underwriter transaction” or “AUT”) or where an entity affiliated with BNY serves as trustee, indenture trustee or in another ministerial capacity with respect to the trust or entity that is issuing the securities (an “affiliated trustee transaction” or “ATT”). The affiliated broker-dealer(s) that may serve as manager or member of a syndicate with respect to AUTs and the affiliated entities that may serve as trustee or other capacity with respect to ATTs, collectively, are identified in subsection (g) below (collectively, the “Affiliates”). Fiduciary further acknowledges that such purchases may facilitate the consummation of the offering of such securities which may have a beneficial impact on the applicable Affiliate(s) and could constitute a prohibited transaction under ERISA §406 and Code §4975, absent an exemption. (b)Prohibited Transaction Exemption 2009-13, issued by the U.S. Department of Labor on May 6, 2009 (“PTE 2009- 13”), provides the requisite exemptive relief for AUTs and ATTs, subject to the satisfaction of various conditions set forth in PTE 2009-13. Among the conditions to be satisfied are requirements that Fiduciary of the Plan receive certain disclosures and authorizes BNY to cause the Fund to engage, directly or indirectly through another pooled fund, in AUTs and ATTs as applicable. (c)Fiduciary, being the authorized party of the Plan, hereby acknowledges that PTE 2009-13 may be unavailable unless Fiduciary is, in fact, unrelated to, and independent of, BNY and each Affiliate. Fiduciary hereby agrees to advise BNY, in writing, if it is not (or if in the future it ceases to be) unrelated to, and independent of, BNY and each Affiliate. Fiduciary hereby represents and warrants that Fiduciary is (i) the fiduciary who is authorized to act on behalf of the Participating Trust with respect to this matter, and (ii) unrelated to, and independent of, BNY and each Affiliate. Fiduciary hereby authorizes BNY to cause the Participating Trust to engage, directly or indirectly through another pooled fund, in AUTs and ATTs. (d)For purposes of the foregoing, Fiduciary will be deemed to be unrelated to, and independent of, Trustee, and each Affiliate if Fiduciary represents that neither it, nor any individual responsible for the decision to authorize or terminate authorization of the AUTs and ATTs, is an officer, director or highly compensated employee (within the meaning of Code §4975(e)(2)(H)) of BNY or any Affiliate and agrees to advise BNY within a reasonable period of time after any change in such fact occurs. (e)Fiduciary acknowledges that it has received and reviewed the proposed and final version of PTE 2009-13, as published in the Federal Register, as well as any other reasonably available information that Fiduciary has reasonably requested, and that the preceding authorization is based on such information and disclosure. (f)Fiduciary acknowledges, represents, and warrants that the Plan is a qualified institutional buyer (“QIB”) within the meaning of Rule 144A under the Securities Act of 1933. Fiduciary agrees to immediately notify BNY in writing if, at any time, the Plan no longer qualifies as a QIB. BNY v.3.25 23 (g)List of relevant Affiliates: AFFILIATED REGISTERED BROKER-DEALERS (as of 2/1/2025). •BNY Mellon Capital Markets, LLC •BNY Mellon Securities Corp. •Pershing Securities Limited •Pershing LLC •Pershing Securities Australia PTY Limited •Pershing Securities International Limited •Pershing Limited •Pershing Securities Singapore Private Limited •BNY Mellon Investment Management Hong Kong Limited •BNY Mellon Asset Management Canada Limited •BNY Mellon Fund Management (Luxembourg) S.A. •BNY Mellon Investment Management EMEA Limited •BNY Mellon Investment Management Australia Limited •Pershing (Channel Islands) Limited •Pershing Advisor Solutions LLC •Pershing Securities Canada Limited •BNY Mellon Servicos Financerios Distribuidora de Titulos E Valores Mobiliarios (DTVM) S.A. •The Bank of New York Mellon, S.A., Institucion de Banca Multiple •The Bank of New York Mellon Securities Company Japan Limited AFFILIATED ENTITIES THAT SERVE AS TRUSTEE, ETC. •The Bank of New York Mellon 2.Authorization of Securities Lending. To the extent that a Fund engages in securities lending transactions, Fiduciary hereby authorizes BNY, for purposes of Prohibited Transaction Exemption 2006-16 (“PTE 2006-16”), to cause the Fund to engage in securities lending transactions on behalf of the Participating Trust and to receive compensation in connection with such securities lending transactions, as contemplated by PTE 2006-16. Fiduciary acknowledges that it has received and reviewed the description of securities lending practices as set forth in Exhibit C, as well as any other reasonably available information that Fiduciary has reasonably requested, and that the preceding authorization is based on such information and disclosure. 3.Acknowledgement Regarding Cross-Trading. The Fiduciary acknowledges that BNY may invest certain assets of the Trust in stock in accordance with applicable terms and conditions of Section I of Prohibited Transaction Exemption 95-56 granted to BNY and its affiliates (“PTE 95-56”), and the Fiduciary so authorizes such investment. BNY is expressly authorized to undertake cross-trading of the assets of the Funds with other investment funds, accounts or portfolios sponsored, maintained, trusteed, or managed by BNY or an affiliate thereof in accordance with Section l of PTE 95-56. The Fiduciary acknowledges receipt of a copy of the notice entitled “Cross-Trading Information,” a copy of which is attached hereto, and that it is fully informed of the cross-trading techniques to be utilized for the Fund as described in PTE 95-56. The Fiduciary agrees these authorizations are in accordance with and do not or will not contradict any provision of the applicable trust agreement and/or investment guidelines of the Participating Trust. BNY v.3.25 24 Cross-Trading Information As part of the Cross-Trading Program covered by PTE 95-56 for BNY and its affiliates (the “Bank”), the Bank is to provide to each affected employee benefit plan the following information: I.The Existence of the Cross-Trading Program. The Bank has developed and intends to utilize, wherever practicable, a Cross-Trading Program for Indexed Accounts and Large Accounts as those terms are defined in PTE 95-56. II.The “Triggering Events” Creating Cross-Trade Opportunities. In accordance with PTE 95-56, three “Triggering Events” may create opportunities for Cross-Trading transactions. They generally include the following (see PTE 95- 56 for more information): 1.A change in the composition or weighting of the index by the independent organization creating and maintaining the index; 2.A change in the overall level of investment in an Indexed Account as a result of investments and withdrawals on the Account’s opening date, where the Account is a bank collective fund, or on any relevant date for non-bank collective funds; provided, however, a change in an Indexed Account resulting from investments or withdrawals of assets of the Bank’s own plans (other than the Bank’s defined contributions plans under which participants may direct among various investment options, including Indexed Accounts) are excluded as a “Triggering Event”; or 3.A recorded declaration by the Bank that an accumulation of cash in an Indexed Account attributable to interest or dividends on, and/or tender offers for portfolio securities equal to not more that 0.5% of the Account’s total value has occurred. III.The Pricing Mechanism Utilized for Securities Purchase or Sold. Securities will be valued at the current market value for the securities on the date of the crossing transaction. Equity Securities - the current market value for the equity security will be the closing price on the day of trading as determined by an independent pricing service; unless the security was added to or deleted from an index after the close of trading, in which case the price will be the opening price for that security on the next business day after the announcement of the addition or deletion. Debt Securities - the current market value of the debt security will be the price determined by the Bank as of the close of the day of trading according to the Securities and Exchange Commission’s Rule 17a-7(b)(4) under the Investment Company Act of 1940. Debt securities that are not reported securities or traded on an exchange, will be valued based on an average of the highest current independent bids and the lowest current independent offers on the day of cross trading. The Bank will use reasonable inquiry to obtain such prices from at least three independent sources to price a certain debt security; and the closing price quotations will be obtained from all available sources. IV.The Allocation Method. Direct cross-trade opportunities will be allocated among potential buyers or sellers of debt or equity securities on a pro-rata basis. V.Other Procedures Implemented by the Bank for its Cross-Trading Practices. The Bank has developed certain internal operational procedures for cross-trading and equity securities. These procedures are available upon request. BNY v.3.25 25 Exhibit E Proxy Voting Policies Newton Investment Group ("Newton") is comprised of Newton Investment Management North America, LLC ("NIMNA" or the “Firm”), Newton Investment Management Ltd. ("NIM"), and Newton Investment Management Japan Limited. ("NIMJ"). The Newton entities are each a subsidiary of The Bank of New York Mellon (“BNY”) and are therefore subject to its policies and procedures which may be mentioned throughout this policy. This policy is specific to NIMNA, however where Newton is referenced within the policy it should be viewed from the global perspective, unless otherwise noted. Policy Statement As a fiduciary and to meet its obligations as an SEC registered investment adviser, Newton owes its clients a duty of care and a duty of loyalty with respect to all services undertaken on the client’s behalf including (where applicable) the exercise of voting rights. Newton provides discretionary and non-discretionary investment advisory services to institutional investors in the form of, for example, separate accounts, model portfolios, and pooled investment vehicles that are offered or maintained by BNY and its affiliates, and to other investment advisers through sub-advisory agreements. In addition, we may also provide voting advice to accounts where Newton acts in an advisory capacity. This Proxy Voting Policy (the “Policy”) describes Newton’s approach to exercising voting rights, where discretion over the voting decisions has been delegated to Newton by its clients and where Newton provides guidance on exercising voting rights in securities that Newton has recommended to clients on a non-discretionary basis, e.g. model accounts. Where applicable, Newton will use its best efforts to exercise voting rights as part of its authority to manage, acquire and dispose of account assets. With respect to funds, i.e., registered investment companies, UCITS or AIFs, which Newton manages and/or sub-advises, Newton will exercise voting rights under this Policy pursuant to an authority granted under the applicable client agreements. Newton will exercise voting rights in a prudent and diligent manner and in the best interests of clients. Proxy Voting by Newton Newton has adopted and implemented the Policy, which it believes is reasonably designed to: • Ensure that voting rights are exercised; • Ensure voting decisions are taken in the best interests of clients aiming to protect our clients' rights as minority shareholders; • Address potential material conflicts of interest that may arise; and • Meet disclosure requirements and expectations in connection with voting responsibilities and activities undertaken. Voting Guidelines Newton has established overarching voting guidelines which inform our ultimate voting decision, based on guidance established by internationally recognized governance principles including the OECD Corporate Governance Principles, the ICGN Global Governance Principles, the UK Investment Association's Principles of Remuneration and the UK Corporate Governance Code, in addition to other local governance codes. All voting decisions are based on Newton's voting guidelines. We have used the services of an independent voting service provider to translate these guidelines into explicit voting actions forming a bespoke voting policy for Newton. This policy will be applied to all our votable holdings, enabling a universal approach to our voting while allowing us to deploy in-depth case-by-case analysis from the stewardship team for those issuers and/or proposals which merit greater focus due to the materiality of our investment or the importance of the issue at hand (e.g., shareholder resolution, corporate action, related-party transactions). In these instances, communication with or input from the wider investment team may be sought, as well as, if relevant, engagement with the company. The stewardship team retains the ultimate discretion to deviate the vote instruction from Newton's bespoke policy's recommendation. Our active approach to voting means that our voting decisions reflect our investment rationale and take into consideration engagement activity and the company's approach to relevant codes, market practices and regulations. These are applied to the company's unique situation, while also taking into account any explanations offered for why the company has adopted a certain position or policy. BNY v.3.25 26 Newton seeks to make proxy voting decisions that are in the best long-term financial interests of its clients and which seek to support investor value creation by supporting proposals that are consistent with our corporate governance views and investment case. In general, voting decisions are taken consistently across all Newton's clients that are invested in the same underlying company. This is in line with Newton's investment process that focuses on the long-term success of the investee company. Further, it is Newton's intention to exercise voting rights in all circumstances where it retains voting authority. This may be hindered by various practical considerations. For instance, in certain markets, shares are "blocked" before the exercise of voting rights. Blocking consists of placing the stock on a register for a number of days spanning the meeting. During the share-blocked period, the shares cannot be traded freely. In markets where share blocking is practiced, Newton will vote only when the resolution is not in shareholders' best interests and where restricting the ability to trade is not expected to adversely affect the value of clients' holdings. Another common barrier to voting is the requirement at market or company level for a Power of Attorney to be in place. In cases where our clients have not put these Powers of Attorney into place, we will not submit a vote. Voting Procedures All voting opportunities are communicated to Newton by way of an electronic voting platform. Moreover, the Stewardship Team has set up a series of email alerts and notifications on the electronic voting platform designed to ensure all meetings are voted in time and the significant holdings are captured and looked at internally. The Stewardship team reviews the bespoke policy recommendation for all issuers and/or proposals which merit greater focus due to the materiality of our investment or the importance of the issue at hand (e.g., shareholder resolution, corporate action, related-party transactions) for matters of concern. Any such contentious issues identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment. Where an issue remains contentious, Newton may also decide to confer or engage with the company or other relevant stakeholders. Our bespoke voting policy is applied for all other votes. An electronic voting service is employed to submit voting decisions. Newton's Corporate Actions team and members of certain BNY operations teams are responsible for administrative elements surrounding the exercise of voting rights by ensuring the right to exercise clients' votes is available and that these votes are exercised. Voting Service Providers Newton utilizes an independent voting service provider for the purposes of managing upcoming meetings via its electronic platform, providing research and for implementing Newton's bespoke voting policy and issuing recommendations based on this policy. Newton's external voting provider is subject to the requirements set by Newton's Vendor Management Oversight Group. As such, regular due diligence meetings are held and minutes maintained with this provider, which includes reviewing its operational performance, service quality, robustness of research and its internal controls, including management of its potential material conflicts of interest. In addition, and along with its other clients, Newton participates in consultations that seek specific feedback on proxy voting matters. This helps ensure alignment of interest between Newton's expectations and the voting recommendations provided by the external provider. Acting Collectively Subject to applicable law and reporting regulations, Newton will work collectively with other investors as well as trade associations, government bodies and non-governmental organizations to develop best practice, raise awareness of a concern or enhance the effectiveness of engagement activities. When considering action and also when acting collectively on a specific issue of concern with a company, we exercise caution in order to avoid situations of being unintentionally in receipt of Material Non-Public Information, breaching relevant anti-trust or anti-competitive rules and regulations, or being considered acting in concert with one or more other investors. Conflicts of Interest BNY v.3.25 27 Where Newton acts as a proxy for its clients, a conflict could arise between Newton (including BNY funds or affiliate funds), the investee company and/or a client when exercising voting rights. Newton has in place procedures for ensuring potential material conflicts of interests are mitigated, while its clients' voting rights are exercised in their best interests. Newton seeks to avoid potential material conflicts of interest through: • The establishment of Newton's Governance Principles and Voting Guidelines, which are applied in an objective and consistent manner across client accounts, based on, the application of Newton's bespoke voting policy and analysis drawn from internal and external research, as applicable and without consideration of any Newton or BNY client relationship factors; • The establishment of an independent stewardship team, which executes Newton's proxy voting activities; and • Internal oversight groups. Where a potential material conflict of interest exists between Newton, BNY, the underlying company and/or a client, the voting recommendations of an independent third-party proxy service provider will be applied. All instances where a potential material conflict of interest has been recognized and where Newton engages its proxy voting service provider are disclosed in our annual stewardship report. Newton employees are required to identify any potential or actual conflicts of interest and take appropriate action to avoid or manage these and report them to Newton’s Conflicts of Interest Committee for review. Further information can be found in Newton’s Conflicts of Interest Policy (https://www.newtonim.com/global/special-document/conflictof- interest-policy). Newton employees are required to identify any potential or actual conflicts of interest and take appropriate action to avoid or manage these and report them to Newton's Conflicts of Interest Committee for review. Further information can be found in Newton's Conflicts of Interest Policy. Disclosures and Reporting We publish two major reports each year: (i) our annual stewardship report which provides an overview of our approach to stewardship and provides case studies on our engagement, advocacy and voting activities; and (ii) a post- season voting report outlining our views and approach on key trends observed, an overview of how we voted on shareholder proposals, and case studies on significant holdings and high-profile names. We also typically publish our quarterly vote record which includes voting rationale for decisions not aligned with the recommendations of the underlying company's management and for decisions on all shareholder proposed resolutions. Newton will provide clients with a copy of its policies noted above upon request, as well as information on how their proxies were voted by Newton. Securities Lending Newton does not engage in securities lending on behalf of its clients; this activity is at the discretion of individual clients. For certain funds that are managed by BNY, and where Newton is appointed as investment manager or subadvisor, the fund boards have entered into securities-lending programs. The nature of our relationship has allowed us to agree a recommended list of restricted securities for the purposes of lending. Controls, Record Keeping and Auditing Newton has established a Sustainability Committee that oversees all aspects relating to sustainability at Newton, including Newton's investments, direct impacts and engagement with communities and engagement with financial markets (advocacy) regarding sustainability issues. This includes Newton's approach to the exercise of voting rights. Records are kept of all voting decisions, including evidence of the submission and approval process and are made available upon request. In addition, the Corporate Actions team reports monthly on critical risk indicators in relation to voting matters. Roles and Responsibilities Newton's Corporate Actions team and members of certain BNY Operations teams are responsible for administrative processes and actions that ensures Newton has the ability to and does exercise its individual clients' voting rights. BNY v.3.25 28 Stewardship team members are also responsible for ensuring voting rights are exercised and that voting decisions are in line with Newton's voting guidelines. Fundamental equity analysts and portfolio managers provide specific company-level investment insight for consideration when arriving at voting decisions. The Sustainability Committee oversees Newton's Responsible Investment Policies and Principles, which includes this Policy. BNY v.3.25 29 00121306.WPD;1 WHEREAS, THE BANK OF NEW YORK MELLON, in its capacity as trustee of any bank-maintained collective fund in which the Fiduciary (as defined below) invests (“Trustee”), and the Board of Trustees of the City of Clearwater Employees’ Pension Fund (“Fiduciary”), have entered into a participation agreement dated ________________; and WHEREAS, the parties wish to add and/or amend certain items as set forth in the participation agreement; and NOW, THEREFORE, in consideration of the mutual agreements herein contained, it is covenanted and agreed as follows: 1. The Trustee and the Fiduciary agree that the participation agreement and this amendment to the agreement shall be governed by the laws of the State of New York. Jurisdiction and venue for any disputes shall be in the Circuit Court, Pinellas County, or the United States District Court, Middle District of Florida. 2. Trustee agrees to maintain cyber liability insurance in the amount of Five Million ($5,000,000.00) Dollars and Trustee shall name the Fiduciary as and additional insured. Trustee agrees to timely notify the Fiduciary of any change to the cyber insurance policy. 3. PUBLIC RECORDS. In accordance with the provisions of Chapter 119.0701(2), Florida Statutes, Trustee must comply with public records laws, specifically to: CITY OF CLEARWATER EMPLOYEES’ PENSION FUND AND THE BANK OF NEW YORK MELLON ADDENDUM TO PARTICIPATION AGREEMENT 00121306.WPD;1 i. Keep and maintain public records required by the Fiduciary to perform the service. ii. Upon request from the Fiduciary’s custodian of public records, provide the Fiduciary with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes or as otherwise provided by law. iii. Ensure that the public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the term of the Agreement and following completion of the Agreement if the Trustee does not transfer the records to the Fiduciary. iv. Upon completion of the Agreement, transfer, at no cost to the Fiduciary, all public records in possession of the Trustee or keep and maintain public records required by the Fiduciary to perform the service. If the Trustee transfers all public records to the Fiduciary upon completion of the Agreement, the Trustee shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosures requirements. If the Trustee keeps and maintain public records upon completion of the Agreement, the Trustee shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the Fiduciary, upon request from the Fiduciary’s custodian of public records, in a format that is compatible with the information technology systems of the Fiduciary. 00121306.WPD;1 IF THE TRUSTEE HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE TRUSTEE’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT: ROSEMARY CALL, CITY CLERK CUSTODIAN OF PUBLIC RECORDS CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN 600 CLEVELAND ST. 6TH FLOOR CLEARWATER, FLORIDA 33756 PHONE: (727) 562-4090 4. FLORIDA LAW. A. Section 448.095 Florida Statutes. The Trustee agrees to register and use the E- Verify system to verify the work authorization status of all employees hired on and after the date of this agreement. Additionally, the Trustee agrees to require any subcontractor to provide them with an affidavit stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized person. B. Public Entity Crimes Bill Section 287.133, Florida Statutes, provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of a public building or public work, may not submit bids on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold 00121306.WPD;1 amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list. Trustee confirms that it is not a convicted vendor subject to these restrictions. 5. Section 112.662, Florida Statutes. Under Section 112.662, Florida Statutes, the Trustee is required to make investment decisions based only on pecuniary factors, as defined in Section 112.662, Florida Statutes. To the extent applicable, Trustee will not knowingly take any action that will cause the Fiduciary to not comply with Section 112.662, Florida Statutes. A. Any written communication made by Trustee to a company in which Trustee invests public funds on behalf of the Fiduciary must include the following disclaimer in a conspicuous location if such communication discusses social, political, or ideological interests; subordinates the interests of the company's shareholders to the interest of another entity; or advocates for the interest of an entity other than the company's shareholders: “The views and opinions expressed in this communication are those of the sender and do not reflect the views and opinions of the people of the State of Florida.” This Agreement may be unilaterally terminated at the option of the Fiduciary if the Trustee does not include the disclaimer as required. 6. Section 787.06(13), Florida Statutes. In consideration of the laws, regulations and public policies of the State of Florida applicable to the Fiduciary as a governmental entity of the State of Florida, the Trustee hereby represents that it does not use coercion for labor or services as defined in Section 787.06(13), Florida Statutes, as certified by the attached affidavit. 00121306.WPD;1 7. All of the terms of the original participation agreement shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have executed this Addendum by their respective authorized representatives on the dates indicated below. BOARD OF TRUSTEES OF THE CITY OF CLEARWATER EMPLOYES’ PENSION FUND BANK OF NEW YORK MELLON, in its capacity as trustee By:_______________________________ ____________________________________ As Chair Title: As Secretary Date: Date: City of Clearwater Employees' Pension Fund 100 South Myrtle Avenue Clearwater, FL 33756 AUTHORIZATION: The City of Clearwater Employees' Pension Fund (“Investor”) investment has been authorized by the Board of Trustees and the Chairman and Secretary are authorized to sign the agreement. EMPOWERED TO SIGN: The following are the names and specimen signatures of the individuals authorized to execute and direct the investment. Newton/BNY will rely solely on the following individuals for all direction until notified in writing otherwise: NAME & TITLE SIGNATURE ________________________________ _______________________________ ________________________________ _______________________________ ________________________________ _______________________________ ________________________________ _______________________________ _______________________________ _______________________________ I, ________________, as Secretary of the Board of Trustees, certify that the above individuals are authorized to direct Newton/BNY under the terms of the current agreement. Dated this day of , 2025. Secretary 00147092.WPD;1 The Bank of New York Mellon Employee Benefit Collective Investment Fund Plan Established by Declaration of Trust Effective June 13, 1983 as Amended and Restated as of May 16, 2017 2 This declaration of trust amends and restates in its entirety the "The Bank of New York Mellon Employee Benefit Collective Investment Fund Plan" dated April 12, 2016 ("Plan") as applicable to each of The Bank of New York Mellon ("Bank") employee benefit collective investment funds established thereunder and specified below. The Bank declares it will continue as the sole trustee ("Trustee") of the Plan and each Fund and, as Trustee, will administer the Plan and each Fund on the following terms: EXISTING AND ADDITIONAL FUNDS 1. Definition of Fund: The term "Fund" shall mean each separate account established pursuant to the terms of the Plan for the purpose of investing in, and holding assets consistent with the investment policies applicable to each separate account as shown on the attached Schedule A. a. Class: The term "Class" shall mean (i) one of the separate classes or divisions of interests of a Fund that is established pursuant to numbered paragraph 4A of this Declaration, or (ii) with respect to a Fund for which no such classes or divisions of the Fund have been established, the Fund. 2. Additional Funds and Classes: The Bank may from time to time establish one or more additional Funds or Classes thereof by resolutions adopted by a Committee of Trustee responsible for the administration of the Plan ("Committee"). Such resolutions must include a title and a general statement of the investment policies of each new Fund or Class, as applicable. Such resolutions may include other matters pertaining to the particular Fund or Class, as applicable, as the Committee deems appropriate. These provisions upon adoption shall be incorporated herein and constitute a part of this Plan and may modify the terms hereof for such particular Fund or Class to the extent specified in such provisions. PARTICIPANTS, UNITS, VALUATION AND DISTRIBUTIONS 3. Eligible Participants: The Trustee acknowledges that it, or any bank or trust company that is a member of the same affiliated group with the Trustee ("Affiliate") within the meaning of Section 1504 of the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequent income tax laws of the United States ("Code"), is either a fiduciary, custodian or directed agent with respect to each participating account investing in each Class, and the only participants in each Class shall be accounts that form a part of programs: a. That meet the requirements of Section 40l(a), including those described in Section 401(a)(24) (and inclusive of Section 414(d)), of the Code and are exempt from federal income tax, or b. That are eligible government deferred compensation plans within the meaning of Section 457(b) of the Code and are exempt from federal income tax pursuant to Section 457(g) of the Code, or c. That are church plans (as defined in Section 414(e) of the Code) that are either a retirement income account within the meaning of Section 403(b)(9) of the Code or a church plan organization defined in Section 414(e)(3)(A) of the Code, together with other assets permitted to be commingled for investment purposes with the assets of such retirement income account or church plan organization without adversely affecting the tax status of such retirement income account or church plan organization, or d. That constitute segregated asset accounts maintained by a life insurance company that consists solely of assets of participants that individually satisfy the requirements of clause (a), (b), (c), (e), (f) and/or (g) herein, or 3 e. That is a retirement plan qualified under the Código de Rentas Internas para un Nuevo Puerto Rico de la Ley Núm. 1 de 31 de enero de 2011 or any subsequent income tax laws of Puerto Rico, and that is described in section 1022(i)(1) of the Employee Retirement Income Security Act of 1974, as amended, or f. That constitute collective investment funds operated by the Bank or an Affiliate that consists solely of assets described in clause (a), (b), (c), (d), (e), (f) and/or (g) herein, or g. That constitute unaffiliated collective investment funds that are an eligible participant under applicable regulations, and all of whose participants meet the requirements of clause (a), (b), (c), (d), (e), (f) and/or (g) herein. In addition, participation in the particular Class must be a permissible investment for the participant account. The Trustee may establish from time to time additional conditions or requirements for eligibility to participate in any particular Class by setting forth such conditions in the resolutions establishing such Class. If, at any time, a participant shall fail to satisfy all of the requirements for eligibility to be a participant, such participant shall promptly notify the Trustee. If the Trustee receives notice that a participant no longer satisfies such eligibility requirements, or if the Trustee determines at any time in its sole discretion that a withdrawal should be made from any Class, the Trustee shall take all steps necessary to distribute to such participant its entire interest in the Class or Classes in which it has an interest, other than, in the sole discretion of the Trustee, any interest the participant may have in a liquidating account established pursuant to paragraph 11 of this Plan, as soon as practicable after the Trustee receives such notice or makes such determination. Such distribution may be in cash or in kind, or partly in each, as the Trustee may determine. 4. Participation in the Classes: The beneficial ownership of each Class shall be divided into units (and fractions thereof, if so established). Each unit shall represent a proportionate undivided interest in the particular Class, and shall share ratably in the income, profits, losses, and expenses of that Class. In any distribution, all units of a particular Class shall be treated in a uniform and consistent manner. 4A. Establishment of Classes: The Trustee, in its sole discretion, may divide a Fund into one or more Classes of units representing beneficial interests in such Fund, each with its own fee and expense obligations and assessments, but with all Classes of a Fund having a proportionate interest in the Fund's underlying assets. The Trustee shall establish each such Class by adopting a resolution that shall specify the rate or amount of, or formula for, Trustee compensation, to the extent applicable, and the rate, amount, description or type of fees, expenses, costs, charges and other liabilities specifically allocable to, or assessed against, such Class of units, as well as any conditions to, or requirements for, participation in such Class. The fact that a Fund shall have been established and designated without any specific establishment or designation of Classes, or that a Fund shall have more than one established and designated Class, shall not limit the authority of the Trustee, in its sole discretion and at any time, to subsequently establish and designate separate Classes, or one or more additional Classes, of such Fund. 5. Valuation of Assets: At such intervals and as of such valuation dates as the Committee may designate from time to time with respect to each Class, but not less frequently than once during each period of three months and, in any case, as of the last business day of each Class's fiscal year, the Trustee shall determine the market value of the assets held in such Class in accordance with generally accepted accounting practices incident to accounting for collective funds. Each such valuation, in usual circumstances, shall be made within 10 business days after the valuation date as of which it is made and shall, depending upon the type of asset to be valued, be made in the manner described below. 4 a. Assets (including all types of options and commodity and financial futures) other than those described in b and c below shall be valued in accordance with the following: i. The market value shall be obtained from pricing vendors or the records of any exchange. Information furnished by pricing vendors shall be periodically verified in conformance with accepted accounting practices by the auditors of the Trustee or independent public accountants retained by the Trustee. ii. If the reported prices do not fairly indicate actual market value, in the opinion of the Trustee, or if such prices are not available, the market value of any asset shall be determined in accordance with quotations obtained from brokers, dealers, sub-custodians, depositories and any other person providing prices to the Trustee. iii. In those instances where there is no readily ascertainable market value obtainable from any of the sources specified above, investments shall be valued on the basis of estimated values on the valuation date, which values are obtained from qualified available sources, including bankers, brokers or dealers who deal in or are familiar with the type of investment involved, or other qualified appraisers, or by reference to the market value of similar investments for which a market value is readily ascertainable. The Trustee shall be entitled to rely without inquiry on all prices provided to it, and the Trustee shall not be liable for any losses incurred as a result of errors or omissions with respect to any prices utilized by the Trustee hereunder. Certain pricing or valuation information may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and the variance between such calculated amounts and actual market values may be material. b. The initial value of each real estate interest acquired in a Class shall be determined by an appraisal as of the time of acquisition. Thereafter, the Trustee shall have each interest appraised at least annually. The most recent appraisal as of or before the valuation date shall be used. However, the Trustee shall review each appraisal and determine, in its discretion, whether a change in circumstances has caused a material change in the value of the interest. If the Trustee determines the value has changed, a new appraisal shall be made and that value shall be used. c. If particular assets of a Class are, by their nature, of a type not suitable for valuation in the manners described above, the special method of valuation required for such assets shall be stated in the Schedule A of this Plan, along with the investment policy of that Class. d. The value of any asset expressed in foreign currency, or currency itself, shall be converted into United States dollars at the currency exchange rates (determined by the methods in this paragraph 5) on a valuation date. 6. Valuation of Units: The initial value of each unit of each Class shall be established by the Committee or its designee. Thereafter, a valuation for each unit of each Class shall be determined as follows. As of the close of business on each valuation date, the Trustee shall determine the then market value of the assets of the Fund (the "Total Value of the Fund"). The Trustee shall then subtract from the Total Value of the Fund any fees, expenses, charges and other liabilities incurred or accrued by the Fund and not specifically allocated to, or assessed against, a particular Class of the Fund, and the resulting value shall be the "Net Value of the Fund." The Trustee shall allocate the Net Value of the Fund among the Fund's Classes in proportion to their respective Class Percentages (as defined below) as of such date (for each Class, such amount is the "Total Class Value"). The Trustee shall then, with respect to each Class, subtract from the Total Class Value of such Class any fees, expenses, costs, charges or other liabilities specifically incurred or accrued by the Fund and attributable to such Class in accordance with the resolutions establishing such Class, and the resulting value shall 5 be the "Net Class Value." The value of a unit of a particular Class shall be calculated by dividing the Net Class Value of such Class by the number of outstanding units of such Class. A Class's "Class Percentage" on any date is equal to (i) the aggregate fair value of the assets of the Fund attributable to such Class on such date (determined using the same principles used to determine the Total Value of the Fund), divided by (ii) the Total Value of the Fund on such date; provided that both the numerator and the denominator shall be determined before taking into account any fees, expenses, costs, charges or other liabilities incurred or accrued by the Fund but not attributable to a particular Class, and any fees, expenses, costs, charges, or other liabilities incurred or accrued by the Fund and attributable to a Class in accordance with the resolution establishing such Class and not previously reflected in such Class's Net Class Value. The Trustee, pursuant the Schedule A of a Fund, may value the units of such Fund on a cost basis ("Cost Basis Fund") in accordance with the provisions of 12 C.F.R. 9.18(b)(4)(ii) or its successor provision. The Trustee may value a Fund that holds units of a Cost Basis Fund based on $1 per unit net asset value of such Cost Basis Fund. Notwithstanding any other provision of this Section or the Schedule A governing a Fund, the following shall apply to each Cost Basis Fund. The Trustee may determine in its reasonable discretion that the rules relating to valuation of units at $1.00 and valuation of assets of the Fund may cause a material dilution or other unfair result to eligible participants proposing to purchase units in the Fund or its participants, or any other adverse impact on the Fund or its Eligible Participants and in such event the Trustee reserves the right to adjust the valuation of units or assets or to take such other action that it deems appropriate to eliminate or reduce such dilution or other unfair result or adverse impact, to the extent reasonably practicable, including, without limitation, reducing or eliminating the amount of income credited to, or payable with respect to, each unit, applying all or any part of the net realized losses to offset all or any part of the net realized gains as of the date such losses are realized or any subsequent date, or reflecting all or any part of the realized losses or all or any part of the realized gains or income received in the Fund's income on the date of realization or receipt or over a period of days commencing on such date. Further, the Trustee may determine in its reasonable discretion from time to time that preserving the unit value at a constant amount is impracticable and may allow such value to fluctuate. 7. Change in Unit Value: As of any valuation date the Trustee may make a uniform change in the value of all outstanding units of the Class, either by increasing or decreasing the number of units outstanding. 8. Purchase and Redemption of Units: Units of each Class may be purchased or redeemed as follows: a. On any valuation date specified by the Committee as a valuation date for the purpose of purchase and redemption of units, any participant may purchase in cash or in kind with securities or other assets one or more units in that Class at a unit price equal to the unit value on that date plus, in the case of Funds that distribute income, the amount of income undistributed as to a unit. In kind purchases and redemptions shall be at the discretion of the Trustee. Upon any contribution of securities or other assets to the Class in kind in exchange for the issuance of units, the value of such securities or other assets shall be determined by the Trustee as of the close of business on the date such contribution is effected, using such valuation rules, which, if applicable, may be based on a cost basis in accordance with the provision of 12 C.F.R. 9.18(b)(4)(ii)(B) or its successor provision, as may be determined in the discretion of the Trustee; b. On any valuation date as specified in a. above, any participant may redeem one or more units in exchange for the value of the units redeemed, as of such valuation date, paid in cash or in kind or partly in each as the Trustee may determine plus, in the case of Funds that distribute income, the amount of income, undistributed as to a unit, provided, the Trustee in its sole discretion may delay the redemption of a participant's interest if, in the 6 opinion of the Trustee, such redemption would disrupt the management of the Fund or otherwise not be in the interest of the remaining participants of the Fund. Upon any distribution of securities or other assets to the participant in kind in exchange for the redemption of units, the value of such securities or other assets shall be determined by the Trustee as of the close of business on the date such redemption is effected, using such valuation rules, which may, if applicable, be based on a cost basis in accordance with the provision of 12 C.F.R. 9.18(b)(4)(ii)(B) or its successor provision, as may be determined in the discretion of the Trustee; and c. To the extent required by applicable law, no purchase or redemption shall be permitted, unless written notice of it shall have been received by the Trustee on or before the valuation date and entered on the account records of the Class in accordance with procedures approved by the Committee, and no notice to purchase or redeem units may be cancelled or countermanded after such valuation date. d. Unless the Schedule A for a Fund provides otherwise, the participants purchasing or redeeming units of an index or model-driven fund may be charged all or a portion of the transaction costs. These transaction costs include, but are not limited to, conversion costs, bank custodian charges levied on a per transaction basis, market movement impact; and With respect to domestic index or model-driven Funds: (1) commissions paid by the Fund to broker/dealers on purchases or sales, as applicable, of portfolio investments relating to the participant's contribution or redemption, respectively; (2) Securities and Exchange Commission fees on sales of portfolio investments of U.S. listed and traded securities by the Fund relating to the participant's redemption; and (3) the net difference (positive or negative) between: (a) the market value of the portfolio investments purchased or sold by the Fund, relating to the participant's contribution or redemption, on the date the Fund's investments are valued for purposes of determining the number of units in the Fund to be issued to or redeemed for the participant, and (b) the Fund's execution price for such portfolio investments, and With respect to international/global index or model-driven Funds investing in foreign securities, these costs would include items (1) and (3) listed above, as well as the following: (1) transaction-related charges to convert, as applicable, the participant's contribution of U.S. dollars to the relevant foreign currencies or the proceeds on sales relating to the participant's redemption to U.S. dollars from the relevant foreign currencies, and any applicable stamp taxes or other types of transfer fees imposed by a foreign jurisdiction or a foreign exchange; and (2) bank custodian charges paid by the Fund representing fees levied on a per portfolio transaction basis relating to the participant's contribution or redemption, as applicable. Notwithstanding the foregoing, to the extent transaction costs relating to certain foreign exchange transactions which, in the Trustee's opinion, cannot be quantified in a timely manner when calculating the participant's contribution/redemption unit market value, such transaction costs will instead be attributed to and reduce the Fund's unit market value. 7 e. If disclosed in the Fund's Schedule A, government charges on the purchase of securities generated by a participant's purchase of units of a Fund shall be charged to the Participant. 9. Dispositions of Income: Income will be reinvested in, or distributed from, a Fund in accordance with the Schedule A of such Fund. 10. Suspension of Valuations and Purchase and Redemption Rights: Notwithstanding anything to the contrary elsewhere in this Plan or the resolution establishing any Fund or Class, the Trustee, in its sole discretion and to the extent permissible under applicable law, may suspend, in whole or in part, the valuation of the assets or units of any Class pursuant to numbered paragraphs 5 or 6 and/or the right to make purchases and redemptions of units in such Class in accordance with numbered paragraph 8, for the whole or any part of any period when (a) any market or stock exchange on which a portion of the investments of such Class are quoted is closed (other than for ordinary holidays) or dealings therein are restricted or suspended, or a closing of any such market or stock exchange or a suspension or restriction of dealings is threatened; (b) there exists any state of affairs which, in the opinion of the Trustee, constitutes a scenario as a result of which disposition of the assets of such Class would not be reasonably practicable or would be prejudicial to the participants; (c) there has been a breakdown in the means of communication normally employed in determining the price or value of any of the investments of such Class, or of current prices on any stock exchange on which a portion of the investments of such Class are quoted, or of quotes or prices provided by banks, brokers or other recognized services for providing such quotes or prices, or when for any reason the prices or values of any investments owned by such Class cannot reasonably be promptly and accurately ascertained; (d) the transfer of funds involved in the realization or acquisition of any investment cannot, in the opinion of the Trustee, be effected at normal rates of exchange; (e) the normal settlement procedures for the purchase or sale of securities or other assets cannot be effected in the customary manner or in accordance with generally applicable time periods; (f) the action of any government or agency thereof or any self-regulatory body prevents or interferes with the ability of the Trustee to appropriately value the assets of the Class or readily transfer or dispose of assets of the Class; or (g) the Trustee deems such action is in the best interests of the Class or the participants or necessary or advisable in order to accord fair and equitable treatment to all participants. 11. Liquidating Accounts: a. The Trustee may in its sole discretion, from time to time, transfer any asset or assets of any Fund to a liquidating account. Each such liquidating account shall be maintained and administered solely for the ratable benefit of the participants having an interest in all Classes having an interest in such Fund at the time of such transfer. The primary purpose of liquidating accounts shall be to provide a method of liquidation of the assets contained therein, but the period during which the Trustee may continue to hold any such assets shall rest in its sole discretion. b. The Trustee shall have, in addition to all of the powers granted to it by law and by the terms of this Plan, each and every discretionary power of management of the assets held in a liquidating account (and of all proceeds of such assets) which the Trustee shall deem necessary or convenient to accomplish the purposes of such account, and unless the context specifically requires otherwise, each reference to a "Fund" under this Plan shall include each liquidating account as if it were a Fund. At the time of the establishment of a liquidating account, the Trustee shall prepare a schedule showing the interest of each Class and each participant therein. When the assets of such liquidating account shall have been completely distributed, such schedule shall be thereafter held as part of the permanent records of the Fund. The Trustee shall include in any report of audit for the Fund a report for each liquidating account established hereunder with respect to such Fund. For purposes hereof, the value of assets transferred to or held in a liquidating account (and the beneficial interest of any participant therein) may be based upon cost basis or fair value, as determined by the Trustee in its discretion. 8 c. No further money shall be invested in any liquidating account except that the Trustee shall have the power and authority, if in the Trustee's opinion such action is advisable for the protection of any asset held therein, to borrow money from others to be secured by the assets held in such liquidating account and to give and renew such notes therefor as the Trustee may determine. d. The Trustee may make distributions from a liquidating account in cash or in kind or partly in cash and partly in kind, and the time and manner of making all such distributions shall rest in the sole discretion of the Trustee. e. After an asset of a Fund has been set apart in a liquidating account, such asset shall be subject to the provisions of this Section 11, but such asset shall also be subject to all other provisions of this Plan so far as the same shall be applicable thereto and not inconsistent with the provisions of this Section 11. For the purpose of deposits to and withdrawals from the Fund, and for purposes of determining the value of units of the Fund and the income, gains, or losses of the Fund that are allocated among participants pursuant to the other provisions of this Plan, the value, income, gains, or losses of any assets held in any liquidating account shall be excluded. f. Each liquidating account may be charged with the expenses attributable to the administration and management of such account (including, without limitation, attorneys' fees and auditing fees). Such liquidating accounts shall remain as part of the assets of the applicable Fund and Class for purposes of determining the compensation payable to the Trustee in accordance with such fee schedule as may apply from time to time. 12. Investment Authority: Subject to the provisions of paragraph 20 below and the resolutions establishing each particular Class, in administering each Class the Trustee shall have full authority (without regard to any limitations imposed by law on investments by fiduciaries and exercisable without approval of any court or any participant) in addition to the powers granted by law to invest in and to retain any forms of property, real, personal, tangible or intangible, domestic or foreign, wherever situated. This authority shall include the power to buy units of one or more Classes under this Plan, or interests in any other bank collective fund or group trust exempt from taxation under IRS Revenue Ruling 81-100 (or any successor ruling) including but not limited to one that is maintained by the Trustee or any Affiliate. If units of such other funds or group trusts are purchased, the terms of such other funds or group trusts are hereby incorporated by reference in the investing Fund and shall be part of the investing Fund. However, real property may only be purchased by the Trustee for a particular Class if the investment policy of that Fund authorizes real estate investments. 13. Administrative Authority: Subject to the provisions of paragraph 20 below and the resolutions establishing each particular Class, in administering each Class the Trustee shall have full authority (exercisable without approval of any court or any participant) in addition to the powers granted by law: a. To purchase, subscribe for, or otherwise acquire any forms of property from any source; b. To cause any investment, either in whole or in part, in the Fund to be registered in, or transferred into, the Trustee's name or the names of a nominee or nominees, including but not limited to that of the Trustee or an affiliate of the Trustee, a clearing corporation, or a depository, or in form permitting transfer by delivery, provided that the books and records of the Trustee shall at all times show that such investments are a part of the Fund; and to cause any such investment, or the evidence thereof, to be held by the Trustee, in a depository, in a clearing corporation, in book entry form, or by any sub-custodian or other entity or in any other manner permitted by law; 9 c. To appoint custodians and sub-custodians to hold property in any place, or organize in any jurisdiction any number of corporations, partnerships or other entities for the purpose of holding or dealing in any manner with such assets; d. To exercise all voting rights with respect to any property and grant proxies, discretionary or otherwise; provided, however, that whenever a Fund holds voting securities issued by a bank holding company, a savings and loan holding company, an insured depository institution, or any company that controls an insured depository institution, as those terms are defined in the Federal Deposit Insurance Act (in any such case, "Bank Securities"), and the Trustee and its Affiliates would (without regard to the reservation of voting rights to the Independent Fiduciary Voter provided for herein) own, control or hold with power to vote Bank Securities amounting to more than 4.9% (or such lower percentage as the Trustee deems appropriate and necessary to remain in compliance with the restrictions and limitations set forth in the Bank Holding Company Act of 1956, as amended (the "BHC Act"), (the "Voting Limit")) of any class of voting securities of the issuer of such Bank Securities that are issued and outstanding, the Trustee will have no authority or discretion whatsoever to exercise any voting rights with respect to any matters as to which such Bank Securities may be entitled to vote and such voting rights will be reserved to Institutional Shareholder Services, Inc., as independent named fiduciary (the "Independent Fiduciary Voter"), and such Bank Securities shall be considered "Restricted Bank Securities" for the purposes hereof. The Trustee may terminate and replace such Independent Fiduciary Voter only upon a material breach of the Independent Fiduciary Voter's contractual or fiduciary obligations to the Trust and may not regain the authority or discretion to exercise the voting rights herein reserved for such Independent Fiduciary Voter (other than with respect to Formerly Restricted Bank Securities, provided for herein). The Trustee shall not terminate or replace such Independent Fiduciary Voter pursuant to the preceding sentence on less than ninety days' prior notice to the Independent Fiduciary Voter. If at any time the Trustee and its Affiliates would (without regard to the reservation of voting rights to the Independent Fiduciary Voter provided for herein) own, control or hold with power to vote Restricted Bank Securities of an issuer amounting to 3% or less (or such lower percentage as the Trustee deems appropriate and necessary to remain in compliance with the restrictions and limitations set forth in the BHC Act) of any class of voting securities of such issuer that are issued and outstanding, the Trustee shall regain its voting authority over the Restricted Bank Securities, which shall cease to be Restricted Bank Securities and shall be "Formerly Restricted Bank Securities" unless and until the holdings of the Trustee and its Affiliates again exceed the Voting Limit. For purposes of this paragraph, "Affiliate" refers to any corporation, trust, limited liability company, limited liability partnership, partnership or other organization that directly or indirectly controls, is controlled by, or under common control with the Trustee; e. To join in any merger, reorganization, voting-trust plan, or other concerted action of security holders, and to delegate discretionary duties with respect thereto; f. To sell at public or private sale, to lease for any period of time, to grant or otherwise deal in options in any form, and to convert, exchange, transfer, dispose of, and otherwise deal with any property in any manner; provided that a Fund shall not be permitted to engage in short sales of physical securities unless specifically authorized in the Fund's Schedule A; g. To deposit cash for interest with any banking or savings institution, including the banking department of the Trustee or any Affiliate, provided that deposits in the banking department of the Trustee or any Affiliate shall be limited to assets awaiting distribution or investment; h. To borrow and to pledge property as security for repayment, provided that the Trustee may not borrow from its or an Affiliate's banking department on behalf of a Fund that is subject to ERISA absent an applicable prohibited transaction exemption; 10 i. To settle, compromise or submit to arbitration any claim, debt or dividend due or owing to or from any Class; j. To the extent that income and principal are separately accounted for, to allocate any property received or charge incurred (paid, accrued or anticipated, liquidated or unliquidated), to principal or income, or partly to each, as the Trustee may determine to be proper, which may include any appropriate estimated amount pending definite determination of any such charge which is unliquidated at such time; k. To partition, sub-divide or improve any property and to enter into agreements concerning the partition, sub- division, improvement, zoning or management of any property and to impose or extinguish restrictions on any property; l. To establish reserves for depreciation, debt service or amortization of costs or expenses in connection with any income producing real estate or other investments; m. To enter into foreign exchange contracts in connection with any investment; n. To agree to modify, extend or renew in any manner any instrument made or received in connection with such assets; o. To lend any assets of any Class on such terms and conditions and for such duration as shall be deemed appropriate; p. To purchase and sell, write and issue, puts, calls, and other options, covered and uncovered, enter into futures contracts, forward contracts and standby contracts, and in connection therewith, deposit, hold and pledge assets of the Fund and settle transactions in foreign exchange and foreign exchange contracts, swaps, synthetic guaranteed investment contracts and other derivative instruments; and q. As a named fiduciary with respect to each Participating Trust, to appoint "investment managers" within the meaning of Section 3(38) of the Act and "fiduciaries" within the meaning of Section 3(21)(A) of ERISA with respect to all or a portion of the assets of any Fund and employ such other agents, including, but not limited to, pricing agents or pricing services to perform valuations of the assets of the Funds, administrators, distributors, recordkeepers, marketing agents, consultants, auditors, depositories, sub-trustees and co-trustees with respect to any Fund and counsel, domestic or foreign, whether or not some or all of these are Affiliates and (i) to delegate from time to time to such investment managers, fiduciaries and other agents such authority of the Trustee as the Trustee may determine in its sole discretion, and (ii) to pay the reasonable expenses and compensation of such investment managers, fiduciaries and other agents from the assets of the Funds, without reduction in the compensation payable to the Trustee hereunder unless a reduction is required by applicable law. In general, to have and to be able to exercise all rights and privileges with respect to the assets comprising any Class as though the Trustee were the absolute owner of such property. 11 ASSIGNMENTS, AUDITS, REPORTS, COMPLIANCE, GOVERNING LAWS 14. Non-Diversion of Trust Property: No part of the assets of a Fund that equitably belongs to a participant shall be used for or diverted to any purpose other than for the exclusive benefit of such participant and the employees and beneficiaries entitled to benefits under such participant. Each Fund shall constitute a separate trust and the Trustee shall separately hold, manage, administer, value, invest, reinvest, account for and otherwise deal with each such Fund. The assets and liabilities attributable to a particular Fund shall not be allocable to any other Fund and no Fund shall be responsible for the expenses or liabilities of any other Fund. Similarly, the expenses and liabilities specifically attributable to a particular Class in accordance with the resolution establishing such Class shall not be allocable to any other Class, and no Class shall be responsible for the expenses and liabilities of any other Class. 15. Assignments: No participant may assign any part of its equity or interest in a Fund. 16. Audits and Reports: The Trustee shall keep such records as it deems necessary or advisable in its sole discretion to account properly for the operation and administration of each Fund and Class. At least once during each calendar year and within 15 months of the last such audit (a) the Fund shall be audited by auditors responsible only to the Bank's Board of Directors, and (b) the Trustee shall prepare a financial report of the Fund. The Trustee shall inform each person to whom a regular periodic accounting would ordinarily be rendered that the financial report is available and that a copy will be furnished without charge upon request. 17. Trustee Responsibility: a. If done in good faith and with reasonable care, the exercise, partial exercise, or non-exercise of any discretion hereunder by the Trustee shall be conclusive upon all parties concerned. b. The Trustee may consult with counsel with respect to the meaning and construction of any provisions of this Plan or of the applicable governing law, and the written advice of such counsel shall fully protect the Trustee if it relies on that advice in good faith. c. No mistake made in good faith and in the exercise of due care and prudence in connection with the administration of any Fund shall be deemed to exceed any power granted to or to violate any duty imposed upon the Trustee by the governing laws, this Plan or otherwise, if promptly after discovering such mistake the Trustee takes whatever action is practicable under the circumstances to remedy the mistake. 18. Representation in Judicial Proceedings: In any judicial proceeding affecting any asset held hereunder, each account or person having or claiming an interest in such proceeding or asset shall be deemed to be fully represented by the Trustee for all purposes if the Trustee shall be a party to that proceeding. The Trustee is hereby indemnified against all expense and liability by the applicable Fund for participating in any such proceeding to the extent permitted by law. 19. Notices from the Trustee: Whenever any notice or report may be or is required to be given hereunder by the Trustee to any person, such notice or report shall be deemed to be properly given when delivered personally or when deposited in the United States regular mail, registered mail, private courier, or by facsimile or electronic mail, addressed to such person at the last address appearing upon the general address files of the Trustee. 20. Governing Laws: Each Fund established hereunder is created and organized in the United States and is maintained at all times as a domestic trust in the United States. The situs of each Fund established hereunder shall be in New York. All questions as to the validity, effect, administration or interpretation of this Plan shall be governed by the laws of New York. However, despite any other provisions of the Plan, each Fund shall be a separate collective investment fund and, 12 if required by applicable law, shall be administered in conformity with the rules and regulations under the Employee Retirement Income Security Act of 1974, as amended, or corresponding provisions of subsequent laws of the United States, and with all applicable rules and regulations prevailing from time to time. Each Fund is intended to qualify for exemption from taxation under Section 501(a) of the Code, and this Plan shall be construed and each Fund shall be administered to give effect to that intention. EXPENSES, COMPENSATION, AMENDMENTS, TERMINATION, SUCCESSOR, EFFECTIVE DATES 21. Expenses and Compensation of Trustee: To the extent permitted by law, the Trustee may receive compensation from each Fund or Class for its services as Trustee, and the Trustee shall be entitled to reimbursement for all reasonable expenses incurred by it in administering each Fund or Class. As described in numbered paragraph 6, any expenses, costs, charges, or other liabilities specifically incurred or accrued by a Fund and attributable to a Class in accordance with the resolution establishing such Class shall be allocated to such Class and all other fees, expenses, costs, charges, or other liabilities not specifically allocated to a Class shall be allocated to the Fund. The amount of such fees or the basis on which such fees shall be determined and charged may be (i) established in the resolution establishing the Fund or Class, as amended from time to time, (ii) established in such schedules as the Trustee may furnish to the affected participants from time to time, or (iii) negotiated separately with each participant in the Fund. Such fees may be charged against the Fund (as long as the fees charged against the Fund are uniform for all participants) or against a Class (as long as the fees charged against the Class are uniform for all participants in that particular Class) or may be paid directly by the individual participants. If the fees are to be charged to each participant separately, the Trustee may, in its discretion, charge the fees against the interest of a participant in the Fund by redemption of such participant's units. 22. Amendments of Plan, Funds or Classes: The general text of this Plan and the resolutions constituting a part of this Plan and incorporated to create the Funds and Classes may be amended from time to time by the Board of Directors or the Committee, effective upon a valuation date specified by the Board or the Committee, as the case may be, at the time each such amendment is approved. Any amendment, upon becoming effective, may be effective retroactively to a prior date if so specified by the Board of Directors or the Committee, as the case may be, in its action approving the amendment. 23. Merger or Consolidation: Any Class may be merged or consolidated with any other Class or Classes of the Fund or any other Fund or with any other collective investment fund maintained by the Trustee or an Affiliate at any time by appropriate resolution of the Board of Directors or the Committee directing such action. On the date specified for merger or consolidation of such Class, the Trustee shall credit the participants pro rata with units of the continuing or new Class or Classes or interests in the Fund or other new collective investment fund. The then value of participants' accounts, as determined by the Trustee in its discretion using such valuation rules, including a cost basis valuation, will be unaffected by reason of the merger or consolidation and, in order to accomplish this result, the Committee shall adjust the units in such a manner so as to assure compliance with this provision. 24. Termination of Plan, Funds or Classes: Any Fund or Class may be terminated at any time by resolution of the Board of Directors or the Committee directing such action. On the date specified for termination of a Fund, the Trustee shall allocate the assets and, if applicable, income in such Fund among the Classes having an interest therein and proceed with the termination of each such Class. On the date specified for termination of a Class (or a Fund in which a Class has an interest), the Trustee shall distribute the assets and, if applicable, the income of such Fund or Class to the participants pro rata according to the number of units held by each. Such pro rata distribution may be in cash or in kind, or partly in each, as the Trustee may determine. This Plan may be terminated by appropriate resolution of the Board of Directors 13 or the Committee directing such termination at any time following the termination of all Funds and Classes established hereunder. 25. Successor Trustee: The Bank may become successor trustee of any collective investment fund or funds of an Affiliate at any time and serve under the terms of this Plan by appropriate resolution of the Board of Directors or the Committee directing such action. Any entity that may hereafter succeed to the Bank's trust business shall automatically become successor sole trustee hereunder without execution of filing of any instrument or the performance of any further act on the part of the Trustee or the successor trustee. 26. Integral Part of Participating Trusts: Each particular Fund shall be an integral part of each trust or other account that holds a participation in the Fund and of each plan of the employer having an interest in such participating trust or other account. To the extent that the assets of a participating trust or other account are invested in a Fund, the provisions of this Plan shall be deemed to be adopted by each plan having an interest, direct or indirect, in such participating trust or other account. 27. Effective Date: This Plan and the Funds shown on the original Schedule A were adopted and approved by resolution of the Committee at its regular meeting held on June 13, 1983, and are amended and restated effective May 16, 2017. The Bank of New York Mellon Richard T. Klingman Chair Commingled Funds Operating Committee June 26, 2017 Date Attest: John Sohn June 26, 2017 Date Schedule A & Disclosure Document June 2024 BNYM Newton NSL U.S. Dynamic Large Cap Value Fund 866874UCS NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE TABLE OF CONTENTS Schedule A General Information ............................................................................................................................................................................. 3 Investment Information ....................................................................................................................................................................... 3 Unit Class Pricing and Fee Table ........................................................................................................................................................... 4 Valuation of Units................................................................................................................................................................................. 6 Investing in the Fund ............................................................................................................................................................................ 6 Withdrawals from the Fund ................................................................................................................................................................. 8 Fund Management ............................................................................................................................................................................... 9 Marketing and Distribution Services .................................................................................................................................................. 10 Account and Unit Information ........................................................................................................................................................... 10 Fund Disclosures for Investment Risks Principal Risks and Additional Risks ................................................................................................................................................... 12 Fund Disclosures of Fees and Expenses Supplemental 408(b)(2) Disclosures: Fees and Expenses .................................................................................................................. 16 Additional Disclosures Customer Identification Program Notice ........................................................................................................................................... 21 2 PLEASE TAKE NOTE OF THE FOLLOWING: THE FUND'S UNITS OF PARTICIPATION ("UNITS") HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933 ("1933 ACT") OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, IN RELIANCE ON CERTAIN EXEMPTIONS FROM SUCH REGISTRATION. IN ADDITION, THE FUND IS NOT REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940 ("1940 ACT"). ACCORDINGLY, INVESTORS ARE NOT ENTITLED TO THE PROTECTIONS OF THE 1933 ACT OR THE 1940 ACT; AND THIS SCHEDULE A & DISCLOSURE DOCUMENT (HEREAFTER, "SCHEDULE A & DISCLOSURE DOCUMENT") DOES NOT CONTAIN INFORMATION THAT WOULD OTHERWISE BE INCLUDED IF REGISTRATION UNDER THE 1933 ACT AND 1940 ACT WERE REQUIRED. PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS SCHEDULE A & DISCLOSURE DOCUMENT AS INVESTMENT, TAX, OR LEGAL ADVICE. THIS OFFERING DOCUMENT, AS WELL AS THE NATURE OF THE INVESTMENT, SHOULD BE REVIEWED BY EACH PROSPECTIVE INVESTOR WITH ITS INVESTMENT ADVISERS, ACCOUNTANTS AND LEGAL COUNSEL. EXCEPT FOR CERTAIN PERSONS IDENTIFIED IN THIS SCHEDULE A & DISCLOSURE DOCUMENT, NO PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS SCHEDULE A & DISCLOSURE DOCUMENT, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON. THIS SCHEDULE A & DISCLOSURE DOCUMENT CONTAINS SUMMARIES, BELIEVED TO BE ACCURATE, OF CERTAIN TERMS OF CERTAIN DOCUMENTS RELATING TO THIS OFFERING, INCLUDING THE DECLARATION OF TRUST. FOR COMPLETE INFORMATION CONCERNING THE RIGHTS AND OBLIGATIONS OF THE PARTIES, REFER TO THE ACTUAL DOCUMENTS, COPIES OF WHICH WILL BE FURNISHED TO PROSPECTIVE INVESTORS (THE "QUALIFIED PARTICIPANTS"), UPON REQUEST, PRIOR TO EXECUTION OF THE PARTICIPATION AGREEMENT (THE "AGREEMENT"). QUALIFIED PARTICIPANTS WHOSE AGREEMENTS ARE ACCEPTED AND EXECUTED BY THE BANK OF NEW YORK MELLON ARE REFERRED TO HEREIN AS "PARTICIPATING TRUSTS". ALL SUCH SUMMARIES ARE QUALIFIED IN THEIR ENTIRETY BY THIS REFERENCE. INVESTMENT IN UNITS INVOLVES RISK AND YOUR ATTENTION IS DRAWN TO THE SECTION HEADED FUND DISCLOSURES FOR INVESTMENT RISKS BELOW. 3 Schedule A of The Bank of New York Mellon Employee Benefit Collective Investment Fund Plan for the BNYM Newton NSL U.S. Dynamic Large Cap Value Fund General Information The Bank of New York Mellon (the "Bank" or "Trustee") maintains The Bank of New York Mellon Employee Benefit Collective Investment Fund Plan, as amended from time to time ("Declaration of Trust"), as well as its constituent funds including the BNYM Newton NSL U.S. Dynamic Large Cap Value Fund ("Fund"). Investment Information INVESTMENT OBJECTIVE The Fund's investment objective is to pursue long-term capital growth and exceed the return of the Russell 1000® Value Index (the "Index") over rolling three- and/or five-year periods and will seek to rank in the top one-third of a universe of value equity managers. The focus of the Fund shall be to dynamically allocate assets among those sectors which are believed to perform the best. The Fund shall also seek to achieve its objectives through dynamic asset allocation among various segments of security market capitalizations. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the principal investment strategies and policies described in this Schedule A & Disclosure Document. INDEX The Fund's performance is compared to the Russell 1000® Value Index. The Index does not incur management fees, costs, and expenses, and cannot be invested in directly. The Index is an unmanaged portfolio of specified securities. The Fund's portfolio may differ significantly from the securities in the Index. The Fund has been developed solely by the Bank. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Index vest in the relevant LSE Group company which owns the Index. Russell 1000® Value Index is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Bank. Any indices are trademarks used for comparative purposes only. None of the owners of the trademarks sponsor, endorse, sell or promote the Fund, or make any representation regarding the advisability of investing in the Fund. PRINCIPAL INVESTMENT STRATEGIES Under normal market conditions, the Fund expects to employ the following investment guidelines: The Fund will be invested primarily in common stocks and other equity securities generally traded on a major United States exchange. Such securities may include common stocks, preferred stocks, 144A private placement securities, equity linked securities and convertible securities, including those purchased in initial public offerings, as well as exchange traded funds (“ETFs”) or mutual funds, rights, and warrants. The portfolio may also invest in American Depositary Receipts ("ADRs”) and foreign securities traded on U.S. exchanges or in U.S. markets. Futures and ETFs may be purchased or sold from time to time to provide liquidity for cash flows and for other similar purposes that facilitate meeting the Fund’s objective. In particular, certain asset classes may also be managed synthetically using futures to replicate the asset class benchmark until such time as adequate assets exist in the Fund to manage the asset class on a physical basis. In no event will futures be utilized for leverage. The Fund may also invest in other collective investment funds maintained by the Trustee or its affiliates, provided such collective investment fund’s investment policy is consistent with the Fund’s investment policy. To the extent a portion of the Fund is invested in another collective investment fund, the terms of that fund are incorporated by reference. 4 Diversification • No single position will exceed 5% of the Fund at time of purchase, excluding stock index futures, ETFs and collective investment funds. • No single holding shall account for more than 5% of the outstanding common stock of any one corporation. • Generally, the weighting in any one sector shall be a maximum of 10% above or below the Index weight at time of purchase. • Generally, foreign securities (including foreign common stock listed on U.S. exchanges and ADRs traded in U.S. markets) are limited to 20% of the Fund at time of purchase. If exchange-traded funds or mutual funds are purchased or sold, there will be additional expenses embedded within those funds and imposed on the Fund which may negatively impact the Fund's performance and those exchange-traded funds or mutual funds may participate in securities lending programs. The Fund will not participate in The Bank of New York Mellon's securities lending programs. The Fund may temporarily depart from its principal investment strategies in response to unusual market circumstances such as: adverse market, economic or other conditions (for example, during periods when there is a shortage of appropriate investment securities); to maintain liquidity to meet withdrawals; to accommodate cash inflows; and as cover for exposures generated through the use of financial derivative instruments. It is possible that such investments could affect the Fund's investment returns and/or the Fund's ability to achieve its investment objective. A DISCUSSION OF PRINCIPAL RISKS AND ADDITIONAL RISKS CAN BE FOUND IN THE FUND DISCLOSURES FOR INVESTMENT RISKS SECTION OF THIS SCHEDULE A & DISCLOSURE DOCUMENT. Unit Class Pricing and Fee Table UNIT CLASS The Fund has been established with one or more classes of Units. Each class of Fund Units will be charged its own fees and expenses, but all Units in every class have a proportionate interest in the Fund’s underlying assets. Subject to acceptance of investments by the Trustee, each Qualified Participant must determine which class will be purchased based on any applicable eligibility requirements for each Unit class as well as the Qualified Participant’s evaluation of the fees and expenses and the applicable services that are provided. For information about other Unit Class(es) established under the Fund, including eligibility conditions, please contact the Bank as provided in the Fund Information section below. The fees and expenses for the class of Fund Units designated as "Class S" are further described in the Fee Table below. Unit Class S is available on a limited basis to Participating Trusts that are Qualified Participants that are accessing the Fund in connection with a “Strategic Partner Relationship” (“SPR”) with the Sub-Advisor. Such SPR must have, or is expected to have, at least $500 million in aggregate assets under management with the Sub-Advisor or its branded affiliate to satisfy the applicable minimum initial investment amount as provided in the Investing in the Fund section below. Unit Class S eligibility for any such SPR arrangement is subject to the review and approval of the Bank as determined at its sole discretion. This class features an internal management fee that is charged against Fund assets. Third party expenses and related party expenses are also charged directly to the Fund. No portion of the Fund’s other fees and expenses are used to help defray the cost of a plan’s administrative recordkeeper. CONVERSION FEATURE Upon providing a Participating Trust with reasonable advanced written notice, the Bank has the discretion to convert a Participating Trust’s Units into another unit class within this Fund. Each unit class has unique fees and expenses as detailed in the Unit Class Pricing and Fee Table herein, and a conversion of Units may accordingly result in a decrease or increase in fees and expenses. The decision to convert Units will be based on facts and circumstances regarding the Participating Trust’s account which may include, but will not be limited to, eligibility conditions such as accessing the Fund through an SPR and/or stated minimum initial investment amounts for each unit class as well as a Participating Trust’s total assets invested with the Trustee and/or Sub-Advisor. The Trustee may in its discretion and with prior notice to Participating Trusts from time to time add, delete, amend or otherwise modify a class of Units of the Fund. FEE TABLE Fees and expenses are only one of several factors to consider when making investment decisions. Following are the expenses that a Participating Trust would incur as an investor in the Fund. The expenses are provided as a percentage of the average net asset value 5 (“NAV”) of the Fund. The Fee Table does not reflect any "account level" fee ("External Management Fee") charged by the Bank for its investment management services, which would be separately invoiced to the Participating Trust. Although any such External Management Fee would not be charged against Fund assets, such cost would be borne by the Participating Trust (or the applicable plan sponsor or client). Annual Fund Operating Expenses (expenses that investors pay each year as a percentage of the value of their investment) Class S Fund-Level Expenses Internal Management Fee1 0.250% Third Party Expenses 0.004% Underlying Fund Expenses 0.000% Annual Gross Operating Expenses (before expense reimbursement) 0.254% Expense Reimbursement (0.000%) Annual Net Operating Expenses (after expense reimbursement) 0.254% NOTES AND DEFINITIONS Fund-related costs may include fees and expenses incurred directly by the Fund ("Fund-Level Expenses") as well as indirect fees and expenses ("Underlying Fund Expenses") that are borne by the Fund as a result of investing in other investment funds, such as a mutual fund, exchange-traded fund or another bank collective investment fund ("Underlying Funds"). The Fund-Level Expenses are comprised of Related Party Expenses, if applicable, and Third Party Expenses as provided in the Fee Table. They may also include an investment management fee ("Internal Management Fee"), if applicable, that is charged against Fund assets as provided in the Fee Table. "Related Party Expenses" may include, but are not limited to fees and expenses relating to custody, Fund accounting, transfer agency and any applicable class action settlement processing for portfolio securities that are paid to the Bank or related parties. "Third Party Expenses" may include, but are not limited to audit, National Securities Clearing Corporation (“NSCC”) fees, third party facilitation, vendor, record keeping services, fair value pricing fees, legal fees, ERISA bonding (if applicable) and other expenses paid to third parties. Additional information concerning the fees and expenses that are included in the Fund's Related Party Expenses and Third Party Expenses is provided in the Fund's audited financial statements. The Fund's annual operating expenses before any fee waivers and expense reimbursements (the "Annual Gross Operating Expenses") are comprised of Fund-Level Expenses and Underlying Fund Expenses. The Bank will reimburse expenses so that the sum of the Related Party Expenses (excluding any class action settlement processing fee) and Third Party Expenses as well as any Underlying Fund Expenses associated with any investment by the Fund in other affiliated bank commingled funds, after adjustment, will not exceed 0.02% of the Fund’s assets under management (“AUM”) in any given fiscal year of the Fund (the "Expense Limit"). This Expense Limit may be modified or terminated in the future. Notice of any such changes will be provided in advance of their implementation. The voluntary fee waivers and/or expense reimbursements described herein do not include any External Management Fee that the Bank charges to a Participating Trust. The Fund's total annual operating expenses after taking into account any expense reimbursement (the "Annual Net Operating Expenses") is calculated by taking the Fund's Annual Gross Operating Expenses and subtracting the annual amount of the expense reimbursement. Any External Management Fee will not be reflected in the Annual Gross Operating Expenses and the Annual Net Operating Expenses as presented in the above Fee Table. To reflect the impact of the annual rate of any External Management Fee on the Participating Trust's investment in the Fund for purposes of evaluating the Fund's Annual Gross Operating Expenses and Annual Net Operating Expenses, such annual fee rate should be combined with the annual percentage rate for the Annual Gross Operating Expenses and Annual Net Operating Expenses, respectively. 1 The Fund-Level Expenses for Class S include an Internal Management Fee, and they do not include any External Management Fee (i.e., "account level fees") that the Bank charges to a Participating Trust. While the expenses are generally based on the Fund's last fiscal year-end, they may be adjusted for material changes in expenses during the current fiscal period. Actual costs will vary. The sum of the percentage rates 6 included in the Fee Table may not total due to rounding. As Class S is a new unit class being launched (or has been in existence for less than a year), the expense data itemized in the Fee Table above are estimates and actual expenses may vary. Please refer to the Fund's audited financial statements, as they become available, for additional information about the Fund and the ratio of total expenses to average net assets. The Fund's expense ratio as reported in the financial statements reflects the Related Party Expenses and Third Party Expenses charged to the Fund during its most recently completed fiscal year, and any Internal Management Fee (if applicable). If a Unit class of the Fund does not charge an Internal Management Fee, an External Management Fee will be charged as specified in the Agreement with the Participating Trust. Valuation of Units The Units are valued on each Business Day of the year. A Business Day is any day on which the New York Stock Exchange (NYSE) and/or any other primary exchange (as may be designated by the Bank in its sole discretion) is open. The Participating Trusts will be notified if (i) a day on which the NYSE is closed is declared as a Business Day or (ii) a day on which the NYSE is open is not considered a Business Day. Generally, the Fund's Unit value equals the total value of each asset held by the Fund, less any liabilities, divided by the total number of Units outstanding determined as of the close of business (end of regular trading on the NYSE (normally 4:00 p.m. (Eastern Time)) and/or any other primary exchange (as may be designated by the Bank in its sole discretion) on each Business Day. If any price, quotation, or price evaluation is not readily available when the Unit value is calculated, or if the Bank believes that such price, quotation, or price evaluation does not accurately reflect a security's current value, the Fund may use the fair value of the investment, determined in accordance with procedures established by the Bank. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's Unit value. SUSPENSION OF TRADING Under certain circumstances, the Bank, in its sole discretion and to the extent permissible under applicable law, may suspend, in whole or in part, the valuation of the assets or Units and/or the rights to make purchases and redemptions of Units for the whole or any part of any period when (a) any market or stock exchange on which a portion of the investments of such Units are quoted is closed (other than for ordinary holidays) or dealings therein are restricted or suspended, or a closing of any such market or stock exchange or a suspension or restriction of dealings is threatened; (b) there exists any state of affairs which, in the opinion of the Bank, constitutes a scenario as a result of which disposition of the assets of such Units would not be reasonably practicable or would be prejudicial to Participating Trusts; (c) there has been a breakdown in the means of communication normally employed in determining the price or value of any of the investments of such Units, or of current prices on any stock exchange on which a portion of the investments of such Units are quoted, or of quotes or prices provided by banks, brokers or other recognized services for providing such quotes or prices, or when for any reason the prices or values of any investments owned by such Units cannot reasonably be promptly and accurately ascertained; (d) the transfer of funds involved in the realization or acquisition of any investment cannot, in the opinion of the Bank, be effected at normal rates of exchange; (e) the normal settlement procedures for the purchase or sale of securities or other assets cannot be effected in the customary manner or in accordance with generally applicable time periods; (f) the action of any government or agency thereof or any self-regulatory body prevents or interferes with the ability of the Bank to appropriately value the assets of the Units or readily transfer or dispose of assets of the Units; or (g) the Bank deems such action is in the best interests of the Units or the Participating Trusts or necessary or advisable in order to accord fair and equitable treatment to all Participating Trusts. The Bank, in its sole discretion, may elect to terminate the Fund pursuant to the terms set forth in the Declaration of Trust. Investing in the Fund QUALIFIED PARTICIPANTS The Fund is exempt from federal income taxation; and it and its Units are exempt from registration with the Securities and Exchange Commission. In order to preserve these exemptions, the Fund may only accept assets of Qualified Participants, which include: • A qualified trust, exempt from taxation under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), by reason of constituting part of a plan qualifying under Section 401(a) of the Code, other than a trust or account which forms part of an "H.R. 10 plan" for self-employed workers within the meaning of 17 C.F.R. 230.144A(a)(1)(i)(F); 7 • An eligible governmental plan trust or custodial account under Section 457(b) of the Code that is exempt from taxation under Section 457(g) of the Code; • Church plans (as defined in Section 414(e) of the Code) that are either a retirement income account within the meaning of Section 403(b)(9) of the Code or a church plan organization defined in Section 414(e)(3)(A) of the Code, together with other assets permitted to be commingled for investment purposes with the assets of such retirement income account or church plan organization without adversely affecting the tax status of such retirement income account or church plan organization; • A governmental plan described in Section 401(a)(24) of the Code that is not subject to federal income taxation and is not funded by an annuity contract described in Section 403(b) of the Code and that complies with the "exclusive benefit" requirements of Revenue Ruling 81-100 (1981-1 C.B. 326) (as amended, and any successor ruling, "RR 81-100"); • A common, collective, or commingled trust fund which consists solely of assets described in one or more of the preceding bullet points, and which is exempt from federal income taxation by reason of qualifying as a "group trust" under RR 81-100; • A segregated asset account maintained by a life insurance company that consists solely of the assets of the participants that individually satisfy the requirements of one of the preceding bullet points; • Any other pension plan, trust or other investment entity whose investment in the Fund would not jeopardize the Fund's tax exemption under Section 501(a) of the Code, its treatment as a group trust, or its exemption from the registration requirements of the federal and state securities laws, all as determined by the Bank in its sole discretion. The Fund does not accept investments from individual retirement accounts (IRAs) or 403(b) plans. A Qualified Participant may be required to establish to the Bank's satisfaction that the Qualified Participant meets the requirements of eligibility to participate in the Fund. This may include, as requested by the Bank, written representations (including, for example, representations that the Fund's tax exempt status will not be jeopardized as a result of the Qualified Participant's participation in the Fund) or other information (including, for example, a written certificate regarding its status or a copy of a determination letter from the Internal Revenue Services), or other assurances that the Bank may deem necessary or advisable. ESTABLISHING AN ACCOUNT To establish an account in the Fund, a Qualified Participant must enter into a participation agreement or other agreement (collectively, "Agreement") with the Bank. The Agreement must be fully executed by both the Bank and the Qualified Participant prior to the Qualified Participant's initial investment in Units. By executing the Agreement, the fiduciary or trustee warrants that its trust is a Qualified Participant; that the underlying trust document includes appropriate provisions authorizing the investment in the Fund; that, to the extent it is a fiduciary to a plan established under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), it has reviewed the information that the Bank is required to provide to such plan fiduciaries under Section 408(b)(2) of ERISA as provided in Fund Disclosures of Fees and Expenses and determined that its investment of the plan's assets in the Fund constitutes a reasonable exercise of fiduciary authority; and that the trust will comply with the Fund's requirements set forth in the Declaration of Trust and this Schedule A & Disclosure Document. Qualified Participants whose Agreements are accepted and executed by the Bank are referred to herein as "Participating Trusts." PURCHASE OF AND PAYMENT FOR UNITS To purchase Units on any Business Day on which Units are valued ("Admission Date"), a Participating Trust must give the Bank written notice of its intention to make such purchase before 4:00 p.m. (Eastern Time) on the Admission Date. Such purchase will be processed on Admission Date, subject to the Participating Trust's commitment to make payment no later than the Business Day following the Admission Date. A written notice may be made via email to newtontrades@bnymellon.com. Funds in payment for an addition to the Fund must be received by the Bank or its designated agent by 4:00 p.m. (Eastern Time) on the Business Day following the Admission Date. The Fund reserves the right to permit Participating Trusts to access the Fund through the NSCC platform. Where the Fund approves the use of the NSCC platform, any investor using the platform should refer to subscription procedures and deadlines as notified by the relevant recordkeeper. In addition, such investor should refer to the recordkeeper's NSCC notification procedures, rather than providing written notice via email as described above. At the Trustee’s discretion, the Fund may permit Participating Trusts to access the Fund through the service agreement between the recordkeeper of a Participating Trust and the Trustee. Any investor accessing the Fund through the service agreement should refer to subscription procedures and deadlines as notified by the relevant recordkeeper. In addition, such investor should refer to the notification procedures set forth by their recordkeeper, rather than providing written notice via email as described above. A definition of Business Day is found in the Valuation of Units section. 8 In certain cases, at its discretion, the Bank may accept in-kind contributions to purchase Units. It may also waive any advance notification deadlines for contributions to the Fund. If the markets close early, trading for the Fund may close early, and requests to purchase Units must be received before such earlier time. Requests received in proper form before these times will be processed on the Admission Date. Certain Participating Trusts may have earlier cut-off times for purchases of Units due to administrative requirements. Fund Units will be purchased at the Unit value calculated on the Admission Date. Any loss incurred by the Fund due to the late or non-payment of subscription proceeds in respect of a purchase of Units will be borne by the relevant investor, or if not practical to recover such losses from the investor, by the Fund. MINIMUM INITIAL INVESTMENT AMOUNT For a Participating Trust to be eligible to invest in Unit Class S, the SPR must have, or be expected to have in prospective assets, at the time of the initial investment, at least $500 million in aggregate AUM with Newton Investment Management North America, LLC ("NIMNA”) or Newton Investment Management Limited ("NIM”) maintained by the Bank. Aggregate assets associated with the SPR in any other bank commingled fund(s) maintained by the Bank or in other portfolio arrangement(s) managed by NIMNA or NIM may be counted toward this investment minimum at the discretion of the Bank. The Bank also reserves the right to waive the investment minimum in whole or in part, in its sole discretion, and/or the right to remove accounts if withdrawals cause the SPR’s aggregate AUM to fall below the minimum threshold established herein. Withdrawals from the Fund Units may be withdrawn at any time, subject to any suspension of trading as discussed in Suspension of Trading above. To withdraw Units on any Business Day on which Units are valued ("Withdrawal Date"), a Participating Trust must give the Bank written notice of its intention to make a withdrawal from the Fund before 4:00 p.m. (Eastern Time) on the Withdrawal Date. Such written notice may be made via email to newtontrades@bnymellon.com. Withdrawal proceeds (cash and/or securities) processed outside of the NSCC generally will be paid/transferred on the Business Day following the Withdrawal Date, but the Bank may extend payment/transfer up to five Business Days following the Withdrawal Date. Withdrawal proceeds will be paid/transferred only to the entity designated by the Participating Trust during its account initialization process or per the special instructions received and accepted on the withdrawal request; and only at the direction of those individuals designated by the Participating Trust on its authorized signature list. For Participating Trusts that access the Fund via NSCC platform, please refer to withdrawal procedures and deadlines as notified by the relevant recordkeeper. In addition, please refer to the recordkeeper's NSCC notification procedures, rather than providing written notice via email as described above. For Participating Trusts that access the Fund through their recordkeeper’s service agreement with the Trustee, please refer to withdrawal procedures and deadlines as notified by the relevant recordkeeper. In addition, please refer to the recordkeeper's notification procedures, rather than providing written notice via email as described above. A definition of Business Day is found in the Valuation of Units section. If the markets close early, trading for the Fund may close early, and requests to withdraw Units must be received before such earlier time. Requests received in proper form before these times are processed on the Withdrawal Date. Certain Participating Trusts may have earlier cut-off times for withdrawals of Units due to administrative requirements. Fund Units will be withdrawn at the Unit value calculated on the Withdrawal Date. The Bank reserves the right, in its sole discretion, to delay the payment of withdrawal proceeds or to satisfy withdrawal requests by making a payment in kind in lieu of or in addition to cash distributions. It may also waive any advance notification deadlines for withdrawals from the Fund. FORCED WITHDRAWALS The Bank may force a Participating Trust to withdraw from the Fund if it receives a notice that the Participating Trust no longer satisfies eligibility requirements, or if the Bank determines at any time, in its sole discretion, that the Participating Trust should be withdrawn from the Fund. Such distribution may be in cash or in kind, or partly in each, as the Bank may determine. 9 If such forced withdrawals would cause the Fund to incur penalties or other losses, such penalties or losses may be allocated entirely and directly to the account of the Participating Trust experiencing such a forced withdrawal and will be deducted from the proceeds of the withdrawal prior to settlement and payment to the Participating Trust. FOREIGN TAX RECLAIMS (WITHHOLDING TAXES) The Fund may incur withholding taxes imposed by certain countries on the portfolio's foreign investment income and capital gains, and the Fund may seek to reclaim such foreign withholding taxes as permitted under the applicable tax treaties between the United States and each relevant country. To the extent that any portion of a Participating Trust's withdrawal proceeds reflect an allocable portion of the Fund's tax reclaims which are still being processed by the foreign taxing authority and have not yet been refunded to the Fund, such portion may be held back by the Fund until such processing has been completed and actually refunded. The Fund may also release information about its investors if compelled to do so by law or in connection with any government or self- regulatory organization request or investigation, or if the Bank, in its sole discretion, deems it necessary or advisable to reduce or eliminate withholding or other taxes on the Fund's foreign investment income and capital gains. REQUESTS FOR IN-KIND SETTLEMENT IN ETF SHARES The Fund may consider a Participating Trust's withdrawal request for in-kind settlement in ETF shares. If approved, the Fund would transition an appropriate amount of its portfolio into shares of an ETF seeking to track the investment results of the Index or another comparable index, and the ETF shares would be distributed in kind to the Participating Trust. When considering any such request, the Fund may take into account the size of the withdrawal request, the liquidity needs of the portfolio, the benefits to the Fund of utilizing ETF shares for transition purposes, and any other relevant factors. Fund Management THE TRUSTEE The discretionary trustee of the Fund is The Bank of New York Mellon, a New York state chartered banking institution. The Bank is responsible for the management of the Fund, including the custody of Fund assets. The Bank is a wholly owned subsidiary of The Bank of New York Mellon Corporation. The Bank serves as an ERISA fiduciary to the Fund. The Fund is maintained by the Bank as a collective trust fund for purposes of Section 3(c)(11) of the 1940 Act. The Bank has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and, therefore, is not subject to registration or regulation as a pool operator under the Commodity Exchange Act. The Bank and its agents will not be liable with respect to any direction received from a Participating Trust, a fiduciary thereof, or any participant therein and has no duty to inquire as to whether any such direction is made in accordance with the provisions of the applicable plan. Except as otherwise required under applicable law, the Bank and its agents will not incur any personal liability for any act or obligation of, or claim against, the Fund; and all persons dealing with the Fund, in any way, must look only to assets of the Fund for payment of any obligations of the Fund. THE SUB-ADVISOR The Bank has appointed Newton Investment Management North America, LLC ("NIMNA") to act as the discretionary sub-advisor to the Fund ("Sub-Advisor"). The Sub-Advisor is located at One Boston Place, Boston, MA 02108. It is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser. The Sub-Advisor is an indirect subsidiary of The Bank of New York Mellon Corporation. The Sub-Advisor is permitted to delegate some or all of its discretionary authority to branded affiliates. NIMNA has entered into a sub-sub investment advisory agreement with its affiliate, Newton Investment Management Limited (NIM), to enable NIM to provide certain advisory services to NIMNA for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and is an indirect subsidiary of BNY Mellon. NIM is located at 160 Queen Victoria Street, London, EC4V, 4LA, England. The Bank has delegated to the Sub-Advisor all proxy voting duties relating to the Fund. The Sub-Advisor shall vote, or refrain from voting, proxies associated with the Fund’s underlying portfolio of securities in accordance with the Fund’s proxy voting policies as established by the Bank, except as otherwise required by applicable law or any related fiduciary requirements. The Sub-Advisor provides information regarding the Fund’s proxy voting policy within its Form ADV, which investors can access at https://adviserinfo.sec.gov. Additionally, the Sub-Advisor will provide investors with a current copy of the Fund’s proxy voting policy upon request. Investors will be deemed to have accepted the Fund’s proxy voting policy by their continued investment in the Fund. 10 AUDITOR KPMG LLP has been appointed as the independent registered public accounting firm for the Fund. TRANSFER AGENT The Transfer Agent of the Fund is the Bank. However, the Bank has contracted with BNY Mellon Investment Servicing (US), Inc. ("BNYMIS") to provide sub-transfer agency services to the Fund, including without limitation, processing purchases and withdrawals of the Fund’s Units and maintaining shareholder data. Marketing and Distribution Services ROLE OF TRUSTEE AS DISTRIBUTOR The Trustee serves as the distributor for the Fund, and its Bank officers may meet with prospective investors, prepare and furnish sales materials, and provide other marketing support for the Fund (collectively, “Marketing and Distribution Services”). The Trustee is also authorized to appoint one or more marketing agents for the Fund (each, a “Marketing Agent”), and it may delegate its authority to perform certain Marketing and Distribution Services to such Marketing Agents. ROLE OF MARKETING AGENT BNY Mellon Securities Corporation (“BNYMSC”) has been appointed by the Trustee to serve as a Marketing Agent for the Fund. BNYMSC is a registered broker-dealer under the Securities Exchange Act of 1934, as amended, that is affiliated with the Bank. As a Marketing Agent for the Trustee, BNYMSC provides related Marketing and Distribution Services for the Fund. In addition, BNYMSC assists with the onboarding of new clients at the time of the initial sale of Fund Units. BNYMSC in its capacity as a Marketing Agent does not offer any fiduciary services to Fund investors or prospective clients. BNYMSC is not the exclusive Marketing Agent for the Fund. Marketing and Distribution Services may be furnished by the Bank, BNYMSC or another third party acting as a Marketing Agent, as may be applicable. With respect to new clients of the Fund, the identity of any applicable Marketing Agent is provided in the Agreement. COMPENSATION FOR MARKETING AGENT (NO ADDITIONAL SALES CHARGE) When a client is introduced to the Fund through BNYMSC, in exchange for the services provided on behalf of the Trustee by BNYMSC as a Marketing Agent for the Fund, the Trustee will share and pay approximately 20% of the fund management fee revenue that is earned in connection with the client’s Fund investments to BNYMSC. Any compensation payable to a Marketing Agent for its services on behalf of the Trustee will be limited to, and shared from, the Trustee’s applicable fee revenue. Accordingly, there will be no separate sales charge or other additional fee charged to the client as a result of any Marketing Agent introducing such client to the Fund. NO FIDUCIARY SALES ADVICE Neither the Trustee nor any Marketing Agent provides any fiduciary investment advice as to the advisability of investing (or not investing) in the Fund. In no event should any prospective or existing client of the Fund rely on any recommendation from the Bank, any Marketing Agent or their respective representatives as the primary basis for such client’s decision to purchase, hold or sell any Fund Units. FUND UNITS ULTIMATELY OFFERED BY TRUSTEE Although a Marketing Agent may assist in the offer and sale of Fund Units to prospective investors, all Fund Units are ultimately offered by the Bank. The Fund is maintained by the Bank, and the Fund-related services provided by the Marketing Agent are provided on behalf of the Trustee. Account and Unit Information FREQUENT TRADING The Fund is designed for long-term investors. Frequent purchases of Units and withdrawals may disrupt portfolio management strategies and harm Fund performance by diluting the value of the Units and increasing brokerage and administrative costs. As a result, the Bank discourages excessive trading, market timing and other disruptive trading practices that could adversely affect the Fund or its operations. To the extent that the Bank determines in its sole discretion that a Participating Trust is engaging in excessive trading, market timing or other disruptive trading activity, the Bank reserves the right to reject or restrict Fund Unit-related acquisition requests from such Participating Trust without any prior notice to the Participating Trust. Furthermore, if such 11 Participating Trust is a defined contribution plan with self-directed investments, as a condition of its ongoing participation in the Fund, the Participating Trust may be required to implement procedures designed to restrict excessive trading, market timing and any other disruptive trading activity within the individual plan accounts beneficially owned by the plan participants and beneficiaries under such Participating Trust. ACCOUNTS AND CONFIRMATIONS Unit certificates are not issued. Detailed statements itemizing each addition, withdrawal and reinvestment of income can be accessed by the Participating Trust using the Advisor Central system. Each Unit will represent an undivided proportionate interest in all the net assets of the Fund attributable to such Class (or, if a Fund does not have more than one Class, each Unit will represent an individual proportionate interest in all the net assets of such Fund). There will be a separate accounting as evidenced by Units to reflect the interests of the Participating Trust and any other Qualified Participant investing in the applicable Fund, including separate accounting for contributions to the Fund by any Qualified Participant purchasing Units and for disbursements by the Fund to any Qualified Participant redeeming Units, and the Units held by each Qualified Participant will reflect the investment experience of the applicable Fund as allocable to the respective Qualified Participants. INCOME Net income and realized capital gains of the Fund are accumulated and added to, and reinvested as part of, the principal of the Fund. TAX STATUS The Trust and each of its constituent funds (including the Fund) is intended to qualify as a group trust under Revenue Ruling 81-100, as amended, and therefore be exempt from federal income taxation pursuant to Code Section 501(a). The Fund's fiscal year end is March 31. FUND INFORMATION Investors may request further information regarding the Fund, including but not limited to information regarding fees and expenses, portfolio holdings, transactions, and broker-dealers utilized therefor, by contacting a NIMNA client service representative at Newton.Institutional.Client.Service.Executives@newtonim.com. The Bank reserves the right to refuse to fulfill any request for such information if it believes that providing the information may adversely affect the Fund or holders of its Units or would be unduly burdensome to the administration of the Fund. The assets of the Fund are segregated from those of any other funds established under the Declaration of Trust. 12 Fund Disclosures for Investment Risks Principal Risks and Additional Risks The Fund is not a deposit of, and is not insured or guaranteed by a bank, the Federal Deposit Insurance Corporation (FDIC), or any other government agency. The Fund's Unit value fluctuates, sometimes dramatically, which means you could lose money by investing in the Fund. The Fund does not promise or guarantee that its performance will achieve a Qualified Participant's objective or retirement needs. The Fund is subject to the principal risks and additional risks listed below. They are not an exhaustive or complete list of all the risks of the Fund or its investments. PRINCIPAL RISKS The principal risk factors that could adversely affect the Fund's Unit value, total return, and ability to meet its investment objective include the following: Equity Securities Risk. The value of equity securities of public and private, listed and unlisted companies and equity derivatives generally varies with the performance of the issuer and movements in the equity markets. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the portfolio management team's expectations or if equity markets generally move in a single direction. The Fund also may be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of convertible securities or private placements, delivering marketable common stock upon conversions of convertible securities and registering restricted securities for public resale. Issuer Risk. A security's market value may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's products or services, or factors that affect the issuer's industry, such as labor shortages or increased production costs and competitive conditions within an industry. Large Cap Stock Risk. To the extent the Fund invests in large capitalization stocks, the Fund may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor. Liquidity Risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the value of the Qualified Participant’s investment may fall dramatically. Liquidity risk also exists when a particular derivative instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price. Stock Investing Risk. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general market conditions that are not related to the particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. A security's market value also may decline because of factors that affect a particular industry, such as labor shortages or increased production costs and competitive conditions within an industry, or factors that affect a particular company, such as management performance, financial leverage, and reduced demand for the company's products or services. Stock Selection Risk. Although the Fund seeks to manage risk by broadly diversifying among industries and by maintaining a risk profile generally similar to the Index, the Fund is expected to hold fewer securities than the Index. Owning fewer securities and having the ability to purchase companies not listed in the Index can cause the Fund to underperform the Index. Value Stock Risk. Value stocks involve the risk that they may never reach their expected market value, either because the market fails to recognize the stock's intrinsic worth or the expected value was misgauged. They also may decline in price even though in theory they are already undervalued. ADDITIONAL RISKS In addition to the principal risks identified above, the Fund may be subject to the following additional risks that are not anticipated to be principal risks of investing in the Fund: 13 American Depositary Receipts and Global Depositary Receipts Risk. American depositary receipts ("ADRs") are receipts issued by a U.S. bank or trust company evidencing ownership of underlying securities issued by non-U.S. issuers. ADRs may be listed on a national securities exchange or may be traded in the over-the-counter market. Global depositary receipts ("GDRs") are receipts issued by either a U.S. or non-U.S. banking institution representing ownership in a non-U.S. company's publicly traded securities that are traded on non-U.S. stock exchanges or non-U.S. over-the-counter markets. Holders of unsponsored ADRs or GDRs generally bear all the costs of such facilities. The depositary of an unsponsored facility frequently is under no obligation to distribute investor communications received from the issuer of the deposited security or to pass through voting rights to the holders of depositary receipts in respect of the deposited securities. Investments in ADRs and GDRs pose, to the extent not hedged, currency exchange risks (including blockage, devaluation and non-exchangeability), as well as a range of other potential risks relating to the underlying shares, which could include expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains, other income or gross sales or disposition proceeds, political or social instability or diplomatic developments that could affect investments in those countries, illiquidity, price volatility and market manipulation. In addition, less information may be available regarding the underlying shares of ADRs and GDRs, and non-U.S. companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to, or as uniform as, those of U.S. companies. Such risks may have a material adverse effect on the performance of such investments and could result in substantial losses. Bank Fund Risk. As a bank-maintained collective investment fund, the Fund and its Units are not registered under federal and state securities laws in reliance upon applicable exemptions. Because the Fund is not a mutual fund, it is governed by different regulations, restrictions and disclosure requirements. For example, the Fund is subject to banking and tax regulations which, among other things, generally limit participation in the Fund to certain eligible trust clients of the Bank (or another affiliated bank). Convertible Securities Risk. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible securities' governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective. Country, Industry and Market Sector Risk. The Fund may be overweighted or underweighted, relative to the benchmark, in companies in certain countries, industries or market sectors, which may cause the Fund's performance to be more or less sensitive to positive or negative developments affecting these countries, industries or sectors. In addition, the Fund may, from time to time, invest a significant portion (more than 25%) of its total assets in securities of companies located in particular countries, such as the United Kingdom and Japan, depending on such country's representation within the benchmark. Cybersecurity Risk. The Fund and its service providers (including the Bank) are susceptible to cyber-attacks and technological malfunctions that have effects similar to those of a cyber-attack. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Bank, custodian, transfer agent, or other service provider would likely adversely affect the Fund. For instance, cyber- attacks may interfere with the processing of investor transactions, affect the Fund's ability to calculate its net asset value, cause the release of private investor information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. While the Bank has established business continuity plans and systems designed to prevent cyber-attacks, such plans and systems are subject to inherent limitations. Similar types of cyber security risks also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value. Derivatives Risk. A small investment in derivatives could have a potentially large impact on the Fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Fund will not correlate with the underlying instruments or the Fund's other investments. Derivative instruments also involve the risk that a loss may be sustained as a result of the failure of the counterparty to the derivative instruments to make required payments or otherwise comply with the derivative instruments' terms. Certain types of derivatives involve greater risks than the underlying obligations because, in addition to general market risks, they are subject to liquidity risk, counterparty risk and credit risk. Additionally, some derivatives involve economic leverage, which could increase the volatility of these investments as they may fluctuate in value more than the underlying instrument. 14 ETF and Other Underlying Fund Risk. To the extent the Fund invests in Underlying Funds, such as ETFs or collective investment funds including those offered and maintained by banks or trust companies affiliated with The Bank of New York Mellon, the Fund will be affected by the investment policies, practices and performance of such entities in direct proportion to the amount of assets the Fund has invested therein. The risks of investing in other Underlying Funds typically reflect the risks associated with the types of instruments in which the Underlying Funds invest. When the Fund invests in another Underlying Fund, shareholders of the Fund will bear indirectly their proportionate share of the expenses of the other Underlying Fund (including management fees) in addition to the expenses of the Fund. When units of underlying collective investment funds are purchased, the terms of these underlying collective investment funds are hereby incorporated by reference and shall be deemed part of the Fund. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions. Additional risks of investments in ETFs include: (i) the market price of an ETF's shares may trade at a discount to its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading may be halted if the listing exchanges' officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts trading generally. The Fund will incur brokerage costs when purchasing and selling shares of ETFs. Foreign Investment Risk. The Fund may invest in securities of non-U.S. issuers. Investments in non-U.S. securities often are subject to risks generally viewed as not present in the United States, and may include, among others, varying custody, brokerage and settlement practices; difficulty in pricing of securities; less public information about issuers of non-U.S. securities; less governmental regulation and supervision of the issuance and trading of securities; the lack of availability of financial information regarding a non- U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards; less liquidity and more volatility in non-U.S. securities markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes; adverse political, social or diplomatic developments; limitations on the movement of funds or other assets between different countries; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing economic trends in non-U.S. countries. The imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. In addition, the Fund will be subject to the risk that an issuer of foreign sovereign debt or the government authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. Investment in markets outside the United States typically also involves higher brokerage and custodial expenses than do investments in U.S. markets and may include local fees and taxes. Risks associated with investing in non-U.S. securities may be greater with respect to those issued by companies located in emerging industrialized or less developed countries. Initial Public Offerings Risk. Investments in initial public offerings (or shortly thereafter) may involve higher risks than investments issued in secondary public offerings or purchases on a secondary market due to a variety of factors, including, without limitation, the limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the issuer and limited operating history of the issuer. In addition, some companies in initial public offerings are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of achieving them. Large Unit Holder Transaction Risk. The Fund may experience adverse effects when certain large Unit holders purchase or redeem large amounts of Units of the Fund. Such large Unit holder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund Unit purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. Market Risk. The market value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, outbreaks of an infectious disease, or adverse investor sentiment generally. A security’s market value also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Participant Concentration Risk. From time to time, the Fund may have participants that hold a significant portion of the Fund's outstanding units. Investments activities of such participants could have a material impact on the operations and expenses of the Fund. Participants will bear the expenses of the Fund (including management fees, as applicable) in direct proportion to the amount of assets participants have invested in the Fund at any time. 15 Temporary Defensive Position Risk. Under adverse market conditions, the Fund could invest some or all of its assets in U.S. Treasury securities and money market securities. Although the Fund would do this for temporary defensive purposes, it could reduce the benefit from any upswing in the market. During such periods, the Fund may not achieve its investment objective. OTHER CLIENT ACCOUNTS The Sub-Advisor may manage multiple accounts for a diverse client base, including mutual funds, separate accounts, private funds, bank collective trust funds or common trust accounts and wrap fee programs that invest in securities in which the Fund may invest or that may pursue a strategy similar to the Fund's component strategies ("Other Accounts"). Potential conflicts of interest may arise because of the Sub-Advisor's management of the Fund and Other Accounts. Other Accounts may have investment objectives, strategies and risks that differ from those of the Fund. The Sub-Advisor may purchase different securities for the Fund and the Other Accounts, and the performance of securities purchased for the Fund may vary from the performance of securities purchased for Other Accounts. The Sub-Advisor may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment decisions made for the Fund. Although the Sub-Advisor is not responsible for valuation, it may be consulted with respect to the valuation of certain assets where the fair value of such asset is difficult to establish or is the subject of substantial uncertainty. There is an inherent conflict of interest between the involvement of the Sub-Advisor in verifying the value of the Fund's assets and the Sub-Advisor's other responsibilities. However, this risk is mitigated by the fact that the Sub-Advisor's valuation is only a suggestion and the responsibility for determining the valuation of the Fund's assets remains with the Trustee. The Sub-Advisor may, in the course of its business, have potential conflicts of interest with the Fund in circumstances other than those referred to above. The Sub-Advisor will, however, have regard in such event to its obligations under the sub-advisory agreement and, in particular, to its obligations to act in the best interests of the Fund and its investors so far as practicable, having regard to its obligations to other clients when undertaking any investments where conflicts of interest may arise. In the event that a conflict of interest does arise the Sub-Advisor will endeavor to ensure that such conflicts are resolved fairly, and that investment opportunities are allocated fairly. 16 Fund Disclosures of Fees and Expenses Supplemental 408(b)(2) Disclosures: Fees and Expenses These disclosures include important information concerning the fees and expenses of the Fund. With respect to any retirement plan investors subject to ERISA, these disclosures supplement the fee information included in the Fee Table section of the Schedule A and, together, they are being provided on behalf of the Fund in accordance with ERISA Section 408(b)(2) and the related regulations. All capitalized terms that are not otherwise defined in these supplemental disclosures will have the same meaning as set forth in the Fee Table. BANK COLLECTIVE INVESTMENT FUND SERVICES The Fund is a bank collective investment fund maintained by the Bank, a New York state chartered banking institution. As the discretionary trustee of the Fund, the Bank is responsible for holding the assets of the Fund in trust and providing custody services to the Fund. The Bank has authority over the investment management of the Fund and its underlying portfolio of assets. It is also responsible for providing certain administrative services on behalf of the Fund, such as accounting and transfer agency services as applicable. To assist with the management of the Fund, the Fund has retained the Sub-Advisor to serve as an investment sub-advisor to the Fund. The Sub-Advisor provides discretionary investment advisory services subject to the Fund's investment guidelines and the oversight of the Bank. The Bank retains ultimate authority and responsibility with respect to the investment of Fund assets. FIDUCIARY STATUS As a discretionary trustee of the Fund, the Bank will provide its services as a fiduciary within the meaning of Section 3(21) of ERISA. The Sub-Advisor will provide its investment advisory services to the Fund as a fiduciary within the meaning of ERISA Section 3(21) and as an investment adviser registered under the Investment Advisers Act of 1940, as amended. DIRECT COMPENSATION PAYABLE FROM PARTICIPATING TRUST (EXTERNAL MANAGEMENT FEE) The Fund may offer one or more classes of Units that feature an External Management Fee payable to the Bank for investment management services, as well as for related administrative services, including but not limited to custody, transfer agency and fund accounting services. An External Management Fee is invoiced and charged directly to the Participating Trust. This fee is charged outside of the Fund and is not reflected in the Unit value. If the Participating Trust selects a Unit class that features an External Management Fee, such fee will be an amount as mutually agreed upon by the Bank and the Participating Trust as set forth in writing in the Agreement with the Participating Trust. Please refer to your Agreement for more information on any applicable External Management Fee and the applicable fee rate. INDIRECT COMPENSATION PAYABLE FROM FUND ASSETS AND OTHER SOURCES The Fund may also offer one or more classes of Units that feature an Internal Management Fee that is charged against Fund assets in exchange for the Bank's investment management services. Any Internal Management Fee is reflected in the Unit value, representing an indirect cost that is borne by the Participating Trust when investing in any such Unit class. Except for any External Management Fee invoiced directly to the investor (if applicable), other costs associated with investing in the Fund are charged to the Fund itself and, therefore, they are borne indirectly by the Participating Trust when investing in the Fund. The Fund-related costs may include Fund-Level Expenses as well as Underlying Fund Expenses that are borne by the Fund as a result of investing in other Underlying Funds. Underlying Fund Expenses may arise when the Fund invests in an Underlying Fund. Any Underlying Fund Expenses incurred by the Fund would include the Fund's proportionate share of any fees and expenses payable by any Underlying Fund in which it invests, which will vary from fund to fund depending on the nature and investment strategy thereof. If the Underlying Fund is a bank collective investment fund maintained by the Bank ("Affiliated Fund"), the Fund's Underlying Fund Expenses may indirectly include compensation payable from such Affiliated Fund to the Bank and its related parties. The Underlying Fund Expenses attributable to any Affiliated Fund, if applicable, are described in the Underlying Fund Expenses From Affiliated Fund Investments section below. Any such Underlying Fund Expenses attributable to Affiliated Funds are reflected in the Fund's Underlying Fund Expenses. SECURITIES TRANSACTION COSTS The Fund pays transaction costs, such as brokerage commissions, mark-ups and mark-downs, when it buys and sells securities. Brokers and dealers for the Fund's portfolio transactions are selected on the basis of their ability to provide best execution and as 17 further discussed below in the Research and Soft Dollar Arrangements section. These costs are not included in the "Annual Net Operating Expenses" line item of the Fee Table. UNDERLYING FUND EXPENSES FROM AFFILIATED FUND INVESTMENTS Underlying Fund Expenses may be incurred if the Fund invests in any Affiliated Funds. Any such Underlying Fund Expenses would be comprised of the Fund's proportionate share of any fees and expenses payable by any Affiliated Fund in which it invests, which will vary from fund to fund depending on the nature and investment strategy thereof. The Fund does not currently invest in any Affiliated Funds, other than a short-term investment fund as further described below. The Fund may invest in the EB Temporary Investment Fund, which is a short-term investment fund for liquidity and cash management purposes. Although this short-term investment fund is an Affiliated Fund, it does not pay the Bank directly for its services on behalf of the Affiliated Fund. Thus, the Bank does not earn any additional compensation directly from the Affiliated Fund as a result of the Fund's investment in this Affiliated Fund. However, the Fund indirectly bears its proportionate share of any third party expenses paid by this Affiliated Fund. If the Fund purchases units of any Affiliated Fund, the terms of such Affiliated Fund will be incorporated by reference and shall be deemed part of the Fund. The Fund will only purchase units of an Affiliated Fund to the extent an investment in such Affiliated Fund is consistent with the investment strategy of the Fund. To the extent the Fund is subject to ERISA, any investments in Affiliated Funds are intended to comply with the statutory prohibited transaction exemption under ERISA Section 408(b)(8) or another applicable exemption. When a Participating Trust invests in the Fund, it will be deemed to have authorized the Fund to purchase and sell ownership interests in Affiliated Funds. The compensation earned by the Bank and its affiliates through the Fund’s investment in Affiliated Funds is reflected in the Fund’s Underlying Fund Expenses as described in the Fee Table section above. The Fund’s Underlying Fund Expenses are comprised of the indirect fees and expenses that are borne by the Fund as a result of investing in Affiliated Funds as well as any unaffiliated funds. Detailed fee information for any applicable Affiliated Fund is included in its Schedule A & Disclosure Document and its audited financial statements, which are available upon request by contacting the Bank as provided in the Fund Information section above. To the extent that an Affiliated Fund participates in soft dollar arrangements or engages in securities lending, if applicable, information relating to any relevant compensation earned by the Bank and related parties is further described in the Schedule A & Disclosure Document for the Affiliated Fund. COMPENSATION PAID AMONG RELATED PARTIES AND SUBCONTRACTORS The Bank has appointed NIMNA (the “Affiliated Manager”) to act as the Sub-Advisor to the Fund. Certain related services provided by the Bank on behalf of the Fund are furnished through employees who are dual officers of the Bank and the Affiliated Manager. Under this arrangement, the Affiliated Manager provides qualified personnel to perform certain operational services as officers of the Bank. For acting as Sub-Advisor and providing qualified personnel, the Affiliated Manager receives 76% and 19%, respectively, of the External Management Fee or Internal Management Fee, as applicable, as payment under this arrangement from the Bank. The Bank has arranged for certain sub-transfer agency services to be provided on behalf of the Fund as may be required for Fund investor subscription / redemption activity or NSCC support. These services are provided by BNYMIS, an affiliate of the Bank. In exchange for maintaining an account for each Fund investor, BNYMIS receives a fee for each Unit class established under the Fund. The annual fee per class ranges from approximately $6,000 - $9,000 based on the number of Fund investors subject to certain fee minimums. If the Fund's management fee is a bundled fee that covers both investment management as well as custody and Fund accounting services, the Bank will share a portion of its management fee with BNYMIS to pay for its sub-transfer agency services. If the custody and Fund accounting fees are incurred directly by the Fund as "Related Party Expenses," the fee payable to BNYMIS for its sub-transfer agency services will also be payable from Fund assets as a Related Party Expense. The Trustee may appoint affiliates or third parties as Marketing Agents to provide Marketing and Distribution Services for the Fund. To compensate the applicable Marketing Agent for providing such services on behalf of the Trustee, the Bank shares a portion of its related fee revenue from the Fund with such Marketing Agent as further described above in the Marketing and Distribution Services section. The Marketing Agent’s compensation is limited to such revenue payable from the Bank, and there is no separate sales charge or other additional fee charged to the client as a result of a Marketing Agent introducing such client to the Fund. COMPENSATION FOR TERMINATION OF CONTRACT OR ARRANGEMENT There are no termination fees when a Participating Trust elects to cease its participation in the Fund. 18 MANNER OF RECEIPT OF COMPENSATION Any External Management Fee (if applicable) is invoiced and charged directly to the Participating Trust. Any such amount is payable to the Bank in arrears on a monthly or quarterly basis as directed by you. Any Internal Management Fee (if applicable) is payable to the Bank in arrears. This fee is accrued ratably on each valuation date on which the Fund's Units are valued. Any Internal Management Fee (if applicable) is deducted from Fund assets on a quarterly basis. INCOME FROM BANK DEPOSIT ACCOUNTS (INDIRECT COMPENSATION) Cash awaiting distribution or investment may be transferred to deposit accounts of the Bank for cash management purposes. Amounts held by the Bank in its deposit accounts are included on the Bank’s balance sheet and represent an obligation to the depositor. While the Bank earns compensation related to deposit accounts, it does not track the use or application of specific client or account balances. To the extent the Fund is subject to ERISA, any investment of Fund assets in deposit accounts of the Bank is intended to comply with ERISA Section 408(b)(4) or another applicable exemption. Amounts held by the Bank in its deposit accounts are subject to the deposit terms and conditions for the type of account. The Bank intends to use the cash balances in the deposit accounts to fund certain financial activities, such as current and new lending activities and investments. The Bank’s compensation or net interest revenue in respect of its deposit accounts may be measured by the difference between what the Bank earns in its proprietary capacity on the assets in its deposit accounts and the expenses directly related to those accounts, including any interest that the Bank pays to its depositors. For uninvested USD balances held overnight, the gross return earned by the Bank, prior to any deduction for expenses, most closely approximates the Effective Federal Funds Rate. This rate can be used to estimate the Bank’s gross earnings by taking the amount of the deposit times the Effective Federal Funds Rate for the date of the deposit divided by 360 days. To illustrate, if uninvested cash in the amount of $100,000 (USD) were held overnight in an interest-bearing deposit account on August 17, 2020, the Bank’s estimated gross earnings for such short term deposit would be $100,000 x .0010/360 = $0.28. For uninvested, non-USD currency balances held overnight, the gross return earned by the Bank, prior to any deduction for expenses, most closely approximates the overnight rate associated with that market or currency. With respect to currencies for which the local short term interest rate has become zero or negative, a negative interest rate and related charges may be applied by the Bank to any such deposits held overnight by the Fund. CLASS ACTION SETTLEMENT PROCESSING FEE (INDIRECT COMPENSATION) From time to time, the Fund may receive notice that it may be entitled to a portion of certain class action settlement proceeds that are payable in respect of a portfolio security or other investment that was held by the Fund and other similarly situated members of the settlement class, if it agrees to participate in the class action settlement. To the extent the Fund elects to participate, the Bank will gather the necessary data for the third party claims administrator that is administering the settlement, prepare the related claims forms and perform other ancillary services in support of the Fund's settlement claim. In exchange for such processing services, the Bank will receive 3% of the settlement proceeds, which will be deducted immediately after such amount is credited to the Fund. This processing fee is in addition to the Fund management fee that is earned by the Bank, and it is reported in the Fund's audited financial statements as applicable. To the extent this Fund is subject to ERISA, this Bank service arrangement is intended to comply with ERISA Section 408(b)(6) or another applicable exemption. RESEARCH AND SOFT DOLLAR ARRANGEMENTS (INDIRECT COMPENSATION) Section 28(e) of the Securities Exchange Act of 1934 provides a safe harbor (the "Safe Harbor") that allows an investment manager or adviser to use dollars generated from brokerage commissions from client transactions ("soft dollars") to pay for qualifying brokerage and research services and products ("Research Services") that are provided by broker-dealers or other third parties. Under the Safe Harbor, a broker-dealer may be selected that provides, along with trade execution services, non-execution services that are in the form of Research Services. Such Research Services may include: 1. models and research databases; 2. company, industry and market analysis; 3. market data; 4. security exchange pricing and news services; and 5. independent or proprietary research. The Sub-Advisor may place securities transactions on behalf of the Fund through broker-dealers that provide, along with trade execution services, Research Services as defined in the Safe Harbor. The Research Services may be provided to the Sub-Advisor. These Research Services may include proprietary research created internally by a broker-dealer ("proprietary research") or by a third-party provider (and made available by a broker-dealer) ("third party research"). These services are intended to provide 19 assistance to us in our investment decision-making process. Proprietary research may include access to the broker-dealer's analysts, conferences, analysis, forecasts, and other in-house research offered by the broker-dealer. This type of research generally does not have an identifiable value. With regard to third party research, a broker-dealer may offer soft dollar credits that may be utilized to pay for Research Services provided by independent third party vendors. Third party research may include, but is not limited to, analytical systems, research databases, advice as to the value of securities, reports concerning company, industry, market, asset allocation, economic and political analysis and similar research oriented information. The use of client commissions to pay for execution and Research Services is facilitated through client commission arrangements, commission sharing arrangements or bundled arrangements. Client commission arrangements and commission sharing arrangements are those arrangements where trades are executed with a broker-dealer for the purchase of execution and Research Services produced by either the executing broker-dealer or a third party which may include another broker-dealer. Bundled arrangements are those arrangements whereby we may direct a broker-dealer to effect securities transactions for client accounts for which we received Research Services that have been produced by the executing broker. Services or products produced by the executing broker-dealer may either be procured through a client commission arrangement, commission sharing arrangement or bundled arrangement. We may use client commission credits to obtain Research Services and may pay an amount of commission to a broker-dealer for effecting a securities transaction in excess of the amount of commission another broker-dealer would have charged for effecting that transaction, where we determine in good faith that the commission is reasonable in relation to the value of the Research Services provided by such broker-dealer, viewed in terms of either that particular transaction or our overall responsibilities with respect to the accounts for which it exercises investment discretion. Research Services obtained by us may not necessarily benefit a client whose commission credits are used to pay for those Research Services. The use of client commissions to obtain Research Services benefits us because we will not have to pay for such Services for which we would otherwise be obligated to pay through hard dollars. Therefore, we have an incentive to trade through broker-dealers who provide us with soft dollars. Certain of the Research Services received may benefit (1) certain other accounts also under our management; (2) accounts of affiliates managed by our employees who are also employees of such affiliates; or (3) non-discretionary accounts of affiliates over which we retain investment discretion. Certain client assets of the Bank and/or its Affiliated Manager may be managed by portfolio managers acting in a "dual officer" capacity. Because those clients may benefit from the Research Services we receive from brokers, commissions generated by those clients may be used to pay for those Research Services. Soft dollar credits are not provided with respect to any specific client of the Sub-Advisor or retirement plan product. As a result, it is not administratively feasible to quantify the value of any Research Services received by the Sub-Advisor in connection with the management of the Fund. The following is a list of broker-dealers that were the principal providers of proprietary and/or third party research: Soft Dollar Brokers as of April 10, 2024: • BANK OF AMERICA SECURITIES • BARCLAYS • BMO CAPITAL MARKETS • BTIG LLC • CANACCORD GENUITY • CITIGROUP GLOBAL MARKETS • CL KING • COWEN & CO • GOLDMAN SACHS & CO • HSBC • INSTINET/NOMURA • JANNEY MONTGOMERY SCOTT • JEFFERIES • JP MORGAN • KEEFE BRUYETTE WOODS • KEYBANC CAPITAL MARKETS • LEERINK PARTNERS • LIQUIDNET • MORGAN STANLEY • OPPENHEIMER EQUITIES • PIPER JAFFRAY • RAYMOND JAMES & ASSOCIATES • RBC CAPITAL MARKETS • ROBERT W BAIRD • SANFORD BERNSTEIN • STEPHENS & CO • STIFEL, NICOLAUS CAPITAL MARKETS • UBS INVESTMENT BANK • VIRTU • WELLS FARGO 20 IMPORTANT INFORMATION – FEE INCREASES If the Fund features an External Management Fee, such fee may be increased by an amendment to the Agreement that is approved in writing by the Participating Trust. In addition, other Fund-related fees payable to the Bank and related parties, such as any Internal Management Fee, may be increased with at least 30 days written notice to the Participating Trust investing in the Fund. If the Participating Trust fails to object to the proposed change before the date on which the change becomes effective, the Participating Trust will be deemed to have consented to the proposed change. Revised/Effective Date: 6-11-24 21 Additional Disclosures Customer Identification Program Notice The following language is posted on the BNY Mellon Internet site and provides the form of notification recommended for customers of BNY Mellon. A CIP Notice disclosure must be provided to investors/participants of the Funds as articulated below. https://www.bnymellon.com/us/en/about-us/global-impact/enterprise-esg/customer-identification-program-notice.html IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, financial institutions are required by Federal law to obtain, verify, and record information that identifies each individual or entity that opens an account or requests credit. What this means for individuals: When an individual opens an account or requests credit, we will ask for their name, residence address, date of birth, tax identification number, and other information that allows us to identify them. We may also ask to see a driver's license, passport or other identifying documents. What this means for other legal entities: When a corporation, partnership, trust or other legal entity opens an account or requests credit, we will ask for the entity's name, physical address, tax identification number, and other information that will allow us to identify the entity. We may also ask to see other identifying documents, such as certified articles of incorporation, partnership agreements or a trust instrument. In addition, in accordance with the Unlawful Internet Gambling Enforcement Act, transactions associated with unlawful internet gambling are prohibited. Specifically, the Act "prohibits any person engaged in the business of betting or wagering from knowingly accepting payments in connection with the participation of another person in unlawful internet gambling." BNY Mellon customers must not initiate or receive wire transfers, checks, drafts or other debit/credit transactions that are restricted by the Act. For more information, please refer to: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20081112a1.pdf City of Clearwater February 2025 Presented by CAPTRUST Research INVESTMENT ANALYSIS US LARGE CAP VALUE Manager Comparison Source: Evestment, Actual share class implementation may differ. General Details Firm Name Manning & Napier Advisors, LLC Seizert Capital Partners Newton Investment Management Group Boston Partners Global Investors, Inc. Product Name Disciplined Value - U.S.Large Cap Value Newton US Dynamic Large Cap Value Boston Partners Large Cap Value Equity City Fairport Birmingham London Boston State/Province New York Michigan England Massachusetts Total AUM $962.2 $1,547.4 $11,945.2 $36,794.3 Product Inception Date 10/1/2011 4/1/2002 1/1/1994 6/1/1995 Preferred Benchmark Russell 1000 Value Russell 1000 Value Russell 1000 Value Russell 1000 Value Product Offered As PF,SA CF,SA CF,PF,SA CF,PF,SA SA: Separate Account Availability Open Open Open Open Current # of Holdings 115 36 75 87 % Holdings In 10 Largest Stocks 30.6%34.7%29.2%24.5% Current Cash Position 1.2%3.5%0.2%1.0% Annual Turnover (LTM)59.0%31.1%89.3%56.6% Wgtd. Avg. Mkt. Cap $71,708.4 $253,838.0 $151,363.3 $159,749.0 Current P/E (12 mo Trailing)17.1 17.9 15.8 19.8 Current Dividend Yield 2.7%1.7%2.0%1.8% Fee Schedule Information Tier 1 First $2M at 0.45%First $25M at 0.55%First $25M at 0.55%First $10M at 0.70% Tier 2 Next $8M at 0.35%Next $75M at 0.40%Next $25M at 0.45%Next $40M at 0.50% Tier 3 Next $40M at 0.25%---Next $50M at 0.35%Next $50M at 0.40% Tier 4 ------------ Tier 5 ------------ Tier 6 ------------ Tier 7 ------------ SA: Fee Schedule % - Balance 0.20%0.30%0.25%0.30% SA: Fee Schedule % - All Assets ------------ Sector Details Consumer Disc.5.7%6.8%4.7%5.3% Consumer Staples 7.5%7.4%3.6%7.8% Energy 17.0%0.0%7.9%7.7% Financials 23.3%23.3%28.9%23.2% Health Care 16.3%17.0%17.7%12.6% Industrials 20.1%20.1%14.1%17.7% Technology 5.2%16.2%9.8%11.2% Materials 3.9%0.0%6.2%4.5% Communication Services 1.1%9.3%5.1%6.0% Utilities 0.0%0.0%1.9%4.0% Real Estate 0.0%0.0%0.0%0.0% 2 Seizert Large Cap Value Strengths •Experienced Team. Portfolio Managers Tom Kenny and Andy Jones have 35/17 years of industry experience. The firm hasminimal turnover since inception in 2000. All portfolio managers also serve as analysts. •Strong Investment Process. The strategy follows a disciplined process. This includes both the firm's quantitative model andthe portfolio managers' bottom-up fundamental research analysis. •Excellent Long-Term Performance. The strategy has a strong track record of returns throughout various market environments. This is not a solicitation to invest, but rather a manager update being delivered to CAPTRUST clients whose assets are invested with the manager who is the subject of this report. The opinions expressed are subject to change without notice. Statistics have been obtained from sources deemed reliable but are not guaranteed to be accurate or complete. Any performance illustrated is past performance and is not indicative of future results. recommended manager overview Considerations •Low Asset Level. The strategy only manages $1.4B, which is low compared to other large cap value strategies. The strategy may lack scale that larger strategies benefit from. We are comfortable with the asset level for most mandates. •Boutique Firm. The firm only has 16 employees and seeks to grow via different market segments. While employee countremains low, we appreciate the firm's culture, low employee turnover, and experienced team of portfolio managers. •Sector Exposure. The strategy lacks exposure to the energy, utilities, real estate, and materials sectors. Returns are likelyto lag during periods in which those sectors outperform. 3 John Hancock (Boston Partners) Disciplined Value Strengths •Portfolio Manager Mark Donovan has a good perspective, having run the strategy since 1997 and been through multiple market cycles. •Having multiple managers on the strategy helps them to digest the information flow and stay focused on the key issues for each stock. Additionally, the managers are supported by the firm's 35-person U.S. analyst team, which has experiencedminimal turnover in recent years. •The strategy avoids value traps by sticking to Boston Partners' three core principles: 1) they search for companies with low valuations, 2) strong fundamentals (high return on invested capital), and 3) positive business momentum (improving earnings trends). This is not a solicitation to invest, but rather a manager update being delivered to CAPTRUST clients whose assets are invested with the manager who is the subject of this report. The opinions expressed are subject to change without notice. Statistics have been obtained from sources deemed reliable but are not guaranteed to be accurate or complete. Any performance illustrated is past performance and is not indicative of future results. recommended manager overview Considerations •The strategy has a stricter valuation discipline than some of its peers, which results in headwinds when higher-valuationstocks lead the market, as in 2019, 2020, and 2023. Conversely, the strategy tends to perform well in the early stages of a recovery when lower-valuation stocks lead the market, such as in 2022. •Adding David Cohen and Josh White to the portfolio management team was part of succession planning. Portfolio Manager Mark Donovan is in his early 60s but has no imminent retirement plans. Separately, effective September 2024,David Pyle is transitioning to an internal role at Boston Partners. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0449 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Accept the January 1, 2025 Annual Actuarial Valuation for the Employees’ Pension Plan. SUMMARY: Per the actuarial valuation report dated January 1, 2025, a minimum City employer contribution of $8.34 million, or 7% of covered payroll, is required for fiscal year 2025. This is a decrease of approximately $7.9 million from the fiscal 2024 required contribution of $16.23 million, which represented 14.42% of covered payroll. This decrease is primarily due to the change in actuarial funding method from the Entry Age Normal Cost method to the Aggregate Cost Method. The actuarially required contribution was actually 6.15% of covered payroll ($7.3 million), however the minimum employer contribution per the pension ordinance is 7% of covered payroll. The breakout of the required contribution by group is as follows: Police $ 2,812,119 11.39% of covered payroll Fire $ 3,256,590 16.25% of covered payroll Non-public safety $ 2,269,743 3.05% of covered payroll Total $ 8,338,451 7.00% of covered payroll The calendar year 2024 investment return was 9.92%, versus an assumed rate of 6.50%. The five-year smoothed actuarial investment rate of return was 6.51% versus the 6.50% assumption. Calendar 2020 through 2024 investment returns were 15.12%, 12.90%, (-14.02%), 13.72%, and 9.92%, respectively. As stated above, the decrease in the required employer contribution is primarily due to the change in the funding method to the Aggregate Cost Method. Another significant assumption change was an update to the mortality assumptions used by the Florida Retirement System (FRS). Florida Statutes mandate that we use the mortality rates used in either of the last two published FRS valuation reports. We have elected to update to the mortality rates used in the July 1, 2024 FRS actuarial valuation. The change in the mortality assumption increased the required employer contribution by approximately $0.5 million. The plan experienced a net actuarial experience loss of $3.98 million for the year. The loss was primarily due to salary increases of 7.85% versus an expected increase of 5.74%; as well as mortality experience loss. Salary increases were impacted by additional FTE’s, promotions, and contractual salary increases. These losses were partially offset by investment returns in excess of the 6.5% assumption. This actuarial experience loss had no impact on the required employer `contribution but did decrease the funded ratio by approximately 0.4%. The plan’s funded ratio at January 1, 2025 was 110.02% (including the credit balance) versus 112.00% for the prior year. The actuarial value of assets exceeds the market value of assets by Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0449 $12.4 million as of January 1, 2025. This difference will be a gradual “hit” to the plan over subsequent years, in the absence of offsetting gains. The plan’s credit balance, which reflects actual contributions in-excess of actuarially required contributions in prior years, increased from $38.14 million to $40.18 million during calendar 2024, primarily due to interest earned on the credit balance. This credit balance is available to subsidize volatile employer contribution requirements during future investment market downturns. Staff is recommending the annual use of the interest earnings on the credit balance (approx. $2.5 million) to reduce the required employer contribution for the foreseeable future, which would effectively maintain the credit balance at the current $40 million level. Page 2 City of Clearwater Printed on 5/27/2025 City of Clearwater Employees’ Pension Plan Actuarial Valuation Report as of January 1, 2025 Annual Employer Contribution for the Fiscal Year Ending September 30, 2026 May 7, 2025 Board of Trustees City of Clearwater Employees’ Pension Plan Clearwater, Florida Dear Board Members: The results of the January 1, 2025 Annual Actuarial Valuation of the City of Clearwater Employees’ Pension Plan are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System’s funding progress and to determine the employer contribution rate for the fiscal year ending September 30, 2026. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results, associated with the benefits described in this report, for purposes other than those identified above may be significantly different. The contribution rate in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment of risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data or other information through December 31, 2024. The valuation was based upon information furnished by the City concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the City. In addition, this report was prepared using certain assumptions approved by the Board as authorized under the Florida and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes, Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this Board of Trustees May 7, 2025 Page ii valuation. The combined effect of the assumptions, excluding the prescribed assumptions or methods set by law is expected to have no significant bias (i.e. not significantly optimistic or pessimistic). This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY Peter N. Strong, FSA, MAAA Trisha Amrose, MAAA Enrolled Actuary No. 23-6975 Enrolled Actuary No. 23-8010 City of Clearwater Employees’ Pension Plan TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1. Discussion of Valuation Results A-1 2. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution A-5 3. Low-Default-Risk Obligation Measure A-8 B Valuation Results 1. Participant Data B-1 2. Actuarially Determined Contribution (ADC) B-3 3. Actuarial Value of Benefits and Assets B-7 4. Calculation of Employer Normal Cost B-10 5. Reconciliation of Credit Balance B-14 6. Liquidation of the Unfunded Actuarial Accrued Liability B-15 7. Actuarial Gains and Losses B-18 8. Recent History of Valuation Results B-24 9. Recent History of Contributions B-25 10. Actuarial Assumptions and Cost Method B-26 11. Glossary of Terms B-39 C Pension Fund Information 1. Statement of Plan Assets at Market Value C-1 2. Reconciliation of Plan Assets C-2 3. Development of Actuarial Value of Assets C-3 4. Allocation of Plan Assets C-4 5. Investment Rate of Return C-5 D Financial Accounting Information 1. FASB No. 35 D-1 E Miscellaneous Information 1. Reconciliation of Membership Data E-1 2. Active Participant Distribution E-2 3. Inactive Participant Distribution E-6 F Summary of Plan Provisions F-1 SECTION A DISCUSSION OF VALUATION RESULTS City of Clearwater Employees’ Pension Plan A-1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions The required employer contribution developed in this year's valuation is compared below to last year's results: Required Employer/State Contribution $7,334,218 $16,244,745 $(8,910,527) As % of Covered Payroll 6.16 %*14.43 %(8.27)% Estimated State Contribution 12,000 12,000 0 As % of Covered Payroll 0.01 %0.01 %0.00 % Required Employer Contribution 7,322,218 16,232,745 (8,910,527) As % of Covered Payroll 6.15 %14.42 %(8.27)% Credit Balance 40,184,518 38,136,025 2,048,493 For FYE 9/30/2026 For FYE 9/30/2025 Based onBased on Increase Valuation 1/1/20241/1/2025 Valuation (Decrease) * Since the Actuarially Determined Contribution is under the 7% of payroll minimum, the required City contribution for FYE 2026 is 7% of payroll, which is approximately $8.34 million based on the covered payroll as of January 1, 2025. Required Employer Contribution by Group The required employer contribution for each group developed in this year's valuation is shown below: Required Employer Contribution by Group Non-Hazardous $1,993,122 $6,269,945 $(4,276,823) As % of Covered Payroll 2.68 %9.16 %(6.48)% Hazardous Police 2,469,397 5,127,235 (2,657,838) As % of Covered Payroll 10.00 %21.45 %(11.45)% Hazardous Fire 2,859,699 4,835,565 (1,975,866) As % of Covered Payroll 14.27 %23.85 %(9.58)% Total 7,322,218 16,232,745 (8,910,527) As % of Covered Payroll 6.15 %14.42 %(8.27)% Valuation (Decrease) Based on 1/1/2025 Increase Based on 1/1/2024 Valuation For FYE 9/30/2026 For FYE 9/30/2025 City of Clearwater Employees’ Pension Plan A-2 The contribution has been adjusted for interest on the basis that payments are made uniformly during the first two quarters of the City’s fiscal year. The required employer contribution has been computed under the assumption that the amount to be received from the State on behalf of police officers and firefighters in 2025 and 2026 will be $12,000. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. The actual Employer and State contributions during the year ending December 31, 2024 were $15,802,396 and $12,000, respectively, for a total of $15,814,396, compared to the required contribution of $16,244,745. The credit balance was used to cover the contribution shortfall of $430,349. The minimum required City contribution is 7% of covered payroll (by Ordinance). Revisions in Benefits There have been no revisions in benefits since the previous valuation. Revisions in Actuarial Assumptions or Methods The mortality tables and improvement scales were updated to reflect the updated mortality assumptions used in the July 1, 2024 Florida Retirement System (FRS) Actuarial Valuation. Florida Statutes Chapter 112.63 mandates that local municipal pension plans use the mortality rates in either of the last two published FRS valuation reports. Please see the Actuarial Assumptions and Cost Method subsection of this report for additional information on the revised assumptions. The new assumptions have been implemented in this January 1, 2025 Actuarial Valuation Report. This assumption change caused the required contribution to increase by $504,351, or 0.42% of covered payroll, and the funded ratio (including the credit balance in the Actuarial Value of Assets) to decrease by 1.98%. Additionally, as of January 1, 2025, the Board of Trustees has elected to change the funding method from the Entry Age Normal Cost Method to the Aggregate Cost Method. This method change caused the required contribution to decrease by $10,026,318, or 8.41% of covered payroll (before reflecting the 7% of payroll minimum required contribution). The funded ratio remained the same. Actuarial Experience There was a net actuarial experience loss of $3,983,797 during the year, which means that actual experience was less favorable than expected. The loss is predominantly due to liability-related experience losses resulting from salary increase experience (salaries increased by 7.85% on average versus an expected average increase of 5.74%) and mortality experience (an actual decrease in annual retirement benefits of $746,686 versus an expected decrease of $1,395,938). These losses were partially offset by a recognized investment return (on the smoothed actuarial value of assets) slightly above the assumed rate of 6.5%. The investment return on the market value of assets was 9.92%, and the investment return was 6.51% based on the actuarial value of assets. City of Clearwater Employees’ Pension Plan A-3 Looking at each group, there was a net experience loss for Non-Hazardous Employees of ($4,335,981), a net experience loss for Police Officers of ($2,781,117), and a net experience gain of $3,133,301 for Firefighters. The deviating experience between the groups was mostly caused by differences in salary increase experience. Average salary increases were higher than expected for Non-Hazardous Employees (8.9% versus 5.6% expected) and Police Officers (9.1% versus 5.8% expected), but were lower than expected for Firefighters (3.0% versus 5.9% expected). Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution required to fund the Normal Cost. As a result, since the annual payment to amortize the UAL is below $0 as of January 1, 2025, the actuarial experience loss had no effect on the required employer contribution before the funding method change. The actuarial experience loss did cause the Plan’s funded ratio to decrease by approximately 0.4%. Analysis of Change in Employer Contribution The components of change in the required City contribution are as follows: Contribution Rate Last Year 14.42 % Change in Benefits 0.00 Change in Assumptions and Methods (7.99) Amortization Payment on UAAL 0.00 Normal Cost (0.29) Experience Gain/Loss 0.00 Change in Administrative Expenses 0.01 Change in State Revenue 0.00 Contribution Rate This Year 6.15 Funded Ratio One measure of the Plan’s funding progress is the ratio of the actuarial value of assets to the actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded ratio is 110.02% this year (112.00% before the assumption and method changes) compared to 112.00% last year. Not including the credit balance in the actuarial value of assets, the funded ratio is 106.76% this year (108.68% before the assumption and method changes) compared to 108.74% last year. Variability of Future Contribution Rates The Actuarial Cost Method used to determine the contribution rate is intended to produce contribution rates which are generally level as a percent of payroll. Even so, when experience differs from the assumptions, as it often does, the employer’s contribution rate can vary significantly from year-to-year. The Actuarial Value of Assets exceeds the Market Value of Assets by $12,444,403 as of the valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting gains. City of Clearwater Employees’ Pension Plan A-4 Relationship to Market Value If Market Value had been the basis for the valuation, the contribution rate would have been 7.34% and the funded ratio (not including the credit balance) would have been 105.75%. The funded ratio based on the market value of assets (excluding the credit balance) last year was 104.34%. In the absence of other gains and losses, the City contribution rate should increase to that level over the next several years. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Clearwater Employees’ Pension Plan A-5 RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the expected returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution rate shown on page 1 may be considered as a minimum contribution rate that complies with the Board’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Clearwater Employees’ Pension Plan A-6 Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 1/1/2025 1/1/2024 Ratio of the market value of assets to total payroll 11.27 11.19 Ratio of actuarial accrued liability to payroll 10.34 10.40 Ratio of actives to retirees and beneficiaries 1.03 1.04 Ratio of net cash flow to market value of assets (3.00)%(3.23)% Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in plan sponsor contributions as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability (and also plan sponsor contributions) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. City of Clearwater Employees’ Pension Plan A-7 Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. City of Clearwater Employees’ Pension Plan A-8 LOW-DEFAULT-RISK OBLIGATION MEASURE Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the Actuarial Standards Board (ASB). It includes a calculation called a low-default-risk obligation measure (LDROM) to be prepared and issued annually for defined benefit pension plans. The transmittal memorandum for ASOP No. 4 includes the following explanation: “The ASB believes that the calculation and disclosure of this measure provides appropriate, useful information for the intended user regarding the funded status of a pension plan. The calculation and disclosure of this additional measure is not intended to suggest that this is the “right” liability measure for a pension plan. However, the ASB does believe that this additional disclosure provides a more complete assessment of a plan’s funded status and provides additional information regarding the security of benefits that members have earned as of the measurement date.” The following information has been prepared in compliance with this requirement. Unless otherwise noted, the measurement date, actuarial cost methods, and assumptions used are the same as for the funding valuation covered in this actuarial valuation report. A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $1,737,781,538 B. Discount rate used to calculate the LDROM: 3.81% based on Fidelity’s “20-Year Municipal GO AA Index” as of September 26, 2024 C. Other significant assumptions that differ from those used for the funding valuation: none D. Actuarial cost method used to calculate the LDROM: Individual Entry-Age Actuarial Cost Method E. Valuation procedures to value any significant plan provisions that are difficult to measure using traditional valuation procedures, and that differ from the procedures used in the funding valuation: none F. Commentary to help the intended user understand the significance of the LDROM with respect to the funded status of the plan, plan contributions, and the security of participant benefits: The LDROM is a market-based measurement of the pension obligation. It estimates the amount the plan would need to invest in low risk securities to provide the benefits with greater certainty. This measure may not be appropriate for assessing the need for or amount of future contributions. This measure may not be appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s benefit obligation. The difference between the two measures (Valuation and LDROM) is one illustration of the savings the sponsor anticipates by taking on the risk in a diversified portfolio. SECTION B VALUATION RESULTS City of Clearwater Employees’ Pension Plan B-1 ACTIVE MEMBERS Number 1,572 1,145 235 192 Covered Annual Payroll $119,120,727 $74,396,606 $24,687,401 $20,036,720 Average Annual Payroll $75,777 $64,975 $105,053 $104,358 Average Age 43.1 44.4 38.2 41.1 Average Past Service 9.5 9.0 10.1 12.0 Average Age at Hire 33.6 35.4 28.1 29.1 RETIREES & BENEFICIARIES Number 1,406 893 308 205 Annual Benefits $58,897,958 $32,712,424 $16,168,334 $10,017,200 Average Annual Benefit $41,890 $36,632 $52,495 $48,864 Average Age 69.2 70.9 65.3 68.0 DISABILITY RETIREES Number 117 28 49 40 Annual Benefits $4,445,653 $638,547 $2,241,538 $1,565,568 Average Annual Benefit $37,997 $22,805 $45,746 $39,139 Average Age 65.8 73.8 60.4 66.9 TERMINATED VESTED MEMBERS Number 91 75 7 9 Annual Benefits $1,850,372 $1,376,043 $237,023 $237,306 Average Annual Benefit $20,334 $18,347 $33,860 $26,367 Average Age 49.2 49.7 48.1 45.7 PARTICIPANT DATA January 1, 2025 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-2 ACTIVE MEMBERS Number 1,556 1,114 241 201 Covered Annual Payroll $112,602,359 $68,431,837 $23,898,533 $20,271,989 Average Annual Payroll $72,367 $61,429 $99,164 $100,856 Average Age 43.1 44.6 38.4 40.0 Average Past Service 9.5 9.1 10.2 11.0 Average Age at Hire 33.6 35.5 28.2 29.0 RETIREES & BENEFICIARIES Number 1,373 881 292 200 Annual Benefits $56,374,204 $31,649,835 $15,021,983 $9,702,386 Average Annual Benefit $41,059 $35,925 $51,445 $48,512 Average Age 68.9 70.5 64.9 67.4 DISABILITY RETIREES Number 123 32 50 41 Annual Benefits $4,515,526 $727,545 $2,209,490 $1,578,491 Average Annual Benefit $36,712 $22,736 $44,190 $38,500 Average Age 65.7 72.9 60.4 66.5 TERMINATED VESTED MEMBERS Number 91 72 9 10 Annual Benefits $1,983,540 $1,363,467 $357,194 $262,879 Average Annual Benefit $21,797 $18,937 $39,688 $26,288 Average Age 48.3 49.2 44.7 44.6 PARTICIPANT DATA - PRIOR YEAR January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-3 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 $0 $0 $0 E.Employer Normal Cost 6,886,589 1,871,476 2,325,255 2,689,858 F.ADC if Paid on the Valuation Date: D+E 6,886,589 1,871,476 2,325,255 2,689,858 G.ADC Adjusted for Frequency of Payments 7,334,218 1,993,122 2,476,397 2,864,699 H.ADC as % of Covered Payroll 6.16 %2.68 %10.03 %14.30 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 7,334,218 1,993,122 2,476,397 2,864,699 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 7,322,218 1,993,122 2,469,397 2,859,699 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 6.15 %2.68 %10.00 %14.27 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Hazardous Police January 1, 2025 Hazardous FireNon-Hazardous ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION AND METHOD CHANGES Total January 1, 2025 January 1, 2025January 1, 2025 City of Clearwater Employees’ Pension Plan B-4 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 16,300,973 6,592,659 5,107,850 4,600,464 F.ADC if Paid on the Valuation Date: D+E 16,300,973 6,592,659 5,107,850 4,600,464 G.ADC Adjusted for Frequency of Payments 17,360,536 7,021,182 5,439,860 4,899,494 H.ADC as % of Covered Payroll 14.57 %9.44 %22.03 %24.45 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 17,360,536 7,021,182 5,439,860 4,899,494 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 17,348,536 7,021,182 5,432,860 4,894,494 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.56 %9.44 %22.01 %24.43 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-5 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 15,827,404 6,365,666 4,978,211 4,483,527 F.ADC if Paid on the Valuation Date: D+E 15,827,404 6,365,666 4,978,211 4,483,527 G.ADC Adjusted for Frequency of Payments 16,856,185 6,779,434 5,301,795 4,774,956 H.ADC as % of Covered Payroll 14.15 %9.11 %21.48 %23.83 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 16,856,185 6,779,434 5,301,795 4,774,956 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 16,844,185 6,779,434 5,294,795 4,769,956 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.14 %9.11 %21.45 %23.81 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - BEFORE ASSUMPTION AND METHOD CHANGES * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-6 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2025 9/30/2025 9/30/2025 9/30/2025 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 15,253,281 5,887,272 4,820,878 4,545,131 F.ADC if Paid on the Valuation Date: D+E 15,253,281 5,887,272 4,820,878 4,545,131 G.ADC Adjusted for Frequency of Payments 16,244,745 6,269,945 5,134,235 4,840,565 H.ADC as % of Covered Payroll 14.43 %9.16 %21.48 %23.88 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 112,602,359 68,431,837 23,898,533 20,271,989 K.ADC for Contribution Year: H x J 16,244,745 6,269,945 5,134,235 4,840,565 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 16,232,745 6,269,945 5,127,235 4,835,565 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.42 %9.16 %21.45 %23.85 % O.Credit Balance 38,136,025 18,881,255 11,186,410 8,068,360 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-7 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 537,149,762 $ 256,169,289 $ 141,844,119 $ 139,136,354 b. Vesting Benefits 67,906,163 50,159,073 11,935,877 5,811,213 c. Disability Benefits 23,816,810 3,306,374 12,965,568 7,544,868 d. Preretirement Death Benefits 5,738,970 4,049,455 864,243 825,272 e. Return of Member Contributions 3,429,713 1,994,687 941,044 493,982 f. Total 638,041,418 315,678,878 168,550,851 153,811,689 2.Inactive Members a. Service Retirees & Beneficiaries 755,530,590 394,849,712 229,985,387 130,695,491 b. Disability Retirees 59,002,519 6,188,340 32,557,891 20,256,288 c. Terminated Vested Members 20,509,042 13,922,161 3,105,769 3,481,112 d. Total 835,042,151 414,960,213 265,649,047 154,432,891 3. Total for All Members 1,473,083,569 730,639,091 434,199,898 308,244,580 C.Actuarial Accrued (Past Service) Liability 1,231,642,076 622,604,546 360,614,288 248,423,242 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,128,934,142 552,054,698 344,329,305 232,550,139 E.Plan Assets 1.Market Value 1,342,584,640 674,536,786 396,535,201 271,512,653 2. Actuarial Value 1,355,029,043 680,789,060 400,210,682 274,029,301 3. Actuarial Value Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 F.Actuarial Present Value of Projected Covered Payroll 1,105,193,966 675,202,724 245,287,809 184,703,433 G.Actuarial Present Value of Projected Member Contributions 97,015,343 54,016,218 24,528,781 18,470,344 H.Accumulated Value of Active Member Contributions 70,149,013 36,234,195 17,525,198 16,389,620 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(83,202,449) (38,802,333) (27,106,745) (17,293,371) J.Funded Ratio = E.2. / C.110.02%109.35%110.98%110.31% K.Funded Ratio Excluding Credit Balance = E.3. / C.106.76%106.23%107.52%106.96% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - AFTER ASSUMPTION AND METHOD CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-8 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 524,801,545 $ 250,302,224 $ 138,617,568 $ 135,881,753 b. Vesting Benefits 66,106,502 48,696,097 11,716,424 5,693,981 c. Disability Benefits 23,147,780 3,074,471 12,689,688 7,383,621 d. Preretirement Death Benefits 7,205,888 5,012,442 1,120,310 1,073,136 e. Return of Member Contributions 3,542,060 2,063,634 963,484 514,942 f. Total 624,803,775 309,148,868 165,107,474 150,547,433 2.Inactive Members a. Service Retirees & Beneficiaries 744,019,002 392,664,016 224,322,094 127,032,892 b. Disability Retirees 57,642,523 6,099,713 31,857,983 19,684,827 c. Terminated Vested Members 19,960,066 13,508,630 3,035,189 3,416,247 d. Total 821,621,591 412,272,359 259,215,266 150,133,966 3. Total for All Members 1,446,425,366 721,421,227 424,322,740 300,681,399 C.Actuarial Accrued (Past Service) Liability 1,209,800,767 615,651,586 352,119,903 242,029,278 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,110,021,418 546,962,176 336,386,917 226,672,325 E.Plan Assets 1.Market Value 1,342,584,640 674,536,786 396,535,201 271,512,653 2. Actuarial Value 1,355,029,043 680,789,060 400,210,682 274,029,301 3. Actuarial Value Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 F.Actuarial Present Value of Projected Covered Payroll 1,102,909,927 673,669,593 244,893,595 184,346,739 G.Actuarial Present Value of Projected Member Contributions 96,817,601 53,893,568 24,489,359 18,434,674 H.Accumulated Value of Active Member Contributions 70,149,013 36,234,195 17,525,198 16,389,620 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(105,043,758) (45,755,293) (35,601,130) (23,687,335) J.Funded Ratio = E.2. / C.112.00%110.58%113.66%113.22% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.68%107.43%110.11%109.79% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - BEFORE ASSUMPTION AND METHOD CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-9 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 503,299,062 $ 233,443,503 $ 136,139,269 $ 133,716,290 b. Vesting Benefits 60,697,090 43,891,548 10,923,826 5,881,716 c. Disability Benefits 22,612,358 2,818,322 12,252,474 7,541,562 d. Preretirement Death Benefits 6,836,081 4,652,482 1,102,796 1,080,803 e. Return of Member Contributions 3,255,713 1,775,168 938,048 542,497 f. Total 596,700,304 286,581,023 161,356,413 148,762,868 2.Inactive Members a. Service Retirees & Beneficiaries 720,324,807 385,218,082 210,000,146 125,106,579 b. Disability Retirees 58,690,790 7,355,451 31,340,710 19,994,629 c. Terminated Vested Members 22,663,248 13,552,980 5,491,640 3,618,628 d. Total 801,678,845 406,126,513 246,832,496 148,719,836 3. Total for All Members 1,398,379,149 692,707,536 408,188,909 297,482,704 C.Actuarial Accrued (Past Service) Liability 1,170,789,378 595,823,946 339,031,943 235,933,489 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,073,356,487 530,738,072 324,444,131 218,174,284 E.Plan Assets 1.Market Value 1,259,795,289 635,755,587 371,085,737 252,953,965 2. Actuarial Value 1,311,236,406 661,715,343 386,238,250 263,282,813 3. Actuarial Value Excluding Credit Balance 1,273,100,381 642,834,088 375,051,840 255,214,453 F.Actuarial Present Value of Projected Covered Payroll 1,042,422,377 614,824,187 234,600,418 192,997,772 G.Actuarial Present Value of Projected Member Contributions 91,934,421 49,185,936 23,448,708 19,299,777 H.Accumulated Value of Active Member Contributions 66,583,287 33,969,704 17,355,402 15,258,181 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(102,311,003) (47,010,142) (36,019,897) (19,280,964) J.Funded Ratio = E.2. / C.112.00%111.06%113.92%111.59% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.74%107.89%110.62%108.17% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-10 A.Valuation Date B.Actuarial Present Value of Projected Benefits $1,473,083,569 $730,639,091 $434,199,898 $308,244,580 C.Actuarial Value of Assets Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 D.Actuarial Present Value of Projected Member Contributions 97,015,343 54,016,218 24,528,781 18,470,344 E.Actuarial Present Value of Projected Employer Normal Costs: B-C-D 61,223,701 15,215,994 21,950,084 24,057,623 F.Actuarial Present Value of Projected Covered Payroll 1,105,193,966 675,202,724 245,287,809 184,703,433 G.Employer Normal Cost Rate: E/F 5.54 %2.25 %8.95 %13.03 % H.Covered Annual Payroll 119,120,727 74,396,606 24,687,401 20,036,720 I.Employer Normal Cost: G x H 6,494,231 1,673,924 2,209,522 2,610,785 J.Assumed Amount of Administrative Expenses 392,358 197,552 115,733 79,073 K.Total Employer Normal Cost: I+J 6,886,589 1,871,476 2,325,255 2,689,858 L.Employer Normal Cost as % of Covered Payroll 5.78 %2.52 %9.42 %13.42 % CALCULATION OF EMPLOYER NORMAL COST - AFTER ASSUMPTION AND METHOD CHANGES AGGREGATE METHOD January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 Non-Hazardous Hazardous Police Hazardous FireTotal City of Clearwater Employees’ Pension Plan B-11 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $18,726,125 $8,261,766 $5,264,814 $5,199,545 2.Vesting 4,318,904 2,971,671 870,974 476,259 3.Disability Benefits 2,075,590 244,490 1,126,672 704,428 4.Death Benefits 261,459 174,855 40,160 46,444 5.Refund of Contributions 950,677 694,053 158,237 98,387 6.Total for Future Benefits 26,332,755 12,346,835 7,460,857 6,525,063 7.Assumed Amount for Administrative Expenses 392,358 197,552 115,733 79,073 8.Total Normal Cost 26,725,113 12,544,387 7,576,590 6,604,136 C.Expected Member Contributions 10,424,140 5,951,728 2,468,740 2,003,672 D.Employer Normal Cost: B8 - C 16,300,973 6,592,659 5,107,850 4,600,464 E. Employer Normal Cost as % of Covered Payroll 13.68%8.86%20.69%22.96% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - AFTER ASSUMPTION CHANGES ENTRY AGE NORMAL METHOD January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-12 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $18,331,932 $8,082,426 $5,159,071 $5,090,435 2.Vesting 4,215,875 2,892,299 856,154 467,422 3.Disability Benefits 2,018,839 225,745 1,103,668 689,426 4.Death Benefits 332,973 219,954 52,354 60,665 5.Refund of Contributions 959,567 699,418 159,971 100,178 6.Total for Future Benefits 25,859,186 12,119,842 7,331,218 6,408,126 7.Assumed Amount for Administrative Expenses 392,358 197,552 115,733 79,073 8.Total Normal Cost 26,251,544 12,317,394 7,446,951 6,487,199 C.Expected Member Contributions 10,424,140 5,951,728 2,468,740 2,003,672 D.Employer Normal Cost: B8 - C 15,827,404 6,365,666 4,978,211 4,483,527 E. Employer Normal Cost as % of Covered Payroll 13.29%8.56%20.16%22.38% CALCULATION OF EMPLOYER NORMAL COST - BEFORE ASSUMPTION AND METHOD CHANGES ENTRY AGE NORMAL METHOD Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-13 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $17,657,942 $7,481,716 $5,005,828 $5,170,398 2.Vesting 3,914,959 2,625,437 814,487 475,035 3.Disability Benefits 1,973,738 207,280 1,072,853 693,605 4.Death Benefits 315,174 202,741 51,739 60,694 5.Refund of Contributions 915,093 660,929 154,291 99,873 6.Total for Future Benefits 24,776,906 11,178,103 7,099,198 6,499,605 7.Assumed Amount for Administrative Expenses 363,156 183,716 106,715 72,725 8.Total Normal Cost 25,140,062 11,361,819 7,205,913 6,572,330 C.Expected Member Contributions 9,886,781 5,474,547 2,385,035 2,027,199 D.Employer Normal Cost: B8 - C 15,253,281 5,887,272 4,820,878 4,545,131 E. Employer Normal Cost as % of Covered Payroll 13.55%8.60%20.17%22.42% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR ENTRY AGE NORMAL METHOD January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-14 Total Non-Hazardous Hazardous Police Hazardous Fire $38,136,025 $18,881,255 $11,186,410 $8,068,360 -16,232,745 -6,269,945 -5,127,235 -4,835,565 +15,802,396 +5,543,589 +5,703,357 +4,555,450 +2,478,842 +1,227,282 +727,117 +524,443 40,184,518 19,382,181 12,489,649 8,312,688 Interest on Credit Balance Credit Balance at End of Year Credit Balance at Beginning of Year Required Employer Contribution Employer Contribution Made Reconcilation of Credit Balance City of Clearwater Employees’ Pension Plan B-15 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL) BEFORE METHOD CHANGE UAAL Amortization Period and Payments - Non-Hazardous Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (2,679,461)$ 13 (5,237,169)$ (571,823)$ (571,823)$ 1/1/2016 (Gain)/Loss 244,325 6 444,591 86,233 86,233 1/1/2016 Assumption Change (2,200,261) 16 (3,988,824) (383,442) (383,442) 1/1/2017 (Gain)/Loss (9,301,995) 7 (15,733,976) (2,693,706) (2,693,706) 1/1/2017 Assumption Change 156,236 17 263,662 24,486 24,486 1/1/2018 (Gain)/Loss (5,692,965) 8 (8,983,937) (1,385,444) (1,385,444) 1/1/2019 (Gain)/Loss 2,983,422 9 4,394,888 619,981 619,981 1/1/2019 Assumption Change 12,955,157 19 19,058,676 1,667,066 1,667,066 1/1/2020 (Gain)/Loss (611,097) 10 (841,451) (109,906) (109,906) 1/1/2020 Assumption Change 5,818,657 20 8,005,768 682,230 682,230 1/1/2021 (Gain)/Loss (26,810,531) 11 (34,548,806) (4,219,016) (4,219,016) 1/1/2021 Assumption Change (4,671,812) 21 (6,018,324) (500,755) (500,755) 1/1/2022 (Gain)/Loss (32,781,512) 12 (39,631,237) (4,561,059) (4,561,059) 1/1/2022 Assumption Change 2,972,002 22 3,592,251 292,410 292,410 1/1/2022 Plan Amendment 2,698,651 14 3,262,322 339,834 339,834 1/1/2023 (Gain)/Loss 10,255,929 13 11,639,342 1,270,847 1,270,847 1/1/2024 (Gain)/Loss 9,540,881 14 10,164,538 1,058,834 1,058,834 1/1/2024 Assumption Change 3,817,214 24 4,066,412 318,431 318,431 1/1/2025 (Gain)/Loss 4,335,981 15 4,335,981 432,999 432,999 1/1/2025 Assumption Change 6,952,960 25 6,952,960 535,224 N/A (22,018,219) (38,802,333) (7,096,576) (7,631,800) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-16 UAAL Amortization Period and Payments - Hazardous Police Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,506,064)$ 13 (2,662,768)$ (290,736)$ (290,736)$ 1/1/2016 (Gain)/Loss 137,330 6 217,693 42,224 42,224 1/1/2016 Assumption Change (1,236,717) 16 (2,043,919) (196,480) (196,480) 1/1/2017 (Gain)/Loss (5,228,439) 7 (7,768,842) (1,330,050) (1,330,050) 1/1/2017 Assumption Change 87,817 17 135,381 12,573 12,573 1/1/2018 (Gain)/Loss (3,199,886) 8 (4,466,941) (688,862) (688,862) 1/1/2019 (Gain)/Loss 1,676,914 9 2,198,095 310,082 310,082 1/1/2019 Assumption Change 7,281,798 19 9,820,367 858,989 858,989 1/1/2020 (Gain)/Loss (343,483) 10 (422,971) (55,246) (55,246) 1/1/2020 Plan Amendment 5,717,584 5 6,796,727 1,535,706 1,535,706 1/1/2020 Assumption Change 3,552,608 20 4,487,654 382,426 382,426 1/1/2021 (Gain)/Loss (10,424,892) 11 (13,464,601) (1,644,264) (1,644,264) 1/1/2021 Assumption Change (5,894,181) 21 (7,606,138) (632,869) (632,869) 1/1/2022 (Gain)/Loss (20,293,771) 12 (24,558,785) (2,826,409) (2,826,409) 1/1/2022 Assumption Change 1,909,879 22 2,310,215 188,052 188,052 1/1/2023 (Gain)/Loss 5,355,386 13 6,081,465 664,008 664,008 1/1/2024 (Gain)/Loss (3,145,314) 14 (3,351,452) (349,119) (349,119) 1/1/2024 Assumption Change (3,832,711) 24 (4,083,427) (319,764) (319,764) 1/1/2025 (Gain)/Loss 2,781,117 15 2,781,117 277,727 277,727 1/1/2025 Assumption Change 8,494,385 25 8,494,385 653,880 N/A (18,110,640) (27,106,745) (3,408,132) (4,062,012) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-17 UAAL Amortization Period and Payments - Hazardous Fire Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,027,124)$ 13 (2,016,534)$ (220,176)$ (220,176)$ 1/1/2016 (Gain)/Loss 93,658 6 171,514 33,267 33,267 1/1/2016 Assumption Change (843,431) 16 (1,535,295) (147,587) (147,587) 1/1/2017 (Gain)/Loss (3,565,754) 7 (6,067,191) (1,038,722) (1,038,722) 1/1/2017 Assumption Change 59,890 17 101,473 9,424 9,424 1/1/2018 (Gain)/Loss (2,182,297) 8 (3,463,054) (534,049) (534,049) 1/1/2019 (Gain)/Loss 1,143,642 9 1,693,597 238,913 238,913 1/1/2019 Assumption Change 4,966,128 19 7,333,722 641,482 641,482 1/1/2020 (Gain)/Loss (234,253) 10 (324,176) (42,342) (42,342) 1/1/2020 Plan Amendment 4,071 5 5,650 1,277 1,277 1/1/2020 Assumption Change 2,356,236 20 3,254,054 277,302 277,302 1/1/2021 (Gain)/Loss (8,511,064) 11 (10,992,692) (1,342,401) (1,342,401) 1/1/2021 Assumption Change (4,361,137) 21 (5,627,597) (468,244) (468,244) 1/1/2022 (Gain)/Loss (12,467,844) 12 (15,098,913) (1,737,696) (1,737,696) 1/1/2022 Assumption Change 1,202,726 22 1,455,608 118,487 118,487 1/1/2022 Plan Amendment 5,694,243 7 6,902,241 1,181,685 1,181,685 1/1/2023 (Gain)/Loss 6,257,592 13 7,110,015 776,311 776,311 1/1/2024 (Gain)/Loss (2,448,182) 14 (2,609,433) (271,823) (271,823) 1/1/2024 Assumption Change (794,829) 24 (847,023) (66,328) (66,328) 1/1/2025 (Gain)/Loss (3,133,301) 15 (3,133,301) (312,897) (312,897) 1/1/2025 Assumption Change 6,393,964 25 6,393,964 492,194 N/A (11,397,066) (17,293,371) (2,411,923) (2,904,117) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-18 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long-term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1.Last Year's UAAL $(102,311,003)$(47,010,142)$(36,019,897)$(19,280,964) 2.Employer Normal Cost for Contribution Year 15,253,281 5,887,272 4,820,878 4,545,131 3.Last Year's Contributions 16,244,745 6,269,945 5,134,235 4,840,565 4. Interest at the Assumed Rate on: a.1 and 2 for one year (5,658,752)(2,672,987)(2,027,936)(957,829) b.3 from dates paid 66,336 25,472 21,057 19,807 c. a - b (5,725,088)(2,698,459)(2,048,993)(977,636) 5.This Year's Expected UAAL: 1 + 2 - 3 + 4c (109,027,555)(50,091,274)(38,382,247)(20,554,034) 6.This Year's Actual UAAL (Before any changes in benefits and assumptions)(105,043,758)(45,755,293)(35,601,130)(23,687,335) 7.Net Actuarial Gain (Loss): (5) - (6)(3,983,797)(4,335,981)(2,781,117)3,133,301 8.Gain (Loss) Due to Investments 352,333 9.Gain (Loss) Due to other sources (4,336,130) Hazardous FireA. Derivation of the Current UAAL Total Non-Hazardous Hazardous Police City of Clearwater Employees’ Pension Plan B-19 Gains (losses) in previous years have been as follows: Year Ending Gain 12/31 (Loss) 2009 $32,358,262 (4.89)% 2010 2,311,412 (0.37) 2011 (13,721,771)2.28 2012 (7,015,253)1.15 2013 62,452,347 (11.02) 2014 34,213,347 (6.01) 2015 (475,313)0.07 ** 2016 18,096,188 (2.51)** 2017 11,075,148 (1.48)** 2018 (5,803,978)0.75 ** 2019 1,188,833 (0.14)** 2020 45,746,487 (5.30)** 2021 65,543,127 (7.43)** 2022 (21,868,907)2.30 ** 2023 (3,947,385)0.37 ** 2024 (3,983,797)0.36 ** Employer Cost Rate* Change in * Before 2015, Change in Normal Cost Rate. ** Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0 or limited after reflecting Chapter 112.66 of the Florida Statutes (the requirement to fund at least the normal cost). City of Clearwater Employees’ Pension Plan B-20 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: 12/31/1986 N/A 7.00 %7.40 %5.00 % 12/31/1987 N/A 7.00 5.90 5.00 12/31/1988 N/A 7.00 9.10 5.00 12/31/1989 N/A 7.00 8.70 5.00 12/31/1990 N/A 7.00 5.30 5.00 12/31/1991 N/A 7.00 6.10 5.00 12/31/1992 N/A 7.00 6.80 5.00 12/31/1993 7.42 %7.00 1.20 5.00 12/31/1994 6.28 7.00 4.40 5.00 12/31/1995 9.14 7.00 6.40 5.00 12/31/1996 11.54 7.00 6.70 5.00 12/31/1997 13.74 7.00 5.60 5.00 12/31/1998 15.28 7.00 7.40 5.00 12/31/1999 17.96 7.00 4.20 5.00 12/31/2000 12.42 7.00 5.80 5.00 12/31/2001 7.40 7.00 5.90 5.00 12/31/2002 (1.85)7.50 5.80 6.00 12/31/2003 7.45 7.50 6.40 6.00 12/31/2004 2.18 7.50 6.38 6.00 12/31/2005 4.58 7.50 5.49 6.00 12/31/2006 7.87 7.50 5.15 6.00 12/31/2007 10.68 7.50 6.62 6.00 12/31/2008 (10.61)7.50 4.25 6.00 12/31/2009 16.53 7.50 3.29 6.00 12/31/2010 5.98 7.50 1.27 6.00 12/31/2011 4.46 7.50 2.56 6.00 12/31/2012 5.50 7.50 4.48 6.00 12/31/2013 14.04 7.00 3.16 4.07 12/31/2014 11.04 7.00 3.38 4.04 12/31/2015 7.64 7.00 8.65 *4.09 12/31/2016 8.22 7.00 1.23 *4.13 12/31/2017 8.89 7.00 7.35 4.16 12/31/2018 5.76 7.00 4.08 4.18 12/31/2019 7.39 6.75 8.84 4.35 12/31/2020 11.10 6.65 6.05 4.30 12/31/2021 12.46 6.55 6.37 4.24 12/31/2022 6.08 6.50 9.16 4.32 12/31/2023 7.56 6.50 8.42 4.39 12/31/2024 6.51 6.50 7.85 5.74 Averages 8.01 %---5.70 %--- Investment Return Year Ending Actual Assumed Assumed Salary Increases Actual * Salary for the year ending 12/31/2015 included 27 pay periods rather than 26. The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. City of Clearwater Employees’ Pension Plan B-21 History of Investment Return Based on Actuarial Value of Assets -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Plan Year End Actual Assumed History of Salary Increases 0% 5% 10% 15% 0% 5% 10% 15% Plan Year End Compared to Previous Year Actual Assumed City of Clearwater Employees’ Pension Plan B-22 Active Members Year Vested Other End of Ended A E A E A E A E A A A E Year 12/31/2009 49 110 54 57 0 6 0 2 10 46 56 93 1,567 12/31/2010 78 137 68 51 2 6 3 2 15 49 64 85 1,508 12/31/2011 84 124 43 49 6 6 0 2 11 64 75 84 1,468 12/31/2012 119 113 51 52 3 6 1 2 18 40 58 81 1,474 12/31/2013 102 98 27 42 2 3 4 2 11 54 65 79 1,478 12/31/2014 135 131 45 51 5 3 2 2 21 58 79 78 1,482 12/31/2015 145 122 43 52 7 3 1 2 18 53 71 82 1,505 12/31/2016 159 144 49 60 4 3 2 3 18 71 89 89 1,520 12/31/2017 164 161 47 59 2 3 2 2 25 85 110 91 1,523 12/31/2018 207 175 45 65 1 3 0 2 27 102 129 92 1,555 12/31/2019 164 148 38 52 3 4 1 2 13 93 106 99 1,571 12/31/2020 105 135 43 52 0 4 0 2 8 84 92 100 1,541 12/31/2021 168 199 55 56 1 4 2 1 18 123 141 92 1,510 12/31/2022 195 199 59 54 4 4 0 1 20 116 136 90 1,506 12/31/2023 237 187 52 55 2 4 3 1 47 83 130 94 1,556 12/31/2024 179 163 40 46 0 3 2 1 21 100 121 118 1,572 12/31/2025 49 3 1 121 16 Yr Totals *2290 2346 759 853 42 65 23 29 301 1221 1522 1447 * Totals are through current Plan Year only. Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Terminations Year Retirement Retirement Death Totals During Service Disability City of Clearwater Employees’ Pension Plan B-23 Year Ended Number Number 12/31/2009 12 $142,606 16 $313,189 12/31/2010 12 139,508 18 363,242 12/31/2011 13 220,877 19 416,467 12/31/2012 12 232,755 20 466,010 12/31/2013 20 401,192 20 480,787 12/31/2014 16 275,728 21 510,892 12/31/2015 19 385,405 22 558,603 12/31/2016 20 498,746 25 708,907 12/31/2017 15 288,110 26 753,482 12/31/2018 25 762,324 28 831,241 12/31/2019 20 566,781 28 885,857 12/31/2020 27 921,472 29 949,503 12/31/2021 25 781,255 32 1,073,271 12/31/2022 37 (18 with continuing beneficaries) 760,803 34 1,160,759 12/31/2023 30 (12 with continuing beneficaries) 602,465 36 1,270,428 12/31/2024 44 (18 with continuing beneficaries) 746,686 38 1,395,938 12/31/2025 35 1,330,967 Actual (A) Compared to Expected (E) Deaths Among Retirees and Beneficiaries Actual During Year Annual Pensions Annual Pensions Expected During Year City of Clearwater Employees’ Pension Plan B-24 Active Members Inactive Members 1/1/07 1,692 819 $79,385,090 $559,830,590 N/A N/A N/A $9,192,407 11.58 % 1/1/08 1,641 878 80,371,617 610,979,087 N/A N/A N/A 6,920,400 8.61 1/1/09 1,628 903 82,104,837 536,834,473 N/A N/A N/A 20,005,238 24.37 1/1/10 1,567 955 80,443,199 618,444,906 $647,167,565 $28,722,659 95.6 % 15,879,628 19.74 1/1/11 1,508 1,024 76,505,599 646,956,800 672,786,812 25,830,012 96.2 15,461,725 20.21 1/1/12 1,468 1,072 74,765,020 664,087,199 702,438,432 38,351,233 94.5 17,064,100 22.82 1/1/13 1,474 1,127 74,422,344 688,731,221 774,749,811 86,018,590 88.9 12,845,501 17.26 1/1/14 1,478 1,144 74,254,159 772,411,068 795,927,127 23,516,059 97.0 4,626,039 6.23 1/1/15 1,482 1,194 75,078,542 829,486,793 824,274,144 (5,212,649)100.6 8,194,115 10.91 1/1/16 1,505 1,237 80,250,993 866,598,975 857,177,619 (9,421,356)101.1 8,358,975 10.42 1/1/17 1,520 1,278 79,276,100 908,229,246 880,316,652 (27,912,594)103.2 8,092,922 10.21 1/1/18 1,523 1,334 82,317,307 957,314,542 916,334,666 (40,979,876)104.5 8,236,726 10.01 1/1/19 1,555 1,374 84,608,940 978,492,240 965,611,907 (12,880,333)101.3 9,106,282 10.76 1/1/20 1,571 1,401 90,594,113 1,015,277,332 1,017,746,535 2,469,203 99.8 10,463,285 11.55 1/1/21 1,541 1,422 92,726,419 1,093,182,410 1,034,718,990 (58,463,420)105.7 10,711,397 11.55 1/1/22 1,510 1,469 94,070,686 1,190,146,409 1,076,740,942 (113,405,467)110.5 12,017,928 12.78 1/1/23 1,506 1,529 101,042,598 1,222,735,789 1,123,775,534 (98,960,255)108.8 12,723,459 12.59 1/1/24 1,556 1,587 112,602,359 1,273,100,381 1,170,789,378 (102,311,003)108.7 15,253,281 13.55 1/1/25 1,572 1,614 119,120,727 1,314,844,525 1,231,642,076 (83,202,449)106.8 6,886,589 5.78 Unfunded Actuarial Liability (Entry Age)* RECENT HISTORY OF VALUATION RESULTS Number of Employer Normal Cost* Valuation Date Covered Annual Payroll Actuarial Value of Assets % of PayrollAmount Actuarial Accrued Liability (Entry Age) Funded Ratio * Starting with the January 1, 2015 valuation, the Credit Balance is excluded from the Actuarial Value of Assets. For the January 1, 2015 through the January 1, 2024 valuations, the Employer Normal Cost is calculated under the Entry Age Normal Method. Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-25 1/1/07 9/30/08 $12,532,399 15.79 %$12,000 0.02 %$12,520,399 15.77 %$12,520,399 $12,000 $12,532,399 1/1/08 9/30/09 10,086,978 12.55 12,000 0.01 10,074,978 12.54 10,074,978 12,000 10,086,978 1/1/09 9/30/10 23,960,586 29.18 12,000 0.01 23,948,586 29.17 23,948,586 12,000 23,960,586 1/1/10 9/30/11 19,373,992 24.08 12,000 0.01 19,361,992 24.07 19,361,992 12,000 19,373,992 1/1/11 9/30/12 18,898,567 24.70 12,000 0.01 18,886,567 24.69 18,886,567 12,000 18,898,567 1/1/12 9/30/13 20,925,720 27.99 12,000 0.02 20,913,720 27.97 20,913,720 12,000 20,925,720 1/1/13 9/30/14 19,608,078 26.35 12,000 0.02 19,596,078 26.33 19,596,078 12,000 19,608,078 1/1/14 9/30/15 10,803,098 14.55 12,000 0.02 10,791,098 14.53 10,791,098 12,000 10,803,098 1/1/15 9/30/16 8,767,703 11.68 12,000 0.02 8,755,703 11.66 8,755,703 12,000 8,767,703 1/1/16 9/30/17 8,944,103 11.15 12,000 0.02 8,932,103 11.13 8,932,103 12,000 8,944,103 1/1/17 9/30/18 8,659,427 10.92 12,000 0.01 8,647,427 10.91 8,647,427 12,000 8,659,427 1/1/18 9/30/19 8,813,297 10.71 12,000 0.02 8,801,297 10.69 8,801,297 12,000 8,813,297 1/1/19 9/30/20 9,720,956 11.49 12,000 0.01 9,708,956 11.48 9,708,956 12,000 9,720,956 1/1/20 9/30/21 11,534,013 12.73 12,000 0.01 11,522,013 12.72 11,522,013 12,000 11,534,013 1/1/21 9/30/22 11,412,994 12.31 12,000 0.01 11,400,994 12.30 11,400,994 12,000 11,412,994 1/1/22 9/30/23 12,799,094 13.61 12,000 0.02 12,787,094 13.59 12,787,094 12,000 12,799,094 1/1/23 9/30/24 13,550,484 13.41 12,000 0.01 13,538,484 13.40 13,538,484 12,000 13,550,484 1/1/24 9/30/25 16,244,745 14.43 12,000 0.01 16,232,745 14.42 16,232,745 12,000 16,244,745 1/1/25 9/30/26 7,334,218 6.16 12,000 0.01 7,322,218 6.15 --- --- --- % of Payroll Employer State Valuation Date End of Year To Which Valuation Applies Amount Actual Contributions % of Payroll TotalAmount % of PayrollAmount RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Estimated State Required Contributions Employer & State Net Employer Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-26 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using the Aggregate Method. The excess of the Actuarial Present Value of Projected Benefits of the group included in the valuation, over the sum of the Actuarial Value of Assets and the Actuarial Present Value of Future Member Contributions (if any) is allocated as a level percentage of earnings of the group between the valuation date and the assumed retirement age. This allocation is performed for the group as a whole, not as a sum of individual allocations. The portion of this Actuarial Present Value allocated to a specific year is called the Employer Normal Cost. Under this method, actuarial gains and losses, plan amendments, and changes in actuarial assumptions and methods reduce or increase future Normal Costs. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected and actual return on market value of assets at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Both the economic and decrement assumptions were established following the Experience Investigation for the Five Years Ended December 31, 2022, dated September 29, 2023. The mortality assumption is mandated by Chapter 112.63, Florida Statutes. Economic Assumptions The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net rate after investment expenses). The Inflation Rate assumed in this valuation is 2.40% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. This assumption was changed this year (based on the results of a 5-year experience study) from 2.25%. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 6.5% investment return rate translates to an assumed real rate of return over inflation of 4.10%. City of Clearwater Employees’ Pension Plan B-27 The rate of salary increase used for individual members can be seen in the tables below. Part of the assumption is for merit and/or seniority increases and productivity increases, and 2.40% recognizes inflation. This assumption is used to project a member’s current salary to the salaries upon which benefits will be based. Years of Service Under 5 2.40%7.75% 5 - 14 2.40%6.40% 15 - 19 2.40%5.25% 20 & Over 2.40%4.40%2.00% 5.35% 4.00% 2.85% % Increase in Salary - Firefighters Merit and Seniority Inflation Total Increase Years of Service Under 5 2.40%9.00% 5 - 9 2.40%6.25% 10 - 14 2.40%5.00% 15 & Over 2.40%3.75%1.35% 6.60% 3.85% 2.60% % Increase in Salary - Police Officers Merit and Seniority Inflation Total Increase Years of Service Under 2 2.40%8.00% 2 - 9 2.40%6.00% 10 - 14 2.40%5.75% 15 - 19 2.40%5.00% 20 and Higher 2.40%3.50%1.10% 3.60% 3.35% 2.60% % Increase in Salary - Non-Hazardous Duty Merit and Seniority Inflation Total Increase 5.60% City of Clearwater Employees’ Pension Plan B-28 Demographic Assumptions The mortality tables used in the valuation for Hazardous Duty members are based on the PUB-2010 Benefits Weighted Mortality Tables described below, with mortality improvements projected for all lives to all future years after 2010 using Scale MP-2021. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Benefits Weighted Safety Employee Female Table Benefits Weighted Safety Healthy Retiree Female Table Male Healthy Benefits Weighted Safety Employee Male Table, set forward 1 year Benefits Weighted Safety Healthy Retiree Male Table, set forward 1 year Female Disabled N/A Headcount Weighted General Disabled Retiree Female Table, set forward 1 year Male Disabled N/A Headcount Weighted General Disabled Retiree Male Table These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2024 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the same mortality tables used by the FRS in either of its two most recently published actuarial valuation reports. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. City of Clearwater Employees’ Pension Plan B-29 FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.20 %0.13 %34.83 37.81 55 0.32 0.25 29.78 32.70 60 0.57 0.45 24.92 27.78 65 0.98 0.72 20.34 23.11 70 1.61 1.15 16.10 18.70 75 2.77 1.97 12.26 14.61 80 5.02 3.53 8.93 10.98 Probability of Future Life Dying Next Year Expectancy (years) The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All Police and 90% of Firefighters’ deaths before retirement are assumed to be non- service connected. FRS Healthy Pre-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.12 %0.08 %37.31 40.61 55 0.18 0.12 32.21 35.50 60 0.29 0.17 27.20 30.44 65 0.46 0.21 22.32 25.42 70 0.79 0.39 17.61 20.48 75 1.41 0.77 13.13 15.70 80 5.02 1.60 8.93 11.19 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 1.61 %1.38 %25.55 28.20 55 2.09 1.73 22.07 24.57 60 2.73 2.14 18.92 21.18 65 3.36 2.41 16.06 17.92 70 3.96 2.88 13.35 14.66 75 4.99 4.01 10.70 11.51 80 7.06 6.23 8.23 8.71 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-30 The mortality tables used in the valuation for Non-Hazardous Duty members are based on the PUB- 2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for all lives to all future years after 2010 using Scale MP-2021. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted General Employee Female Table Headcount Weighted General Healthy Retiree Female Table Male Healthy Headcount Weighted General Employee Male Table, set back 1 year Headcount Weighted General Healthy Retiree Male Table, set back 1 year Female Disabled N/A Headcount Weighted General Disabled Retiree Female Table, set forward 4 years Male Disabled N/A Headcount Weighted General Disabled Retiree Male Table, set forward 4 years These are the same rates used for Regular Class members (other than K-12 School Instructional Personnel) of the Florida Retirement System (FRS) in the July 1, 2024 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either of the two most recently published actuarial valuation reports of FRS. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. FRS Healthy Post-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.15 %0.35 %35.11 37.77 55 0.57 0.39 30.36 33.00 60 0.77 0.47 25.83 28.25 65 1.03 0.64 21.46 23.58 70 1.50 1.00 17.28 19.09 75 2.43 1.72 13.40 14.88 80 4.22 3.16 9.97 11.09 Dying Next Year Expectancy (years) Probability of Future Life City of Clearwater Employees’ Pension Plan B-31 The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All deaths before retirement are assumed to be non-service connected. FRS Healthy Pre-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.15 %0.09 %38.57 40.50 55 0.23 0.14 33.56 35.40 60 0.35 0.21 28.66 30.38 65 0.50 0.31 23.89 25.45 70 0.68 0.45 19.23 20.61 75 1.01 0.74 14.67 15.89 80 1.62 1.25 10.22 11.30 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 2.01 %1.52 %22.86 26.19 55 2.46 1.90 19.60 22.60 60 3.24 2.39 16.55 19.24 65 4.09 2.80 13.84 16.04 70 4.91 3.50 11.29 12.90 75 6.53 5.07 8.84 9.94 80 9.55 8.08 6.66 7.40 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-32 The rates of retirement used to measure the probability of eligible members retiring under normal and early retirement eligibility during the next year were as follows: Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 15 60 & Over 40 20 - 24 Under 59 15 60 - 64 40 65 & Over 100 25 - 29 Under 55 15 55 - 59 35 60 - 64 40 65 & Over 100 30 & Over 100 Firefighters Retirement Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 8 60 - 64 20 65 & Over 100 20 - 29 Under 50 12 50 - 59 20 60 - 64 40 65 & Over 100 30 - 34 Under 55 20 55 - 59 30 60 & Over 100 35 & Over 100 Police Officers Retirement City of Clearwater Employees’ Pension Plan B-33 Years of Probability of Service Age Retirement 5 - 9 65 - 74 20 % 75 & Over 100 10 - 19 65 - 74 30 75 & Over 100 20 - 29 55 - 59 20 60 - 64 15 65 - 69 30 70 & Over 100 30 & Over Under 55 30 55 - 64 20 65 - 69 50 70 & Over 100 Non-Hazardous Duty Retirement City of Clearwater Employees’ Pension Plan B-34 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members separating from employment prior to becoming eligible for retirement. Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 2 Under 30 8.0 %All Years Under 40 5.0 % 30 & Over 4.0 40 & Over 2.0 2 - 4 Under 30 5.0 30 & Over 3.0 5 & Over Under 30 8.0 30 & Over 1.8 Firefighter Withdrawal - Males Firefighter Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 3 Under 30 7.5 %Under 2 All Ages 14.0 % 30 & Over 4.0 2 - 3 All Ages 6.0 3 - 4 Under 30 5.5 30 & Over 3.5 4 & Over All Ages 3.9 5 & Over Under 30 3.5 30 & Over 2.6 Police Officer Withdrawal - Males Police Officer Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 1 All Ages 20.0 %Under 1 Under 40 25.0 % 40 & Over 12.5 1 - 2 All Ages 18.0 1 - 2 All Ages 17.0 3 - 4 All Ages 12.0 3 - 4 All Ages 12.0 5 - 9 Under 35 9.0 35 - 44 6.0 5 - 9 Under 40 9.0 45 - 54 5.0 40 - 54 7.0 55 & Over 3.5 55 - 59 4.0 60 & Over 3.0 10 & Over Under 35 5.0 35 - 44 3.3 10 & Over Under 45 6.0 45 & Over 3.1 45 - 54 3.5 55 & Over 3.0 Non-Hazardous Duty Withdrawal - Males Non-Hazardous Duty Withdrawal - Females City of Clearwater Employees’ Pension Plan B-35 Rates of disability among active members (100% of disabilities are assumed to be service- connected). Sample Ages 20 0.22 %0.22 % 25 0.22 0.22 30 0.22 0.22 35 0.26 0.26 40 0.40 0.40 45 0.52 0.52 50 0.52 0.52 55 0.52 0.52 60 0.68 0.68 65 0.88 0.88 70 1.20 1.20 Disabled Within Next Year Males Females Firefighter Duty Disability % of Active Members Becoming Sample Ages 20 0.30 %0.30 % 25 0.30 0.30 30 0.30 0.30 35 0.35 0.35 40 0.52 0.52 45 0.72 0.72 50 0.72 0.72 55 0.72 0.72 60 0.87 0.87 65 1.10 1.10 70 1.50 1.50 Disabled Within Next Year Males Females Police Officer Duty Disability % of Active Members Becoming City of Clearwater Employees’ Pension Plan B-36 Sample Ages 20 0.001 %0.001 % 25 0.011 0.011 30 0.011 0.011 35 0.011 0.011 40 0.021 0.021 45 0.041 0.041 50 0.082 0.082 55 0.165 0.165 60 0.216 0.216 65 0.041 0.041 70 0.041 0.041 Males Females Non-Hazardous Duty Disability % of Active Members Becoming Disabled Within Next Year Changes Since Prior Valuation The mortality tables and improvement scales were updated to reflect the updated mortality assumptions used in the July 1, 2024 Florida Retirement System (FRS) Actuarial Valuation. Florida Statutes Chapter 112.63 mandates that local municipal pension plans use the mortality rates in either of the last two published FRS valuation reports. Additionally, as of January 1, 2025, the Board of Trustees has elected to change the funding method from the Entry Age Normal Cost Method to the Aggregate Cost Method. City of Clearwater Employees’ Pension Plan B-37 Miscellaneous and Technical Assumptions Administrative & Investment Expenses The investment return assumption is intended to be the net return after investment expenses. Annual administrative expenses are assumed to be equal to the administrative expenses of the previous year. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Cost of Living Increases The adjustment is 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Decrement Operation Disability and mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member’s accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made in equal installments during the first two quarters of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. City of Clearwater Employees’ Pension Plan B-38 Marriage Assumption 75% of males and 65% of females are assumed to be married for purposes of death-in-service benefits and to determine the normal form of benefit when applicable. Male spouses are assumed to be two years older than female spouses for all active members and for members who became inactive before January 1, 2015. For members who became inactive on or after January 1, 2015, spouses ages are based on the beneficiary dates of birth provided by the Plan Administrator. Normal Form of Benefit The normal form of benefit is a life annuity for non-grandfathered non-hazardous duty members. For all other members, the normal form of benefit is a life annuity that includes a survivor benefit where after the participant’s death, 100% is payable to the spouse for five years, after which the benefit is reduced to 50%. Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported pays represent the annual rate of pay on the valuation date. The pay used for the valuation is equal to the greater of the actual pay for the plan year increased by the salary scale assumption rate (which varies by years of service) and the annual rate of pay on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Clearwater Employees’ Pension Plan B-39 GLOSSARY Actuarial Accrued Liability (AAL) The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value (APV) The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of Future Benefits (APVFB) The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of the Funded Ratio and the Actuarially Determined Contribution (ADC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the Actuarially Determined Contribution (ADC). City of Clearwater Employees’ Pension Plan B-40 Actuarially Determined Contribution (ADC) The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The ADC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between the normal cost rate from last year and the normal cost rate from this year. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. City of Clearwater Employees’ Pension Plan B-41 Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. SECTION C PENSION FUND INFORMATION City of Clearwater Employees’ Pension Plan C-1 Statement of Plan Assets at Market Value 2024 2023 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables 1.Member Contributions -$ -$ 2.Employer Contributions 9,100,000 6,752,882 3.Investment Income and Other Receivables 6,303,880 11,544,460 4.Total Receivables 15,403,880$ 18,297,342$ C.Investments 1.Short-Term Investments 30,438,354$ 29,447,419$ 2.Domestic Equities 634,463,560 527,418,800 3.International Equities 124,824,791 163,783,759 4.Domestic Fixed Income 342,450,925 318,494,562 5.International Fixed Income - - 6.Real Estate 111,596,432 120,364,386 7.Infrastructure 99,234,724 93,965,209 8.Private Equity - - 9.Total Investments 1,343,008,786$ 1,253,474,135$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables (15,828,026) (11,976,188) 3.Total Liabilities (15,828,026)$ (11,976,188)$ E.Total Market Value of Assets Available for Benefits 1,342,584,640$ 1,259,795,289$ F.Allocation of Investments 1.Short-Term Investments 2.27%2.35% 2.Domestic Equities 47.24%42.08% 3.International Equities 9.29%13.07% 4.Domestic Fixed Income 25.50%25.41% 5.International Fixed Income 0.00%0.00% 6.Real Estate 8.31%9.60% 7.Infrastructure 7.39%7.49% 8.Private Equity 0.00%0.00% 9.Total Investments 100.00%100.00% December 31 Item City of Clearwater Employees’ Pension Plan C-2 Reconciliation of Plan Assets 2024 2023 A.Market Value of Assets at Beginning of Year 1,259,795,289$ 1,146,071,970$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 10,046,786$ 8,994,031$ b.Employer Contributions 15,802,396 13,719,333 c.State Contributions 12,000 12,000 d.Total 25,861,182$ 22,725,364$ 2.Investment Income a.Interest, Dividends, and Other Income 22,268,391$ 21,082,916$ b.Net Realized Gains/(Losses)52,770,107 18,611,507 c.Net Unrealized Gains/(Losses)55,089,532 121,717,037 d.Investment Expenses (7,126,992) (6,952,122) e.Net Investment Income 123,001,038$ 154,459,338$ 3.Benefits and Refunds a.Refunds (1,461,813)$ (1,431,122)$ b.Regular Monthly Benefits (62,340,163) (59,842,370) c.Partial Lump-Sum Benefits Paid (1,878,535) (1,824,735) d.Total (65,680,511)$ (63,098,227)$ 4.Administrative and Miscellaneous Expenses (392,358)$ (363,156)$ 5.Transfers -$ -$ C.Market Value of Assets at End of Year 1,342,584,640$ 1,259,795,289$ December 31 Item City of Clearwater Employees’ Pension Plan C-3 Development of Actuarial Value of Assets Valuation Date - December 31 2023 2024 2025 2026 2027 2028 A.Actuarial Value of Assets Beginning of Year 1,258,374,452$ 1,311,236,406$ B.Market Value End of Year 1,259,795,289 1,342,584,640 C.Market Value Beginning of Year 1,146,071,970 1,259,795,289 D.Non-Investment/Administrative Net Cash Flow (40,736,019) (40,211,687) E.Investment Income E1. Actual Market Total: B-C-D 154,459,338 123,001,038 E2. Assumed Rate of Return 6.50%6.50%6.50%6.50%6.50%6.50% E3. Assumed Amount of Return 72,951,505 80,308,318 E4. Amount Subject to Phase-In: E1–E3 81,507,833 42,692,720 F.Phase-In Recognition of Investment Income F1. Current Year: 0.2 x E4 16,301,567 8,538,544 F2. First Prior Year (55,607,034) 16,301,567 8,538,544 F3. Second Prior Year 15,710,790 (55,607,034) 16,301,567 8,538,544 F4. Third Prior Year 18,752,137 15,710,790 (55,607,034) 16,301,567 8,538,544 F5. Fourth Prior Year 25,489,008 18,752,139 15,710,791 (55,607,035) 16,301,565 8,538,544 F6. Total Phase-Ins 20,646,468 3,696,006 (15,056,132) (30,766,924) 24,840,109 8,538,544 G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 1,311,236,406$ 1,355,029,043$ G2. Upper Corridor Limit: 120%*B 1,511,754,347$ 1,611,101,568$ G3. Lower Corridor Limit: 80%*B 1,007,836,231$ 1,074,067,712$ G4. Funding Value End of Year 1,311,236,406$ 1,355,029,043$ G5. Credit Balance 38,136,025$ 40,184,518$ G6. Final Actuarial Value of Assets 1,273,100,381$ 1,314,844,525$ H.Recognized Investment Earnings 93,597,973$ 84,004,324$ I.Difference between Market & Actuarial Value (51,441,117)$ (12,444,403)$ J.Actuarial Rate of Return 7.56%6.51% K.Market Value Rate of Return 13.72%9.92% L.Ratio of Actuarial Value of Assets to Market Value 104.08%100.93% The Actuarial Value of Assets recognizes assumed investment return (line E3) fully each year. Differences between actual and assumed investment income (Line E4) are phased-in over a closed 5-year period. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than the assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. If assumed rates are exactly realized for 5 consecutive years, Actuarial Value of Assets will become equal to Market Value. City of Clearwater Employees’ Pension Plan C-4 Allocation of Plan Assets by Group Total Non-Hazardous Hazardous Police Hazardous Fire A.Market Value of Assets as of January 1, 2024 1,259,795,289$ 635,755,587$ 371,085,737$ 252,953,965$ B.Contributions (All)25,861,182 11,257,943 8,133,293 6,469,946 C.Net Investment Return 123,001,038 61,930,743 36,281,471 24,788,824 D.Benefit Payments (All)65,680,511 34,209,935 18,849,567 12,621,009 E.Administrative Expenses 392,358 197,552 115,733 79,073 F.Market Value of Assets as of January 1, 2025 1,342,584,640 674,536,786 396,535,201 271,512,653 G.Actuarial Value of Assets as of January 1, 2025 1,355,029,043 680,789,060 400,210,682 274,029,301 H.Actuarial Value of Assets Less Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 Item City of Clearwater Employees’ Pension Plan C-5 Investment Rate of Return Plan Year Ending December 31 1986 13.21 % N/A 1987 10.78 N/A 1988 9.12 N/A 1989 20.84 N/A 1990 6.21 N/A 1991 28.52 N/A 1992 6.49 N/A 1993 9.29 7.42 % 1994 0.89 6.28 1995 23.36 9.14 1996 14.80 11.54 1997 17.49 13.74 1998 16.74 15.28 1999 18.61 17.96 2000 (3.43)12.42 2001 (5.16)7.40 2002 (8.83)(1.85) 2003 20.08 7.45 2004 9.73 2.18 2005 6.67 4.58 2006 11.80 7.87 2007 7.29 10.68 2008 (27.01)(10.61) 2009 30.93 16.53 2010 17.50 5.98 2011 (0.32)4.46 2012 13.92 5.50 2013 16.90 14.04 2014 7.99 11.04 2015 (0.28)7.64 2016 6.70 8.22 2017 16.01 8.89 2018 (2.48)5.76 2019 20.20 7.39 2020 15.12 11.10 2021 12.90 12.46 2022 (14.02)6.08 2023 13.72 7.56 2024 9.92 6.51 Average returns: Last five years:6.91 % 8.71 % Last ten years:7.29 % 8.14 % All years:8.92 % 8.01 % Actuarial*Market* *Before investment expenses prior to 2013. The above rates are based on the retirement system’s financial information reported to the actuary. They may differ from figures that the investment consultant reports, in part because of differences in the handling of administrative and investment expenses, and in part because of differences in the handling of cash flows. SECTION D FINANCIAL ACCOUNTING INFORMATION City of Clearwater Employees’ Pension Plan D-1 A.Valuation Date B.Actuarial Present Value of Accumulated Plan Benefits 1.Vested Benefits a.Members Currently Receiving Payments $814,533,109 $779,015,597 b.Terminated Vested Members 20,509,042 22,663,248 c.Other Members 271,840,213 250,492,308 d.Total 1,106,882,364 1,052,171,153 2.Non-Vested Benefits 22,051,778 21,185,334 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 1,128,934,142 1,073,356,487 4.Accumulated Contributions of Active Members 70,149,013 66,583,287 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 1,073,356,487 1,043,838,470 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 0 b.Change in Actuarial Assumptions 18,912,724 (8,454,351) c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 102,345,442 101,070,595 d.Benefits Paid (65,680,511)(63,098,227) e.Net Increase 55,577,655 29,518,017 3.Total Value at End of Period 1,128,934,142 1,073,356,487 D.Market Value of Assets 1,342,584,640 1,259,795,289 E.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION January 1, 2025 January 1, 2024 SECTION E MISCELLANEOUS INFORMATION City of Clearwater Employees’ Pension Plan E-1 A. 1.Number Included in Last Valuation 1,556 1,506 2.New Members Included in Current Valuation 179 233 3.Non-Vested Employment Terminations (100)(83) 4.Vested Employment Terminations (21)(47) 5.Service Retirements (40)(52) 6.Disability Retirements 0 (2) 7.Deaths (2)(3) 8.Rehired Members/Data Corrections 0 4 9.Number Included in This Valuation 1,572 1,556 B. 1.Number Included in Last Valuation 91 82 2.Additions from Active Members 21 47 3.Lump Sum Payments/Refund of Contributions (10)(25) 4.Payments Commenced (12)(11) 5.Deaths 1 0 6.Conversion to Disability/Rehired Members 0 (1) 7.Data Corrections 0 (1) 8.Number Included in This Valuation 91 91 C. 1.Number Included in Last Valuation 1,496 1,447 2.Additions from Active Members 40 54 3.Additions from Terminated Vested Members 12 11 4.Deaths Resulting in No Further Payments (24)(17) 5.Deaths Resulting in New Survivor Benefits 0 3 6.End of Certain Period - No Further Payments (1)(1) 7.Data Correction/Waiver of Benefits 0 (1) 8.Number Included in This Valuation 1,523 1,496 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 1/1/2023From 1/1/2024 To 1/1/2024To 1/1/2025 City of Clearwater Employees’ Pension Plan E-2 ACTIVE PARTICIPANT DISTRIBUTION ALL ACTIVE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 1 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 80,671 38,036 0 0 0 0 0 0 0 0 0 0 118,707 AVG PAY 40,336 38,036 0 0 0 0 0 0 0 0 0 0 39,569 20-24 NO.26 29 13 4 0 0 0 0 0 0 0 0 72 TOT PAY 1,239,689 1,554,393 697,370 257,440 0 0 0 0 0 0 0 0 3,748,892 AVG PAY 47,680 53,600 53,644 64,360 0 0 0 0 0 0 0 0 52,068 25-29 NO.44 49 33 21 12 13 0 0 0 0 0 0 172 TOT PAY 2,298,636 2,835,003 2,128,579 1,473,327 890,714 943,805 0 0 0 0 0 0 10,570,064 AVG PAY 52,242 57,857 64,502 70,158 74,226 72,600 0 0 0 0 0 0 61,454 30-34 NO.20 32 40 20 10 85 17 0 0 0 0 0 224 TOT PAY 1,016,311 2,081,882 2,528,424 1,427,136 653,477 6,815,936 1,387,832 0 0 0 0 0 15,910,998 AVG PAY 50,816 65,059 63,211 71,357 65,348 80,187 81,637 0 0 0 0 0 71,031 35-39 NO.26 18 21 14 13 62 35 20 1 0 0 0 210 TOT PAY 1,467,467 1,094,282 1,292,044 990,633 816,427 4,861,662 2,989,407 2,088,397 110,988 0 0 0 15,711,307 AVG PAY 56,441 60,793 61,526 70,760 62,802 78,414 85,412 104,420 110,988 0 0 0 74,816 40-44 NO.9 15 13 6 6 49 26 48 17 0 0 0 189 TOT PAY 415,402 859,338 699,512 419,325 368,019 3,874,104 2,496,428 4,807,229 1,666,809 0 0 0 15,606,166 AVG PAY 46,156 57,289 53,809 69,888 61,336 79,063 96,016 100,151 98,048 0 0 0 82,572 45-49 NO.18 12 9 6 4 27 27 38 26 7 0 0 174 TOT PAY 958,825 665,070 515,566 354,482 252,567 1,958,841 2,261,231 4,172,527 2,778,618 762,335 0 0 14,680,062 AVG PAY 53,268 55,422 57,285 59,080 63,142 72,550 83,749 109,803 106,870 108,905 0 0 84,368 50-54 NO.13 14 9 7 2 34 25 32 42 26 2 0 206 TOT PAY 581,101 758,155 529,558 497,918 110,536 2,559,391 1,901,021 2,894,057 4,309,649 2,987,428 238,713 0 17,367,527 AVG PAY 44,700 54,154 58,840 71,131 55,268 75,276 76,041 90,439 102,611 114,901 119,356 0 84,308 55-59 NO.7 5 6 3 6 11 15 20 25 21 8 0 127 TOT PAY 411,173 250,295 374,266 166,765 464,027 850,551 1,229,077 1,905,601 2,362,512 2,172,247 701,624 0 10,888,138 AVG PAY 58,739 50,059 62,378 55,588 77,338 77,323 81,938 95,280 94,500 103,440 87,703 0 85,733 60-64 NO.5 10 3 10 4 23 21 20 18 12 9 1 136 TOT PAY 229,646 529,368 162,197 547,159 301,945 1,539,488 1,562,438 1,502,534 1,536,567 1,229,975 884,799 85,711 10,111,827 AVG PAY 45,929 52,937 54,066 54,716 75,486 66,934 74,402 75,127 85,365 102,498 98,311 85,711 74,352 65+ NO.3 6 1 2 2 8 8 6 12 7 4 0 59 TOT PAY 253,904 339,861 70,874 87,725 179,548 533,753 589,582 378,997 959,174 558,747 454,874 0 4,407,039 AVG PAY 84,635 56,644 70,874 43,862 89,774 66,719 73,698 63,166 79,931 79,821 113,718 0 74,696 TOT NO.173 191 148 93 59 312 174 184 141 73 23 1 1,572 TOT AMT 8,952,825 11,005,683 8,998,390 6,221,910 4,037,260 23,937,531 14,417,016 17,749,342 13,724,317 7,710,732 2,280,010 85,711 119,120,727 AVG AMT 51,750 57,621 60,800 66,902 68,428 76,723 82,856 96,464 97,336 105,626 99,131 85,711 75,777 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-3 ACTIVE PARTICIPANT DISTRIBUTION NON-HAZARDOUS DUTY MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 1 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 80,671 38,036 0 0 0 0 0 0 0 0 0 0 118,707 AVG PAY 40,336 38,036 0 0 0 0 0 0 0 0 0 0 39,569 20-24 NO.20 20 11 3 0 0 0 0 0 0 0 0 54 TOT PAY 872,984 924,429 523,001 179,697 0 0 0 0 0 0 0 0 2,500,111 AVG PAY 43,649 46,221 47,546 59,899 0 0 0 0 0 0 0 0 46,298 25-29 NO.34 35 21 12 5 9 0 0 0 0 0 0 116 TOT PAY 1,635,429 1,776,793 1,095,440 628,154 248,990 547,358 0 0 0 0 0 0 5,932,164 AVG PAY 48,101 50,766 52,164 52,346 49,798 60,818 0 0 0 0 0 0 51,139 30-34 NO.19 21 30 11 7 42 11 0 0 0 0 0 141 TOT PAY 940,468 1,234,111 1,650,528 630,619 379,018 2,618,651 772,801 0 0 0 0 0 8,226,196 AVG PAY 49,498 58,767 55,018 57,329 54,145 62,349 70,255 0 0 0 0 0 58,342 35-39 NO.23 15 19 9 11 29 20 8 1 0 0 0 135 TOT PAY 1,257,829 864,746 1,114,533 530,788 627,858 1,787,099 1,353,779 625,380 110,988 0 0 0 8,273,000 AVG PAY 54,688 57,650 58,660 58,976 57,078 61,624 67,689 78,173 110,988 0 0 0 61,281 40-44 NO.9 12 13 4 6 32 14 28 12 0 0 0 130 TOT PAY 415,402 645,209 699,512 217,627 368,019 2,191,780 1,152,524 2,283,324 939,324 0 0 0 8,912,721 AVG PAY 46,156 53,767 53,809 54,407 61,337 68,493 82,323 81,547 78,277 0 0 0 68,559 45-49 NO.18 12 9 6 3 25 19 12 13 4 0 0 121 TOT PAY 958,825 665,070 515,566 354,482 154,978 1,764,413 1,418,811 1,128,200 1,081,487 302,835 0 0 8,344,667 AVG PAY 53,268 55,423 57,285 59,080 51,659 70,577 74,674 94,017 83,191 75,709 0 0 68,964 50-54 NO.13 14 9 6 2 28 22 24 24 15 1 0 158 TOT PAY 581,101 758,155 529,558 335,396 110,536 1,918,446 1,577,639 1,899,147 1,993,031 1,365,500 62,493 0 11,131,002 AVG PAY 44,700 54,154 58,840 55,899 55,268 68,516 71,711 79,131 83,043 91,033 62,493 0 70,449 55-59 NO.6 5 6 3 5 9 13 16 17 14 7 0 101 TOT PAY 298,615 250,295 374,266 166,765 319,623 634,746 991,615 1,428,442 1,329,199 1,180,421 536,652 0 7,510,639 AVG PAY 49,769 50,059 62,378 55,588 63,925 70,527 76,278 89,278 78,188 84,316 76,665 0 74,363 60-64 NO.5 10 3 10 4 22 20 19 17 10 7 1 128 TOT PAY 229,646 529,368 162,197 547,159 301,945 1,430,268 1,386,942 1,391,453 1,441,916 984,076 667,865 85,711 9,158,546 AVG PAY 45,929 52,937 54,066 54,716 75,486 65,012 69,347 73,234 84,819 98,408 95,409 85,711 71,551 65+ NO.2 6 1 2 2 8 8 6 12 7 4 0 58 TOT PAY 135,718 339,861 70,874 87,725 179,548 533,753 589,582 378,997 959,174 558,747 454,874 0 4,288,853 AVG PAY 67,859 56,644 70,874 43,863 89,774 66,719 73,698 63,166 79,931 79,821 113,719 0 73,946 TOT NO.151 151 122 66 45 204 127 113 96 50 19 1 1,145 TOT AMT 7,406,688 8,026,073 6,735,475 3,678,412 2,690,515 13,426,514 9,243,693 9,134,943 7,855,119 4,391,579 1,721,884 85,711 74,396,606 AVG AMT 49,051 53,153 55,209 55,734 59,789 65,816 72,785 80,840 81,824 87,832 90,625 85,711 64,975 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-4 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS POLICE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.6 3 1 0 0 0 0 0 0 0 0 0 10 TOT PAY 366,705 239,639 82,288 0 0 0 0 0 0 0 0 0 688,632 AVG PAY 61,118 79,880 82,288 0 0 0 0 0 0 0 0 0 68,863 25-29 NO.10 6 10 7 5 3 0 0 0 0 0 0 41 TOT PAY 663,207 495,663 869,555 671,010 469,937 307,043 0 0 0 0 0 0 3,476,415 AVG PAY 66,321 82,611 86,956 95,859 93,987 102,348 0 0 0 0 0 0 84,791 30-34 NO.1 6 9 4 2 27 5 0 0 0 0 0 54 TOT PAY 75,843 506,664 795,121 388,671 197,084 2,765,178 522,294 0 0 0 0 0 5,250,855 AVG PAY 75,843 84,444 88,347 97,168 98,542 102,414 104,459 0 0 0 0 0 97,238 35-39 NO.2 2 1 4 1 9 12 1 0 0 0 0 32 TOT PAY 129,638 159,496 97,339 381,375 111,791 913,779 1,324,659 128,111 0 0 0 0 3,246,188 AVG PAY 64,819 79,748 97,339 95,344 111,791 101,531 110,388 128,111 0 0 0 0 101,443 40-44 NO.0 0 0 2 0 9 7 9 4 0 0 0 31 TOT PAY 0 0 0 201,698 0 933,116 802,207 1,140,170 604,965 0 0 0 3,682,156 AVG PAY 0 0 0 100,849 0 103,680 114,601 126,686 151,241 0 0 0 118,779 45-49 NO.0 0 0 0 1 1 6 12 4 3 0 0 27 TOT PAY 0 0 0 0 97,589 101,918 631,619 1,400,113 542,424 459,500 0 0 3,233,163 AVG PAY 0 0 0 0 97,589 101,918 105,270 116,676 135,606 153,167 0 0 119,747 50-54 NO.0 0 0 0 0 4 3 4 10 6 1 0 28 TOT PAY 0 0 0 0 0 412,089 323,382 484,255 1,321,513 938,037 176,220 0 3,655,496 AVG PAY 0 0 0 0 0 103,022 107,794 121,064 132,151 156,340 176,220 0 130,553 55-59 NO.0 0 0 0 0 1 2 2 3 2 0 0 10 TOT PAY 0 0 0 0 0 124,770 237,462 228,585 377,948 270,340 0 0 1,239,105 AVG PAY 0 0 0 0 0 124,770 118,731 114,293 125,983 135,170 0 0 123,911 60-64 NO.0 0 0 0 0 0 0 1 0 0 1 0 2 TOT PAY 0 0 0 0 0 0 0 111,081 0 0 104,310 0 215,391 AVG PAY 0 0 0 0 0 0 0 111,081 0 0 104,310 0 107,696 65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 TOT NO.19 17 21 17 9 54 35 29 21 11 2 0 235 TOT AMT 1,235,393 1,401,462 1,844,303 1,642,754 876,401 5,557,893 3,841,623 3,492,315 2,846,850 1,667,877 280,530 0 24,687,401 AVG AMT 65,021 82,439 87,824 96,633 97,378 102,924 109,761 120,425 135,564 151,625 140,265 0 105,053 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-5 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS FIRE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.0 6 1 1 0 0 0 0 0 0 0 0 8 TOT PAY 0 390,325 92,081 77,743 0 0 0 0 0 0 0 0 560,149 AVG PAY 0 65,054 92,081 77,743 0 0 0 0 0 0 0 0 70,019 25-29 NO.0 8 2 2 2 1 0 0 0 0 0 0 15 TOT PAY 0 562,547 163,584 174,163 171,787 89,404 0 0 0 0 0 0 1,161,485 AVG PAY 0 70,318 81,792 87,082 85,894 89,404 0 0 0 0 0 0 77,432 30-34 NO.0 5 1 5 1 16 1 0 0 0 0 0 29 TOT PAY 0 341,107 82,775 407,846 77,375 1,432,107 92,737 0 0 0 0 0 2,433,947 AVG PAY 0 68,221 82,775 81,569 77,375 89,507 92,737 0 0 0 0 0 83,929 35-39 NO.1 1 1 1 1 24 3 11 0 0 0 0 43 TOT PAY 80,000 70,040 80,172 78,470 76,778 2,160,784 310,969 1,334,906 0 0 0 0 4,192,119 AVG PAY 80,000 70,040 80,172 78,470 76,778 90,033 103,656 121,355 0 0 0 0 97,491 40-44 NO.0 3 0 0 0 8 5 11 1 0 0 0 28 TOT PAY 0 214,129 0 0 0 749,208 541,697 1,383,735 122,520 0 0 0 3,011,289 AVG PAY 0 71,376 0 0 0 93,651 108,339 125,794 122,520 0 0 0 107,546 45-49 NO.0 0 0 0 0 1 2 14 9 0 0 0 26 TOT PAY 0 0 0 0 0 92,510 210,801 1,644,214 1,154,707 0 0 0 3,102,232 AVG PAY 0 0 0 0 0 92,510 105,401 117,444 128,301 0 0 0 119,317 50-54 NO.0 0 0 1 0 2 0 4 8 5 0 0 20 TOT PAY 0 0 0 162,522 0 228,856 0 510,655 995,105 683,891 0 0 2,581,029 AVG PAY 0 0 0 162,522 0 114,428 0 127,664 124,388 136,778 0 0 129,051 55-59 NO.1 0 0 0 1 1 0 2 5 5 1 0 16 TOT PAY 112,558 0 0 0 144,404 91,035 0 248,574 655,365 721,486 164,972 0 2,138,394 AVG PAY 112,558 0 0 0 144,404 91,035 0 124,287 131,073 144,297 164,972 0 133,650 60-64 NO.0 0 0 0 0 1 1 0 1 2 1 0 6 TOT PAY 0 0 0 0 0 109,220 175,496 0 94,651 245,899 112,624 0 737,890 AVG PAY 0 0 0 0 0 109,220 175,496 0 94,651 122,950 112,624 0 122,982 65+ NO.1 0 0 0 0 0 0 0 0 0 0 0 1 TOT PAY 118,186 0 0 0 0 0 0 0 0 0 0 0 118,186 AVG PAY 118,186 0 0 0 0 0 0 0 0 0 0 0 118,186 TOT NO.3 23 5 10 5 54 12 42 24 12 2 0 192 TOT AMT 310,744 1,578,148 418,612 900,744 470,344 4,953,124 1,331,700 5,122,084 3,022,348 1,651,276 277,596 0 20,036,720 AVG AMT 103,581 68,615 83,722 90,074 94,069 91,725 110,975 121,954 125,931 137,606 138,798 0 104,358 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-6 INACTIVE PARTICIPANT DISTRIBUTION Disabled Retired Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20-24 - - - - - - - - 25-29 - - - - - - 2 54,285 30-34 1 7,236 1 38,716 - - - - 35-39 11 162,332 - - - - 5 110,703 40-44 16 271,758 5 225,299 6 232,321 4 117,058 45-49 22 538,066 6 318,625 15 697,968 2 43,213 50-54 24 540,336 13 721,216 54 2,651,767 4 85,105 55-59 6 126,593 11 461,228 135 6,635,611 7 139,541 60-64 9 126,738 13 578,587 184 8,605,703 14 517,024 65-69 1 43,106 21 636,197 255 11,158,532 32 920,340 70-74 1 34,207 20 647,000 274 11,701,569 28 880,313 75-79 - - 15 488,584 193 8,034,658 29 825,538 80-84 - - 4 97,619 63 2,594,368 31 879,042 85-89 - - 6 177,730 30 1,048,023 17 413,396 90-94 - - 2 54,852 14 443,775 5 81,592 95-99 - - - - - - 3 26,513 100 & Over - - - - - - - - Total 91 1,850,372 117 4,445,653 1,223 53,804,295 183 5,093,663 Average Age 49 66 69 72 Terminated Vested Deceased with Beneficiary SECTION F SUMMARY OF PLAN PROVISIONS City of Clearwater Employees’ Pension Plan F-1 SUMMARY OF PLAN PROVISIONS A. Ordinances The Plan was established under the Code of Ordinances for the City of Clearwater, Florida, Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9620-22 passed and adopted on November 17, 2022. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code. B. Effective Date Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January 1, 1996). C. Plan Year January 1 through December 31. D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full-time permanent employees of the City are required to participate and become participants on their date of hire. F. Grandfathered Members Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the plan provisions in effect before Ordinance No. 8333-12. G. Credited Service Credited Service is measured as the total number of years and fractional parts of years from the date of employment to the date of termination or retirement. No service is credited for any periods of employment for which a participant received a refund of their contributions. City of Clearwater Employees’ Pension Plan F-2 H. Compensation The total compensation for services rendered to the City reportable on the participant’s W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding any lump sum payments of unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal allowances. Effective January 1, 2013: For non-grandfathered hazardous duty members, the amount of overtime included in Compensation is limited to 300 hours per year; For non-grandfathered non- hazardous duty members, Compensation excludes overtime and additional pay above the base rate of pay. I. Average Monthly Compensation (AMC) One-twelfth of the average of Compensation during the highest 5 years out of the last 10 years preceding termination or retirement. J. Normal Retirement Eligibility: For Non-Hazardous Duty A participant hired before January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 with 20 years of Credited Service, or (2) 30 years of Credited Service regardless of age, or (3) age 65 with 10 years of Credited Service. A participant hired on or after January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 60 with 25 years of Credited Service, or (2) age 65 with 5 years of Credited Service For Hazardous Duty Police Officers and Firefighters A participant may retire on the first day of the month coincident with or next following the earlier of: (1) age 55 with 10 years of Credited Service, or (2) 20 years of Credited Service regardless of age. City of Clearwater Employees’ Pension Plan F-3 Benefit: 2.75% of AMC multiplied by years of Credited Service. For Non-Hazardous Duty participants hired on or after January 1, 2013, 2.00% of AMC multiplied by years of Credited Service through September 30, 2022 plus 2.50% of AMC multiplied by years of Credited Service after September 30, 2022. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. K. Early Retirement Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal Retirement Eligibility upon the attainment of age 50 with 10 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early Retirement date precedes age 55. Normal Form of Benefit: A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-4 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. L. Delayed Retirement Same as Normal Retirement taking into account Compensation earned and service credited until the date of actual retirement. M. Service Connected Disability Eligibility: Any participant who becomes totally and permanently disabled due to an illness or injury contracted in the line of duty and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: For Non-Hazardous Duty Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 42% of the participant’s AMC (66 2/3% of the participant’s AMC if grandfathered). Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. For Hazardous Duty Police Officers and Firefighters Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. City of Clearwater Employees’ Pension Plan F-5 For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. N. Non-Service Connected Disability Eligibility: Any Hazardous Duty participant who has 10 or more years of Credited Service or Non-Hazardous Duty participant who has 5 or more years of Credited Service, becomes totally and permanently disabled, and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-6 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. O. Death in the Line of Duty Eligibility: Any participant whose employment is terminated by reason of death in the line of duty is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, the participant’s beneficiary can elect to receive a refund of participant’s accumulated contributions with interest. P. Other Pre-Retirement Death Eligibility: Any Hazardous Duty participant who dies with 10 or more years of Credited Service or Non-Hazardous Duty participant who dies with 5 or more years of Credited Service is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. City of Clearwater Employees’ Pension Plan F-7 Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, a participant’s beneficiary can elect to receive a refund of the participant’s accumulated contributions with interest. Accumulated contributions, plus interest, will be refunded for all Hazardous Duty participants with less than 10 years of Credited Service or Non-Hazardous Duty participants with less than 5 years of Credited Service. Q. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. R. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with the remaining monthly retirement benefit reduced accordingly. S. Vested Termination Eligibility: A participant has earned a non-forfeitable right to Plan benefits after the completion of 10 years of Credited Service for Hazardous Duty or 5 years of Credited Service for Non-Hazardous Duty provided employee contributions are not refunded. Vesting is determined in accordance with the following tables. Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 10 10 or more 0% 100% City of Clearwater Employees’ Pension Plan F-8 Non-Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 5 5 or more 0% 100% Benefit: The participant’s accrued Normal Retirement Benefit as of the date of termination. Benefit begins on the member’s Normal Retirement date. Alternatively, police officers and firefighters may elect to receive an actuarially reduced Early Retirement Benefit any time after age 50. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Hazardous Duty participants with less than 10 years of Credited Service and Nonhazardous Duty participants with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. T. Refunds Eligibility: All Hazardous Duty members terminating employment with less than 10 years of Credited Service and Nonhazardous Duty members terminating employment with less than 5 years of Credited Service are eligible. Optionally, vested members may elect a refund in lieu of the vested benefits otherwise due. City of Clearwater Employees’ Pension Plan F-9 Benefit: Refund of the member’s contributions with 5% simple interest paid in a single lump sum. U. Member Contributions 8% of Compensation for Non-Hazardous Duty participants. 10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered). V. Employer Contributions Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all employees participating in the plan, plus any additional amount determined by the actuary needed to fund the plan properly according to State laws. W. Cost of Living Increases 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. X. 13th Check Not Applicable Y. Deferred Retirement Option Plan Not Applicable Z. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Clearwater Employees’ Pension Plan liability if continued beyond the availability of funding by the current funding source. AA. Changes from Previous Valuation None. © 2025 Gabriel, Roeder, Smith & Company – All rights reserved. City of Clearwater Employees’ Pension Plan Presentation of the January 1, 2025 Actuarial Valuation Report 2 Demographics of the Plan •1,572 Active Members (up from 1,556 last year). –Covered Payroll: $119.1 million (vs. $112.6 million last year). –Average Annual Pay = $75,777 (vs. $72,367 last year). •1,523 Retirees and Beneficiaries (up from 1,496 last year). –Annual Pensions: $63.34 million (vs. $60.89 million last year). –Average Annual Pension = $41,591 (vs. $40,702 last year). 3 Principal Assumptions Used •Investment Return Assumption: 6.50% Net of Investment Fees. •Mortality Rates: Same as Florida Retirement System – updated as of 7/1/24 (based on PUB-2010 Mortality Tables). –Life Exp. for Age 65 Retired Non-Haz: 86.5 (Males); 88.6 (Females) –Life Exp. for Age 65 Retired P/F: 85.3 (Males); 88.1 (Females) •Other Assumptions: Experience-based tables with rates that vary by Non-Haz/P/F, age, service, sex (updated 1/1/24 based on actual 12/31/2017- 12/31/2022 experience). 4 Experience During 2024 •Net Investment Return: 9.92% (on Market Value); 6.51% (on smoothed Actuarial Value), vs. 6.50% assumed. –5-Year Historical Average: 6.9%; 10-Year Historical Average: 7.3% •Average salary increases: 7.85% vs. 5.74% expected. •Mortality experience was lower than expected ($746,686 actual decrease in retiree payroll vs. $1,395,938 expected). •Overall experience: Loss of $3.98 million (0.34% of last year’s actuarial liability). 5 Required City Contribution •For FY 2026: $7,322,218 (6.15% of Covered Pay); Minimum City contribution (by Ordinance) = 7.00% of Covered Pay. (vs. $16,232,745, or 14.42% of Covered Pay, for FY 2025) •Decrease due to change in Funding Method from Entry Age Normal Funding Method to Aggregate Funding Method. •Prior to the change to the Aggregate Funding Method, FY 2026 required City contribution would have been $17,348,536 (14.56% of Covered Pay). 6 Credit Balance •The Plan has a $40.18 million credit balance that has been built up over time by City contributions in excess of the required contributions and interest (it was $38.14 million at 1/1/2024). •Established to help offset volatility/spikes in the required City contribution during times of financial stress. •Any portion of this credit balance can be applied to reduce the City’s required contribution. 7 Clearwater Pension Plan Liabilities •Present Value of All Future Benefits as of 1/1/2025 (including benefits not yet earned, for expected future years of service): $1.47 Billion (vs. $1.40 Billion as of 1/1/2024) •Actuarial Accrued Liability as of 1/1/2025 (based on benefits earned through 1/1/2025): $1.23 Billion (vs. $1.17 Billion as of 1/1/2024) •LDROM (Low Default Risk Obligation Measure) as of 1/1/2025: $1.74 Billion (using a 3.81% interest rate) 8 Clearwater Pension Plan Assets •Market Value of Assets as of 1/1/2025: $1.34 Billion (vs. $1.26 Billion as of 1/1/2024) •Actuarial Value of Assets as of 1/1/2025 (reflecting asset smoothing over a trailing 5-year period): $1.35 Billion (vs. $1.31 Billion as of 1/1/2024) •Actuarial Value of Assets Net of the Plan’s Credit Balance (which is $40.2 million as of 1/1/2025): $1.31 Billion (vs. $1.27 Billion as of 1/1/2024) 9 Clearwater Pension Plan Funded Ratios •Based on Market Value of Assets: 109.01% (vs. 107.60% as of 1/1/2024) •Based on Actuarial Value of Assets (reflecting asset smoothing): 110.02% (vs. 112.00% as of 1/1/2024) •Based on Net Actuarial Value (Net of Credit Balance): 106.76% (vs. 108.74% as of 1/1/2024) 10 Conclusion •The City of Clearwater Employees’ Pension Plan is in great shape (one of the only medium to large-sized fully funded pension plans in Florida). •Among municipal/governmental retirement plans in Florida with over $200 million in assets (about 60 plans), Clearwater’s Pension Plan has the highest (#1 ranked) funded ratio. •As of 7/1/2024, the Florida Retirement System had an 80.7% funded ratio using a 6.70% investment return assumption (with $198.7 Billion in assets). 11 Disclaimers •This presentation is intended to be used in conjunction with the actuarial valuation report issued on May 7, 2025. This presentation should not be relied on for any purpose other than the purpose described in the valuation report. •This presentation shall not be construed to provide tax advice, legal advice or investment advice. Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0425 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). SUMMARY: Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary. Staff is recommending the current plan investment rate of return assumptions of 6.5%, net of investment-related fees, as the expected annual rate of return for the current year; 6.5% for the next year; and 6.5% for all years thereafter. Page 1 City of Clearwater Printed on 5/27/2025 City of Clearwater Employees’ Pension Plan Actuarial Valuation Report as of January 1, 2024 Annual Employer Contribution for the Fiscal Year Ending September 30, 2025 May 6, 2024 Board of Trustees City of Clearwater Employees’ Pension Plan Clearwater, Florida Dear Board Members: The results of the January 1, 2024 Annual Actuarial Valuation of the City of Clearwater Employees’ Pension Plan are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System’s funding progress and to determine the employer contribution rate for the fiscal year ending September 30, 2025. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results, associated with the benefits described in this report, for purposes other than those identified above may be significantly different. The contribution rate in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment of risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data or other information through December 31, 2023. The valuation was based upon information furnished by the City concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the City. In addition, this report was prepared using certain assumptions approved by the Board as authorized under the Florida and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes, Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this Board of Trustees May 6, 2024 Page ii valuation. The combined effect of the assumptions, excluding the prescribed assumptions or methods set by law is expected to have no significant bias (i.e. not significantly optimistic or pessimistic). This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY Peter N. Strong, FSA, MAAA Trisha Amrose, MAAA Enrolled Actuary No. 23-6975 Enrolled Actuary No. 23-8010 City of Clearwater Employees’ Pension Plan TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1. Discussion of Valuation Results A-1 2. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution A-5 3. Low-Default-Risk Obligation Measure A-8 B Valuation Results 1. Participant Data B-1 2. Actuarially Determined Contribution (ADC) B-4 3. Actuarial Value of Benefits and Assets B-7 4. Calculation of Employer Normal Cost B-10 5. Reconciliation of Credit Balance B-13 6. Liquidation of the Unfunded Actuarial Accrued Liability B-14 7. Actuarial Gains and Losses B-19 8. Recent History of Valuation Results B-25 9. Recent History of Contributions B-26 10. Actuarial Assumptions and Cost Method B-27 11. Glossary of Terms B-40 C Pension Fund Information 1. Statement of Plan Assets at Market Value C-1 2. Reconciliation of Plan Assets C-2 3. Development of Actuarial Value of Assets C-3 4. Allocation of Plan Assets C-4 5. Investment Rate of Return C-5 D Financial Accounting Information 1. FASB No. 35 D-1 E Miscellaneous Information 1. Reconciliation of Membership Data E-1 2. Active Participant Distribution E-2 3. Inactive Participant Distribution E-6 F Summary of Plan Provisions F-1 SECTION A DISCUSSION OF VALUATION RESULTS City of Clearwater Employees’ Pension Plan A-1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions The required employer contribution developed in this year's valuation is compared below to last year's results: Required Employer/State Contribution $16,244,745 $13,550,484 $2,694,261 As % of Covered Payroll 14.43 %13.41 %1.02 % Estimated State Contribution 12,000 12,000 0 As % of Covered Payroll 0.01 %0.01 %0.00 % Required Employer Contribution 16,232,745 13,538,484 2,694,261 As % of Covered Payroll 14.42 %13.40 %1.02 % Credit Balance 38,136,025 35,638,663 2,497,362 1/1/2024 Valuation (Decrease) Increase Valuation 1/1/2023 For FYE 9/30/2025 For FYE 9/30/2024 Based onBased on Required Employer Contribution by Group The required employer contribution for each group developed in this year's valuation is shown below: Required Employer Contribution by Group Non-Hazardous $6,269,945 $4,253,423 $2,016,522 As % of Covered Payroll 9.16 %7.26 %1.90 % Hazardous Police 5,127,235 5,128,167 (932) As % of Covered Payroll 21.45 %22.03 %(0.58)% Hazardous Fire 4,835,565 4,156,894 678,671 As % of Covered Payroll 23.85 %21.71 %2.14 % Total 16,232,745 13,538,484 2,694,261 As % of Covered Payroll 14.42 %13.40 %1.02 % Valuation (Decrease) Based on 1/1/2024 Increase Based on 1/1/2023 Valuation For FYE 9/30/2025 For FYE 9/30/2024 City of Clearwater Employees’ Pension Plan A-2 The contribution has been adjusted for interest on the basis that payments are made uniformly during the first two quarters of the City’s fiscal year. The required employer contribution has been computed under the assumption that the amount to be received from the State on behalf of police officers and firefighters in 2024 and 2025 will be $12,000. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. The actual Employer and State contributions during the year ending December 31, 2023 were $13,719,333 and $12,000, respectively, for a total of $13,731,333, compared to the required contribution of $13,550,484. The excess contribution of $180,849 was used to increase the credit balance. The minimum required City contribution is 7% of covered payroll. Revisions in Benefits There have been no revisions in benefits since the previous valuation. Revisions in Actuarial Assumptions or Methods Assumed rates of salary increase, retirement, withdrawal, and disability have been revised based on a 5-year experience study performed for the Plan since the prior valuation. Please see the Actuarial Assumptions and Cost Method subsection of this report as well as the Experience Investigation for the Five Years Ended December 31, 2022, dated September 29, 2023 for additional information on the revised assumptions. The new assumptions were adopted by the Pension Board for initial use in this January 1, 2024 Actuarial Valuation Report. In the aggregate, the assumption changes mentioned above increased the required contribution by $1,596,003, or 1.39% of covered payroll. These assumption changes caused the Plan’s funded ratio to increase by approximately 0.08%. There was no change in the mortality assumption since this assumption is mandated by Chapter 112.63 of the Florida Statutes. For informational purposes, if this year’s valuation had been completed using the mortality rates assumed prior to January 1, 2016 (the RP-2000 Combined Healthy Participant Mortality Table for males and females with mortality improvements projected with Scale BB) rather than the mortality rates used by the FRS as mandated by the Florida Statutes, the required City contribution for FY 2025 would have been $17,157,996, or 15.24% of covered payroll, and the funded ratio (excluding the credit balance) as of January 1, 2024 would have been 105.27%. City of Clearwater Employees’ Pension Plan A-3 Actuarial Experience There was a net actuarial experience loss of $3,947,385 during the year, which means that actual experience was less favorable than expected. The loss is predominantly due to liability-related experience losses resulting from salary increase experience (salaries increased by 8.42% on average versus an expected average increase of 4.39%) and mortality experience (an actual decrease in annual retirement benefits of $602,465 versus an expected decrease of $1,270,428). These losses were partially offset by a recognized investment return (on the smoothed actuarial value of assets) above the assumed rate of 6.5%. The investment return on the market value of assets was 13.72%, and the investment return was 7.56% based on the actuarial value of assets. Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution required to fund the Normal Cost. As a result, since the annual payment to amortize the UAL is below $0 as of January 1, 2024, the actuarial experience loss had no effect on the required employer contribution. The actuarial experience loss did cause the Plan’s funded ratio to decrease by approximately 0.5%. Analysis of Change in Employer Contribution The components of change in the required City contribution are as follows: Contribution Rate Last Year 13.40 % Change in Benefits 0.00 Change in Assumptions and Methods 1.39 Amortization Payment on UAAL 0.00 Normal Cost (0.49) Experience Gain/Loss 0.00 Change in Administrative Expenses 0.12 Change in State Revenue 0.00 Contribution Rate This Year 14.42 Funded Ratio One measure of the Plan’s funding progress is the ratio of the actuarial value of assets to the actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded ratio is 112.00% this year compared to 111.98% last year. Not including the credit balance in the actuarial value of assets, the funded ratio is 108.74% this year compared to 108.81% last year. Variability of Future Contribution Rates The Actuarial Cost Method used to determine the contribution rate is intended to produce contribution rates which are generally level as a percent of payroll. Even so, when experience differs from the assumptions, as it often does, the employer’s contribution rate can vary significantly from year-to-year. City of Clearwater Employees’ Pension Plan A-4 The Actuarial Value of Assets exceeds the Market Value of Assets by $51,441,117 as of the valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting gains. Relationship to Market Value If Market Value had been the basis for the valuation, the City contribution rate would have remained at 14.42% of covered payroll (since the annual payment to amortize the UAL would have remained at $0 due to Chapter 112.66 of the Florida Statutes), and the funded ratio (excluding the credit balance) would have been 104.34%. The funded ratio based on the market value of assets (excluding the credit balance) last year was 98.81%. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Clearwater Employees’ Pension Plan A-5 RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the expected returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution rate shown on page 1 may be considered as a minimum contribution rate that complies with the Board’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Clearwater Employees’ Pension Plan A-6 Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 1/1/2024 1/1/2023 Ratio of the market value of assets to total payroll 11.19 11.34 Ratio of actuarial accrued liability to payroll 10.40 11.12 Ratio of actives to retirees and beneficiaries 1.04 1.04 Ratio of net cash flow to market value of assets (3.23)%(3.39)% Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in plan sponsor contributions as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability (and also plan sponsor contributions) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. City of Clearwater Employees’ Pension Plan A-7 Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. City of Clearwater Employees’ Pension Plan A-8 LOW-DEFAULT-RISK OBLIGATION MEASURE Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the Actuarial Standards Board (ASB). It includes a new calculation called a low-default-risk obligation measure (LDROM) to be prepared and issued annually for defined benefit pension plans. The transmittal memorandum for ASOP No. 4 includes the following explanation: “The ASB believes that the calculation and disclosure of this measure provides appropriate, useful information for the intended user regarding the funded status of a pension plan. The calculation and disclosure of this additional measure is not intended to suggest that this is the “right” liability measure for a pension plan. However, the ASB does believe that this additional disclosure provides a more complete assessment of a plan’s funded status and provides additional information regarding the security of benefits that members have earned as of the measurement date.” The following information has been prepared in compliance with this new requirement. Unless otherwise noted, the measurement date, actuarial cost methods, and assumptions used are the same as for the funding valuation covered in this actuarial valuation report. A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $1,473,845,805 B. Discount rate used to calculate the LDROM: 4.63% based on Fidelity’s “20-Year Municipal GO AA Index” as of September 29, 2023 C. Other significant assumptions that differ from those used for the funding valuation: none D. Actuarial cost method used to calculate the LDROM: Individual Entry-Age Actuarial Cost Method E. Valuation procedures to value any significant plan provisions that are difficult to measure using traditional valuation procedures, and that differ from the procedures used in the funding valuation: none F. Commentary to help the intended user understand the significance of the LDROM with respect to the funded status of the plan, plan contributions, and the security of participant benefits: The LDROM is a market-based measurement of the pension obligation. It estimates the amount the plan would need to invest in low risk securities to provide the benefits with greater certainty. This measure may not be appropriate for assessing the need for or amount of future contributions. This measure may not be appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s benefit obligation. The difference between the two measures (Valuation and LDROM) is one illustration of the savings the sponsor anticipates by taking on the risk in a diversified portfolio. SECTION B VALUATION RESULTS City of Clearwater Employees’ Pension Plan B-1 ACTIVE MEMBERS Number 1,556 1,114 241 201 Covered Annual Payroll $112,602,359 $68,431,837 $23,898,533 $20,271,989 Average Annual Payroll $72,367 $61,429 $99,164 $100,856 Average Age 43.1 44.6 38.4 40.0 Average Past Service 9.5 9.1 10.2 11.0 Average Age at Hire 33.6 35.5 28.2 29.0 RETIREES & BENEFICIARIES Number 1,373 881 292 200 Annual Benefits $56,374,204 $31,649,835 $15,021,983 $9,702,386 Average Annual Benefit $41,059 $35,925 $51,445 $48,512 Average Age 68.9 70.5 64.9 67.4 DISABILITY RETIREES Number 123 32 50 41 Annual Benefits $4,515,526 $727,545 $2,209,490 $1,578,491 Average Annual Benefit $36,712 $22,736 $44,190 $38,500 Average Age 65.7 72.9 60.4 66.5 TERMINATED VESTED MEMBERS Number 91 72 9 10 Annual Benefits $1,983,540 $1,363,467 $357,194 $262,879 Average Annual Benefit $21,797 $18,937 $39,688 $26,288 Average Age 48.3 49.2 44.7 44.6 January 1, 2024 Total Hazardous Fire PARTICIPANT DATA - AFTER ASSUMPTION CHANGES Non-Hazardous Hazardous Police City of Clearwater Employees’ Pension Plan B-2 ACTIVE MEMBERS Number 1,556 1,114 241 201 Covered Annual Payroll $112,336,740 $68,390,828 $23,808,358 $20,137,554 Average Annual Payroll $72,196 $61,392 $98,790 $100,187 Average Age 43.1 44.6 38.4 40.0 Average Past Service 9.5 9.1 10.2 11.0 Average Age at Hire 33.6 35.5 28.2 29.0 RETIREES & BENEFICIARIES Number 1,373 881 292 200 Annual Benefits $56,374,204 $31,649,835 $15,021,983 $9,702,386 Average Annual Benefit $41,059 $35,925 $51,445 $48,512 Average Age 68.9 70.5 64.9 67.4 DISABILITY RETIREES Number 123 32 50 41 Annual Benefits $4,515,526 $727,545 $2,209,490 $1,578,491 Average Annual Benefit $36,712 $22,736 $44,190 $38,500 Average Age 65.7 72.9 60.4 66.5 TERMINATED VESTED MEMBERS Number 91 72 9 10 Annual Benefits $1,983,540 $1,363,467 $357,194 $262,879 Average Annual Benefit $21,797 $18,937 $39,688 $26,288 Average Age 48.3 49.2 44.7 44.6 PARTICIPANT DATA - BEFORE ASSUMPTION CHANGES January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-3 ACTIVE MEMBERS Number 1,506 1,079 238 189 Covered Annual Payroll $101,042,598 $58,617,837 $23,273,028 $19,151,733 Average Annual Payroll $67,093 $54,326 $97,786 $101,332 Average Age 43.6 45.0 38.9 41.2 Average Past Service 10.2 9.9 10.4 11.9 Average Age at Hire 33.4 35.1 28.5 29.3 RETIREES & BENEFICIARIES Number 1,324 844 286 194 Annual Benefits $53,432,370 $29,870,641 $14,276,958 $9,284,771 Average Annual Benefit $40,357 $35,392 $49,919 $47,860 Average Age 68.4 70.1 64.5 66.9 DISABILITY RETIREES Number 123 32 50 41 Annual Benefits $4,429,372 $716,793 $2,187,645 $1,524,934 Average Annual Benefit $36,011 $22,400 $43,753 $37,194 Average Age 65.0 71.9 59.7 66.0 TERMINATED VESTED MEMBERS Number 82 65 9 8 Annual Benefits $1,755,469 $1,246,814 $313,273 $195,382 Average Annual Benefit $21,408 $19,182 $34,808 $24,423 Average Age 49.0 50.2 45.1 43.7 PARTICIPANT DATA - PRIOR YEAR January 1, 2023 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-4 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2025 9/30/2025 9/30/2025 9/30/2025 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 15,253,281 5,887,272 4,820,878 4,545,131 F.ADC if Paid on the Valuation Date: D+E 15,253,281 5,887,272 4,820,878 4,545,131 G.ADC Adjusted for Frequency of Payments 16,244,745 6,269,945 5,134,235 4,840,565 H.ADC as % of Covered Payroll 14.43 %9.16 %21.48 %23.88 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 112,602,359 68,431,837 23,898,533 20,271,989 K.ADC for Contribution Year: H x J 16,244,745 6,269,945 5,134,235 4,840,565 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 16,232,745 6,269,945 5,127,235 4,835,565 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.42 %9.16 %21.45 %23.85 % O.Credit Balance 38,136,025 18,881,255 11,186,410 8,068,360 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION CHANGES January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-5 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2025 9/30/2025 9/30/2025 9/30/2025 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 13,754,687 4,643,922 4,967,122 4,143,643 F.ADC if Paid on the Valuation Date: D+E 13,754,687 4,643,922 4,967,122 4,143,643 G.ADC Adjusted for Frequency of Payments 14,648,742 4,945,777 5,289,985 4,412,980 H.ADC as % of Covered Payroll 13.04 %7.23 %22.22 %21.91 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 112,336,740 68,390,828 23,808,358 20,137,554 K.ADC for Contribution Year: H x J 14,648,742 4,945,777 5,289,985 4,412,980 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 14,636,742 4,945,777 5,282,985 4,407,980 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 13.03 %7.23 %22.19 %21.89 % O.Credit Balance 38,136,025 18,881,255 11,186,410 8,068,360 January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - BEFORE ASSUMPTION CHANGES Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-6 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2024 9/30/2024 9/30/2024 9/30/2024 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 12,723,459 3,993,824 4,821,753 3,907,882 F.ADC if Paid on the Valuation Date: D+E 12,723,459 3,993,824 4,821,753 3,907,882 G.ADC Adjusted for Frequency of Payments 13,550,484 4,253,423 5,135,167 4,161,894 H.ADC as % of Covered Payroll 13.41 %7.26 %22.06 %21.73 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 101,042,598 58,617,837 23,273,028 19,151,733 K.ADC for Contribution Year: H x J 13,550,484 4,253,423 5,135,167 4,161,894 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 13,538,484 4,253,423 5,128,167 4,156,894 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 13.40 %7.26 %22.03 %21.71 % O.Credit Balance 35,638,663 17,647,814 10,470,543 7,520,306 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023 Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-7 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 503,299,062 $ 233,443,503 $ 136,139,269 $ 133,716,290 b. Vesting Benefits 60,697,090 43,891,548 10,923,826 5,881,716 c. Disability Benefits 22,612,358 2,818,322 12,252,474 7,541,562 d. Preretirement Death Benefits 6,836,081 4,652,482 1,102,796 1,080,803 e. Return of Member Contributions 3,255,713 1,775,168 938,048 542,497 f. Total 596,700,304 286,581,023 161,356,413 148,762,868 2.Inactive Members a. Service Retirees & Beneficiaries 720,324,807 385,218,082 210,000,146 125,106,579 b. Disability Retirees 58,690,790 7,355,451 31,340,710 19,994,629 c. Terminated Vested Members 22,663,248 13,552,980 5,491,640 3,618,628 d. Total 801,678,845 406,126,513 246,832,496 148,719,836 3. Total for All Members 1,398,379,149 692,707,536 408,188,909 297,482,704 C.Actuarial Accrued (Past Service) Liability 1,170,789,378 595,823,946 339,031,943 235,933,489 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,073,356,487 530,738,072 324,444,131 218,174,284 E.Plan Assets 1.Market Value 1,259,795,289 635,755,587 371,085,737 252,953,965 2. Actuarial Value 1,311,236,406 661,715,343 386,238,250 263,282,813 3. Actuarial Value Excluding Credit Balance 1,273,100,381 642,834,088 375,051,840 255,214,453 F.Actuarial Present Value of Projected Covered Payroll 1,042,422,377 614,824,187 234,600,418 192,997,772 G.Actuarial Present Value of Projected Member Contributions 91,934,421 49,185,936 23,448,708 19,299,777 H.Accumulated Value of Active Member Contributions 66,583,287 33,969,704 17,355,402 15,258,181 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(102,311,003) (47,010,142) (36,019,897) (19,280,964) J.Funded Ratio = E.2. / C.112.00%111.06%113.92%111.59% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.74%107.89%110.62%108.17% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - AFTER ASSUMPTION CHANGES January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-8 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 478,824,935 $ 211,657,369 $ 142,007,161 $ 125,160,405 b. Vesting Benefits 52,176,448 39,120,897 7,873,673 5,181,878 c. Disability Benefits 26,902,401 4,782,386 13,076,436 9,043,579 d. Preretirement Death Benefits 6,401,860 4,120,005 1,174,939 1,106,916 e. Return of Member Contributions 2,873,999 1,511,597 811,480 550,922 f. Total 567,179,643 261,192,254 164,943,689 141,043,700 2.Inactive Members a. Service Retirees & Beneficiaries 723,863,370 386,657,892 211,157,815 126,047,663 b. Disability Retirees 59,166,424 7,456,555 31,515,099 20,194,770 c. Terminated Vested Members 22,690,951 13,557,038 5,505,923 3,627,990 d. Total 805,720,745 407,671,485 248,178,837 149,870,423 3. Total for All Members 1,372,900,388 668,863,739 413,122,526 290,914,123 C.Actuarial Accrued (Past Service) Liability 1,171,599,704 592,006,732 342,864,654 236,728,318 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,081,810,838 535,972,767 326,322,739 219,515,332 E.Plan Assets 1.Market Value 1,259,795,289 635,755,587 371,085,737 252,953,965 2. Actuarial Value 1,311,236,406 661,715,343 386,238,250 263,282,813 3. Actuarial Value Excluding Credit Balance 1,273,100,381 642,834,088 375,051,840 255,214,453 F.Actuarial Present Value of Projected Covered Payroll 964,924,885 551,757,419 232,716,088 180,451,378 G.Actuarial Present Value of Projected Member Contributions 85,442,982 44,140,594 23,257,251 18,045,137 H.Accumulated Value of Active Member Contributions 66,583,287 33,969,704 17,355,402 15,258,181 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(101,500,677) (50,827,356) (32,187,186) (18,486,135) J.Funded Ratio = E.2. / C.111.92%111.77%112.65%111.22% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.66%108.59%109.39%107.81% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - BEFORE ASSUMPTION CHANGES January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-9 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 454,853,649 $ 196,302,621 $ 138,832,511 $ 119,718,517 b. Vesting Benefits 46,541,808 34,218,439 7,412,388 4,910,981 c. Disability Benefits 25,160,725 4,216,023 12,502,005 8,442,697 d. Preretirement Death Benefits 5,963,171 3,740,983 1,158,778 1,063,410 e. Return of Member Contributions 2,429,514 1,176,681 769,368 483,465 f. Total 534,948,867 239,654,747 160,675,050 134,619,070 2.Inactive Members a. Service Retirees & Beneficiaries 694,228,568 369,720,677 202,345,021 122,162,870 b. Disability Retirees 58,681,569 7,550,037 31,468,648 19,662,884 c. Terminated Vested Members 19,994,031 12,869,182 4,499,387 2,625,462 d. Total 772,904,168 390,139,896 238,313,056 144,451,216 3. Total for All Members 1,307,853,035 629,794,643 398,988,106 279,070,286 C.Actuarial Accrued (Past Service) Liability 1,123,775,534 563,994,021 331,082,157 228,699,356 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,043,838,470 519,294,723 314,127,896 210,415,851 E.Plan Assets 1.Market Value 1,146,071,970 581,344,059 335,888,864 228,839,047 2. Actuarial Value 1,258,374,452 638,309,400 368,802,288 251,262,764 3. Actuarial Value Excluding Credit Balance 1,222,735,789 620,661,586 358,331,745 243,742,458 F.Actuarial Present Value of Projected Covered Payroll 862,486,031 469,557,019 224,809,250 168,119,762 G.Actuarial Present Value of Projected Member Contributions 76,828,058 37,564,560 22,451,522 16,811,976 H.Accumulated Value of Active Member Contributions 66,164,180 34,538,637 16,837,687 14,787,856 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(98,960,255) (56,667,565) (27,249,588) (15,043,102) J.Funded Ratio = E.2. / C.111.98%113.18%111.39%109.87% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.81%110.05%108.23%106.58% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023 City of Clearwater Employees’ Pension Plan B-10 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $17,657,942 $7,481,716 $5,005,828 $5,170,398 2.Vesting 3,914,959 2,625,437 814,487 475,035 3.Disability Benefits 1,973,738 207,280 1,072,853 693,605 4.Death Benefits 315,174 202,741 51,739 60,694 5.Refund of Contributions 915,093 660,929 154,291 99,873 6.Total for Future Benefits 24,776,906 11,178,103 7,099,198 6,499,605 7.Assumed Amount for Administrative Expenses 363,156 183,716 106,715 72,725 8.Total Normal Cost 25,140,062 11,361,819 7,205,913 6,572,330 C.Expected Member Contributions 9,886,781 5,474,547 2,385,035 2,027,199 D.Employer Normal Cost: B8 - C 15,253,281 5,887,272 4,820,878 4,545,131 E. Employer Normal Cost as % of Covered Payroll 13.55%8.60%20.17%22.42% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - AFTER ASSUMPTION CHANGES ENTRY AGE NORMAL METHOD January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-11 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $16,188,005 $6,248,164 $5,312,141 $4,627,700 2.Vesting 3,491,957 2,487,978 577,736 426,243 3.Disability Benefits 2,410,370 400,175 1,152,937 857,258 4.Death Benefits 297,784 186,365 52,570 58,849 5.Refund of Contributions 864,419 608,790 141,006 114,623 6.Total for Future Benefits 23,252,535 9,931,472 7,236,390 6,084,673 7.Assumed Amount for Administrative Expenses 363,156 183,716 106,715 72,725 8.Total Normal Cost 23,615,691 10,115,188 7,343,105 6,157,398 C.Expected Member Contributions 9,861,004 5,471,266 2,375,983 2,013,755 D.Employer Normal Cost: B8 - C 13,754,687 4,643,922 4,967,122 4,143,643 E. Employer Normal Cost as % of Covered Payroll 12.24%6.79%20.86%20.58% CALCULATION OF EMPLOYER NORMAL COST - BEFORE ASSUMPTION CHANGES ENTRY AGE NORMAL METHOD Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-12 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $15,054,225 $5,434,913 $5,222,811 $4,396,501 2.Vesting 3,056,844 2,104,368 550,416 402,060 3.Disability Benefits 2,274,475 340,029 1,117,387 817,059 4.Death Benefits 268,819 159,713 52,376 56,730 5.Refund of Contributions 784,038 538,155 136,716 109,167 6.Total for Future Benefits 21,438,401 8,577,178 7,079,706 5,781,517 7.Assumed Amount for Administrative Expenses 208,594 106,073 60,983 41,538 8.Total Normal Cost 21,646,995 8,683,251 7,140,689 5,823,055 C.Expected Member Contributions 8,923,536 4,689,427 2,318,936 1,915,173 D.Employer Normal Cost: B8 - C 12,723,459 3,993,824 4,821,753 3,907,882 E. Employer Normal Cost as % of Covered Payroll 12.59%6.81%20.72%20.40% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR ENTRY AGE NORMAL METHOD January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023 City of Clearwater Employees’ Pension Plan B-13 Total Non-Hazardous Hazardous Police Hazardous Fire $35,638,663 $17,647,814 $10,470,543 $7,520,306 -13,538,484 -4,253,423 -5,128,167 -4,156,894 +13,719,333 +4,339,756 +5,163,449 +4,216,128 +2,316,513 +1,147,108 +680,585 +488,820 38,136,025 18,881,255 11,186,410 8,068,360 Interest on Credit Balance Credit Balance at End of Year Credit Balance at Beginning of Year Required Employer Contribution Employer Contribution Made Reconcilation of Credit Balance City of Clearwater Employees’ Pension Plan B-14 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL) UAAL Amortization Period and Payments - Non-Hazardous Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (2,679,461)$ 14 (4,915,763)$ (512,072)$ (512,072)$ 1/1/2016 (Gain)/Loss 244,325 7 417,210 71,428 71,428 1/1/2016 Assumption Change (2,200,261) 17 (3,744,176) (347,721) (347,721) 1/1/2017 (Gain)/Loss (9,301,995) 8 (14,765,832) (2,277,090) (2,277,090) 1/1/2017 Assumption Change 156,236 18 247,493 22,275 22,275 1/1/2018 (Gain)/Loss (5,692,965) 9 (8,431,519) (1,189,422) (1,189,422) 1/1/2019 (Gain)/Loss 2,983,422 10 4,124,797 538,759 538,759 1/1/2019 Assumption Change 12,955,157 20 17,890,212 1,524,555 1,524,555 1/1/2020 (Gain)/Loss (611,097) 11 (789,762) (96,444) (96,444) 1/1/2020 Assumption Change 5,818,657 21 7,514,996 625,285 625,285 1/1/2021 (Gain)/Loss (26,810,531) 12 (32,427,321) (3,731,979) (3,731,979) 1/1/2021 Assumption Change (4,671,812) 22 (5,649,423) (459,864) (459,864) 1/1/2022 (Gain)/Loss (32,781,512) 13 (37,198,421) (4,061,528) (4,061,528) 1/1/2022 Assumption Change 2,972,002 23 3,372,078 269,009 269,009 1/1/2022 Plan Amendment 2,698,651 15 3,062,159 305,793 305,793 1/1/2023 (Gain)/Loss 10,255,929 14 10,925,035 1,138,055 1,138,055 1/1/2024 (Gain)/Loss 9,540,881 15 9,540,881 952,769 952,769 1/1/2024 Assumption Change 3,817,214 25 3,817,214 293,841 N/A (33,307,160) (47,010,142) (6,934,351) (7,228,192) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-15 UAAL Amortization Period and Payments - Hazardous Police Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,506,064)$ 14 (2,498,934)$ (260,313)$ (260,313)$ 1/1/2016 (Gain)/Loss 137,330 7 204,230 34,965 34,965 1/1/2016 Assumption Change (1,236,717) 17 (1,918,271) (178,149) (178,149) 1/1/2017 (Gain)/Loss (5,228,439) 8 (7,288,999) (1,124,061) (1,124,061) 1/1/2017 Assumption Change 87,817 18 127,060 11,436 11,436 1/1/2018 (Gain)/Loss (3,199,886) 9 (4,191,319) (591,263) (591,263) 1/1/2019 (Gain)/Loss 1,676,914 10 2,062,576 269,403 269,403 1/1/2019 Assumption Change 7,281,798 20 9,217,027 785,450 785,450 1/1/2020 (Gain)/Loss (343,483) 11 (396,911) (48,470) (48,470) 1/1/2020 Plan Amendment 5,717,584 6 6,375,646 1,236,626 1,236,626 1/1/2020 Assumption Change 3,552,608 21 4,211,986 350,458 350,458 1/1/2021 (Gain)/Loss (10,424,892) 12 (12,635,459) (1,454,183) (1,454,183) 1/1/2021 Assumption Change (5,894,181) 22 (7,138,973) (581,114) (581,114) 1/1/2022 (Gain)/Loss (20,293,771) 13 (23,047,159) (2,516,416) (2,516,416) 1/1/2022 Assumption Change 1,909,879 23 2,168,341 172,980 172,980 1/1/2023 (Gain)/Loss 5,355,386 14 5,707,287 594,525 594,525 1/1/2024 (Gain)/Loss (3,145,314) 15 (3,145,314) (314,097) (314,097) 1/1/2024 Assumption Change (3,832,711) 25 (3,832,711) (295,034) N/A (29,386,142) (36,019,897) (3,907,257) (3,612,223) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-16 UAAL Amortization Period and Payments - Hazardous Fire Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,027,124)$ 14 (1,891,855)$ (197,074)$ (197,074)$ 1/1/2016 (Gain)/Loss 93,658 7 160,822 27,533 27,533 1/1/2016 Assumption Change (843,431) 17 (1,440,503) (133,779) (133,779) 1/1/2017 (Gain)/Loss (3,565,754) 8 (5,689,752) (877,436) (877,436) 1/1/2017 Assumption Change 59,890 18 95,210 8,569 8,569 1/1/2018 (Gain)/Loss (2,182,297) 9 (3,247,965) (458,186) (458,186) 1/1/2019 (Gain)/Loss 1,143,642 10 1,588,544 207,487 207,487 1/1/2019 Assumption Change 4,966,128 20 6,881,352 586,410 586,410 1/1/2020 (Gain)/Loss (234,253) 11 (304,088) (37,134) (37,134) 1/1/2020 Plan Amendment 4,071 6 5,297 1,027 1,027 1/1/2020 Assumption Change 2,356,236 21 3,053,382 254,057 254,057 1/1/2021 (Gain)/Loss (8,511,064) 12 (10,312,118) (1,186,796) (1,186,796) 1/1/2021 Assumption Change (4,361,137) 22 (5,280,631) (429,844) (429,844) 1/1/2022 (Gain)/Loss (12,467,844) 13 (14,164,800) (1,546,591) (1,546,591) 1/1/2022 Assumption Change 1,202,726 23 1,365,882 108,964 108,964 1/1/2022 Plan Amendment 5,694,243 8 6,472,854 998,201 998,201 1/1/2023 (Gain)/Loss 6,257,592 14 6,670,416 694,854 694,854 1/1/2024 (Gain)/Loss (2,448,182) 15 (2,448,182) (244,480) (244,480) 1/1/2024 Assumption Change (794,829) 25 (794,829) (61,184) N/A (14,657,729) (19,280,964) (2,285,402) (2,224,218) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-17 Amortization Schedule The UAAL is being liquidated as a level dollar amount over the number of years remaining in the amortization period. The expected amortization schedules are as follows: 2024 $(47,010,142) 2025 (42,680,726) 2026 (38,069,890) 2027 (33,159,349) 2028 (27,929,622) 2029 (22,359,964) 2033 - Amortization Schedule - Non-Hazardous Year Expected UAAL 2024 $(36,019,897) 2025 (34,199,966) 2026 (32,261,735) 2027 (30,197,519) 2028 (27,999,130) 2029 (25,657,844) 2034 (8,639,276) 2037 - Amortization Schedule - Hazardous Police Year Expected UAAL City of Clearwater Employees’ Pension Plan B-18 2024 $(19,280,964) 2025 (18,100,270) 2026 (16,842,835) 2027 (15,503,666) 2028 (14,077,451) 2029 (12,558,532) 2034 (3,471,971) 2036 - Amortization Schedule - Hazardous Fire Year Expected UAAL City of Clearwater Employees’ Pension Plan B-19 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long-term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1.Last Year's UAAL $(98,960,255)$(56,667,565)$(27,249,588)$(15,043,102) 2.Employer Normal Cost for Contribution Year 12,723,459 3,993,824 4,821,753 3,907,882 3.Last Year's Contributions 13,550,484 4,253,423 5,135,167 4,161,894 4. Interest at the Assumed Rate on: a.1 and 2 for one year (5,605,391)(3,423,793)(1,457,809)(723,789) b.3 from dates paid 55,391 17,280 21,061 17,050 c. a - b (5,660,782)(3,441,073)(1,478,870)(740,839) 5.This Year's Expected UAAL: 1 + 2 - 3 + 4c (105,448,062)(60,368,237)(29,041,872)(16,037,953) 6.This Year's Actual UAAL (Before any changes in benefits and assumptions)(101,500,677)(50,827,356)(32,187,186)(18,486,135) 7.Net Actuarial Gain (Loss): (5) - (6)(3,947,385)(9,540,881)3,145,314 2,448,182 8.Gain (Loss) Due to Investments 13,346,807 9.Gain (Loss) Due to other sources (17,294,192) Hazardous FireA. Derivation of the Current UAAL Total Non-Hazardous Hazardous Police City of Clearwater Employees’ Pension Plan B-20 Gains (losses) in previous years have been as follows: Year Ending Gain 12/31 (Loss) 2009 $32,358,262 (4.89)% 2010 2,311,412 (0.37) 2011 (13,721,771)2.28 2012 (7,015,253)1.15 2013 62,452,347 (11.02) 2014 34,213,347 (6.01) 2015 (475,313)0.07 ** 2016 18,096,188 (2.51)** 2017 11,075,148 (1.48)** 2018 (5,803,978)0.75 ** 2019 1,188,833 (0.14)** 2020 45,746,487 (5.30)** 2021 65,543,127 (7.43)** 2022 (21,868,907)2.30 ** 2023 (3,947,385)0.37 ** Employer Cost Rate* Change in * Before 2015, Change in Normal Cost Rate. ** Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0 or limited after reflecting Chapter 112.66 of the Florida Statutes (the requirement to fund at least the normal cost). City of Clearwater Employees’ Pension Plan B-21 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: 12/31/1986 N/A 7.00 %7.40 %5.00 % 12/31/1987 N/A 7.00 5.90 5.00 12/31/1988 N/A 7.00 9.10 5.00 12/31/1989 N/A 7.00 8.70 5.00 12/31/1990 N/A 7.00 5.30 5.00 12/31/1991 N/A 7.00 6.10 5.00 12/31/1992 N/A 7.00 6.80 5.00 12/31/1993 7.42 %7.00 1.20 5.00 12/31/1994 6.28 7.00 4.40 5.00 12/31/1995 9.14 7.00 6.40 5.00 12/31/1996 11.54 7.00 6.70 5.00 12/31/1997 13.74 7.00 5.60 5.00 12/31/1998 15.28 7.00 7.40 5.00 12/31/1999 17.96 7.00 4.20 5.00 12/31/2000 12.42 7.00 5.80 5.00 12/31/2001 7.40 7.00 5.90 5.00 12/31/2002 (1.85)7.50 5.80 6.00 12/31/2003 7.45 7.50 6.40 6.00 12/31/2004 2.18 7.50 6.38 6.00 12/31/2005 4.58 7.50 5.49 6.00 12/31/2006 7.87 7.50 5.15 6.00 12/31/2007 10.68 7.50 6.62 6.00 12/31/2008 (10.61)7.50 4.25 6.00 12/31/2009 16.53 7.50 3.29 6.00 12/31/2010 5.98 7.50 1.27 6.00 12/31/2011 4.46 7.50 2.56 6.00 12/31/2012 5.50 7.50 4.48 6.00 12/31/2013 14.04 7.00 3.16 4.07 12/31/2014 11.04 7.00 3.38 4.04 12/31/2015 7.64 7.00 8.65 *4.09 12/31/2016 8.22 7.00 1.23 *4.13 12/31/2017 8.89 7.00 7.35 4.16 12/31/2018 5.76 7.00 4.08 4.18 12/31/2019 7.39 6.75 8.84 4.35 12/31/2020 11.10 6.65 6.05 4.30 12/31/2021 12.46 6.55 6.37 4.24 12/31/2022 6.08 6.50 9.16 4.32 12/31/2023 7.56 6.50 8.42 4.39 Averages 8.06 %---5.64 %--- Investment Return Year Ending Actual Assumed Assumed Salary Increases Actual * Salary for the year ending 12/31/2015 included 27 pay periods rather than 26. The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. City of Clearwater Employees’ Pension Plan B-22 History of Investment Return Based on Actuarial Value of Assets -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Plan Year End Actual Assumed History of Salary Increases 0% 5% 10% 15% 0% 5% 10% 15% Plan Year End Compared to Previous Year Actual Assumed City of Clearwater Employees’ Pension Plan B-23 Active Members Year Vested Other End of Ended A E A E A E A E A A A E Year 12/31/2009 49 110 54 57 0 6 0 2 10 46 56 93 1,567 12/31/2010 78 137 68 51 2 6 3 2 15 49 64 85 1,508 12/31/2011 84 124 43 49 6 6 0 2 11 64 75 84 1,468 12/31/2012 119 113 51 52 3 6 1 2 18 40 58 81 1,474 12/31/2013 102 98 27 42 2 3 4 2 11 54 65 79 1,478 12/31/2014 135 131 45 51 5 3 2 2 21 58 79 78 1,482 12/31/2015 145 122 43 52 7 3 1 2 18 53 71 82 1,505 12/31/2016 159 144 49 60 4 3 2 3 18 71 89 89 1,520 12/31/2017 164 161 47 59 2 3 2 2 25 85 110 91 1,523 12/31/2018 207 175 45 65 1 3 0 2 27 102 129 92 1,555 12/31/2019 164 148 38 52 3 4 1 2 13 93 106 99 1,571 12/31/2020 105 135 43 52 0 4 0 2 8 84 92 100 1,541 12/31/2021 168 199 55 56 1 4 2 1 18 123 141 92 1,510 12/31/2022 195 199 59 54 4 4 0 1 20 116 136 90 1,506 12/31/2023 237 187 52 55 2 4 3 1 47 83 130 94 1,556 12/31/2024 46 3 1 118 15 Yr Totals *2111 2183 719 807 42 62 21 28 280 1121 1401 1329 * Totals are through current Plan Year only. Terminations Year Retirement Retirement Death Totals During Service Disability Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added City of Clearwater Employees’ Pension Plan B-24 Year Ended Number Number 12/31/2009 12 $142,606 16 $313,189 12/31/2010 12 139,508 18 363,242 12/31/2011 13 220,877 19 416,467 12/31/2012 12 232,755 20 466,010 12/31/2013 20 401,192 20 480,787 12/31/2014 16 275,728 21 510,892 12/31/2015 19 385,405 22 558,603 12/31/2016 20 498,746 25 708,907 12/31/2017 15 288,110 26 753,482 12/31/2018 25 762,324 28 831,241 12/31/2019 20 566,781 28 885,857 12/31/2020 27 921,472 29 949,503 12/31/2021 25 781,255 32 1,073,271 12/31/2022 37 (18 with continuing beneficaries) 760,803 34 1,160,759 12/31/2023 30 (12 with continuing beneficaries) 602,465 36 1,270,428 12/31/2024 38 1,395,938 Actual (A) Compared to Expected (E) Deaths Among Retirees and Beneficiaries Actual During Year Annual Pensions Annual Pensions Expected During Year City of Clearwater Employees’ Pension Plan B-25 Active Members Inactive Members 1/1/07 1,692 819 $79,385,090 $559,830,590 N/A N/A N/A $9,192,407 11.58 % 1/1/08 1,641 878 80,371,617 610,979,087 N/A N/A N/A 6,920,400 8.61 1/1/09 1,628 903 82,104,837 536,834,473 N/A N/A N/A 20,005,238 24.37 1/1/10 1,567 955 80,443,199 618,444,906 $647,167,565 $28,722,659 95.6 % 15,879,628 19.74 1/1/11 1,508 1,024 76,505,599 646,956,800 672,786,812 25,830,012 96.2 15,461,725 20.21 1/1/12 1,468 1,072 74,765,020 664,087,199 702,438,432 38,351,233 94.5 17,064,100 22.82 1/1/13 1,474 1,127 74,422,344 688,731,221 774,749,811 86,018,590 88.9 12,845,501 17.26 1/1/14 1,478 1,144 74,254,159 772,411,068 795,927,127 23,516,059 97.0 4,626,039 6.23 1/1/15 1,482 1,194 75,078,542 829,486,793 824,274,144 (5,212,649)100.6 8,194,115 10.91 1/1/16 1,505 1,237 80,250,993 866,598,975 857,177,619 (9,421,356)101.1 8,358,975 10.42 1/1/17 1,520 1,278 79,276,100 908,229,246 880,316,652 (27,912,594)103.2 8,092,922 10.21 1/1/18 1,523 1,334 82,317,307 957,314,542 916,334,666 (40,979,876)104.5 8,236,726 10.01 1/1/19 1,555 1,374 84,608,940 978,492,240 965,611,907 (12,880,333)101.3 9,106,282 10.76 1/1/20 1,571 1,401 90,594,113 1,015,277,332 1,017,746,535 2,469,203 99.8 10,463,285 11.55 1/1/21 1,541 1,422 92,726,419 1,093,182,410 1,034,718,990 (58,463,420)105.7 10,711,397 11.55 1/1/22 1,510 1,469 94,070,686 1,190,146,409 1,076,740,942 (113,405,467)110.5 12,017,928 12.78 1/1/23 1,506 1,529 101,042,598 1,222,735,789 1,123,775,534 (98,960,255)108.8 12,723,459 12.59 1/1/24 1,556 1,587 112,602,359 1,273,100,381 1,170,789,378 (102,311,003)108.7 15,253,281 13.55 Unfunded Actuarial Liability (Entry Age)* RECENT HISTORY OF VALUATION RESULTS Number of Employer Normal Cost* Valuation Date Covered Annual Payroll Actuarial Value of Assets % of PayrollAmount Actuarial Accrued Liability (Entry Age) Funded Ratio * Starting with the January 1, 2015 valuation, the Employer Normal Cost is calculated under the Entry Age Normal Method and the Credit Balance is excluded from the Actuarial Value of Assets. Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-26 1/1/07 9/30/08 $12,532,399 15.79 %$12,000 0.02 %$12,520,399 15.77 %$12,520,399 $12,000 $12,532,399 1/1/08 9/30/09 10,086,978 12.55 12,000 0.01 10,074,978 12.54 10,074,978 12,000 10,086,978 1/1/09 9/30/10 23,960,586 29.18 12,000 0.01 23,948,586 29.17 23,948,586 12,000 23,960,586 1/1/10 9/30/11 19,373,992 24.08 12,000 0.01 19,361,992 24.07 19,361,992 12,000 19,373,992 1/1/11 9/30/12 18,898,567 24.70 12,000 0.01 18,886,567 24.69 18,886,567 12,000 18,898,567 1/1/12 9/30/13 20,925,720 27.99 12,000 0.02 20,913,720 27.97 20,913,720 12,000 20,925,720 1/1/13 9/30/14 19,608,078 26.35 12,000 0.02 19,596,078 26.33 19,596,078 12,000 19,608,078 1/1/14 9/30/15 10,803,098 14.55 12,000 0.02 10,791,098 14.53 10,791,098 12,000 10,803,098 1/1/15 9/30/16 8,767,703 11.68 12,000 0.02 8,755,703 11.66 8,755,703 12,000 8,767,703 1/1/16 9/30/17 8,944,103 11.15 12,000 0.02 8,932,103 11.13 8,932,103 12,000 8,944,103 1/1/17 9/30/18 8,659,427 10.92 12,000 0.01 8,647,427 10.91 8,647,427 12,000 8,659,427 1/1/18 9/30/19 8,813,297 10.71 12,000 0.02 8,801,297 10.69 8,801,297 12,000 8,813,297 1/1/19 9/30/20 9,720,956 11.49 12,000 0.01 9,708,956 11.48 9,708,956 12,000 9,720,956 1/1/20 9/30/21 11,534,013 12.73 12,000 0.01 11,522,013 12.72 11,522,013 12,000 11,534,013 1/1/21 9/30/22 11,412,994 12.31 12,000 0.01 11,400,994 12.30 11,400,994 12,000 11,412,994 1/1/22 9/30/23 12,799,094 13.61 12,000 0.02 12,787,094 13.59 12,787,094 12,000 12,799,094 1/1/23 9/30/24 13,550,484 13.41 12,000 0.01 13,538,484 13.40 13,538,484 12,000 13,550,484 1/1/24 9/30/25 16,244,745 14.43 12,000 0.01 16,232,745 14.42 --- --- --- % of Payroll Employer State Valuation Date End of Year To Which Valuation Applies Amount Actual Contributions % of Payroll TotalAmount % of PayrollAmount RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Estimated State Required Contributions Employer & State Net Employer Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-27 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member’s benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member’s year by year projected covered pay. Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar amount contributions over a reasonable period of future years. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected and actual return on market value of assets at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Both the economic and decrement assumptions were established following the Experience Investigation for the Five Years Ended December 31, 2022, dated September 29, 2023. The mortality assumption is mandated by Chapter 112.63, Florida Statutes. Economic Assumptions The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net rate after investment expenses). City of Clearwater Employees’ Pension Plan B-28 The Inflation Rate assumed in this valuation is 2.40% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. This assumption was changed this year (based on the results of a 5-year experience study) from 2.25%. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 6.5% investment return rate translates to an assumed real rate of return over inflation of 4.10%. The rate of salary increase used for individual members can be seen in the tables below. Part of the assumption is for merit and/or seniority increases and productivity increases, and 2.40% recognizes inflation. This assumption is used to project a member’s current salary to the salaries upon which benefits will be based. This assumption was changed this year (based on the results of a 5-year experience study) from the service-based rates used in the prior valuation, which varied from 2.75% to 7.6%. Years of Service Under 5 2.40%7.75% 5 - 14 2.40%6.40% 15 - 19 2.40%5.25% 20 & Over 2.40%4.40%2.00% 5.35% 4.00% 2.85% % Increase in Salary - Firefighters Merit and Seniority Inflation Total Increase Years of Service Under 5 2.40%9.00% 5 - 9 2.40%6.25% 10 - 14 2.40%5.00% 15 & Over 2.40%3.75%1.35% 6.60% 3.85% 2.60% % Increase in Salary - Police Officers Merit and Seniority Inflation Total Increase Years of Service Under 2 2.40%8.00% 2 - 9 2.40%6.00% 10 - 14 2.40%5.75% 15 - 19 2.40%5.00% 20 and Higher 2.40%3.50%1.10% 3.60% 3.35% 2.60% % Increase in Salary - Non-Hazardous Duty Merit and Seniority Inflation Total Increase 5.60% City of Clearwater Employees’ Pension Plan B-29 Demographic Assumptions The mortality tables used in the valuation for Hazardous Duty members are based on the PUB-2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for healthy lives to all future years after 2010 using Scale MP-2018. No mortality improvement is projected for disabled lives. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted Safety Employee Female Table, set forward 1 year Headcount Weighted Safety Healthy Retiree Female Table, set forward 1 year Male Healthy Headcount Weighted Safety Below Median Employee Male Table, set forward 1 year Headcount Weighted Safety Below Median Healthy Retiree Male Table, set forward 1 year Female Disabled N/A 80% Headcount Weighted General Disabled Retiree Female Table; 20% Headcount Weighted Safety Disabled Retiree Female Table Male Disabled N/A 80% Headcount Weighted General Disabled Retiree Male Table; 20% Headcount Weighted Safety Disabled Retiree Male Table These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2023 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the same mortality tables used by the FRS in either of its two most recently published actuarial valuation reports. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. City of Clearwater Employees’ Pension Plan B-30 FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2024)Men Women Men Women 50 0.42 %0.19 %32.78 36.61 55 0.54 0.35 28.01 31.57 60 0.90 0.59 23.40 26.77 65 1.30 0.91 19.10 22.22 70 2.06 1.42 15.06 17.95 75 3.47 2.36 11.44 14.01 80 6.13 4.04 8.34 10.52 Probability of Future Life Dying Next Year Expectancy (years) The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All Police and 90% of Firefighters’ deaths before retirement are assumed to be non- service connected. FRS Healthy Pre-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2024)Men Women Men Women 50 0.16 %0.10 %35.91 39.81 55 0.25 0.16 30.82 34.66 60 0.42 0.22 25.86 29.58 65 0.68 0.30 21.08 24.56 70 1.16 0.54 16.53 19.64 75 2.04 1.04 12.27 14.93 80 6.13 4.04 8.34 10.52 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Special Risk Class Members Sample Attained Ages Men Women Men Women 50 1.45 %1.25 %24.04 26.84 55 1.91 1.50 20.88 23.54 60 2.37 1.81 17.92 20.32 65 3.00 2.22 15.07 17.17 70 3.91 2.90 12.39 14.10 75 5.30 4.13 9.87 11.22 80 7.66 6.21 7.60 8.67 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-31 The mortality tables used in the valuation for Non-Hazardous Duty members are based on the PUB- 2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for healthy lives to all future years after 2010 using Scale MP-2018. No mortality improvement is projected for disabled lives. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted General Below Median Employee Female Table Headcount Weighted General Below Median Healthy Retiree Female Table Male Healthy Headcount Weighted General Below Median Employee Male Table, set back 1 year Headcount Weighted General Below Median Healthy Retiree Male Table, set back 1 year Female Disabled N/A PUB-2010 Headcount Weighted General Disabled Retiree Female, set forward 3 years Male Disabled N/A PUB-2010 Headcount Weighted General Disabled Retiree Male, set forward 3 years These are the same rates used for Regular Class members (other than K-12 School Instructional Personnel) of the Florida Retirement System (FRS) in the July 1, 2023 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either of the two most recently published actuarial valuation reports of FRS. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. FRS Healthy Post-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2024)Men Women Men Women 50 0.19 %0.57 %33.44 37.22 55 0.94 0.57 29.07 32.77 60 1.11 0.58 24.95 28.21 65 1.27 0.68 20.87 23.61 70 1.77 1.07 16.82 19.11 75 2.81 1.84 13.09 14.92 80 4.70 3.31 9.79 11.14 Dying Next Year Expectancy (years) Probability of Future Life City of Clearwater Employees’ Pension Plan B-32 The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All deaths before retirement are assumed to be non-service connected. FRS Healthy Pre-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2024)Men Women Men Women 50 0.19 %0.11 %37.96 40.49 55 0.29 0.17 32.95 35.36 60 0.45 0.25 28.09 30.33 65 0.64 0.37 23.38 25.39 70 0.89 0.56 18.81 20.56 75 1.32 0.91 14.36 15.86 80 2.08 1.53 10.05 11.34 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Non-Special Risk Class Members Sample Attained Ages Men Women Men Women 50 2.02 %1.64 %20.99 23.92 55 2.53 1.91 18.18 20.88 60 3.08 2.27 15.50 17.88 65 3.93 2.83 12.94 14.91 70 5.08 3.79 10.53 12.07 75 6.98 5.46 8.29 9.45 80 10.12 8.31 6.33 7.19 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-33 The rates of retirement used to measure the probability of eligible members retiring under normal and early retirement eligibility during the next year were as follows: Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 15 60 & Over 40 20 - 24 Under 59 15 60 - 64 40 65 & Over 100 25 - 29 Under 55 15 55 - 59 35 60 - 64 40 65 & Over 100 30 & Over 100 Firefighters Retirement Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 8 60 - 64 20 65 & Over 100 20 - 29 Under 50 12 50 - 59 20 60 - 64 40 65 & Over 100 30 - 34 Under 55 20 55 - 59 30 60 & Over 100 35 & Over 100 Police Officers Retirement City of Clearwater Employees’ Pension Plan B-34 Years of Probability of Service Age Retirement 5 - 9 65 - 74 20 % 75 & Over 100 10 - 19 65 - 74 30 75 & Over 100 20 - 29 55 - 59 20 60 - 64 15 65 - 69 30 70 & Over 100 30 & Over Under 55 30 55 - 64 20 65 - 69 50 70 & Over 100 Non-Hazardous Duty Retirement This assumption was changed this year (based on the results of a 5-year experience study) from the age-and-service-based rates used in the prior valuation, which varied from 5% to 100%. City of Clearwater Employees’ Pension Plan B-35 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members separating from employment prior to becoming eligible for retirement. Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 2 Under 30 8.0 %All Years Under 40 5.0 % 30 & Over 4.0 40 & Over 2.0 2 - 4 Under 30 5.0 30 & Over 3.0 5 & Over Under 30 8.0 30 & Over 1.8 Firefighter Withdrawal - Males Firefighter Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 3 Under 30 7.5 %Under 2 All Ages 14.0 % 30 & Over 4.0 2 - 3 All Ages 6.0 3 - 4 Under 30 5.5 30 & Over 3.5 4 & Over All Ages 3.9 5 & Over Under 30 3.5 30 & Over 2.6 Police Officer Withdrawal - Males Police Officer Withdrawal - Females City of Clearwater Employees’ Pension Plan B-36 Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 1 All Ages 20.0 %Under 1 Under 40 25.0 % 40 & Over 12.5 1 - 2 All Ages 18.0 1 - 2 All Ages 17.0 3 - 4 All Ages 12.0 3 - 4 All Ages 12.0 5 - 9 Under 35 9.0 35 - 44 6.0 5 - 9 Under 40 9.0 45 - 54 5.0 40 - 54 7.0 55 & Over 3.5 55 - 59 4.0 60 & Over 3.0 10 & Over Under 35 5.0 35 - 44 3.3 10 & Over Under 45 6.0 45 & Over 3.1 45 - 54 3.5 55 & Over 3.0 Non-Hazardous Duty Withdrawal - FemalesNon-Hazardous Duty Withdrawal - Males This assumption was changed this year (based on the results of a 5-year experience study) from age-and-service-based rates used in the prior valuation, which varied from 1.5% to 25%. Rates of disability among active members (100% of disabilities are assumed to be service- connected). Sample Ages 20 0.22 %0.22 % 25 0.22 0.22 30 0.22 0.22 35 0.26 0.26 40 0.40 0.40 45 0.52 0.52 50 0.52 0.52 55 0.52 0.52 60 0.68 0.68 65 0.88 0.88 70 1.20 1.20 Disabled Within Next Year Males Females Firefighter Duty Disability % of Active Members Becoming City of Clearwater Employees’ Pension Plan B-37 Sample Ages 20 0.30 %0.30 % 25 0.30 0.30 30 0.30 0.30 35 0.35 0.35 40 0.52 0.52 45 0.72 0.72 50 0.72 0.72 55 0.72 0.72 60 0.87 0.87 65 1.10 1.10 70 1.50 1.50 Disabled Within Next Year Males Females Police Officer Duty Disability % of Active Members Becoming Sample Ages 20 0.001 %0.001 % 25 0.011 0.011 30 0.011 0.011 35 0.011 0.011 40 0.021 0.021 45 0.041 0.041 50 0.082 0.082 55 0.165 0.165 60 0.216 0.216 65 0.041 0.041 70 0.041 0.041 Males Females Non-Hazardous Duty Disability % of Active Members Becoming Disabled Within Next Year This assumption was changed this year (based on the results of a 5-year experience study) from age-based rates used in the prior valuation. City of Clearwater Employees’ Pension Plan B-38 Miscellaneous and Technical Assumptions Administrative & Investment Expenses The investment return assumption is intended to be the net return after investment expenses. Annual administrative expenses are assumed to be equal to the administrative expenses of the previous year. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Cost of Living Increases The adjustment is 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Decrement Operation Disability and mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member’s accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made in equal installments during the first two quarters of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. City of Clearwater Employees’ Pension Plan B-39 Marriage Assumption 75% of males and 65% of females are assumed to be married for purposes of death-in-service benefits and to determine the normal form of benefit when applicable. Male spouses are assumed to be two years older than female spouses for all active members and for members who became inactive before January 1, 2015. For members who became inactive on or after January 1, 2015, spouses ages are based on the beneficiary dates of birth provided by the Plan Administrator. Normal Form of Benefit The normal form of benefit is a life annuity for non-grandfathered non-hazardous duty members. For all other members, the normal form of benefit is a life annuity that includes a survivor benefit where after the participant’s death, 100% is payable to the spouse for five years, after which the benefit is reduced to 50%. Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported pays represent the annual rate of pay on the valuation date. The pay used for the valuation is equal to the greater of the actual pay for the plan year increased by the salary scale assumption rate (which varies by years of service) and the annual rate of pay on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Clearwater Employees’ Pension Plan B-40 GLOSSARY Actuarial Accrued Liability (AAL) The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value (APV) The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of Future Benefits (APVFB) The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of the Funded Ratio and the Actuarially Determined Contribution (ADC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the Actuarially Determined Contribution (ADC). City of Clearwater Employees’ Pension Plan B-41 Actuarially Determined Contribution (ADC) The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The ADC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between the normal cost rate from last year and the normal cost rate from this year. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. City of Clearwater Employees’ Pension Plan B-42 Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. SECTION C PENSION FUND INFORMATION City of Clearwater Employees’ Pension Plan C-1 Statement of Plan Assets at Market Value 2023 2022 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables 1.Member Contributions -$ -$ 2.Employer Contributions 6,752,882 9,203,959 3.Investment Income and Other Receivables 11,544,460 16,829,855 4.Total Receivables 18,297,342$ 26,033,814$ C.Investments 1.Short-Term Investments 29,447,419$ 57,028,678$ 2.Domestic Equities 527,418,800 415,137,134 3.International Equities 163,783,759 180,951,881 4.Domestic Fixed Income 318,494,562 306,695,019 5.International Fixed Income - - 6.Real Estate 120,364,386 134,129,633 7.Infrastructure 93,965,209 56,703,546 8.Private Equity - - 9.Total Investments 1,253,474,135$ 1,150,645,891$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables (11,976,188) (30,607,735) 3.Total Liabilities (11,976,188)$ (30,607,735)$ E.Total Market Value of Assets Available for Benefits 1,259,795,289$ 1,146,071,970$ F.Allocation of Investments 1.Short-Term Investments 2.35%4.96% 2.Domestic Equities 42.08%36.08% 3.International Equities 13.07%15.73% 4.Domestic Fixed Income 25.41%26.65% 5.International Fixed Income 0.00%0.00% 6.Real Estate 9.60%11.65% 7.Infrastructure 7.49%4.93% 8.Private Equity 0.00%0.00% 9.Total Investments 100.00%100.00% December 31 Item City of Clearwater Employees’ Pension Plan C-2 Reconciliation of Plan Assets 2023 2022 A.Market Value of Assets at Beginning of Year 1,146,071,970$ 1,375,042,294$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 8,994,031$ 8,502,297$ b.Employer Contributions 13,719,333 12,407,212 c.State Contributions 12,000 12,000 d.Total 22,725,364$ 20,921,509$ 2.Investment Income a.Interest, Dividends, and Other Income 21,082,916$ 19,554,092$ b.Net Realized Gains/(Losses)18,611,507 5,974,257 c.Net Unrealized Gains/(Losses)121,717,037 (209,059,896) d.Investment Expenses (6,952,122) (6,580,267) e.Net Investment Income 154,459,338$ (190,111,814)$ 3.Benefits and Refunds a.Refunds (1,431,122)$ (1,500,058)$ b.Regular Monthly Benefits (59,842,370) (56,345,277) c.Partial Lump-Sum Benefits Paid (1,824,735) (1,726,090) d.Total (63,098,227)$ (59,571,425)$ 4.Administrative and Miscellaneous Expenses (363,156)$ (208,594)$ 5.Transfers -$ -$ C.Market Value of Assets at End of Year 1,259,795,289$ 1,146,071,970$ December 31 Item City of Clearwater Employees’ Pension Plan C-3 Development of Actuarial Value of Assets Valuation Date - December 31 2022 2023 2024 2025 2026 2027 A.Actuarial Value of Assets Beginning of Year 1,223,966,639$ 1,258,374,452$ B.Market Value End of Year 1,146,071,970 1,259,795,289 C.Market Value Beginning of Year 1,375,042,294 1,146,071,970 D.Non-Investment/Administrative Net Cash Flow (38,858,510) (40,736,019) E.Investment Income E1. Actual Market Total: B-C-D (190,111,814) 154,459,338 E2. Assumed Rate of Return 6.50%6.50%6.50%6.50%6.50%6.50% E3. Assumed Amount of Return 87,923,357 72,951,505 E4. Amount Subject to Phase-In: E1–E3 (278,035,171) 81,507,833 F.Phase-In Recognition of Investment Income F1. Current Year: 0.2 x E4 (55,607,034) 16,301,567 F2. First Prior Year 15,710,790 (55,607,034) 16,301,567 F3. Second Prior Year 18,752,137 15,710,790 (55,607,034) 16,301,567 F4. Third Prior Year 25,489,010 18,752,137 15,710,790 (55,607,034) 16,301,567 F5. Fourth Prior Year (19,001,937) 25,489,008 18,752,139 15,710,791 (55,607,035) 16,301,565 F6. Total Phase-Ins (14,657,034) 20,646,468 (4,842,538) (23,594,676) (39,305,468) 16,301,565 G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 1,258,374,452$ 1,311,236,406$ G2. Upper Corridor Limit: 120%*B 1,375,286,364$ 1,511,754,347$ G3. Lower Corridor Limit: 80%*B 916,857,576$ 1,007,836,231$ G4. Funding Value End of Year 1,258,374,452$ 1,311,236,406$ G5. Credit Balance 35,638,663$ 38,136,025$ G6. Final Actuarial Value of Assets 1,222,735,789$ 1,273,100,381$ H.Recognized Investment Earnings 73,266,323$ 93,597,973$ I.Difference between Market & Actuarial Value (112,302,482)$ (51,441,117)$ J.Actuarial Rate of Return 6.08%7.56% K.Market Value Rate of Return -14.02%13.72% L.Ratio of Actuarial Value of Assets to Market Value 109.80%104.08% The Actuarial Value of Assets recognizes assumed investment return (line E3) fully each year. Differences between actual and assumed investment income (Line E4) are phased-in over a closed 5-year period. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than the assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. If assumed rates are exactly realized for 5 consecutive years, Actuarial Value of Assets will become equal to Market Value. City of Clearwater Employees’ Pension Plan C-4 Allocation of Plan Assets by Group Total Non-Hazardous Hazardous Police Hazardous Fire A.Market Value of Assets as of January 1, 2023 1,146,071,970$ 581,344,059$ 335,888,864$ 228,839,047$ B.Contributions (All)22,725,364 9,158,741 7,465,542 6,101,081 C.Net Investment Return 154,459,338 78,139,143 45,388,551 30,931,644 D.Benefit Payments (All)63,098,227 32,702,640 17,550,505 12,845,082 E.Administrative Expenses 363,156 183,716 106,715 72,725 F.Market Value of Assets as of January 1, 2024 1,259,795,289 635,755,587 371,085,737 252,953,965 G.Actuarial Value of Assets as of January 1, 2024 1,311,236,406 661,715,343 386,238,250 263,282,813 H.Actuarial Value of Assets Less Credit Balance 1,273,100,381 642,834,088 375,051,840 255,214,453 Item City of Clearwater Employees’ Pension Plan C-5 Investment Rate of Return Plan Year Ending December 31 1986 13.21 % N/A 1987 10.78 N/A 1988 9.12 N/A 1989 20.84 N/A 1990 6.21 N/A 1991 28.52 N/A 1992 6.49 N/A 1993 9.29 7.42 % 1994 0.89 6.28 1995 23.36 9.14 1996 14.80 11.54 1997 17.49 13.74 1998 16.74 15.28 1999 18.61 17.96 2000 (3.43)12.42 2001 (5.16)7.40 2002 (8.83)(1.85) 2003 20.08 7.45 2004 9.73 2.18 2005 6.67 4.58 2006 11.80 7.87 2007 7.29 10.68 2008 (27.01)(10.61) 2009 30.93 16.53 2010 17.50 5.98 2011 (0.32)4.46 2012 13.92 5.50 2013 16.90 14.04 2014 7.99 11.04 2015 (0.28)7.64 2016 6.70 8.22 2017 16.01 8.89 2018 (2.48)5.76 2019 20.20 7.39 2020 15.12 11.10 2021 12.90 12.46 2022 (14.02)6.08 2023 13.72 7.56 Average returns: Last five years:8.84 % 8.89 % Last ten years:7.10 % 8.59 % All years:8.89 % 8.06 % Actuarial*Market* *Before investment expenses prior to 2013. The above rates are based on the retirement system’s financial information reported to the actuary. They may differ from figures that the investment consultant reports, in part because of differences in the handling of administrative and investment expenses, and in part because of differences in the handling of cash flows. SECTION D FINANCIAL ACCOUNTING INFORMATION City of Clearwater Employees’ Pension Plan D-1 A.Valuation Date B.Actuarial Present Value of Accumulated Plan Benefits 1.Vested Benefits a.Members Currently Receiving Payments $779,015,597 $752,910,137 b.Terminated Vested Members 22,663,248 19,994,031 c.Other Members 250,492,308 251,045,550 d.Total 1,052,171,153 1,023,949,718 2.Non-Vested Benefits 21,185,334 19,888,752 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 1,073,356,487 1,043,838,470 4.Accumulated Contributions of Active Members 66,583,287 66,164,180 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 1,043,838,470 1,003,226,826 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 3,115,596 b.Change in Actuarial Assumptions (8,454,351)0 c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 101,070,595 97,067,473 d.Benefits Paid (63,098,227)(59,571,425) e.Net Increase 29,518,017 40,611,644 3.Total Value at End of Period 1,073,356,487 1,043,838,470 D.Market Value of Assets 1,259,795,289 1,146,071,970 E.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION January 1, 2024 January 1, 2023 SECTION E MISCELLANEOUS INFORMATION City of Clearwater Employees’ Pension Plan E-1 A. 1.Number Included in Last Valuation 1,506 1,510 2.New Members Included in Current Valuation 233 183 3.Non-Vested Employment Terminations (83)(116) 4.Vested Employment Terminations (47)(20) 5.Service Retirements (52)(59) 6.Disability Retirements (2)(4) 7.Deaths (3)0 8.Rehired Members/Data Corrections 4 12 9.Number Included in This Valuation 1,556 1,506 B. 1.Number Included in Last Valuation 82 79 2.Additions from Active Members 47 20 3.Lump Sum Payments/Refund of Contributions (25)(5) 4.Payments Commenced (11)(12) 5.Deaths 0 0 6.Conversion to Disability/Rehired Members (1)0 7.Data Corrections (1)0 8.Number Included in This Valuation 91 82 C. 1.Number Included in Last Valuation 1,447 1,390 2.Additions from Active Members 54 63 3.Additions from Terminated Vested Members 11 12 4.Deaths Resulting in No Further Payments (17)(19) 5.Deaths Resulting in New Survivor Benefits 3 0 6.End of Certain Period - No Further Payments (1)0 7.Data Correction/Waiver of Benefits (1)1 8.Number Included in This Valuation 1,496 1,447 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 1/1/2022From 1/1/2023 To 1/1/2023To 1/1/2024 City of Clearwater Employees’ Pension Plan E-2 ACTIVE PARTICIPANT DISTRIBUTION ALL ACTIVE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.3 0 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 117,476 0 0 0 0 0 0 0 0 0 0 0 117,476 AVG PAY 39,159 0 0 0 0 0 0 0 0 0 0 0 39,159 20-24 NO.47 20 8 0 0 0 0 0 0 0 0 0 75 TOT PAY 2,254,597 1,012,357 455,315 0 0 0 0 0 0 0 0 0 3,722,269 AVG PAY 47,970 50,618 56,914 0 0 0 0 0 0 0 0 0 49,630 25-29 NO.52 40 29 16 6 23 0 0 0 0 0 0 166 TOT PAY 2,572,717 2,299,992 1,954,495 1,063,159 473,132 1,637,184 0 0 0 0 0 0 10,000,679 AVG PAY 49,475 57,500 67,396 66,447 78,855 71,182 0 0 0 0 0 0 60,245 30-34 NO.36 41 18 16 18 86 10 0 0 0 0 0 225 TOT PAY 1,997,328 2,282,332 1,125,013 920,459 1,282,174 6,445,136 744,107 0 0 0 0 0 14,796,549 AVG PAY 55,481 55,667 62,501 57,529 71,232 74,943 74,411 0 0 0 0 0 65,762 35-39 NO.21 18 13 9 11 66 36 23 1 0 0 0 198 TOT PAY 1,086,892 1,017,640 793,478 580,401 646,710 5,104,319 3,007,649 2,218,814 122,922 0 0 0 14,578,825 AVG PAY 51,757 56,536 61,037 64,489 58,792 77,338 83,546 96,470 122,922 0 0 0 73,630 40-44 NO.17 14 6 9 6 48 25 49 11 0 0 0 185 TOT PAY 848,227 773,036 368,918 525,806 381,816 3,568,782 2,322,128 4,695,227 962,568 0 0 0 14,446,508 AVG PAY 49,896 55,217 61,486 58,423 63,636 74,350 92,885 95,821 87,506 0 0 0 78,089 45-49 NO.12 9 10 4 8 28 24 51 42 8 0 0 196 TOT PAY 545,636 465,126 502,005 192,809 510,449 1,850,317 1,869,492 5,201,593 4,116,331 800,898 0 0 16,054,656 AVG PAY 45,470 51,681 50,200 48,202 63,806 66,083 77,896 101,992 98,008 100,112 0 0 81,912 50-54 NO.22 8 6 6 6 28 20 33 34 21 2 0 186 TOT PAY 1,020,491 442,619 371,787 368,439 402,463 2,000,738 1,501,834 3,031,335 3,369,979 2,438,800 137,060 0 15,085,545 AVG PAY 46,386 55,327 61,964 61,406 67,077 71,455 75,092 91,859 99,117 116,133 68,530 0 81,105 55-59 NO.5 9 8 3 3 15 13 25 22 28 6 0 137 TOT PAY 237,519 487,308 394,938 190,174 132,147 1,052,020 932,687 2,142,428 1,994,229 2,692,957 525,735 0 10,782,142 AVG PAY 47,504 54,145 49,367 63,391 44,049 70,135 71,745 85,697 90,647 96,177 87,622 0 78,702 60-64 NO.11 2 7 4 7 26 19 22 17 12 4 1 132 TOT PAY 571,860 101,441 359,165 276,611 438,125 1,857,372 1,209,954 1,592,697 1,417,374 975,232 395,761 77,681 9,273,273 AVG PAY 51,987 50,720 51,309 69,153 62,589 71,437 63,682 72,395 83,375 81,269 98,940 77,681 70,252 65+ NO.7 1 2 2 0 4 6 8 12 10 1 0 53 TOT PAY 301,706 66,240 81,683 163,421 0 284,188 402,200 514,619 861,932 920,361 148,087 0 3,744,437 AVG PAY 43,101 66,240 40,842 81,710 0 71,047 67,033 64,327 71,828 92,036 148,087 0 70,650 TOT NO.233 162 107 69 65 324 153 211 139 79 13 1 1,556 TOT AMT 11,554,449 8,948,091 6,406,797 4,281,279 4,267,016 23,800,056 11,990,051 19,396,713 12,845,335 7,828,248 1,206,643 77,681 112,602,359 AVG AMT 49,590 55,235 59,877 62,048 65,646 73,457 78,366 91,928 92,412 99,092 92,819 77,681 72,367 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-3 ACTIVE PARTICIPANT DISTRIBUTION NON-HAZARDOUS DUTY MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.3 0 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 117,476 0 0 0 0 0 0 0 0 0 0 0 117,476 AVG PAY 39,159 0 0 0 0 0 0 0 0 0 0 0 39,159 20-24 NO.30 16 6 0 0 0 0 0 0 0 0 0 52 TOT PAY 1,325,074 698,833 293,671 0 0 0 0 0 0 0 0 0 2,317,578 AVG PAY 44,169 43,677 48,945 0 0 0 0 0 0 0 0 0 44,569 25-29 NO.36 28 16 9 3 14 0 0 0 0 0 0 106 TOT PAY 1,616,658 1,368,348 856,358 471,874 195,608 798,013 0 0 0 0 0 0 5,306,859 AVG PAY 44,907 48,870 53,522 52,430 65,203 57,001 0 0 0 0 0 0 50,065 30-34 NO.28 33 10 12 7 44 8 0 0 0 0 0 142 TOT PAY 1,492,801 1,644,082 468,784 593,261 336,971 2,515,629 542,510 0 0 0 0 0 7,594,038 AVG PAY 53,314 49,821 46,878 49,438 48,139 57,173 67,814 0 0 0 0 0 53,479 35-39 NO.16 15 10 7 9 32 19 12 1 0 0 0 121 TOT PAY 794,189 768,639 539,109 383,285 470,026 1,924,846 1,192,638 893,831 122,922 0 0 0 7,089,485 AVG PAY 49,637 51,243 53,911 54,755 52,225 60,151 62,770 74,486 122,922 0 0 0 58,591 40-44 NO.14 13 4 8 5 32 12 29 9 0 0 0 126 TOT PAY 690,027 685,071 195,900 436,114 284,850 2,064,957 956,884 2,182,374 656,926 0 0 0 8,153,103 AVG PAY 49,288 52,698 48,975 54,514 56,970 64,530 79,740 75,254 72,992 0 0 0 64,707 45-49 NO.12 9 10 4 8 27 16 21 23 4 0 0 134 TOT PAY 545,636 465,126 502,005 192,809 510,449 1,739,901 1,035,527 1,703,039 1,704,056 289,175 0 0 8,687,723 AVG PAY 45,470 51,681 50,201 48,202 63,806 64,441 64,720 81,097 74,089 72,294 0 0 64,834 50-54 NO.22 8 5 5 5 22 18 22 19 11 2 0 139 TOT PAY 1,020,491 442,619 241,458 254,146 296,020 1,397,154 1,278,683 1,638,454 1,548,923 970,670 137,060 0 9,225,678 AVG PAY 46,386 55,327 48,292 50,829 59,204 63,507 71,038 74,475 81,522 88,243 68,530 0 66,372 55-59 NO.5 9 8 3 3 12 13 19 16 21 4 0 113 TOT PAY 237,519 487,308 394,938 190,174 132,147 748,133 932,687 1,457,328 1,159,257 1,762,319 284,824 0 7,786,634 AVG PAY 47,504 54,145 49,367 63,391 44,049 62,344 71,745 76,701 72,454 83,920 71,206 0 68,908 60-64 NO.11 2 7 4 7 23 19 21 16 10 4 1 125 TOT PAY 571,860 101,441 359,165 276,611 438,125 1,461,239 1,209,954 1,486,063 1,314,844 716,082 395,761 77,681 8,408,826 AVG PAY 51,987 50,721 51,309 69,153 62,589 63,532 63,682 70,765 82,178 71,608 98,940 77,681 67,271 65+ NO.7 1 2 2 0 4 6 8 12 10 1 0 53 TOT PAY 301,706 66,240 81,683 163,421 0 284,188 402,200 514,619 861,932 920,361 148,087 0 3,744,437 AVG PAY 43,101 66,240 40,842 81,711 0 71,047 67,033 64,327 71,828 92,036 148,087 0 70,650 TOT NO.184 134 78 54 47 210 111 132 96 56 11 1 1,114 TOT AMT 8,713,437 6,727,707 3,933,071 2,961,695 2,664,196 12,934,060 7,551,083 9,875,708 7,368,860 4,658,607 965,732 77,681 68,431,837 AVG AMT 47,356 50,207 50,424 54,846 56,685 61,591 68,028 74,816 76,759 83,189 87,794 77,681 61,429 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-4 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS POLICE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.6 2 0 0 0 0 0 0 0 0 0 0 8 TOT PAY 363,123 146,026 0 0 0 0 0 0 0 0 0 0 509,149 AVG PAY 60,521 73,013 0 0 0 0 0 0 0 0 0 0 63,644 25-29 NO.8 11 11 5 2 7 0 0 0 0 0 0 44 TOT PAY 492,859 853,043 936,814 422,405 185,880 665,091 0 0 0 0 0 0 3,556,092 AVG PAY 61,607 77,549 85,165 84,481 92,940 95,013 0 0 0 0 0 0 80,820 30-34 NO.6 7 3 2 4 28 2 0 0 0 0 0 52 TOT PAY 391,727 561,259 254,075 179,827 383,461 2,659,988 201,597 0 0 0 0 0 4,631,934 AVG PAY 65,288 80,180 84,692 89,914 95,865 95,000 100,799 0 0 0 0 0 89,076 35-39 NO.2 2 2 2 2 10 9 5 0 0 0 0 34 TOT PAY 117,503 163,130 171,194 197,116 176,684 973,792 923,363 596,647 0 0 0 0 3,319,429 AVG PAY 58,752 81,565 85,597 98,558 88,342 97,379 102,596 119,329 0 0 0 0 97,630 40-44 NO.0 1 2 1 1 9 7 7 2 0 0 0 30 TOT PAY 0 87,965 173,018 89,692 96,966 861,593 734,143 819,758 305,642 0 0 0 3,168,777 AVG PAY 0 87,965 86,509 89,692 96,966 95,733 104,878 117,108 152,821 0 0 0 105,626 45-49 NO.0 0 0 0 0 0 7 15 9 3 0 0 34 TOT PAY 0 0 0 0 0 0 719,176 1,686,767 1,104,684 406,727 0 0 3,917,354 AVG PAY 0 0 0 0 0 0 102,739 112,451 122,743 135,576 0 0 115,216 50-54 NO.0 0 0 0 0 5 2 5 8 8 0 0 28 TOT PAY 0 0 0 0 0 494,651 223,151 599,352 953,709 1,210,259 0 0 3,481,122 AVG PAY 0 0 0 0 0 98,930 111,576 119,870 119,214 151,282 0 0 124,326 55-59 NO.0 0 0 0 0 1 0 3 1 3 2 0 10 TOT PAY 0 0 0 0 0 125,219 0 329,255 149,278 363,379 240,911 0 1,208,042 AVG PAY 0 0 0 0 0 125,219 0 109,752 149,278 121,126 120,456 0 120,804 60-64 NO.0 0 0 0 0 0 0 1 0 0 0 0 1 TOT PAY 0 0 0 0 0 0 0 106,634 0 0 0 0 106,634 AVG PAY 0 0 0 0 0 0 0 106,634 0 0 0 0 106,634 65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 TOT NO.22 23 18 10 9 60 27 36 20 14 2 0 241 TOT AMT 1,365,212 1,811,423 1,535,101 889,040 842,991 5,780,334 2,801,430 4,138,413 2,513,313 1,980,365 240,911 0 23,898,533 AVG AMT 62,055 78,758 85,283 88,904 93,666 96,339 103,757 114,956 125,666 141,455 120,456 0 99,164 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-5 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS FIRE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.11 2 2 0 0 0 0 0 0 0 0 0 15 TOT PAY 566,400 167,498 161,644 0 0 0 0 0 0 0 0 0 895,542 AVG PAY 51,491 83,749 80,822 0 0 0 0 0 0 0 0 0 59,703 25-29 NO.8 1 2 2 1 2 0 0 0 0 0 0 16 TOT PAY 463,200 78,601 161,323 168,880 91,644 174,080 0 0 0 0 0 0 1,137,728 AVG PAY 57,900 78,601 80,662 84,440 91,644 87,040 0 0 0 0 0 0 71,108 30-34 NO.2 1 5 2 7 14 0 0 0 0 0 0 31 TOT PAY 112,800 76,991 402,154 147,371 561,742 1,269,519 0 0 0 0 0 0 2,570,577 AVG PAY 56,400 76,991 80,431 73,686 80,249 90,680 0 0 0 0 0 0 82,922 35-39 NO.3 1 1 0 0 24 8 6 0 0 0 0 43 TOT PAY 175,200 85,871 83,175 0 0 2,205,681 891,648 728,336 0 0 0 0 4,169,911 AVG PAY 58,400 85,871 83,175 0 0 91,903 111,456 121,389 0 0 0 0 96,975 40-44 NO.3 0 0 0 0 7 6 13 0 0 0 0 29 TOT PAY 158,200 0 0 0 0 642,232 631,101 1,693,095 0 0 0 0 3,124,628 AVG PAY 52,733 0 0 0 0 91,747 105,184 130,238 0 0 0 0 107,746 45-49 NO.0 0 0 0 0 1 1 15 10 1 0 0 28 TOT PAY 0 0 0 0 0 110,416 114,789 1,811,787 1,307,591 104,996 0 0 3,449,579 AVG PAY 0 0 0 0 0 110,416 114,789 120,786 130,759 104,996 0 0 123,199 50-54 NO.0 0 1 1 1 1 0 6 7 2 0 0 19 TOT PAY 0 0 130,329 114,293 106,443 108,933 0 793,529 867,347 257,871 0 0 2,378,745 AVG PAY 0 0 130,329 114,293 106,443 108,933 0 132,255 123,907 128,936 0 0 125,197 55-59 NO.0 0 0 0 0 2 0 3 5 4 0 0 14 TOT PAY 0 0 0 0 0 178,668 0 355,845 685,694 567,259 0 0 1,787,466 AVG PAY 0 0 0 0 0 89,334 0 118,615 137,139 141,815 0 0 127,676 60-64 NO.0 0 0 0 0 3 0 0 1 2 0 0 6 TOT PAY 0 0 0 0 0 396,133 0 0 102,530 259,150 0 0 757,813 AVG PAY 0 0 0 0 0 132,044 0 0 102,530 129,575 0 0 126,302 65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 TOT NO.27 5 11 5 9 54 15 43 23 9 0 0 201 TOT AMT 1,475,800 408,961 938,625 430,544 759,829 5,085,662 1,637,538 5,382,592 2,963,162 1,189,276 0 0 20,271,989 AVG AMT 54,659 81,792 85,330 86,109 84,425 94,179 109,169 125,177 128,833 132,142 0 0 100,856 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-6 INACTIVE PARTICIPANT DISTRIBUTION Disabled Retired Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - 1 9,803 20-24 - - - - - - 1 43,938 25-29 - - - - - - 1 9,715 30-34 1 6,232 1 38,716 - - - - 35-39 11 178,339 - - - - 4 87,691 40-44 21 535,869 6 278,064 3 118,743 3 102,433 45-49 21 523,941 7 377,201 14 576,807 3 70,832 50-54 25 554,038 14 731,316 58 2,896,264 3 58,719 55-59 6 86,958 12 485,001 127 6,016,926 7 143,005 60-64 6 98,163 13 493,585 198 9,188,753 15 543,208 65-69 - - 23 748,700 265 11,502,180 32 885,561 70-74 - - 19 574,126 259 10,585,178 26 767,028 75-79 - - 14 422,637 180 7,252,756 26 762,984 80-84 - - 6 127,556 54 2,255,029 26 753,255 85-89 - - 7 207,879 36 1,167,891 17 265,317 90-94 - - 1 30,745 7 235,128 2 24,822 95-99 - - - - 1 17,791 4 32,447 100 & Over - - - - - - - - Total 91 1,983,540 123 4,515,526 1,202 51,813,446 171 4,560,758 Average Age 48 66 68 72 Terminated Vested Deceased with Beneficiary SECTION F SUMMARY OF PLAN PROVISIONS City of Clearwater Employees’ Pension Plan F-1 SUMMARY OF PLAN PROVISIONS A. Ordinances The Plan was established under the Code of Ordinances for the City of Clearwater, Florida, Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9620-22 passed and adopted on November 17, 2022. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code. B. Effective Date Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January 1, 1996). C. Plan Year January 1 through December 31. D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full-time permanent employees of the City are required to participate and become participants on their date of hire. F. Grandfathered Members Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the plan provisions in effect before Ordinance No. 8333-12. G. Credited Service Credited Service is measured as the total number of years and fractional parts of years from the date of employment to the date of termination or retirement. No service is credited for any periods of employment for which a participant received a refund of their contributions. City of Clearwater Employees’ Pension Plan F-2 H. Compensation The total compensation for services rendered to the City reportable on the participant’s W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding any lump sum payments of unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal allowances. Effective January 1, 2013: For non-grandfathered hazardous duty members, the amount of overtime included in Compensation is limited to 300 hours per year; For non-grandfathered non- hazardous duty members, Compensation excludes overtime and additional pay above the base rate of pay. I. Average Monthly Compensation (AMC) One-twelfth of the average of Compensation during the highest 5 years out of the last 10 years preceding termination or retirement. J. Normal Retirement Eligibility: For Non-Hazardous Duty A participant hired before January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 with 20 years of Credited Service, or (2) 30 years of Credited Service regardless of age, or (3) age 65 with 10 years of Credited Service. A participant hired on or after January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 60 with 25 years of Credited Service, or (2) age 65 with 5 years of Credited Service For Hazardous Duty Police Officers and Firefighters A participant may retire on the first day of the month coincident with or next following the earlier of: (1) age 55 with 10 years of Credited Service, or (2) 20 years of Credited Service regardless of age. City of Clearwater Employees’ Pension Plan F-3 Benefit: 2.75% of AMC multiplied by years of Credited Service. For Non-Hazardous Duty participants hired on or after January 1, 2013, 2.00% of AMC multiplied by years of Credited Service through September 30, 2022 plus 2.50% of AMC multiplied by years of Credited Service after September 30, 2022. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. K. Early Retirement Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal Retirement Eligibility upon the attainment of age 50 with 10 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early Retirement date precedes age 55. Normal Form of Benefit: A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-4 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. L. Delayed Retirement Same as Normal Retirement taking into account Compensation earned and service credited until the date of actual retirement. M. Service Connected Disability Eligibility: Any participant who becomes totally and permanently disabled due to an illness or injury contracted in the line of duty and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: For Non-Hazardous Duty Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 42% of the participant’s AMC (66 2/3% of the participant’s AMC if grandfathered). Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. For Hazardous Duty Police Officers and Firefighters Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. City of Clearwater Employees’ Pension Plan F-5 For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. N. Non-Service Connected Disability Eligibility: Any Hazardous Duty participant who has 10 or more years of Credited Service or Non-Hazardous Duty participant who has 5 or more years of Credited Service, becomes totally and permanently disabled, and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-6 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. O. Death in the Line of Duty Eligibility: Any participant whose employment is terminated by reason of death in the line of duty is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, the participant’s beneficiary can elect to receive a refund of participant’s accumulated contributions with interest. P. Other Pre-Retirement Death Eligibility: Any Hazardous Duty participant who dies with 10 or more years of Credited Service or Non-Hazardous Duty participant who dies with 5 or more years of Credited Service is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. City of Clearwater Employees’ Pension Plan F-7 Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, a participant’s beneficiary can elect to receive a refund of the participant’s accumulated contributions with interest. Accumulated contributions, plus interest, will be refunded for all Hazardous Duty participants with less than 10 years of Credited Service or Non-Hazardous Duty participants with less than 5 years of Credited Service. Q. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. R. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with the remaining monthly retirement benefit reduced accordingly. S. Vested Termination Eligibility: A participant has earned a non-forfeitable right to Plan benefits after the completion of 10 years of Credited Service for Hazardous Duty or 5 years of Credited Service for Non-Hazardous Duty provided employee contributions are not refunded. Vesting is determined in accordance with the following tables. Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 10 10 or more 0% 100% City of Clearwater Employees’ Pension Plan F-8 Non-Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 5 5 or more 0% 100% Benefit: The participant’s accrued Normal Retirement Benefit as of the date of termination. Benefit begins on the member’s Normal Retirement date. Alternatively, police officers and firefighters may elect to receive an actuarially reduced Early Retirement Benefit any time after age 50. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Hazardous Duty participants with less than 10 years of Credited Service and Nonhazardous Duty participants with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. T. Refunds Eligibility: All Hazardous Duty members terminating employment with less than 10 years of Credited Service and Nonhazardous Duty members terminating employment with less than 5 years of Credited Service are eligible. Optionally, vested members may elect a refund in lieu of the vested benefits otherwise due. City of Clearwater Employees’ Pension Plan F-9 Benefit: Refund of the member’s contributions with 5% simple interest paid in a single lump sum. U. Member Contributions 8% of Compensation for Non-Hazardous Duty participants. 10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered). V. Employer Contributions Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all employees participating in the plan, plus any additional amount determined by the actuary needed to fund the plan properly according to State laws. W. Cost of Living Increases 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. X. 13th Check Not Applicable Y. Deferred Retirement Option Plan Not Applicable Z. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Clearwater Employees’ Pension Plan liability if continued beyond the availability of funding by the current funding source. AA. Changes from Previous Valuation None. 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#25-0150 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.6 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Tyler McKenna, Utilities Mechanic, Public Utilities 12/30/2024 Petra Lara, Staff Assistant I, General Services 01/11/2025 Jay Albis, Police Officer, Police Department 01/13/2025 Joe Bay, Budget Analyst II, Finance Department 01/13/2025 Aly’ssa Brown, Police Officer, Police Department 01/13/2025 Daniel Copeland, Police Officer, Police Department 01/13/2025 Carlos Estrella, Police Officer, Police Department 01/13/2025 Benjamin Floyd, Solid Waste Equipment Oper, Solid Waste & Recycling 01/13/2025 Michael Gainer, Wastewater Treatment Plant Oper A, Public Utilities 01/13/2025 Edward Graham, Police Cadet, Police Department 01/13/2025 Daniel Hurd, Police Officer, Police Department 01/13/2025 Daniel Irwin, Police Officer, Police Department 01/13/2025 Kelsy Johnson, Recreation Specialist, Parks & Recreation 01/13/2025 Amanda Levicki, Police Service Tech, Police Department 01/13/2025 Megan McLaughlin, Executive Assistant, City Council 01/13/2025 Matthew Mulligan, Police Cadet, Police Department 01/13/2025 Justin Paulson, Police Cadet, Police Department 01/13/2025 Marissa Polencheck, Police Cadet, Police Department 01/13/2025 Patricio Tovar, Public Utilities Assistant Manager, Public Utilities 01/13/2025 Tommy Wright, Fleet Mechanic, General Services 01/13/2025 Daniel Zagone, Police Cadet, Police Department 01/13/2025 Devonte Hinton, Water Distribution Operator Trainee, Public Utilities 01/27/2025 Sheldon Kautz, Wastewater Treatment Plant Oper C, Public Utilities 01/27/2025 Marcus Mayfield, Solid Waste Worker I, Solid Waste & Recycling 01/27/2025 Ruben Rivera-Garcia, Solid Waste Worker I, Solid Waste & Recycling 01/27/2025 Aaron Shaw, Gas Technician I, Gas Department 01/27/2025 Jared Staudinger, Water Distribution Operator Trainee, Public Utilities 01/27/2025 Sarah Straker, Recreation Specialist, Parks & Recreation 01/27/2025 Daniel Terrell, Solid Waste Worker I, Solid Waste & Recycling 01/27/2025 Garret Chrissley, Human Resources Analyst I, Human Resources 02/10/2025 Dylan Dasopatis, Solid Waste Equipment Operator, Solid Waste & Recyc.02/10/2025 Welton Thomas, Solid Waste Service Supervisor II, Solid Waste & Recyc.02/10/2025 Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0150 Brian Ulbricht, CRA Specialist, Community Redevelopment Agency 02/10/2025 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: March 13, 2025 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Tyler McKenna Utilities Mechanic Public Utilities 12/30/2024 Petra Lara Staff Assistant I General Services 01/11/2025 Jay Albis Police Officer Police Department 01/13/2025 Joe Bay Budget Analyst II Finance Department 01/13/2025 Aly’ssa Brown Police Officer Police Department 01/13/2025 Daniel Copeland Police Officer Police Department 01/13/2025 Carlos Estrella Police Officer Police Department 01/13/2025 Benjamin Floyd Solid Waste Equipment Oper Solid Waste & Recycling 01/13/2025 Michael Gainer Wastewater Treatment Plant Oper A Public Utilities 01/13/2025 Edward Graham Police Cadet Police Department 01/13/2025 Daniel Hurd Police Officer Police Department 01/13/2025 Daniel Irwin Police Officer Police Department 01/13/2025 Kelsy Johnson Recreation Specialist Parks & Recreation 01/13/2025 Amanda Levicki Police Service Tech Police Department 01/13/2025 Megan McLaughlin Executive Assistant City Council 01/13/2025 Matthew Mulligan Police Cadet Police Department 01/13/2025 Justin Paulson Police Cadet Police Department 01/13/2025 Marissa Polencheck Police Cadet Police Department 01/13/2025 Patricio Tovar Public Utilities Assistant Manager Public Utilities 01/13/2025 Tommy Wright Fleet Mechanic General Services 01/13/2025 Daniel Zagone Police Cadet Police Department 01/13/2025 Devonte Hinton Water Distribution Operator Trainee Public Utilities 01/27/2025 Sheldon Kautz Wastewater Treatment Plant Oper C Public Utilities 01/27/2025 Marcus Mayfield Solid Waste Worker I Solid Waste & Recycling 01/27/2025 Ruben Rivera-Garcia Solid Waste Worker I Solid Waste & Recycling 01/27/2025 Aaron Shaw Gas Technician I Gas Department 01/27/2025 Jared Staudinger Water Distribution Operator Trainee Public Utilities 01/27/2025 Sarah Straker Recreation Specialist Parks & Recreation 01/27/2025 Daniel Terrell Solid Waste Worker I Solid Waste & Recycling 01/27/2025 Garret Chrissley Human Resources Analyst I Human Resources 02/10/2025 Dylan Dasopatis Solid Waste Equipment Operator Solid Waste & Recycling 02/10/2025 Welton Thomas Solid Waste Service Supervisor II Solid Waste & Recycling 02/10/2025 Brian Ulbricht CRA Specialist Community Redevelopment Agency 02/10/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0151 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.7 SUBJECT/RECOMMENDATION: Approve the following request of employees David Melton, Public Works Department and Kyle Vaughan, Public Works Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: David Melton, Stormwater/Heavy Equipment Operator, Public Works Department, was employed by the City on March 6, 2008, and his pension service credit is effective on that date. Mr. Melton terminated from City employment on December 22, 2024. Kyle Vaughan, Engineering Specialist II, Public Works Department, was employed by the City on September 3, 2011, and his pension service credit is effective on January 16, 2012. Mr. Vaughan terminated from City employment on January 17, 2025. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing five or more years (non-hazardous duty) and ten or more years (hazardous duty) of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits . Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed 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. Mr. Melton will meet the non-hazardous duty criteria and begin collecting a pension in February of 2028. Mr. Vaughan will meet the non-hazardous duty criteria and begin collecting a pension in January of 2041. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed 10 years of credited service. APPROPRIATION CODE AND AMOUNT: N/A Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0151 USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0152 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.8 SUBJECT/RECOMMENDATION: Approve the following request of Perry Conzen, General Services Department, Nilda Espinosa, Planning & Development Department, Robert Orner, General Services Department, Maria Pita, Police Department, and Christian Zarra, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Perry Conzen, Fleet Division Manager, General Services Department, was employed by the City on January 12, 2004, and his pension service credit is effective on that date. His pension will be effective April 1, 2025. Based on an average salary of approximately $97,060.42 over the past five years, the formula for computing regular pensions and Mr. Conzen’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $44,639.28 annually. Nilda Espinosa, Code Inspector I, Planning & Development Department, was employed by the City on May 8, 2000, and her pension service credit is effective on that date. Her pension will be effective February 1, 2025. Based on an average salary of approximately $55,602.10 over the past five years, the formula for computing regular pensions and Ms. Espinosa’s selection of the 10 Year Certain and Life Annuity, this pension benefit will be approximately $34,734.36 annually. Robert Orner, Fleet Mechanic Supervisor, General Services Department, was employed by the City on September 24, 2012, and his pension service credit is effective on that date. His pension will be effective May 1, 2025. Based on an average salary of approximately $63,846.74 over the past five years, the formula for computing regular pensions and Mr. Orner’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $17,997.48 annually. Maria Pita, Police Officer, Police Department, was employed by the City on October 25, 2010, and her pension service credit is effective on that date. Her pension will be effective February 1, 2025. Based on an average salary of approximately $92,885.74 over the past five years, the formula for computing early retirement pensions and Ms. Pita’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $28,579.92 annually. Christian Zarra, Police Sergeant, Police Department, was employed by the City on July 21, 1997, 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 $147,006.17 over the past five years, the formula for computing regular pensions and Mr. Zarra’s selection of the Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $78,380.52 annually. Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0152 Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed 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. Mr. Conzen, Ms. Espinosa, and Mr. Orner have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Ms. Pita and Mr. Zarra have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0333 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.9 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Jeffrey May, Skilled Tradesworker I, General Support Services 02/24/2025 Nathanael Tayman, Traffic Signal Tech I, Public Works 02/24/2025 Christopher Powell, Parks Service Technician I, Parks & Recreation 02/24/2025 Andrew Vanderlick, Parks Service Technician I, Parks & Recreation 02/24/2025 Roger Costello, Parks Service Technician I, Parks & Recreation 02/24/2025 Robert Simpson, Public Info Coordinator I, Public Communications 02/24/2025 Terry Dawson, Solid Waste Equipment Oper, Solid Waste & Recycling 02/24/2025 Keyth Hooton, Parks Service Technician I, Parks & Recreation 02/22/2025 Michael Deatherage, Parks Service Technician I, Parks & Recreation 03/08/2025 Catherine Reese, Code Inspector I, Planning & Development 03/10/2025 Jeffrey Payne, Parks Service Technician I, Parks & Recreation 03/10/2025 Michelle Mack, Contracts & Procurement Specialist, Public Utilities 03/10/2025 Spencer Fortmuller, Gas Tech Apprentice, Gas System 03/10/2025 John Turley, Gas Tech Apprentice, Gas System 03/10/2025 Dylan Whitaker, Gas Tech Apprentice, Gas System 03/10/2025 Madison Perry, Police Officer, Police Department 03/10/2025 Gregg Kunz, Gas System Specialist, Gas System 03/24/2025 Scott Davidson, Warehouse Supervisor, General Support Services 03/24/2025 Brian Cservak, Fleet Mechanic, General Support Services 03/24/2025 Leanne Hallam, Human Resources Analyst I, Human Resources 03/24/2025 Rhonda Hooks, Staff Assistant II, Information Technology 03/24/2025 Matthew Pego, Network Analyst I, Information Technology 03/24/2025 Alexis Schroepfer, Police Cadet, Police Department 03/24/2025 Amoy Nelson, Police Cadet, Police Department 03/24/2025 Genesis Rodriguez, Police Cadet, Police Department 03/24/2025 Dylan Flora, Police Cadet, Police Department 03/24/2025 Mason Spino, Police Cadet, Police Department 03/24/2025 Quinn Blauvelt, Survey Assistant I, Public Works 03/24/2025 Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0333 Atley Acker, Survey Assistant I, Public Works 03/24/2025 Bradford Hardbarger, Solid Waste Equip.Oper, Solid Waste & Recyc.03/24/2025 Jeffrey May, Skilled Tradesworker I, General Support Services 02/24/2025 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: May 8, 2025 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Jeffrey May Skilled Tradesworker I General Support Services 02/24/2025 Nathanael Tayman Traffic Signal Tech I Public Works 02/24/2025 Christopher Powell Parks Service Technician I Parks & Recreation 02/24/2025 Andrew Vanderlick Parks Service Technician I Parks & Recreation 02/24/2025 Roger Costello Parks Service Technician I Parks & Recreation 02/24/2025 Robert Simpson Public Info Coordinator I Public Communications 02/24/2025 Terry Dawson Solid Waste Equipment Oper Solid Waste & Recycling 02/24/2025 Keyth Hooton Parks Service Technician I Parks & Recreation 02/22/2025 Michael Deatherage Parks Service Technician I Parks & Recreation 03/08/2025 Catherine Reese Code Inspector I Planning & Development 03/10/2025 Jeffrey Payne Parks Service Technician I Parks & Recreation 03/10/2025 Michelle Mack Contracts & Procurement Specialist Public Utilities 03/10/2025 Spencer Fortmuller Gas Tech Apprentice Gas System 03/10/2025 John Turley Gas Tech Apprentice Gas System 03/10/2025 Dylan Whitaker Gas Tech Apprentice Gas System 03/10/2025 Madison Perry Police Officer Police Department 03/10/2025 Gregg Kunz Gas System Specialist Gas System 03/24/2025 Scott Davidson Warehouse Supervisor General Support Services 03/24/2025 Brian Cservak Fleet Mechanic General Support Services 03/24/2025 Leanne Hallam Human Resources Analyst I Human Resources 03/24/2025 Rhonda Hooks Staff Assistant II Information Technology 03/24/2025 Matthew Pego Network Analyst I Information Technology 03/24/2025 Alexis Schroepfer Police Cadet Police Department 03/24/2025 Amoy Nelson Police Cadet Police Department 03/24/2025 Genesis Rodriguez Police Cadet Police Department 03/24/2025 Dylan Flora Police Cadet Police Department 03/24/2025 Mason Spino Police Cadet Police Department 03/24/2025 Quinn Blauvelt Survey Assistant I Public Works 03/24/2025 Atley Acker Survey Assistant I Public Works 03/24/2025 Bradford Hardbarger Solid Waste Equipment Oper Solid Waste & Recycling 03/24/2025 Jeffrey May Skilled Tradesworker I General Support Services 02/24/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0334 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.10 SUBJECT/RECOMMENDATION: Approve the following request of employees Leviticus McKinnon, Parks and Recreation Department, Shirlene Spata, Police Department, and Miguel Tambucho, Fire Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Leviticus McKinnon, Parks Service Technician II, Parks & Recreation Department, was employed by the City on April 22, 2013, and his pension service credit is effective on that date. Mr. McKinnon terminated from city employment on April 21, 2025. Shirlene Spata, Payroll Technician, Police Department, was employed by the City on October 6, 2014, and her pension service credit is effective on that date. Ms. Spata terminated from city employment on April 2, 2025. Miguel Tambucho, Beach Lifeguard, Fire Department, was employed by the City on December 10, 2007, and his pension service credit is effective on that date. Mr. Tambucho went to a part-time position January 27, 2024. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing five or more years (non-hazardous duty) and ten or more years (hazardous duty) of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits . Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed 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. Mr. McKinnon will meet the non-hazardous duty criteria and begin collecting a pension in October of 2037. Ms. Spata will meet the non-hazardous duty criteria and begin collecting a pension in November of 2026. Mr. Tambucho will meet the non-hazardous duty criteria and begin collecting a pension in January of 2028. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0334 member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0335 Agenda Date: 6/2/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.11 SUBJECT/RECOMMENDATION: Approve the following request of Alfred Basore, Parks and Recreation Department, David Bell, Parks and Recreation Department, Matthew Daerr, Fire Department, Peter Gushee, Fire Department, Lawrence Labus, Parks and Recreation Department, Thomas Mahony, Public Works Department, Daniel O’Brien, Police Department, and Stephanie Sansom, Public Works Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Alfred Basore, Senior Parks Service Technician, Parks & Recreation Department, was employed by the City on November 8, 1999, and his pension service credit is effective on June 28, 2000. His pension will be effective May 1, 2025. Based on an average salary of approximately $47,572.66 over the past five years, the formula for computing regular pensions and Mr. Basore’s selection of the Single Life Annuity, this pension benefit will be approximately $32,499.12 annually. David Bell, Custodial Worker, Parks & Recreation Department, was employed by the City on March 25, 2002, and his pension service credit is effective on July 8, 2006. His pension will be effective May 1, 2025. Based on an average salary of approximately $39,292.31 over the past five years, the formula for computing regular pensions and Mr. Bell’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $16,835.76 annually. Matthew Daerr, Fire District Commander, Fire Department, was employed by the City on October 4, 1999, and his pension service credit is effective on that date. His pension will be effective May 1, 2025. Based on an average salary of approximately $131,821.97 over the past five years, the formula for computing regular pensions and Mr. Daerr’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $63,488.52 annually. Peter Gushee, Fire Training Officer, Fire Department, was employed by the City on February 9, 2004, and his pension service credit is effective on that date. His pension will be effective June 1, 2025. Based on an average salary of approximately $114,712.27 over the past five years, the formula for computing regular pensions and Mr. Gushee’s selection of the Single Life Annuity with the 30% partial lump sum, this pension benefit will be approximately $47,466.00 annually. Lawrence Labus, Parks Service Technician III, Parks & Recreation Department, was employed by the City on April 14, 1981, and his pension service credit is effective on April 10, 1999. His pension will be effective May 1, 2025. Based on an average salary of approximately $48,562.47 over the past five years, the formula for computing regular pensions and Mr. Labus’ selection of the Single Life Annuity, this pension benefit will be approximately $34,722.12 annually. Page 1 City of Clearwater Printed on 5/27/2025 File Number: ID#25-0335 Thomas Mahony, City Surveyor/ GIS Division Manager, Public Works Department, was employed by the City on April 22, 1991, and his pension service credit is effective on that date. His pension will be effective May 1, 2025. Based on an average salary of approximately $112,602.02 over the past five years, the formula for computing regular pensions and Mr . Mahony’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $89,658.00 annually. Daniel O’Brien, 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 May 1, 2025. Based on an average salary of approximately $104,696.23 over the past five years, the formula for computing regular pensions and Mr. O’ Brien’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $57,771.72 annually. Stephanie Sansom, Division Controller, Public Works Department, was employed by the City on March 25, 2002, and her pension service credit is effective on that date. Her pension will be effective May 1, 2025. Based on an average salary of approximately $85,493.04 over the past five years, the formula for computing regular pensions and Ms. Sansom’s selection of the Single Life Annuity, this pension benefit will be approximately $54,185.40 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed 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. Mr. Basore, Mr. Bell, Mr. Labus, Mr. Mahony, and Ms. Sansom have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Mr. Daerr, Mr. Gushee, and Mr. O’Brien have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 5/27/2025