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11/03/2026Monday, November 3, 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 - Final November 3, 2025Pension Trustees Meeting Agenda - Final 1. Call to Order 2. Approval of Minutes 2.1 Approve the minutes of the August 18, 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 the termination of mid-cap growth equity money manager Artisan Partners and authorize the appropriate officials to execute same. 4.2 Approve Investment Management Agreement with Northern Trust Investments, Inc. for a separately managed mid-cap growth equity index investment account and authorize the appropriate officials to execute same. 4.3 Approve changes to the City of Clearwater Employees’ Pension Fund Statement of Investment Objectives and Guidelines (Investment Policy) to update the fund’s investment benchmark index, to adjust the minimum allocation to fixed income, and other minor changes as recommended by the Plan’s Investment Committee. 4.4 Approve the new hires for acceptance into the Pension Plan as listed. 4.5 Approve the following request of employee Michael Morea, Police Department, to vest his pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.6 Approve the following request of Steven Baginski, Police Department, Jevon Graham, Fire Department, and Sandra Lear, Information Technology Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 5. Director's Report 6. Adjourn Page 2 City of Clearwater Printed on 10/28/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0146 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the August 18, 2025 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 10/28/2025 Pension Trustees Meeting Minutes August 18, 2025 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, August 18, 2025 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes August 18, 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, 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 1:41 p.m. 2. Approval of Minutes 2.1 Approve the minutes of the June 2, 2025 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Teixeira moved to approve the minutes of the June 2, 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 Legal services agreement relating to pension disability claims. Pursuant to recent negotiations with FOP and IAFF, the City has updated the process for resolving pension disability claims. The new process requires a legal evaluation of the merits of the application, which will be provided to the City Manager as a non-binding recommendation. The City’s long-time worker’s compensation attorney, Mark Hungate, has agreed to provide this service for the City. Assigning these cases to Mr. Hungate will promote efficiency because the vast majority of pension disability claims also dovetail with worker’s compensation. APPROPRIATION CODE AND AMOUNT: Funding for this agreement is available in cost code 6467410-530100 Draft Pension Trustees Meeting Minutes August 18, 2025 Page 3 City of Clearwater Professional Services, funded by the employee pension fund. Trustee Allbritton moved to approved legal services agreement relating to pension disability claims. The motion was duly seconded and carried unanimously. 4.2 Approve pension plan administrative expenditures for fiscal year 2026 totaling not-to-exceed $443,800. The Employees’ Pension Plan does not have a legally required budget. However, all expenditures must be approved by the Trustees. The following are routine administrative expenditures that staff is requesting approval of for administrative efficiency. The recommended expenditures for fiscal year 2026 reflect a $73,900, or 20.0%, increase over the approved fiscal 2025 expenditures. This net increase is primarily due to a $60,000 increase in the budget for pension attorney services, resulting from the new practice of using State special hearing officers for the review of disability claims. Training and travel are the estimated costs of pension training and related travel, including fiduciary training for the Trustees and Pension Advisory Committee (PAC) members. This is a not-to-exceed amount given uncertainty regarding the number of Trustees and PAC members that may elect to pursue training. Expenditures for physicals are per the pension ordinance requirement that new employees must pass a comprehensive physical exam to be accepted into the pension plan. Reimbursements to the General Fund and Central Insurance Fund are for the cost of oversight and administration of the Plan. The reimbursements are for services provided by Human Resources, Payroll, and Finance personnel, along with related operating expenditures. The firm of Klausner, Kaufman, Jensen and Levinson currently serves as the Plan’s pension attorneys, while the firm of Banker, Lopez, Gassler currently provides legal services for PAC disability pension claims. The pension plan has recently contracted with the State of Florida Division of Administrative Hearings to provide hearing officers for the review of disability pension applications and issuance of recommended orders. Annual attorney fees also include medical bills for medical services authorized by the PAC. Draft Pension Trustees Meeting Minutes August 18, 2025 Page 4 City of Clearwater Money manager, performance measurement consulting, custodial/safekeeping, and actuary fees (other than actuary hourly consulting and special projects) are all governed by contracts separately approved by the Trustees, and are not included in this agenda item total. APPROPRIATION CODE AND AMOUNT: 6467410-5xxxxx (various pension plan expenditure codes) Trustee Mannino moved to approve pension plan administrative expenditures for fiscal year 2026 totaling not-to-exceed $443,800. The motion was duly seconded and carried unanimously. 4.3 Approve Alan Ryan’s request for job-connected disability pension. The City of Clearwater Employees’ Pension Plan governs the payment of retirement benefits for City employees. Employees may receive a disability retirement benefit if their claim meets the criteria as set forth in Clearwater Ordinance Section 2.418. In February of 2025, now-former employee Alan Ryan applied for a disability retirement benefit. In accordance with Section 2.418(8), the City Manager, after consideration of all relevant factors, recommends approval for Mr. Ryan’s disability retirement benefit. This agenda item seeks approval from the Pension Trustees for Mr. Ryan’s disability retirement benefit. Trustee Cotton moved to approve Alan Ryan’s request for job-connected disability pension. The motion was duly seconded and carried unanimously. 4.4 Approve Martin Vilimek’s request for job-connected disability pension. The City of Clearwater Employees’ Pension Plan governs the payment of retirement benefits for City employees. Employees may receive a disability retirement benefit if their claim meets the criteria as set forth in Clearwater Ordinance Section 2.418. In March 2025, now-former employee Martin Vilimek applied for a disability retirement benefit. In accordance with Section 2.418(8), the City Manager, after consideration of all relevant factors, recommends approval for Mr. Vilimek’s disability retirement benefit. This agenda item seeks approval from the Pension Trustees for Mr. Vilimek’s disability retirement benefit. Draft Pension Trustees Meeting Minutes August 18, 2025 Page 5 City of Clearwater Trustee Teixeira moved to approve Martin Vilimek’s request for job-connected disability pension. The motion was duly seconded and carried unanimously. 4.5 Approve the new hires for acceptance into the Pension Plan as listed. Name/ Job Classification/ Department Pension Eligibility Date Bethany Walker, Beach Lifeguard I, Fire Department 04/05/2025 Tyler Baldwin, Skilled Tradesworker I, General Support Services 04/07/2025 Reid Ito, Code Inspector I, Planning & Development 04/07/2025 Tyrone McIntosh, Streets & Sidewalks Tech I, Public Works 04/07/2025 Kyle Murrell, Utilities Mechanic, Public Utilities 04/07/2025 Joshua Doria, Beach Lifeguard I, Fire Department 04/19/2025 Milan Franko, Utilities Mechanic, Public Utilities 04/21/2025 Andy Liz, Utilities Mechanic, Public Utilities 04/21/2025 Gregory Penney, Parks Service Technician I, Parks & Recreation 04/21/2025 Ava Schmidt, Planner II, Planning & Development 04/21/2025 Damond Sears, Solid Waste Worker I, Solid Waste & Recycling 04/21/2025 Leand Skenderasi, Engineering Specialist III, Public Works 04/21/2025 Eric Truitt, Solid Waste Worker I, Solid Waste & Recycling 04/21/2025 Alexander Bennett, Parks Service Technician I, Parks & Recreation 05/05/2025 Joshua Holloran, Payroll Tech I, Solid Waste & Recycling 05/05/2025 Nathaniel Jozefik, Engineering Specialist II, Public Works 05/05/2025 Alexis Moore, Wstwtr Trtment Plant Oper Trainee, Public Utilities 05/05/2025 James Spears, Parks Service Technician I, Parks & Recreation 05/05/2025 Reinaldo Hernandez Jr, CAD & GIS Technician II, Gas System 05/19/2025 Erica Moody, Payroll Tech I, Police Department 05/19/2025 Charles Stokes, Firefighter, Fire Department 06/02/2025 Wyatt Henry, Firefighter, Fire Department 06/02/2025 Kelloch Smith, Firefighter, Fire Department 06/02/2025 Chancellor Kelly, Firefighter, Fire Department 06/02/2025 Caroline Osburn, Firefighter, Fire Department 06/02/2025 Rami Serrai, Firefighter, Fire Department 06/02/2025 Dexter Humphreys, Firefighter, Fire Department 06/02/2025 Logan Short, Firefighter, Fire Department 06/02/2025 Raymond Ligon. Firefighter, Fire Department 06/02/2025 Tre Furious Sanders, Streets & Sidewalks Tech II, Public Works 06/02/2025 Brian Berg, Gas Technician II, Gas System 06/02/2025 Devin Cushnie, Water Distribution Trainee, Public Utilities 06/02/2025 Steven Tikkanen, Water Distribution Trainee, Public Utilities 06/02/2025 Draft Pension Trustees Meeting Minutes August 18, 2025 Page 6 City of Clearwater Zachary Smith, Development Review Tech II, Planning & Development 06/02/2025 Morgan Baldino, Pool Lifeguard, Parks & Recreation 06/02/2025 Trustee Allbritton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.6 Approve the following request of employees Carlos Andres Cardenas, Planning and Development Department and Gail Shaloy, Finance Department, to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. Carlos Andres Cardenas, Electrical Inspector, Planning & Development Department, was employed by the City on October 8, 2012, and his pension service credit is effective on that date. Mr. Cardenas terminated from City employment on March 7, 2025. Gail Shaloy, Accountant II, Finance Department, was employed by the City on October 1, 2018, and her pension service credit is effective on that date. Ms. Shaloy terminated from City employment on May 30, 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. Cardenas will meet the non-hazardous duty criteria and begin collecting a pension in November of Draft Pension Trustees Meeting Minutes August 18, 2025 Page 7 City of Clearwater 2032. Ms. Shaloy will meet the non-hazardous duty criteria and begin collecting a pension on February 1, 2027. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Trustee Mannino moved to approve the following request of employees Carlos Andres Cardenas, Planning and Development Department and Gail Shaloy, Finance Department, to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.7 Approve the following request of Randy Barnoski, Public Utilities Department, Jeanne Blaettner, Finance Department, Jaime Cuervo-Garzon, General Services Department, Keith Farrington, General Services Department, and Natalia Illich-Hailey, Police Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Randy Barnoski, Lead Wastewater Treatment Plant Operator, Public Utilities Department, was employed by the City on March 20, 1995, 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 $69,664.66 over the past five years, the formula for computing regular pensions and Mr. Barnoski’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $48,647.88 annually. Jeanne Blaettner, Accounting Technician II, Finance Department, was employed by the City on September 23, 2013, and her pension service credit is effective on that date. Her pension will be effective July 1, 2025. Based on an average salary of approximately $45,702.06 over the past five years, the formula for computing regular pensions and Ms. Blaettner’ s selection of the Single Life Annuity, this pension benefit will be approximately $11,379.12 annually. Jaime Cuervo-Garzon, Skilled Tradesworker II, General Services Department, was employed by the City on July 12, 2004, and his pension service credit is effective on that date. His pension will be effective August 1, 2025. Based on an average salary of approximately $51,181.39 over the past five years, the formula for computing regular pensions and Mr. Cuervo-Garzon’s selection of the Single Life Annuity, this pension benefit will be approximately $29,557.32 annually. Keith Farrington, Electrical Supervisor, General Services Department, was employed by the City on August 8, 2016, and his pension service credit is effective on that date. His pension will be effective June 1, 2025. Based on an Draft Pension Trustees Meeting Minutes August 18, 2025 Page 8 City of Clearwater average salary of approximately $59,604.26 over the past five years, the formula for computing regular pensions and Mr. Farrington’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $6,542.28 annually. Natalia Illich-Hailey, Police Major, Police Department, was employed by the City on November 1, 2004, 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 $145,997.82 over the past five years, the formula for computing regular pensions and Ms. Illich-Hailey’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $56,710.80 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. Barnoski, Ms. Blaettner, Mr. Cuervo- Garzon, and Mr. Farrington 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. Illich-Hailey has met the hazardous duty criteria. Trustee Cotton moved to approve the following request of Randy Barnoski, Public Utilities Department, Jeanne Blaettner, Finance Department, Jaime Cuervo-Garzon, General Services Department, Keith Farrington, General Services Department, and Natalia Illich-Hailey, Police Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 5. Director's Report – None. Draft Pension Trustees Meeting Minutes August 18, 2025 Page 9 City of Clearwater 6. Adjourn The meeting adjourned at 1:35 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#25-1081 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the termination of mid-cap growth equity money manager Artisan Partners and authorize the appropriate officials to execute same. SUMMARY: Artisan Partners was hired as a mid-cap growth equity money manager for the plan in August 2001. As of June 30, 2025, the market value of the plan’s investment in Artisan’s mid-cap growth product totaled $57.2 million, or 4.11% of the Plan’s total investment portfolio. Artisan’s performance has declined in recent years, as detailed below. The Pension Investment Committee unanimously recommended termination at their June 5, 2025, quarterly committee meeting. Performance versus benchmark index as of June 30, 2025: Last year Last 3 years Last 5 years Net of fees return 14.72% 13.08% 6.57% Benchmark index 26.49% 21.46% 12.65% STRATEGIC PRIORITY: Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 1 City of Clearwater Printed on 10/28/2025 Q2 25Period Ending 6.30.25 | 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 2nd Quarter, 2025 City of Clearwater Employees' Pension Plan Q2 25Period Ending 6.30.25 |in this review City of Clearwater Employees' Pension Plan 2nd Quarter, 2025 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 Q2 25Period Ending 6.30.25 |section 1 : industry updates 3 Q2 25Period Ending 6.30.25 |defined benefit marketplace — topical spotlight THE SAFEST AVAILABLE ANNUITY PROVIDER DOL Interpretive Bulletin 95-1 requires plan sponsors to use only the “safest available” annuity when selecting an annuity provider for either a partial or full pension risk transfer (PRT). It also identifies six considerations for sponsors to evaluate when determining the safest available insurer. While CAPTRUST provides consistent support and guidance through the PRT process, plan sponsors may also benefit from the advice of a qualified, independent PRT expert. •Provides asset allocation and portfolio construction guidance to the plan sponsor throughout the PRT process •Collaborates with the plan actuary to evaluate the termination timeline •Prepares pretermination analysis, including hedge strategy based on estimated lump-sum take rates •Works with liability-driven investing (LDI) managers to facilitate modifications to liability-hedging assets •If engaged, can provide participant communication and education strategy through the CAPTRUST at Work financial wellness solution CAPTRUST The number of plan sponsors participating in PRT activity with insurers continues to increase, as does litigation claiming plan sponsors have breached their fiduciary duties by not selecting the safest available annuity. Your CAPTRUST financial advisor can help you manage the PRT process, and can help you find a qualified, independent PRT expert. •Serves as an independent expert and provides due diligence as defined by DOL 95-1 in a co-fiduciary capacity •Works with all the major pension annuity providers, and provides an analysis of the strengths and weaknesses of annuity providers before making a recommendation •Provides documentation that participants’ best interests were placed above all other considerations in fiduciary decisions •Provides clear participant communication •Works with the plan sponsor and plan actuary to estimate the costs associated with plan termination QUALIFIED INDEPENDENT PRT EXPERT 1 Quality and diversification of the investment portfolio 2 Size relative to the proposed contract 3 Capital and surplus levels 4 Other lines of business and exposure to liability 5 Annuity structure and guarantees, such as the use of separate accounts 6 Additional protection through state guaranty associations 4 City of Clearwater Employees' Pension Plan Q2 25Period Ending 6.30.25 |section 2 : market commentary and review 5 Q2 25Period Ending 6.30.25 |market commentary MARKET RECOVERS IN VOLATILE QUARTER A sharp selloff ushered in the second quarter as U.S. trade policies shook global markets. A gradual easing in tariff rhetoric and ongoing strength in economic data moderated investor fears, even as geopolitical tensions escalated. U.S. markets ended the quarter at all-time highs, while dollar weakness bolstered gains for a reinvigorated Europe. 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). Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. •U.S. equities climbed with market leadership rotating back to the communication services and technology sectors after solid earnings. •U.S. dollar depreciation was a tailwind for international stocks along with improving growth prospects and easing trade tensions. •Fixed income assets added to their 2025 gains despite a volatile quarter and mounting concerns about the sustainability of U.S. federal debt levels. •Weakened demand and oversupply concerns dragged on commodities and energy prices. Gold continues to be a safe-haven asset amid economic and geopolitical uncertainty. •Real estate fell amid weakening investor sentiment and yield volatility. Q2 2025 YTD 2025 8.5% -0.4% 1.2% -3.1% 10.9% 12.2%12.1% -1.8% 2.9%4.0% 5.5%6.2% 15.6% 19.9% Real EstateU.S. Small- Cap Stocks EmergingInternationalStocks DevelopedInternationalStocks CommoditiesU.S.Bonds U.S. Large-Cap Stocks 6 Q2 25Period Ending 6.30.25 |market commentary DIGGING DEEPER: STOCKS AND BONDS Fixed Income Equities – Relative Performance by Market Capitalization and Style Equities Sources: Morningstar, 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. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. *Last 12 months: 6.30.2024 through 6.30.2025 *Last 12 months: 6.30.2024 through 6.30.2025 7 Q2 25Period Ending 6.30.25 |market commentary Source: Morningstar, S&P Global. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. Indexes cannot be invested in directly. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. Investing involves risk; principal loss is possible. *Last 12 months: 6.30.2024 through 6.30.2025 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 33.0%14.0%10.4%9.8%9.3%8.6%5.5%3.0%2.4%2.0%1.9% 15.2%15.1% 29.4% 18.4% 23.0% -5.9% 22.9% 12.2% -4.0% 23.4% 11.7% 1.9% 10.9% 23.7% 5.5% 11.5% 18.5% -7.2% 12.9% 1.1% -8.6% 4.3% -0.1% 3.1% Last 12 Months Q2 2025 FinancialsTechnology Consumer Discretionary Industrials EnergyHealth Care Consumer Staples Communication Services Utilities MaterialsS&P 500® Index Real Estate 8 Q2 25Period Ending 6.30.25 |market commentary Interest Rates 3 Months 2 Years 5 Years 10 Years 30 Years Mortgage Rate March 2025 4.32%3.89%3.96%4.23%4.59%6.65% June 2025 4.41%3.72%3.79%4.24%4.78%6.77% Change 0.09%-0.17%-0.17%0.01%0.19%0.12% DIGGING DEEPER: FIXED INCOME MARKET U.S. Treasury yields were mixed as investors grappled with trade policy changes, geopolitical tensions, and risks surrounding U.S. federal debt. Mortgage rates climbed with the long end of the yield curve. Core Fixed Income Yield to Worst Duration Total Return Q2 2025 Spread Treasury Rate AA Spread BBB Spread March 2025 4.61%5.86 1.21% 0.38%4.22%0.38%1.11% June 2025 4.56%5.81 0.33%4.23%0.34%1.01% Change -0.04%-0.05 -0.05%0.01%-0.04%-0.10% Core bond performance was marginally positive while yields remained largely range-bound. Credit spreads tightened as trade tensions eased. Long Credit Yield to Worst Duration Total Return Q2 2025 Spread Treasury Rate AA Spread BBB Spread March 2025 5.73%12.63 1.25% 1.21%4.53%0.81%1.53% June 2025 5.82%12.58 1.09%4.73%0.70%1.36% Change 0.09%-0.05 -0.12%0.21%-0.11%-0.17% Longer-maturity bond performance was positive, though yields climbed as concerns over the fiscal deficit mounted. Sources: Morningstar, FactSet, U.S. Treasury, Federal Reserve Bank of St. Louis, CAPTRUST research. All information is point-in-time as of the last day of the month noted, except total return, which was calculated over the course of 03.30.2025 through 6.30.2025. 9 Q2 25Period Ending 6.30.25 | HEADWINDS Awaiting Greater Clarity •Policy uncertainty continues to threaten near-term economic activity. •The Federal Reserve maintains a wait-and-see approach, following the data and monitoring fiscal policy impact before making changes. •The housing market remains in limbo as an affordability gap keeps buyers on the sidelines. An uptick in supply could create disinflationary pressures or could lower home equity values. Long-Term Detractors •Soaring government debt is unsustainable, and fiscal solutions are unlikely in the near term. Economic stability relies on corporate and consumer balance sheets as we await productivity gains from artificial intelligence (AI). •An aging population and fewer immigrants may reduce labor force participation, weighing on future economic growth. market commentary TAILWINDS ECONOMIC OUTLOOK Despite policy shifts, geopolitical tensions, and mounting concerns about long-term debt, the U.S. economy has been resilient. Consumers and corporations have demonstrated an ability to move forward with caution, even in the face of significant risk. However, a wide range of outcomes is still possible. Near-term fiscal and economic paths remain uncertain. Investors should focus on longer-term investment horizons. Prudence and diversification can help you stay prepared for a range of outcomes. Balance Sheet Strength •Despite waning sentiment, consumer financial conditions remain solid, aided by a cooling yet stable labor market and moderating inflation. Recent tax reform may lead to higher confidence and spending. •Corporate fundamentals have been resilient. Businesses seem to be digesting tariff impacts, maintaining profitability and adding shareholder value through stock buybacks. Regulatory uncertainty and tax reform could create a favorable backdrop for elevated buyback activity. Long-Term Contributors •AI adoption will fuel productivity and will be key to future economic growth. •Improved access to exponential knowledge will drive more efficient solutions and advancements for businesses and governments. 10 Q2 25Period Ending 6.30.25 |market commentary THE POWER OF COLLECTIVE KNOWLEDGE Productivity comes from solving problems more efficiently. Efficiency comes from building on what we already know. As knowledge compounds, especially through AI, today’s challenges give rise to smarter solutions tomorrow. Charts are for illustrative purposes only. 11 Q2 25Period Ending 6.30.25 |market commentary DEBT RISKS ECONOMIC SUCCESS Government debt remains the largest single risk to long-term U.S. economic prosperity. Current deficit levels are unsustainable, but both potential solutions—raising taxes or cutting spending—have faced political pushback. Consequently, economic growth must drive a long-term fix. Fortunately, consumers and businesses have much stronger balance sheets than the federal government and may be able to support continued growth while the country awaits AI productivity gains. Sources: Federal Reserve; Congressional Budget Office; CAPTRUST research. Data as of March 2025. Government Debt as a % of GDP Federal debt has risen steadily since 2010, currently equaling 106% of gross domestic product (GDP). The Congressional Budget Office estimates this ratio will continue rising over the next decade, with interest expense projected to grow twice as fast as revenue. Headlines focus on debt, but the solution must come from GDP growth. While the government continues to amass debt, companies and consumers have de-levered their balance sheets, holding the total-debt-to-GDP ratio fairly stable since 2010. Total Debt as a % of GDP Government Household Business State/Local 12 Q2 25Period Ending 6.30.25 |market commentary BUYBACKS OVERTAKE DIVIDENDS Sources: S&P Global; GuruFocus; CAPTRUST research There are five things a company can do with cash flow from its operations: pay dividends, buy back stock, pay down debt; reinvest, or hold a cash reserve on its balance sheet. The optimal decision is unique to each company, but in aggregate, buybacks have overtaken dividends as the preferred method of delivering shareholder yield. In the first quarter of 2025, S&P 500 companies paid $164.1 billion in dividends while using $293.5 billion of cash to buy back stock. This was an all-time high for repurchase activity, with the 20 largest companies making nearly half of the buybacks. While dividends give investors a one-time current income stream, stock buybacks can have more lasting value, since each remaining share represents larger ownership interest in future earnings. Unless there is a significant change in buyback taxation, elevated policy uncertainty will likely support more buyback activity, providing a tailwind to certain segments of the equity market. S&P 500 Gross Buybacks by Sector (millions)Gross Buybacks, USD Billions13 Q2 25Period Ending 6.30.25 |market commentary MORE INVENTORY MAY NOT SOLVE HOUSING WOES Housing remains frozen in an otherwise stable economy. Would-be sellers feel locked in by extremely low existing mortgage rates. Would-be buyers feel locked out by soaring homeownership costs. However, the supply-demand imbalance that has plagued the market appears to be slowly shifting in some regions. Sources: National Association of Realtors, S&P CoreLogic Case-Shiller U.S. National Home Price Index, FactSet, Strategas, CAPTRUST research In May, the monthly supply of homes for sale reached levels last seen in mid-2016. With potential homebuyers remaining on the sidelines and inventory rising, the housing market will likely continue to experience disinflationary effects. The Case-Shiller Home Price Index has already slowed from prices increasing 7% year-over-year (Y/Y) in February 2024 to just 3% in April 2025. However, if a longer sales cycle ultimately leads to falling home prices, current owners and prospective buyers could lose confidence due to the negative wealth effect. A national housing crisis is highly unlikely. However, certain regions and population segments are vulnerable, particularly owners in the bottom 50% of U.S. wealth brackets, where real estate accounts for nearly 50% of household assets. Case-Shiller Home Price Index Y/Y % (Right) Months’ Supply of Existing Homes for Sale Rising Supply May Pressure Home Prices and Home Equity Value Real Estate and Equities as a % of Total Assets by Wealth Group -2% 2% 6% 10% 14% 18% 22% 1 2 3 4 5 6 2015 2017 2018 2020 2021 2023 2025 0% 10% 20% 30% 40% 50% 60% Top 0.1%0.1% - 1%1% - 10%10% - 50%Bottom 50% Real Estate Assets Corporate Equities & Mutual Fund Shares 14 Q2 25Period Ending 6.30.25 |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. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. 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) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 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% Mid-Cap Growth18.20% 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 Growth 17.84% 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% Small-Cap Growth18.66% Small-Cap Growth15.15% Small-Cap Growth11.97% 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% International Equities 18.24% Large-Cap Value 14.37% International Equities 11.78% Mid-Cap Growth15.81% Mid-Cap Value33.46% Fixed Income5.97% International Equities-0.81% Mid-Cap Growth7.33% Large-Cap Value13.66% Large-Cap Value-8.27% Large-Cap Value26.54% Fixed Income7.51% Mid-Cap Growth12.73% International Equities-14.45% Small-Cap Value14.65% Mid-Cap Value13.07% Mid-Cap Value5.35% 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 Value4.97% Small-Cap Growth 14.59% International Equities 22.78% Small-Cap Value 4.22% Large-Cap Value -3.83% Fixed Income 2.65% Small-Cap Value 7.84% Mid-Cap Value -12.29% Small-Cap Value 22.39% Small-Cap Value 4.63% Small-Cap Growth 2.83% Small-Cap Growth -26.36% Large-Cap Value 11.46% Cash 5.25% Large-Cap Value 3.79% Fixed Income4.22% Cash0.07%Cash0.03% Mid-Cap Value-4.78% International Equities1.00% Fixed Income3.54% Small-Cap Value-12.86% Fixed Income8.72% Large-Cap Value2.80% Cash0.05% Mid-Cap Growth-26.72% Fixed Income5.53% International Equities3.82% Fixed Income1.21% Cash 0.11% Fixed Income-2.02% International Equities-4.90% Small-Cap Value-7.47% Cash 0.33% Cash 0.86% International Equities-13.79% Cash 2.28% Cash 0.67% Fixed Income-1.54% Large-Cap Growth-29.14% Cash 5.01% Fixed Income1.25% Cash 1.04% 15 Q2 25Period Ending 6.30.25 |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. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. INDEXES Q2 2025 YTD 2024 2023 2022 2021 2020 1 YEAR 3 YEARS 5 YEARS 10 YEARS 90-Day U.S. Treasury 1.04%2.07%5.25%5.01%1.46%0.05%0.67%4.68%4.55%2.76%1.97% Bloomberg Government 1-3 Year 1.19%2.83%4.04%4.32%-3.81%-0.60%3.14%5.72%3.44%1.34%1.60% Bloomberg Intermediate Govt 1.45%3.97%2.44%4.30%-7.73%-1.69%5.73%6.26%2.85%0.15%1.55% Bloomberg Muni Bond -0.12%-0.35%1.05%6.40%-8.53%1.52%5.21%1.11%2.50%0.51%2.20% Bloomberg Intermediate Govt/Credit 1.67%4.13%3.00%5.24%-8.23%-1.44%6.43%6.74%3.57%0.63%2.04% Bloomberg Intermediate Credit 2.09%4.45%4.01%6.94%-9.10%-1.03%7.08%7.64%4.90%1.45%2.80% Bloomberg Aggregate Bond 1.21%4.02%1.25%5.53%-13.01%-1.54%7.51%6.08%2.55%-0.73%1.76% Bloomberg Corporate IG Bond 1.82%4.17%2.13%8.52%-15.76%-1.04%9.89%6.91%4.34%0.14%2.94% Bloomberg High Yield 3.53%4.57%8.19%13.44%-11.19%5.28%7.11%10.29%9.92%5.96%5.37% Bloomberg Global Aggregate 4.52%7.27%-1.69%5.72%-16.25%-4.71%9.20%8.91%2.74%-1.16%1.17% Bloomberg U.S. Long Corporate 1.23%3.64%-1.95%10.93%-25.62%-1.13%13.94%5.19%2.77%-2.34%3.06% S&P 500 10.94%6.20%25.02%26.29%-18.11%28.71%18.40%15.16%19.70%16.63%13.63% Dow Jones Industrial Average 5.46%4.55%14.99%16.18%-6.86%20.95%9.72%14.72%14.98%13.51%12.05% NASDAQ Composite 17.75%5.48%28.64%43.42%-33.10%21.39%43.64%14.87%22.69%15.15%15.10% Russell 1000 Value 3.79%6.00%14.37%11.46%-7.54%25.16%2.80%13.70%12.76%13.92%9.18% Russell 1000 11.11%6.12%24.51%26.53%-19.13%26.45%20.96%15.66%19.58%16.29%13.34% Russell 1000 Growth 17.84%6.09%33.36%42.68%-29.14%27.60%38.49%17.22%25.75%18.13%17.00% Russell Mid-Cap Value Index 5.35%3.12%13.07%12.71%-12.03%28.34%4.96%11.53%11.33%13.70%8.39% Russell Mid-Cap Index 8.53%4.84%15.34%17.23%-17.32%22.58%17.10%15.21%14.33%13.10%9.88% Russell Mid-Cap Growth Index 18.20%9.79%22.10%25.87%-26.72%12.73%35.59%26.49%21.46%12.65%12.11% MSCI EAFE 11.78%19.45%3.82%18.24%-14.45%11.26%7.82%17.73%15.96%11.15%6.50% MSCI ACWI ex U.S.12.03%17.90%5.53%15.62%-16.00%7.82%10.65%17.72%13.99%10.12%6.12% Russell 2000 Value 4.97%-3.16%8.05%14.65%-14.48%28.27%4.63%5.54%7.45%12.46%6.71% Russell 2000 8.50%-1.79%11.54%16.93%-20.44%14.82%19.96%7.68%10.00%10.03%7.12% Russell 2000 Growth 11.97%-0.48%15.15%18.66%-26.36%2.83%34.63%9.73%12.38%7.41%7.13% MSCI Emerging Markets 11.99%15.27%7.50%9.83%-20.09%-2.54%18.31%15.29%9.70%6.80%4.81% FTSE Nareit All Equity REITs Index -0.93%1.80%4.92%11.36%-24.95%41.30%-5.12%9.20%3.36%6.65%6.60% HFRX Absolute Return Index 1.31%2.46%4.86%2.95%0.85%2.10%2.72%4.53%4.04%3.46%2.42% Consumer Price Index (Inflation)0.59%1.23%2.87%3.32%6.41%7.16%1.32%2.67%2.90%4.57%3.07% BLENDED BENCHMARKS Q2 2025 YTD 2024 2023 2022 2021 2020 1 YEAR 3 YEARS 5 YEARS 10 YEARS 25% S&P 500/5% MSCI EAFE/70% BB Agg 4.14%5.41%6.97%11.12%-14.11%6.10%10.85%9.00%7.43%4.16%5.08% 30% S&P 500/10% MSCI EAFE/60% BB Agg 5.15%6.27%8.26%12.79%-14.40%8.22%11.51%10.05%8.97%5.63%5.94% 35% S&P 500/15% MSCI EAFE/50% BB Agg 6.17%7.13%9.56%14.46%-14.71%10.36%12.11%11.10%10.51%7.11%6.79% 40% S&P 500/20% MSCI EAFE/40% BB Agg 7.19%7.99%10.87%16.16%-15.04%12.54%12.65%12.16%12.06%8.59%7.63% 45% S&P 500/25% MSCI EAFE/30% BB Agg 8.21%8.85%12.19%17.86%-15.39%14.74%13.13%13.21%13.62%10.07%8.45% 60% S&P 500/40% Bloomberg Barclays Agg 7.02%5.46%15.04%17.67%-15.79%15.86%14.73%11.62%12.74%9.62%9.01% 16 City of Clearwater Employees' Pension Plan Q2 25Period Ending 6.30.25 |section 3 : executive summary 17 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 $504,000,000 $1,008,000,000 $1,512,000,000 $2,016,000,000 -$504,000,000 -$1,008,000,000Market 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,315,046,060 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,377,994,846 $91,459,988 Net Contributions -$14,210,325 -$21,248,601 -$42,339,970 -$38,311,101 -$41,966,611 -$413,653,627 Net Investment Return $89,480,671 $76,858,977 $126,634,398 $153,733,777 -$201,039,311 $1,712,510,044 Ending Market Value $1,390,316,406 $1,390,316,406 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,390,316,406 City of Clearwater Employees' Pension Plan - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 18 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 09 22 (%) 12 22 (%) 03 23 (%) 06 23 (%) 09 23 (%) 12 23 (%) 03 24 (%) 06 24 (%) 09 24 (%) 12 24 (%) 03 25 (%) 06 25 (%) 27.89 29.86 26.18 24.57 27.39 26.68 24.94 26.29 25.60 26.22 28.40 26.83 ¢ 37.64 35.92 37.21 39.35 40.11 41.64 43.93 43.97 44.60 46.85 43.62 44.84¢ 15.79 16.37 16.99 17.17 13.06 13.49 13.94 12.45 12.78 9.75 10.49 11.57 ¢ 18.69 17.84 19.62 18.92 19.44 18.20 17.18 17.29 17.02 17.18 17.49 16.76¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Fixed Income 26.83 28.00 -1.17¢ Total U.S. Equities 44.84 39.00 5.84¢ Total International Equities 11.57 18.00 -6.43¢ Total Real Estate 16.76 15.00 1.76¢ City of Clearwater Employees' Pension Plan - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 6.30.25 |Q2 25 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. 19 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $3,171,795 $198,317,049 1.57 $201,488,844 -14.49 - In House Account $6,247,727 - 100.00 $6,247,727 -0.45 - Longfellow Investment Management Co.$917,739 $163,939,089 0.56 $164,856,828 -11.86 - Security Lending Income Account $393,093 $1,677 99.58 $394,770 -0.03 - Western Asset Management Co.-$3,099 $1,606 207.46 -$1,494 -0.00 - Total Fixed Income $10,727,255 $362,259,420 2.88 $372,986,675 28.00 26.83 -1.17 Eagle Capital Management $3,051,420 $81,125,309 3.63 $84,176,729 -6.05 - Manning & Napier $797,450 $9,025 98.88 $806,475 -0.06 - NTGI-QM R1000G $3,745 $220,307,024 0.00 $220,310,769 -15.85 - NTGI-QM R1000V - $117,079,468 - $117,079,468 -8.42 - Artisan Partners $1,264,606 $55,937,751 2.21 $57,202,357 -4.11 - Boston Partners $2,093,415 $73,874,944 2.76 $75,968,360 -5.46 - Atlanta Capital Management $815,182 $22,987,057 3.42 $23,802,239 -1.71 - Riverbridge Partners $663,975 $26,173,711 2.47 $26,837,685 -1.93 - Sycamore Capital $703,195 $16,552,261 4.08 $17,255,456 -1.24 - Total U.S. Equities $9,392,989 $614,046,549 1.51 $623,439,538 39.00 44.84 5.84 DFA Emerging Markets - $15,400,390 - $15,400,390 -1.11 - Thompson, Siegel & Walmsley $1,199,747 $34,851,075 3.33 $36,050,821 -2.59 - WCM Investment Management $4,822,087 $104,603,661 4.41 $109,425,748 -7.87 - Total International Equities $6,021,833 $154,855,125 3.74 $160,876,959 18.00 11.57 -6.43 Hancock Timberland XI - $7,902,547 -$7,902,547 -0.57 - IFM Global Infrastructure (US) L.P.- $104,834,472 - $104,834,472 -7.54 - Molpus Woodlands Fund III - $7,769,530 -$7,769,530 -0.56 - Molpus Woodlands Fund IV - $4,503,050 -$4,503,050 -0.32 - Multi-Employer Property Trust - $52,312,681 -$52,312,681 -3.76 - Security Capital $237,405 $18,064,540 1.30 $18,301,945 -1.32 - U.S. Real Estate Investment Fund - $14,808,805 - $14,808,805 -1.07 - USAA - $22,580,205 - $22,580,205 -1.62 - Total Real Estate $237,405 $232,775,830 0.10 $233,013,235 15.00 16.76 1.76 Total Portfolio $26,379,482 $1,363,936,924 1.90 $1,390,316,406 100.00 100.00 0.00 ASSET ALLOCATION DETAIL City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 20 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 4 8 12 16 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 6.84 5.81 10.74 10.17 8.30 7.95 7.93 8.95 Total Portfolio Benchmark 6.33 6.16 10.59 9.21 8.30 7.28 7.26 8.74 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.81 10.26 13.57 -14.74 13.48 15.71 20.17 8.95 Total Portfolio Benchmark 6.16 9.07 11.20 -10.60 13.88 11.48 17.60 8.74 City of Clearwater Employees' Pension Plan - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 21 Last Quarter CYTD 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 1.23 4.21 1.64 6.02 -12.21 -1.40 6.17 3.04 0.00 2.32 5.38 01/31/1988 Blmbg. U.S. Aggregate Index 1.21 4.02 1.25 5.53 -13.01 -1.55 6.08 2.55 -0.73 1.76 5.27 All Public Plans > $1B-Fixed Income Percentile Rank 98 57 91 91 70 92 88 95 93 96 - Population 35 35 57 55 54 50 35 35 32 23 - Dodge & Cox 1.14 4.10 2.11 7.23 -10.57 -1.15 6.25 3.88 0.79 2.69 4.00 03/01/2004 Blmbg. U.S. Aggregate Index 1.21 4.02 1.25 5.53 -13.01 -1.55 6.08 2.55 -0.73 1.76 3.13 Intermediate Core Bond Percentile Rank 84 32 32 4 12 22 43 6 9 3 1 Population 232 231 233 235 224 226 226 206 180 129 63 In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.49 01/31/1988 90 Day U.S. Treasury Bill 1.04 2.07 5.25 5.02 1.46 0.05 4.68 4.56 2.76 1.96 3.08 Longfellow Investment Management Co.1.20 - - - - - - ---1.20 04/01/2025 Blmbg. Intermed. U.S. Government/Credit 1.67 - - - - - - ---1.67 Intermediate Core Bond Percentile Rank 69 - - - - - - ---69 Population 232 - - - - - - ---232 Security Lending Income Account 36.60 68.61 47.17 8.06 1.92 0.54 138.67 39.72 22.56 11.93 8.91 07/01/2003 90 Day U.S. Treasury Bill 1.04 2.07 5.25 5.02 1.46 0.05 4.68 4.56 2.76 1.96 1.65 Total U.S. Equities 10.25 4.55 20.42 26.79 -20.77 21.97 13.26 17.92 14.18 12.19 11.61 01/01/1988 S&P 500 Index 10.94 6.20 25.02 26.29 -18.11 28.71 15.16 19.71 16.64 13.65 11.30 Russell 3000 Index 10.99 5.75 23.81 25.96 -19.21 25.66 15.30 19.08 15.96 12.96 11.24 All Public Plans > $1B-US Equity Percentile Rank 54 63 66 9 96 94 64 34 83 43 - Population 49 49 82 79 76 73 49 49 45 30 - Total U.S. Large Cap Equities 11.55 6.17 25.63 29.94 -20.72 25.27 15.33 21.03 16.24 13.44 11.32 04/01/1988 Russell 1000 Index 11.11 6.12 24.51 26.53 -19.13 26.45 15.66 19.59 16.30 13.35 11.25 All Public Plans > $1B-US Equity Percentile Rank 5 3 2 4 96 58 8 4 11 6 - Population 49 49 82 79 76 73 49 49 45 30 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 22 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Last Quarter CYTD 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Eagle Capital Management 7.89 8.94 25.56 38.37 -25.08 27.60 15.26 24.66 18.24 13.44 14.35 01/31/2013 Russell 1000 Value Index 3.79 6.00 14.37 11.46 -7.54 25.16 13.70 12.76 13.93 9.19 10.28 Large Value Percentile Rank 5 8 1 1 100 32 15 1 4 1 1 Population 1,019 1,019 1,048 1,134 1,138 1,142 1,019 1,001 973 912 881 NTGI-QM R1000G 17.82 6.08 33.28 42.20 -29.09 29.75 17.18 25.59 -- 15.49 11/30/2020 Russell 1000 Growth Index 17.84 6.09 33.36 42.68 -29.14 27.60 17.22 25.76 -- 15.18 Large Growth Percentile Rank 49 59 30 33 34 8 30 29 --25 Population 1,005 1,005 1,013 1,094 1,110 1,133 1,003 987 --971 NTGI-QM R1000V 3.83 5.98 14.37 11.61 -7.62 25.17 13.67 12.80 13.90 9.17 7.21 07/01/2007 Russell 1000 Value Index 3.79 6.00 14.37 11.46 -7.54 25.16 13.70 12.76 13.93 9.19 7.18 Large Value Percentile Rank 56 47 50 46 69 61 36 48 55 54 52 Population 1,019 1,019 1,048 1,134 1,138 1,142 1,019 1,001 973 912 778 Total U.S. Mid Cap Equities 10.43 6.04 11.47 20.24 -20.92 18.74 13.29 13.74 11.59 10.05 12.16 04/01/1988 Russell Midcap Index 8.53 4.84 15.34 17.23 -17.32 22.58 15.21 14.33 13.11 9.89 11.40 All Public Plans > $1B-US Equity Percentile Rank 41 5 100 90 96 100 63 99 100 92 - Population 49 49 82 79 76 73 49 49 45 30 - Artisan Partners 14.50 6.25 12.56 25.02 -36.33 10.53 14.72 13.08 6.57 9.95 10.29 08/01/2001 Russell Midcap Growth Index 18.20 9.79 22.10 25.87 -26.72 12.73 26.49 21.46 12.65 12.13 9.86 Mid-Cap Growth Percentile Rank 50 36 62 22 90 61 49 63 75 50 7 Population 467 467 469 504 516 525 464 463 451 422 301 Boston Partners 7.55 5.89 10.45 16.74 -6.98 27.34 12.00 13.91 15.77 - 11.75 03/01/2020 Russell Midcap Value Index 5.35 3.12 13.07 12.71 -12.03 28.34 11.53 11.34 13.71 - 11.22 Mid-Cap Value Percentile Rank 11 9 57 23 39 61 17 15 19 -41 Population 351 351 364 371 381 390 351 342 334 -334 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. 23 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Last Quarter CYTD 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Small Cap Equities 2.34 -7.18 5.41 18.22 -20.83 12.05 1.37 6.27 6.24 8.44 9.34 09/01/2003 Russell 2000 Index 8.50 -1.79 11.54 16.93 -20.44 14.82 7.68 10.00 10.04 7.12 8.43 All Public Plans > $1B-US Equity Percentile Rank 100 100 100 99 96 100 100 100 100 100 100 Population 49 49 82 79 76 73 49 49 45 30 3 Atlanta Capital Management 3.26 -3.67 8.09 20.71 -12.28 19.89 4.40 9.02 10.16 9.19 11.27 09/01/2003 Russell 2000 Index 8.50 -1.79 11.54 16.93 -20.44 14.82 7.68 10.00 10.04 7.12 8.43 Small Blend Percentile Rank 88 74 79 13 15 68 67 62 68 9 1 Population 553 553 562 595 601 619 553 536 526 473 330 Riverbridge Partners 1.80 -10.98 3.67 20.04 -32.15 3.44 -1.73 3.85 1.17 7.89 10.81 10/01/2010 Russell 2000 Growth Index 11.97 -0.48 15.15 18.66 -26.36 2.83 9.73 12.38 7.42 7.14 10.35 Small Growth Percentile Rank 100 100 100 22 75 77 97 100 96 55 52 Population 533 533 544 588 594 606 533 523 518 480 445 Sycamore Capital 1.92 -5.66 5.57 11.55 -6.40 25.08 1.71 6.47 11.10 - 6.14 11/30/2017 Russell 2000 Value Index 4.97 -3.16 8.05 14.65 -14.48 28.27 5.54 7.45 12.47 - 5.03 Small Value Percentile Rank 81 78 82 79 18 82 76 82 85 -48 Population 450 450 457 490 493 493 450 447 433 -415 Total International Equities 16.42 23.27 5.82 16.64 -21.08 13.92 21.68 16.31 11.49 7.89 6.18 06/01/2001 MSCI AC World ex USA (Net)12.03 17.90 5.53 15.62 -16.00 7.82 17.72 13.99 10.13 6.12 5.94 All Public Plans > $1B-Intl. Equity Percentile Rank 5 4 48 54 92 9 6 19 37 21 - Population 35 35 68 65 58 62 35 35 31 24 - DFA Emerging Markets 12.71 13.94 7.32 15.44 -16.40 5.84 13.13 11.61 10.44 - 5.06 11/01/2017 MSCI Emerging Markets Index 12.20 15.57 8.05 10.26 -19.74 -2.22 15.97 10.23 7.26 - 4.07 Diversified Emerging Mkts Percentile Rank 39 58 35 24 13 15 57 30 12 -22 Population 689 686 701 743 756 757 686 650 596 -545 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. 24 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Last Quarter CYTD 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Thompson, Siegel & Walmsley 10.62 20.43 4.64 17.16 -14.12 13.34 21.70 15.90 11.97 - 6.00 07/31/2015 MSCI EAFE (Net)11.78 19.45 3.82 18.24 -14.45 11.26 17.73 15.97 11.16 6.51 6.46 Foreign Large Value Percentile Rank 52 70 51 65 87 33 59 58 79 -78 Population 84 83 87 86 89 93 82 74 69 31 31 WCM Investment Management 19.03 25.70 7.03 16.23 -27.85 18.16 22.03 17.70 10.96 - 11.34 07/31/2015 MSCI AC World ex USA (Net)12.03 17.90 5.53 15.62 -16.00 7.82 17.72 13.99 10.13 6.12 6.31 Foreign Large Growth Percentile Rank 1 2 40 52 82 2 7 12 16 -1 Population 119 119 119 118 110 111 115 104 82 41 41 Total Real Estate 1.58 2.33 1.82 -1.84 5.43 20.55 5.53 0.90 6.29 6.62 9.17 05/01/2008 Real Estate Composite Benchmark 0.47 1.72 0.17 -7.14 -5.54 37.76 4.52 -3.47 5.98 5.61 5.69 All Public Plans > $1B-Real Estate Percentile Rank 15 22 15 15 66 48 18 10 12 9 1 Population 46 46 82 78 75 66 46 45 40 26 7 Hancock Timberland XI 0.00 0.01 1.69 4.78 7.00 9.96 1.81 4.45 4.64 3.90 4.51 05/31/2012 NCREIF Timberland Index 1.44 2.25 6.97 9.45 12.90 9.17 5.32 8.74 8.22 5.43 6.39 Real Estate Percentile Rank 22 69 98 100 1 98 97 29 94 95 98 Population 178 178 180 206 215 222 176 176 176 166 151 IFM Global Infrastructure (US) L.P.2.63 5.64 5.61 8.40 8.16 17.75 11.71 8.02 10.27 - 11.25 09/30/2017 S&P Global Infrastructure TR USD 10.40 15.48 15.10 6.79 -0.17 11.87 27.75 12.51 13.12 - 7.47 Real Estate Percentile Rank 5 1 56 100 1 97 8 4 2 -1 Population 178 178 180 206 215 222 176 176 176 -167 Molpus Woodlands Fund III 0.00 0.21 -1.87 9.77 21.72 13.33 -2.15 9.29 9.92 5.56 5.44 06/30/2011 NCREIF Timberland Index 1.44 2.25 6.97 9.45 12.90 9.17 5.32 8.74 8.22 5.43 6.03 Real Estate Percentile Rank 22 64 100 91 1 98 99 2 2 64 88 Population 178 178 180 206 215 222 176 176 176 166 150 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 25 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Last Quarter CYTD 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 0.00 0.05 -1.85 8.57 10.76 20.57 -1.84 5.55 6.14 -3.41 10/01/2015 NCREIF Timberland Index 1.44 2.25 6.97 9.45 12.90 9.17 5.32 8.74 8.22 - 5.49 Real Estate Percentile Rank 22 68 100 99 1 97 99 13 74 -97 Population 178 178 180 206 215 222 176 176 176 -166 Multi-Employer Property Trust 1.66 1.35 -3.72 -15.51 7.81 19.74 1.89 -7.67 1.64 3.69 5.99 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.81 1.67 -2.27 -12.73 6.55 21.02 2.67 -6.21 2.54 4.42 7.07 Real Estate Percentile Rank 7 36 100 100 1 97 97 99 97 96 94 Population 178 178 180 206 215 222 176 176 176 166 146 Security Capital -1.95 -1.92 11.45 15.67 -27.59 45.03 7.63 5.95 8.06 6.29 5.96 05/01/2008 FTSE NAREIT All Equity REITs (Split)-0.93 1.80 9.15 16.19 -26.70 46.11 11.31 6.48 9.16 6.65 6.32 Real Estate Percentile Rank 93 91 8 10 72 17 74 10 22 40 48 Population 178 178 180 206 215 222 176 176 176 166 143 U.S. Real Estate Investment Fund 1.05 1.50 -5.04 -15.95 7.39 20.02 0.69 -8.35 1.10 - 4.30 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.81 1.67 -2.27 -12.73 6.55 21.02 2.67 -6.21 2.54 -3.95 Real Estate Percentile Rank 11 31 100 100 1 97 98 100 97 -82 Population 178 178 180 206 215 222 176 176 176 -166 USAA 1.30 -3.74 -0.34 -7.85 13.80 18.42 -3.98 -2.34 5.46 6.69 6.69 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.81 1.67 -2.27 -12.73 6.55 21.02 2.67 -6.21 2.54 4.42 4.42 Real Estate Percentile Rank 8 97 100 100 1 97 99 99 85 23 11 Population 178 178 180 206 215 222 176 176 176 166 162 Total Portfolio 6.84 5.81 10.26 13.57 -14.74 13.48 10.74 10.17 8.30 7.93 8.95 01/01/1988 Total Portfolio Benchmark 6.33 6.16 9.07 11.20 -10.60 13.88 10.59 9.21 8.30 7.26 8.74 Secondary Benchmark 6.71 6.93 9.73 13.64 -14.11 13.80 12.00 10.41 8.55 7.43 - All Public Plans-Total Fund Percentile Rank 46 63 60 45 62 56 58 58 71 23 20 Population 600 599 1,151 1,199 1,215 1,261 596 574 555 470 14 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 26 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 - FTSE NAREIT All Equity REITs 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 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 10.80 9.53 Worst Quarter -7.02 -6.53 Standard Deviation 10.29 9.33 Maximum Drawdown -9.25 -8.38 Max Drawdown Recovery Period 6.00 6.00 Up Capture 110.10 100.00 Down Capture 109.77 100.00 Alpha 0.09 0.00 Beta 1.10 1.00 R-Squared 0.98 1.00 Consistency 58.33 100.00 Tracking Error 1.55 0.00 Treynor Ratio 0.05 0.05 Information Ratio 0.63 - Sharpe Ratio 0.56 0.52 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 69.78 66.44 Negative Months Ratio 30.22 33.56 Best Quarter 22.31 23.20 Worst Quarter -25.09 -25.68 Standard Deviation 9.15 9.96 Maximum Drawdown -37.50 -41.18 Max Drawdown Recovery Period 35.00 39.00 Up Capture 86.90 100.00 Down Capture 73.29 100.00 Alpha 1.86 0.00 Beta 0.80 1.00 R-Squared 0.77 1.00 Consistency 50.67 100.00 Tracking Error 4.82 0.00 Treynor Ratio 0.07 0.06 Information Ratio 0.02 - Sharpe Ratio 0.65 0.59 City of Clearwater Employees' Pension Plan - Total Portfolio PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 27 -1 2 5 8 11 14 17 ReturnLast Qtr CYTD 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 6.84 (46)5.81 (63)10.74 (58)10.56 (65)10.17 (58)4.32 (66)8.30 (71)7.91 (51)7.95 (38)8.05 (37)„ Total Portfolio Benchmark 6.33 (65)6.16 (53)10.59 (61)9.84 (76)9.21 (77)4.99 (42)8.30 (71)7.52 (67)7.28 (68)7.31 (70)˜ 5th Percentile 8.43 7.79 12.93 13.87 13.36 6.30 10.56 9.54 9.14 9.11 1st Quartile 7.42 6.88 11.85 12.23 11.37 5.48 9.58 8.54 8.22 8.30 Median 6.72 6.28 11.08 11.26 10.56 4.76 8.87 7.92 7.67 7.73 3rd Quartile 5.81 5.36 9.92 9.88 9.35 4.03 8.14 7.23 7.02 7.12 95th Percentile 3.79 3.84 7.92 8.03 7.07 2.80 6.51 5.96 6.02 6.16 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 28 -28 -20 -12 -4 4 12 20 28 36 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.26 (60)13.57 (45)-14.74 (62)13.48 (56)15.71 (20)20.17 (34)-2.64 (14)15.98 (28)6.71 (64)1.43 (8)„ Total Portfolio Benchmark 9.07 (78)11.20 (79)-10.60 (17)13.88 (49)11.48 (69)17.60 (72)-4.68 (58)15.34 (44)7.42 (44)0.23 (39)˜ 5th Percentile 14.08 17.47 -6.95 18.47 17.87 22.50 -1.03 17.94 9.56 2.02 1st Quartile 11.69 14.71 -11.74 15.57 15.29 20.56 -3.30 16.10 8.12 0.63 Median 10.70 13.30 -13.81 13.79 12.96 19.19 -4.40 15.02 7.15 -0.22 3rd Quartile 9.20 11.47 -15.94 12.21 11.03 17.19 -5.32 13.73 6.26 -1.23 95th Percentile 6.71 8.42 -17.46 8.47 7.18 13.23 -6.68 10.48 4.54 -2.94 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 29 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 Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 30 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 31 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 32 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 33 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 34 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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 -$3,835,511 $1,334,706,029 -0.29 Mar-2025 $1,334,706,029 -$7,038,276 -$12,621,693 $1,315,046,060 -0.97 Jun-2025 $1,315,046,060 -$14,210,325 $89,480,671 $1,390,316,406 6.84 Total $37,115,659 -$409,843,606 $1,763,044,353 $1,390,316,406 8.94 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 35 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 (Net), 15.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 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% Custom US Real Estate Securities Benchmark, 10.00% MSCI EAFE (Net), 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 (Net), 10.00% Custom US Real Estate Securities Benchmark, 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 01/01/2025 Present 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% FTSE NAREIT All Equity REITs 04/01/2022 01/01/2025 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% Custom US Real Estate Securities Benchmark 07/01/2010 04/01/2022 67.00% Custom US Real Estate Securities Benchmark, 33.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 01/01/1978 07/01/2010 100.00% Custom US Real Estate Securities Benchmark BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 6.30.25 |Q2 25 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. 36 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $373,448,214 $350,025,096 $333,588,958 $338,944,586 $396,061,507 $59,224,151 Net Contributions -$4,922,229 $8,217,961 $10,808,220 -$25,438,629 -$11,580,423 $79,346,247 Net Investment Return $4,460,689 $14,743,618 $5,627,917 $20,083,001 -$45,536,498 $234,416,277 Ending Market Value $372,986,675 $372,986,675 $350,025,096 $333,588,958 $338,944,586 $372,986,675 City of Clearwater Employees' Pension Plan - Total Fixed Income MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 37 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 9 -3 -6Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.23 4.21 6.17 3.04 0.00 2.29 2.32 5.38 Blmbg. U.S. Aggregate Index 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 5.27 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 4.21 1.64 6.02 -12.21 -1.40 8.97 9.28 5.38 Blmbg. U.S. Aggregate Index 4.02 1.25 5.53 -13.01 -1.55 7.51 8.72 5.27 City of Clearwater Employees' Pension Plan - Total Fixed Income INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 38 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 - FTSE NAREIT All Equity REITs 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 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 7.47 7.20 Maximum Drawdown -8.54 -8.23 Max Drawdown Recovery Period 17.00 24.00 Up Capture 104.19 100.00 Down Capture 99.96 100.00 Alpha 0.40 0.00 Beta 1.04 1.00 R-Squared 1.00 1.00 Consistency 75.00 100.00 Tracking Error 0.56 0.00 Treynor Ratio -0.01 -0.02 Information Ratio 0.89 - Sharpe Ratio -0.16 -0.24 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 73.78 66.00 Negative Months Ratio 26.22 34.00 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 3.61 4.20 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period -- Up Capture 83.68 100.00 Down Capture 58.22 100.00 Alpha 1.50 0.00 Beta 0.72 1.00 R-Squared 0.70 1.00 Consistency 52.44 100.00 Tracking Error 2.31 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.00 - Sharpe Ratio 0.63 0.55 City of Clearwater Employees' Pension Plan - Total Fixed Income PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 39 -4 -2 0 2 4 6 8 10 ReturnLast Qtr CYTD 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 1.23 (98)4.21 (57)6.17 (88)4.72 (88)3.04 (95)-0.39 (90)0.00 (93)1.43 (97)2.29 (96)2.00 (97)„ Blmbg. U.S. Aggregate Index 1.21 (99)4.02 (74)6.08 (91)4.34 (98)2.55 (100)-0.82 (98)-0.73 (100)0.79 (100)1.77 (100)1.50 (100)˜ 5th Percentile 2.82 5.06 8.15 7.53 6.17 2.96 5.31 5.01 5.18 4.21 1st Quartile 2.03 4.55 7.58 6.50 5.41 1.22 2.72 2.75 3.46 2.90 Median 1.71 4.30 6.98 6.00 4.62 0.54 1.34 2.19 2.99 2.66 3rd Quartile 1.60 3.98 6.67 5.21 3.78 -0.06 0.92 1.87 2.64 2.40 95th Percentile 1.26 3.11 5.82 4.58 3.03 -0.56 -0.16 1.46 2.30 2.09 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 40 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.64 (91)6.02 (91)-12.21 (70)-1.40 (92)8.97 (32)9.28 (59)-0.38 (45)3.91 (89)5.01 (73)0.30 (24)„ Blmbg. U.S. Aggregate Index 1.25 (95)5.53 (98)-13.01 (81)-1.55 (94)7.51 (61)8.72 (73)0.01 (34)3.54 (98)2.65 (99)0.55 (22)˜ 5th Percentile 6.70 10.41 -5.31 10.84 10.79 10.67 1.91 8.86 9.25 2.54 1st Quartile 4.65 8.31 -10.04 1.65 9.35 9.94 0.18 7.08 7.16 -0.05 Median 2.94 7.32 -11.31 0.07 8.09 9.43 -0.55 6.28 5.81 -1.08 3rd Quartile 2.43 6.96 -12.75 -0.83 6.45 8.54 -1.24 5.16 4.90 -2.51 95th Percentile 1.17 5.91 -13.90 -1.72 3.15 7.26 -1.78 3.82 3.20 -3.18 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 41 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 $58,900,000 $117,800,000 $176,700,000 $235,600,000 $294,500,000 -$58,900,000Market ValueFeb-04 Aug-05 Feb-07 Aug-08 Feb-10 Aug-11 Feb-13 Aug-14 Feb-16 Aug-17 Feb-19 Aug-20 Feb-22 Aug-23 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $199,138,632 $183,650,201 $164,887,965 $153,484,073 $185,443,564 $75,655,868 Net Contributions $84,184 $10,162,077 $15,310,352 $298,557 -$12,209,811 $35,710,778 Net Investment Return $2,266,028 $7,676,566 $3,451,884 $11,105,335 -$19,749,680 $90,122,198 Ending Market Value $201,488,844 $201,488,844 $183,650,201 $164,887,965 $153,484,073 $201,488,844 City of Clearwater Employees' Pension Plan - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 42 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 9 -3 -6Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.14 4.10 6.25 3.88 0.79 2.73 2.69 4.00 Blmbg. U.S. Aggregate Index 1.21 4.02 6.08 2.55 -0.73 1.77 1.76 3.13 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 4.10 2.11 7.23 -10.57 -1.15 8.72 8.98 4.00 Blmbg. U.S. Aggregate Index 4.02 1.25 5.53 -13.01 -1.55 7.51 8.72 3.13 City of Clearwater Employees' Pension Plan - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 43 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 - FTSE NAREIT All Equity REITs 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 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 7.39 7.20 Maximum Drawdown -7.68 -8.23 Max Drawdown Recovery Period 17.00 24.00 Up Capture 106.11 100.00 Down Capture 93.36 100.00 Alpha 1.26 0.00 Beta 1.02 1.00 R-Squared 0.99 1.00 Consistency 77.78 100.00 Tracking Error 0.79 0.00 Treynor Ratio 0.00 -0.02 Information Ratio 1.65 - Sharpe Ratio -0.05 -0.24 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.23 61.33 Negative Months Ratio 34.77 38.67 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 4.19 4.21 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period 47.00 - Up Capture 100.26 100.00 Down Capture 79.29 100.00 Alpha 1.14 0.00 Beta 0.91 1.00 R-Squared 0.83 1.00 Consistency 60.94 100.00 Tracking Error 1.76 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.48 - Sharpe Ratio 0.56 0.36 City of Clearwater Employees' Pension Plan - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 44 -4 -2 0 2 4 6 8 10 ReturnLast Qtr CYTD 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 1.14 (84)4.10 (32)6.25 (43)5.22 (19)3.88 (6)0.39 (10)0.79 (9)1.98 (7)2.73 (6)2.44 (4)„ Blmbg. U.S. Aggregate Index 1.21 (67)4.02 (49)6.08 (64)4.34 (68)2.55 (69)-0.82 (61)-0.73 (60)0.79 (64)1.77 (60)1.50 (58)˜ 5th Percentile 2.10 4.66 7.68 6.24 4.08 1.15 1.21 2.11 2.73 2.37 1st Quartile 1.42 4.20 6.53 5.02 3.15 -0.48 -0.20 1.25 2.13 1.81 Median 1.23 4.02 6.14 4.53 2.70 -0.79 -0.67 0.86 1.81 1.53 3rd Quartile 1.19 3.93 6.02 4.30 2.52 -0.91 -0.80 0.73 1.70 1.40 95th Percentile 0.99 3.53 5.47 3.80 1.97 -1.45 -1.23 0.21 1.18 0.91 Population 232 231 226 216 206 192 180 169 160 149 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 45 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 2.11 (32)7.23 (4)-10.57 (12)-1.15 (22)8.72 (28)8.98 (33)0.02 (25)3.99 (23)5.55 (1)-0.12 (89)„ Blmbg. U.S. Aggregate Index 1.25 (79)5.53 (71)-13.01 (31)-1.55 (44)7.51 (63)8.72 (48)0.01 (27)3.54 (52)2.65 (51)0.55 (36)˜ 5th Percentile 4.09 7.09 -8.62 -0.20 9.67 10.05 0.72 5.84 4.14 1.21 1st Quartile 2.26 6.17 -12.96 -1.24 8.83 9.31 0.02 3.83 3.11 0.61 Median 1.62 5.70 -13.13 -1.60 7.64 8.71 -0.17 3.55 2.65 0.50 3rd Quartile 1.28 5.47 -13.58 -1.73 7.36 8.47 -0.40 3.30 2.47 0.14 95th Percentile 0.85 4.68 -15.40 -2.15 5.75 6.86 -2.40 2.26 1.79 -1.51 Population 233 235 224 226 219 202 192 178 163 156 PEER GROUP ANALYSIS - CALENDAR City of Clearwater - Dodge & Cox Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 46 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 Blmbg. Intermed. U.S. Government/Credit Net Cash Flow $161,200,000 $162,500,000 $163,800,000 $165,100,000 $166,400,000 $167,700,000 Market ValueFeb-25 Mar-25 Apr-25 May-25 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2025 Beginning Market Value $162,815,678 ----$162,851,893 Net Contributions $79,953 ----$79,953 Net Investment Return $1,961,197 ----$1,924,982 Ending Market Value $164,856,828 ----$164,856,828 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 47 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 3 6 9 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.20 ------1.20 Blmbg. Intermed. U.S. Government/Credit 1.67 4.13 6.74 3.57 0.64 2.42 2.04 1.67 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 6 12 -6 -12 -18Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -------1.20 Blmbg. Intermed. U.S. Government/Credit 4.13 3.00 5.24 -8.24 -1.44 6.43 6.80 1.67 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 48 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: April 1, 2025) 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. Intermed. U.S. Government/Credit -12 -6 0 6 12 18 Annualized Return (%)-0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio -58.33 Negative Months Ratio -41.67 Best Quarter -5.26 Worst Quarter --5.04 Standard Deviation -4.55 Maximum Drawdown --5.04 Max Drawdown Recovery Period -17.00 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 --0.01 Information Ratio -- Sharpe Ratio --0.19 Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio 66.67 66.67 Negative Months Ratio 33.33 33.33 Best Quarter 1.20 1.67 Worst Quarter 1.20 1.67 Standard Deviation 0.94 0.63 Maximum Drawdown -0.64 -0.33 Max Drawdown Recovery Period 2.00 2.00 Up Capture 92.86 100.00 Down Capture 195.71 100.00 Alpha -0.29 0.00 Beta 1.26 1.00 R-Squared 0.71 1.00 Consistency 33.33 100.00 Tracking Error 0.53 0.00 Treynor Ratio 0.00 0.00 Information Ratio -0.29 - Sharpe Ratio 0.06 0.33 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 49 -4 -2 0 2 4 6 8 10 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Longfellow Investment Management Co. 1.20 (69)---------„ Blmbg. Intermed. U.S. Government/Credit 1.67 (13)4.13 (29)6.74 (18)5.46 (13)3.57 (13)0.75 (8)0.64 (10)1.69 (11)2.42 (12)2.04 (14)˜ 5th Percentile 2.10 4.66 7.68 6.24 4.08 1.15 1.21 2.11 2.73 2.37 1st Quartile 1.42 4.20 6.53 5.02 3.15 -0.48 -0.20 1.25 2.13 1.81 Median 1.23 4.02 6.14 4.53 2.70 -0.79 -0.67 0.86 1.81 1.53 3rd Quartile 1.19 3.93 6.02 4.30 2.52 -0.91 -0.80 0.73 1.70 1.40 95th Percentile 0.99 3.53 5.47 3.80 1.97 -1.45 -1.23 0.21 1.18 0.91 Population 232 231 226 216 206 192 180 169 160 149 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 50 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ----------„ Blmbg. Intermed. U.S. Government/Credit 3.00 (13)5.24 (86)-8.24 (5)-1.44 (35)6.43 (91)6.80 (96)0.88 (3)2.14 (97)2.08 (90)1.07 (10)˜ 5th Percentile 4.09 7.09 -8.62 -0.20 9.67 10.05 0.72 5.84 4.14 1.21 1st Quartile 2.26 6.17 -12.96 -1.24 8.83 9.31 0.02 3.83 3.11 0.61 Median 1.62 5.70 -13.13 -1.60 7.64 8.71 -0.17 3.55 2.65 0.50 3rd Quartile 1.28 5.47 -13.58 -1.73 7.36 8.47 -0.40 3.30 2.47 0.14 95th Percentile 0.85 4.68 -15.40 -2.15 5.75 6.86 -2.40 2.26 1.79 -1.51 Population 233 235 224 226 219 202 192 178 163 156 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 51 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $573,639,939 $625,318,067 $520,689,267 $407,659,206 $550,878,596 $32,235,837 Net Contributions -$8,941,736 -$28,384,645 -$1,880,441 $1,715,440 -$29,182,409 -$430,060,554 Net Investement Return $58,741,335 $26,506,116 $106,509,241 $111,314,621 -$114,036,981 $1,021,264,255 Ending Market Value $623,439,538 $623,439,538 $625,318,067 $520,689,267 $407,659,206 $623,439,538 City of Clearwater Employees' Pension Plan - Total U.S. Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 52 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 Index 0 6 12 18 24 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.25 4.55 13.26 17.92 14.18 12.57 12.19 11.61 S&P 500 Index 10.94 6.20 15.16 19.71 16.64 14.39 13.65 11.30 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 4.55 20.42 26.79 -20.77 21.97 24.69 29.50 11.61 S&P 500 Index 6.20 25.02 26.29 -18.11 28.71 18.40 31.49 11.30 City of Clearwater Employees' Pension Plan - Total U.S. Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 53 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 - FTSE NAREIT All Equity REITs 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 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 15.88 16.01 Worst Quarter -9.39 -8.25 Standard Deviation 16.02 15.58 Maximum Drawdown -12.13 -12.91 Max Drawdown Recovery Period 6.00 8.00 Up Capture 98.40 100.00 Down Capture 106.11 100.00 Alpha -1.75 0.00 Beta 1.02 1.00 R-Squared 0.98 1.00 Consistency 36.11 100.00 Tracking Error 2.53 0.00 Treynor Ratio 0.13 0.15 Information Ratio -0.58 - Sharpe Ratio 0.84 0.95 Total Portfolio S&P 500 Index Positive Months Ratio 64.89 65.78 Negative Months Ratio 35.11 34.22 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.40 14.65 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.78 100.00 Down Capture 79.86 100.00 Alpha 1.95 0.00 Beta 0.86 1.00 R-Squared 0.76 1.00 Consistency 49.33 100.00 Tracking Error 7.35 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.03 - Sharpe Ratio 0.63 0.60 City of Clearwater Employees' Pension Plan - Total U.S. Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 54 -4 0 4 8 12 16 20 24 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.25 (54)4.55 (63)13.26 (64)16.86 (59)17.92 (34)7.86 (78)14.18 (83)13.03 (52)12.57 (44)12.89 (42)„ S&P 500 Index 10.94 (28)6.20 (3)15.16 (17)19.77 (4)19.71 (5)11.28 (4)16.64 (8)15.07 (3)14.39 (2)14.39 (3)˜ 5th Percentile 11.48 5.97 15.38 19.44 19.35 10.19 17.00 14.51 13.67 14.00 1st Quartile 10.96 5.31 14.41 18.06 18.29 9.64 15.89 13.95 13.15 13.41 Median 10.26 4.77 13.69 17.31 17.44 8.81 15.14 13.04 12.31 12.49 3rd Quartile 9.68 4.16 12.54 16.12 16.65 7.91 14.69 12.42 11.43 11.80 95th Percentile 8.11 2.77 11.21 14.45 14.98 6.13 13.20 10.77 10.00 10.40 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 55 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 20.42 (66)26.79 (9)-20.77 (96)21.97 (94)24.69 (6)29.50 (69)-4.06 (4)22.53 (15)9.61 (98)1.48 (8)„ S&P 500 Index 25.02 (2)26.29 (13)-18.11 (34)28.71 (8)18.40 (62)31.49 (15)-4.38 (5)21.83 (31)11.96 (62)1.38 (8)˜ 5th Percentile 23.86 27.09 -14.07 29.34 24.96 32.60 -4.48 23.55 16.13 1.80 1st Quartile 23.19 25.64 -17.24 26.56 20.95 30.67 -5.54 22.05 13.66 0.63 Median 21.45 24.33 -18.61 25.73 18.99 30.06 -5.89 20.93 12.40 0.10 3rd Quartile 19.71 22.16 -19.32 23.93 16.92 29.25 -7.55 19.94 11.32 -0.73 95th Percentile 16.44 19.31 -20.69 21.64 12.31 27.45 -9.45 17.82 10.78 -3.17 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 56 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 $187,900,000 $375,800,000 $563,700,000 $751,600,000 -$187,900,000 -$375,800,000Market 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $387,059,353 $427,353,149 $354,699,311 $288,194,255 $376,051,591 $18,032,213 Net Contributions -$9,318,560 -$29,127,184 -$18,264,585 -$19,394,501 -$10,293,061 -$236,691,344 Net Investment Return $44,632,648 $24,147,476 $90,918,424 $85,899,557 -$77,564,275 $641,032,573 Ending Market Value $422,373,441 $422,373,441 $427,353,149 $354,699,311 $288,194,255 $422,373,441 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 57 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 11.55 6.17 15.33 21.03 16.24 14.02 13.44 11.32 Russell 1000 Index 11.11 6.12 15.66 19.59 16.30 14.09 13.35 11.25 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 6.17 25.63 29.94 -20.72 25.27 19.54 30.02 11.32 Russell 1000 Index 6.12 24.51 26.53 -19.13 26.45 20.96 31.43 11.25 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 58 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 - FTSE NAREIT All Equity REITs 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 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 15.98 16.34 Worst Quarter -8.38 -8.63 Standard Deviation 15.68 15.83 Maximum Drawdown -12.63 -12.74 Max Drawdown Recovery Period 6.00 8.00 Up Capture 101.53 100.00 Down Capture 95.66 100.00 Alpha 1.44 0.00 Beta 0.99 1.00 R-Squared 0.99 1.00 Consistency 66.67 100.00 Tracking Error 1.18 0.00 Treynor Ratio 0.16 0.15 Information Ratio 1.01 - Sharpe Ratio 1.02 0.93 Total Portfolio Russell 1000 Index Positive Months Ratio 65.10 65.77 Negative Months Ratio 34.90 34.23 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.63 14.84 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 85.97 100.00 Down Capture 75.62 100.00 Alpha 1.91 0.00 Beta 0.83 1.00 R-Squared 0.82 1.00 Consistency 50.34 100.00 Tracking Error 6.35 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.02 - Sharpe Ratio 0.64 0.59 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 59 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 11.55 (5)6.17 (3)15.33 (8)20.72 (3)21.03 (4)10.68 (4)16.24 (11)14.63 (5)14.02 (3)14.22 (3)„ Russell 1000 Index 11.11 (11)6.12 (4)15.66 (2)19.70 (4)19.59 (5)10.43 (5)16.30 (10)14.78 (4)14.09 (2)14.15 (4)˜ 5th Percentile 11.48 5.97 15.38 19.44 19.35 10.19 17.00 14.51 13.67 14.00 1st Quartile 10.96 5.31 14.41 18.06 18.29 9.64 15.89 13.95 13.15 13.41 Median 10.26 4.77 13.69 17.31 17.44 8.81 15.14 13.04 12.31 12.49 3rd Quartile 9.68 4.16 12.54 16.12 16.65 7.91 14.69 12.42 11.43 11.80 95th Percentile 8.11 2.77 11.21 14.45 14.98 6.13 13.20 10.77 10.00 10.40 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 60 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.63 (2)29.94 (4)-20.72 (96)25.27 (58)19.54 (42)30.02 (51)-3.49 (2)24.63 (3)8.88 (98)3.35 (1)„ Russell 1000 Index 24.51 (3)26.53 (10)-19.13 (67)26.45 (31)20.96 (25)31.43 (15)-4.78 (6)21.69 (35)12.05 (60)0.92 (19)˜ 5th Percentile 23.86 27.09 -14.07 29.34 24.96 32.60 -4.48 23.55 16.13 1.80 1st Quartile 23.19 25.64 -17.24 26.56 20.95 30.67 -5.54 22.05 13.66 0.63 Median 21.45 24.33 -18.61 25.73 18.99 30.06 -5.89 20.93 12.40 0.10 3rd Quartile 19.71 22.16 -19.32 23.93 16.92 29.25 -7.55 19.94 11.32 -0.73 95th Percentile 16.44 19.31 -20.69 21.64 12.31 27.45 -9.45 17.82 10.78 -3.17 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 61 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 -$25,900,000Market 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $77,872,956 $76,979,771 $60,846,645 $43,639,686 $57,800,059 $33,239,288 Net Contributions $159,093 $306,745 $558,058 $419,308 $347,224 -$36,277,504 Net Investment Return $6,144,680 $6,890,213 $15,575,068 $16,787,652 -$14,507,598 $87,214,945 Ending Market Value $84,176,729 $84,176,729 $76,979,771 $60,846,645 $43,639,686 $84,176,729 City of Clearwater Employees' Pension Plan - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 62 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.89 8.94 15.26 24.66 18.24 14.06 13.44 14.35 Russell 1000 Value Index 3.79 6.00 13.70 12.76 13.93 9.59 9.19 10.28 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 8.94 25.56 38.37 -25.08 27.60 15.49 31.28 14.35 Russell 1000 Value Index 6.00 14.37 11.46 -7.54 25.16 2.80 26.54 10.28 City of Clearwater Employees' Pension Plan - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 63 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -6 0 6 12 18 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 66.67 58.33 Negative Months Ratio 33.33 41.67 Best Quarter 13.38 13.62 Worst Quarter -6.66 -9.75 Standard Deviation 15.83 15.66 Maximum Drawdown -13.08 -11.49 Max Drawdown Recovery Period 4.00 4.00 Up Capture 109.33 100.00 Down Capture 58.32 100.00 Alpha 12.52 0.00 Beta 0.88 1.00 R-Squared 0.75 1.00 Consistency 63.89 100.00 Tracking Error 8.15 0.00 Treynor Ratio 0.22 0.09 Information Ratio 1.25 - Sharpe Ratio 1.20 0.56 Total Portfolio Russell 1000 Value Index Positive Months Ratio 67.33 64.00 Negative Months Ratio 32.67 36.00 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.32 14.68 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 109.45 100.00 Down Capture 93.91 100.00 Alpha 3.27 0.00 Beta 1.01 1.00 R-Squared 0.83 1.00 Consistency 56.00 100.00 Tracking Error 6.76 0.00 Treynor Ratio 0.13 0.10 Information Ratio 0.50 - Sharpe Ratio 0.81 0.67 City of Clearwater Employees' Pension Plan - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 64 -5 0 5 10 15 20 25 30 ReturnLast Qtr CYTD 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 7.89 (5)8.94 (8)15.26 (15)23.22 (1)24.66 (1)10.57 (7)18.24 (4)14.72 (2)14.06 (1)14.32 (1)„ Russell 1000 Value Index 3.79 (57)6.00 (47)13.70 (35)13.38 (54)12.76 (49)7.51 (61)13.93 (54)9.78 (60)9.59 (54)9.23 (60)˜ 5th Percentile 7.56 9.31 17.29 18.24 17.41 10.84 17.67 13.09 11.88 11.84 1st Quartile 5.48 7.18 14.33 15.07 14.24 9.04 15.51 11.25 10.60 10.47 Median 4.18 5.84 12.66 13.56 12.71 8.04 14.12 10.15 9.72 9.53 3rd Quartile 2.68 4.38 10.49 11.80 10.85 6.81 12.67 9.12 8.75 8.67 95th Percentile 0.19 1.82 5.89 8.25 7.91 4.73 10.29 7.04 6.78 6.95 Population 1,019 1,019 1,019 1,017 1,001 983 973 958 956 948 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 65 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.56 (1)38.37 (1)-25.08 (100)27.60 (32)15.49 (2)31.28 (5)-4.86 (14)23.52 (2)10.16 (90)2.35 (4)„ Russell 1000 Value Index 14.37 (50)11.46 (47)-7.54 (69)25.16 (61)2.80 (53)26.54 (38)-8.27 (45)13.66 (80)17.34 (20)-3.83 (59)˜ 5th Percentile 20.77 20.80 1.17 32.11 12.10 31.26 -2.84 21.78 20.59 1.68 1st Quartile 16.34 14.21 -3.07 28.15 6.23 27.84 -6.22 18.71 16.53 -1.52 Median 14.35 11.16 -5.57 26.02 2.94 25.56 -8.67 16.43 14.25 -3.33 3rd Quartile 11.63 8.42 -8.61 23.83 0.49 23.33 -10.68 14.11 12.05 -4.81 95th Percentile 6.77 3.64 -14.03 19.08 -4.35 19.67 -14.40 9.76 8.63 -7.75 Population 1,048 1,134 1,138 1,142 1,137 1,122 1,120 1,105 1,089 1,044 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 66 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 $70,900,000 $141,800,000 $212,700,000 $283,600,000 $354,500,000 -$70,900,000Market ValueOct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $195,254,150 $238,897,395 $179,193,994 $135,593,144 $191,150,851 $30,545,838 Net Contributions -$9,485,358 -$29,467,443 $61,362 -$12,953,416 $47,645 $87,249,529 Net Investment Return $34,541,977 $10,880,817 $59,642,039 $56,554,265 -$55,605,352 $102,515,402 Ending Market Value $220,310,769 $220,310,769 $238,897,395 $179,193,994 $135,593,144 $220,310,769 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 67 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 17.82 6.08 17.18 25.59 ---15.49 Russell 1000 Growth Index 17.84 6.09 17.22 25.76 18.15 17.90 17.01 15.18 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 6.08 33.28 42.20 -29.09 29.75 --15.49 Russell 1000 Growth Index 6.09 33.36 42.68 -29.14 27.60 38.49 36.39 15.18 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 68 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Growth Index Positive Months Ratio 66.67 66.67 Negative Months Ratio 33.33 33.33 Best Quarter 18.74 18.70 Worst Quarter -10.15 -10.15 Standard Deviation 18.37 18.36 Maximum Drawdown -13.92 -13.93 Max Drawdown Recovery Period 8.00 8.00 Up Capture 99.93 100.00 Down Capture 100.62 100.00 Alpha -0.14 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 33.33 100.00 Tracking Error 0.21 0.00 Treynor Ratio 0.20 0.20 Information Ratio -0.61 - Sharpe Ratio 1.10 1.11 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 64.29 62.50 Negative Months Ratio 35.71 37.50 Best Quarter 18.74 18.70 Worst Quarter -20.89 -20.92 Standard Deviation 18.85 19.17 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 95.10 100.00 Down Capture 100.21 100.00 Alpha -1.03 0.00 Beta 0.95 1.00 R-Squared 0.94 1.00 Consistency 41.07 100.00 Tracking Error 4.78 0.00 Treynor Ratio 0.14 0.15 Information Ratio -0.39 - Sharpe Ratio 0.70 0.78 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 69 -10 -4 2 8 14 20 26 32 38 44 ReturnLast Qtr CYTD 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 17.82 (49)6.08 (59)17.18 (30)24.87 (37)25.59 (29)12.64 (6)----„ Russell 1000 Growth Index 17.84 (48)6.09 (59)17.22 (29)25.09 (34)25.76 (27)12.74 (6)18.15 (5)18.99 (9)17.90 (7)18.46 (9)˜ 5th Percentile 28.96 14.48 32.73 33.50 31.12 12.77 18.12 19.66 18.20 19.15 1st Quartile 19.73 8.45 17.91 26.01 25.91 10.64 16.25 17.21 16.06 17.02 Median 17.75 6.93 15.36 23.60 23.85 9.18 14.92 15.79 14.99 15.93 3rd Quartile 15.53 5.11 12.56 20.29 21.13 7.10 13.14 14.14 13.73 14.61 95th Percentile 8.52 2.07 7.72 12.59 14.61 1.79 9.06 11.13 11.22 12.10 Population 1,005 1,005 1,003 995 987 971 966 960 940 932 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 70 -75 -50 -25 0 25 50 75 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 33.28 (30)42.20 (33)-29.09 (34)29.75 (8)------„ Russell 1000 Growth Index 33.36 (29)42.68 (31)-29.14 (34)27.60 (15)38.49 (40)36.39 (22)-1.51 (55)30.21 (44)7.08 (18)5.67 (47)˜ 5th Percentile 44.45 53.10 -20.48 30.31 74.82 39.30 6.07 37.82 9.27 11.06 1st Quartile 34.29 43.55 -27.37 25.61 45.13 36.16 1.24 32.51 6.00 7.62 Median 29.72 39.34 -31.15 22.02 35.98 33.18 -1.13 29.47 2.49 5.36 3rd Quartile 24.39 32.98 -35.17 16.77 30.52 30.35 -3.66 26.14 0.31 1.79 95th Percentile 14.23 20.89 -47.31 3.52 20.64 25.90 -7.20 21.18 -3.60 -2.87 Population 1,013 1,094 1,110 1,133 1,116 1,087 1,080 1,054 1,042 1,017 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 71 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 $42,900,000 $85,800,000 $128,700,000 $171,600,000 -$42,900,000 -$85,800,000Market 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $103,522,906 $101,410,244 $84,800,204 $67,546,777 $73,095,509 $26,197,069 Net Contributions $9,507,764 $9,515,370 $5,025,924 $8,021,321 $20,204 -$15,121,220 Net Investment Return $4,048,798 $6,153,854 $11,584,117 $9,232,105 -$5,568,935 $106,003,620 Ending Market Value $117,079,468 $117,079,468 $101,410,244 $84,800,204 $67,546,777 $117,079,468 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 72 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.83 5.98 13.67 12.80 13.90 9.59 9.17 7.21 Russell 1000 Value Index 3.79 6.00 13.70 12.76 13.93 9.59 9.19 7.18 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.98 14.37 11.61 -7.62 25.17 2.77 26.55 7.21 Russell 1000 Value Index 6.00 14.37 11.46 -7.54 25.16 2.80 26.54 7.18 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 73 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -5 0 5 10 15 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 58.33 58.33 Negative Months Ratio 41.67 41.67 Best Quarter 13.63 13.62 Worst Quarter -9.67 -9.75 Standard Deviation 15.65 15.66 Maximum Drawdown -11.50 -11.49 Max Drawdown Recovery Period 4.00 4.00 Up Capture 100.01 100.00 Down Capture 99.83 100.00 Alpha 0.04 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 44.44 100.00 Tracking Error 0.13 0.00 Treynor Ratio 0.09 0.09 Information Ratio 0.26 - Sharpe Ratio 0.57 0.56 Total Portfolio Russell 1000 Value Index Positive Months Ratio 60.65 60.65 Negative Months Ratio 39.35 39.35 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.27 16.31 Maximum Drawdown -54.40 -54.50 Max Drawdown Recovery Period 66.00 66.00 Up Capture 99.97 100.00 Down Capture 99.83 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 66.20 100.00 Tracking Error 0.38 0.00 Treynor Ratio 0.07 0.07 Information Ratio 0.06 - Sharpe Ratio 0.43 0.42 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 74 -4 0 4 8 12 16 20 24 ReturnLast Qtr CYTD 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 3.83 (56)5.98 (47)13.67 (36)13.42 (53)12.80 (48)7.52 (61)13.90 (55)9.78 (60)9.59 (54)9.23 (60)„ Russell 1000 Value Index 3.79 (57)6.00 (47)13.70 (35)13.38 (54)12.76 (49)7.51 (61)13.93 (54)9.78 (60)9.59 (54)9.23 (60)˜ 5th Percentile 7.56 9.31 17.29 18.24 17.41 10.84 17.67 13.09 11.88 11.84 1st Quartile 5.48 7.18 14.33 15.07 14.24 9.04 15.51 11.25 10.60 10.47 Median 4.18 5.84 12.66 13.56 12.71 8.04 14.12 10.15 9.72 9.53 3rd Quartile 2.68 4.38 10.49 11.80 10.85 6.81 12.67 9.12 8.75 8.67 95th Percentile 0.19 1.82 5.89 8.25 7.91 4.73 10.29 7.04 6.78 6.95 Population 1,019 1,019 1,019 1,017 1,001 983 973 958 956 948 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 75 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 14.37 (50)11.61 (46)-7.62 (69)25.17 (61)2.77 (53)26.55 (38)-8.32 (45)13.77 (79)17.03 (23)-3.66 (56)„ Russell 1000 Value Index 14.37 (50)11.46 (47)-7.54 (69)25.16 (61)2.80 (53)26.54 (38)-8.27 (45)13.66 (80)17.34 (20)-3.83 (59)˜ 5th Percentile 20.77 20.80 1.17 32.11 12.10 31.26 -2.84 21.78 20.59 1.68 1st Quartile 16.34 14.21 -3.07 28.15 6.23 27.84 -6.22 18.71 16.53 -1.52 Median 14.35 11.16 -5.57 26.02 2.94 25.56 -8.67 16.43 14.25 -3.33 3rd Quartile 11.63 8.42 -8.61 23.83 0.49 23.33 -10.68 14.11 12.05 -4.81 95th Percentile 6.77 3.64 -14.03 19.08 -4.35 19.67 -14.40 9.76 8.63 -7.75 Population 1,048 1,134 1,138 1,142 1,137 1,122 1,120 1,105 1,089 1,044 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 76 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $70,900,000 $141,800,000 $212,700,000 -$70,900,000 -$141,800,000 -$212,700,000Market 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $120,380,518 $125,134,749 $106,878,366 $74,563,616 $106,096,870 $15,584,862 Net Contributions $230,713 $450,434 $5,845,178 $15,652,365 -$9,365,956 -$101,195,786 Net Investment Return $12,559,486 $7,585,533 $12,411,204 $16,662,386 -$22,167,299 $218,781,641 Ending Market Value $133,170,716 $133,170,716 $125,134,749 $106,878,366 $74,563,616 $133,170,716 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 77 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.43 6.04 13.29 13.74 11.59 10.95 10.05 12.16 Russell Midcap Index 8.53 4.84 15.21 14.33 13.11 10.02 9.89 11.40 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 6.04 11.47 20.24 -20.92 18.74 37.35 29.52 12.16 Russell Midcap Index 4.84 15.34 17.23 -17.32 22.58 17.10 30.54 11.40 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 78 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 - FTSE NAREIT All Equity REITs Total Portfolio Russell Midcap Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Index Positive Months Ratio 50.00 50.00 Negative Months Ratio 50.00 50.00 Best Quarter 16.20 17.06 Worst Quarter -10.91 -12.90 Standard Deviation 17.72 18.45 Maximum Drawdown -11.99 -12.90 Max Drawdown Recovery Period 6.00 5.00 Up Capture 93.59 100.00 Down Capture 92.06 100.00 Alpha 0.18 0.00 Beta 0.94 1.00 R-Squared 0.97 1.00 Consistency 44.44 100.00 Tracking Error 3.31 0.00 Treynor Ratio 0.11 0.11 Information Ratio -0.20 - Sharpe Ratio 0.57 0.58 Total Portfolio Russell Midcap Index Positive Months Ratio 62.19 63.31 Negative Months Ratio 37.81 36.69 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.71 16.48 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 92.29 100.00 Down Capture 81.29 100.00 Alpha 2.08 0.00 Beta 0.90 1.00 R-Squared 0.71 1.00 Consistency 49.89 100.00 Tracking Error 9.73 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.09 - Sharpe Ratio 0.57 0.56 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 79 -1 2 5 8 11 14 17 20 23 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.43 (41)6.04 (5)13.29 (63)12.76 (99)13.74 (99)3.99 (100)11.59 (100)11.31 (94)10.95 (88)10.86 (93)„ Russell Midcap Index 8.53 (92)4.84 (45)15.21 (15)14.03 (98)14.33 (97)5.44 (97)13.11 (96)10.39 (99)10.02 (95)10.31 (97)˜ 5th Percentile 11.48 5.97 15.38 19.44 19.35 10.19 17.00 14.51 13.67 14.00 1st Quartile 10.96 5.31 14.41 18.06 18.29 9.64 15.89 13.95 13.15 13.41 Median 10.26 4.77 13.69 17.31 17.44 8.81 15.14 13.04 12.31 12.49 3rd Quartile 9.68 4.16 12.54 16.12 16.65 7.91 14.69 12.42 11.43 11.80 95th Percentile 8.11 2.77 11.21 14.45 14.98 6.13 13.20 10.77 10.00 10.40 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 80 -40 -25 -10 5 20 35 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.47 (100)20.24 (90)-20.92 (96)18.74 (100)37.35 (1)29.52 (68)-9.88 (97)19.76 (79)6.73 (99)-1.30 (84)„ Russell Midcap Index 15.34 (99)17.23 (100)-17.32 (26)22.58 (88)17.10 (74)30.54 (33)-9.06 (94)18.52 (85)13.80 (19)-2.44 (91)˜ 5th Percentile 23.86 27.09 -14.07 29.34 24.96 32.60 -4.48 23.55 16.13 1.80 1st Quartile 23.19 25.64 -17.24 26.56 20.95 30.67 -5.54 22.05 13.66 0.63 Median 21.45 24.33 -18.61 25.73 18.99 30.06 -5.89 20.93 12.40 0.10 3rd Quartile 19.71 22.16 -19.32 23.93 16.92 29.25 -7.55 19.94 11.32 -0.73 95th Percentile 16.44 19.31 -20.69 21.64 12.31 27.45 -9.45 17.82 10.78 -3.17 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 81 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 Jan-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/31/2001 Beginning Market Value $49,860,390 $53,627,761 $51,642,293 $32,313,010 $50,353,781 $29,913,539 Net Contributions $109,990 $208,987 -$4,565,647 $10,324,950 $277,067 -$63,051,665 Net Investment Return $7,231,977 $3,365,609 $6,551,116 $9,004,333 -$18,317,838 $90,340,483 Ending Market Value $57,202,357 $57,202,357 $53,627,761 $51,642,293 $32,313,010 $57,202,357 City of Clearwater Employees' Pension Plan - Artisan Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 82 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 14.50 6.25 14.72 13.08 6.57 10.80 9.95 10.29 Russell Midcap Growth Index 18.20 9.79 26.49 21.46 12.65 12.73 12.13 9.86 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 6.25 12.56 25.02 -36.33 10.53 56.72 38.58 10.29 Russell Midcap Growth Index 9.79 22.10 25.87 -26.72 12.73 35.59 35.47 9.86 City of Clearwater Employees' Pension Plan - Artisan Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 83 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Growth Index Positive Months Ratio 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 17.97 20.06 Worst Quarter -12.33 -12.70 Standard Deviation 19.34 20.39 Maximum Drawdown -13.45 -12.89 Max Drawdown Recovery Period 11.00 7.00 Up Capture 82.98 100.00 Down Capture 101.94 100.00 Alpha -5.30 0.00 Beta 0.91 1.00 R-Squared 0.92 1.00 Consistency 36.11 100.00 Tracking Error 5.86 0.00 Treynor Ratio 0.11 0.17 Information Ratio -1.27 - Sharpe Ratio 0.50 0.84 Total Portfolio Russell Midcap Growth Index Positive Months Ratio 61.32 60.63 Negative Months Ratio 38.68 39.37 Best Quarter 36.44 31.56 Worst Quarter -39.29 -40.64 Standard Deviation 18.94 18.73 Maximum Drawdown -50.92 -52.91 Max Drawdown Recovery Period 37.00 39.00 Up Capture 100.52 100.00 Down Capture 98.60 100.00 Alpha 0.74 0.00 Beta 0.97 1.00 R-Squared 0.93 1.00 Consistency 47.04 100.00 Tracking Error 5.18 0.00 Treynor Ratio 0.10 0.10 Information Ratio 0.08 - Sharpe Ratio 0.53 0.51 City of Clearwater Employees' Pension Plan - Artisan Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 84 -12 -4 4 12 20 28 36 44 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 14.50 (50)6.25 (36)14.72 (49)12.92 (54)13.08 (63)-0.65 (73)6.57 (75)9.27 (54)10.80 (36)11.05 (49)„ Russell Midcap Growth Index 18.20 (33)9.79 (19)26.49 (16)20.64 (11)21.46 (10)5.99 (11)12.65 (12)12.53 (10)12.73 (13)13.44 (10)˜ 5th Percentile 25.61 12.86 33.03 26.18 24.56 8.36 13.84 13.84 13.88 15.62 1st Quartile 19.44 9.12 22.23 18.37 18.16 3.98 11.19 11.31 11.32 12.39 Median 14.49 4.73 14.36 13.54 14.57 1.45 8.89 9.56 10.00 11.00 3rd Quartile 10.02 1.16 7.43 8.47 11.79 -0.91 6.52 7.53 8.28 9.50 95th Percentile 4.15 -3.79 1.20 2.73 8.37 -4.36 3.17 5.16 5.31 6.80 Population 467 467 464 463 463 460 451 445 439 432 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Artisan Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 85 -75 -50 -25 0 25 50 75 100 125 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 12.56 (62)25.02 (22)-36.33 (90)10.53 (61)56.72 (17)38.58 (16)-3.39 (37)20.81 (90)-0.63 (95)3.38 (19)„ Russell Midcap Growth Index 22.10 (25)25.87 (17)-26.72 (35)12.73 (44)35.59 (54)35.47 (39)-4.75 (46)25.27 (47)7.33 (25)-0.20 (59)˜ 5th Percentile 31.59 31.30 -19.91 24.94 80.85 42.26 3.76 34.21 12.37 6.27 1st Quartile 21.54 24.37 -25.03 16.34 48.19 37.42 -2.06 28.22 7.26 2.81 Median 15.01 20.68 -28.67 11.75 38.88 34.03 -5.02 25.01 4.57 0.67 3rd Quartile 10.51 17.95 -33.22 7.14 30.42 30.95 -7.13 22.88 2.12 -1.86 95th Percentile 4.07 11.58 -41.72 -5.04 19.45 26.60 -11.38 17.48 -0.77 -5.87 Population 469 504 516 525 504 497 491 480 480 475 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Artisan Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 86 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $22,900,000 $45,800,000 $68,700,000 $91,600,000 $114,500,000 -$22,900,000Market ValueMar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $70,520,128 $71,506,988 $55,236,074 $42,250,605 $55,743,089 $27,058,203 Net Contributions $120,723 $241,447 $10,410,825 $5,327,415 -$9,643,023 $4,950,634 Net Investment Return $5,327,509 $4,219,925 $5,860,089 $7,658,053 -$3,849,460 $43,959,523 Ending Market Value $75,968,360 $75,968,360 $71,506,988 $55,236,074 $42,250,605 $75,968,360 City of Clearwater Employees' Pension Plan - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 87 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 7.55 5.89 12.00 13.91 15.77 --11.75 Russell Midcap Value Index 5.35 3.12 11.53 11.34 13.71 8.22 8.39 11.22 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.89 10.45 16.74 -6.98 27.34 --11.75 Russell Midcap Value Index 3.12 13.07 12.71 -12.03 28.34 4.96 27.06 11.22 City of Clearwater Employees' Pension Plan - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 88 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Boston Partners Russell Midcap Value Index -6 0 6 12 18 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 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 14.56 15.84 Worst Quarter -9.54 -12.98 Standard Deviation 18.03 18.45 Maximum Drawdown -11.59 -12.98 Max Drawdown Recovery Period 4.00 5.00 Up Capture 100.39 100.00 Down Capture 90.72 100.00 Alpha 2.68 0.00 Beta 0.97 1.00 R-Squared 0.98 1.00 Consistency 50.00 100.00 Tracking Error 2.81 0.00 Treynor Ratio 0.11 0.08 Information Ratio 0.79 - Sharpe Ratio 0.57 0.43 Boston Partners Russell Midcap Value Index Positive Months Ratio 56.25 57.81 Negative Months Ratio 43.75 42.19 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 23.94 21.05 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period 25.00 5.00 Up Capture 90.41 100.00 Down Capture 79.95 100.00 Alpha 1.32 0.00 Beta 0.99 1.00 R-Squared 0.75 1.00 Consistency 50.00 100.00 Tracking Error 11.86 0.00 Treynor Ratio 0.12 0.10 Information Ratio 0.10 - Sharpe Ratio 0.48 0.49 City of Clearwater Employees' Pension Plan - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 89 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr CYTD 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 7.55 (11)5.89 (9)12.00 (17)12.66 (18)13.91 (15)7.71 (13)15.77 (19)---„ Russell Midcap Value Index 5.35 (38)3.12 (29)11.53 (21)11.76 (24)11.34 (36)5.57 (59)13.71 (48)9.00 (50)8.22 (40)8.14 (44)˜ 5th Percentile 9.03 6.87 20.08 17.11 18.51 9.65 18.78 12.00 10.34 10.24 1st Quartile 5.93 3.68 11.00 11.66 12.05 6.65 15.19 10.29 9.08 8.99 Median 4.14 1.43 8.15 10.20 10.63 5.88 13.64 8.96 7.87 7.80 3rd Quartile 2.65 0.04 6.88 8.39 8.49 4.67 12.16 7.79 6.88 6.89 95th Percentile 0.34 -1.95 3.20 5.73 6.81 1.66 10.48 5.77 5.15 5.39 Population 351 351 351 345 342 339 334 332 331 318 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 90 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.45 (57)16.74 (23)-6.98 (39)27.34 (61)------„ Russell Midcap Value Index 13.07 (30)12.71 (43)-12.03 (83)28.34 (52)4.96 (37)27.06 (52)-12.29 (38)13.34 (55)20.00 (35)-4.78 (60)˜ 5th Percentile 18.86 24.91 0.38 35.22 13.19 34.16 -7.11 20.40 25.78 1.04 1st Quartile 13.58 16.25 -5.50 31.30 6.32 29.98 -11.09 15.98 20.95 -2.45 Median 10.85 12.00 -8.17 28.42 3.08 27.40 -13.24 13.58 17.24 -3.82 3rd Quartile 8.88 10.27 -10.67 25.71 0.18 24.20 -15.39 11.59 14.68 -6.62 95th Percentile 4.70 6.41 -16.39 13.45 -4.29 17.28 -19.84 7.61 10.04 -10.37 Population 364 371 381 390 389 387 384 369 368 361 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 91 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $66,200,068 $72,830,169 $59,111,590 $44,901,336 $68,730,135 $29,988,472 Net Contributions $146,110 $292,104 $10,538,966 $5,457,576 -$9,523,392 -$92,173,423 Gain/Loss $1,549,202 -$5,226,893 $3,179,613 $8,752,678 -$14,305,407 $130,080,332 Ending Market Value $67,895,380 $67,895,380 $72,830,169 $59,111,590 $44,901,336 $67,895,380 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 92 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 8 16 -8 -16Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.34 -7.18 1.37 6.27 6.24 6.49 8.44 9.34 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 8.43 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -7.18 5.41 18.22 -20.83 12.05 31.17 26.79 9.34 Russell 2000 Index -1.79 11.54 16.93 -20.44 14.82 19.96 25.53 8.43 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 93 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 47.22 47.22 Negative Months Ratio 52.78 52.78 Best Quarter 14.71 17.62 Worst Quarter -14.79 -16.69 Standard Deviation 18.71 22.22 Maximum Drawdown -17.67 -18.87 Max Drawdown Recovery Period -- Up Capture 79.19 100.00 Down Capture 85.30 100.00 Alpha -1.97 0.00 Beta 0.82 1.00 R-Squared 0.94 1.00 Consistency 41.67 100.00 Tracking Error 6.01 0.00 Treynor Ratio 0.04 0.08 Information Ratio -0.69 - Sharpe Ratio 0.18 0.34 Total Portfolio Russell 2000 Index Positive Months Ratio 62.98 61.83 Negative Months Ratio 37.02 38.17 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.91 19.79 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 91.58 100.00 Down Capture 85.53 100.00 Alpha 1.73 0.00 Beta 0.88 1.00 R-Squared 0.94 1.00 Consistency 50.76 100.00 Tracking Error 5.06 0.00 Treynor Ratio 0.10 0.08 Information Ratio 0.09 - Sharpe Ratio 0.50 0.43 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 94 -15 -10 -5 0 5 10 15 20 25 ReturnLast Qtr CYTD 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 2.34 (100)-7.18 (100)1.37 (100)1.53 (100)6.27 (100)-1.78 (100)6.24 (100)6.14 (100)6.49 (100)8.08 (100)„ Russell 2000 Index 8.50 (92)-1.79 (100)7.68 (100)8.86 (100)10.00 (100)-0.11 (100)10.04 (100)7.07 (100)5.52 (100)6.95 (100)˜ 5th Percentile 11.48 5.97 15.38 19.44 19.35 10.19 17.00 14.51 13.67 14.00 1st Quartile 10.96 5.31 14.41 18.06 18.29 9.64 15.89 13.95 13.15 13.41 Median 10.26 4.77 13.69 17.31 17.44 8.81 15.14 13.04 12.31 12.49 3rd Quartile 9.68 4.16 12.54 16.12 16.65 7.91 14.69 12.42 11.43 11.80 95th Percentile 8.11 2.77 11.21 14.45 14.98 6.13 13.20 10.77 10.00 10.40 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 95 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.41 (100)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)„ Russell 2000 Index 11.54 (100)16.93 (100)-20.44 (95)14.82 (100)19.96 (40)25.53 (100)-11.01 (98)14.65 (98)21.31 (2)-4.41 (100)˜ 5th Percentile 23.86 27.09 -14.07 29.34 24.96 32.60 -4.48 23.55 16.13 1.80 1st Quartile 23.19 25.64 -17.24 26.56 20.95 30.67 -5.54 22.05 13.66 0.63 Median 21.45 24.33 -18.61 25.73 18.99 30.06 -5.89 20.93 12.40 0.10 3rd Quartile 19.71 22.16 -19.32 23.93 16.92 29.25 -7.55 19.94 11.32 -0.73 95th Percentile 16.44 19.31 -20.69 21.64 12.31 27.45 -9.45 17.82 10.78 -3.17 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 96 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $23,004,393 $24,611,564 $18,033,709 $10,217,052 $17,200,666 $14,989,707 Net Contributions $47,364 $93,055 $5,152,287 $5,103,012 -$4,891,140 -$20,827,938 Net Investment Return $750,482 -$902,379 $1,425,568 $2,713,645 -$2,092,474 $29,640,470 Ending Market Value $23,802,239 $23,802,239 $24,611,564 $18,033,709 $10,217,052 $23,802,239 City of Clearwater Employees' Pension Plan - Atlanta Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 97 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 6 12 18 -6 -12Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.26 -3.67 4.40 9.02 10.16 7.98 9.19 11.27 Russell 2000 Index 8.50 -1.79 7.68 10.00 10.04 5.52 7.12 8.43 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -3.67 8.09 20.71 -12.28 19.89 10.77 26.20 11.27 Russell 2000 Index -1.79 11.54 16.93 -20.44 14.82 19.96 25.53 8.43 City of Clearwater Employees' Pension Plan - Atlanta Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 98 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 52.78 47.22 Negative Months Ratio 47.22 52.78 Best Quarter 14.40 17.62 Worst Quarter -12.06 -16.69 Standard Deviation 18.09 22.22 Maximum Drawdown -16.20 -18.87 Max Drawdown Recovery Period -- Up Capture 79.04 100.00 Down Capture 76.17 100.00 Alpha 1.00 0.00 Beta 0.77 1.00 R-Squared 0.90 1.00 Consistency 47.22 100.00 Tracking Error 7.61 0.00 Treynor Ratio 0.08 0.08 Information Ratio -0.23 - Sharpe Ratio 0.32 0.34 Total Portfolio Russell 2000 Index Positive Months Ratio 64.12 61.83 Negative Months Ratio 35.88 38.17 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.18 19.79 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 86.09 100.00 Down Capture 70.86 100.00 Alpha 4.27 0.00 Beta 0.78 1.00 R-Squared 0.90 1.00 Consistency 50.00 100.00 Tracking Error 6.67 0.00 Treynor Ratio 0.13 0.08 Information Ratio 0.29 - Sharpe Ratio 0.64 0.43 City of Clearwater Employees' Pension Plan - Atlanta Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 99 -15 -10 -5 0 5 10 15 20 25 ReturnLast Qtr CYTD 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 3.26 (88)-3.67 (74)4.40 (67)5.91 (79)9.02 (62)4.71 (14)10.16 (68)7.75 (48)7.98 (18)9.17 (12)„ Russell 2000 Index 8.50 (24)-1.79 (44)7.68 (34)8.86 (41)10.00 (47)-0.11 (84)10.04 (71)7.07 (65)5.52 (67)6.95 (61)˜ 5th Percentile 11.05 3.18 12.62 13.81 15.10 6.82 16.28 11.48 9.68 10.84 1st Quartile 8.47 -0.27 8.62 10.54 11.94 3.79 13.29 9.29 7.55 8.43 Median 6.48 -2.00 5.92 8.14 9.78 2.13 11.46 7.61 6.10 7.25 3rd Quartile 4.77 -3.78 3.50 6.15 8.00 0.41 9.76 6.65 5.21 6.45 95th Percentile 1.97 -6.62 0.14 3.29 6.11 -1.44 8.29 4.76 3.53 4.62 Population 553 553 553 544 536 530 526 520 511 509 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 100 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 8.09 (79)20.71 (13)-12.28 (15)19.89 (68)10.77 (65)26.20 (35)0.48 (1)13.34 (52)18.02 (74)4.97 (1)„ Russell 2000 Index 11.54 (41)16.93 (42)-20.44 (83)14.82 (87)19.96 (18)25.53 (44)-11.01 (42)14.65 (33)21.31 (45)-4.41 (57)˜ 5th Percentile 18.94 23.22 -8.54 32.63 25.79 31.64 -6.17 21.13 28.97 -0.25 1st Quartile 13.10 18.24 -14.76 26.52 19.11 27.34 -9.43 15.31 23.90 -2.14 Median 10.85 16.28 -16.75 22.61 13.21 25.03 -11.65 13.50 20.69 -4.03 3rd Quartile 8.52 13.68 -19.92 18.77 8.38 22.40 -14.16 10.97 17.90 -5.67 95th Percentile 4.00 8.59 -23.02 13.76 0.21 17.76 -18.61 8.27 11.36 -9.99 Population 562 595 601 619 617 610 598 588 576 548 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 101 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $26,303,652 $30,013,830 $28,693,880 $23,689,315 $34,601,965 $16,876,305 Net Contributions $60,025 $118,984 $259,681 $243,018 $223,461 -$32,575,542 Net Investment Return $474,008 -$3,295,128 $1,060,269 $4,761,547 -$11,136,111 $42,536,922 Ending Market Value $26,837,685 $26,837,685 $30,013,830 $28,693,880 $23,689,315 $26,837,685 City of Clearwater Employees' Pension Plan - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 102 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 10 20 -10 -20Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.80 -10.98 -1.73 3.85 1.17 4.88 7.89 10.81 Russell 2000 Growth Index 11.97 -0.48 9.73 12.38 7.42 5.69 7.14 10.35 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -10.98 3.67 20.04 -32.15 3.44 54.14 27.35 10.81 Russell 2000 Growth Index -0.48 15.15 18.66 -26.36 2.83 34.63 28.48 10.35 City of Clearwater Employees' Pension Plan - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 103 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Growth Index -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 50.00 50.00 Negative Months Ratio 50.00 50.00 Best Quarter 15.37 18.25 Worst Quarter -17.04 -18.29 Standard Deviation 19.34 22.33 Maximum Drawdown -18.33 -18.91 Max Drawdown Recovery Period -- Up Capture 71.95 100.00 Down Capture 89.75 100.00 Alpha -5.87 0.00 Beta 0.82 1.00 R-Squared 0.90 1.00 Consistency 41.67 100.00 Tracking Error 7.28 0.00 Treynor Ratio 0.01 0.10 Information Ratio -1.18 - Sharpe Ratio 0.06 0.43 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 62.15 60.45 Negative Months Ratio 37.85 39.55 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 18.12 19.92 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -41.00 Up Capture 89.06 100.00 Down Capture 82.58 100.00 Alpha 1.89 0.00 Beta 0.85 1.00 R-Squared 0.87 1.00 Consistency 50.28 100.00 Tracking Error 7.19 0.00 Treynor Ratio 0.13 0.11 Information Ratio 0.01 - Sharpe Ratio 0.58 0.53 City of Clearwater Employees' Pension Plan - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 104 -22 -16 -10 -4 2 8 14 20 26 32 ReturnLast Qtr CYTD 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 1.80 (100)-10.98 (100)-1.73 (97)-2.35 (100)3.85 (100)-7.73 (93)1.17 (96)3.88 (95)4.88 (85)6.98 (82)„ Russell 2000 Growth Index 11.97 (33)-0.48 (42)9.73 (28)9.43 (38)12.38 (31)-1.41 (55)7.42 (54)6.75 (52)5.69 (73)7.58 (75)˜ 5th Percentile 18.30 4.01 22.47 15.80 18.82 4.63 13.56 12.13 11.96 13.42 1st Quartile 13.05 1.10 10.12 10.64 12.77 1.13 9.56 8.86 8.36 10.40 Median 10.73 -1.26 6.85 8.34 10.24 -0.82 7.65 6.84 6.77 8.84 3rd Quartile 7.74 -3.83 3.65 5.72 8.29 -4.25 5.20 5.40 5.51 7.52 95th Percentile 3.78 -6.03 -0.64 2.29 5.66 -8.82 1.34 3.27 3.68 5.51 Population 533 533 533 533 523 520 518 504 503 491 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 105 -80 -60 -40 -20 0 20 40 60 80 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 3.67 (100)20.04 (22)-32.15 (75)3.44 (77)54.14 (23)27.35 (59)7.33 (3)22.97 (54)13.29 (25)-3.15 (63)„ Russell 2000 Growth Index 15.15 (41)18.66 (32)-26.36 (39)2.83 (80)34.63 (61)28.48 (52)-9.31 (81)22.17 (56)11.32 (38)-1.38 (41)˜ 5th Percentile 28.02 26.17 -17.83 28.54 71.05 40.33 5.28 37.00 22.23 5.10 1st Quartile 18.83 19.34 -24.42 15.31 52.94 34.88 -0.93 27.25 13.23 0.16 Median 13.84 16.35 -28.30 9.34 38.34 28.80 -4.66 23.83 9.69 -2.11 3rd Quartile 10.49 12.89 -32.18 3.74 27.89 24.94 -8.39 19.22 6.50 -4.26 95th Percentile 5.81 7.41 -38.65 -5.79 17.54 19.36 -14.08 13.58 0.82 -8.88 Population 544 588 594 606 605 585 583 566 557 551 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 106 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 Nov-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $16,892,023 $18,204,775 $12,384,001 $10,994,968 $16,927,504 $13,915,449 Net Contributions $38,721 $80,066 $5,126,998 $111,546 -$4,855,712 -$2,991,540 Net Investment Return $324,711 -$1,029,386 $693,776 $1,277,487 -$1,076,823 $6,331,547 Ending Market Value $17,255,456 $17,255,456 $18,204,775 $12,384,001 $10,994,968 $17,255,456 City of Clearwater Employees' Pension Plan - Sycamore Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 107 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Value Index 0 8 16 24 -8 -16Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.92 -5.66 1.71 6.47 11.10 6.20 -6.14 Russell 2000 Value Index 4.97 -3.16 5.54 7.45 12.47 4.85 6.72 5.03 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -5.66 5.57 11.55 -6.40 25.08 4.91 26.24 6.14 Russell 2000 Value Index -3.16 8.05 14.65 -14.48 28.27 4.63 22.39 5.03 City of Clearwater Employees' Pension Plan - Sycamore Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 108 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Value Index Positive Months Ratio 44.44 47.22 Negative Months Ratio 55.56 52.78 Best Quarter 13.66 17.00 Worst Quarter -14.76 -15.15 Standard Deviation 20.19 22.66 Maximum Drawdown -19.21 -18.83 Max Drawdown Recovery Period -- Up Capture 88.86 100.00 Down Capture 90.08 100.00 Alpha -0.21 0.00 Beta 0.87 1.00 R-Squared 0.96 1.00 Consistency 47.22 100.00 Tracking Error 4.95 0.00 Treynor Ratio 0.04 0.05 Information Ratio -0.29 - Sharpe Ratio 0.19 0.23 Total Portfolio Russell 2000 Value Index Positive Months Ratio 56.52 58.70 Negative Months Ratio 43.48 41.30 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 19.72 22.89 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 88.46 100.00 Down Capture 85.44 100.00 Alpha 1.23 0.00 Beta 0.84 1.00 R-Squared 0.94 1.00 Consistency 50.00 100.00 Tracking Error 6.11 0.00 Treynor Ratio 0.07 0.06 Information Ratio -0.01 - Sharpe Ratio 0.27 0.24 City of Clearwater Employees' Pension Plan - Sycamore Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 109 -15 -10 -5 0 5 10 15 20 25 ReturnLast Qtr CYTD 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 1.92 (81)-5.66 (78)1.71 (76)3.45 (92)6.47 (82)2.43 (63)11.10 (85)6.77 (72)6.20 (41)-„ Russell 2000 Value Index 4.97 (43)-3.16 (46)5.54 (35)8.18 (44)7.45 (69)0.95 (87)12.47 (69)6.82 (69)4.85 (70)5.84 (69)˜ 5th Percentile 8.94 1.43 11.91 14.30 14.26 6.94 19.16 11.95 9.14 9.45 1st Quartile 5.71 -1.77 7.09 9.71 10.70 4.55 15.60 9.17 6.93 7.51 Median 4.27 -3.51 4.37 7.79 8.80 3.03 13.72 7.82 5.78 6.61 3rd Quartile 2.56 -5.31 1.74 5.68 6.96 1.70 12.11 6.53 4.60 5.49 95th Percentile 0.26 -7.55 -2.20 2.24 4.82 -0.25 9.53 4.90 3.20 4.15 Population 450 450 450 448 447 438 433 429 420 409 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 110 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.57 (82)11.55 (79)-6.40 (18)25.08 (82)4.91 (37)26.24 (22)-8.23 (5)---„ Russell 2000 Value Index 8.05 (64)14.65 (56)-14.48 (80)28.27 (60)4.63 (39)22.39 (51)-12.86 (29)7.84 (71)31.74 (7)-7.47 (72)˜ 5th Percentile 16.27 23.51 -1.19 40.07 15.79 32.17 -8.29 17.74 32.21 1.00 1st Quartile 11.60 18.89 -8.24 34.49 8.15 25.70 -12.45 12.36 28.43 -3.02 Median 9.31 15.34 -11.36 30.59 3.52 22.43 -14.99 9.92 25.16 -5.75 3rd Quartile 6.49 12.30 -13.87 26.06 -0.20 20.36 -17.46 7.51 20.84 -7.81 95th Percentile 3.24 8.65 -17.27 21.16 -6.26 17.25 -20.79 3.59 16.31 -13.57 Population 457 490 493 493 491 482 472 463 461 454 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 111 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 Nov-23 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $137,972,587 $130,093,921 $168,620,186 $185,852,802 $246,605,252 $20,000,000 Net Contributions $244,386 $472,956 -$48,923,615 -$43,879,659 -$8,803,702 -$98,071,118 Net Investment Return $22,659,986 $30,310,082 $10,397,349 $26,647,043 -$51,948,748 $238,948,076 Ending Market Value $160,876,959 $160,876,959 $130,093,921 $168,620,186 $185,852,802 $160,876,959 City of Clearwater Employees' Pension Plan - Total International Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 112 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 16.42 23.27 21.68 16.31 11.49 9.14 7.89 6.18 MSCI AC World ex USA (Net)12.03 17.90 17.72 13.99 10.13 6.58 6.12 5.94 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 23.27 5.82 16.64 -21.08 13.92 18.16 27.53 6.18 MSCI AC World ex USA (Net)17.90 5.53 15.62 -16.00 7.82 10.65 21.51 5.94 City of Clearwater Employees' Pension Plan - Total International Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 113 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 58.33 Negative Months Ratio 36.11 41.67 Best Quarter 18.50 19.97 Worst Quarter -11.61 -11.35 Standard Deviation 16.36 14.75 Maximum Drawdown -14.69 -12.89 Max Drawdown Recovery Period 4.00 4.00 Up Capture 112.96 100.00 Down Capture 109.95 100.00 Alpha 1.41 0.00 Beta 1.06 1.00 R-Squared 0.92 1.00 Consistency 61.11 100.00 Tracking Error 4.81 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.47 - Sharpe Ratio 0.74 0.66 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.82 59.52 Negative Months Ratio 41.18 40.48 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 16.95 16.68 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 99.07 100.00 Down Capture 97.27 100.00 Alpha 0.33 0.00 Beta 0.99 1.00 R-Squared 0.95 1.00 Consistency 50.17 100.00 Tracking Error 3.72 0.00 Treynor Ratio 0.06 0.06 Information Ratio 0.07 - Sharpe Ratio 0.34 0.33 City of Clearwater Employees' Pension Plan - Total International Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 114 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr CYTD 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 16.42 (4)23.27 (3)21.68 (5)16.69 (9)16.31 (13)5.33 (35)11.49 (33)9.91 (11)9.14 (6)9.01 (6)„ MSCI AC World ex USA (Net) 12.03 (62)17.90 (48)17.72 (44)14.63 (54)13.99 (56)4.52 (54)10.13 (60)7.49 (61)6.58 (48)6.66 (47)˜ 5th Percentile 16.05 21.97 21.22 17.48 16.61 8.02 13.86 10.65 9.29 9.16 1st Quartile 13.41 19.55 19.81 15.49 15.55 5.99 12.14 9.40 8.33 8.16 Median 12.66 17.54 17.26 14.77 14.37 4.59 10.52 7.74 6.44 6.50 3rd Quartile 11.67 16.09 15.55 13.02 13.20 3.04 9.12 6.90 5.68 6.01 95th Percentile 9.55 14.10 12.11 11.60 12.19 1.24 5.82 5.05 4.04 4.34 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 115 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.82 (40)16.64 (48)-21.08 (89)13.92 (8)18.16 (12)27.53 (4)-11.88 (7)27.97 (45)2.78 (78)-9.91 (98)„ MSCI AC World ex USA (Net) 5.53 (50)15.62 (66)-16.00 (32)7.82 (58)10.65 (72)21.51 (69)-14.20 (38)27.19 (67)4.50 (41)-5.66 (82)˜ 5th Percentile 11.24 19.59 -13.16 14.47 20.84 27.21 -11.78 32.12 8.78 1.21 1st Quartile 6.71 17.68 -15.72 10.24 15.22 23.43 -13.53 29.61 5.74 -1.43 Median 5.53 16.61 -17.23 8.43 13.44 22.83 -14.56 27.73 4.11 -2.68 3rd Quartile 4.61 15.33 -18.65 6.82 10.21 20.83 -15.25 25.83 3.38 -4.90 95th Percentile 2.44 13.63 -22.17 1.39 6.59 19.03 -16.78 24.16 0.46 -7.66 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 116 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 Oct-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $13,663,673 $13,516,724 $17,204,829 $40,928,685 $48,958,040 $39,577,385 Net Contributions -$174 -$343 -$5,000,791 -$28,001,765 -$1,980 -$33,011,897 Net Investment Return $1,736,891 $1,884,008 $1,312,686 $4,277,909 -$8,027,375 $8,834,901 Ending Market Value $15,400,390 $15,400,390 $13,516,724 $17,204,829 $40,928,685 $15,400,390 City of Clearwater Employees' Pension Plan - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 117 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 5 10 15 20 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 12.71 13.94 13.13 11.61 10.44 6.23 -5.06 MSCI Emerging Markets (Net)11.99 15.27 15.29 9.70 6.81 4.48 4.81 3.65 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 13.94 7.32 15.44 -16.40 5.84 13.87 16.04 5.06 MSCI Emerging Markets (Net)15.27 7.50 9.83 -20.09 -2.54 18.31 18.42 3.65 City of Clearwater Employees' Pension Plan - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 118 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 - FTSE NAREIT All Equity REITs 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 (%)-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 61.11 61.11 Negative Months Ratio 38.89 38.89 Best Quarter 21.28 22.16 Worst Quarter -12.38 -14.11 Standard Deviation 15.71 16.90 Maximum Drawdown -12.38 -14.46 Max Drawdown Recovery Period 4.00 5.00 Up Capture 94.00 100.00 Down Capture 81.22 100.00 Alpha 2.50 0.00 Beta 0.91 1.00 R-Squared 0.97 1.00 Consistency 58.33 100.00 Tracking Error 3.28 0.00 Treynor Ratio 0.09 0.06 Information Ratio 0.47 - Sharpe Ratio 0.50 0.37 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 56.52 56.52 Negative Months Ratio 43.48 43.48 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 17.25 17.16 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 - Up Capture 99.24 100.00 Down Capture 92.26 100.00 Alpha 1.49 0.00 Beta 0.98 1.00 R-Squared 0.95 1.00 Consistency 56.52 100.00 Tracking Error 3.72 0.00 Treynor Ratio 0.04 0.03 Information Ratio 0.37 - Sharpe Ratio 0.23 0.15 City of Clearwater Employees' Pension Plan - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 119 -15 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr CYTD 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 12.71 (39)13.94 (58)13.13 (57)13.96 (29)11.61 (30)2.78 (11)10.44 (12)7.07 (20)6.23 (21)-„ MSCI Emerging Markets (Net) 11.99 (58)15.27 (44)15.29 (34)13.91 (29)9.70 (52)-0.34 (39)6.81 (44)5.04 (48)4.48 (48)4.94 (43)˜ 5th Percentile 17.34 20.43 20.00 18.03 15.60 4.83 11.87 8.48 7.56 7.85 1st Quartile 13.51 16.67 16.13 14.30 11.88 1.32 8.31 6.62 5.78 5.95 Median 12.25 14.63 14.03 12.27 9.90 -0.95 6.26 4.89 4.39 4.61 3rd Quartile 10.78 12.62 10.86 10.61 8.04 -3.63 4.12 3.58 3.20 3.63 95th Percentile 8.23 8.88 5.48 6.30 5.85 -6.59 1.75 1.78 1.60 2.27 Population 689 686 686 682 650 621 596 577 566 543 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 120 -55 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.32 (35)15.44 (24)-16.40 (13)5.84 (15)13.87 (76)16.04 (87)-15.25 (37)---„ MSCI Emerging Markets (Net) 7.50 (33)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)˜ 5th Percentile 14.08 22.58 -12.98 14.58 42.83 31.00 -11.36 47.44 18.18 -5.76 1st Quartile 8.41 15.11 -19.81 3.32 26.73 26.03 -14.58 41.38 11.36 -9.35 Median 6.20 10.91 -22.75 -1.73 18.71 21.80 -16.43 37.05 8.27 -12.85 3rd Quartile 3.34 7.99 -26.31 -5.55 14.04 18.18 -18.86 31.34 4.03 -15.33 95th Percentile -2.46 4.40 -33.02 -12.09 5.38 11.99 -22.47 24.47 -0.83 -19.40 Population 701 743 756 757 734 716 677 663 639 589 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 121 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 Jul-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $32,533,560 $29,829,196 $70,991,687 $64,842,013 $80,786,203 $16,165,278 Net Contributions $62,848 $120,107 -$44,621,435 -$4,532,684 -$4,551,771 -$19,658,210 Net Investment Return $3,454,412 $6,101,518 $3,458,944 $10,682,359 -$11,392,420 $39,543,754 Ending Market Value $36,050,821 $36,050,821 $29,829,196 $70,991,687 $64,842,013 $36,050,821 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 122 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 10.62 20.43 21.70 15.90 11.97 6.99 -6.00 MSCI EAFE (Net)11.78 19.45 17.73 15.97 11.16 7.21 6.51 6.46 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 20.43 4.64 17.16 -14.12 13.34 5.58 21.67 6.00 MSCI EAFE (Net)19.45 3.82 18.24 -14.45 11.26 7.82 22.01 6.46 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 123 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio MSCI EAFE (Net) Positive Months Ratio 69.44 63.89 Negative Months Ratio 30.56 36.11 Best Quarter 19.55 20.37 Worst Quarter -10.84 -10.88 Standard Deviation 14.94 15.15 Maximum Drawdown -14.25 -13.66 Max Drawdown Recovery Period 4.00 4.00 Up Capture 98.00 100.00 Down Capture 96.44 100.00 Alpha 0.29 0.00 Beta 0.98 1.00 R-Squared 0.98 1.00 Consistency 58.33 100.00 Tracking Error 2.13 0.00 Treynor Ratio 0.12 0.12 Information Ratio -0.04 - Sharpe Ratio 0.77 0.76 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 59.17 59.17 Negative Months Ratio 40.83 40.83 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 15.72 15.17 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 99.55 100.00 Down Capture 101.84 100.00 Alpha -0.58 0.00 Beta 1.02 1.00 R-Squared 0.97 1.00 Consistency 50.83 100.00 Tracking Error 2.77 0.00 Treynor Ratio 0.05 0.06 Information Ratio -0.16 - Sharpe Ratio 0.32 0.36 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 124 -5 0 5 10 15 20 25 30 35 ReturnLast Qtr CYTD Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 10.62 (52)20.43 (70)21.70 (59)15.43 (62)15.90 (58)6.65 (70)11.97 (79)8.82 (56)6.99 (53)6.79 (75)„ MSCI EAFE (Net) 11.78 (42)19.45 (72)17.73 (86)14.59 (69)15.97 (58)6.42 (74)11.16 (86)8.26 (61)7.21 (51)7.16 (60)˜ 5th Percentile 14.40 26.84 28.21 21.52 21.82 11.68 17.30 11.69 9.35 8.91 1st Quartile 12.75 25.01 25.39 20.10 19.98 10.57 15.91 10.90 8.53 8.44 Median 10.80 21.39 22.30 16.79 17.09 8.96 14.09 8.92 7.24 7.87 3rd Quartile 9.99 18.65 19.12 14.36 14.70 6.30 12.15 7.43 5.57 6.76 95th Percentile 8.72 12.09 10.84 7.87 11.41 2.69 9.98 5.01 4.49 4.86 Population 84 83 82 76 74 72 69 61 54 35 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 125 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 4.64 (51)17.16 (66)-14.12 (87)13.34 (33)5.58 (23)21.67 (13)-15.20 (23)22.27 (79)-0.19 (100)-„ MSCI EAFE (Net) 3.82 (59)18.24 (54)-14.45 (88)11.26 (51)7.82 (3)22.01 (11)-13.79 (19)25.03 (47)1.00 (77)-0.81 (39)˜ 5th Percentile 11.01 31.59 -4.15 17.75 6.59 24.35 -9.79 30.60 12.49 2.79 1st Quartile 7.12 20.85 -7.91 13.70 5.34 21.06 -15.24 27.93 7.88 -0.45 Median 4.65 18.47 -9.36 11.37 1.87 18.67 -15.95 24.84 5.92 -2.92 3rd Quartile 2.60 16.56 -12.01 8.29 -1.00 16.28 -17.77 22.57 1.28 -4.39 95th Percentile -1.42 13.57 -15.40 7.04 -5.52 12.36 -23.51 15.55 0.37 -6.97 Population 86 85 88 92 83 74 63 52 48 40 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 126 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 Jul-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $91,775,354 $86,748,000 $80,423,670 $80,082,105 $116,861,009 $16,315,776 Net Contributions $181,711 $353,191 $698,611 -$11,345,210 -$4,249,952 -$1,022,234 Net Investment Return $17,468,683 $22,324,556 $5,625,719 $11,686,776 -$32,528,953 $94,132,206 Ending Market Value $109,425,748 $109,425,748 $86,748,000 $80,423,670 $80,082,105 $109,425,748 City of Clearwater Employees' Pension Plan - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 127 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 8 16 24 32 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 19.03 25.70 22.03 17.70 10.96 11.76 -11.34 MSCI AC World ex USA (Net)12.03 17.90 17.72 13.99 10.13 6.58 6.12 6.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 25.70 7.03 16.23 -27.85 18.16 30.12 38.94 11.34 MSCI AC World ex USA (Net)17.90 5.53 15.62 -16.00 7.82 10.65 21.51 6.31 City of Clearwater Employees' Pension Plan - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 128 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 58.33 Negative Months Ratio 36.11 41.67 Best Quarter 19.07 19.97 Worst Quarter -12.76 -11.35 Standard Deviation 19.06 14.75 Maximum Drawdown -16.64 -12.89 Max Drawdown Recovery Period 6.00 4.00 Up Capture 125.02 100.00 Down Capture 122.32 100.00 Alpha 2.05 0.00 Beta 1.14 1.00 R-Squared 0.77 1.00 Consistency 63.89 100.00 Tracking Error 9.31 0.00 Treynor Ratio 0.12 0.10 Information Ratio 0.43 - Sharpe Ratio 0.72 0.66 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 66.67 59.17 Negative Months Ratio 33.33 40.83 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 16.77 14.92 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period 41.00 36.00 Up Capture 112.02 100.00 Down Capture 87.43 100.00 Alpha 5.28 0.00 Beta 0.98 1.00 R-Squared 0.77 1.00 Consistency 60.83 100.00 Tracking Error 8.13 0.00 Treynor Ratio 0.10 0.05 Information Ratio 0.62 - Sharpe Ratio 0.61 0.34 City of Clearwater Employees' Pension Plan - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 129 -10 -4 2 8 14 20 26 32 ReturnLast Qtr CYTD 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 19.03 (1)25.70 (2)22.03 (7)17.09 (13)17.70 (12)4.68 (43)10.96 (16)11.40 (2)11.76 (1)11.96 (1)„ MSCI AC World ex USA (Net) 12.03 (60)17.90 (32)17.72 (35)14.63 (34)13.99 (69)4.52 (45)10.13 (26)7.49 (67)6.58 (76)6.66 (85)˜ 5th Percentile 17.54 21.56 22.76 17.96 19.69 7.62 11.74 10.94 10.86 10.07 1st Quartile 14.47 18.50 18.68 15.17 16.08 5.79 10.41 9.54 9.00 8.84 Median 13.04 16.29 16.81 13.29 15.13 3.89 8.67 8.40 7.96 7.84 3rd Quartile 10.90 14.90 12.33 11.50 12.85 0.63 6.86 6.97 6.66 7.01 95th Percentile 7.62 11.48 5.31 7.46 10.45 -2.74 3.73 5.82 4.47 5.91 Population 119 119 115 112 104 98 82 72 57 48 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 130 -55 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.03 (40)16.23 (52)-27.85 (82)18.16 (2)30.12 (10)38.94 (1)-6.56 (3)33.22 (23)-1.00 (63)-„ MSCI AC World ex USA (Net) 5.53 (57)15.62 (66)-16.00 (18)7.82 (69)10.65 (98)21.51 (100)-14.20 (70)27.19 (81)4.50 (7)-5.66 (97)˜ 5th Percentile 10.81 27.64 -12.68 15.65 32.28 35.33 -7.86 38.72 5.31 3.98 1st Quartile 8.02 19.07 -18.77 12.09 25.71 32.44 -10.46 32.96 2.44 1.78 Median 6.43 16.24 -22.62 9.94 21.22 29.75 -12.05 31.16 1.14 0.53 3rd Quartile 2.81 15.18 -26.62 4.64 15.80 28.52 -14.93 28.35 -2.91 -2.51 95th Percentile -1.34 13.00 -31.96 1.11 14.79 26.50 -17.13 25.83 -8.83 -4.23 Population 119 118 110 111 88 75 56 53 51 44 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 131 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 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jul-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $229,985,319 $229,268,945 $227,513,189 $202,532,330 $184,449,491 $19,346,573 Net Contributions -$590,745 -$1,554,873 -$2,344,135 $29,291,748 $7,599,922 $35,131,798 Net Investment Change $3,618,660 $5,299,162 $4,099,892 -$4,310,888 $10,482,916 $178,534,864 Ending Market Value $233,013,235 $233,013,235 $229,268,945 $227,513,189 $202,532,330 $233,013,235 City of Clearwater Employees' Pension Plan - Total Real Estate MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 132 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.58 2.33 5.53 0.90 6.29 5.89 6.62 9.17 Real Estate Composite Benchmark 0.47 1.72 4.52 -3.47 5.98 4.40 5.61 5.69 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Real Estate Composite Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.33 1.82 -1.84 5.43 20.55 1.78 10.16 9.17 Real Estate Composite Benchmark 1.72 0.17 -7.14 -5.54 37.76 -4.41 18.47 5.69 City of Clearwater Employees' Pension Plan - Total Real Estate INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 133 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 - FTSE NAREIT All Equity REITs 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 Risk (Annualized Standard Deviation) Total Portfolio Real Estate Composite Benchmark Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 2.64 2.93 Worst Quarter -1.74 -4.43 Standard Deviation 2.16 5.37 Maximum Drawdown -4.31 -16.32 Max Drawdown Recovery Period 29.00 - Up Capture 56.15 100.00 Down Capture 24.50 100.00 Alpha 1.90 0.00 Beta 0.29 1.00 R-Squared 0.51 1.00 Consistency 55.56 100.00 Tracking Error 4.12 0.00 Treynor Ratio -0.12 -0.08 Information Ratio 1.04 - Sharpe Ratio -1.58 -1.44 Total Portfolio Real Estate Composite Benchmark Positive Months Ratio -60.68 Negative Months Ratio -39.32 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -19.37 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 -0.06 Information Ratio -- Sharpe Ratio -0.32 City of Clearwater Employees' Pension Plan - Total Real Estate PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 134 -13 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr CYTD 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 1.58 (15)2.33 (22)5.53 (18)1.74 (12)0.90 (10)4.87 (10)6.29 (12)5.52 (6)5.89 (2)6.19 (4)„ Real Estate Composite Benchmark 0.47 (72)1.72 (47)4.52 (25)-0.96 (27)-3.47 (38)1.31 (70)5.98 (15)3.64 (40)4.40 (24)4.51 (39)˜ 5th Percentile 2.03 3.22 7.15 5.94 3.89 6.04 7.89 5.64 5.25 5.83 1st Quartile 1.33 2.22 4.37 -0.70 -2.63 3.52 5.16 4.31 4.38 4.86 Median 0.66 1.64 2.68 -2.73 -4.16 2.01 3.69 3.29 3.63 4.13 3rd Quartile 0.43 0.78 1.31 -4.17 -5.43 1.08 2.22 2.04 2.28 2.90 95th Percentile -0.41 -0.71 -0.99 -6.91 -8.29 -0.53 0.64 0.98 1.18 1.93 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 135 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.82 (15)-1.84 (15)5.43 (66)20.55 (48)1.78 (21)10.16 (15)6.23 (71)6.30 (79)6.94 (82)6.96 (92)„ Real Estate Composite Benchmark 0.17 (23)-7.14 (35)-5.54 (93)37.76 (2)-4.41 (95)18.47 (1)-0.65 (99)5.49 (87)7.91 (56)8.05 (86)˜ 5th Percentile 3.88 4.43 18.35 28.04 3.90 13.76 9.92 11.09 12.24 15.73 1st Quartile -0.20 -5.51 12.10 22.59 1.51 7.99 8.58 9.23 9.56 14.23 Median -2.38 -9.16 6.69 20.37 0.25 6.40 7.49 7.91 8.14 12.72 3rd Quartile -4.87 -10.94 4.30 16.14 -0.76 3.85 6.11 6.74 7.24 10.07 95th Percentile -7.22 -15.97 -6.61 11.50 -4.67 -0.52 2.05 4.39 4.87 3.55 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 136 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 Apr-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $7,902,547 $7,902,134 $8,319,678 $8,239,063 $7,846,325 $1,263,055 Net Contributions -- -$623,162 -$374,238 -$222,789 $2,705,654 Net Investment Return -$413 $205,618 $454,853 $615,527 $3,933,838 Ending Market Value $7,902,547 $7,902,547 $7,902,134 $8,319,678 $8,239,063 $7,902,547 City of Clearwater Employees' Pension Plan - Hancock Timberland XI MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 137 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 3 6 9 12 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 0.01 1.81 4.45 4.64 4.25 3.90 4.51 NCREIF Timberland Index 1.44 2.25 5.32 8.74 8.22 6.30 5.43 6.39 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 0.01 1.69 4.78 7.00 9.96 -0.34 3.95 4.51 NCREIF Timberland Index 2.25 6.97 9.45 12.90 9.17 0.81 1.30 6.39 City of Clearwater Employees' Pension Plan - Hancock Timberland XI INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 138 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -6 0 6 12 18 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 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 86.11 - Negative Months Ratio 13.89 - Best Quarter 6.72 - Worst Quarter -0.34 - Standard Deviation 4.89 - 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 81.65 - Negative Months Ratio 18.35 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 5.88 - 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 0.52 - City of Clearwater Employees' Pension Plan - Hancock Timberland XI PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 139 -7 -4 -1 2 5 8 11 14 17 ReturnLast Qtr CYTD 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 (22)0.01 (69)1.81 (97)3.41 (99)4.45 (29)5.61 (1)4.64 (94)4.51 (43)4.25 (79)3.90 (81)„ NCREIF Timberland Index 1.44 (7)2.25 (18)5.32 (92)7.56 (37)8.74 (3)9.55 (1)8.22 (19)6.87 (4)6.30 (19)5.95 (22)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 140 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.69 (98)4.78 (100)7.00 (1)9.96 (98)-0.34 (10)3.95 (100)2.93 (1)1.24 (100)2.64 (99)4.51 (16)„ NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (8)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 141 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 $123,600,000 $154,500,000 -$30,900,000Market 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 Aug-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $102,148,240 $99,234,724 $93,965,209 $56,703,546 $52,426,102 $30,000,000 Net Contributions --- $30,000,000 -$30,000,000 Net Investment Return $2,686,232 $5,599,747 $5,269,515 $7,261,663 $4,277,444 $44,834,472 Ending Market Value $104,834,472 $104,834,472 $99,234,724 $93,965,209 $56,703,546 $104,834,472 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 142 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P Global Infrastructure 0 10 20 30 40 Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.63 5.64 11.71 8.02 10.27 10.27 -11.25 S&P Global Infrastructure 10.40 15.48 27.75 12.51 13.12 8.51 7.74 7.47 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P Global Infrastructure 0 15 30 45 -15Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.64 5.61 8.40 8.16 17.75 2.83 14.61 11.25 S&P Global Infrastructure 15.48 15.10 6.79 -0.17 11.87 -5.76 26.99 7.47 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 143 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 - FTSE NAREIT All Equity REITs 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 (%)-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 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 4.49 13.43 Worst Quarter -1.10 -11.86 Standard Deviation 3.87 15.11 Maximum Drawdown -2.25 -13.12 Max Drawdown Recovery Period 5.00 6.00 Up Capture 21.10 100.00 Down Capture -9.87 100.00 Alpha 7.47 0.00 Beta 0.05 1.00 R-Squared 0.03 1.00 Consistency 44.44 100.00 Tracking Error 14.92 0.00 Treynor Ratio 0.74 0.09 Information Ratio -0.35 - Sharpe Ratio 0.87 0.57 Total Portfolio S&P Global Infrastructure Positive Months Ratio 64.89 61.70 Negative Months Ratio 35.11 38.30 Best Quarter 7.11 15.03 Worst Quarter -3.94 -29.18 Standard Deviation 5.83 16.51 Maximum Drawdown -3.94 -30.31 Max Drawdown Recovery Period 12.00 19.00 Up Capture 32.09 100.00 Down Capture -14.84 100.00 Alpha 10.50 0.00 Beta 0.09 1.00 R-Squared 0.06 1.00 Consistency 50.00 100.00 Tracking Error 16.07 0.00 Treynor Ratio 0.95 0.06 Information Ratio 0.15 - Sharpe Ratio 1.42 0.36 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 144 -10 -4 2 8 14 20 26 32 38 ReturnLast Qtr CYTD 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 2.63 (5)5.64 (1)11.71 (8)7.23 (51)8.02 (4)9.21 (1)10.27 (2)9.28 (3)10.27 (2)-„ S&P Global Infrastructure 10.40 (1)15.48 (1)27.75 (1)16.93 (1)12.51 (1)10.74 (1)13.12 (1)7.91 (4)8.51 (4)7.65 (3)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 145 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.61 (56)8.40 (100)8.16 (1)17.75 (97)2.83 (6)14.61 (100)18.17 (1)---„ S&P Global Infrastructure 15.10 (2)6.79 (100)-0.17 (1)11.87 (98)-5.76 (64)26.99 (67)-9.50 (92)20.13 (4)12.43 (2)-11.46 (100)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 146 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $7,769,530 $7,753,623 $8,133,583 $7,560,650 $6,407,104 $111,299 Net Contributions -- -$234,034 -$154,718 -$206,622 $2,391,477 Net Investment Return -$15,907 -$145,926 $727,651 $1,360,168 $5,266,754 Ending Market Value $7,769,530 $7,769,530 $7,753,623 $8,133,583 $7,560,650 $7,769,530 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 147 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 0.21 -2.15 9.29 9.92 6.98 5.56 5.44 NCREIF Timberland Index 1.44 2.25 5.32 8.74 8.22 6.30 5.43 6.03 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 0.21 -1.87 9.77 21.72 13.33 8.22 -1.48 5.44 NCREIF Timberland Index 2.25 6.97 9.45 12.90 9.17 0.81 1.30 6.03 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 148 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 - FTSE NAREIT All Equity REITs 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 97.22 - Negative Months Ratio 2.78 - Best Quarter 19.37 - Worst Quarter -3.37 - Standard Deviation 11.87 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.43 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 94.08 - Negative Months Ratio 5.92 - Best Quarter 19.37 - Worst Quarter -3.37 - Standard Deviation 6.92 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.59 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 149 -7 -4 -1 2 5 8 11 14 17 ReturnLast Qtr CYTD 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 (22)0.21 (64)-2.15 (99)3.75 (98)9.29 (2)9.82 (1)9.92 (2)7.91 (4)6.98 (10)6.04 (19)„ NCREIF Timberland Index 1.44 (7)2.25 (18)5.32 (92)7.56 (37)8.74 (3)9.55 (1)8.22 (19)6.87 (4)6.30 (19)5.95 (22)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 150 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.87 (100)9.77 (91)21.72 (1)13.33 (98)8.22 (6)-1.48 (100)1.93 (1)-0.75 (100)3.30 (97)4.03 (29)„ NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (8)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 151 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 Sep-24 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,503,050 $4,534,552 $4,970,859 $4,921,918 $4,587,944 $118,305 Net Contributions --$33,962 -$347,170 -$350,943 -$149,543 $2,895,080 Net Investment Return -$2,460 -$89,137 $399,884 $483,517 $1,489,665 Ending Market Value $4,503,050 $4,503,050 $4,534,552 $4,970,859 $4,921,918 $4,503,050 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 152 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 0.05 -1.84 5.55 6.14 4.05 -3.41 NCREIF Timberland Index 1.44 2.25 5.32 8.74 8.22 6.30 5.43 5.49 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 0.05 -1.85 8.57 10.76 20.57 -5.78 1.53 3.41 NCREIF Timberland Index 2.25 6.97 9.45 12.90 9.17 0.81 1.30 5.49 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 153 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 - FTSE NAREIT All Equity REITs 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 88.89 - Negative Months Ratio 11.11 - Best Quarter 10.30 - Worst Quarter -1.26 - Standard Deviation 6.58 - Maximum Drawdown -2.05 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.18 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.03 - Negative Months Ratio 11.97 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 7.79 - 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 0.21 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 154 -7 -4 -1 2 5 8 11 14 17 ReturnLast Qtr CYTD 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 (22)0.05 (68)-1.84 (99)2.22 (99)5.55 (13)9.13 (1)6.14 (74)5.04 (24)4.05 (81)3.81 (83)„ NCREIF Timberland Index 1.44 (7)2.25 (18)5.32 (92)7.56 (37)8.74 (3)9.55 (1)8.22 (19)6.87 (4)6.30 (19)5.95 (22)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 155 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.85 (100)8.57 (99)10.76 (1)20.57 (97)-5.78 (64)1.53 (100)-2.88 (1)2.83 (94)3.34 (97)-„ NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (87)2.59 (99)4.97 (8)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 156 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $52,079,872 $53,197,689 $56,658,944 $67,057,944 $62,200,202 - Net Contributions -$620,437 -$1,581,019 -$1,347,822 --- Net Investment Return $853,247 $696,011 -$2,113,433 -$10,399,000 $4,857,742 - Ending Market Value $52,312,681 $52,312,681 $53,197,689 $56,658,944 $67,057,944 - City of Clearwater Employees' Pension Plan - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 157 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 6 12 -6 -12 -18Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.66 1.35 1.89 -7.67 1.64 2.03 3.69 5.99 NCRIEF ODCE (VW)0.81 1.67 2.67 -6.21 2.54 2.78 4.42 7.07 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.35 -3.72 -15.51 7.81 19.74 0.49 3.66 5.99 NCRIEF ODCE (VW)1.67 -2.27 -12.73 6.55 21.02 0.34 4.39 7.07 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 158 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -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) Positive Months Ratio 77.78 80.56 Negative Months Ratio 22.22 19.44 Best Quarter 1.66 0.96 Worst Quarter -6.07 -5.17 Standard Deviation 6.15 5.02 Maximum Drawdown -23.99 -19.91 Max Drawdown Recovery Period -- Up Capture 119.35 100.00 Down Capture 123.11 100.00 Alpha -0.40 0.00 Beta 1.17 1.00 R-Squared 0.91 1.00 Consistency 77.78 100.00 Tracking Error 2.00 0.00 Treynor Ratio -0.10 -0.11 Information Ratio -0.74 - Sharpe Ratio -1.95 -2.10 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 94.35 95.48 Negative Months Ratio 5.65 4.52 Best Quarter 6.74 7.66 Worst Quarter -6.07 -5.17 Standard Deviation 5.75 5.65 Maximum Drawdown -23.99 -19.91 Max Drawdown Recovery Period -- Up Capture 93.05 100.00 Down Capture 125.83 100.00 Alpha -0.72 0.00 Beta 0.96 1.00 R-Squared 0.89 1.00 Consistency 76.84 100.00 Tracking Error 1.92 0.00 Treynor Ratio 0.05 0.06 Information Ratio -0.53 - Sharpe Ratio 0.78 0.97 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 159 -12 -8 -4 0 4 8 12 16 20 ReturnLast Qtr CYTD 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 (7)1.35 (36)1.89 (97)-5.82 (99)-7.67 (99)0.20 (74)1.64 (97)1.39 (97)2.03 (97)2.53 (96)„ NCRIEF ODCE (VW) 0.81 (14)1.67 (27)2.67 (97)-3.87 (99)-6.21 (99)1.43 (32)2.54 (97)2.34 (92)2.78 (95)3.35 (91)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 160 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -3.72 (100)-15.51 (100)7.81 (1)19.74 (97)0.49 (10)3.66 (100)7.23 (1)5.53 (53)8.02 (17)12.00 (1)„ NCRIEF ODCE (VW) -1.43 (100)-12.02 (100)7.47 (1)22.17 (96)1.19 (9)5.34 (100)8.35 (1)7.62 (29)8.77 (11)15.02 (1)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 161 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 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $18,635,423 $18,599,189 $16,563,070 $14,228,305 $19,515,706 $19,346,573 Net Contributions $29,692 $60,108 $134,806 $96,656 $105,711 -$81,041,787 Net Investment Return -$363,170 -$357,353 $1,901,313 $2,238,110 -$5,393,112 $79,997,160 Ending Market Value $18,301,945 $18,301,945 $18,599,189 $16,563,070 $14,228,305 $18,301,945 City of Clearwater Employees' Pension Plan - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 162 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split)0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.95 -1.92 7.63 5.95 8.06 5.87 6.29 5.96 FTSE NAREIT All Equity REITs (Split)-0.93 1.80 11.31 6.48 9.16 5.96 6.65 6.32 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -1.92 11.45 15.67 -27.59 45.03 -4.59 26.97 5.96 FTSE NAREIT All Equity REITs (Split)1.80 9.15 16.19 -26.70 46.11 -7.95 25.79 6.32 City of Clearwater Employees' Pension Plan - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 163 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 - FTSE NAREIT All Equity REITs 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 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 16.69 17.22 Worst Quarter -13.96 -13.90 Standard Deviation 18.94 19.40 Maximum Drawdown -17.44 -17.97 Max Drawdown Recovery Period 20.00 20.00 Up Capture 98.82 100.00 Down Capture 100.84 100.00 Alpha -0.35 0.00 Beta 0.97 1.00 R-Squared 0.99 1.00 Consistency 41.67 100.00 Tracking Error 2.28 0.00 Treynor Ratio 0.03 0.04 Information Ratio -0.26 - Sharpe Ratio 0.16 0.19 Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 59.22 58.74 Negative Months Ratio 40.78 41.26 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 22.84 23.25 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 97.98 100.00 Down Capture 99.12 100.00 Alpha -0.25 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 44.66 100.00 Tracking Error 2.23 0.00 Treynor Ratio 0.07 0.08 Information Ratio -0.20 - Sharpe Ratio 0.32 0.33 City of Clearwater Employees' Pension Plan - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 164 -7 -4 -1 2 5 8 11 14 17 ReturnLast Qtr CYTD 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 -1.95 (93)-1.92 (91)7.63 (74)8.70 (16)5.95 (10)1.86 (19)8.06 (22)5.48 (17)5.87 (31)5.68 (28)„ FTSE NAREIT All Equity REITs (Split) -0.93 (55)1.80 (26)11.31 (11)9.95 (7)6.48 (9)3.03 (3)9.16 (7)5.23 (21)5.96 (27)5.72 (27)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Security Capital Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 165 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.45 (8)15.67 (10)-27.59 (72)45.03 (17)-4.59 (51)26.97 (67)-7.16 (71)4.91 (68)5.71 (55)4.70 (10)„ FTSE NAREIT All Equity REITs (Split) 9.15 (16)16.19 (6)-26.70 (55)46.11 (16)-7.95 (82)25.79 (75)-4.80 (31)4.84 (69)7.62 (23)4.81 (8)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Security Capital Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 166 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $14,655,381 $14,589,277 $15,362,866 $18,277,582 $17,020,352 $5,708,283 Net Contributions -----$4,204,455 Net Investment Return $153,424 $219,528 -$773,589 -$2,914,716 $1,257,230 $4,896,067 Ending Market Value $14,808,805 $14,808,805 $14,589,277 $15,362,866 $18,277,582 $14,808,805 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 167 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 5 10 -5 -10 -15Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.05 1.50 0.69 -8.35 1.10 2.41 -4.30 NCRIEF ODCE (VW)0.81 1.67 2.67 -6.21 2.54 2.78 4.42 3.95 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.50 -5.04 -15.95 7.39 20.02 0.94 8.11 4.30 NCRIEF ODCE (VW)1.67 -2.27 -12.73 6.55 21.02 0.34 4.39 3.95 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 168 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -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 NCRIEF ODCE (VW) Positive Months Ratio 77.78 80.56 Negative Months Ratio 22.22 19.44 Best Quarter 1.42 0.96 Worst Quarter -6.32 -5.17 Standard Deviation 6.62 5.02 Maximum Drawdown -25.55 -19.91 Max Drawdown Recovery Period -- Up Capture 71.85 100.00 Down Capture 126.40 100.00 Alpha -0.66 0.00 Beta 1.25 1.00 R-Squared 0.89 1.00 Consistency 77.78 100.00 Tracking Error 2.52 0.00 Treynor Ratio -0.10 -0.11 Information Ratio -0.87 - Sharpe Ratio -1.92 -2.10 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 92.17 93.04 Negative Months Ratio 7.83 6.96 Best Quarter 7.07 7.66 Worst Quarter -6.32 -5.17 Standard Deviation 6.50 5.74 Maximum Drawdown -25.55 -19.91 Max Drawdown Recovery Period -- Up Capture 107.39 100.00 Down Capture 118.00 100.00 Alpha -0.12 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 84.35 100.00 Tracking Error 2.56 0.00 Treynor Ratio 0.02 0.02 Information Ratio 0.02 - Sharpe Ratio 0.35 0.38 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 169 -16 -12 -8 -4 0 4 8 12 16 20 ReturnLast Qtr CYTD 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 1.05 (11)1.50 (31)0.69 (98)-5.20 (99)-8.35 (100)-0.51 (87)1.10 (97)1.70 (95)2.41 (96)3.35 (91)„ NCRIEF ODCE (VW) 0.81 (14)1.67 (27)2.67 (97)-3.87 (99)-6.21 (99)1.43 (32)2.54 (97)2.34 (92)2.78 (95)3.35 (91)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 170 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -5.04 (100)-15.95 (100)7.39 (1)20.02 (97)0.94 (10)8.11 (100)9.16 (1)8.36 (21)10.72 (2)-„ NCRIEF ODCE (VW) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (38)7.79 (20)13.95 (1)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 171 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 Jun-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $22,291,277 $23,457,757 $23,538,979 $25,543,322 $14,445,757 $5,000,000 Net Contributions ---- $8,000,000 $9,461,438 Net Investment Return $288,928 -$877,552 -$81,222 -$1,937,384 $3,097,565 $8,185,725 Ending Market Value $22,580,205 $22,580,205 $23,457,757 $23,538,979 $25,543,322 $22,580,205 City of Clearwater Employees' Pension Plan - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 6.30.25 |Q2 25 172 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 5 10 -5 -10 -15Rates Of Return (%)Last 3 Months CYTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.30 -3.74 -3.98 -2.34 5.46 5.31 6.69 6.69 NCRIEF ODCE (VW)0.81 1.67 2.67 -6.21 2.54 2.78 4.42 4.42 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -3.74 -0.34 -7.85 13.80 18.42 11.12 5.78 6.69 NCRIEF ODCE (VW)1.67 -2.27 -12.73 6.55 21.02 0.34 4.39 4.42 City of Clearwater Employees' Pension Plan - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 6.30.25 |Q2 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 173 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 - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -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 NCRIEF ODCE (VW) Positive Months Ratio 83.33 80.56 Negative Months Ratio 16.67 19.44 Best Quarter 3.39 0.96 Worst Quarter -7.92 -5.17 Standard Deviation 5.95 5.02 Maximum Drawdown -13.40 -19.91 Max Drawdown Recovery Period -- Up Capture -68.37 100.00 Down Capture 20.83 100.00 Alpha -2.35 0.00 Beta -0.03 1.00 R-Squared 0.00 1.00 Consistency 91.67 100.00 Tracking Error 7.88 0.00 Treynor Ratio 2.19 -0.11 Information Ratio 0.52 - Sharpe Ratio -1.11 -2.10 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 92.56 93.39 Negative Months Ratio 7.44 6.61 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.44 5.77 Maximum Drawdown -13.40 -19.91 Max Drawdown Recovery Period -- Up Capture 96.99 100.00 Down Capture 12.46 100.00 Alpha 3.78 0.00 Beta 0.61 1.00 R-Squared 0.30 1.00 Consistency 83.47 100.00 Tracking Error 5.86 0.00 Treynor Ratio 0.08 0.03 Information Ratio 0.31 - Sharpe Ratio 0.71 0.48 City of Clearwater Employees' Pension Plan - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 6.30.25 |Q2 25 For Institutional Use Only. 174 -12 -8 -4 0 4 8 12 16 20 ReturnLast Qtr CYTD 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 1.30 (8)-3.74 (97)-3.98 (99)-2.39 (99)-2.34 (99)3.22 (1)5.46 (85)5.75 (13)5.31 (53)5.92 (23)„ NCRIEF ODCE (VW) 0.81 (14)1.67 (27)2.67 (97)-3.87 (99)-6.21 (99)1.43 (32)2.54 (97)2.34 (92)2.78 (95)3.35 (91)˜ 5th Percentile 2.41 4.28 12.31 10.38 7.25 2.80 9.26 6.34 7.53 6.92 1st Quartile -0.18 1.87 10.51 7.90 4.61 1.64 7.92 5.00 5.99 5.77 Median -0.87 0.61 8.92 7.25 3.57 0.88 7.24 4.38 5.43 5.13 3rd Quartile -1.41 -0.36 7.52 6.37 2.81 0.07 6.07 3.61 4.62 4.37 95th Percentile -2.07 -3.34 4.26 4.65 0.86 -1.31 4.41 1.70 2.73 2.85 Population 178 178 176 176 176 176 176 175 173 167 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - USAA Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 175 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -0.34 (100)-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) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (38)7.79 (20)13.95 (1)˜ 5th Percentile 12.80 16.22 -24.23 51.88 20.40 34.95 -3.41 12.15 9.67 5.22 1st Quartile 7.54 13.30 -25.33 43.89 -2.94 30.51 -4.56 7.85 7.40 4.14 Median 5.86 12.06 -26.34 41.54 -4.55 28.21 -5.89 5.61 5.84 3.09 3rd Quartile 4.83 10.81 -27.81 39.47 -6.90 25.69 -7.44 4.42 4.99 2.14 95th Percentile 1.99 9.29 -30.30 24.05 -11.28 22.47 -11.79 2.49 3.70 -1.85 Population 180 206 215 222 222 221 217 207 206 202 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - USAA Period Ending 6.30.25 |Q2 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 176 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Portfolio 1,390,316,406 6.83 10.75 10.20 8.37 7.91 7.71 8.73 1987 Total Fixed Income 372,986,675 1.21 6.30 3.28 -0.05 2.04 2.10 4.15 1987 Dodge & Cox 201,488,844 1.14 6.30 3.84 0.64 2.49 2.53 - In House Account 6,247,727 0.00 0.00 0.00 0.00 0.00 0.00 -5.37 1987 Longfellow Investment Management Co.164,856,828 1.20 - ----1.18 2025 Security Lending Income Account 394,770 35.11 115.44 25.01 4.47 0.86 -2.42 -2.04 2003 Western Asset Management Co. CLOSED -1,494 1.26 6.53 2.41 -1.11 1.50 1.65 1.96 2004 Total U.S. Equities 623,439,538 10.25 13.19 18.00 14.96 12.64 11.77 10.89 1987 Total U.S. Large Cap Equities 422,373,441 11.55 15.24 21.18 16.65 13.92 13.00 10.59 1988 Aletheia Research CLOSEDº--- ---- -3.29 2007 Eagle Capital Management 84,176,729 7.89 15.27 24.63 20.40 14.73 13.42 14.83 2013 Manning & Napier 806,475 -1.04 14.80 12.72 14.18 9.38 9.88 10.77 2013 NTGI-QM R1000G 220,310,769 17.74 15.89 25.32 --- 13.14 2020 NTGI-QM R1000V 117,079,468 3.89 13.74 13.49 14.26 10.21 9.57 13.14 2007 Voya Investment Mgmt¹--- 0.33 34.53 19.81 15.78 8.76 1987 Total U.S. Mid Cap Equities 133,170,716 10.43 13.39 13.87 13.34 11.15 9.31 8.78 1988 Artisan Partners 57,202,357 14.50 14.97 13.57 9.21 14.22 10.80 7.67 2001 Boston Partners 75,968,360 7.55 12.09 14.13 17.49 -- 14.51 2020 Mid Cap Dummy Account --- ----- Wedge Capital Mgmt CLOSED²--- -- -7.45 1.98 9.77 2007 Total U.S. Small Cap Equities 67,895,380 2.34 0.03 5.54 7.48 7.58 9.28 13.71 2003 Atlanta Capital Management 23,802,239 3.26 2.76 7.98 10.46 8.20 9.37 8.05 2003 Riverbridge Partners 26,837,685 1.80 -1.76 3.78 3.63 7.84 10.51 14.08 2010 Sycamore Capital 17,255,456 1.92 -0.51 6.01 12.52 6.43 - 6.73 2017 Systematic Financial Mgt CLOSED³--- -- 778.81 7.55 4.88 2003 LMCG SmallCap Selected G --- ----- Total International Equities 160,876,959 16.42 19.47 14.48 10.59 8.12 7.67 - Earnest Partners CLOSEDºº--- --- -18.95 1.84 2008 DFA Emerging Markets 15,400,390 12.71 13.13 8.64 8.67 4.29 - 3.18 2017 International Dummy Account --- ----- Thompson, Siegel & Walmsley 36,050,821 10.62 16.15 13.66 10.68 5.36 6.18 6.18 2015 WCM Investment Management 109,425,748 19.03 22.09 16.98 11.19 12.06 12.33 12.33 2015 Wellington Mgmt CLOSED¹¹--- ---- 33.42 2008 WHV Closed²²--- --- -40.68 1.32 2008 Eaton Vance Mgmt CLOSED --- ----- NTGI-QM Enhanced EAFE --- ----- COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 6.30.25 |Q2 25 177 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 6.30.25 |Q2 25 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Real Estate 233,013,235 1.58 5.54 0.88 5.79 5.57 6.34 - Hancock Timberland XI 7,902,547 0.00 1.82 4.56 4.67 4.26 3.81 4.21 2012 IFM Global Infrastructure (US) L.P.104,834,472 2.63 11.71 7.98 9.76 9.88 - 10.74 2017 Molpus Woodlands Fund III 7,769,530 0.00 -2.12 9.51 10.14 6.55 5.03 5.46 2011 Molpus Woodlands Fund IV 4,503,050 0.00 -1.89 5.87 6.28 3.94 - 3.51 2015 Multi-Employer Property Trust 52,312,681 1.65 1.86 -7.76 1.64 2.03 3.69 5.81 2010 Security Capital 18,301,945 -1.95 7.59 5.96 8.00 5.95 7.39 31.84 2008 U.S. Real Estate Investment Fund 14,808,805 1.05 0.69 -8.34 1.10 2.41 - 4.32 2015 USAA 22,580,205 1.30 -3.98 -2.34 4.14 4.67 6.25 6.25 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 178 Market Value $CYTD 2024 2023 2022 2021 2020 Total Portfolio 1,390,316,406 5.79 10.27 13.75 -14.82 13.45 15.04 Total Fixed Income 372,986,675 4.16 1.70 6.54 -12.39 -1.29 8.84 Dodge & Cox 201,488,844 4.05 2.08 7.23 -10.86 -0.98 8.71 In House Account 6,247,727 0.00 0.00 0.00 0.00 0.00 -88.27 Longfellow Investment Management Co.164,856,828 ------ Security Lending Income Account 394,770 66.89 39.59 5.87 0.35 -20.50 -4.61 Western Asset Management Co. CLOSED -1,494 6.13 1.08 6.05 -14.20 -1.51 9.04 Total U.S. Equities 623,439,538 4.32 20.56 27.54 -20.72 22.05 22.11 Total U.S. Large Cap Equities 422,373,441 5.81 25.92 30.70 -20.67 25.36 17.98 Eagle Capital Management 84,176,729 8.94 25.44 38.35 -25.04 29.62 16.22 Manning & Napier 806,475 2.27 14.08 8.94 -3.57 21.23 3.76 NTGI-QM R1000G 220,310,769 4.79 33.18 43.24 -29.09 30.85 - NTGI-QM R1000V 117,079,468 6.05 14.42 13.57 -7.62 25.17 4.48 Total U.S. Mid Cap Equities 133,170,716 6.06 11.53 21.27 -20.86 18.78 30.05 Artisan Partners 57,202,357 6.27 12.65 25.93 -36.30 10.53 55.00 Boston Partners 75,968,360 5.90 10.49 17.56 -6.90 27.91 - Total U.S. Small Cap Equities 67,895,380 -7.17 5.32 18.93 -20.76 11.89 30.90 Atlanta Capital Management 23,802,239 -3.66 7.79 23.78 -12.16 19.51 10.85 Riverbridge Partners 26,837,685 -10.97 3.67 20.03 -32.10 3.42 53.48 Sycamore Capital 17,255,456 -5.65 5.50 11.58 -6.34 24.77 5.09 Total International Equities 160,876,959 23.28 6.58 15.26 -21.03 13.84 18.03 DFA Emerging Markets 15,400,390 13.94 8.98 12.76 -16.40 5.84 13.83 Thompson, Siegel & Walmsley 36,050,821 20.44 5.53 16.75 -14.08 13.32 5.42 WCM Investment Management 109,425,748 25.71 6.95 15.11 -27.77 17.70 29.98 Total Real Estate 233,013,235 2.32 1.80 -1.86 5.46 20.52 1.76 Hancock Timberland XI 7,902,547 0.01 1.67 4.64 6.96 9.80 -0.37 IFM Global Infrastructure (US) L.P.104,834,472 5.64 5.59 8.40 8.16 17.75 2.82 Molpus Woodlands Fund III 7,769,530 0.21 -1.81 9.67 21.35 12.76 8.04 Molpus Woodlands Fund IV 4,503,050 0.05 -1.82 8.41 10.63 20.16 -5.70 Multi-Employer Property Trust 52,312,681 1.34 -3.75 -15.51 7.81 19.74 0.49 Security Capital 18,301,945 -1.92 11.42 15.69 -27.57 45.04 -4.51 U.S. Real Estate Investment Fund 14,808,805 1.50 -5.02 -15.95 7.39 20.02 0.93 USAA 22,580,205 -3.74 -0.34 -7.85 14.02 18.16 12.42 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 6.30.25 |Q2 25 179 City of Clearwater Employees' Pension Plan Q2 25Period Ending 6.30.25 |appendix 180 Q2 25Period Ending 6.30.25 | 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… 181 Q2 25Period Ending 6.30.25 | 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 182 City of Clearwater Employees' Pension Plan Q2 25Period Ending 6.30.25 |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 183 Q2 25Period Ending 6.30.25 |index definitions Bloomberg U.S. Aggregate Index: Measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. FTSE NAREIT All Equity REITs TR USD Index: Measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate. MSCI EAFE Index: Measures the performance of the large- and mid- cap equity market across 21 developed markets around the world, excluding the U.S. and Canada. It is a free float-adjusted market- capitalization weighted index and includes the reinvestment of dividends into the index. Merrill Lynch 3-Month Treasury Bill: Measures the performance of a single issue of outstanding treasury bill that matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue. Russell 1000® Index: Measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. Russell Mid-Cap® Growth Index: Measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). Russell Mid-Cap® Value Index: Measures the performance of the mid- cap value segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Russell 1000® Value Index: Measures the performance of the large cap value segment of the U.S. equity universe. It includes the Russell 1000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Russell 1000® Growth Index: Measures the performance of the large cap growth segment of U.S. equities. It includes the Russell 1000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years). Russell 2000® Index: Measures the performance of the 2,000 smallest companies in the Russell 3000® Index. It is a market- capitalization weighted index. 184 Q2 25Period Ending 6.30.25 |index definitions (continued) Russell 2000® Value Index: Measures the performance of the small cap value segment of U.S. equities. It includes the Russell 2000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Russell 2000® Growth Index: Measures the performance of the small cap growth segment of U.S. equities. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years). Russell 3000® Index: Measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. S&P 500® Index: Measures the performance of 500 leading publicly traded U.S. companies from a broad range of industries. It is a float- adjusted market-capitalization weighted index. 185 Q2 25Period Ending 6.30.25 |important disclosures General Disclosure The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products, or investment advisory services. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Nothing contained herein constitutes financial, legal, tax, or other advice. Consult your tax and legal professional for details on your situation. Past performance is no guarantee of future results. The opinions presented cannot be viewed as an indicator of future performance. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. Investing involves risk, including possible loss of principal.Asset allocation and diversification do not ensure a profit or protect against loss. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities). Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Lower-quality fixed income securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. Any fixed-income security sold or redeemed prior to maturity may be subject to loss. Any reference to credit ratings refers to the highest rating given by one of the following national rating agencies: S&P, Moody’s, or Fitch. Credit ratings are subject to change. AAA, AA, A, BBB (ratings scale used by S&P and Fitch), and Aaa, Aa, A, Baa (ratings scale used by Moody's) are investment grade ratings. BB, B, CCC, CC, C, D (ratings scale used by S&P and Fitch), and Ba, B, Caa, Ca, C (ratings scale used by Moody's) are below investment grade ratings. Investment advisory services offered by CapFinancial Partners, LLC (“CAPTRUST” or "CAPTRUST Financial Advisors”), an investment advisor registered with the SEC under The Investment Advisers Act of 1940. 186 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-1082 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve Investment Management Agreement with Northern Trust Investments, Inc. for a separately managed mid-cap growth equity index investment account and authorize the appropriate officials to execute same. SUMMARY: The Pension Investment Committee is recommending the addition of a separately managed mid-cap growth equity index fund. This index account will be used to replace terminated money manager Artisan Partners if approved by the Trustees. The Pension Investment Committee unanimously recommends Northern Trust’s separately managed mid-cap growth index account for an initial investment of $60 million, or approximately 4.3% of the total plan investment portfolio. The addition of this index fund increases the diversification of the mid-cap equity category by allocating current actively managed monies to a passive index fund with lower management fees. Investment manager fees will be 4 basis points (0.04%), versus a previous fee of 80 basis points (0.80%) for the actively managed account that is being terminated. The pension plan’s attorney, Klausner, Kaufman, Jensen and Levinson, has reviewed and approved the Investment Management Agreement. APPROPRIATION CODE AND AMOUNT: 6467410-530100 $25,000 annually STRATEGIC PRIORITY: Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 1 City of Clearwater Printed on 10/28/2025 INVESTMENT MANAGEMENT AGREEMENT (e) the investment of the Account as provided herein is legal and permissible under, and authorized by, the terms of any and all applicable documents governing the assets of the Client, and will not violate any laws applicable to the Client. Through appropriate fiduciaries, the Client has been given the opportunity to discuss the investment objectives and policies to be pursued in this Agreement with the Manager, and the Client’s decision to enter into this Agreement was made by one or more fiduciaries independent of the Manager and its affiliates. 3. PERFORMANCE OF SERVICES. Unless Client directs Manager otherwise in writing, Manager shall have with respect to the Account the powers and discretions as hereinafter provided but no amendments of this Agreement shall change Manager’s powers, rights, and duties hereunder without its written consent. Without Client’s prior approval, Manager shall invest and reinvest the principal and income of the Account, including principal collections, in securities and other property or instruments of any kind as Manager may deem to be in accordance with the &+)" %%,#&'         THIS AGREEMENT is effective as of November 3, 2025, by and between the City of Clearwater Employees’ Pension Fund (the "Client") and Northern Trust Investments, Inc., an Illinois bank with trust powers (the "Manager"). WHEREAS, the Client desires to appoint and designate the Manager to provide investment advisory and management services for such funds and/or investments as Client shall designate, as well as any additions or changes to the initial investment (the "Account") and the Manager agrees to so act; NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is hereby agreed between the parties as follows: 1.APPOINTMENT OF MANAGER. The Client designates and retains the Manager to furnish investment advisory and management services for the Account, and the Manager accepts such appointment and agrees to supervise the investment and reinvestment of assets of the Account in accordance with the terms of this Agreement. The Manager shall have the exclusive authority and responsibility for trading the assets of the Account. Manager acknowledges that it is registered as an Investment Adviser under the Investment Advisers Act of 1940, as amended, and that it will advise Client if at any time it is not so registered. 2.REPRESENTATIONS AND COVENANTS. The Manager hereby confirms and represents to the Client that (a) the Manager is duly authorized to enter into, and perform its obligations under, this Agreement: (b) the legal instruments creating or embodying such authorization are in full force and effect: (c) any other actions necessary to authorize the Manager to enter into this Agreement have been duly taken, and the Manager will notify the Client if such authority is revoked or rescinded; and (d) the execution, delivery and performance of this Agreement by the Manager does not conflict with or violate any provision of any law, rule or regulation, contract, deed of trust or other instrument to which the Manager is a party or by which either is bound, and this Agreement constitutes its valid and binding obligation enforceable in accordance with its terms. The Client hereby confirms and represents to the Manager that (a) the Client is duly authorized to enter into, and perform its obligations under, this Agreement; (b) the legal instruments creating or embodying such authorization are in full force and effect; (c) any other actions necessary to authorize the Client to enter into this Agreement have been duly taken, and the Client will immediately notify the Manager if such authority is revoked or rescinded; (d) the execution, delivery and performance of this Agreement by the Client does not conflict with or violate any provision of any law, rule or regulation, contract, deed of trust or other instrument to which the Client is a party or by which either is bound, and this Agreement constitutes its valid and binding obligation enforceable in accordance with its terms; and 2 investment guidelines set forth in Exhibit A attached hereto and made a part hereof (the “Investment Guidelines”) as such guidelines may be amended by mutual consent of the parties, in writing, from time to time. Client represents that such guidelines will be in accordance with applicable law, constitutional documents, and all applicable restrictions for Client. To the extent that the Investment Guidelines require the Manager to manage the Account to an index, the Manager cannot guarantee, and has no obligation to inquire into, the accuracy or the completeness of any underlying index or data included therein, and shall have no liability for any errors, omissions, restatements, recalculations, or interruptions therein. The Manager does not make any warranty, express or implied, to the Client as to the results to be obtained by the Account from the use of the underlying index or any data included therein, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. The Manager may in its discretion from time to time employ or retain such counsel, accountants or other professional or financial experts or other advisors as it may reasonably deem necessary or appropriate to assist it in discharging its duties hereunder. The Manager may rely and act on the information and the advice furnished by such advisors, or refrain from acting thereon. Without limiting the foregoing, the Manager may in its discretion engage its affiliate, The Northern Trust Company, to provide accounting and valuation services to it in connection with its administration of the Account. Notwithstanding anything to the contrary in this Agreement or Investment Guidelines, the Client authorizes the Manager to buy, sell or otherwise effect investment transactions for and in the name of the Client, including without limitation, the power to negotiate and enter as agent, on behalf of the Client, into the appropriate agreements, instruments and documents with counterparties with respect to any investments, including but not limited to repurchase and reverse repurchase agreements, derivatives contracts, foreign currency exchange transactions, non-deliverable forward trades, futures contracts, swaps, options on futures contracts and other investments as the Manager deems appropriate from time to time in order for the Manager to perform its duties under this Agreement and as authorized by the Investment Guidelines. Furthermore, the Client authorizes the Manager to act as the Manager deems appropriate in effecting investment transactions and performing its duties and obligations under this Agreement including, but not limited to, negotiating and executing as agent, on behalf of the Client, brokerage agreements and other documents to establish, operate and conduct all brokerage or other trading accounts, as well as executing as agent, on behalf of the Client, such trading agreements and other documentation as may be required for the purchase or sale, assignment, retention, transfer, exchange, ownership or otherwise deal in any permitted investment, including but not limited to ISDA Master Agreements and related documents, Futures Commission Merchant Agreements, Master Securities Forward Transaction Agreements, limited partnership agreements, repurchase and derivative master agreements, including any schedules and annexes to such agreements, releases, consents, elections and confirmations. Client understands and agrees that certain agreements may require the signature of Client or Client’s trustee. Client further understands and acknowledges that as a principal to such agreements, the Client will be bound by the contractual terms of such agreements and other documentation executed by the Manager as an agent on the Client’s behalf, including but not limited to any duties, debts, claims, obligations, and liabilities attributed to the Client. 4.RELATIONSHIP WITH CUSTODIAN. Client understands that Manager will in no event provide custody or possession of any cash, securities, or other property of the Account. Client shall instruct the custodian of the assets of the Account (“Custodian”) to act in accordance with Manager’s directions, except to the extent that Client directs the Custodian regarding investment of short-term cash, in which event Client shall notify Manager and Manager shall have no responsibility for investment of such cash. For purposes of this Agreement, Custodian shall also include where The Northern Trust Company, an affiliate of the Manager, has been appointed by the Client as Custodian. &+)" %%,#&'         3 5. DELEGATION OF AUTHORITY. Manager may delegate any of its duties under this Agreement to any of its affiliates, provided that, Manager shall remain fully responsible to Client with respect to all of its obligations hereunder. 6. PROXIES. Manager may vote either in person or by general or limited proxy, refrain from voting, or direct Client’s agent to vote, any corporate securities for any purpose. 7. SERVICES TO OTHER CLIENTS. Manager’s services hereunder are not deemed exclusive, and Manager and its affiliates shall be free to render similar services to others so long as Manager’s services under this Agreement are not impaired. Manager’s services hereunder shall not be deemed impaired because Manager and its affiliates effect transactions for Manager’s own account, the account of any affiliate or the accounts that Manager and its affiliates manage for others, which are identical or similar to instruments as to which Manager may effect transactions for the Account at the same or different times. The Manager is and shall, for all purposes herein, be deemed to be an independent contractor and shall not, except as expressly provided or authorized, have authority to act for or represent the Client. Likewise, the Client shall have no authority to act for or represent the Manager. 8. EXECUTION OF TRANSACTIONS. In placing orders for the execution of portfolio transactions, Manager may allocate such transactions to brokers and dealers for execution on such markets, at such prices and at such commission rates as in Manager’s judgment will be in Client’s best interest, taking into consideration in the selection of such brokers and dealers not only the available prices and rates of commissions, but also other relevant factors such as, without limitation, research and services provided by such brokers and dealers which enhance Manager’s general portfolio management capabilities. Such products and services will be used for the nonexclusive benefit of the Account. Client may also direct Manager to place brokerage with particular brokers or dealers. Client understands that directing brokerage limits Manager’s discretion in a way that could prevent Manager from obtaining the best execution for transactions on behalf of the Account. Client agrees that Manager may execute securities transactions through an affiliated broker-dealer. 9. REPORTS. Manager shall furnish Client with such reports regarding transactions in the Account and performance as agreed to from time to time. 10. ASSIGNMENT, AMENDMENT, INTEGRATION AND TERMINATION. Neither the Manager nor the Client may assign this Agreement without first obtaining the written consent of the other party hereto. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and all prior agreements, understandings, negotiations, representations, and warranties between the parties with respect to the subject matter hereof are hereby superseded. This may be amended only by written instrument executed by the parties hereto. This Agreement may be terminated at any time upon 30 days’ written notice from Client to Manager, or from Manager to Client. 11. COMPENSATION. The Manager shall be paid a fee by the Client as specified in Exhibit B attached hereto, commencing as of the effective date of this Agreement. The fee schedule in Exhibit B may be changed from time to time by an agreement in writing between the Client and the Manager. The Manager may pay, and shall be entitled to be reimbursed for, reasonable charges for all services performed for it in accordance with section 3 hereto (including, if applicable, the reasonable charges of The Northern Trust Company) and shall be entitled to be reimbursed for all other reasonable expenses incurred in the management of the Account, subject to prior written notice to, and agreement by the Client. &+)" %%,#&'         4 12. GOVERNING LAW AND JURISDICTION. The law of Illinois Florida shall govern the validity, interpretation, and enforcement of this Agreement, without regard to principles of conflicts of law. The invalidity of any part of this Agreement shall not affect the remaining parts hereof. Any provision in this Agreement concerning a statute or regulation shall be deemed to refer to the statute or regulation as amended and in effect from time to time. 13. NOTICES. All notices required or permitted to be delivered pursuant to this Agreement shall be in writing and shall be delivered by courier service, registered or certified mail, return receipt requested, fax, or other similar means and shall be effective when delivered personally on the day delivered, or when delivered by fax, courier or by registered or certified mail, return receipt requested, on the day of receipt, addressed as follows (or to such other address as a party by notice shall direct): To the Client: Jay Ravins, Finance Director City of Clearwater 100 S., Myrtle Ave Clearwater, Florida 33756 To the Manager: Northern Trust Investments, Inc. ATTN: Ashley Hartman Alson 50 S. LaSalle St. Chicago, IL 60603 and Manager may rely and act upon any direction or other communication which in good faith it believes to have been provided by such person. 14. LIABILITIES OF THE MANAGER. The Manager will deal in good faith and with due diligence and agrees to perform its duties hereunder with the 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. Manager shall not be liable for any action taken or omitted by Manager in connection with this Agreement, except to the extent that such liability arises from Manager's willful misconduct or gross negligence to a material extent or involving a material matter. Manager shall have no liability for any indirect, incidental, consequential, special, exemplary, or punitive damages, even if Manager has been advised of the possibility of such damages. Manager shall have no duty or authority to take any action under this Agreement at any time that it is not open for business for any reason. Manager shall not be liable for any loss due to forces beyond the Manager’s reasonable control, including (but not limited to) delays, errors or interruptions in service caused by strikes, work stoppages, lockouts, riots, acts of war or terrorism, insurrection, revolution, nuclear fusion, fission or radiation, epidemic, pandemic, court order, failure or fluctuation in electrical power, heat, light, air conditioning, computers or telecommunications equipment, or act of God. Notwithstanding the foregoing, nothing herein shall be deemed to relieve Manager of any liability it would otherwise have under applicable federal securities laws. &+)" %%,#&'         5 15. CONFIDENTIALITY. The Manager shall treat as confidential all information pertaining to the Account and all other aspects of the relationship established by this Agreement except as may be necessary to comply with governmental regulation or to effectively perform its obligations and duties under this Agreement. Notwithstanding anything to the contrary in this Agreement or the Investment Guidelines, Manager shall have the authority to disclose such non-public, confidential or proprietary information and documentation with respect to Client and Client’s account, including but not limited to account agreement or fund documentation, financial statements, net asset information and trust and plan documentation, as may be requested or otherwise required by a counterparty selected in Manager’s discretion in connection with the negotiation of agreements with respect to foreign currency exchange transactions and non- deliverable forward trades, futures, and other investments authorized by the Investment Guidelines, including but not limited to an ISDA Master Agreement and Schedule and a Futures Commission Merchant Agreement, on behalf of Client in its capacity as Manager; provided, however, that such counterparty shall enter into a confidentiality agreement with Manager whereby the counterparty agrees to keep such information confidential except in the limited circumstances and during the time period specified in the confidentiality agreement. The Client acknowledges that the trading advice provided, and the trading strategies used by the Manager constitute proprietary data and intellectual property of the Manager. The Client further agrees that, unless authorized by the Manager, such knowledge will be kept strictly confidential and will not be disseminated in whole or in part, directly or indirectly, to any person except as required by applicable law or regulation. Any such information as may be acquired by the Client is to be used solely to monitor the Manager’s performance on behalf of the Client. The Client will not use such knowledge or any other knowledge provided by the Manager to attempt to reverse engineer the Manager’s trading strategies or to trade for itself or others. Nothing contained in this Agreement shall require the Manager to disclose the names of its clients or any confidential details of its trading strategies. 16. BOOKS AND RECORDS. The Manager shall maintain appropriate books of account and records relating to services performed with regard to the Account. The Client may, at a time convenient to Manager and Client, employ independent auditors at its own expense to inspect such records to the extent reasonably required to verify compliance with the terms of this Agreement (subject to the need to preserve the confidentiality of the Manager’s proprietary information and the identity of the Manager’s clients). 17. DISCLOSURE STATEMENT. The Client acknowledges receipt of Manager’s disclosure statement as required by Rule 204-3 of the Investment Advisers Act of 1940. Manager agrees to make available annually its current completed Form ADV Parts 2A, 2B and 3. 18. OFAC/AML Client acknowledges that U.S. federal laws, executive orders, and regulations administered by OFAC prohibit, among other things, engaging in transactions with, and the provision of services to, certain foreign countries, territories, organizations, entities, and individuals: (a) All evidence of identity provided in connection with the Account is genuine and all related information furnished is accurate. (b) No funds tendered for the Account are directly or indirectly derived from activities that may contravene U.S. federal, state or international laws and regulations, including without limitation anti-money laundering and economic sanctions laws. (c) Neither Client, nor any person with significant responsibility to control, manage or direct the client, nor any person having a beneficial interest in Client, or for whom Client is acting as agent or nominee in connection with the Account is (i) an organization, person or entity subject to OFAC sanctions, (ii) a person or entity that resides or has a place of business in a country or territory subject to comprehensive sanctions administered by &+)" %%,#&'         6 OFAC or which is designated as a Non-Cooperative Jurisdiction by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act (i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision); or (iv) a person or entity that resides in, or is organized under the laws of, a jurisdiction designated by the Secretary of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. (d) Client acknowledges and understands that the Manager in its discretion may decline to accept any Account from a person who is a “Covered Person” within the meaning of the Guidance on Enhanced Scrutiny for Transactions that May Involve the Proceeds of Foreign Official Corruption, issued by the Department of the Treasury, et al., January, 2001 (i.e., a senior foreign political figure, or an immediate family member or close associate of a senior foreign political figure). Accordingly, Client agrees to inform the Manager if Client or any person controlling, controlled by, or under common control with Client, or any person having a beneficial interest in a Client fund, or for whom Client is acting as agent or nominee in connection with the Account is a Covered Person. (e) Client agrees to provide any information deemed necessary by the Manager in its sole discretion to comply with its anti-money laundering and economic sanctions responsibilities and policies. (f) Client authorizes and permits the Manager, using its own reasonable business judgment, under certain circumstances, or which may be required by law, to report information about Client and its funds to appropriate government authorities, and Client agrees not to hold the Manager liable for any loss or injury that may occur as the result of providing such information. (g) Client agrees that, in the event of a material change with respect to the information provided in connection with the Account, Client will provide the Manager promptly with updated information affected by the material change. (h) Client agrees that, notwithstanding any other statement to the contrary in any agreement into which Client has entered or in any disclosure document of the Manager, if the Manager determines that Client is subject to economic sanctions administered by the United States or a foreign government, or that any information provided by Client is no longer accurate, the Manager shall be authorized to take any action as shall be necessary or appropriate as a result thereof, including but not limited to redeeming the Account, in cash or in kind at the discretion of the Manager, less any penalty, fine, forfeiture, withholding or seizure imposed or ordered by any governmental agency, and/or notifying the federal authorities. 19. SURVIVAL. The provisions of Sections 11 (only to the extent that compensation is earned by the Manager prior to termination of this Agreement), 15 and 16 shall survive the termination of this Agreement. 20. SEVERABILITY. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision herein contained and any such invalid provision shall be deemed to be severable. &+)" %%,#&'         7 21. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 22. TRADE INSTRUCTION PORTAL. The Client understands and agrees that additions to and withdrawals from the Account shall be communicated to the Manager via the Trade Instruction Portal, a web based portal maintained by the Manager, and further agrees to be bound by the terms of the Trade Instruction Portal Authorization Form, which shall be provided to the Client by the Manager, completed and executed by Client, and made a part of this Agreement by reference. 23. DISCLOSURE. The Manager agrees to disclose, in writing to the Client within ten (10) business days, or as soon as reasonably practical once the Manager is not bound by confidentiality, if the Manager becomes the subject of an investigation by the Securities and Exchange Commission for alleged breach of federal securities laws; any investigation by the U.S. Department of Justice for allegations relating to violation of federal securities laws or related allegations of fraud; or if the Manager is named as the defendant in any civil action alleging fraud, negligence or breach of fiduciary responsibility, where such investigation or action would materially affect Manager’s ability to perform its duties under this Agreement. Additionally, the Manager will also report promptly, any decision to delay or suspend the valuation of the portfolio or to adjust a previously reported value. 24. PUBLIC RECORDS. (a) The Manager acknowledges that it is fully familiar with the laws of the State of Florida governing public employee retirement systems and is fully familiar with the provisions of the Client relating specifically to the investment management of this Client attached hereto as Exhibit B, which may be amended from time to by written agreement of the parties. The Agreement shall be performed in accordance with all applicable federal, state, and local laws and administrative regulations and shall in its interpretation be governed by the laws of the State of Florida. (b) Additionally, the Manager understands that as a governmental pension plan, the Client is also subject to the operation of Florida’s Sunshine law and public records law. Pursuant to Florida Statutes §119.0701, Manager will comply with public records laws, specifically to: (1) Keep and maintain public records required by the Client to perform the service. (2) Upon request from the Client or its public records custodian, provide the Client with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. (3) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Manager does not transfer the records to the public agency. (4) Upon completion of the contract, transfer, at no cost, to the Client all public records in possession of Manager or keep and maintain public records required by the Client to perform the service. If Manager transfers all public records to Client upon completion of the contract, Manager shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements to the extent practical. If Manager keeps and &+)" %%,#&'         8 maintains public records upon completion of the contract, Manager shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the Client, upon request from the Client or its public records custodian, in a format that is compatible with the information technology systems of the Client. IF MANAGER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS: JAY RAVINS, CITY OF CLEARWATER 100 S. Myrtle Ave CLEARWATER, FLORIDA 33756 PHONE: (727) 444-8501 JAY.RAVINS@MYCLEARWATER.COM 25. GENERAL. (a) The Manager warrants that it is registered as a Manager under the Investment Advisers Act of 1940, and that it will maintain such registration during the term of this Agreement. The Manager acknowledges that it is a fiduciary with respect to the management of the assets of the Client and that it is subject to and shall be governed by the “prudent investor rule” as those terms are defined and interpreted under the provisions of the Employee Retirement Income Security Act, and under the provisions of the law of Florida, including Florida Statutes §112.656 and Florida Statutes Chapter 518. (b) The Manager agrees to register with and use the E-Verify system to verify the work authorization status of all employees hired on and after January 1, 2021, as required by Section 448.095, Florida Statutes. Additionally, the Manager agrees to require any subcontractor to provide them with an affidavit stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized alien. (c) The parties agree that any acts performed under this Agreement are deemed performed in Florida. In any action to enforce the provisions of this Agreement, venue shall be in Hillsborough County, Florida, and should any action be necessary to enforce the terms of this Agreement, the prevailing party shall be made whole, including any reasonable and necessary costs and legal fees. (d) The Manager shall, on an annual basis, make available to the Client Securities and Exchange Commission Form ADV Parts 2A and 2B. &+)" %%,#&'         9 (e) The Manager shall, for the term of this Agreement, maintain an errors and omissions insurance policy in the amount of Ten Million ($10,000,000.00) Dollars. The Manager shall furnish the Client with proof of its coverage insurance and Bond at any time upon the request of the Client. (f) The Manager shall for the term of this Agreement, maintain a Cyber Liability insurance policy in the amount of $1,000,000.00 dollars. The Manager shall furnish the Client with proof of its coverage insurance. (g) All proxy materials relating to any security held by the Manager shall be voted in accordance with the proxy voting policy adopted by the Client, or otherwise in the discretion of the Manager. The Manager represents that it has reviewed Chapter 2023- 28, Laws of Florida and will comply with any applicable provisions, including but not limited to Section 112.662, Florida Statutes, and any applicable regulations provided by the Florida Division of Retirement. (h) The Manager shall notify the Client of any employees assigned to manage or service the Client’s account within a reasonable time after such changes take place, not to exceed thirty (30) days. 26. 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 amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of thirty-six (36) months from the date of being placed on the convicted vendor list. 27. SECTION 215.855, FLORIDA STATUTES. Any written communication made by the Manager to a company in which such manager invests public funds on behalf of the Client must include the following disclaimer in a conspicuous location if such communication discussion 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 contract may be unilaterally terminated at the option of the Client if the Manager does not include the disclaimer as required. For the avoidance of doubt, written communication related to pecuniary factors do not require disclaimer. &+)" %%,#&'         10 28. SECTION 787.06 FLORIDA STATUTES. In accordance with Florida law, Manager hereby represents that it does not use coercion for labor or services as defined in Section 787.06, Florida Statutes, as evidenced by the attached Exhibit C -Human Trafficking Affidavit. City of Clearwater Employees’ Pension Fund By: ______________________________________ Name: ____________________________________ As its: ____________________________________ ACCEPTED: Northern Trust Investments, Inc. By: _____________________________ Name: __________________________ As its: ___________________________ &+)" %%,#&'         )!#-#)&% %"&("()"%* 11 EXHIBIT A CITY OF CLEARWATER EMPLOYEES’ PENSION FUND Investment Guidelines Investment Objective: The investment objective for the Account shall be to provide a total return that approximates the risk and return characteristics of the Russell MidCap Growth Index* (“Index”). It is understood that the Account will be constructed to have aggregate investment characteristics similar to those of the Index by using, in the discretion of the manager, either an optimization or full replication technique to reflect the performance of the Index without necessarily holding all its component stocks. It is further understood that due to investment deviations from components of the Index, as well as transaction costs, management fees, brokerage commissions and other incidental costs, there will be a tracking deviation from the performance of the Index. Eligible Investments: Equity securities purchased for the Account will generally, but not necessarily, be current or pending constituents of the Index. The Account may be invested in exchange traded funds, equity index futures contracts, and other derivative transactions in order to equitize cash and cash entitlements, provided that any such derivative transactions are fully collateralized. It is understood that such investments may not be perfectly correlated with the investment objective for the account, but will in the sole judgment of the Manager assist in meeting the investment objective for the account. The foregoing Investment Guidelines supersede all prior objectives and guidelines and shall remain in effect until the parties mutually agree in writing to the contrary. City of Clearwater Employees’ Pension Fund By: ______________________________________ Name: ____________________________________ Title: _____________________________________ ACCEPTED: Northern Trust Investments, Inc. By: _____________________________ Name: __________________________ As its: ___________________________ &+)" %%,#&'         %"&("()"%* Dated this 3rd day of November, 2025 * Notice: FTSE International Limited trading as FTSE Group and FTSE Russell, is a British provider of stock market indices and associated data services, wholly owned by the London Stock Exchange (LSE) and operating from premises in Canary Wharf. It operates the well-known UK FTSE 100 Index and the Russell 1000 as well as a number of other indices. FTSE stands for Financial Times Stock Exchange. )!#-#)&% 12 EXHIBIT B CITY OF CLEARWATER EMPLOYEES’ PENSION FUND Fee Schedule For its services, Manager shall receive an investment management fee as set forth below: x Flat fee of four (4) basis points per year x Subject to a minimum quarterly fee of $5,000 Fees shall be calculated quarterly, based on the market value of assets held in the Account on the last day of each prior calendar quarter end. For the avoidance of doubt, fee calculations for the second calendar quarter will be based on the market value of assets held in the Account on the last day of March. Fees are charged quarterly based on one-fourth of the annual fee. Fees calculated for the initial funding quarter and, upon the termination of this Agreement by one of the parties, the final invoiced quarter, will each be prorated appropriately if investments are not held for the entire quarter. Client agrees that fees for all Accounts governed by this Agreement shall be paid as follows (please check one): ____ Automatically debited from the Account ____ An invoice shall be sent to the Client If one of the fee payment options above has not been selected, the second option shall be applied. Dated this ______ day of __________________, 2025 City of Clearwater Employees’ Pension Fund By: ______________________________________ Name: ____________________________________ As its: ____________________________________ ACCEPTED: Northern Trust Investments, Inc. By: _____________________________ Name: __________________________ As its: ___________________________ &+)" %%,#&'         )!#-#)&% *!+ +)* %"&("()"%* 13 EXHIBIT C Human Trafficking Affidavit The undersigned, on behalf of Contractor, hereby attests as follows: A.Contractor understands and affirms that Section 787.06(13), Florida Statutes, prohibits the Board from executing, renewing, or extending a contract to entities that use coercion for labor or services. B.Contractor hereby attests, under penalty of perjury, that Contractor does not use coercion for labor or services as defined in Section 787.06(2), Florida Statutes. I, the undersigned, am an officer or representative of the nongovernmental entity named below, and hereby represent that I: make the above attestation based upon personal knowledge; am over the age of 18 years and otherwise competent to make the above attestation; and am authorized to legally bind, and make the above attestation on behalf of, the Contractor. Under penalties of perjury, I declare that I have read the foregoing document and that the facts stated in it are true. Further Affiant sayeth naught. Contractor: _____________________________________________ Authorized Signature: Date: _____________ Printed Name: Title: _________________________________________________ STATE OF _________________ COUNTY OF _______________ The foregoing instrument was acknowledged before me by means of տ physical presence or տ online notarization, this ____ day of ________________, 20____, by ____________________________, as __________________ on behalf of the company/corporation. They տ are personally known to me or տ have produced ___________________ as identification. Signature of Notary Public Name of Notary Typed, Printed or Stamped My Commission Expires: _______________ &+)" %%,#&'         &(*!(%(+)*%,)*$%*)% +  )!#-#)&% %"&("()"%* Illinois Cook x x 20th August 25 Ashley Alson Senior Vice President Linda T Kious 8/28/2028 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-1083 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve changes to the City of Clearwater Employees’ Pension Fund Statement of Investment Objectives and Guidelines (Investment Policy) to update the fund’s investment benchmark index, to adjust the minimum allocation to fixed income, and other minor changes as recommended by the Plan’s Investment Committee. SUMMARY: The Pension Plan’s investment policy was last revised in December of 2023. The policy was recently reviewed by the Plan’s Investment Committee for recommended revisions as proposed below: ·The Plan’s custom benchmark for performance measurement was updated to more accurately reflect the Plan’s asset allocations. ·The minimum allocation to domestic fixed income was reduced from 25% to 20% due to the Plan’s diversification into real estate and infrastructure, and to decrease the potential for noncompliance due to volatility in the stock market and related allocations to equities. ·Minor change to eliminate a position on the committee (Finance Debt Manager) due to elimination of the position. ·Minor change to “Investment Return Objectives” to revise “materially above average” to a more specific “50th percentile or above over a five-year period”. ·Various other minor wordsmithing changes APPROPRIATION CODE AND AMOUNT: N/A STRATEGIC PRIORITY: Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 1 City of Clearwater Printed on 10/28/2025 STATEMENT OF INVESTMENT OBJECTIVES AND GUIDELINES CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN Approved by Trustees December 19, 2023 November 3, 2025 Effective January 19, 2024 December 3, 2025 1 Purpose The purpose of this Statement of Investment Objectives and Guidelines hereinafter referred to as the “Policy Statement” or “Policy” is to assist the City of Clearwater Employees’ Pension Plan (hereafter referred to as the fund) in more effectively supervising and monitoring the investment of the Fund's assets. In the various sections of this policy document, the Fund defines its investment program by:  stating in a written document the Fund's attitudes, expectations and objectives in the investment of Fund assets.  setting forth an investment "structure" for managing assets. This structure includes various asset classes and investment management styles that, in aggregate, are expected to produce a prudent level of diversification and investment return over time.  providing guidelines for each investment portfolio that control the level of risk assumed in the portfolio and ensure that assets are managed in accordance with stated objectives.  encouraging criteria to monitor and evaluate the performance results achieved by the investment managers. This Statement represents the Fund's current philosophy regarding the investment of Fund assets. In addition, although the Fund shall utilize this Policy Statement in making decisions concerning the Fund, it shall not necessarily be bound solely by its contents. Prudence and Ethical Standards The standard of prudence to be applied by the trustees shall be the "Prudent Person" rule, which states: "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income derived." The "Prudent Person" rule shall be applied in the context of managing the overall portfolio. The trustees shall also be governed by the fiduciary standard set forth in the Employee Retirement Income Security Act of 1974 at 29U.S.C. s. 1104 (a) (1) (A) – (C). In the event of a conflict between the Policy and Florida Statutes or City ordinances, the statutes and ordinances shall prevail. Funding Philosophy The Fund's funding objectives are to be as fully funded as possible so that:  the ability to pay all benefits and expense obligations from the Fund when due is ensured; 2  there will be no principal erosion of contributed funds or the purchasing power thereof. the fund will strive to maintain the purchasing power of contributed funds;  a "funding cushion" is maintained within the Fund for unexpected developments and for possible future increases in benefit structure and expense levels;  the Fund assets should earn enough total rate of return over time to reduce the fund's dependency on employer contributions to meet all benefit and expense obligations. Investment results within the Fund are considered to be the major critical element in achieving these funding objectives stated above while reliance on contributions is a secondary element. Liquidity Posture The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. Liquidity considerations requirements are low in the short-term and intermediate term resulting in an immaterial impact upon investment policy, objectives and guidelines. Roles and Responsibilities Responsibilities of the Third-Party Custodian A third-party custodian will hold all Fund assets other than commingled accounts. In order to maximize the Fund's return, no money should be allowed to remain idle. Dividends, interest, proceeds from sales, new contributions and all other monies are to be invested or reinvested promptly. If funds are not reinvested, then they will be placed in money market instruments or a money market Fund immediately by the designated cash manager working in concert with the custodian. Security lending is permitted if the agreements meet the credit standards of the City of Clearwater and no credit exposure liability is taken to end user borrowers. The custodian will be responsible for performing the following functions:  Accept daily instructions from the investment managers;  Advise investment managers daily of changes in cash equivalent balances;  Immediately advise investment managers of additions or withdrawals from account;  Dispositions of holdings;  Resolve any problems that investment managers may have relating to custodial account;  Safekeeping of securities; 3  Interest and dividend collection;  Daily cash sweep of idle principal and income cash balance;  Process all investment manager transactions on a delivery vs. payment basis;  Collect proceeds from maturing securities;  Provide monthly statements by investment manager account;  All securities purchased by the Fund shall be properly designated as an asset of the Fund;  No withdrawal of securities, in whole or in part shall be made except by an authorized member of the investment committee or the committee’s designee. Responsibilities of Investment Managers The duties and responsibilities of each of the registered investment advisors retained by the Fund include:  Managing the assets under its management in accordance with the policy guidelines and objectives expressed herein or expressed in a separate written agreement when deviation is deemed prudent and desirable.  Exercising full investment discretion within the guidelines and objectives stated herein. Such discretion includes decisions to buy, hold or sell securities in amounts and proportions reflective of the manager's current investment strategy and compatible with investment objectives.  Promptly informing the Fund regarding all significant matters pertaining to the investment of the Fund assets, for example: a. changes in investment strategy, portfolio structure and market value of managed assets; b. the manager's progress in meeting the investment objectives set forth in this document; and c. significant changes in the ownership, affiliations, organizational structure, financial condition, professional personnel staffing and clientele of the investment management organizations. No deviation from guidelines and objectives established in the Statement should occur until after such communication has occurred and the Fund has approved such deviation in writing. 4  The Fund formally delegates full authority to each investment manager for exercising all proxy and related actions of the Fund’s investment assets assigned to it. Each manager shall promptly vote all proxies and related actions in a manner consistent with the long-term interests of the Fund and its Participants and Beneficiaries. Each investment manager shall keep detailed records of all said voting of proxies and related actions and will comply with all regulatory obligations related thereto. The Fund shall periodically audit and review each investment manager's policies and actions in this area.  Each Investment Manager shall utilize the same due care, skill, prudence and diligence under the circumstances then prevailing that experienced, investment professionals acting in a like capacity, as a fiduciary, and fully familiar with such matters would use in like activities for like Funds with like aims, while maintaining appropriate diversification to avoid the risks of large losses, in accordance and compliance with all applicable laws, rules and regulations from local, state, federal and international political entities as it pertains to fiduciary duties and responsibilities.  Notifying the Fund of the filing of a lawsuit by a client against the manager alleging breach of fiduciary duty or other willful conduct. Responsibilities of the Pension Investment Committee The Pension Investment Committee (Committee) shall consist (at a minimum) of the following: Finance Director (Treasurer for the Trustees), Assistant Finance Director, Finance Accounting Manager, Finance Debt Manager, and one member from the general public appointed by the Trustees. The Treasurer for the Trustees shall appoint/remove other City employees as needs warrant. One representative for each of the employee unions may also serve on the Investment Committee. The Finance Director or its designee will chair the Committee. A quorum of at least three (3) members must be physically present for all meetings. The Treasurer for the Trustees will make recommendations to the Trustees as to any changes in the above makeup of the Committee. The Committee maintains the ultimate responsibility for approving the Investment Policy and managing the Investment Assets. The Plan has delegated to the Committee those responsibilities as defined below. • Oversee the management of the Fund’s assets. • Adopt, review and revise, as needed, an Investment Policy on an annual basis. • Recommend policy guidelines for the asset allocation of the Fund’s assets within the equity and fixed income segments according to investment style, taking into account near term cash needs and liquidity. • Recommend selection and retention or termination of all Investment Consultants, Investment Managers and Custodians. 5 • Review reports from outside professionals and the Investment Consultant on the status of the Fund’s assets. • Periodically measure and evaluate the investment performance of the Investment Managers against the established goals and objectives defined herein and in the Investment Manager’s agreement with the Committee and agreed upon rebalancing procedures for strategic asset allocation. On a periodic basis, in reference to the current liability obligation, an asset allocation study will occur. • Consider, revise and accept (or reject) recommendations made by the Investment Consultant regarding the management of the Fund Assets. • Control and account for all investment, recordkeeping and administrative expenses associated with the Fund’s assets. • Avoid prohibited transactions and conflicts of interest. • Apply the prudent person standard of care in the context of managing an overall portfolio. The annual budget for the Pension Fund will include sufficient funding for the trustees and members of the Pension Investment Committee to participate in pension education opportunities. These educational opportunities will include education on the individual’s duties and responsibilities as well as investments in general. The Finance Director, as Treasurer for the Trustees, will complete no less than eight (8) hours of continuing educational opportunities on pension investments each fiscal year. Responsibilities of the Investment Consultant • Serve as an objective, third party advisor to the Investment Committee. As such, the Investment Consultant will guide the Committee through a disciplined and rigorous process and may make recommendations to the Committee but will not have discretion to make investment or allocation decisions without their approval. • Assist in the development, implementation, review and monitoring of this Investment Policy. • Offer advice that is consistent with the investment objectives, policies, guidelines and constraints as established in this Investment Policy. • Conduct Investment Manager searches and fee negotiations when requested by the Investment Committee. • Provide research, analysis and general information about the Investment Managers. 6 • Measure, monitor and evaluate the investment performance and asset allocation of the Plan and report the findings to the Committee no less frequently than on a quarterly basis. • Periodically monitor the Investment Assets and provide reports to the Committee regarding investment performance and other pertinent information. • Apply the prudent person standard of care in the context of managing an overall portfolio. Compliance With Chapter 2023-28, Laws of Florida The Trustees and the investment managers shall comply with the applicable requirements of Chapter 2023-28, Laws of Florida, including Section 112.662, along with regulations adopted by the Department of Management Services. 1. Definition of pecuniary factor: The term “pecuniary factor” is defined as a factor that an investment fiduciary “prudently determines is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with the investment objectives and funding policy of the retirement system. The term does not include the consideration of the furtherance of any social, political, or ideological interests.” [112.662(1)] 2. Exclusive consideration of pecuniary factors: Only pecuniary factors may be considered, and the interests of the participants and beneficiaries of the system may not be subordinated to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. [112.662(2)] 3. Proxy voting: Only pecuniary factors may be considered when voting proxies. [112.662(3)] 4. Filing requirements: The Plan shall timely comply with the reporting requirement of Section 112.662 by filing a comprehensive report by December 15 of each odd-numbered year. [112.662(4)]. Investment managers and the Plan’s investment consultant shall assist in the preparation of the required reports and shall annually confirm to the Plan their compliance with Chapter 2023-28. 5. Contracting and external communication requirements: Manager contracts shall comply with Section 215.855 as follows: Any written communication made by an investment manager to a company in which such manager invests public funds on behalf of the Plan 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 he 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. 6. The Investment Consultant will provide Investment Managers for consideration who invest only based on pecuniary factors as defined by Florida Statutes §112.662. 7 7. If a Request for Proposals document is issued for Investment Manager services, the solicitation document must include the following: The Plan may not request documentation of or consider a vendor’s social, political, or ideological interests when determining if the vendor is a responsible vendor. Additionally, the Plan may not give preference to a vendor based on vendor’s social, political, or ideological interests. Authorized Investments The following is a list of authorized investments:  Invest and reinvest the assets of the pension fund in annuity (including group annuity contracts of the pension investment type) and life insurance contracts of legal reserve life insurance companies, in amounts sufficient to provide, in whole or in part, benefits to which all of the participants shall be or become entitled to under the provisions of the Fund, and pay the initial and subsequent premiums thereon. Provided that the amount invested with a life insurance company shall not exceed three percent (3%) of the insurance company’s assets.  Invest and reinvest the assets of the pension fund in: a. Time deposits, savings accounts, money market accounts, funds, certificates of deposits, or money market certificates of a national bank, a state bank, or a savings, building and loan association. b. Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, and which carry the full faith and credit of the United States Government and its agencies. Investments in this category would include but not be limited to the following: United States Treasury Bills, Notes and Bonds, and securities issued by the Small Business Administration, Government National Mortgage Association (Ginnie Mae), Veterans Administration, and Federal Housing Administration. c. Fully collateralized United States Agency obligations, which carry an implied guarantee and the implied full faith and credit of the United States government. Investments in this category would include but not be limited to the following: obligations of the Federal Home Loan Banks System (FHLB) or its distinct banks and Financing Corporation (FICO). d. Other United States Agency obligations, which carry an implied guarantee (Government Sponsored Entities) and the implied full faith and credit of the United States Government. Investments in this category would include but not be limited to the following: obligations of the Federal Farm Credit Bank, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Financial Assistance Corporation and Federal Agriculture Mortgage Corporation (Farmer Mac). 8 e. Collateralized Mortgage Obligations (CMO) and/or Real Estate Mortgage Investment Conduits (REMIC), rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies which are backed by securities otherwise authorized in this ordinance and which are guaranteed as to the timely payment of principal and interest by the U.S. Government or its agencies. f. Securities of countries, states, municipalities and county governments or their public agencies, which are, rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies.. g. Asset-backed securities, which are rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies. h. Common stocks, preferred stocks and bonds and other evidence of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state, or organized territory of the United States or the District of Columbia or any non-U.S. corporation, provided: 1. The corporation is listed on any one or more of the recognized national or international stock exchanges and/or in the case of bonds and mortgage backed securities, traded among dealers and investors in a recognized and agreed upon conventional format; 2. Unless an asset allocation for less than investment grade corporate bonds is established, all corporate bonds shall carry an investment grade rating as established either by Standard & Poor's, Moody's, Fitch or other recognized rating agencies; and 3. Not more than three percent (3%) of the equity assets of the pension Fund shall be invested in the common stock or capital stock of any one issuing corporation except to the extent a higher percentage of the same issue is included in a nationally recognized market index, based on market values, at least as broad as the Standard and Poor's Composite Index of 500 Companies, or except upon a specific finding by the investment committee that such higher percentage is in the best interest of the Fund; nor shall the non-U.S. investments exceed twenty five percent (25%) of the pension Fund's assets at market. i. Real estate including but not limited to REITS, comingled or limited partnerships. Investments in timber through vehicles such as comingled or limited partnerships shall be treated as a subclass of real estate. j. Alternative Investments, with no more, in the aggregate, than twenty percent (20%) of the Fund in alternative investments, through participation in securities or investments or an alternative investment vehicle that is not publicly traded and is not otherwise authorized by this section. Alternative Investments include securities which fall outside the scope of traditional investments (stocks, bonds, and cash) or are strategies investing in securities using alternative means (derivatives, leverage, short selling), or some combination thereof. 9 An “alternative investment vehicle" is a limited partnership, limited liability company, or similar legal structure or investment manager through which the fund invests in a portfolio company. Investments in public infrastructure projects will be considered an alternative investments. Real estate, including timber investments, are not considered alternative investments for this policy. Investments not listed above in this section are prohibited. Unauthorized Investments Effective July 1, 2009, Florida law was amended to require police and fire retirement plans to identify, publicly report and divest from investments in “scrutinized companies” as identified under Florida law. As a Florida Statute police and fire plan, the Trustees must follow this law. First, the System must identify its holding in “scrutinized companies.” 215.473(t) “Scrutinized Company” means any company that meets any of the following criteria: 1. The company has business operations that involve contracts with or provision of supplies or services to the government of Sudan, companies in which the government of Sudan has any direct or indirect equity share, consortiums or projects commissioned by the government of Sudan, or companies involved in consortiums or projects commissioned by the government of Sudan, and: a.) More than 10 percent of the company’s revenues or assets linked to Sudan involve oil-related activities or mineral-extraction activities; less than 75 percent of the company’s revenues or assets linked to Sudan involve contracts with or provision of oil-related or mineral-extracting products or services to the regional government of Southern Sudan or a project or consortium created exclusively by that regional government; and the company has failed to take substantial action; or b.) More than 10 percent of the company’s revenues or assets linked to Sudan involve power-production activities include projects whose intent is to provide power or electricity to the marginalized populations of Sudan; and the company has failed to take substantial action. 2. The company is complicit in the Darfur genocide. 3. The company supplies military equipment within Sudan, unless it clearly shows that the military equipment cannot be used to facilitate offensive military actions in Sudan or the company implements rigorous and verifiable safeguards to prevent use of that equipment by forces actively participating in armed conflict. Examples of safeguards include post-sale tracking of such equipment by the company, certification from a reputable and objective third party that such equipment is not being used by a party 10 participating in armed conflict in Sudan, or sale of such equipment solely to the regional government of southern Sudan or any internationally recognized peacekeeping force or humanitarian organization. 4. The company has business operations that involve contracts with or provision of supplies or services to the government of Iran, companies in which the government of Iran has any direct or indirect equity share, consortiums, or projects commissioned by the government of Iran and: a.) More than 10 percent of the company’s total revenues or assets are linked to Iran and involve oil-related activities or mineral- extraction activities; and the company has failed to take substantial action; or b.) The company has, with actual knowledge, on or after August 5, 1996, made an investment of $20 million or more, or any combination of investments of at least $10 million each, which in the aggregate equals or exceeds $20 million in any 12-month period, and which directly or significantly contributes to the enhancement of Iran’s ability to develop the petroleum resources of Iran. The definition of scrutinized company is detailed here for your information. However, to be compliant with the statutory requirements, the Investment Committee may look to the Florida State Board of Administration quarterly reports on identified scrutinized companies. Regular quarterly updates can be found at: http://www.sbafla.com/fsb/Home/tabid/369/Default.aspx. The Investment Committee must publicly report any direct or indirect holdings in scrutinized companies. As new companies are identified the Trustees’ must divest within 12 months of when the company was first added to the list. The Investment Committee’s third responsibility is one of two actions depending upon whether the holding is direct (securities are held directly by a public fund) or indirect (securities are held in an account or by a mutual fund in which the public fund owns shares or interests together with other investors not subject to the provisions of Florida Statutes §215.473.) If the holdings are direct, the law requires the Trustees’ to divest from its holdings. The divestiture must be completed by September 30, 2010. No further investments may be made in such companies. Private equity funds are deemed to be an actively managed investment fund. If the holdings are indirect, the Investment Committee must notify the investment manager of the companies on the list and request that the manager remove such companies from your investment fund or create a similar actively managed fund without such holdings. 11 Bid Requirements All securities shall be competitively bid where feasible and appropriate. Except as otherwise required by law, the most economically advantageous bid must be selected. Executions must be made on a best-execution basis. Investment Management Structure Five distinct asset classes will be considered for inclusion in the portfolio which will include Domestic Equities, International Equities, Domestic Fixed Income, Real Estate, and Alternative Investments. A permanent commitment to these five asset classes will be made to ensure diversification at the Fund level. The Fund may consider investments in other asset classes which offer potential enhancement to total return at risks no greater than the exposures under the initially selected asset classes. It is not the intention of the Fund to become involved in day-to-day investment decisions. Therefore, the assets will be allocated to professional investment managers in a manner consistent with the Policy's objectives. Each asset class will have its own investment managers. Diversification of the U.S. Market Equity commitment will be achieved through the employment of managers of complementary investment styles, Growth and Value. In the U.S. Fixed Income market, at least one core bond manager will be utilized to stabilize the Fund. In the International Equity market, diversified non-U.S. managers will be hired to achieve diversification. In the Real Estate market, the Fund will utilize collective funds or REIT’s for purposes of diversification. In the Alternatives market, the Fund will hire fund of funds managers to optimize strategies and provide adequate safety of capital and diversification. Cash and cash equivalents will be managed either by the Investment Managers or the custodian. In addition the City uses the pooling concept to meet the immediate cash needs of the city and to maximize the interest earnings. All cash placed in the City’s pooled cash account shall be separately accounted for and listed as an asset of the Fund. The Fund will keep sufficient funds in the City’s pooled cash account to meet the current obligations of the Fund. The guidelines for the allocation of assets, at market, to investment managers are as follows: Asset Class Lower Limit Upper Limit Market U.S. Market Equities Growth Value 20% 10% 10% 60% 30% 30% Market Market Market International Equity 10% 25% Market Domestic Fixed Income 25% 20% 40% Market Real Estate 0% 15% Market Alternative Investments 0% 20% Market Because the asset classes do not move in concert, deviations from the normal commitments will occur through normal market activity. The Upper and Lower Limits define the ranges within which market activity will be allowed to shift the allocations. The ranges are designed to allow for a reasonable 12 period of time to elapse before rebalancing the portfolio. When the investments are out of policy the assets will be moved from the over-allocated to the under-allocated in a prudent manner. When in market equilibrium, cash flows will be deployed in a manner that returns the portfolio to its normal commitments. Internal Controls As part of the City’s annual financial audit the external CPA firm will review the internal controls of the Fund. The hiring or termination of all money managers, consultants or safekeeping custodians must be made by the trustees. No individual associated with the Fund may authorize any movement of monies or securities without the approval of the trustees, if required, or by the approval of the Pension Investment Committee if trustee approval is not required. Trustee approval is not required for rebalancing of the portfolio. Internal controls will be designed to prevent losses of funds which might arise from fraud, error, and misrepresentation by third parties or imprudent actions by the trustees or City employees. Investment Return Objectives In formulating investment return objectives for the Funds’ assets, the Fund placed primary emphasis on the following goals:  Achieve investment performance that exceeds the rate of inflation over time thereby providing a real rate of return.  Achieve investment results of at least the actuarial rate of return.  Achieve investment performance that is 50th percentile or above over a five-year period when compared to an appropriate peer group..materially above average when compared to: - Other investment managers - Other investment manager peers of related investment style - Other public retirement plans - Several capital market indices  The Trustees will determine the expected rate of return of the current year, and future years. The expected rate of return for the foreseeable future is equivalent to the actuarial interest assumption at any point in time. The total Fund and asset segment return expectations are as follows: a. Total Fund Return Objectives The following minimum comparative objectives have been established for the total Fund: 13 1. The total fund should rank in the upper fiftieth (50th) percentile compared to a recognized performance measure company’s total public plan sponsor database measured over a minimum period of three (3) or maximum five (5) years. 2. The Fund's overall annualized total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar type as found in recognized performance measurement style database for each asset class segment. 3. The Fund's overall annualized total return (which is defined as all price changes plus all income and/or dividends) should exceed the actuarial assumption over a rolling three (3) or maximum of five (5) year period. 4. The Fund's overall annualized total return should exceed the returns that would have collectively been achieved if the Fund had been fully invested in the appropriate percentage of: - Standard & Poor's 500 Stock Index - Bloomberg Barclay’s Capital Aggregate Index - MSCI ACWI Ex USA - Bloomberg Aggregate US Bond Index - Bloomberg Intermediate US Government/Credit - Standard & Poor's 500 Stock Index - Russell 2500 - MSCI EAFE Index - MSCI ACWI Ex USA - NCRIEF Fund Index This is a custom benchmark that will be calculated relative to the actual collective asset class mix of the Fund measured over a minimum of three (3) or maximum of five (5) years. b. Equity Segment Return Objectives The following minimum performance goals have been established for the Fund's domestic equity segment: 1. The domestic equity segment total return should perform at least at the upper fiftieth (50th) percentile compared to a recognized performance measurement company’s total U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual domestic equity managers total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar type as found in a recognized performance measure company’s 14 total U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 3. The domestic equity segment total return should exceed the total return of the Standard & Poor's 500 Stock Index, net of management fees, measured over a minimum period of three (3) or maximum of five (5) years. c. International Equity Segment Return Objectives The following minimum performance goals have been established for the Fund's international equity segment: 1. The international equity segment total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measure company’s total non U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual international equity managers total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measure company’s total non U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 3. The international equity segment total return should exceed the total return of the Morgan Stanley Capital All Country World Index Ex United States, net of management fees, measured over a minimum of three (3) or maximum of five (5) years. d. Fixed Income Segment Return Objectives . The following minimum performance goals have been established for the Fund's domestic fixed-income segment: 1. The domestic fixed-income segment total return should perform at least at the upper fiftieth (50th) percentile compared to the recognized performance measure company’s total domestic fixed income database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual domestic fixed income managers total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar type as found in a recognized performance measure company’s total domestic fixed income database measured over a minimum period of three (3) or maximum of five (5) years. 15 3. The domestic fixed income segment total returns should exceed the total return of the Bloomberg Barclays Aggregate US Bond Index measured over a minimum period of three (3) or maximum of five (5) years. e. Real Estate Segment Return Objectives The following minimum performance goals have been established for the Fund’s Real Estate Segment: 1. The Real Estate segment total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measurement database measured over a minimum period of three (3) or maximum of five (5) years. 2. The Real Estate managers total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measurement company’s database measured over a minimum period of three (3) or maximum of five (5) years. 3. The Real Estate managers total return should exceed the total return for comparable strategies of the Wilshire RESI Index, the NCRIEF ODCE Fund Index or the NCRIEF Property Index over a minimum of three (3) or maximum of five (5) years. f. Alternative Segment Return Objectives The following minimum performance goals have been established for the Fund’s alternative investment segment. 1. The Alternative total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measurement database measured over a minimum period of three (3) or maximum of five (5) years. 2. The alternative manager’s total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measurement company’s database measured over a minimum period of three (3) or maximum of five (5) years. 3. The alternative manager’s total return should exceed the total return for comparable strategies of the alternative asset class’s specific recognized index measured over a minimum of three (3) or maximum of five (5) years. 16 4. The Investment Committee is aware that alternative investments may have unusual or inconsistent return patterns due to the liquidity and marketability, or lack thereof, of such investments. Occasions may arise where performance measurement devices appropriate for more liquid markets may not properly or fairly measure relative performance. In these situations, the Committee may overlook traditional measures and apply normal business standards for evaluating the investment positions including long term appreciation potential, current market liquidity, impacting macro- economic factors and potential future cash flows. Criteria for Investment Manager Review and Manager Termination  Consistent under-performance of the stated target index over rolling 3-year periods.  Failure to out-perform the manager’s chosen performance benchmark or index measured over a minimum of three (3) years or maximum of five (5) years.  Failure to out-perform the manager’s investment style peer group measured over a minimum period of three (3) years or maximum of (5) years.  Loss by the Manager of any senior personnel deemed detrimental to the Manager’s ability to perform required duties or any potentially detrimental organizational issues that may arise and have an effect on the management of the Plan’s assets.  Substantial change in basic investment philosophy by the Manager.  Substantial change of ownership of the firm deemed detrimental to the Manager’s ability to perform the required duties.  Failure to observe any guidelines as stated in this policy. Evaluation and Review On a timely basis, but not less than four times a year, the Fund will review actual investment results achieved by each manager (with a perspective toward a five-year time horizon) to determine whether:  the investment managers performed in adherence to the investment philosophy and policy guidelines set forth herein; and  the investment managers performed satisfactorily when compared with: a. the objectives set forth in Appendix "A", as a primary consideration, 17 b. their own previously stated investment style, c. other investment managers, both in asset class and in style group, d. other retirement funds, e. several different market indices. In addition to reviewing each investment manager's results, the Fund will re-evaluate, from time to time, its progress in achieving the total Fund, equity, fixed-income, international, and cash and equivalents segment objectives previously outlined. The periodic re-evaluation also will involve an evaluation of the continued appropriateness of: (1) the manager structure set forth in Appendix "A"; (2) the allocation of assets among the managers; and (3) the investment objectives for the Fund's assets. The Fund may appoint investment consultants to assist in the on-going evaluation process. The consultants selected by the Fund are expected to be familiar with the investment practices of other similar retirement plans and will be responsible for suggesting appropriate changes in the Fund's investment program over time. Filing of Investment Policy Upon adoption by the trustees, the investment policy shall be promptly filed with the Department of Management Services, the City Clerk, and the consulting actuary. The effective date of changes to the Investment policy will be 31 days after the filing date with the city. 18 APPENDIX A: FUND SEGMENT AND INDIVIDUAL MANAGER GUIDELINES CITY OF CLEARWATER EMPLOYEES PENSION FUND INVESTMENT STRUCTURE Target Investment Manager Allocation Domestic Equity Value Orientation 10% - 30% Domestic Equity Growth Orientation 10% - 30% International Equity 10% - 25% Domestic Fixed Income 25% 20% - 40% Real Estate 0% - 15% Alternative Investments 0% - 20% 19 APPENDIX A (continued): FUND SEGMENT AND INDIVIDUAL MANAGER GUIDELINES 1. Manager Structure The Fund will retain investment managers that specialize in the use of particular asset classes. The targeted distribution of Fund assets among specialist managers will be as illustrated on the previous page. The Fund believes that the established structure:  is consistent with the practices of other similar-sized retirement funds; and  offers an appropriate "blend" of investment styles that will produce a sufficient level of diversification and investment return over time. 2. Cash Flow Allocation The allocation of assets is consistent with the Fund’s desire to diversify its investment management program. The Fund intends to review on a periodic basis the allocation of assets among its investment managers. To the extent that it is practical, it is expected that any cash flow will be allocated to or taken from the managers in the same proportions that each manager's assets represent to total Fund assets in the target asset allocation outlined previously. 3. Trustee Utilization Restrictions All domestic Fund assets, in any form, shall be solely and exclusively: (a) settled at, (b) held in custody at, and (c) safe-kept only at custodians designated by the Fund at its sole discretion. International Fund assets may be held in commingled accounts provided that all of the normal protection of the Fund’s assets is provided for. 4. Transaction Agent Assignment Restrictions Assignment of specific brokerage firms, dealers, financial institutions, and other transaction execution agents to all investment managers shall be the sole responsibility of the Fund. From time to time, the Fund at its sole discretion may specify certain transaction agents that investment transactions shall be executed through. 5. Short Selling and Related Restrictions There shall be no: short selling, non-collateralized and/or non-delivered repurchase agreements, use of financial futures or options, non-marketable direct investments in equity or debt private placements or lease-backs or any other specialized investment activity without the prior written consent of the Fund. 20 6. Liquidity and Marketability Restrictions Liquidity and marketability frequently are perceived to be a function of the quality and the market capitalization of each security holding. From the Fund's perspective, liquidity and marketability also may be a function of a manager's aggregate holdings in a particular security. The Plan believes that an investment manager should not buy or hold a security for the Fund’s portfolio if the aggregate holdings among all of that manager's other accounts in that same security would restrict the manager's ability to expeditiously liquidate the position at any time. From a total Fund perspective, the Fund believes the collective holdings among all Fund managers’ accounts in that same security would restrict all managers’ collective ability to expeditiously liquidate their respective positions in that same security. Therefore, the Fund retains the sole right to limit any manager's holding of any security in the Fund at any time in order to prevent the potential for said Fund's collective liquidation and market risk. 7. Usage of Custodian STIF on all Idle Cash Restrictions Any idle cash not invested by the investment managers shall be invested daily via an automatic sweep STIF managed by the Custodian or by others in behalf of each investment manager. It is the Fund's objective to have no idle cash at any time in any manager's portfolios. 8. Usage of Cross Asset Segment Investment Guideline Restrictions When a manager's holdings include Fund assets outside of their primary assigned asset segment assignment (e.g. a primary domestic equity manager also holds some cash equivalents or fixed income securities as well as equities) the guidelines stated therein for the non primary asset segment shall fully apply to the manager, in addition to the primary asset assigned segment guidelines. 9. Diversification Restrictions Except for criteria noted elsewhere in this Policy and in specific written contracts with each manager, the appropriate and reasonable diversification of securities by such factors as geography, region, sovereign risk, native currency, quality, coupon, country risk, maturity, industry, duration, and sector is within the full discretion and responsibility of the investment managers. 10. Other Objectives, Guidelines and Restrictions Forthcoming The Fund may develop additional objectives, guidelines and restrictions and may amend the Policy from time to time. 21 11. Fund Segment Guidelines Following are guidelines and objectives established for the Fund segments and for each investment manager retained by the Fund. Individual manager guidelines are designed to be consistent, in aggregate, with the total Fund asset allocation guidelines and investment objectives set forth in the Statement of Investment Objectives and Guidelines. a. Domestic Equity Segment Each equity manager is expected to adhere to the following guidelines:  Equity holdings in any one company (including common and preferred stock, convertible securities and debt) should not exceed ten percent (10%) of the market value of the manager's portion of the Fund without the consent of the Fund.  Equity holdings in any one industry (as defined by Standard & Poor's) should not exceed fifty percent (50%) of the market value of the manager's portion of the Fund.  Cash equivalents and fixed income positions should not exceed twenty five percent (25%) of the manager's portfolio. A manager may invest in fixed income securities if projected returns on such securities are perceived to be competitive with potential equity returns. However, fixed income securities will not represent more than twenty-five percent (25%) of a manager's portfolio without the prior written consent of the Fund.  No purchase shall be made by an investment manager that would cause a holding to exceed five percent (5%) of the issue outstanding. b. International Equity Segment Each international equity manager is expected to adhere to the following minimum guidelines:  Equity holdings in any one company and all of its subsidiaries and affiliates (including equities, convertible securities and debt) should not exceed five percent (5%) of the market value of the manager's portion of the Fund portfolio without the prior written consent of the Fund.  Equity holdings in any one industry should not exceed fifty percent (50%) of the market value of the manager's portion of the Fund portfolio. Equity holdings in any one sector (e.g., consumer cyclical, energy, technology, etc.) should not exceed fifty percent (50%) of the market value of the manager's portfolio without the prior written consent of the Fund. 22  Cash equivalents and fixed income positions should not exceed fifty percent (50%) of the manager's portion of the Fund assets. A manager may invest in fixed income securities (i.e. securities with more than two years to maturity) if projected returns on such securities are perceived to be competitive with potential equity returns.  The manager may enter into foreign exchange contracts on currency provided that: (a) such contracts have a maturity of one year or less, and (b) use of such contracts is limited solely and exclusively to hedging currency exposure existing within the manager's portfolio. The intent is to dampen portfolio volatility and prevent currency loss. There shall be no direct foreign currency speculation or any related investment activity.  The manager may purchase or sell currency on a spot basis to accommodate specific securities settlements. c. Fixed Income Segment Each fixed income manager is expected to adhere to the following guidelines:  All Fixed Income Securities held in each portfolio should have a Moody's, Fitch, or Standard & Poor's quality rating of no less than Investment Grade from any of these rating services. For an issue which is split-rated, the lower quality designation will govern. Once a security falls below investment grade the money manager will notify the plan of the downgrade as soon as practical. Included in that notification will be how the money manager will handle the below investment grade security.  The diversification of securities by maturity, quality, sector, coupon and geography is the responsibility of the manager.  The exposure of each manager's portfolio to any single security other than a security backed by the full faith and credit of the U.S. Government or any of its instrumentalities should be limited to five percent (5%) of the manager's portion of the Fund measured at market value.  No purchase shall be made by a Fixed Income Manager, which would cause a holding to exceed ten percent (10%) of the issue outstanding.  There shall be no use of options, financial futures, derivatives or other specialized investment activity without the prior written approval of the Fund.  Not more than ten percent (10%) of an investment manager's portfolio, valued at market, shall be invested in certificates of deposit, time deposits, bankers 23 acceptances, commercial paper, or related investments of a single issuer financial institution or financial institution holding company family. d. Real Estate Segment Each Real Estate manager is expected to adhere to the following guidelines:  REIT managers will limit holdings in any one company to fifteen percent (15%) of the market value of the manager’s Fund, cash equivalents and positions in fixed income vehicles should not exceed twenty five percent (25%) of the managers portfolio and no purchase shall be made that would cause a holding to exceed ten percent (10%) of the issues outstanding.  Managers of direct investments in real estate structured as limited partnerships, limited liability companies or separate accounts will operate strictly within conformance to the regulations of their state of domicile and comply with any applicable federal or state security laws.  Managers of direct investments in real estate may be income oriented or capital gains oriented but in no event will the manager apply average leverage in excess of fifty percent (50%) of the value of the total portfolio.  Managers of direct investments in real estate shall seek to diversify the portfolio in terms of geographic location, tenant usage, and lease schedules.  Timberland managers shall maintain portfolios of geographically diversified stands of biological tree growth with the potential for land value appreciation, alternative use and leasing potential, diversified product opportunities and long term land appreciation possibilities. e. Alternative Investment Segment Academic research supports the use of alternative investments as a mechanism to potentially reduce the volatility and/or enhance the expected return of an investment portfolio. However, the use of alternative investments can introduce unique types of risks due to their inherent structure and characteristics which include but are not limited to the following: leverage, illiquidity, short sales, derivatives, and lack of transparency and regulation. In light of these unique risks, the Fund does not attempt to define or limit the manager’s discretion as to the use of financial instruments. The Fund will actively monitor the investment manager’s performance and activities to limit exposure to these unique risks. f. Cash and Equivalents Segment Although investment managers will be retained for their expertise in a certain investment segment, it is expected that from time-to-time each will have some cash 24 and equivalents in their portfolios as a result of discretionary asset allocation decisions. Any idle cash not invested by the investment managers shall be invested daily via an automatic sweep STIF managed by the custodian. It is the Fund's objective to have no idle cash at any time in any manager's portfolio. g. Pooled Vehicles To the extent that the Fund invests a portion of the Fund’s assets in commingled vehicles or institutional mutual funds, then the investment guidelines of the fund's prospectus will be adopted as this fund's guidelines. h. Master Repurchase Agreement The money managers and safekeeping custodian will use a master repurchase agreement whenever appropriate. All repurchase agreements transactions shall adhere to the requirements of the master repurchase agreement. 12. Individual Manager Descriptions and Five-Year Expectations All expectations are minimums. All investment managers shall exceed the stated expectations. Investment Manager Percentile Expectation Relative To Other Managers Percentile Expectation Relative To Style Peers Domestic Equity Specialist Manager Value Orientation 50th 50th Domestic Equity Specialist Manager Growth Orientation 50th 50th International Equity Specialist Manager 50th 50th Domestic Fixed Income Specialist Manager Core Fixed Income Orientation 50th 50th Real Estate Specialist Manager 50th 50th Alternatives Specialist Manager 50th 50th 25 13. Reporting Requirements: a. Consultant Reporting The Pension Fund's Consultant will provide quarterly reports to the Pension Fund which, at a minimum, will review the following information about each Investment Manager and the total Fund:  Overview of the most recent quarter and year-to-date investment indicators  Total Fund asset allocation  Comparison of total Fund return versus the customized benchmark  Performance results by individual Manager and Total Fund compared to appropriate benchmarks. b. Investment Reporting: • On not less than an annual basis the Trustees will receive a report showing a list of all of the securities held by investment manager. This report will be provided by the safekeeping custodians and shall include the portfolio by class or type, book value, income earned, and market value as of the date of the report. This report will be filed with the City. c. Proxy Voting: • On not less than a quarterly basis, money managers will report to the Plan their proxy voting during the last period. 14. Review of Policy This Statement of Investment Policy must be reviewed annually by the Pension Investment Committee with a recommendation to revise or confirm to the Trustees. 15. Meeting Agenda At each meeting, the written and oral presentations shall cover the following points:  A report of performance for past periods. Standard time periods for each report will be last quarter, year-to-date, last year, two years, three years, etc., and since inception and by calendar year. Returns should be annualized and calculated on a time-weighted basis for the total portfolio. All returns should include price change plus income and/or dividends. 26  Discussion of the rationale for performance results by relating them specifically to investment strategy and tactical decisions implemented during the current review period.  Discussion of the investment manager's specific strategy for the portfolio over the next six to twelve months with specific reference to asset allocation and sector weighting, as appropriate.  Supporting discussion of the next period's strategy with reference to investment manager's capital market and economic assumptions, if applicable. An electronic copy of the written summary should be received by the Fund at least three business days prior to the meeting. The Fund is interested in fostering an effective working relationship with its investment managers through a discipline of good communication. The establishment of Objectives, Performance Standards, Policies and Guidelines, and Reporting Requirements is intended to provide the Fund with a good foundation from which to understand specific management styles and strategies, evaluate results and oversee progress toward overall investment objectives. The Fund shall be using a third party consultant selected, hired and directed by the Fund to: (1) assist in appraising performance, (2) to provide performance comparison data with other retirement plans, several capital market indices, and to other investment managers, (3) assist in evaluating manager style discipline and peer comparisons, (4) assist in strategic Funding and management of the Fund, and (5) other factors the Fund deems appropriate. Investment managers are required to support and assist the consultant with their fullest cooperation. STATEMENT OF INVESTMENT OBJECTIVES AND GUIDELINES CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN Approved by Trustees November 3, 2025 Effective December 3, 2025 1 Purpose The purpose of this Statement of Investment Objectives and Guidelines hereinafter referred to as the “Policy Statement” or “Policy” is to assist the City of Clearwater Employees’ Pension Plan (hereafter referred to as the fund) in more effectively supervising and monitoring the investment of the Fund's assets. In the various sections of this policy document, the Fund defines its investment program by:  stating in a written document the Fund's attitudes, expectations and objectives in the investment of Fund assets.  setting forth an investment "structure" for managing assets. This structure includes various asset classes and investment management styles that, in aggregate, are expected to produce a prudent level of diversification and investment return over time.  providing guidelines for each investment portfolio that control the level of risk assumed in the portfolio and ensure that assets are managed in accordance with stated objectives.  encouraging criteria to monitor and evaluate the performance results achieved by the investment managers. This Statement represents the Fund's current philosophy regarding the investment of Fund assets. In addition, although the Fund shall utilize this Policy Statement in making decisions concerning the Fund, it shall not necessarily be bound solely by its contents. Prudence and Ethical Standards The standard of prudence to be applied by the trustees shall be the "Prudent Person" rule, which states: "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income derived." The "Prudent Person" rule shall be applied in the context of managing the overall portfolio. The trustees shall also be governed by the fiduciary standard set forth in the Employee Retirement Income Security Act of 1974 at 29U.S.C. s. 1104 (a) (1) (A) – (C). In the event of a conflict between the Policy and Florida Statutes or City ordinances, the statutes and ordinances shall prevail. Funding Philosophy The Fund's funding objectives are to be as fully funded as possible so that:  the ability to pay all benefits and expense obligations from the Fund when due is ensured; 2  the fund will strive to maintain the purchasing power of contributed funds;  a "funding cushion" is maintained within the Fund for unexpected developments and for possible future increases in benefit structure and expense levels;  the Fund assets should earn enough total rate of return over time to reduce the fund's dependency on employer contributions to meet all benefit and expense obligations. Investment results within the Fund are considered to be the major critical element in achieving these funding objectives stated above while reliance on contributions is a secondary element. Liquidity Posture The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. Liquidity requirements are low in the short-term and intermediate term resulting in an immaterial impact upon investment policy, objectives and guidelines. Roles and Responsibilities Responsibilities of the Third-Party Custodian A third-party custodian will hold all Fund assets other than commingled accounts. In order to maximize the Fund's return, no money should be allowed to remain idle. Dividends, interest, proceeds from sales, new contributions and all other monies are to be invested or reinvested promptly. If funds are not reinvested, then they will be placed in money market instruments or a money market Fund immediately by the designated cash manager working in concert with the custodian. Security lending is permitted if the agreements meet the credit standards of the City of Clearwater and no credit exposure liability is taken to end user borrowers. The custodian will be responsible for performing the following functions:  Accept daily instructions from the investment managers;  Advise investment managers daily of changes in cash equivalent balances;  Immediately advise investment managers of additions or withdrawals from account;  Dispositions of holdings;  Resolve any problems that investment managers may have relating to custodial account;  Safekeeping of securities;  Interest and dividend collection; 3  Daily cash sweep of idle principal and income cash balance;  Process all investment manager transactions on a delivery vs. payment basis;  Collect proceeds from maturing securities;  Provide monthly statements by investment manager account;  All securities purchased by the Fund shall be properly designated as an asset of the Fund;  No withdrawal of securities, in whole or in part shall be made except by an authorized member of the investment committee or the committee’s designee. Responsibilities of Investment Managers The duties and responsibilities of each of the registered investment advisors retained by the Fund include:  Managing the assets under its management in accordance with the policy guidelines and objectives expressed herein or expressed in a separate written agreement when deviation is deemed prudent and desirable.  Exercising full investment discretion within the guidelines and objectives stated herein. Such discretion includes decisions to buy, hold or sell securities in amounts and proportions reflective of the manager's current investment strategy and compatible with investment objectives.  Promptly informing the Fund regarding all significant matters pertaining to the investment of the Fund assets, for example: a. changes in investment strategy, portfolio structure and market value of managed assets; b. the manager's progress in meeting the investment objectives set forth in this document; and c. significant changes in the ownership, affiliations, organizational structure, financial condition, professional personnel staffing and clientele of the investment management organizations. No deviation from guidelines and objectives established in the Statement should occur until after such communication has occurred and the Fund has approved such deviation in writing.  The Fund formally delegates full authority to each investment manager for exercising all proxy and related actions of the Fund’s investment assets assigned to it. Each 4 manager shall promptly vote all proxies and related actions in a manner consistent with the long-term interests of the Fund and its Participants and Beneficiaries. Each investment manager shall keep detailed records of all said voting of proxies and related actions and will comply with all regulatory obligations related thereto. The Fund shall periodically audit and review each investment manager's policies and actions in this area.  Each Investment Manager shall utilize the same due care, skill, prudence and diligence under the circumstances then prevailing that experienced, investment professionals acting in a like capacity, as a fiduciary, and fully familiar with such matters would use in like activities for like Funds with like aims, while maintaining appropriate diversification to avoid the risks of large losses, in accordance and compliance with all applicable laws, rules and regulations from local, state, federal and international political entities as it pertains to fiduciary duties and responsibilities.  Notifying the Fund of the filing of a lawsuit by a client against the manager alleging breach of fiduciary duty or other willful conduct. Responsibilities of the Pension Investment Committee The Pension Investment Committee (Committee) shall consist (at a minimum) of the following: Finance Director (Treasurer for the Trustees), Assistant Finance Director, Finance Accounting Manager, and one member from the general public appointed by the Trustees. The Treasurer for the Trustees shall appoint/remove other City employees as needs warrant. One representative for each of the employee unions may also serve on the Investment Committee. The Finance Director or its designee will chair the Committee. A quorum of at least three (3) members must be physically present for all meetings. The Treasurer for the Trustees will make recommendations to the Trustees as to any changes in the above makeup of the Committee. The Committee maintains the ultimate responsibility for approving the Investment Policy and managing the Investment Assets. The Plan has delegated to the Committee those responsibilities as defined below. • Oversee the management of the Fund’s assets. • Adopt, review and revise, as needed, an Investment Policy on an annual basis. • Recommend policy guidelines for the asset allocation of the Fund’s assets within the equity and fixed income segments according to investment style, taking into account near term cash needs and liquidity. • Recommend selection and retention or termination of all Investment Consultants, Investment Managers and Custodians. • Review reports from outside professionals and the Investment Consultant on the status of the Fund’s assets. 5 • Periodically measure and evaluate the investment performance of the Investment Managers against the established goals and objectives defined herein and in the Investment Manager’s agreement with the Committee and agreed upon rebalancing procedures for strategic asset allocation. On a periodic basis, in reference to the current liability obligation, an asset allocation study will occur. • Consider, revise and accept (or reject) recommendations made by the Investment Consultant regarding the management of the Fund Assets. • Control and account for all investment, recordkeeping and administrative expenses associated with the Fund’s assets. • Avoid prohibited transactions and conflicts of interest. • Apply the prudent person standard of care in the context of managing an overall portfolio. The annual budget for the Pension Fund will include sufficient funding for the trustees and members of the Pension Investment Committee to participate in pension education opportunities. These educational opportunities will include education on the individual’s duties and responsibilities as well as investments in general. The Finance Director, as Treasurer for the Trustees, will complete no less than eight (8) hours of continuing educational opportunities on pension investments each fiscal year. Responsibilities of the Investment Consultant • Serve as an objective, third party advisor to the Investment Committee. As such, the Investment Consultant will guide the Committee through a disciplined and rigorous process and may make recommendations to the Committee but will not have discretion to make investment or allocation decisions without their approval. • Assist in the development, implementation, review and monitoring of this Investment Policy. • Offer advice that is consistent with the investment objectives, policies, guidelines and constraints as established in this Investment Policy. • Conduct Investment Manager searches and fee negotiations when requested by the Investment Committee. • Provide research, analysis and general information about the Investment Managers. • Measure, monitor and evaluate the investment performance and asset allocation of the Plan and report the findings to the Committee no less frequently than on a quarterly basis. 6 • Periodically monitor the Investment Assets and provide reports to the Committee regarding investment performance and other pertinent information. • Apply the prudent person standard of care in the context of managing an overall portfolio. Compliance With Chapter 2023-28, Laws of Florida The Trustees and the investment managers shall comply with the applicable requirements of Chapter 2023-28, Laws of Florida, including Section 112.662, along with regulations adopted by the Department of Management Services. 1. Definition of pecuniary factor: The term “pecuniary factor” is defined as a factor that an investment fiduciary “prudently determines is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with the investment objectives and funding policy of the retirement system. The term does not include the consideration of the furtherance of any social, political, or ideological interests.” [112.662(1)] 2. Exclusive consideration of pecuniary factors: Only pecuniary factors may be considered, and the interests of the participants and beneficiaries of the system may not be subordinated to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. [112.662(2)] 3. Proxy voting: Only pecuniary factors may be considered when voting proxies. [112.662(3)] 4. Filing requirements: The Plan shall timely comply with the reporting requirement of Section 112.662 by filing a comprehensive report by December 15 of each odd-numbered year. [112.662(4)]. Investment managers and the Plan’s investment consultant shall assist in the preparation of the required reports and shall annually confirm to the Plan their compliance with Chapter 2023-28. 5. Contracting and external communication requirements: Manager contracts shall comply with Section 215.855 as follows: Any written communication made by an investment manager to a company in which such manager invests public funds on behalf of the Plan 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 he 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. 6. The Investment Consultant will provide Investment Managers for consideration who invest only based on pecuniary factors as defined by Florida Statutes §112.662. 7. If a Request for Proposals document is issued for Investment Manager services, the solicitation document must include the following: The Plan may not request documentation of or consider a vendor’s social, political, or ideological interests when determining if the vendor is a responsible vendor. Additionally, 7 the Plan may not give preference to a vendor based on vendor’s social, political, or ideological interests. Authorized Investments The following is a list of authorized investments:  Invest and reinvest the assets of the pension fund in annuity (including group annuity contracts of the pension investment type) and life insurance contracts of legal reserve life insurance companies, in amounts sufficient to provide, in whole or in part, benefits to which all of the participants shall be or become entitled to under the provisions of the Fund, and pay the initial and subsequent premiums thereon. Provided that the amount invested with a life insurance company shall not exceed three percent (3%) of the insurance company’s assets.  Invest and reinvest the assets of the pension fund in: a. Time deposits, savings accounts, money market accounts, funds, certificates of deposits, or money market certificates of a national bank, a state bank, or a savings, building and loan association. b. Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, and which carry the full faith and credit of the United States Government and its agencies. Investments in this category would include but not be limited to the following: United States Treasury Bills, Notes and Bonds, and securities issued by the Small Business Administration, Government National Mortgage Association (Ginnie Mae), Veterans Administration, and Federal Housing Administration. c. Fully collateralized United States Agency obligations, which carry an implied guarantee and the implied full faith and credit of the United States government. Investments in this category would include but not be limited to the following: obligations of the Federal Home Loan Banks System (FHLB) or its distinct banks and Financing Corporation (FICO). d. Other United States Agency obligations, which carry an implied guarantee (Government Sponsored Entities) and the implied full faith and credit of the United States Government. Investments in this category would include but not be limited to the following: obligations of the Federal Farm Credit Bank, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Financial Assistance Corporation and Federal Agriculture Mortgage Corporation (Farmer Mac). e. Collateralized Mortgage Obligations (CMO) and/or Real Estate Mortgage Investment Conduits (REMIC), rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies which are backed by securities otherwise authorized in this ordinance and which are 8 guaranteed as to the timely payment of principal and interest by the U.S. Government or its agencies. f. Securities of countries, states, municipalities and county governments or their public agencies, which are, rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies.. g. Asset-backed securities, which are rated investment grade or equivalent by Standard and Poor's, Moody's, Fitch, or other recognized national rating agencies. h. Common stocks, preferred stocks and bonds and other evidence of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state, or organized territory of the United States or the District of Columbia or any non-U.S. corporation, provided: 1. The corporation is listed on any one or more of the recognized national or international stock exchanges and/or in the case of bonds and mortgage backed securities, traded among dealers and investors in a recognized and agreed upon conventional format; 2. Unless an asset allocation for less than investment grade corporate bonds is established, all corporate bonds shall carry an investment grade rating as established either by Standard & Poor's, Moody's, Fitch or other recognized rating agencies; and 3. Not more than three percent (3%) of the equity assets of the pension Fund shall be invested in the common stock or capital stock of any one issuing corporation except to the extent a higher percentage of the same issue is included in a nationally recognized market index, based on market values, at least as broad as the Standard and Poor's Composite Index of 500 Companies, or except upon a specific finding by the investment committee that such higher percentage is in the best interest of the Fund; nor shall the non-U.S. investments exceed twenty five percent (25%) of the pension Fund's assets at market. i. Real estate including but not limited to REITS, comingled or limited partnerships. Investments in timber through vehicles such as comingled or limited partnerships shall be treated as a subclass of real estate. j. Alternative Investments, with no more, in the aggregate, than twenty percent (20%) of the Fund in alternative investments, through participation in securities or investments or an alternative investment vehicle that is not publicly traded and is not otherwise authorized by this section. Alternative Investments include securities which fall outside the scope of traditional investments (stocks, bonds, and cash) or are strategies investing in securities using alternative means (derivatives, leverage, short selling), or some combination thereof. An “alternative investment vehicle" is a limited partnership, limited liability company, or similar legal structure or investment manager through which the fund invests in a portfolio company. Investments in public infrastructure projects will be considered alternative 9 investments. Real estate, including timber investments, are not considered alternative investments for this policy. Investments not listed above in this section are prohibited. Unauthorized Investments Effective July 1, 2009, Florida law was amended to require police and fire retirement plans to identify, publicly report and divest from investments in “scrutinized companies” as identified under Florida law. As a Florida Statute police and fire plan, the Trustees must follow this law. First, the System must identify its holding in “scrutinized companies.” 215.473(t) “Scrutinized Company” means any company that meets any of the following criteria: 1. The company has business operations that involve contracts with or provision of supplies or services to the government of Sudan, companies in which the government of Sudan has any direct or indirect equity share, consortiums or projects commissioned by the government of Sudan, or companies involved in consortiums or projects commissioned by the government of Sudan, and: a.) More than 10 percent of the company’s revenues or assets linked to Sudan involve oil-related activities or mineral-extraction activities; less than 75 percent of the company’s revenues or assets linked to Sudan involve contracts with or provision of oil-related or mineral- extracting products or services to the regional government of Southern Sudan or a project or consortium created exclusively by that regional government; and the company has failed to take substantial action; or b.) More than 10 percent of the company’s revenues or assets linked to Sudan involve power-production activities include projects whose intent is to provide power or electricity to the marginalized populations of Sudan; and the company has failed to take substantial action. 2. The company is complicit in the Darfur genocide. 3. The company supplies military equipment within Sudan, unless it clearly shows that the military equipment cannot be used to facilitate offensive military actions in Sudan or the company implements rigorous and verifiable safeguards to prevent use of that equipment by forces actively participating in armed conflict. Examples of safeguards include post-sale tracking of such equipment by the company, certification from a reputable and objective third party that such equipment is not being used by a party participating in armed conflict in Sudan, or sale of such equipment solely to the regional government of southern Sudan or any internationally recognized peacekeeping force or humanitarian organization. 10 4. The company has business operations that involve contracts with or provision of supplies or services to the government of Iran, companies in which the government of Iran has any direct or indirect equity share, consortiums, or projects commissioned by the government of Iran and: a.) More than 10 percent of the company’s total revenues or assets are linked to Iran and involve oil-related activities or mineral-extraction activities; and the company has failed to take substantial action; or b.) The company has, with actual knowledge, on or after August 5, 1996, made an investment of $20 million or more, or any combination of investments of at least $10 million each, which in the aggregate equals or exceeds $20 million in any 12-month period, and which directly or significantly contributes to the enhancement of Iran’s ability to develop the petroleum resources of Iran. The definition of scrutinized company is detailed here for your information. However, to be compliant with the statutory requirements, the Investment Committee may look to the Florida State Board of Administration quarterly reports on identified scrutinized companies. Regular quarterly updates can be found at: http://www.sbafla.com/fsb/Home/tabid/369/Default.aspx. The Investment Committee must publicly report any direct or indirect holdings in scrutinized companies. As new companies are identified the Trustees’ must divest within 12 months of when the company was first added to the list. The Investment Committee’s third responsibility is one of two actions depending upon whether the holding is direct (securities are held directly by a public fund) or indirect (securities are held in an account or by a mutual fund in which the public fund owns shares or interests together with other investors not subject to the provisions of Florida Statutes §215.473.) If the holdings are direct, the law requires the Trustees’ to divest from its holdings. The divestiture must be completed by September 30, 2010. No further investments may be made in such companies. Private equity funds are deemed to be an actively managed investment fund. If the holdings are indirect, the Investment Committee must notify the investment manager of the companies on the list and request that the manager remove such companies from your investment fund or create a similar actively managed fund without such holdings. Bid Requirements 11 All securities shall be competitively bid where feasible and appropriate. Except as otherwise required by law, the most economically advantageous bid must be selected. Executions must be made on a best-execution basis. Investment Management Structure Five distinct asset classes will be considered for inclusion in the portfolio which will include Domestic Equities, International Equities, Domestic Fixed Income, Real Estate, and Alternative Investments. A permanent commitment to these five asset classes will be made to ensure diversification at the Fund level. The Fund may consider investments in other asset classes which offer potential enhancement to total return at risks no greater than the exposures under the initially selected asset classes. It is not the intention of the Fund to become involved in day-to-day investment decisions. Therefore, the assets will be allocated to professional investment managers in a manner consistent with the Policy's objectives. Each asset class will have its own investment managers. Diversification of the U.S. Market Equity commitment will be achieved through the employment of managers of complementary investment styles, Growth and Value. In the U.S. Fixed Income market, at least one core bond manager will be utilized to stabilize the Fund. In the International Equity market, diversified non-U.S. managers will be hired to achieve diversification. In the Real Estate market, the Fund will utilize collective funds or REIT’s for purposes of diversification. In the Alternatives market, the Fund will hire fund of funds managers to optimize strategies and provide adequate safety of capital and diversification. Cash and cash equivalents will be managed either by the Investment Managers or the custodian. In addition the City uses the pooling concept to meet the immediate cash needs of the city and to maximize the interest earnings. All cash placed in the City’s pooled cash account shall be separately accounted for and listed as an asset of the Fund. The Fund will keep sufficient funds in the City’s pooled cash account to meet the current obligations of the Fund. The guidelines for the allocation of assets, at market, to investment managers are as follows: Asset Class Lower Limit Upper Limit Market U.S. Market Equities Growth Value 20% 10% 10% 60% 30% 30% Market Market Market International Equity 10% 25% Market Domestic Fixed Income 20% 40% Market Real Estate 0% 15% Market Alternative Investments 0% 20% Market Because the asset classes do not move in concert, deviations from the normal commitments will occur through normal market activity. The Upper and Lower Limits define the ranges within which market activity will be allowed to shift the allocations. The ranges are designed to allow for a reasonable period of time to elapse before rebalancing the portfolio. When the investments are out of policy the assets will be moved from the over-allocated to the under-allocated in a prudent manner. 12 When in market equilibrium, cash flows will be deployed in a manner that returns the portfolio to its normal commitments. Internal Controls As part of the City’s annual financial audit the external CPA firm will review the internal controls of the Fund. The hiring or termination of all money managers, consultants or safekeeping custodians must be made by the trustees. No individual associated with the Fund may authorize any movement of monies or securities without the approval of the trustees, if required, or by the approval of the Pension Investment Committee if trustee approval is not required. Trustee approval is not required for rebalancing of the portfolio. Internal controls will be designed to prevent losses of funds which might arise from fraud, error, and misrepresentation by third parties or imprudent actions by the trustees or City employees. Investment Return Objectives In formulating investment return objectives for the Funds’ assets, the Fund placed primary emphasis on the following goals:  Achieve investment performance that exceeds the rate of inflation over time thereby providing a real rate of return.  Achieve investment results of at least the actuarial rate of return.  Achieve investment performance that is 50th percentile or above over a five-year period when compared to an appropriate peer group.  The Trustees will determine the expected rate of return of the current year, and future years. The expected rate of return for the foreseeable future is equivalent to the actuarial interest assumption at any point in time. The total Fund and asset segment return expectations are as follows: a. Total Fund Return Objectives The following minimum comparative objectives have been established for the total Fund: 1. The total fund should rank in the upper fiftieth (50th) percentile compared to a recognized performance measure company’s total public plan sponsor database measured over a minimum period of three (3) or maximum five (5) years. 2. The Fund's overall annualized total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar 13 type as found in recognized performance measurement style database for each asset class segment. 3. The Fund's overall annualized total return (which is defined as all price changes plus all income and/or dividends) should exceed the actuarial assumption over a rolling three (3) or maximum of five (5) year period. 4. The Fund's overall annualized total return should exceed the returns that would have collectively been achieved if the Fund had been fully invested in the appropriate percentage of: - Bloomberg Aggregate US Bond Index - Bloomberg Intermediate US Government/Credit - Standard & Poor's 500 Stock Index - Russell 2500 - MSCI EAFE Index - MSCI ACWI Ex USA - NCRIEF Fund Index This is a custom benchmark that will be calculated relative to the actual collective asset class mix of the Fund measured over a minimum of three (3) or maximum of five (5) years. b. Equity Segment Return Objectives The following minimum performance goals have been established for the Fund's domestic equity segment: 1. The domestic equity segment total return should perform at least at the upper fiftieth (50th) percentile compared to a recognized performance measurement company’s total U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual domestic equity managers total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar type as found in a recognized performance measure company’s total U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 3. The domestic equity segment total return should exceed the total return of the Standard & Poor's 500 Stock Index, net of management fees, measured over a minimum period of three (3) or maximum of five (5) years. c. International Equity Segment Return Objectives 14 The following minimum performance goals have been established for the Fund's international equity segment: 1. The international equity segment total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measure company’s total non U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual international equity managers total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measure company’s total non U.S. equity database measured over a minimum period of three (3) or maximum of five (5) years. 3. The international equity segment total return should exceed the total return of the Morgan Stanley Capital All Country World Index Ex United States, net of management fees, measured over a minimum of three (3) or maximum of five (5) years. d. Fixed Income Segment Return Objectives . The following minimum performance goals have been established for the Fund's domestic fixed-income segment: 1. The domestic fixed-income segment total return should perform at least at the upper fiftieth (50th) percentile compared to the recognized performance measure company’s total domestic fixed income database measured over a minimum period of three (3) or maximum of five (5) years. 2. The individual domestic fixed income managers total return should perform at least at the upper fiftieth (50th) percentile compared to investment style peers of similar type as found in a recognized performance measure company’s total domestic fixed income database measured over a minimum period of three (3) or maximum of five (5) years. 3. The domestic fixed income segment total returns should exceed the total return of the Bloomberg Aggregate US Bond Index measured over a minimum period of three (3) or maximum of five (5) years. e. Real Estate Segment Return Objectives The following minimum performance goals have been established for the Fund’s Real Estate Segment: 1. The Real Estate segment total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measurement 15 database measured over a minimum period of three (3) or maximum of five (5) years. 2. The Real Estate managers total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measurement company’s database measured over a minimum period of three (3) or maximum of five (5) years. 3. The Real Estate managers total return should exceed the total return for comparable strategies of the Wilshire RESI Index, the NCRIEF ODCE Fund Index or the NCRIEF Property Index over a minimum of three (3) or maximum of five (5) years. f. Alternative Segment Return Objectives The following minimum performance goals have been established for the Fund’s alternative investment segment. 1. The Alternative total return should perform at least at the upper fiftieth (50th) percentile compared to recognized performance measurement database measured over a minimum period of three (3) or maximum of five (5) years. 2. The alternative manager’s total return should perform at least at the upper fiftieth (50th) percentile compared to the investment style peers of similar type as found in a recognized performance measurement company’s database measured over a minimum period of three (3) or maximum of five (5) years. 3. The alternative manager’s total return should exceed the total return for comparable strategies of the alternative asset class’s specific recognized index measured over a minimum of three (3) or maximum of five (5) years. 4. The Investment Committee is aware that alternative investments may have unusual or inconsistent return patterns due to the liquidity and marketability, or lack thereof, of such investments. Occasions may arise where performance measurement devices appropriate for more liquid markets may not properly or fairly measure relative performance. In these situations, the Committee may overlook traditional measures and apply normal business standards for evaluating the investment positions including long term appreciation potential, current market liquidity, impacting macro- economic factors and potential future cash flows. 16 Criteria for Investment Manager Review and Manager Termination  Consistent under-performance of the stated target index over rolling 3-year periods.  Failure to out-perform the manager’s chosen performance benchmark or index measured over a minimum of three (3) years or maximum of five (5) years.  Failure to out-perform the manager’s investment style peer group measured over a minimum period of three (3) years or maximum of (5) years.  Loss by the Manager of any senior personnel deemed detrimental to the Manager’s ability to perform required duties or any potentially detrimental organizational issues that may arise and have an effect on the management of the Plan’s assets.  Substantial change in basic investment philosophy by the Manager.  Substantial change of ownership of the firm deemed detrimental to the Manager’s ability to perform the required duties.  Failure to observe any guidelines as stated in this policy. Evaluation and Review On a timely basis, but not less than four times a year, the Fund will review actual investment results achieved by each manager (with a perspective toward a five-year time horizon) to determine whether:  the investment managers performed in adherence to the investment philosophy and policy guidelines set forth herein; and  the investment managers performed satisfactorily when compared with: a. the objectives set forth in Appendix "A", as a primary consideration, b. their own previously stated investment style, c. other investment managers, both in asset class and in style group, d. other retirement funds, e. several different market indices. In addition to reviewing each investment manager's results, the Fund will re-evaluate, from time to time, its progress in achieving the total Fund, equity, fixed-income, international, and cash and equivalents segment objectives previously outlined. The periodic re-evaluation also will involve an 17 evaluation of the continued appropriateness of: (1) the manager structure set forth in Appendix "A"; (2) the allocation of assets among the managers; and (3) the investment objectives for the Fund's assets. The Fund may appoint investment consultants to assist in the on-going evaluation process. The consultants selected by the Fund are expected to be familiar with the investment practices of other similar retirement plans and will be responsible for suggesting appropriate changes in the Fund's investment program over time. Filing of Investment Policy Upon adoption by the trustees, the investment policy shall be promptly filed with the Department of Management Services, the City Clerk, and the consulting actuary. The effective date of changes to the Investment policy will be 31 days after the filing date with the city. APPENDIX A: 18 FUND SEGMENT AND INDIVIDUAL MANAGER GUIDELINES CITY OF CLEARWATER EMPLOYEES PENSION FUND INVESTMENT STRUCTURE Target Investment Manager Allocation Domestic Equity Value Orientation 10% - 30% Domestic Equity Growth Orientation 10% - 30% International Equity 10% - 25% Domestic Fixed Income 20% - 40% Real Estate 0% - 15% Alternative Investments 0% - 20% 19 APPENDIX A (continued): FUND SEGMENT AND INDIVIDUAL MANAGER GUIDELINES 1. Manager Structure The Fund will retain investment managers that specialize in the use of particular asset classes. The targeted distribution of Fund assets among specialist managers will be as illustrated on the previous page. The Fund believes that the established structure:  is consistent with the practices of other similar-sized retirement funds; and  offers an appropriate "blend" of investment styles that will produce a sufficient level of diversification and investment return over time. 2. Cash Flow Allocation The allocation of assets is consistent with the Fund’s desire to diversify its investment management program. The Fund intends to review on a periodic basis the allocation of assets among its investment managers. To the extent that it is practical, it is expected that any cash flow will be allocated to or taken from the managers in the same proportions that each manager's assets represent to total Fund assets in the target asset allocation outlined previously. 3. Trustee Utilization Restrictions All domestic Fund assets, in any form, shall be solely and exclusively: (a) settled at, (b) held in custody at, and (c) safe-kept only at custodians designated by the Fund at its sole discretion. International Fund assets may be held in commingled accounts provided that all of the normal protection of the Fund’s assets is provided for. 4. Transaction Agent Assignment Restrictions Assignment of specific brokerage firms, dealers, financial institutions, and other transaction execution agents to all investment managers shall be the sole responsibility of the Fund. From time to time, the Fund at its sole discretion may specify certain transaction agents that investment transactions shall be executed through. 5. Short Selling and Related Restrictions There shall be no: short selling, non-collateralized and/or non-delivered repurchase agreements, use of financial futures or options, non-marketable direct investments in equity or debt private placements or lease-backs or any other specialized investment activity without the prior written consent of the Fund. 20 6. Liquidity and Marketability Restrictions Liquidity and marketability frequently are perceived to be a function of the quality and the market capitalization of each security holding. From the Fund's perspective, liquidity and marketability also may be a function of a manager's aggregate holdings in a particular security. The Plan believes that an investment manager should not buy or hold a security for the Fund’s portfolio if the aggregate holdings among all of that manager's other accounts in that same security would restrict the manager's ability to expeditiously liquidate the position at any time. From a total Fund perspective, the Fund believes the collective holdings among all Fund managers’ accounts in that same security would restrict all managers’ collective ability to expeditiously liquidate their respective positions in that same security. Therefore, the Fund retains the sole right to limit any manager's holding of any security in the Fund at any time in order to prevent the potential for said Fund's collective liquidation and market risk. 7. Usage of Custodian STIF on all Idle Cash Restrictions Any idle cash not invested by the investment managers shall be invested daily via an automatic sweep STIF managed by the Custodian or by others in behalf of each investment manager. It is the Fund's objective to have no idle cash at any time in any manager's portfolios. 8. Usage of Cross Asset Segment Investment Guideline Restrictions When a manager's holdings include Fund assets outside of their primary assigned asset segment assignment (e.g. a primary domestic equity manager also holds some cash equivalents or fixed income securities as well as equities) the guidelines stated therein for the non primary asset segment shall fully apply to the manager, in addition to the primary asset assigned segment guidelines. 9. Diversification Restrictions Except for criteria noted elsewhere in this Policy and in specific written contracts with each manager, the appropriate and reasonable diversification of securities by such factors as geography, region, sovereign risk, native currency, quality, coupon, country risk, maturity, industry, duration, and sector is within the full discretion and responsibility of the investment managers. 10. Other Objectives, Guidelines and Restrictions Forthcoming The Fund may develop additional objectives, guidelines and restrictions and may amend the Policy from time to time. 21 11. Fund Segment Guidelines Following are guidelines and objectives established for the Fund segments and for each investment manager retained by the Fund. Individual manager guidelines are designed to be consistent, in aggregate, with the total Fund asset allocation guidelines and investment objectives set forth in the Statement of Investment Objectives and Guidelines. a. Domestic Equity Segment Each equity manager is expected to adhere to the following guidelines:  Equity holdings in any one company (including common and preferred stock, convertible securities and debt) should not exceed ten percent (10%) of the market value of the manager's portion of the Fund without the consent of the Fund.  Equity holdings in any one industry (as defined by Standard & Poor's) should not exceed fifty percent (50%) of the market value of the manager's portion of the Fund.  Cash equivalents and fixed income positions should not exceed twenty five percent (25%) of the manager's portfolio. A manager may invest in fixed income securities if projected returns on such securities are perceived to be competitive with potential equity returns. However, fixed income securities will not represent more than twenty-five percent (25%) of a manager's portfolio without the prior written consent of the Fund.  No purchase shall be made by an investment manager that would cause a holding to exceed five percent (5%) of the issue outstanding. b. International Equity Segment Each international equity manager is expected to adhere to the following minimum guidelines:  Equity holdings in any one company and all of its subsidiaries and affiliates (including equities, convertible securities and debt) should not exceed five percent (5%) of the market value of the manager's portion of the Fund portfolio without the prior written consent of the Fund.  Equity holdings in any one industry should not exceed fifty percent (50%) of the market value of the manager's portion of the Fund portfolio. Equity holdings in any one sector (e.g., consumer cyclical, energy, technology, etc.) should not exceed fifty percent (50%) of the market value of the manager's portfolio without the prior written consent of the Fund. 22  Cash equivalents and fixed income positions should not exceed fifty percent (50%) of the manager's portion of the Fund assets. A manager may invest in fixed income securities (i.e. securities with more than two years to maturity) if projected returns on such securities are perceived to be competitive with potential equity returns.  The manager may enter into foreign exchange contracts on currency provided that: (a) such contracts have a maturity of one year or less, and (b) use of such contracts is limited solely and exclusively to hedging currency exposure existing within the manager's portfolio. The intent is to dampen portfolio volatility and prevent currency loss. There shall be no direct foreign currency speculation or any related investment activity.  The manager may purchase or sell currency on a spot basis to accommodate specific securities settlements. c. Fixed Income Segment Each fixed income manager is expected to adhere to the following guidelines:  All Fixed Income Securities held in each portfolio should have a Moody's, Fitch, or Standard & Poor's quality rating of no less than Investment Grade from any of these rating services. For an issue which is split-rated, the lower quality designation will govern. Once a security falls below investment grade the money manager will notify the plan of the downgrade as soon as practical. Included in that notification will be how the money manager will handle the below investment grade security.  The diversification of securities by maturity, quality, sector, coupon and geography is the responsibility of the manager.  The exposure of each manager's portfolio to any single security other than a security backed by the full faith and credit of the U.S. Government or any of its instrumentalities should be limited to five percent (5%) of the manager's portion of the Fund measured at market value.  No purchase shall be made by a Fixed Income Manager, which would cause a holding to exceed ten percent (10%) of the issue outstanding.  There shall be no use of options, financial futures, derivatives or other specialized investment activity without the prior written approval of the Fund.  Not more than ten percent (10%) of an investment manager's portfolio, valued at market, shall be invested in certificates of deposit, time deposits, bankers 23 acceptances, commercial paper, or related investments of a single issuer financial institution or financial institution holding company family. d. Real Estate Segment Each Real Estate manager is expected to adhere to the following guidelines:  REIT managers will limit holdings in any one company to fifteen percent (15%) of the market value of the manager’s Fund, cash equivalents and positions in fixed income vehicles should not exceed twenty five percent (25%) of the managers portfolio and no purchase shall be made that would cause a holding to exceed ten percent (10%) of the issues outstanding.  Managers of direct investments in real estate structured as limited partnerships, limited liability companies or separate accounts will operate strictly within conformance to the regulations of their state of domicile and comply with any applicable federal or state security laws.  Managers of direct investments in real estate may be income oriented or capital gains oriented but in no event will the manager apply average leverage in excess of fifty percent (50%) of the value of the total portfolio.  Managers of direct investments in real estate shall seek to diversify the portfolio in terms of geographic location, tenant usage, and lease schedules.  Timberland managers shall maintain portfolios of geographically diversified stands of biological tree growth with the potential for land value appreciation, alternative use and leasing potential, diversified product opportunities and long term land appreciation possibilities. e. Alternative Investment Segment Academic research supports the use of alternative investments as a mechanism to potentially reduce the volatility and/or enhance the expected return of an investment portfolio. However, the use of alternative investments can introduce unique types of risks due to their inherent structure and characteristics which include but are not limited to the following: leverage, illiquidity, short sales, derivatives, and lack of transparency and regulation. In light of these unique risks, the Fund does not attempt to define or limit the manager’s discretion as to the use of financial instruments. The Fund will actively monitor the investment manager’s performance and activities to limit exposure to these unique risks. f. Cash and Equivalents Segment Although investment managers will be retained for their expertise in a certain investment segment, it is expected that from time-to-time each will have some cash 24 and equivalents in their portfolios as a result of discretionary asset allocation decisions. Any idle cash not invested by the investment managers shall be invested daily via an automatic sweep STIF managed by the custodian. It is the Fund's objective to have no idle cash at any time in any manager's portfolio. g. Pooled Vehicles To the extent that the Fund invests a portion of the Fund’s assets in commingled vehicles or institutional mutual funds, then the investment guidelines of the fund's prospectus will be adopted as this fund's guidelines. h. Master Repurchase Agreement The money managers and safekeeping custodian will use a master repurchase agreement whenever appropriate. All repurchase agreements transactions shall adhere to the requirements of the master repurchase agreement. 12. Individual Manager Descriptions and Five-Year Expectations All expectations are minimums. All investment managers shall exceed the stated expectations. Investment Manager Percentile Expectation Relative To Other Managers Percentile Expectation Relative To Style Peers Domestic Equity Specialist Manager Value Orientation 50th 50th Domestic Equity Specialist Manager Growth Orientation 50th 50th International Equity Specialist Manager 50th 50th Domestic Fixed Income Specialist Manager Core Fixed Income Orientation 50th 50th Real Estate Specialist Manager 50th 50th Alternatives Specialist Manager 50th 50th 25 13. Reporting Requirements: a. Consultant Reporting The Pension Fund's Consultant will provide quarterly reports to the Pension Fund which, at a minimum, will review the following information about each Investment Manager and the total Fund:  Overview of the most recent quarter and year-to-date investment indicators  Total Fund asset allocation  Comparison of total Fund return versus the customized benchmark  Performance results by individual Manager and Total Fund compared to appropriate benchmarks. b. Investment Reporting: • On not less than an annual basis the Trustees will receive a report showing a list of all of the securities held by investment manager. This report will be provided by the safekeeping custodians and shall include the portfolio by class or type, book value, income earned, and market value as of the date of the report. This report will be filed with the City. c. Proxy Voting: • On not less than a quarterly basis, money managers will report to the Plan their proxy voting during the last period. 14. Review of Policy This Statement of Investment Policy must be reviewed annually by the Pension Investment Committee with a recommendation to revise or confirm to the Trustees. 15. Meeting Agenda At each meeting, the written and oral presentations shall cover the following points:  A report of performance for past periods. Standard time periods for each report will be last quarter, year-to-date, last year, two years, three years, etc., and since inception and by calendar year. Returns should be annualized and calculated on a time-weighted basis for the total portfolio. All returns should include price change plus income and/or dividends. 26  Discussion of the rationale for performance results by relating them specifically to investment strategy and tactical decisions implemented during the current review period.  Discussion of the investment manager's specific strategy for the portfolio over the next six to twelve months with specific reference to asset allocation and sector weighting, as appropriate.  Supporting discussion of the next period's strategy with reference to investment manager's capital market and economic assumptions, if applicable. An electronic copy of the written summary should be received by the Fund at least three business days prior to the meeting. The Fund is interested in fostering an effective working relationship with its investment managers through a discipline of good communication. The establishment of Objectives, Performance Standards, Policies and Guidelines, and Reporting Requirements is intended to provide the Fund with a good foundation from which to understand specific management styles and strategies, evaluate results and oversee progress toward overall investment objectives. The Fund shall be using a third party consultant selected, hired and directed by the Fund to: (1) assist in appraising performance, (2) to provide performance comparison data with other retirement plans, several capital market indices, and to other investment managers, (3) assist in evaluating manager style discipline and peer comparisons, (4) assist in strategic Funding and management of the Fund, and (5) other factors the Fund deems appropriate. Investment managers are required to support and assist the consultant with their fullest cooperation. Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0815 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Gabriel Timberlake, Aquatics Coordinator, Parks & Recreation 06/14/2025 Aulden Lloyd, Risk Management Specialist I, Finance & Budget 06/16/2025 Brandon Nault, Customer Service Rep I, Utility Customer Service 06/16/2025 Celeste Casillas, Police Cadet, Police Department 06/16/2025 Holden Midkiff, Police Cadet, Police Department 06/16/2025 Samuel Miller, Solid Waste Worker I, Solid Waste & Recycling 06/16/2025 Skyler Belloise, Engineering Specialist I, Public Utilities 06/16/2025 Thomas Glick, Police Cadet, Police Department 06/16/2025 Yan Ramirez-Figueroa, Solid Waste Worker I, Solid Waste & Recycling 06/16/2025 Alexandra Vakos, Police Officer, Police Department 06/30/2025 Bryce Miller, Police Officer, Police Department 06/30/2025 Courtney Davis, Parks Service Technician I, Parks & Recreation 06/30/2025 Crystal Flores, Network Analyst I, Information Technology 06/30/2025 Dehvan Truckenmiller, Police Officer, Police Department 06/30/2025 Jack Donahue, Public Info Coordinator I, Public Communications 06/30/2025 Joseph Phillips, Parks Service Technician I, Parks & Recreation 06/30/2025 Kyle Pauze, Network Analyst I, Information Technology 06/30/2025 Markus Jalaber, Water Distribution Operator Trainee, Public Utilities 06/30/2025 Regina Bavington, Account Collector I, Utility Customer Service 06/30/2025 Aaron Head, Solid Waste Worker I, Solid Waste & Recycling 07/14/2025 Aidan Coyne, Parks Service Technician III, Parks & Recreation 07/14/2025 Caden Skaggs, Gas Tech Apprentice, Gas System 07/14/2025 Cage Gregory, Gas Technician II, Gas System 07/14/2025 Cassidy Gordon, Customer Service Rep I, Utility Customer Service 07/14/2025 Laura Daniels, Accounting Tech I, Parks & Recreation 07/14/2025 Timothy Huse, Solid Waste Worker I, Solid Waste & Recycling 07/14/2025 Tyler Hileman, Parks Service Technician I, Parks & Recreation 07/14/2025 Kristopher Williams, Solid Waste Worker I, Solid Waste & Recycling 07/26/2025 Adam Singer, Parking, Fac & Sec Aide, Marine & Aviation 07/28/2025 Anthony Walker-Collins, Solid Waste Worker I, Solid Waste & Recycling 07/28/2025 David Wells, Streets & Sidewalks Tech I, Public Works 07/28/2025 Page 1 City of Clearwater Printed on 10/28/2025 File Number: ID#25-0815 Gabriel Greco Gilreath, Meter reader I, Utility Customer Service 07/28/2025 Jason Mckoy, Industrial Electrician, Public Utilities 07/28/2025 Marques Alexander, Solid Waste Worker I, Solid Waste & Recycling 07/28/2025 Ramona Hunter, CRA Coordinator, Community Redevelopment Agency 07/28/2025 Wade Brockman, Streets & Sidewalks Tech I, Public Works 07/28/2025 Aaron Cornwell, Scada Specialist, Public Utilities 08/11/2025 Jayce Ortiz, Solid Waste Worker I, Solid Waste & Recycling 08/11/2025 Kenyatta Anderson, Solid Waste Worker I, Solid Waste & Recycling 08/11/2025 Rashad Banks, Solid Waste Worker I, Solid Waste & Recycling 08/11/2025 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 10/28/2025 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: September 11, 2025 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Gabriel Timberlake Aquatics Coordinator Parks & Recreation 06/14/2025 Aulden Lloyd Risk Management Specialist I Finance & Budget 06/16/2025 Brandon Nault Customer Service Rep I Utility Customer Service 06/16/2025 Celeste Casillas Police Cadet Police Department 06/16/2025 Holden Midkiff Police Cadet Police Department 06/16/2025 Samuel Miller Solid Waste Worker I Solid Waste & Recycling 06/16/2025 Skyler Belloise Engineering Specialist I Public Utilities 06/16/2025 Thomas Glick Police Cadet Police Department 06/16/2025 Yan Ramirez-Figueroa Solid Waste Worker I Solid Waste & Recycling 06/16/2025 Alexandra Vakos Police Officer Police Department 06/30/2025 Bryce Miller Police Officer Police Department 06/30/2025 Courtney Davis Parks Service Technician I Parks & Recreation 06/30/2025 Crystal Flores Network Analyst I Information Technology 06/30/2025 Dehvan Truckenmiller Police Officer Police Department 06/30/2025 Jack Donahue Public Info Coordinator I Public Communications 06/30/2025 Joseph Phillips Parks Service Technician I Parks & Recreation 06/30/2025 Kyle Pauze Network Analyst I Information Technology 06/30/2025 Markus Jalaber Water Distribution Operator Trainee Public Utilities 06/30/2025 Regina Bavington Account Collector I Utility Customer Service 06/30/2025 Aaron Head Solid Waste Worker I Solid Waste & Recycling 07/14/2025 Aidan Coyne Parks Service Technician III Parks & Recreation 07/14/2025 Caden Skaggs Gas Tech Apprentice Gas System 07/14/2025 Cage Gregory Gas Technician II Gas System 07/14/2025 Cassidy Gordon Customer Service Rep I Utility Customer Service 07/14/2025 Laura Daniels Accounting Tech I Parks & Recreation 07/14/2025 Timothy Huse Solid Waste Worker I Solid Waste & Recycling 07/14/2025 Tyler Hileman Parks Service Technician I Parks & Recreation 07/14/2025 Kristopher Williams Solid Waste Worker I Solid Waste & Recycling 07/26/2025 Adam Singer Parking, Fac & Sec Aide Marine & Aviation 07/28/2025 Anthony Walker-Collins Solid Waste Worker I Solid Waste & Recycling 07/28/2025 David Wells Streets & Sidewalks Tech I Public Works 07/28/2025 Gabriel Greco Gilreath Meter reader I Utility Customer Service 07/28/2025 Jason Mckoy Industrial Electrician Public Utilities 07/28/2025 Marques Alexander Solid Waste Worker I Solid Waste & Recycling 07/28/2025 Ramona Hunter CRA Coordinator Community Redevelopment Agency 07/28/2025 Wade Brockman Streets & Sidewalks Tech I Public Works 07/28/2025 Aaron Cornwell Scada Specialist Public Utilities 08/11/2025 Jayce Ortiz Solid Waste Worker I Solid Waste & Recycling 08/11/2025 Kenyatta Anderson Solid Waste Worker I Solid Waste & Recycling 08/11/2025 Rashad Banks Solid Waste Worker I Solid Waste & Recycling 08/11/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0816 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Approve the following request of employee Michael Morea, Police Department, to vest his pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Micheal Morea, Police Officer, Police Department, was employed by the City on January 9, 2006, and his pension service credit is effective on that date. Mr. Morea terminated from city employment on June 11, 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. 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. Morea will meet the hazardous duty criteria and begin collecting a pension in February of 2026. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 10/28/2025 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#25-0817 Agenda Date: 11/3/2025 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.6 SUBJECT/RECOMMENDATION: Approve the following request of Steven Baginski, Police Department, Jevon Graham, Fire Department, and Sandra Lear, Information Technology Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Steven Baginski, Police Lieutenant, Police Department, was employed by the City on February 6, 1995, and his pension service credit is effective on that date. His pension will be effective September 1, 2025. Based on an average salary of approximately $150,847.68 over the past five years, the formula for computing regular pensions and Mr. Baginski’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $86,947.32 annually. Jevon Graham, Fire Division Chief, Fire Department, was employed by the City on July 19, 1999, and his pension service credit is effective on that date. His pension will be effective September 1, 2025. Based on an average salary of approximately $121,962.86 over the past five years, the formula for computing regular pensions and Mr. Graham’s selection of the Single Life Annuity, this pension benefit will be approximately $88,219.08 annually. Sandra Lear, Business System Analyst II, Information Technology Department, was employed by the City on November 10, 1997, and her pension service credit is effective on that date. Her pension will be effective January 1, 2026. Based on an average salary of approximately $97,957.74 over the past five years, the formula for computing regular pensions and Ms. Lear’s selection of the Single Life Annuity, this pension benefit will be approximately $75,779.16 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. Ms. Lear has met the non-hazardous duty criteria. Page 1 City of Clearwater Printed on 10/28/2025 File Number: ID#25-0817 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. Baginski and Mr. Graham 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 10/28/2025