Press Alt + R to read the document text or Alt + P to download or print.

No preview available

The URL can be used to link to this page

Home My WebLink About02-11-22CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND BOARD OF TRUSTEES MEETING AGENDA February 16, 2022 — 9:00 a.m. I. CALL TO ORDER II. ROLL CALL Steven Korte, Chairperson Omar Jirau, Secretary Ann Harris-Wynter, Trustee Brian Neff, Trustee Peter Prior, Trustee III. PUBLIC COMMENTS IV. MINUTES November 17, 2021 V. PLAN PRESENTATIONS Graystone Consulting: Quarterly Performance Report for period ending December 31, 2021 VI. ADMINISTRATIVE MANAGER'S REPORT a) Consent Agenda: Authorization to Pay Invoices b) Consent Agenda: Authorization to Pay Benefits c) Miscellaneous Updates VII. OLD BUSINESS a) Update - Elizabeth Griffith VIII. NEW BUSINESS IX. LEGAL COUNSEL'S REPORT X. NEXT MEETING May 18, 2022 XI. ADJOURNMENT If you cannot attend this meeting, please notify the Administrative Manager's Office at 954-597-3618. The Pension Board may consider and act upon such other business as may come before it. In the event this agenda must be revised, such copies will be available to the public at the Pension Board Meeting. Pursuant to Chapter 286.0105, Florida Statutes, if a person decides to appeal any decision made by the Pension Board with respect to any matter considered at such meeting or hearing, he/she may need to ensure that the verbatim record of the proceedings is made which record includes the testimony and evidence upon which the appeal is based. The City of Tamarac complies with the provisions of the Americans with Disabilities Act. If you are a disabled person requiring any accommodations orassistance, please notify the City of such need at least 72 hours (3 days) in advance. iv. MINUTES CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND BOARD OF TRUSTEES REGULAR MEETING November 17, 2021 The regular meeting of the Board of Trustees of the City of Tamarac Firefighters' Pension Trust Fund was held on November 17, 2017 at 9:00 am in Conference Room 105 at City Hall. Item I. Call to Order Trustee Korte called the meeting to order at 9:07 am and the business of the Trust was transacted in the following order. Item II. Roll Call Roll call was completed. Those in attendance were as follows: Trustees: Steven Korte, Chairperson Omar Jirau, Secretary Brian Neff, Trustee Peter Prior, Trustee Others Present: Pedro Herrera, Sugarman & Susskind Scott Owens, Graystone Consulting (via Teams) Andy Mcllvaine, Graystone Consulting (via Teams) Elizabeth Griffith & Guests Mark Berkowitz (Ms. Griffith's Attorney) Nora Caries, City of Tamarac Arlene Walsh, City of Tamarac Zoltan Szervanszki, City of Tamarac (Via Teams) Luis Bartlett-Narvaez, City of Tamarac Item III. Public Comments There were no public comments at this time. Item IV. Minutes The Board of Trustees reviewed the minutes of the September 22, 2021 regular meeting. Trustee Jirau made the MOTION, SECONDED by Trustee Prior to approve the September 22, 2021 meeting minutes as presented. MOTION PASSED UNANIMOUSLY. City of Tamarac Firefighters' Pension Trust Fund _.--- __. Regular Board Meeting, November 17, 2021 Paget Item V. Plan Presentations Graystone Consulting: Quarter Performance Report for QE September 30, 2021 The Board welcomed Scott Owens and Andy Mcllvaine to the meeting, via Teams. Mr. Mclivaine started the presentation by overviewing the market and economy, adding that this has been a flat quarter with a lot of volatility as a result of Covid impacts, political uncertainty and bond tapering on the horizon. He discussed economic indicators of unemployment, GDP being down and manufacturing and service indexes. He referenced the Quarterly Performance Report as of September 30, 2021 and provided an overview of the markets. Key items noted included economists expect US GDP will be at 5.6% in 3rd Qtr 2021, and 6.1% in 4t" Qtr 2021 and looking forward to continued positive GDP growth for the year as the economic recovery continues. The presentation was turned over to Mr. Owens for a portfolio and investment manager update. Mr. Owens provided a thorough overview adding this has been a phenomenal year which will reflect positively on the actuarial report. He then highlighted the "Total Fund — Executive Summary" page of the Report. Moving on we have over 40% in Large Cap space and have added other asset classes. We are also on target with alternatives. He then highlighted the individual managers and added they are doing a great job, overall. Regarding the compliance checklist, they have addressed the non-compliance with Polen and will rectify this in the near future. The Board thanked the Mr. Owens and Mr. Mcllvaine for their presentations. Item VI. Administrative Manager's Report a) Consent Agenda —Authorization to Pay Invoices: Mrs. Carles presented The Board with the "Authorization to Pay Invoices" and supporting documentation to ratify recurring expense invoices for the months of September ($2,225) and October ($191,271.26), totaling $193,496.26 and summarized in the table below: ,FIRE ':'.-9/Zi/2Q21 5uga[rran/Susskjnd-_> -: 1 2s1009Q-:'Attorrteys;Fees August_ PAID/RATIFY FIRE j9/21/2021 iSouthern Actuarial Services �$ .__ 125 00_IBenefit Calc FF Regrts I_ PAID/RATIFY _ 'FIRE 11f5/2Q21 FdthThlydBank --$ •:. 1264677�QE9[30[2021 _. PAID_[RATIFY FIRE 11/5/2021 Renaissance Fund s. 1727929QE 9/30/2021 jPAID/RATIFY FIRE, -.. 11[5/2021 r Cambia[Fund __ $ (. 43�958.53_QE9/30[2021 PAID[RATIFY FIRE _ 11/5/2021 _ Kennedy Fund 1$ 18393.00, QE 9/30/2021 IPAID/RATIFY FIRE 11/5 2021; CI arbridge Fund •., $ 18 ,109.415QE9/30/2021 _ PAID/RATIFY FIRE _ 11/5/2021 , l S Southern Actuariaervices �$ 250.00 1 Benefit Calc FF Regrts II_ PAID/RATIFY FIRE ; 41/5/2021 GarclaHamlltonFund $ 1593354_rQE9130/2021 PAID/RATIFY FIRE 11/5/2021 rSugarman/Susskind $ 210000 I Attorneys. Fees September PAID/RATIFY 115/2021 .:- Polen Ca I�tal Fund„___ $ -. 4186839_QE 9/30/2021 _ PAID/RATIFY FIRE 11/5/2021 _ JFederated Hermes Fund j$ ._ 2073229_j QE 9/30/2021 PAID/RATIFY City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 17, 2021 Page3 Trustee Prior made the MOTION, SECONDED by Trustee Jirau to ratify the consent invoices as presented. MOTION PASSED UNANIMOUSLY. b) Authorization to Pay Benefits Mrs. Carles presented both Jeffrey Moral's additional DROP interest payment for approval and Percy Sayles' DROP Exit/Lump Sum payment for authorization to proceed with processing, as follows: • Jeffrey Moral — Mrs. Carles informed the board that at the time of Mr. Moral's DROP exit on December 31, 2020, interest on his DROP account was paid through FY2019 (September 30, 2019). The plan received the annual rate of interest determination letter from the actuary for FY2020 and has prepared the DROP statement with the confirmed rate of 8.50% for FY2020 (ending September 30, 2020), totaling $35,244.67. In addition, Mr. Moral will receive the guaranteed minimum plan interest rate (4.50%) for the months of October through December 2020 in the amount of $5,367.76. Any additional interest for period October through December 2020 is contingent upon the FY2021 rate of interest determined by the Plan Actuary in January 2022. Therefore, Mr. Moral's interest due at this time is $40,612.43. • Percy Sayles — Mrs. Carles requested authorization to proceed with processing Percy Sayles' December 1, 2021 DROP Exit Lump Sum and Periodic monthly benefit. Mr. Sayles'total DROP Exit Lump Sum is under review, anticipated at $295,600.07 and his monthly pension benefit moving forward $11,673.77 plus a monthly subsidy benefit of $426.04. The distribution ATPs will be finalized and presented at the February meeting for Board ratification. Trustee Neff made the MOTION, SECONDED by Trustee Prior to approve payment of the above benefits as presented, subject to ratification at the next meeting. MOTION PASSED UNANIMOUSLY. c) Miscellaneous Updates Wire Transfers/Banking Reports The Trustees were provided with the Wire Transfers of the employees' pension contributions for the months of August ($92,946.32), September ($91,039.02) and October ($98,127.15), totaling $282,112.49, summarized in the table below: City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 17, 2021 Page4 l'l4iTiG7il'JFTi7 �UF.It:7• • IIF.l7Pd]iia CRfii1 R-a'i - 1'i17iiTS17�F.1i:7 - ■L itiT7R'ila�aaaaaa� - �f17•IIdaCttiil - ■fP7.7f4:711iib]IIYIa� • I FIRE 7/23/2021 _� ._ $_ 47ffl6 62 : 20210722 $ 47,696 62 FIRE _ 19/2/2021 28727 _ �?/3/2021 I. $... _,.," 4690983 i 20210902, $ ., 46,90983. �i FIRE .., -6/24/2021V;.28160,. _ _ $_ 3378� 20210623 $ :_33.78 FIRE 6/24/2021..28160 _--6/25/2021 6/25/2021 $ .___ 4455184. 20210624, $ 44,551.84_j FIRE 8/5/2021 S/6(2021 '.- 44621 33 20210805I $ .__ 446213 _ FIRE `28503 8/19/2021 28601 8/20/2021 5 110 31' 20210722 $ 110.31 FIRF rJ� •:. --..+-: RH9/7n71, -..2R601 .r: -: R/2n/2n21 - S, -" - 236.47'-.. - 202108255 -'236.47 .. I _ _ 183- 202109165 _._.., 44,12919 FIRE .9/30/2021 .28967 9/30/2021... 58.79 ',f 202109301 $ 51,83879j FIRE -_`: '30/14/2021'29057 10/15/2021 -.3. 1,486.1220211014 5 1,486.12 Request for Annuitant Change — Paul Kelly Mrs. Carles shared with the board that Mr. Paul Kelly advised he is going through a divorce and is wanting to remove his ex -spouse as his annuitant. However, Mr. Kelly had elected a 50% Joint and Contingent with the Pop -Up feature at the time of retirement. Mr. Kelly then presented an updated Designation of Beneficiary form to the administrator, but did not indicate a new annuitant as he did not have one at the time. Plan administration consulted with the actuary and attorney who agreed that Mr. Kelly's only options were to either keep the benefit "as is" or request a new annuitant which requires a recalculation, at his own expense. Mr. Kelly subsequently informed the plan administrator of his intent to change his annuitant to his mother, and he has received all the required forms to start the process. At this time, the plan administration has not received said forms. Given that this is a unique situation, Mrs. Carles asked the board if there was any interest in amending the ordinance language to accommodate scenarios like these in the future, but the board didn't move forward at this time. Mr. Herrera confirmed, after deferring to the actuary, that an annuitant needs to be elected. Meeting Schedule 2022 Mrs. Carles presented the board with the regular meeting schedule for 2022, reflected below. The Board accepted as presented. BOARD OF TRUSTEES 2022 REGULAR MEETING SCHEDULE Tamarac City Hall, Conference Room 105 9:00 A.M. REGULAR MEETINGS OCCUR QUARTERLY ON THE THIRD WEDNESDAY February 16, 2022 May 18, 2022 August 17, 2022 November 16, 2022 City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 17, 2021 PageS Item VII. Old Business a) Update — Elizabeth Griffith Mrs. Carles referred the item to the plan attorney, Pedro Herrera, who confirmed receipt of Mrs. Griffith's formal appeal letter. To Mr. Herrera's response, Mr. Berkowitz raised a new point to the board, stating that back in August 2018, there was a two (2) to one (1) vote to grant Mrs. Griffith of the 100% Joint and Contingent form of benefit. Mr. Berkowitz then summarized the following two (2) issues: • Granting Mrs. Griffith a 100% Joint and Contingent form of benefit. • There were no Worker's Compensation benefits paid to Mr. Griffith since 2004, as well as an apparent reduction in Mr. Griffith pension benefits in the amount of $1,116.90 per month since that time. Therefore, Mr. Berkowitz is seeking a recalculation of benefits and interests and the amount that has been withheld since at least 2004. Mr. Herrera responded that the board has retained special counsel and an administrative hearing will be scheduled as soon as feasible. Mr. Herrera also informed Mr. Berkowitz that the special counsel should be reaching out to him directly in early 2022. Item VIII. New Business a) Southern Actuarial Services — Actuarial Fee Increase FY2022 The Board discussed the proposed Actuarial Fee Increase from $10,000 to $12,500 effective October 1, 2021 for routine actuarial services and new billing policies. Following discussion, the board decided to accept the actuarial fee increase for 2022; however, Mr. Herrera and plan administration agreed to work together to conduct a soft market evaluation by informally submitting fee quotes to prospective actuarial firms. Mr. Herrera will also produce the fee amendment for the chairperson to sign off on. It was also brought back to discussion the idea of hiring an independent auditor for the plan and due to timing, Mr. Prior suggested to go through the formal process next year. Trustee Neff made the MOTION, SECONDED by Trustee Prior to accept the actuarial fee increase for 2022 as presented. MOTION CARRIED WITH 3 IN FAVOR AND TRUSTEE JIRAU AGAINST. City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, November 17, 2021 P a g e 6 Item IX. Legal Counsel's Report Mr. Herrera reminded the board about their responsibilities related to the State Ethics law and provided the following pointers regarding gifts and/or anything of value: • If a board member receives anything of value that is $25 or less, they may accept it and no reporting will be required. • If a board member receives anything of value that is $25-$100, they may accept said gift and person/company/entity who made the gift must file a report with the ethics commission. • If a board member receives anything of value that is more than $100, they should reject said gift and/or donate it. A letter reporting the "gift" is also required to the ethics commission advising of the gift, whoever made the gift as well as stating the ultimate disposition of the gift. Mr. Herrera also informed the board that this year's holiday gifts will be in the form of a charitable donation to the Dr. Marilyn Seskin Cancer Research Fund at University of Miami's Sylvester Cancer Center, or another organization of the Board's choice. The board agreed with Mr. Herrera's selection. Mr. Herrera shared the following upcoming educational opportunities: • FPPTA Winter Trustee School — January 23-26, 2022 at the Hilton Lake Buena Vista, Orlando. • Division of Retirement School — mid to late May. The dates will be shared once they are available. Item X. Next Meeting: The next regular meeting of the Board of Trustees is scheduled for February 16, 2022 at 9:00 am. Item XI. Adiournment There being no further business to come before the Board of Trustees the meeting adjourned at 10:23 am. Respectfully submitted, ve PLAN PRESENTATIONS VI. ADMINISTRATIVE MANAGER'S REPORT a) Consent Agenda: Authorization to Pay Invoices b) Consent Agenda: Authorization to Pay Benefits c) Miscellaneous Updates Consent Agenda: Authorization to Pay Invoices U O Z v O Z C: m` C. v) En m E m F- O LL a) LL C C N O (n () O CV Ln @ N C)C c� C C N N 0) V) O O N W a a Q O cu 1 Ln ° 4- O ° C, 0 O o O O CDN U)U)Q w L•" In In w Q CT C4 CO 00 F- U3 U) U) U) U) m 41 1 a--� G a% LL 4- o n O CL O > N u o o m 4--1 L Z C) � L- C Q N + {n ° a) z i • d% a) U N D LATS ^�, W V w L 1 Q Q m n' � a) a) (o LU W �. ] V N ON N- CD N N N N N N F m O C uo u D c ° z m CL o a I � o � u 4-1 = Q) f0 O Q u' Q fB U- E m fo a U L O O Q C LA + a O U L" *I _ 4- 0 V za IL m v � N c0 CC L OD_U W W W CO W _ F- co c O_ U_ U_ _U = rn ° a) O O O O O F- O M z z z z z �7 U- N L F> In �Y O a O D � z � O W F- Q Q ll Z co c d a a F- Q Y O v o CL rn ' C: � •�E� J U Q V)� -C U)i of y �` c 5 a) aJ N U O W U N 06 06 U •\ +� O Q C6 N N C 4 � Y L C E a) E E Q U) v) LL 0 cD F— a F— N a O 0 6 LO 0 C) o q Gr)- CD o ti 0 C) N a FJQ- O~ m Q W O <J in u N W cr a Z N O NV) a W J Q W a N Z O a N O a J J a SUGARMAN & SUSSKI ND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 30 5-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com City of Tamarac Firefighter's Pension Trust Fund City of Tamarac Human Resources Department 7525 NW 88th Avenue Suite 106 Tamarac, FL 33321-2401 Client:Matter TMFP For professional services rendered Retainer for the month of November, 2021 Previous balance Balance due November 4, 2021 Invoice # 163553 Hours Amount 0.00 $2,100.00 $6,300.00 $8,400.00 SUGAR,MAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com City of Tamarac Firefighter's Pension Trust Fund City of Tamarac Human Resources Department 7525 NW 88th Avenue Suite 106 Tamarac, FL 33321-2401 Client.Matter TMFP For professional services rendered - SC (V O-L Retainer for the month of December, 2021 / Previous balance 12/13/2021 Payment - Thank You, Check No. 27820 12/13/2021 Payment - Thank You. Check No. 27821 Total payments and adjustments Balance due December 13, 2021 Invoice # 164401 Hours Amount 0.00 $2,100.00 $8,400.00 ($2,100.00) ($2,100.00) ($4,200.00) $6,300.00 City of Tamarac Firefighter's Pension Trust Fund Client:Matter TMFP:MEET In Reference To: Meetings Professional Services 11/17/2021 Attend meeting. Prepare for meeting. For professional services rendered Balance due Page HrslRate Amount 3.20 NO CHARGE $275.001hr 3.20 $0.00 $0.00 FPPTA FLORIDAPUSUC PENSION TRUSTEES ASSOCIATION INVOICE Invoice Date: 12/02/2021 Florida Public Pension Trustees Luis Barlett (Tamarac GE Pension Association Fund) Invoice Number: INV_5889 2946 WELLINGTON CIR Reference: Online Event TALLAHASSEE, FL 32309 FL United States United States Registration: 2022 Winter mj@fppta.org Trustee School 8506688552. Registering for organization: City of Tamarac Description Quantity Unit Price Sales Tax Amount USD Registration fee - Trustee Registration (Brian Neff, Attendee) 1 $850.00 $850.00 CPPT Certificate Program - Intermediate (please check if you intend 1 $0.00 $0.00 to be in class) (Brian Neff, Attendee) Sub Total $850.00 TOTAL Sales Tax $0.00 TOTAL USD $850.00 Amount Paid ($0.00) AMOUNT DUE: $850.00 DUE DATE: December 12, 2021 -K---------------------------------------------------- PAYMENT ADVICE Customer: Luis Barlett To: Invoice Number: INV_5889 Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 Amount Due: $850.00 United States mj@fppta.org Due Date: December 8506688552 12,2021 FPPTAJFLOWDAPUSUCP TRUSTUS ASSOSINCE199 i . INVOICE Invoice Date: 12/01/2021 Florida Public Pension Trustees Omar Jirau (Tamarac Firefighter Association Pension Fund) Invoice Number: INV_5876 2946 WELLINGTON CIR 3810 SATIN LEAF CT TALLAHASSEE, FL 32309 DELRAY BEACH, FL33445 Reference: Online Event United States United States Registration: mj@fppta.org Trustee Sch000lf Winter 8506688552 Registering for organization: Tamarac Fire Pension Description Quantity Unit Price Sales Tax Amount USD Registration Fee - Trustee Registration (Omar Jirau, Attendee) 1 $850.00 $850.00 Sub Total $850.00 TOTAL Sales Tax $0.00 TOTAL USD $850.00 Payment: Credit Card (MasterCard: 6155) 12/01/21 ($850.00) Amount Paid ($850.00) AMOUNT DUE: $0.00 Graystone ConsultingS A business of Morgan Stanley October 29, 2021 Invoice Number 10002921302 '11ji lill,11.l Graystone Consulting Tampa, FL Financial Advisor 00000.2 MSHS9OA1 000000 745 070 www.morganstanIey,com CITY OF TAMARAC FIREFIGHTERS C/O DEP OF H.R./ PENSION ADMIN ATTN: NORA CARLES 7525 N.W. 88TH AVE., STE 106 TAMARAC FL 33321 IMPORTANT NOTICE INVESTMENT ADVISORY FEE PAYMENT REQUIRED ACTION REQUIRED —PLEASE REMIT PAYMENT IN THE ENCLOSED BUSINESS REPLY ENVELOPE . We value you as a client and thank you for the opportunity to serve your investment needs. Please see below for the investment advisory fee(s) due. ACCOUNT CLIENT NAME TOTAL FEE AMOUNT 745-110724 CITY OF TAMARAC FIREFIGHTERS R $11,250.00 Total Fee: $11,250.00 Prior Balance: $0.00 Net Amount: $11,250,00 For additional details please see Invoice Detail and Remittance Instructions on pages to follow, 1of2 Investments and services offered tbrougb Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. S 000002 MSHS90A1 000004 Graystone ConsultingS A business of Morgan Stanley Invoice Number: 10002921302 ADVISORY INVOICE DETAILS Account: 745-110724 Billing Period 07/01/2021 — 09/30/2021 Number of Days 92 Fee Amount $11,250.00 1of2 Investments and services offered tbrougb Morgan Stanley Stnitb BarneyLLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. 000002 MSHS90A1 000005 Graystone Consuking- A business of Morgan Stanley Invoice Number: 10002921302 REMITTANCE INSTRUCTIONS Payment Due:11/28/2021 Account Total Fee Amount 745-110724 $11,250.00. Total Fee: $11,250 00 Prior Balance: $0.00 Net Amount: $11;250,00 Please note that cash payments cannot be accepted. ACH, wire, and check payment instructions are below. For tracking purposes, electronic payments are preferred. If a check is used for payment, the Remit page of the invoice must be accompanied with the check. Any payments that do not include the payment instructions provided or Remittance page may result in delayed processing or return of the payment. Please expect longer processing times for payments by check. By ACH (Preferred) By Wire. By Check Bank name: UMB. Bank, N.A. (United Bank Name, Citibank, New York Morgan Stanley Global Banking operations Missouri Bank) ABA: 021000089 ATTN: Advisory.Fee Billing Transit Routing number: 044000804 For Benefit Of Morgan Stanley & Co. 1300 Thames Street Wharf, 4th Floor Checking Account number: Incorporated Baltimore, MD 21231-9907 4790000100029 Beneficiary Account: 40611172 Ref: Invoice 10002921302 For Benefit of Morgan Stanley & Co. For Further Credit to: 9800001.63 Incorporated Ref: Invoice 0100029 1of1 Investments and services offered through Morgan Stanley Sndih Barney LLC. MemberSTPC. Graystone Consulting is a business of Morgan Stanley, 000002 MSHS90AI 000006 E V) ro V (3) IN F- O w � w F- O U) m LL -- O a� O > �0 O O m L z i O Q a+ 4-a N O E _0m z L m a a � w U GJ UJ (D m O w ,� NowzL LL a. O o < V U O Q U- 4-1Q O E � � U � > O Q C a O U (1) - G Y V zQ aJ CO >. Lo CL 00 O _ M C _ 0') oo _O ro N LL d L Ln O 3 Q Ln LU J F- z Ln m � L N GJ O L GJ U N OIN af Ln m Ga q 4.i Y wru LL ,0 i EC > N C O d N cc 0 U m N c LL O. 1 LL U- LL LL m ) C U 4+ @ LL. LL L.L o� c c c > > > E p c c Q @ c T T T N�• T T C T @' C a �', �` a' a' m c1 41 C O . o V M m 'N NCl) O r Q L O " "t M N O, In oc� co CO O co co a0 Mcli n M- � (f1 u,"), M i+ c GC1 C GJ fl CL Ln to 7 GJ u •L v v 41 0 GJ N N N N N N N N N N > N N N N N N N N N N u N NNQ 0 N N N N CO (D O (D O O w (D O GJ y,. N N N, N N N N N N N W O O O O O O O O O O GJ N N N N N N N N N N N Q O O O O N N N N N N Cl) co c`) ; M M M- M M N M O 41 LM ++ L 41 O O O O O O O O Vi O O O O O O O O w w w w- w w w w w w U U U U U U U U U U w 0 O O O 0 0 O O O 0' CL > > > > > > > > > > z z z z z z z z z z U O C N QJ M 0 > _ @@ U 0 @ (7 c N C L- U Y C: m -a L C LL 0) @ 0 @ a U N d Y � c cu E cn : Q N cn E = @ LL co Cl? O7 LO 0 m ff3 0 0 M O 600 CDm O O N J O 0 m a IA W bb u 0 CAMBIAR INVESTORS January 24, 2022 Joshua Appelt 'N-4 Cost: NEBA City of Tamarac Firefighters' Pension Trut Fund Acct: XXXXXXXXXX4233 c/o Department of Human Resources/Pension Admin MANAGEMENT FEE: 0061 City of Tamarac Firefighters' Pension Fund 12/31/2021 Average Portfolio Value: Quarterly Fee Based On: $ 10,000,000 @ 0.55% per annum $ 23,833,199 @ 0.50% per annum Quarterly Fee For the Period 10/l/2021 through 12/31/2021 $ 33,833,198.81 $ 13,750.00 $ 29,791.50 $ 43,541.50 The above market value is based on the average of the following values: October $ 34,534,425.01 November $ 32,506,821.93 December $ 34,458,349.48 Average: $ 33,833,198.81 It is the client's responsibility to calculate the accuracy of the fee calculation. ***To avoid a duplicate payment please make note that there is a possibilitythat hat your invoice may be sent by email and postal service to various contacts*** Please compare this account statement with the account statement that you receive from your custodian. if you do not receive an account statement from your custodian at least quarterly, please contact your custodian to obtain missing statements, and alert us if you cease to receive account statements at least quarterly. (A GARCIA HAMILTON AASSOCIATESL.R INVOICE # 34888 January 3, 2022 CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND (44-44-000-6394209) tamaraef Via email: Luis.Bartlett-Narvaez@tamarac.org 7525 NW 88th Avenue, Suite 106 Tamarac, FL 33321-2401 GARCIA HAMILTON & ASSOCIATES STATEMENT OF MANAGEMENT FEES For The Period October 1, 2021 through December 31, 2021 Portfolio Valuation with Accrued Interest as of 12-31-21 25,000,000 @ 0.250% per annum 1,718,511 @ 0.200% per annum Quarterly Management Fee TOTAL. DUE AND PAYABLE 5 HOUSTON CENTER 1401 MCKINNEY, SUITE 1600 HOUSTON, TX 770 1O TEL: (713) 853-2822 FAX: (713) 853-2308 WWW.GARCIAHAMILTONASSOCIATES.COM $ 26,718,510.54 15,625.00 859.26 $ \ 16,484.26 V $ 16,484.26 Rnenaissancer Investment Management January 04, 2022 Ms. Nora Carles:,---Ij Assistant Director of Human Resources City of Tamarac Firefighters Pension '!'rust Fund c/o City of Tamarac Human Resources Department 7525 N.W. 88th Avenue Tamarac, FL 33321-2401 Billing Period: FROM 10/01/2021 TO 12/31/2021 Custodian Account Nt 5964 Account #: IE0207 - City of Tamarac Firefighters Pension 'Trust Fund Portfolio Value .............................................. . .... $12,209,270.46 Amount Due, PAYABLE UPON RECEIPT: ........................... $20,003.13 FEE CALCULATION '(Rate x Portfolio Value) x (# of days in quarter/ # of days In year) Rate AR IR led: For Assets Under Manaae�l lent Amount Due 0,6500 % On the remainder: 12,209,270 20,003.13 Total Fee: 20,003.13 Please compare this fee hill prepared by our firm to your custodial account statement for any discrepancies. Minor vndntions cony occur bemuse of reporting rates, accrual acllmds of interest and dividends, and other Factors. Your custodial statement Is the official record of your account. If you are not receiving statements from your collodion tit least quarterly, if there have been tiny charges in your Iinancinl situation, inveshnent objectives, or If you wish to Initiate or modify tiny reasonable restrictions ar the management of your account, please notify Mary Meiners tit 513-723-4554 or mcni@reninv.com. Return this section with your fee to the address below or in the enclosed envelope: RENAISSANCE INVEST MEN'T MANAGEMENT' 3551 Solutions Center #773551 Chicago, IL 60677-3005 Acct: IE0207 Custodian Account No: 440006396964 50 HAST 1UVI:iRCHN'1T',R IIOUI,I'sNARD ■ SUITI? 1200 COVINGTON, KY 41011 800.837.3863 0 513.723.4500 ■ FAX 513.723.4511 0 www.rcninv.corn Kennedy Capital Management® 10829 Olive Boulevard, Suite 100 1 Saint Louis, Missouri 63141 PHONE (314) 432-04001 FAX (314) 432-8536 www.kennedyeapital.com January 21, 2022 Luis Bartlett-Narvaez c/o Department of Human Resources & Pension Administration 7525 NW 88th Ave., Suite 106 Tamarac, FL 33321 United States Account No.: 20179 Account: City of Tamarac F—f-'--rs Pension Fund Broker Account Number. 37591 INVOICE - For The Period 4th Qtr 2021 Portfolio Value as of 10-31-21 Portfolio Value as of 11-30-21 Portfolio Value as of 12-31-21 Average of 3 Months Billable Average Market Value Brackets(000's) Rates 0 - 25,000 0.7500% 25,000 - 50,000 0.7000% over 50,000 0.6000% Quarterly Management Fee TOTAL DUE AND PAYABLE EMAIL ONLY 9,867,328 9,556,145 10,110,857 $ 9,844,777 $ 9,844,777 Tot. Assets 9,844,777 @ 0.750% per annum 18,459 0 @ 0.700% per annum 0 0 @ 0.600% per annum 0 $ 18,459 $ ",j 18,459 For questions regarding: Fec/Value calculations - Laura Brouk, direct 314-743-8234. Payment - Tra Mai, direct 314-743-8275. Please return payment within 15 days. Thank You. Remit all fees using one of the following options: Address: KCM's wiring instructions: Kennedy Capital Management, Inc. Enterprise Bank Attention: Tra Mai AB/ 162 Post Office Box 790379 To Credit: Kennedy Capital Management St. Louis, MO 63179 Account Number, 354 Please enclose copy of invoice with payment. Please reference account number when remitting payment. CC: Luis Bartlett-Narvaez - Luis.Bartlett-Narvaez@tamarac.org FIFTH THIRD BANK 200 East Robinson Street 9th Floor ,tu ,`EIVD M.D 1MOB2D F (..� Orlando, FL 32801 HUMAN RE.,WU �,III,�II��,II��I,L�,IL,I�LL�L�LII,��LJJJ,I„II„ CITY OF TAMARAC ATTN: HR DEPARTMENTFIGHTERJU1 JAN 24 PM 5; 01 7525 NW 88TH AVE TAMARAC, FL 33321-2427 Please return top portion with your check payable to: Fifth Third Bank PO BOX 631456 Cincinnati, OH 45263-1456 lilul,1,l1iililillloll llnnll,lul,l,[loll llllllllllloll III I FIFTH THIRD BANK Page Number: 1 Statement Date: January 05, 2022 Acct Name: TAMARAC FIRE R&D Account Number: "502 For Period Ending: Dec,_,—tv i1, 2021 Total Fee Dud for Period: $13,428.99 Past Due Balance: $0.00 Total Balance Due: $13,428.99 Invoice Number: 6886661 [Amount Enclosed $ Payment is due upon receipt Invoice Number Account Number Statement Date January 05, 2022 Period For Period October 01, 2021 - December 31, 2021 6886661 18502 Charge Description Gross Fee Adjustments Fees For Period '94209 TAMARAC FIRE GARCIA HAMILTON Market Value Fees Net Market Value as of December 31, 2021 : 25,820,338.30 143,242,606.95 @ 0.000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $2,420.66 14225 TAMARAC FIRE POLEN LARGE CAP Market Value Fees Net Market Value as of December 31, 2021 : 33,505,588.57 143,242,606.95 @ 0,000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $3,141.14 4233 TAMARAC FIRE CAMBIAR Market Value Fees Net Market Value as of December 31, 2021 : 32,119,681.75 143,242,606.95 @ 0.000375 each annually x 1/4 53,715.98 13,428.99 Current > 30 Days > 60 Dave; > 90 Days Credits Total Amount Due �$13,428.99 $0.00 $0.00 1 $0.00:± $0.00 $13,428.99 If you have any questions concerning your account, please contact 315-KIMBERLY KUTLENIOS at (407) 999-3027 Retain this portion for your records FIFTH THIRD BANK CITY OF TAMARAC FIREFIGHTERS PEN ATTN: HR DEPARTMENT 7525 NW 88TH AVE TAMARAC, FL 33321-2427 Statement Of Administrative Fees Page Number: 2 Statement Date January 05, 2022 Acct Name: TAMARAC FIRE R&D Account Number: 44440009318502 For Period Ending: December 31, 2021 Total Fee for Period: $13,428.99 Past Due Balance: $0.00 Total Balance Due: $13,428.99 Invoice Number 6886661 Invoice Number Account Number Statement Date Period 6886661 44440009318502 January 05, 2022 For Period October 01, 2021 - December 31, 2021 Charge Description Gross Fee Adjustments Fees For Period Total Market Value Fees $3,011.22 _ _4241 TAMARAC FIRE CLEARBRIDGE Market Value Fees Net Market Value as of December 31, 2021 : 12,179,882.01 143,242,606.95 @ 0.000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $1,141.87 '149 TAMARAC FIRE MDT ADVISER Market Value Fees Net Market Value as of December 31, 2021 : 9,604,244.87 143,242,606.95 9 0.000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $900.39 3964 TAMARAC FIREFIGHTERS' RENAISSANC Market Value Fees Net Market Value as of December 31, 2021.: 11,863,069.30 143,242,606.95 Co-) 0.000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $1,112.17 F 90061 TAMARAC FIREFIGHTER MUTUAL FUND Market Value Fees Net Market Value as of December 31, 2021 : 8,368,142.93 143,242,606.95 @ 0.000375 each annually x 1/4 53.715.98 13,428.99 FIFTH THIRD BANK CITY OF TAMARAC FIREFIGHTERS PEN ATTN: HR DEPARTMENT 7525 NW 88TH AVE TAMARAC, FL 33321-2427 Statement Of Administrative Fees Page Number: 3 Statement Date January 05, 2022 Acct Name: TAMARAC FIRE R&D Account Number: 18502 For Period Ending: December 31, 2021 Total Fee for Period: $13,428.99 Past Due Balance: $0.00 Total Balance Due: $13,428.99 Invoice Number 6886661 Invoice Number Account Number Statement Date Period 6886661 502 January 05, 2022 For Period October 01, 2021 - December 31, 2021 Charge Description Gross Fee Adjustments Fees For Period Total Market Value Fees $784.51 Rc 8502 TAMARAC FIRE R&D Market Value Fees Net Market Value as of December 31, 2021 : 183.09 143,242,606.95 @ 0,000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $0.01 Re 7591 TAMARAC FIREFIGHTER KENNEDY CAP Market Value Fees Net Market Value as of December 31, 2021 : 9,781,476.13 143,242,606.95 @ 0.000375 each annually x 1/4 53,715.98 13,428.99 Total Market Value Fees $917.02 Total Fees $13,428.99 Amounts Billed / Charged to Each Account Total Due Direct Debits Balance Due 4209 TAMARAC FIRE GARCIA HAMILTON 2,420.66 0.00 2,420.66 )94225 TAMARAC FIRE POLEN LARGE CAP 3,141.14 0.00 3,141.14 4233 TAMARAC FIRE CAMBIAR 3,011.22 0.00 3,011.22 5241 TAMARAC FIRE CLEARBRIDGE 1,141.87 0.00 1,141.87 149 TAMARAC FIRE MDT ADVISER 900.39 0.00 900.39 964 TAMARAC FIREFIGHTERS' RENAISSANC 1,112.17 0.00 1,112,17 .8502 TAMARAC FIRE R&D 0.01 0.00 0.01 17591 TAMARAC FIREFIGHTER KENNEDY CAP 917.02 0.00 917.02 0061 TAMARAC FIREFIGHTER MUTUAL FUND 784.51 0.00 784.51 Invoice Summary of Direct Debits $13,428.99 $0.00 $13,428.99 ClearBridge Investments: W, City orramarae Firefighters' Pension Tr 7525 NW 88th Avenue, Suite 106 Tamarac, FL 33321-2401 Attn: Nora Carles Date 1 /24/2022 �1 Billing Period 2021-Q4 Invoice Number 6429123121 Custodian ID '94241 CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. City of Tamarac Firefighters' Pension Trust Fund \, Fee Schedule Detail - City of Tamarac Firefighters' Pension Trust Fund 4 Annual Rate Valuation - USD Fee 0 to 999999999999 0.600% 12,122,027.38 18,332.49 Valuation Detail October. November December Average Mailing Address: Legg Mason FBO: Cleat -Bridge Investments, LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref:2021-Q4-6429 Valuation - USD 12,354,052.05 11,590,967.41 12,421,062.69 12,122,027.38 Total Fees Due 2021-Q4: Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABACI: 026009593 Acctll: 004467062771 Ref: 2021-Q4-6429 18,332.49 Joshua Appelt REMITTANCE COPY 7525 NW 88th Ave Tamarac, FL 33321 January 7, 2022 STATEMENT OF MANAGEMENT FEES Quarterly Fee calculated for assets under management as of December31, 2021 for the billing period from October 1, 2021 to December 31, 2021. Custodian Account Number: '�225 Account Number: �� Account Name: CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND Management Fee Calculation Detail N Breakpoints Annual Rate (%) Account Assets Fee Total Portfolio: Balance 0.500 $34,292,438 $43,217.87 Please remit the total fee amount to Polen Capital at the address indicated below. Payment for this invoice can be sent via mail or wire: By Mail Check payable to: Polen Capital Management P.O. Box 919766 Orlando, FL32891-9766 Overnight Address By Wire SunTrust Bank EIS Lockbox/Cust Svc 1000 Peachtree St„ N.E., Atlanta, GA Attn: Polen Capital Management LLC #919766 ABA: 061 000104 2290 Premier Row. Account Name: Polen Capital Management Orlando, FL 32809 LLC Account #: 1000214295577 SEC RULE 204.3 REQUIRES US TO OFFER IN WRITING TO DELIVER TO YOU UPON REQUEST A WRITTEN DISCLOSURE STATEMENT CONTAINING INFORMATION CONCERNING OUR BACKGROUND AND BUSINESS PRACTICES. Keep a copy of this invoice for tax purposes polencopital.com Boca Raton I Boston I London 182S NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 Investment Position Detail CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND- As of December 31, 2021 Total Portfolio Accrued Current Yield Security Quantity Original Cost Price Total Value % Income (%) ABBOTT LABS 13,29S 1,084,571 140.74 1,871,138 5.46 1.34 ACCENTURE PLC IRELAND SHS CLASS A 3,703 581,548 414.55 1,535,079 4.48 0.94 ADOBE SYS INC 2,906 734,657 567.06 1,647,876 4.81 AIRBNB INC 5,918 869,962 166.49 985,288 2.87 ALIGN TECHNOLOGY INC 954 228,735 657.18 626,950 1.83 ALPHABET INC CAP STK CL A 338 374,414 2,897.04 979,200 2.86 ALPHABET INC CAP STK CL C 799 923,299 2,893.59 2,311,9-/8 6.74 AMAZON COM INC 893 3,018,020 3,334.34 2,977,566 8.68 AUTODESK INC 4,031 741,416 281.19 1,133,477 3.31 DOCUSIGN INC COM 3,360 493,056 152.31 511,762 1.49 GARTNER INC 3,078 444,363 334.32 1,029,037 3.00 ILLUMINA INC 1,640 511,821 380.44 623,922 1.82 INTUITIVE SURGICAL INC 2,119 490,363 359.30 761,357 2.22 MASTERCARD INCORPORATED CL A 4,733 1,025,615 359.32 1,700,662 4.96 0.55 META PLATFORMS INC CLA 6,277 940,374 336.35 2,111,269 6.16 MICROSOFTCORP 5,732 660,435 336.32 1,927,786 5.62 0.74 MSCI INC 898 207,209 612.69 550,196 1.60 0.68 NETFLIX COM INC 1,589 871,304 602.44 957,277 2,79 NIKE INC 4,536 331,952 166.67 756,015 2.20 0.73 PAYPAL HLDGS INC 4,036 368,087 188.58 761,109 2.22 SALESFORCE COM INC 6,267 1,135,916 254.13 1,592,633 4.64 SERVICENOW INC 1,963 527,474 649.11 1,274,203 3.72 STARBUCKS CORP 7,523 487,378 116.97 879,965 2.57 1.68 UNITEDHEALTH GROUP INC 2,341 705,089 502.14 1,175,510 3.43 1.16 VISA INC 6,130 555,297 216.71 1,328,432 3.87 0.69 ZOETIS INC 6,130 554,875 244.03 1495,904 4.36 0.53 Total Equity Investment 18,867,230 33,505,589 97.71 0.00 0.35 US DOLLARS 786,850 786,850 1.00 786,850 2.29 Total Cash And Cash Equivalents 786,850 786,850 2.29 0.00 0.00 polencapital.com Boca Raton I Boston i London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 Investment Position Detail CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND- As of December 31, 2021 Total Portfolio Accrued Current Yield Security Quantity Original Cost Price Total Value % Income (%) Total Portfolio 19,654,080 34,292,438 100.00 0.00 0.34 pole ncopital.com Boca Raton I Boston I London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 Investment Position Detail CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND- As of November 30, 2021 Total Portfolio Accrued Current Yield Security Quantity Original Cost Price Total Value % Income (%) ABBOTT LABS 13,550 1,105,374 125.77 1,704,184 5.05 1.43 ACCENTURE PLC IRELAND SHS CLASS A 3,780 593,640 357.40 1,350,972 4.00 1.09 ADOBE SYS INC 3,450 872,184 669.85 2,310,983 6.85 AIRBNB INC 6,037 887455 172.54 1,041,624 3.09 ALIGN TECHNOLOGY INC 970 232,571 611.53 593,184 1.76 ALPHABET INC CAP STK CL A 345 382,168 2,837.95 979,093 2.90 ALPHABET INC CAP STK CL C 820 947,566 2,849.04 2,336,213 6.92 AMAZON COM INC 905 3,058,57S 3,507.07 3,173,898 940 AUTODESK INC 4,031 741416 254.19 1,024,640 3.04 GARTNER INC 3,136 452,736 312.25 979,216 2.90 ILLUMINA INC 1,671 521,496 365.33 610,466 1.81 INTUITIVE SURGICAL INC 2,169 501,934 324.34 703,493 2.08 MASTERCARD INCORPORATED CL A 4,806 1,041,434 314.92 1,513,506 4.48 0.62 META PLATFORMS INC CL A 6,325 947,565 324.46 2,052,210 6.08 MICROSOFT CORP 5,890 678,640 330.59 1,947,175 5.77 3,651.80 0.75 MSCI INC 920 212,285 629.45 579,094 1.72 0.66 NETFLIX COM INC 1,617 886,657 641.90 1,037,952 3.07 NIKE INC 4,629 338,758 169.24 783,412 2.32 0.72 PAYPAL HLDGS INC 4,110 374,836 184.89 759,898 2.25 SALESFORCE COM INC 6,388 1,157,848 284.96 1,820,324 5.39 SERVICENOW INC 1,996 536,341 647.70 1,292,809 3.83 STARBUCKS CORP 7,665 496,578 109.64 840,391 2.49 1.79 UNITEDHEALTH GROUP INC 2,389 719,547 444.22 1,061,242 3.14 1.31 VISA INC 6,251 566,258 193.77 1,211,256 3.59 2,344.13 0.77 ZOETIS INC 6,251 565,827 222.04 1,387,972 4.11 1,562.75 0.45 Total Equity Investment 18,819,689 33,095,206 98.04 7,558.68 0.35 US DOLLARS 663,283 663,283 1.00 663,283 1.96 Total Cash And Cash Equivalents 663,283 663,283 1.96 0.00 0.00 Total Portfolio 19,482,972 33,758,489 100.00 7,558.68 0.35 polencopitol.com Boca Raton I Boston I London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1(561)-241-2425 Investment Position Detail CITY OF TAMARAC FIREFIGHTERS PENSION TRUST FUND- As of October 31, 2021 Total Portfolio Accrued Current Yield Security Quantity Original Cost Price Total Value % Income (%) ABBOTT LABS 13,550 1,105,374 128.89 1,746,460 4.95 6,097.50 1.40 ACCENTURE PLC IRELAND SHS CLASS A 3,780 593,640 358.79 1,356,226 3.84 3,666.60 1.08 ADOBE SYS INC 3,450 872,184 650.36 2,243,742 6.36 AIRBNB INC 6,037 887,455 170.66 1,030,274 2.92 ALIGN TECHNOLOGY INC 970 232,571 624.37 605,639 1.72 ALPHABET INC CAP STK CL A 345 382,168 2,960.92 1,021,517 2.90 ALPHABET INC CAP STK CL C 820 947,566 2,965.41 2,431,636 6.89 AMAZON COM INC 741 2,471,576 3,372.43 2,498,971 7.08 AUTODESK INC 4,031 741,416 317.61 1,280,286 3.63 GARTNER INC 3,136 452,736 331.91 1,040,870 2.95 ILLUMINA INC 1,671 521,496 415.06 693,565 1.97 INTUITIVE SURGICAL INC 2,169 501,934 361.13 783,291 2.22 MASTERCARD INCORPORATED CL A 4,806 1,041,434 335.52 1,612,509 4.57 2,114.64 0.52 META PLATFORMS INC CL A 8,300 1,243,44S 323.57 2,685,631 7.61 MICROSOFTCORP 5,890 678,640 331.62 1,953,242 5.54 0.75 MSCI INC 920 212,285 664.88 611,690 1.73 0.63 NETFLIX COM INC 1,617 886,657 690.31 1,116,231 3.16 NIKE INC 4,629 338,758 167.29 774,385 2.20 0.66 PAYPAL HLDGS INC 4,110 374,836 232.59 955,945 2.71 SALESFORCE COM INC 6,388 1,157,848 299.69 1,914,420 5.43 SERVICENOW INC 1,996 536,341 697.76 1,392,729 3.95 STARBUCKS CORP 7,665 496,578 106.07 813,027 2.30 1.85 UNITEDHEALTH GROUP INC 2,389 719,547 460.47 1,100,063 3.12 1.26 VISA INC 6,251 566,258 211.77 1,323,774 3.75 0.71 ZOETIS INC 6,251 565,827 216.20 1,351,466 3.83 1,562.75 0.46 Total Equity Investment 18,528,570 34,337,589 97.34 13,441.49 0.34 US DOLLARS 936,981 936,981 1.00 936,981 2.66 Total Cash And Cash Equivalents Total Portfolio 936,981 936,981 2.66 0.00 0.00 19,465,551 35,274,570 100.00 13,441.49 0.33 polencopital.com Boca Raton I Boston I London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 SUGARMAN, SUSSKIND, BRASWELL & HERRERA, P.A. 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305-447-81 15 www.sugarmansusskind.com V City of Tamarac Firefighter's Pension Trust Fund City of Tamarac Human Resources Department 7525 NW 88th Avenue Suite 106 Tamarac, FL 33321-2401 Client:Matter TMFP For professional services rendered 12.1 Zo 2 l Retainer for the month of January, 2022 --e-M c--& p P-n a Previous balance 1 /4/2022 Payment - Thank You. Check No. 27898 1 /4/2022 Payment - Thank You. Check No. 27899 Total payments and adjustments Balance due Januaryl 1, 2022 Invoice # 165340 Hours Amount 0.00 $6,300.00 ($2,100.00) ($2,100.00) ($4,200.00) $4,200.00 -- SOUTHERN _= ACTUARIAL SERVICES City of Tamarac Firefighters' Pension Trust Fund c/o Mr. Luis Bartlett-Narvaez Human Resources Technician 7525 N.W. 88th Avenue, Suite 203 Tamarac, FL 33321-2401 1:4ECLIVEi HUMAN RESOUIRM 2022 JAN -3 PM 4 : 54 Post Office Box 868343 Atldotd, Georgia 30356-0343 Telephone 110,391.0980 Nsimile 110.39Z,Z193 INVOICE INVOICE NO: 273-1221 DATE: December 22, 2021 PAYMENT DUE BY: January 21, 2022 PROJECT DESCRIPTION FEE 273-272 Individual benefit calcul tion for Joseph Chin, submitted December 17, 2021 I f- i i'A L) $250.00 273-273 Individual benefit calculation for John Coates, submitted December 21, 2021 �L �-�� $225.00 TOTAL DUE $475.00 Please remit the total amount shown above on or before the payment due date. Clients that submit payment in a timely manner will be given priority over clients who owe past due amounts. Please make all checks payable to Southern Actuarial Services Company, Inc. If you have any questions concerning this invoice, please call (770) 392-0980. WIT APPRECIATE YOUR I3[ISINESSi 1 rederated Womwo Hermes January 25, 2022 City of Tamarac Firefighters' Pension Trust Fund c/o Dept. of Human Resources/Pension Administration Attn: Nora Carles 7525 N.W. 88th Avenue, Suite 106 Tamarac, FL 33321-2401 FEDERATED MDT HERMES STATEMENT OF MANAGEMENT FEES FOR ACCOUNT: mdt032 City of Tamarac Firefighters' Pension Trust Fund 11 For The Period October 1, 2021 - December 31, 2021 Portfolio Value as of 12-31-21 3,000,000 @ 0.900 % per annum 6,696,496 @ 0.900 % per annum Quarterly Management Fee TOTAL DUE AND PAYABLE Payment Instructions: via check: Federated MDT LLC PO Box 641531 Pittsburgh, PA 15264-1531 Federated MDT Advisers 125 High Street Oliver Street Tower, 21st Floor Boston, MA 02110-2721 $ 9,696,495.85 6,750.00 15,067.12 21,817.12 $ 21,817.12 via wire ACH-. Bank: PNC Bank BNF: Federated MDT LLC ABA# 043000096 Account# 2434291 Reference: Payment Period Please contact accountsreceivable@federatedinv.com with billing concerns & questions. Consent Agenda: Authorization to Pay Benefits City of Tamarac Firefighters' Pension Trust Fund Consent Agenda — Authorization to Pay Benefits DROP EXIT APPROVAL To: Kimberly Kutlenios — Fifth Third Bank From: Board of Trustees This notice serves as authorization to pay the following from account #44440009318502. Payee Name DROP Entry DROP Exit Benefit Monthly Payment Monthly Monthly Total Form of Effective Date Effective Date Subsidy Supplement Benefit Percy Sayles 12/1/2019 11/19/2021 $ 11,673.77 $ 426.04 $ - $ 12,099.81 50%JCPU Chairperson: Steve korte (Nov 20, 202115:09 EST) Trustee: Omar Jirar (Nov 29, 202115:00 EST) Date: Nov 20, 2021 "ALL AUTHORIZATIONS MUST HAVE AT LEAST TWO SIGNATURES CITY OF TAMARAC FIREFIGHTERS' PENSION PLAN Election Form for Payment of Retirement Benefits Name of Participant: Percy Sayles Social Security No.: Home Address: Coral Springs FL (City) (State) (Zip Code) You are eligible to receive retirement benefits from the plan, payable on the first day of each month commencing December 1, 2019. The following shows the amount of your monthly benefits under different methods of payment as provided under the plan. Please indicate the form of payment under which you wish to receive your benefits by checking the appropriate box. ❑Life Annuity — a monthly income of $12,187.45 payable to you during your lifetime. No further payments will be made after your death. ❑ 10 Years Certain and Life Thereafter — a monthly income of $12,143.73 payable to you during your lifetime. In the event of your death prior to receiving payment for 10 years (120 payments), your e designated beneficiary will continue to receive the same amount of retirement income for the remaining 10- year period. ❑50% Joint and Contingent — a monthly income of $11,710.20 payable to you during your lifetime. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $5,855.10 payable dur' g the remaining lifetime of the beneficiary. 50% Joint and Contingent including the optional "pop-up" feature — a monthly income of $11,673.77 payable to you. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $5,836.89 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of $12,143.73 payable during your remaining lifetime. 662/3% Joint and Contingent — a monthly income of $11,559.62 payable to you during your lifetime. Upon ❑your death, your designated beneficiary, if still living, will receive a monthly income of $7,706.41 payable during the remaining lifetime of the beneficiary. 662/3% Joint and Contingent including the optional "pop-up" feature — a monthly income of $11,509.83 ❑payable to you. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $7,673.22 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of $12,143.73 payable during your remaining lifetime. ❑75% Joint and Contingent — a monthly income of $11,485.54 payable to you during your lifetime. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $8,614.16 payable during the remaining lifetime of the beneficiary. 75% Joint and Contingent including the optional "pop-up" feature — a monthly income of $11,430.89 ❑payable to you during your lifetime. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $8,573.17 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of $12,143.73 payable during your remaining lifetime. 100% Joint and Contingent— a monthly income of $11,269.38 payable to you during your lifetime. Upon ❑ your death, your designated beneficiary, if still living, will receive a monthly income of $11,269.3 8 payable during the remaining lifetime of the beneficiary. J CITY OF TAMARAC FIREFIGHTERS' PENSION PLAN Election Form for Payment of Retirement Benefits PAGE 2 100%Joint and Contingent including the optional "pop-up" feature - a monthly income of $11,197.73 F-1 payable to you during your lifetime. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $11,197.73 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of $12,143.73 payable during your remaining lifetime. Note: Regardless of the method of payment you choose, the amount of benefits payable to you or on your behalf will be at least equal to the amount of your own contributions to the plan with interest. The Joint and Contingent benefits shown above were calculated based upon your designated beneficiary named below and payable only to this beneficiary. Name of Beneficiary: Susan Sayles Social Security No.: Birth Date: Home Address: Coral Springs (City) (State) (Zip Code) I accept the terms on the previous page, including my choice of annuity form, and confirm the information shown on the previous page to be correct. / /,� I ) a oat Date Date TO BE COMPLETED BY NOTARY PUBLIC: Signature of Participant <' _ Signature of Spouse (If Married) tl STATE OF I ®r� COUNTY OF —AS YJ Sworn to and subscribed to before me this_day of 15tLnAtatl_ A-4— 20� by has produced identification. Signature of Nq ary Public Print, Type or Stamp Commission Name, Commission No./ Serial No. of Notary TO BE COMPLETED BY ADMINISTRATIVE MANAGER'S OFFICE: Date Approved By Consent Agenda: Lo Date: who is �iyir: ••. ,SE44MOY RIVE ; MY COMMISSION # G 122050 EXPIRES: July 6, 2 21 P,l;th Bonded Thru Notary Publb U nvriters City of Tamarac Firefighters' Pension Trust Fund Consent Agenda — Authorization to Pay Benefits DROP ACCOUNT EXIT APPROVAL To: Kimberly Kutlenios — Fifth Third Bank From: Board of Trustees This notice serves as authorization to pay the following from account #44440009318502. Payee Name DROP Entry DROP Exit Benefit DROP Payment Form Effective Date Effective Date Percy Sayles 12/1/2019 11/19/2021 $ 295,600.07 Lump Sum Chairperson: Steve Korte(Nov 20, 202115:09 EST) Vice -Chairperson: Omar Omar J1ra�02115:00 EST) Date: Nov 20, 2021 "ALL AUTHORIZATIONS MUST HAVE AT LEAST TWO SIGNATURES Sayles, Percy City of Tamarac Firefighters' Pension Trust DROP Account Statement COLA Rate: 2.25% 2.25% COLA COLA Effective Effective ' initli Lastirast Name Errs SName En Da e. Exi Date Firs Co a Bene 111K Sayles. Percy 12/1/2019M 1/1/2025 11,673.77 11,936.43 12,205.00 10/1/2019 11/1/2019 12/1/2019 11,673.77 1/1/2020 11,673.77 2/1/2020 11,673.77 3/1/2020 11,673.77 4/1/2020 11,673.77 5/1/2020 11,673.77 6/1/2020 11,673.77 7/1/2020 11,673.77 8/1/2020 11,673.77 9/1/2020 11-,673.77 - - 10/1/2020 11,673.77 11/1/2020 11,673.77 12/1/2020 11,673.77 1/1/2021 11,673.77 2/1/2021 11,673.77 3/1/2021 11,673.77 4/1/2021 11,673.77 5/1/2021 11,673.77 6/1/2021 11,673.77 7/1/2021 11,673.77 8/1/2021 11,673.77 9/1/2021 11,673.77 10/1/2021 11,673.77 11/1/2021 11,673.77 11/30/2021 - 8.50% 31 10/31/2019 - 8.50% 30 11/30/2019 - 11,673.77 8.50% 31 12/31/2019 84.04 23,347.54 8.50% 31 1/31/2020 168.09 35,021.31 8.50% 29 2/29/2020 235.87 46,695.08 8.50% 31 3/31/2020 336.18 58,368.85 8.50% 30 4/30/2020 406.67 70,042.62 8.50% 31 5/31/2020 504.27 81,716.39 8.50% 30 6/30/2020 569.34 93,390.16 8.50% 31 7/31/2020 672.36 105,063.93 8.50% 31 8/31/2020 756.40 -- - . 116,737.70 8.50% 30 - -9/30/2020_____ 813.34_-__-_-4,546.56. _ 128,411.47 4.50% 31 10/31/2020 490.78 140,085.24 4.50% 30 11/30/2020 518.12 151,759.01 4.50% 31 12/31/2020 580.01 4,546.56 167,979.34 4.50% 31 1/31/2021 642.00 179,653.11 4.50% 28 2/28/2021 620.17 191,326.88 4.50% 31 3/31/2021 731.24 203,000.65 4.50% 30 4/30/2021 750.82 214,674.42 4.50% 31 5/31/2021 820.47 226,348.19 4.50% 30 6/30/2021 837.18 238,021.96 4.50% 31 7/31/2021 909.70 249,695.73 4.50% 31 8/31/2021 954.32 261,369.50 4.50% 30 9/30/2021 966.71 8,821.52 273,043.27 4.50% 31 10/31/2021 1,043.55 284,717.04 4.50% 29 11/29/2021 1,017.96 8,821.52 293,538.56 11/30/2021 - 2,061.51 284,717.04 Accrued Balance 8,821.52 Total interest at 4.50% for period 10/1/2020 to 9/1/2021 2,061.51 Total interest at 4.50% for period 10/1/2021 to 11/1/2021 295,600.07 Total NOTE: Interest from 10/1/2020 through 11/31/2021 maybe adjusted after the rate of return is provided by the actuary after 1/1/2022. The minimum rate of 4.5 was used until interest is provided by the Actuary. Prepared by: _ Senior Accountant Reviewed by: Assistant Director of Finance/Controller Page 1 of 1 City of Tamarac General Employees' Pension Trust Fund DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Percy Sayles Address: Social Security Number: Birthdatr 969 REASON FOR DISTRIBUTION X Retirement (as defined by the plan) ❑ Disability ❑ Other: ❑ Death = Payable to: Address: Soc. Sec. No.: TIMING OF DISTRIBUTION Relationship to participant: understand that I have 30 days from the date I received the Special Tax Notice regarding plan payments to consider my decision of whether or not to elect rollover of my distribution. a) V I hereby waive the 30-day period and elect to receive my distribution in the method selected below as soon as possible. b) I elect to take advantage of the option to defer my decision for a period of 30-days. METHOD OF DISTRUBUTION AND WITHHOLDING have received, read, and understand the special tax notice regarding plan payment which contains general information on the rules regarding rollover, direct rollover, withholding, capital gains, and income averaging treatment of distribution. understand that the taxable amount of this distribution is eligible for rollover treatment and that nontaxable portions are not eligible for rollover; therefore, all nontaxable portions of my accounts will be distributed to me. If the distribution is made to a beneficiary other than the spouse, the distribution is not eligible for rollover, and option (c) below will be the deemed election. 1 a) I instruct you to directly rollover the total taxable portion of the distribution requested on this form to the Qualified Retirement Plan or Individual Retirement Account named below in Direct Rollover Information. I understand that Federal and State income tax will not be withheld as a result of this direct rollover. b I instruct you to directly rollover $ 211600.07 of the total taxable portion of this distribution eligible for rollover to the Qualified Plan or IRA named below in Direct Rollover Information. I instruct you to distribute to me the remaining balance of the distribution. understand that: 1) Federal and State income tax will not be withheld from the amount directly rolled over to the Qualified Plan or IRA named below; and 2) the taxable portion of the amount distributed to me is subject to mandatory Federal income tax withholding at a rate of 20% as required under current law, and State income tax will be withheld, if applicable. c) I instruct you to distribute to me the total distribution (less the rollover portion if any). I understand that Federal income tax will be withheld on the taxable amount of the distribution at a rate of 20% as required under current Federal law. DIRECT ROLLOVER INFORMATION Trustee or IRA: Custodian Name: Plan Name or IRA: Account Number: SIGNATURE Pe/le ,Nov 18,20211731 EST) Voya Institutional Company Voya Institutional Trust Company City of Tamarac 457 plan Participant/Beneficiary Signature Signature: S PercySayl Nov 18,20211731 EST) Email: sayles88@gmail.com Company: COT Nov 18, 2021 Date TAMARAC 000�� The City For Your Life Firefighter's Pension Plan Trust Fund CITY OF TAMARAC PENSION PLAN ADMINISTRATION ACKNOWLEDGEMENT OF CONDITIONAL LUMP SUM DISTRIBUTION NAME OF EMPLOYEE OR BENEFICIARY: Percy Sayles AMOUNT OF LUMP SUM PAYMENT: DATE OF PAYMENT: 11/18/2021 295,600.07 I, the undersigned, Percy Sayles , do hereby acknowledge that in accordance with procedures and policies established by the Board of Trustees of the City of Tamarac Firefighters' Pension Trust Fund, I have received on this day a conditional lump sum distribution of benefits from the Trust Fund in the above -stated amount, pending ratification of said amount by the Board of Trustees. I understand and acknowledge that my entitlement to the distribution that I have received on this day is and shall remain conditional pending ratification of same by the Board of Trustees. I further understand that the Board of Trustees may determine that the amount of the benefit to which I am entitled is less than the conditional distribution that I have received on this day. I also acknowledge that if the amount of the benefit ratified by the Board of Trustees is less than the amount that I have received on this day, I am not entitled to the difference, and I shall reimburse said difference immediately to the Trust Fund. I further acknowledge that my receipt of the conditional lump sum distribution is strictly conditioned upon my agreement hereby to indemnify the Board of Trustees for any costs that it may incur, including court costs and attorney fees, as a result of any failure on my part to repay to the Trust Fund any difference in the amount that I have received on this day and the amount ratified by the Board of Trustees, as set forth above. Accordingly, I agree to pay to the Board of Trustees, in addition to any such difference, any attorney fees, court costs, or other expenses incurred by the Trustees for the purpose of collecting the difference due, if said difference is not paid within 60 days of the date of ratification by the Board of Trustees of the amount of benefit to which I am entitled. _P,tlt4 S _ PercySayle_ ,Nov 18, 202117:31 EST) Nov 18, 2021 Participant's Signature Date City of Tamarac Pension Plan Administration DROP Account Interest Approval TO: Kimberly Kutlenios, Fifth Third Bank DATE: 2/1/2022 Account: 44-44-0009318502 (FIRE) PENSION PLAN: Firefighters' Pension Plan Board of Trustees TAMARAC The City For Your Life This notice serves as authorization to transfer funds, pursuant to the directive of the Board of Trustees, as summarized below from Fifth Third Bank Account 44-44-0009318502 (FIRE) to VOYA FBO Jeffrey Moral Acct. # 666950 Payee Name Exit Effective Date Interest Y E Amount Interest Period Starrt Interest Period End Additional Information Moral, Jeffrey 1213112020 $40,612.43 101112019 1213112020 Rollover TOTAL $40,612.43 Chairperson Sign atu resftghg &'Oeg Date: Feb 3, 2022 Steve Korte (Feb 3, 202210:30 EST) Secretary Signature: � Date: Feb 2, 2022 Omar fi— (Feb 2, 2022 12:02 EST) Trustee Signature: Date: Trustee Signature: Date: ALL AUTHORIZATIONS MUST HAVE AT LEAST TWO SIGNATURES Moral, Jeffery City of Tamarac Firefighters' Pension Trust DROP Account statement COLA Rate: 2.25% 2.25% COLA COLA Eflectrve Effective Initial Last Name First Name Entry Date Exit Date First Cola Benefit IMI1900 12/3011900 MORAL JEFFREY 111112016 1=12020 7,339.59 Applied Interest or Interest Calculated interest (DROP Accrued Interest Earned Interest Total per late Benefit _ distribution) Balance Rate a of Days Through Earned Fiscal Year 10/1/2015. 7.44% .. 31 30/31/2615 - 11/l/2015 7.44% 30 11/30/2915 12/1/2015 7.449E 31 12/31/2015 1/1/2016 7,339.S9 - 7,339.59 7.449E 31 1/31/2016 46.25 2/1/2016 7,334.59 14,679.18 7.444E 29 2/29/2016 86.53 3/1/2016. 7,339.59 22,018.77 7.444E 31 3/31/2016 138.75 4/l/2016; 7,339.S9 29,358.36 7.444E 30 41"/2016 179.04 5/1/2016` 7,339.59 36,697.95 7.449E 31 5/31/4016 231.26 6/1/2016. 7,339.59 44,637.54 7,44% 30 6IW2016 268.56 7/1/2016 7,339.59 51,377.13 7.44% 31 7/31/2016 323.76 8/1/2016 7,339.59 58,716.72 7.449E 31 $131/2015 370.01 9/1/2016 7,339.59 66,056.31 7.444E 30 /30/2016 402.84 2,047.00 '30/1/2016 7,339.59 73,395.90 S 50=; 31 10/31/2016 529.86 il/1/2016 7,339.59 80,735.49 0.50% 30 11/30/2016 564.04 1211/2016 7,339.59 88,075.08 8.509E 31 12/31/2016 635.83 1/1/2017, 7,339.59 2,047.00 97,461.67 8.509E 31 1/31/2017 703.59 2/1/2017 7,339.59 104,801.26 8.504E 28 2/28/2017 683.36 3/l/2617 7,339.59 112,140.85 8.50% 31 3/31/2017 809.56 4/1/2017 7,330.59 119,480.44 8.50% 30 4/30/2017 834.73 5/1/2017 7,339.59 126,820.03 8.50% 31 5/31/2017 915.54 6/1/2617, 7,339.59 134,159.62 8.5096 30 6/30/2017 931.28 7/1/2017 7,339.59 141,490.21 8.50% 31 7/31/2017 1.021.51 8/1/2017 7,339.59 148,838.90 8.5096 31 8/31/2017 1.074.49 9/1/2017 7,339.59 150,178.39 8.50% 30 9/30/2017 1,091.31 9,800.90 10/1/2017 70339.59 163,517.98 6 7 7: i 31 10/31/2017 940.21 11/1/2017 7,339.59 470,857.57 6.77% 30 11/30/2017 950.72 12/1/2017 7,339.59 178,197.16 6.7.7% 31 100017 1.024.61 1/1/2018 7,339.59 9,800.90 195,337.65 6.774E 31 1/31/2018 1,123.16 2/1/2018 7,339.59 202,677.24 6.779E 28 2/28/2018 1,052.59 3/1/2018 7,339.59 210,016.83 6.779E 31 3/31/2018 1.207.57 4/1/2018 7,339.59 n7,356.42 6.779E 30 4/30/2018 1,209.45 5/1/2018 7,339.59 214,696.01 6.779E 31 5/3V. 618 1,291.97 6/1/2018 7,339.59 232,035.60 6.774E 30 6/30/2018 1.291.14 7/1/2018 7,339.59 239,375.19 6.77% 31 7/31/2018 1,376.37 8/l/2618 7,336.59 246,714.78 6.774E 31 8/31/2018 1,418.58 9/1/2018 7,339.59 254,054.37 6.779E 30 9/30/2018 1,413.66 14,300.03 10/1/2018 7,339.59 261,393.96 4 50°e 31 19/31/2018 999.03 11/1/2018 7,339.59 268,733.55 4.50% 30 11/30/2018 993.95 12/1/2018 7,339.59 276,073.14 4.509E 31 12/31/2018 1.055.13 1/1/2019 7,339.59 14,300.03 297,712,76 4.509E 31 1/31/2019 1.137.83 2/1/2019 7,339.59 305,052.35 4.504E 28 2/28/2019 1.053.06 DROP Interest Letter Moral,leHery City of Tamarac Firefighters' Pension Trust DROP Account Statement Applied Interest or interest Calculated interest (DROP Accrued Interest Earned interest Total Per Date Benefit Distribution) Balance Rate 1; of Days Through Earned Fiscal Year 3/1/2019 7,339.59 312,191.94 4,504E 31 3/31/2039 1193.94 4/1/2019 7,339.59 3190731.53 4.504E 5/1/2019 7,339.59 327,071.12 4.504E 6/1/2019 ' 7,339.59 334,410.71 4.50% 7/1/2019 7,339,59 341,750.30 4.504E $11/2019 7,339.S9 349,089.89 4.50. 9/1/2019 7,339.59 356,429.48 4.504E 10/1/2019 7,339,S9 363,769.07 ? 50:: LlIV2019 7,339.59 371,108,66. 8.504E 12/1/2019 7,339.59 )78,448.25 $,so% 1/'12020 7,339.59 14,061.04 399,948.88 8.50% 2/1/2020 7,339.59 407,188.47 8.50% 3/1/2020 7,339.59 414,528.06 8.504E 4/1/2020 7,339.S9 421,867.65 8.504E 5/1/2020 7,339.59 J29,207.24 8.50% _.6/1/2020.... _.-7,330.59 _....... _ _ : - . _..436;546.83 - ' 8.504E 7/1/2020 7,339.59 443,886,42 8.509E 8/1/2020 7,339.59 451,226.01 0.50% 9/1/1020 7,339.S9 458,565.60 8.504E 10/1/2020 7,339.S9 465,90S.19 4 50:. 11/1/2020 7,339.59 473,244.78 4.504E 12/1/2020 7,339.59 480,584.37 4.504E 1/1/2021 . 35,244.67 2/1/2021 5,367.76 40,612.43 Interest Due 30 4/30/20i9 1,182.57 31 5/31/2019 1,250.04 30 6/30/2919 1,236,86 31 7/31/2019 1.306.14. 31 8/31JZ019 1.334.19 30 9/30/2019 1,318.30 14.061 04 31 10/31/2019 2,618.94 30 11/30/2019 2,595.59 31 12/31/2019 2,724.62 31 1/31/2020 2,878.69 29 2/29/I020 2,742.40 31 3/31/2020 2,994.38 30 Al/30/2020 2,939.24 31 5/31/2020 3.M.06 _30 _ 6/30/2020 3,041:51 _...._ _.__. 31 7/31/2020 3,195.74 31 8/31/2020 3,248.58 �r 30 9/30/2020 3,194.92 35,244.67 31 10/31/2020 1,780.65 30 11/30/2020 1,750.36 31 12/31/2020 1.836.75 5,36776 NOTE: Interest from 10/1/2020 to 12/31/2020 may be adjusted after the rate of return is provided by the actuary after i/i/2022, The minimum rate of 4.5 was used until interest is provided by the Actuary. Prepared by: �9� _„ �� Senior ACCOUnt nt w 12138121 City of Tamarac Firefighters' Pension Trust Fund c/o City of Tamarac Human Resources DepartmenVension Administration 7525 NW 88v1 Avenue, Suite 106 Tamarac, FL, 33321-2401 Phone: 954-597-3616 DISTRIBUTION ELECTION FORM PARTICIPANT INFORMATION Name: Jeffrey 0. Moral Address: - Social Security Number. Birthdate: l REASON FOR DISTRIBUTION Retirement (as defined by the plan) Disability Other. Death - Payable to:. Name: Address: Soc, Sec. No.: Relationship to parbclpant: TIMING OF DISTRIBUTION 1 understand that I have 30 days from the date I received the Special Tax Notice regarding plan payments to consider my decision of whether or not to elect rollover of my distribution. a) I hereby waive the 30-day period and elect to receive my distribution in the method selected below as soon as possible. b) ,_.,, !!!?`l elect to take advantage of the option to defer my decision for a penod of 30-days. METHOD OF DISTRUBUTION AND WITHHOLDING I have received. read. and understand the special tax notice regarding plan payment which contains general infwrnation on the rules regarcanq rollover, direct r0itover. withholding. capital pains. and income averaging treabnent of distribution. I understand that the taxable amount of thus dis"ution is eligible for rollover treatment and that nontaxable portions are not eligible for rollover; therefore. all nontaxable portions of my e000unts will be distributed to me DROP Interest Letter If -the distribution is made to a beneficiary other than the spouse, the distribution is rot eligible for rolooee•, and opt gn (ci balm/ vilt be the deemed election, a rl;r,. I fnstruct.ymu to dimtty rollover the total taxable portion of the distribution requested on tns •o•m to the Clualrbed Retirement Plan or Individual Retirement Aemount ("IRA') named be:ow n Direct Rollover information. t understand that Federal and State income tax wilt'no: be whhheld as a result of this direct rollover b) �.,1 instruct you to directly rollover $ of the cola) taxable potion of :h:s distribution eligible for rollover to the Qualified Plan or IRA named beknv in Direct Rollaver Information, -1 instruct you to distribute to me the remaining balance of the distribution. 1 understand.that: 1) Federal and State income tax will not be withheld from the arrtouM duec:iy rotted over to the Qualified Plan or IRA named below, and 2) the taxable portion of tie amour! distributed to me is subject to mandatory Federal income tax withholding at a rate of 23*h as requited under current law, and. State income tax will be withheld, if applicable. • i • c) I instruct you to distribute to me the total distribution (less the rollover portion if any). I urdierst3nc that Federal income tax wilt be withheld on the taxable amount of the distribution a; a rate as required under current Federal law. DIRECT ROLLOVER INFORMATION ~'(� Trustee or IRA:Vou �#—��1�i�"I+ul1 cra i TY Custodian Name: 11 I , '� (A . 1 ( V( ` , 1 Plan Name or IRA- 1 �T l *' on-in}r n C. Account Number Wliti 14 0 30l C6- N-ew SIGNATURE a. i efieiary nature Date I44.? . I i r h� ry{ al, S { r ' F ,11^�+'SO6(. IY' Yd } S.I�YY l��Ea�n tail ZII ` ci��a�V'L�ITU VL �mNuf Q'Cb "Eva � {7�3t.{li.lf f �'Ilf 'I. .Li�Mmc,� rr ((JJtt fad arty, �fi Tarya,rac � gu�d yoq ;he�e� quegti�ns' �G�gardj�g this �t�tter,, ;PCease cantaCi the Pension Am�n'istration bce at (354 :; ah�zVP9; t{Rati. P- reg rs i��g ihf r: etter, xleas cQn�a: t tFTe.;' Pensl,4n Aklrrfit'ltetrataoll C�ftice�t �9�'4}?59��`3�18 :': �fhoerely� �... L !v -+lAY t � raiss4r p Nord aYle�z sty o`taMaCac i��ltnarz R�ctiLaces te�aCtlne�t/Per3fsfbYy!�timrllstratroil` �t �� City of Tamarac Firefighters' Pension Trust Fund COLA January 1, 2022 2% SS# Name James Budzinski Edward Crupar aul Forsberg jSteven J. Gotha ':;,yan Hurst James Karcher Frank Knapfel Dennis Peloso Michael Petz Peter Prior James Terry Pension DOB Effective Date 12.01.2004 01.01.2006 1 12.01.2004 05.01.2005 10,01.2004 114.01.2006 4.01.2003 08.01.2004 )1.01.2005 11.01.2004 11.01.2003 Type Initial COLA Effective Date 2021 Benefit 2% Increase 2022 Benefit Email $ 10,198.45 V $ 7,365.91 $ 8,188.94 $ 7,635.81 $ 7,192.01 $ 7,200.95 $ 6,866.23 -- ' $ 7,666.10 $ 6,648.39 $ 8,144.77 $ 1,637.22 $ 78,744.77 Normal 1.1.2008 $ 9,998.48 $ 199.97 Normal 1.1.2008 $ 7,221.48 $ 144.43 Normal 1.1.2008 $ 8,028.37 $ 160.57 Normal 1.1.2009 $ 7,486.09 $ 149.72 Normal 1.1.2006 $ 7,050.99 $ 141.02 Normal 1.1.2007 $ 7,059.75 $ 141.20 Normal 1.1.2007 $ 6,731.60 $ 134.63 Normal 1.1.2008 $ 7,515.78 $ 150.32 Normal 1.1.2008 $ 6,518.03 $ 130.36 Normal 1.1.2008 S 7,985.07 $ 159.70 Early 1.1.2007 $ 1,605.12 $ 32.10 $ 77,200.75 $ 1,544.02 .-%. A.h Steve Korte (Dec 10, 202109:54 EST) Authorized Signer / Date Oni,, J'rau (Dec 1., 202107:55 EST) Authorized Signer I Date Calculated by. Arlene Walsh (Employed on or after 1011102 and retired prior to 212812007; 2% increase effective Jan 1st after 3 yrs for Normal, Early or Disability Retirements & incl BACDROP from initiation date of BACDROP) City of Tamarac Firefighters' Pension Trust Fund COLA January 1, 2022 2.25% SS# Name DOB Pension Effective Type Initial COLA Effective Date 2021 Benefit Amount 2.25% Increase 2022 Benefit Email Amount $ 2,427.8! $ 8,080.45 $ 8,093.54 $ 9,521.77 $ 7,172.93 John Badgwell Tim Brown Randy Correll Richard Cravero John Dowling III Jerome Emerson John Gaul William Hughes °aul Kelly 'alrick Kendrick Paul Kinney Daniel Mariano James Megna Sienna Megna _ Mark Micciche _ Matthew Moore Philip Mordente Duane Pierce David Radzivill John Schumacher Tom Sheridan 3/1/2015 EARLY 01.01.2021 $ 2.374.43 S 53.42 03.01.2012 NORM 01.01.2016 $ 7,902.64 S 177.81 03.01.2007 NORM 01.01.2011 $ 7,915.44 $ 178.10 03.01.2013 NORM 01.01.2017 $ 9.312,25 :$ 209.53 04.01.2007 NORM 01.01.2011 $ 7,015.09 S 157.84 10.01.2008 NORM NORM 01.01.2012 01.01.2017 5 6,746,48 $ 8,306,83 $ 151.80 S 186.90 $ 6,898.27 $ 8,493.74 $ 7,848.70 $ 7,506.30 $ 5,419.36 $ 7,308.22 $ 6,088.92 $ 10,262.90 $ 5,885.20 j m _ 03.01.2013 ( 03.01.2013 NORM NORM 01.01.2017 01.01.2013 $ 7.675,99 5 7,341,12 S 172.71 S 165.1i; 12.01.2009 "' 04.01.2012 03.01.2007 03.01.2010 03.01.2012 08.01.2011 4/1/2015 i 12.01.2010 03.01.2013 03.01.2013 07.01.2010 NORM 01.01.2016 $ 5,300.10 :0 119.25 NORM 01.01.2011 $ 7,147.40 S 16082 NORM 01.01.2014 $ 5,954.93 S 133.99 NORM 01.01.2016 $ 10,037.07 $ 225.83 DIS 01.01.2015 $ 5,755.69 S 129.5•.1 NORM 01.01.2021 $ 6,153,34 S 135 1:5 $ 6,291.79 $ 8,455.50 $ 7,708.29 t $ 8,480.22 t, $ 9,377.01 $ 8,634.96 $ 8,079.80 $ 9,233.14 $ 9,072.63 $ 7,777.29 1 ' $ 6,876.71 $ 8,849.93 _ $ 11,250.49 $ 8,402.20 $ 5,891.74 NORM 01.01.2014 $ 8,269.44 18f1.(x6 NORM 01.01.2017 $ 7,538.67 $ 169.62 NORM 01.01.2017 $ 8,293,62 1$ 186.6, NORM NORM 01.01.2014 01.01.2011 $ 9,170.67 $ 8.444,95 `.5 206,34 S 190,01 03.01.2007 11.01.2012 NORM 01.01.2016 $ 7,902,01 1-17.80 )avid Silverbloom Aark Smith Brett Soloway _ Jeffrey Stark Steve Taylor Rex VanMehren Steven Ward Jeffrey Wasylink 10.01.2009 NORM 01.01.2013 $ 9,029.97 :'v 203.17 03.01.2007 NORM NORM 01.01.2011 01.01.2011 $ 8,872.99 $ 7,606.15 S 199.64 + 171.14 05.01.2007 12.01.2007 03.01.2007 NORM 01.01.2011 5 6,725,39 1F1.32 NORM 01.01.2011 $ 8.655,18 S 194.74 11.01.2007 03.01.2013 03.01.2007 NORM 01.01.2011 $ 11,002,93 247.57 NORM 01.01.2017 $ 8,217.31 $ tE;4.3ii NORM 01.01.2011 $ 5,762,09 $ 129.65 $ 220,430,17 $ 4,959.68 $ 225,389.85 Steve KOtte (Dec 10, mu 09:54 EST) Authorized Signer/ Date Authorized Signer/ Date 04110 14114 11--11, Alec 10, IN 1 O19 EST) Calculated by: Arlene Walsh (Retired 31112007 - 513112013; 2.25% increase effective Jan 1st after 3 yrs for Normal, Early or Disability Retirements) (Retired on or after 61112013; 2.25% increase effective Jan 1st after 5 yrs for Normal, Early or Disability Retirements) (Deferred Vested: Not eligible for COLA) Signature: Omar Jirau (Dec IV, 2021 07:55 EST) Email: omar.jirau@tamarac.org Company: Tamarac Fire Pension Signature: ,kely iyg,fh Arlene Walsh (Dec 10, 202109:57 EST) Email: arlene.walsh@tamarac.org Company: City of Tamarac FL Signature: Xsn Steve Korw (De: 10, 2021 09:54 EST) Email: steven.korte@tamarac.org Company: Pension City of Tamarac Firefighters' Pension Trust Fund Consent Agenda — Authorization to Pay Benefits February 1, 2021 DROP ENTRY APPROVAL DROP Benefit Payee Name Separation Description Years Effective., Monthly Amount Form of Benefit Date Service Date Michael Regits Chairperson: 8/31/2026 Drop Entry Steve Korte (Feb 3, 2022 10:31 EST) 25 9/1/2021 $7,828.42 Life Annuity Secretary: SLV Omar Jirau (Feb 2, 2022 12:03 EST) Vice -Chairperson: Trustee: Date: Feb 1, 2022 ALL AUTHORIZATIONS MUST HAVE AT LEAST TWO SIGNATURES CITY OF TAMARAC FIREFICHTE,RS' PENSION PLAN Election Form for Payment of Retirement Benefits Name of Participant: Michael Resits Social Security No.: Home Address: _ Y (City) (State) (Gip Code) You are eligible to receive retirement benefits from the plan, payable on the first day of eachmonth conunencing September 1, 2021. 'i'he following shows the amount of your monthly benefits under different methods of paytncnt as provided under the plan. Please indicate the form of payment under which you wish to receive your benefits by checking the appropriate box. [�(Lwiifl eAnnuity— a monthly income of$7,828.42 payable to you during your lifetime, No further payments l be trade after your death. 10 Years Certain and Life ❑ Thereafter— a monthly income of $7,793,35 payable to YOU during your lifetime. In the event of your death pilot- to receiving payment for 10 years (120 payments), yourdesignated beneficiary will continue to receive the Sallie m e aountof retirement income. ncome for the remaining I0•year period. 50% Joint and Contingent — a monthly income of $7,310,94 payable toyou during your lifetime. ❑ Upon your death, your designated beneficiary, if still living, will receive a monthly inco me of $3,655.47.payable during the remaining lifetime of the beneficiary. 50% Joint and Contingent including the. optional "pop-up" feature — a monthly income of $7,292.24 ❑payable to you. Upon your death, your designated beneficiary, if still living, will receive a monthly income of $3,646,12 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of $7,793.35 payableduring your'remaining lifetime. 662/3%q Joint and Contingent —a monthly income of $7,15152 payablo.to you during your lifetime. Upon your detitii, your designated beneficiary, if still living, will receives monthly income of $4,769.01 payable during the your lifetime of the beneficiary. 66Z/a%Joint and Contingent including the optional "pop-up" feature -a monthly income of $7,129.36 payable to you, Upon your death, your designated lUeneficiaiy, if still living, will receive a monthly income of $4,752.91 payable during tite rentamtng lifetime of the beiiefic ley. Upon the death of your beneficiary, if still living,, you will receive a monthly income of $7,793,35 p�tyableduring your remaining lifetime. 75% Joint and Contingent - a rilontitly income of $7,077.14 payable to you duringyour lifetime, Upon ❑ your death, your designated beneficiary, i,f still,living, will receive a montlily income of $5,307,86 payable dt:ir.ng the remaining lifetime of the beneficiary. 75, Joint and Coritirigeiit including the optional "pop-up" feature — amonthly income of $7,050,64 payable to you during your lifetmie. Upon your death, your designated beneficiary, if still living, will receive a monthly it�conie of $5,287.98 payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a monthly income of$7,793,35 payable during Your remaining lifetime. 100%Joint and Contingent —a monthly income of'$6,858.15 payabletcyou during your lifetime. Upon hJ your death, your designated beireficitu'y, instill living, will receive a monthly income of $6;858.15 payable during the remaining lifetime of the beneficiary. CITY OF TAMARAC FIREFIGHTERS' PENSION PLAN Election Form for Payment of Retirement Benefits PAGE 2 100% Joint and Contingent including the optional "pop-up" feature - a monthly income of $6,.823.86 payable to you during your lifetime. Upon your death, your designated. beneficiary, if still living, will receive a monthly income of 56,823.8E payable during the remaining lifetime of the beneficiary. Upon the death of your beneficiary, if still living, you will receive a in income of$7,793.35 payable during your remaining lifetime. Note: Ifegopciless of llte method of paptionl yoO choose, Ilia (uuount of beriefrls payable to yarn or on }rotabeGa{1will be at !cost eq+ rd to he anouat of yow- own contributions no file plat with interest, The Joint and Contingent benefits sltotrn above uvsre calculated based nrpou your designated beinr okly maned below and payable only to llnls benepela+y, Name of Beneficiary: Alisha D. Regits Social Seciirity No.: Birth Date: Home Address: s y kcity) (State) (Gip Code) 1 accept the ternts on tine previous page, including my choice of annuity form, gild conflr» i the information shown on the previous page to be correct, 1 � Urde Signature of Participant Unto TO BE COMPLETED BY NOTARY PUBLIC: Signature orSpoiisc (IfMurded) S'1'A'I'13 OF -T'i0-,, `"S . COUNTY 01" J`� �!_ Sworn to and subscribed to before me this Sin clay of 0,� 20- by 1I %.CkG-d-e-( . '� 1-• ,who is personally known to ►ne or has produced identification, ,jtY Notuy Pubic StW d F&I" U : j TIniV Leon SEA .J t �} My Cornmfesian HH 020180 Signature of'Notary Public +,,,wd� Expires 07/19/2024 print, Typo or Stamp Commission Naive, Commission NO./Serial N , t TO BE COMPLETED BY ADMINISTRATIVE MANAGER'S OFFICE: Dato Approved By Consent Agenda: By: Date: == SOUMIRN -== ACTUARIAL moll �� S I R V I CIS October 14, 2021 Mr. Luis Bartlett-Narvacz Human Resources Tecluiician City of Tamarac Human Resources Department 7525 N.W: 88"' Avenue, Suite 203 Tamarac, FL 33321-2401 Re: City of Tamarac Firefighters' hers' Pension Plan Dear Luis: Post Vice Box 888343 Mad, Georgia 30356-0343 relepone 110391.0980 Facsimile 110.3912193 In response to your request, I have calculated the normal retirement benefit payable to Mr. Michael Regits, assuming that he enters the Deferred Retirement Option Plan (DROP) effective September 1, 2021. Please note that my calculation is based on the information set forth on the enclosed benefit calculation worksheet. If any of the assumed information is incorrect, then the amount of Mr. Regits' monthly benefit may change. Also, the following benefit does not reflect the retirement subsidy which the participant may be entitled to receive until he attains age 65. Based on my understanding of the terms of the plan, Mr. Regits is entitled to receive a normal retirement benefit beginning September 1, 2021 equal to $7,793.35 per month. This benefit is payable as a 10-year certain and life annuity. Alternatively, Mr. Regits may elect to receive an optional form of payment subject to the approval of the Trustees. We have set forth certain options on the enclosed worksheet. Sincerely, Randolph W. Moon Actuarial Analyst Enclosure as stated Our Office is located at 68 )opeaa Boulevard, tloskoo, Gcgia M48 CITY OF TAMARAC FIREFIGHTERS' PENSION PLAN Normal Retirement Benefit Calculation 1. Name Michael Regits Social Security Number xxx-x• 2. Date of Birth Date of Hire August 5, 1996 Date of Employment Termination August 31, 2021 Normal Retirement Date (DROP Entry Date) September 1, 2021 3. Service 25.000000 years (100% vested) (based on years and completed months during the period August S, 1996 through August 31, 2021 assuming that Mr. Regits was employed continuously during this period) 4. Average Final Compensation: a. Compensation for the period September 1, 2011 through December 31, 2011 $ 34,599.30 (based on the assumption that M•. Regits earned $'103,514.30 on an annualized basis for 122 clays) b. Compensation for the period. January 1, 2017 through December 31, 2017 $ 105,787.16 c. Compensation for the period January 1, 2018 through December.31, 2018 $ 105,751.24 d. Compensation for the period January 1, 2019 through December 31, 2019 $ 112,740.42 C. Compensation for the period January 1, 2020 through December 31, 2020 $ 114,182.75 f. Compensation for the period January 1, 2021 through August 31, 2021 $ 77,058.13 g. Average monthly final compensation $ 9,168.65 5. Accrued Monthly Retirement Benefit $ 7,793.35 ((3% x 15 years of service + 4% x 10 years of service) x average final compensation) 6. Monthly Normal Retirement Benefit Effective September 1, 2021 S 7,793.35 (payable as a 10 year, certain and life annuity) 7. Date of birth of wife/beneficiary November 27, 1978 8. Monthly retirement income payable for the lifetime of the participant, commencing September 1, 2021 ($7,793.35 x 1.0045) $ 7,828.42 Benefit calculation for Michael Regits (continued) 9. Monthly retirement income payable to the participant for life under the 50% joint and contingent form of payment, with 50% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0.9381) $ 7,310.94 10. Monthly retirement income payable to the participant for life under the 50% joint and contingent form of payrnent including the optional "pop-up" feature, with 50% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0.9357) $ 7,292.24 11. Monthly retirement income payable to the participant for life under the 662/36/0 joint and contingent form of payment, with 603% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0,9179) $ 7,153.52 12. Monthly retirement income payable to the participant for life under the 603% joint and contingent form of payment, including the optional "pop-up" feature, with 662/3% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 X 0.9148) $ 7,129.36 13. Monthly retirement income payable to the participant for life under the 75% joint and contingent form of payment, with 75% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0.9081) $ 7,077.14 Bene rl calculation for Michael & its (continued) 14. Monthly retirement income payable to the participant for life under the 75% joint and contingent form of payment, including the optional "pop-up" feature with 75% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021. ($7,793.35 x 0.9047) $ 7,050.64 15. Monthly retirement income payable to the participant for life under the 100% joint and contingent form of payment, with 100% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0.8800) $ 6,858.15 16. Monthly retirement income payable to the participant for life under the 100% joint and contingent form of payment, including the optional "pop-up" feature, with 100% of such amount to continue.to be paid to the participant's beneficiary following the participant's death for the remaining lifetime of the beneficiary, commencing September 1, 2021 ($7,793.35 x 0.9756.) $ 6,823.8.6 Calculated by: SOUTHERN ACTUARIAL SERVICES COMPANY, INC. Actuaries for the plan Prepared by: ;i � ., 1 � - Randolph . Moon Actuarial Analyst 10/6/2021 Send to: DATA FOR CALCULATION OF RETIREMENT OR VESTED TERMINATION BENEFITS CITY OF TAMARAC RETIREMENT PLAN Name: Michael Regits S.S.4 XXX-X' Sex: M Date of Birth: 1215 Beneficiary Name: Relation Ship: Sex: Date of Birth: Date of Employment: 8/5/1996 Date of Retirement or Termination (i.e. last physical day worked): 91112021 Drop Entry _ Group: General O General BSO ❑ Police O Firefighter 13 If the participant is applying for a Disability Benefit, please write in the average monthly compensation at the time of disability. Any leave of absence for which no benefit credit should be allowed under the plan? CIty1BSO Data: Plan defines Compensation' as "Total cash remuneration paid for services rendered to the City". 1) total annual amount for five (5) highest years of employment prior to year of termination: 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 2) Please list final salary, Le. from January 1 to date of termination or retirement: $ 77, 058.13 Note: Does Not Include Payouts Listed Below 3) Please complete the following about accumulated leave for which payment was made at dale of retirement or termination: Sick Hours Number of Days this represents: $ Value Paid $ - Vacation Hours 0.00 Number of Days this represents: FOR FIRE: Unused Sick Hours 50.51 When did employee receive the above amounts? Prepared by: Keisha Lawson /1alazal Reviewed by: vin S� Date lo/06/2o21 I Southern Actuarial Services Company, Inc, PO Box 188343 Atlanta, GA 30366.0343 Fax: (770)392-2193 $ Value Paid $ $ 96,202.46 $ 97,682.18 $ 81,226.16 $ 73,218.39 $ 72,753.28 $ 74,319.56 $ 64,835.94 $ 63,439.55 $ 52,675.44 $ 45,006.62 $ 39,093.31 =11 Marna <If mart �. ;mon.�n, caiwilu�,, , upr L 'J-tom 1-.. CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND.. DEFERF�E P PEE "I I I15 I��T r°?PTION PROGRAM ("DROP") r:Ei'a/i."s( °:;E cfr�ti:i==1'.`�. ACKNOWLEDGMENT, WAIVER AND RELEASE AGREEMENT I,.�'� (employee), hereby agree that my effective date of voluntary retire nt and date ofparticipationin the Deferred Retirement Option Program ("DROP") is % (date) and I hereby agree that my effective date of voluntary re ignation frqn employment with the 'City of Tamarac, Florida ("City") will.. be g/yv (date) or earlier. I have freely and voluntarily elected to participate in the DROP, as described in the information sheet provided to me separately from this Acknowledgment; Waiver and Release Agreement (hereinafter "Waiver"). 1. In consideration for allowing me to participate in and derive the benefits of the DROP, to which acknowledge I would not othon!vl Se, be en'. do-u, and which I have freely and voluntarily elected, hereby release and discharge the" City of . i'arnarac, Florida, the City ,of Tamarac Firefighters' Pension Trust Fund, and, 61topdf0 ait 60M, ithali rent and former agents, officers, or employees, in both their official and individual capacities; from all claims liabilities, demands and causes of action, whether known or unknown, fixed or contingent, which I may have or claim to have against the City of Tamarac, Florida, the City of Tamarac Firefighters' Pension Trust Fund and/or any of their current or former agents, officers, or employees arising out of my election. to. participate in the DROP (hereinafter referred to as "DROP claims") and to voluntarily resign and. retire on the dates specified above and in my letter of resignation.. I hereby promise not to file a lawsuit or pursue any administrative. process to. assert such DROP claims except as specified.in paragraph number 2 below. With respect to DROP claims,.this Waiver includes, but is not limited to; claims and liability under the Constitution of the United States pursuant to 42 U.S.C. § 1983 as well as claims I may have under employment discrimination laws such as. the Age Discrimination in Employment Act of 1967, (29 U.S.C. 621, et seq), Title VII of the Civil Rights Act of 1964, (42 U.S.C. 2000e, et seq.), the Older Worker's Benefits Protection Act, the. Americans. With Disabilities Act, the Fair Labor Standards Act, the Equal Pay Y,t of 'i�-�',,t z:. -londa Civil Rights Act of 1992, the Florida Public Employees Relations Act, the Family and Medical Leave Act, the Florida `Constitution, the Broward County Equal Employment'Ordinance;'anan and all amendments to any and all of the foregoing laws, and any other federal or state law or local ordinance concerning employment discrimination such as age, sex, race, color, national origin, religion; disability, marital or familial status, political affiliation and sexual orientation. Further, I also agree that this Release includes DROP claims based on theories of contract or tort, whether based on federal or state statue, local ordinance, common. law or otherwise. The. foregoing examples are meant to be illustrative rather than all inclusive. 2. 1 understand and agree that "liy making this voluntary election to participate in the DROP and executing a letter of resignation, I am giving up.any right to continued employment I now have or might otherwise have had after the date my resignation becomes effective. I further understand that although my decision to voluntarily retire and resign will not be revocable after the expiration of the seven (7) day revocation period. set: forth in. paragraph 8 below, I'am not waiving any claims which may arise after the date on which [,sign ''this Waiver. Al(,%&e t14 " /* Employee City 6 understand and agree that this Waiver does not prohibit me.frorn filing a charge with the United States Department of Labor; Equal Employment Opportunity Commission (EEOC) or from participating in an investigation or proceeding conducted by these agencies. I understand that I will be precluded from recovering any relief as a result of any charge, lawsuit. or proceeding brought by me or on my behalf arising out of my election to participate in.the DROP including any "DROP claims," as identified in section 1, above, and to voluntarily resign and retire on the dates specified in paragraph 1 of page 1, above. I also understand and agree that I will be ineligible for unemployment compensation benefits from the city upon my resignation and retirement, 4. 1 acknowledge and agree that my participation in the.DROP does not constitute an implied contract for continued'service or employment with the City, and that.during the period of time I participate in the. DROP, my continued employment with the City remains subject to the terms and conditions of 'employment applicable to other City employee: n ; Dn artment. 5. 1 understand and agree that this Waiver does not prohibit me from filing or pursuing any claim for workers' compensation be which may be provided for in Chapter, 440, Florida Statutes, and that the City likewise may raise any defenses regarding such claims, if any. 6. 1 acknowledge that. I am hereby encouraged by the City to consult with an attorney and a professional tax advisor of my own choice prior to signing this Waiver. I further acknowledge and affirm that I have been given adequate time to consult with an attorney prior to signing this Waiver. 7. I understand and affirm that, prior to signing this Waiver, I was given a period of not less that forty- five (45) days within which to consider whether to participate .in the DROP and that I was made aware that I could use all or any part.of that period. I further acknowledge I have been provided with a written explanation of the DROP and,, WriVen.-Jnforrnation which. explains the eligibility requirements'for the DROP. 8. 1 acknowledge and affirm that I am. hereby advised that following my signing of this Waiver; a will have a revocation period of seven (7) calendar days during which I may revoke this Waiver and that this Waiver will not become effective or enforceable until the seven (7) calendar day revocation period. has expired. I understand'that in order to revoke this Waiver I must hand -deliver written notice of my revocation to the Director of. Human Resources. at City.Hall,:7525..N:,W _88 Avenue, Tamarac, Florida.33321,,.prior to the expiration .of the seven (7) calendar day period Ih1he event that I exercisemy right'of revocation under this paragraph;, my letter of resignation :will tie null and void and `I will be ineligible to participate in the DROP. 1 understand that if I do `not revoke this waiver within the seven (7) day revocation period,. my agreement to the terms, of the waiter and my election to participate in the DROP will be irrevocable. 9. I acknowledge and affirm that I have not relied .upon any representations, promises, or agreements of any kind made to nie or with me in connection with my written or oral decision to sign this Waiver except those specifically set forth in this Waive- and ir. the Cite DPnP Ordinance. I have read and fully understand this Waiver. I entered into th,i.;.weaver vuiirniariiy, vrithout any duress or coercion. 10. In the event any provision or part of this Waiver is determined to be invalid, illegal or otherwise unenforceable, the validity, legality and enforce ability of the remaining provisions will not in any manner be impaired.. ic' 'r Employee City IN WITNESS WHEREOF, 1, have hereunto set my hand and seal this '2.9 day of � :i V L, 2 �21 By: Witnessed By:Ptrr2�.ry'a'r•i .(Note: The witness cannot be a beneficiary of the participant) C` v I VJ �LSvN STATE OF FLORIDA ) COUNTY.OF BROWARD . SS: The fore oing instrument was executed before me this, , dayof by. who is r ersonally known to me (or who has produced _LK IDR"k V- LiC as o took an oath. Notary Public State of Florida at Large �*g4,Pva SOL BEN ARI Notary Public -State of Florida o'T' Commission # GG 964721 My Comm. Expires Jun 26, 2024 Type or Print Name of Notary Bonded through National Notary Assn . ; SOL-SE-R-IQL.:. My Commission Expires: 0 26' Employee City ;. • 8 CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND DEFERRED RETIREMENT OPTION PROGRAM ("DROP") EMPLOYEE'S IRREVOCABLE LETTER "OF RESIGNATION DATE: —7l�/�� TO: Director of Human Resources r FROM: e +,4Al�;,& d� / Name of Employee (please print) This.is to advise you that the effective date of my voluntary retiremegt* and date of participation in the Deferred Retirement Option . Program (DROP), for wC51 months or less is (date) and that my ff ctive date of volunt resignation from employment with the City of Tamarac, Florida will bet / 6, a ate) or earlier. If decide to terminate my employment with .the City at an eariier date; I wil - su mit a revised letter of resignation. Date Printed Name Signature SQL `��-�►R.� 7,- 2 t • 2v2 i' Witness Name Signature Date (Note: The witness cannot be a beneficiary of the participant) Enclosures - DROP Acknowledgment, Waiver and, Release Agreement DROP Application DROP Beneficiary Designation DROP Account Distribution Form Application for Normal, Early or Dela_yed.Retir_ement Benefits (with required attachments) c: Employee Finance Department Firefighters' Pension Trust Fund Administrative Office Note: An eligible. participant electing to participate in DROP must complete and execute such forms as required by the City and the Board of Trustees of the Firefighters' Pension Trust Fund not less than sixty (60) days prior to entering into the DROP.. * The retirement date under the DROP must be the first day of the month coincident with or next following the completion of twenty-five (25) or more years of service, subject to the maximum period of participation in the DROP. 9 . .. . .. ...'f'..: ._.! riOr.W'rtITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND DEFERRED RETIREMENT OPTION PROGRAM ("DROP") APPLICATION.. FOR'DEFERRED RETIREMENT OPTION PLAN (DROP) NAME lG�i'�Q/ ! SOCIAL SECURITY NUMBER` DATE OF HIRE: d �� DROP EFFECTIVE DATE: I hereby apply. for participation into the Deferred Retirement Option Plan (herein after referred to as the "DROP") and acknowledge tlm ,,;I!oai;�g: . i"ir a:: TJ: i,'•C:4':.lU:`LS 'OYI'i100I� elect to participate in the`DRO'P:" 1' understand that my.participation in the DROP is (initials) voluntary and irrevocable. I understand that my pension benefit shall be determined as .of the date in which I begin participation in the DROP. 1 understand that I must submit and have received by the Fund Office, the initials) signed election of benefits form within 45 days after the date on the election of benefits form or' my. DROP application is considered withdrawn. understand that eligibility for the DROP, as well as the terms; conditions and (initials) requirements of the -DROP, shall be in accordance with the City of Tamarac Code of Ordinances (including the Firefighter Pension Plan), the Collective Bargaining Agreement between the City .,of Tamarac and Local 3080, ,LA.F.F., and the Rules, Regulations and `r?rot: `uh I', may be adopted by .the Board of Trustees (hereinafter referred to as the "Board'). I agree the Board has authority to adopt and/or change the ;DROP Rulesj-n ju#ations, and procedures as the Board determines necessary. I understand' that, subject to compliance with' eligibility requirements, DROP participation is limited to no more than 60 continuous months. I understand that at the end of my DROP participation period, at my option the balance initials) in my DROP account shall be payable as (1) a single lump sum payment, or (2) an eligible rollover distribution to a qualified plan or Retirement Account as provided in the Internal Revenue Code, (3) acombination of (1)' and (2), or (4.) any other method(s) which is in compliance with the Internal Revenue Code and adopted by the Board. I further understand that if I fail to elect a method. of distribution within15 days from the date of termination of my employment, i.e. within 15 days from the final date of my DROP participation, the Board will issue a single lump sum payment. I understand the a 1 n-�:. ;:r;. a line time election of one of two options for the initials) investment of my DROP proceeds during my participation in the DROP into either: a) A self directed account, administered by a company to be selected by the Board, less the annual administrative fee of one half of one percent of the value of the account to the Pension Plan. The DROP participant is responsible for selecting any and all investment options offered by the selected investment company. I understand that should this option be elected, I am indemnifying and holding harmless the Board, the :Plan and the City, and their respective current and former agents, officers, directors, and employees for any losses or gains incurred as a result of such selection. 10 b) An account which shall remain in the Pension Plan and shall earn interest to the actual .net earnings of the Plan, which is not less than 5% annually and not more than 9% annually, less the annual administrative fee of one half of one percent of the value of the account to the Pension Plan. I hereby elect deposit of my DROP proceeds during DROP participation, as follows: Option A (Self Directed Account -no guaranteed rate of return and may result in a loss) (initial) Option B (City Pension Plan Account- a rate of return of not less than 5% and not more than 9%, subject to the Plan's actual net ea Wings) initial) (Option A Participants Only): All funds paid into and earned in my self directed (initials) DROP account are subject to market and investment risk.' Past investment performance is no indication or guarantee of future investment performance.. ackdowledge and understand that.my self directed DROP account may decline in value due to the performance of th.e hive stmeints I have selected in the Self Directed Account. f understand the DROP has been designed to comply with the provisions of the nitials) Internal Revenue Code and the Board will take no action which may jeopardize the qualification of the Retirement Plan under the Internal Revenue Code. I understand the payout of my DROP account may be deferred and may not be paid out according to my request, if doing so would jeopardize this Retirement Plan's Internal Revenue Service Tax qualification or if doing so, in the sole opinion of the Board, violates the Internal Revenue Code. understand that by participating in the DROP, I am considered "retired" for the nitials) purposes of the Firefighter's Pension ,Plan a.nd, ..therefore, while I participate in the DROP I am no longer eligible to mtet.ve ardisaMlity-pension. I further understand as long as I participate in the DRO �;_ r ' t.h�r�f�:.e remain under the City's health insurance plan (including any health insurance waiver option), I am not eligible for and shall not receive the "retirement subsidy" as provided in the..City's Firefighter Pension Ordinance. I further understand that my years of service, for the purposes of calculating the retirement subsidy,. shall be the credited years; of service atprior to my participation in the DROP. I further understand that if l die during my participation in the DROP, I will be deemed to have retired as of the date of my initial participation in the DROP. - understand that the processing of this DROP application shall not occur. until I have (i itials) submitted a signed irrevocable letter of resignation, .:Acknowledgment, . Waiver and Release Agreement, distribution election form and any other forms. deemed necessary by the Board, the City and any third..,party( gorginistrotor(s),of the plan. 11 I hereby submit this application for participation in the DROP voluntarily, without any duress or coercion, and with the full understanding of its ` consequences; including my irrevocable resignation from employment with the City of Tamarac, which must be submitted no later than 60 days prior to entering into the DROP and which resignation date shall be no later than the conclusion of the maximum period of DROP :participation. Further, in submitting this application I acknowledge. that I have been provided the opportunity to review and, at my request, to obtain copies of the City of Tamarac :Pension Ordinance, and any Rules, Regulations and procedures of the Board of Trustees of the Firefighters' Pension Plan regarding the DROP, its terms and conditions. Also, I acknowledge that I have had an opportunity to consult with my tax and/or, financial representative, attorney and/or representative(s) of my own selection prior to submitting this application for participation in.the DROP. IN WITNESS WHEREOF, I have hereunto' set my hand and seal this 1 day of .) STATE OF FLORIDA SS: COUNTY OF BROWARD The foregoing instrument was executed before me this .t , day of 2-1 by by M.1 C (A AGE- R.EG1 VS who is personally known to me (or who has produced r—L : 7'1)Eplc'.•as identification) and who took an oath. Notary Public State of Florida at Large ` o)A P�G�. SOL BEN ARI Notary Publlc State of Florida Type or Print Name of Notary -F Commission # GG 964721 My Comm. Expires Jun2.6,'2424 G Bonded through Nat(onaLNotaryAssn,. My Commission Expires: Oro 2� 2 D2`t 12 c 0 CL ro O vi o.o ap V) N 41 0 0 n H 3 �'' o' o LZ 0 0 a C 0 Vy ww ~ o m = u w : +� E p 4- N C) U- ° ° IA 0 u CU 0 Ln 0-1 U _ Q ai "O N LO _O m O �} Q N � n p cu v J 0 Q 0 O vLo~O 0 Q LA N Z z i m Q m41 Q >, Q m t/f C7 0 v > o O w cc- LU >co V N m L? ai tt: � O- C b D LLJ _O N41 W Z 3 C: N O LL Z _ 0 a. O Q C o u fB 4J G O w Q � w Q +, LO (� L.L N m N N 41 N b�0 G1 O " O w Q C In O U ° E C U Ln O Q% % ry V t6 a Y Y W LL : V 4 ` V Z N O u m A w , = N O -: 0 O 0-w � Y v `UN C: _ E 2 00 O a o O I— F- O O N Zm C = I— 0 CL O m E m 0 O co F- a3� LL a ate+ w a +� L tw O da O J Ln y V N lJ �? w Z �6 C i� 0 'v v v Y 0 > J U L 4� 4 cc:V) �n LLJcQ N t W m G U C L) f) C G_ O C�c a•'' O LL Lv v Y O v N ;< ca I— a H V) a z I— F— CITY OF TAMARAC FIRE,EFIGHTERS' PENSION PLAN Election .Form ffor Paymmit of Retirement Benefits Name of Participant: Natalie Turner Social. Security No.: u0me Address: , __r You are eligible to;receive .retirement benefits fi'oni the plan, payable on the first day of each month corrinicnc ng January 1, :2022: `1'he. following shows the uniourttofyotjk tpdnihly benefits underdiffererit methods of .payment as provided in derthe plan Please indicate'the form .of payinent.under which you wish to receive your benefits by checking the appropdat6box, aLife Annuity — a. iitoitthly nieome of $10,087:82 payable to you during your ]ifetime: No further payments will be.made after.your death. I Q Years'Certain and. Life Thereafter a monthly uioome of $10,066 68 payable to you during your lifetime. in the event of your death pt ioi to receiving payment for 10 years (12Q'paymen..ts), your designated beneficiary will contintte.to receive the same amount of retimment`inconie f6 the remaining 10- year period. 50%.]omt acid Contingent — a monthly mcgtne Qf$9.,755.62 payable to you during your lifetime. Upon your death, your designated beneficiary, if still living, will receive a i ionthly income of $4,817,81 payable during the•reinaining'lifetime of the beneficiary. ❑50% Joint and Contingent including the optional"pop-up" feature a monthly income of $9,733;47 payable to _you Upon your death, your designated beneficiary, if still living, will receive a monthly income of $4,866.74 payable .during the remaining lifetime of the beneficiary. Upon.the death of your .beneficiary, if still living, you will reeeiVe amonthI `income of:$) 0, ' 66.68 payable during your remaining lifetime: F-1 664h% Joint and Contingent— a monthly income of $9,649:92 payable. to.you during your ]ifetim:e... Upon your death, your designated beneficiary, if still living, will receive a monthly income of $6,433.28 payable during the remaining lifetune of the beneficiary. ❑06?7,% Joint and. Contingent including the optional "pop-up" feature "a monthly income of $9,620.73 payable to you. Upon your death, your designated beneficiary; if still living, will receive. a monthly income of $6,413.82. payable during the remaining lifetime of the'beneficiary;. Upon the death of your beneficiary, if still iving,.you will receive a moithly,incouie of$10;066.68 payable. during yourremaining lifetime. ❑75%1oint and Contingent — a monthly income of $9,597 57 ;payable to you during. your lifetime. Upon. your death, your designated beneficiary, if still living, will receive a monthly income of $7,19818 payable during the remaining lifetime of the'beneficiary. a75% Joint and Contingent including the optional "pop-up" feature.— a monthly incoine of $9,565,36 payable to you during yourlifetimei. Upon your death, your designated Nnefic..iary, if still Ding, Will receive a monthly income of $7,174,01.payable during the remaining lifetime of the beneficiary. Upon the deAtKoryour beneficiary; if still living; you will rebevc a monthly 'income of $10,06b.6>3. payable during your remaining lifetime, Oi)% Jolnt and contingent a monthly mcimie of :$9,444 56 payable to ybu dui ing your lifetime. Upon your plc uth, your uesignutev bonc+tioiury, If stlltlivin6, wi11`l'occlvg u i iciiitlity iiiconie' or$9,444,56 payable during the remaining li.lbtline of the beneficiary. CITY OF TAMARAC FIREFUGHTE RIS'llrNMON PLAN Election Form for.Pumeiit of.Rotirement Benefits PAGE 2 100% Joint and Contingent iloldiiLthe apdontil "po tip" Iyineoincor$9,402A pAy6b1c Wyou dti6q, your '1 .F01:11lie, Uj)ohyoW doullij yoth',degighwed bewficlary, If stilt living, will :Mee . ive a monthly,- the Telliftining Well= ofthe bencri6ary.i Upon the dpa.111 Dryour belidl idlaryj ir sit! I livilig"you will r,col ve a 111of thly 111caine orS.10,066.(A payable during C 410111f remaining )1. 1100110, x0ir" RVinfless of tlx- twilrod qtpM-mPitipit d1tansei Iito t InI01617 f?f fayvttl ordbyrfi(r, behalf ol..11.bo q! leo? geittal to Iho t), Iqlahave it hditi0cldYJt Name of Elenericiait), k Social-S-courity N,6,: "OnW Addt)O.s: William Turner . - Veiltic Birth mitc: tit t. (Zip dod accept the, terms on thepraviQus page, including niy choice of annuity for)p, and-confirin thejnformation shown on the }previous page to.be-correct. 01/30/2022 Date Si91181Urca'0artjC:ipani produced Driver's License 01/30/2022 Daic Signature ofspoils.0 (If Married) produced Driverrs License TO. BE COMPLETED BY NOTARY PUBLIC: STATE OF Florida COUNTY OF Volusia Sworn to and subscribed to before Me this_3 SDtbday of January. 20 :22 William Turner and Natalie Turner is persons y icnawn r has.{_ to n, RHIN REWFULGHUM H Wy PbIk --S. Nk..F FWW-, # SEAL Robin Rene Fulghurn Prim Type or In ission. Nod 80-hil No oi'.Not>iyy 11 blic sing audio -video communication By AI)MINISTItA'I'lVr,,:MANAC,.i!iit',,, 01141no".; Daw Aj)j)tqvVd 4Y 0A)s_011 Appildij; DATA FOR CALCULATION OF RETIREMENT OR VESTED TERMINATION BENEFITS CITV OF TAMARAC RETIREMENT PLAN Nome', NatalieTumer S.S Sex F Date of Birth: 1 r eeneficlary Name:., j /�%t�I., iVfA& Relatlon Ship f/S n to G Sex M Date of Birth Date of Employment: 81141! 966 Date ofRetireiiient or Termination (i.e.:lastphyslcal dey.worked): 12[31/2021 Oroupt, General General t3S0 O Police [] Firefighter C7 If the participant is applying for a Disability Beneflt, please write in the average monthly compensation M the time of disabitfty, Any leave of,abserice for whlob no benefit credit should be allowed under the plan? CRYMSO Datd; Plan defines Compensation 06 'Total cash remuneration paid for services rendered to the City". 1) total annual amount for,five (6) highest years of empl =2021 $ 2020 $. 2019 $ 2018 $ 2017 $ 2016 $ 201.5 $ ?014 $ 2013 $ . 2012 $ 2011 $ 2610 $ 200.9 '$ 2) PleaseTist final salary, i.e.,f(am January 1 to date of`t Note: Does Not lnciude pe to year of terminatlo.n: 20.08 2007 2006. 2000 2604 2003 2002 2001 2000 1999 199$ orretirement* $ 5,629.52 d Below 3) Please complete the 'following about accumulated leave forwilch payment Was made at date of retirement or termination: Hourly Raic 43,86. Sick Hours Number of Days this represents: 0 $ Value.Pald VacaWri Hours 104:38 Number of :Days this represents: $ Value Paid $ 4,578.11 When did employee receive the above amounts? 1/6/2022 Prepared by: Keisha Lawson acriae�y Reviewed by` Send.to: Date 1/20/ _ 022 Southern Aotuaflal.Services Company, Ind. PO Box 888343 Atlanta, GA 30366.03.43 Fax:(770)302.2103 = - SOuTfl[RN A T 'ARIA[ -now R`C�S .1rultiAty 27. 2M M8. Arlene'Walsh Be;Ie6(s:Mall %.gct NnlarW 1-111 mill I resources pa 11 Ilig!) t 7,525,'NAV. 81,01 Avenue:, Skille 203 Oily OrTailln)-ac, Dear Arlebe- Posi Ofhu Box 888343 Mad'-60.4k 303%M43 ldq , Ilou PORN , 80 Nsimile 110391,1193 h! reSPolise to your request, .1 have calculated (lie delayed retirement benefit payable to Ms. Natalie "turner eginning b i 1 :laMalty 1, 2022, 9 nolc .1 iat my calculation is based Oil the inforillatioii set r6ah on the c.nelowd benefrt -calculation workshect. IT any of the as.su-n-led infornia,tion is incorrect, then the amount of M.S. Turtict's monthly beilefit 111a), Chanbe. 111sc, the h1lowitig bencrit does w! renect the retirement subsidy which the P.. ftr itipatit iiiay be: entitled WrecciVe until she 'attains age 65. t Based on my ujid.crswiidi ng.of the terms of the. plan, Ms. TUrner I is'ent , ifled to M C rn c ivc,a delayed 1-ed ell equal to $10,066.68 per month. I 'this 1 -2, � g anuar 1 021 A is be fit Y. is Payoble 8. a 10-year certain and fiPe RIII.Wity. Altehlatively, Ms. Tumer,nmy elect 110 rece4ve .ap Opii'onal torsi of pymejit subject to (lie approval of the Trustees, We have set forth certain 'Op6ons on ffic Onclosed workshect. Rah4olph WM,0013 AO,uarhd AnAvo Ouf OfNe IS I.Owehl b8 )OPCIld bouleald, Ilosditoll, W(qia 105118 A CITY OFTAMARAC. FIRE FIGHTIERS, PENSION PLAN 1. Naniv Natalie Tueno sSochill 18,ouelty 'inttlloll J1. Sehicv (horing the porlodifuglat 14 d7w Ab, Aal-lor was c"Ilk?.red V01111ollopsly during III/s period) 4. Averoge Pinal Con). pensiff i oil: August R. 1.990 [)ccem bet 312 2*02. t (.100% vented) 1906 through 1Uc6W'Jb0r A 2021., rot Ole period January 1.2017 through J)ccur�bdr -31, 2017 1*29,W.3-. 5 b� Compensnii.on for the poriod 11.41nuary . 1 1 201.8 throogh Daumber it, 201� 1.) c Conjpervsation for the perind JWwry 1, 2019 throt.4ili December 31, 2019 13 99.6..69 d. Compolution for -the periodJantin: 0 .1, 2020 through 020 Deceniber 31, 2 S 140 5.6148 for Oic period Janbary 1, 2(111 theou Ih December 3 1., 2M I s 16-7. 1 �9 1, V3* Ond,WMR $4.5 7& J I r0aley acclivin lelled velcollon hour ) Avera e mo.hthly ti finaltom cusa p 1011 S. Accrued Manthi). A� ttedic - inent 1.1enefit 1,5 ymcs "q-t'savice 4% k 1,0 years q1'.vervive 4 0. W331.,veetm e0ervive) -v 11vierelge JiAdt '06, . lkwomwj . 4 00i) 6. MoriWy Delayed, Regiremont lienerit Effective January 1,2021 rof-Inin and4p annuh)q 7, f birth of husbanocileficiaty 11, 3 &O-0 Oy r"ailvomu inpome, payahl . c (or Ow life -lime af !he pxmjr-fpalll� coll-11); tnelinj" jtjlluflly 1 2022 .®r DQccmber?q, I q7-4 Benefit cdlculdlion for Nutdlie Turner (continued) 9. Ivlonthly,reti ement income payable to the participant for life under the 50%. joint and contingent form of payment,. with 50% of such amount to continue to be paid .to the' participant's beneficiary following theparticpant's death for the remaining lifetime of the beneficiary, commencing January L 2Q22 ($1.0,066.68 x 0.9691) $ 9 755..62 10. Monthly retirement income payable to the participant for life under the 50% joint and contingent form of payment including*the optional "pop-up" feature, with 50% of.such amowit to continue to be paid to the participant's be following the participant's death for the remaining lifetime of the benef ciny, commencing January 1, 2022 ($10)066,68 x 0,9669) $ 9,733.47 11. Monthly retirement income payable to the participant for life under the .6013% joint and contingent form of payment; with 66Z/3% o of such amount to continue to be paid to the participant's beneficiary following the participant's death for the, remaining lifetime of the belief ciary, commencing January 1, 2022 ($10X6;68 x. 0.95.86.) '6 %649:92 12, Monthly retirement income payable to the participant for life under the 66z/3% joint and contingent form of payment, including the optional "pop-up" feature, with 662/3% of such amount to continue to be paid to the PArticipant'S beneficiary following the partcipant's death for the remaining lifetime of the beneficiary, coriiimncing January 1, 2022 ($10;0.66.68 x 0.9557) $ 9,620.73 13. Monthly retirement. income payable to the. participant for life under the 75%o joint and contingent form of payment, with 75% of such amount to. continue to be paid to the participant's beneficaty.following the participant's death for the remaining lifetime of the berief ciaiy, commencing January 1, 2022 ($10,066M x 0.9534) $ 9,597:57 Benefit cdlculatiorr tor• Natalfi Turner (corilinued) 14, Monthly retiren�cnt inco.111c payable to. the participant for life tinder the 75%0 io n and cnntiii8ent form of payment, i`ncltiding the optional "pop-up" :feature W fly 75% of s cli amount to continue to bd paid to the pat ticipa it's beneficiary fol lowing the participant's death for ll�e remaining lifer to of the beneficiary, cominenc ng January 1, 202.2 ($10,066.68 x 0.9502) $' 9,565136 15. Monthly retirement income payable to the participant for life raider the 100% joint and contingent form of payment, with l00% ofsuch amount to continue to be paid to the participant'-s beneficiary following the participant's death for'the remaining, lifetime of the bendcary, conuiiencii g.January 1, 2022 ($10,066.68 X 0.9382) $ 9,444.56 16. Monthly retirement income payable to the participant for life under the 100% joint aril contiigertt form of payment, including the optional "pop-up" feature, with 100% of such amount to Continue. to be paid to the participant's beneficiary following the participant's death for the remaining ltfetinle of the beneficary, cornrnericing January 1, 2022 ($10,066,68 x 0.9340) $ 9,402.28 Calculated by: SOUTHERN ACTUARIAL SERVICES COMPANY; INC: Actuaries :for the plan Prepared by: Randolph. W. Moon Actuarial Analyst c O v CL a FT aEi c v E a, V ro E E ' o 0 V >� a) I a) LO o +� Q0 o L F- N a n "- O � 0 m cn E Q N w f6 �" o iq m a) 4.+ 00 LL O Q CY) v� O a ri O M N v �n .> V L Q v -v L C O m �+ rn a + z a1 o L Q Q LAQ N N J J O ++ Q E _ VI N z Z m LLI a n- Q M a o C)e ci? N Q W 41 N m ru 0 O w O O bolo N LL � C O 41 N 'L LL Z= m d Q Q o CC. u lII }Si G O p[ Q a) 4-1 W QL . O cu a+ C a) ro No V 41 N bA L 4-- G1 dQ O > 41 o o u aO o O Q C of u u 4- o E w ,o U ai M 0 E Ua c O Y w u z ry v Q E: OL CO N >` tB W Z Y ai > - ra O Q. W `n� "J > Q) 0) E ti �_ In 0D O n o o O 2 F- ce) C Rio T ai pro _ 0') 0 N Z C l- C LL ~ C LU E G W E A AL oN u- i bA O bA O It O to U jn U ) Q LL) cn OU 1O > v 41� J U c6 ca -0 m CQ ai N y G V G (A V) Y LL C y a n } � a a b2 0 u E a � A o_ N coo: fa C a+ E 16 m w a c E tw o to U CITY OF TAMARAC ITI:RrFIGIFIT'RS' :I, ENSIOIN PLAN Elcction Form for Payment o.f .Retirement Benefits M ne of Participant: Jhseph C'llln Social Security No.: Home Address: Cartel Springs (City) (State) (lilt Code) You are eligible to receive: retirement benefits from the luau, payable; an the first clay o:feach mon(h commencing November 1, 2021. The following shows the amount of your monthly benetits under different methods of payment as provided under the plan. i'lease indicate the form of payment under which you 4v1Sll to receive YOUr benefits by checking the ,.appropriate box. E-1 l.,ife Annuity-- a monthly income• of 59,941.05 payable to you duringyotu• lil'etirne. No further payments will be made afler your death. 10 Years C"ertafn and Life J hereafter -• a mortthly income of $9,914.05 payable to you dIlrill0 Your lifetime. In the event of your death prior to receiving payment for 10 years ( 120 ftaynienis), your designated beneficiary will continue to receive the same amount of'retircrne.nt iomne for the remaining; 10-year period. 50% Joint and Contingent - it monthly income of S9,338.04 payable to ,you during your lifetime. Upon ❑your death, your designated beneficlnly, ifstill living„ will receive a monthly income of S4,6Ci9.02 payable during the lifetime of th.e buneticiary. 50% Joint and Contingent including the optional '`pop-up" feature • a montlity income of K3,212.18 payable to you. Upon your death, your designated beneficiary, if still living, will receive a monthly income J of $4,661,09 payable during the remaining Rfetinte of the beneficiary. Upon the death of your benel9ciary, ifstill living, you will receive a tnorithly income of $9,914.05 ptavableduring, your remaining lifetftllc. 66 13%Joint and Contingeit.. a Illonthly income of'S9,152.65 payable to you dtt.rin,L Your lifetime. Upon your death, your designated beneficiary, if still living, will receive a monthly income of S6,101.77 payable during the remaining lifetime of the beneficiary. 6C/-t% Joint and Contingent including the; optional "pop-up' fenturo -a monthly inconic of %9,131.83 payable to you. Upon your death, your clesi*o hated beneficiary, if still living, vviil receive a ❑unuh .y income oP $6,087,59 payable during the remaining lifetime of the beneficiary. Upon flu: death of your beneficiary, i:fstill living, you will receive a.I nionthly income of $9,914.05 payable during your I'cllldillilIg lifCtillle. (---1 75% Joint and Contingent ._ a monthly income of'S9.062.43 payable to YOU ciurin,' Your lifetime, I.Jpon Uyour death, your designated beneficiary,, if still living. lv ill receive a monthly income of S6,79ti.82 payable during the remaining lifetime oftlic beneficiary. 750Jo Joint and C orit.ingent including the: optional "pap -up" reature -- a monthly income of $9,039.6:3 Dpayable to You Ciuring your lifetime. t)pon your death, your designated beneficiary, if still living, will receive it monthly income of $6,7 /9.72 payable during the retillining lifetime of the benctici.ary. Upon the death OFYour beneficiary: if still living, Yoa will receive a monthly income OF$9,914.05 payable (uring your remaining lifetime. F—I Ioosf, Joint and Contin,?cot -- a �monthly income of $8,802.68 payable to you during your lifetime. upon your dcatat, your designate d flenericialy, it'sti.il living, will receive a numthly inccime ofSB,fi(i2.fiS payable during the remaining lifetime of the beneficiary. CITY OF TAMARAC FIREFIGHTERS' PENSION PLAN 8lection Form.:for Payment of Retirement Benefits PAQ-Is 2 100%Joint and Contingent including the optional"pol)-up" feature- a monthly income of$8,773.93 payable to you during your lifetime. Upoli your death, your designated beneficiary, if still living, will receive a monthly igconic of $8,773.93 payable dining the remaining lifetime of the beneficiary, Upon the death of your beneficiary, if still living, you will receive a monthly income of $9,914.05 payable during your remaining lifetime. Nble: Regardlessofthe utethodofpayntent),ou choose, fire a+natntt tj'henrsfhs!pgyable topm oronyour hehao'will be ar leaet egtralto the a+toturt of you+ otvn caHribtttions to tha plan inilh lntarest. fhe Joittt anal C'onthtgeut benefits shmra eilme n•wm culetrhtlJrl hastrd upon trour deaignaledbentlf daiy monad below and prrnabla any tothu hemyiranty. Name of Beneficiary; Farlel Khan Social Security No.: Birch Date: T.I ni-ie Address: Coral Springs (City) (State) (Zip Code) I accept the terms on the previous page, including'rny clioice of annuity form, and confirm the information shown on the previous page to be correct. 2 -� 22. q �,- 1)tlte I Signatur • If Participant ?I� 2Z..p bate Si<;nanue'bl'Spoose (tf larriet) TO 13E COMPLETED BY NOTARY PUBLIC: S't'A'1' I OF_ InC�tOL COUNTY OF "Ry-D JOf A _Sworn to and subscribed to before me this _?)t` day ofbV\X.vss202� by_..:.__.. .___.�...__..___.....__.___._..._.._v__..._...__.--_.._....____._._......._...__._...�.__....._.._.._.._..._._.._.._...__..._.__, wbo is ersonally known to me .r has produced identification. J��d'•., SARAHCOVENEY Notary public - State of Flo " —1-'� G��-�•------ �� l Cammhtbn 9 NH I tB7tf�" t' Signature of NotaryPub.l is MY Comm: Expires Apr is, tots Air through National Notary Assn• Print, "Type or stamp Commission Name, Commission No,/ Serial No. of Notary a Itc ,rO BE COMPLETED BY ADMINISTRATIVE MANAGER'S OFFICE: Date Approved By Consent Agen By: ........ ---- Date:_ == SOUTHERN _= ACTUARIAL SERVICES December 1.7, 2021 Mr. Luis Bartlett-Narvaez 11R. Technician City o•1' Tamarac Human R.esotrrces Deparlment 7525 N. W. 88`h Avenue, Suite 203 Tamarac, FL 33321-2401 Re: City of'Tamarac r rcklghters' :Pension ;p.Ll iq Dear Luis: Post Office Box 888343 Atlanta, Georgia 30356-0343 Telephone 110,391,0980 Facsimile 770,392.2193 In response to your request. I have calculated the normal retirement benefit payable to Mr. Joseph Chin beginning November 1, 202:t. Please note that my calculation is based on the information set forth on the enclosed benefit calculation wofksheet.. If any of the assui-ried inf'oiinatioti is incorrect, them the amormt of .Mr. Chin's monthly benefit may change. Also, the following benefit does not :reflect the retirement subsidy which. the patlicipant may be entitled to receive until he attains age 65. Based on my understanding of the terms o:F the plan, Mr. Chin is entitled to receive a normal. retirement benefit beginning November 1, 2021 equal to $9,914.05 per month. This benefit is payable as a 10-year certain and life annuity. Alternatively, Mr. Chin may elect to receive an optional form of payment subject to the approval of the Tnistees. We have set forth certain options on the enclosed worksheet. Sincerely, V/ Randolph W. Moon Actuarial Analyst Enclosure as stated Our Office is Located at 68 Jopena Boulevard, Hos(kon, Georgia 30548 CITY OF TAMCA.RAC FI:l EVIGHTER.S' PENSION PLAN Normal Retirement Benefit Calculation 1. Name Joseph Chin Social Security Number 2. Date of Birth Date ofI-lire .Date of E'mploymen.t Termination Normal Retirement Date Ivl:arch 26, 2000 October 29, 2021 November 1, 2021 3. Service 25.000000 ,years (100`%u vested) (.baser/ on years and completed months during the period Alarch 26, 2000 through October 29, 2021, assuming that Mr. Chbt was employed continuously during this period and assuming rhea he purchased three years and five months of'prlor service credit) 4. Average Final Compensation: a. Compensation for the period October 30, 2016 tb:rough :December 31, 201.6 $ 21,712.31 (based on the assumption rhat Mr, Chin earned $136,138.18 on tin annuali-ed basis fv 6.3 days) b. Compensation for the period January 1. 201.7 through December 31, 2017 $ 150,801..83 c. Compensation for the period January 1, 2018 through December 31, 2018 $ 139,828.97 d. Compensation Bor the period Januat'y 1, 2019 through December 31, 2019 $ 137,621.90 e. Compensation for the period January 1, 2020 through December 31, 2020 $ ,128,874.25 f Compensati.on.:for the period January 1, 2021 through. October 29, 2021 $ 120,976.05 (Including $2,021.78 gfrJcrid acctuuulated racatiorr hawa) g. Average monthly final compensation $ 1.1,663.59 5. Accrued Monthly Retirement Benefit ((.3% x 1 years gf'servlce + 4% x 10 years of servive) :r average. final compensation) 6. Monthly Normal Retirement.3enefit.l+�1f'ective November 1, 2021 { xryable ay a IO yaar certain and 1lfi, annuity) 7. Date of birth of wife/beneficiary 8. Monthly retirement income .payable for the lifetime of the participant, commencing November 1, 2021 ($9,914.0.5 x 1.0028) $ 9,914.05 $ 9,914.05 May 24, 1984 $ 9,941..81 Bene it culaulation ffir JoseLla Chin ftntinuecl) 9. Monthly retirement income payable to the participant for life under the 50% joint and contingent form of payment, with 50% of such. amount to continue to be .paid to the participant's beneficiary following. the participant's death for the remaining lif.btime of the beneficiary, connnencing November 1, 2021 ($9,914.05 x 0.9419) $ 9,338.04 10. Monthly retirement in.coine payable to the participant for life under the 50% joint and contingent farm Of payment including the optional "pop-up" feature, with 50% of such amount to continue to be paid to the participant's beneficiary following the parti.c:ipant's death far the remaining lifetime of the beneficiary, commencing November 1, 2021 '($9,914.05 x 0.9403) $ 9,32118 11. Monthly retirement income payable to the participant for life under the 603%,joilit and contingent form. of Payment, with 662/3% of such amount to continue to be paid to the partici.pant's beneficiary following the participant's death for the remaining lifetime ofthe beneficiary, commencing November 1, 2021 ($9,914.05 x 0.9232) $ 9,152.65 1.2. Monthly retire.rnen.t income payable to the parti.cipnnt for life under the 662/3%,joint and contingent form of payment, including the optional "pop-up" feature, with 66'/3% of such. am.oiuit to continue to be paid to the participant's beneficiary :Following the Participant's death for the remain.i.n.g lifetime of the beneficiary, commencing November. 1., 2021 ($9,914.05 x 0,921.1) $ 9,131.83 1.3. Monthly retirement income payable to the participant for life tinder the 75%, joint and contingent form of payment, with 75% of such amount to continue to be paid to the participant's beneficiary following the partici.pant's death for the remaining lifetime of the: beneficiary, commencing November 1, 2021 ($9,914.05 x 0.9141) $ 9,062.43 J3endit ectic:ulation iir Josepli Chin (cantinuecl) 14. Monthly retirement income payable to the partieipaixt for .li:fe imcler the 75% joint arid contingent form of payment., including the optional "pop -tip" feature with 75% of such. amount to continue to be paid to the participant's beneficiary following the participant's death for the rein:ainin.g lifetime of the be.tiefi.ciacy, commencing November 1, 2021 ($9,914.05 x 0.9118) $ 9,039.63 15. Monthly retirement income payable to the participant for life under the 100% joint and contingent form of payment, With 1.00%, of•such amount to continue to be paid to the participant's beneficiary following the .participant's death for the remaining lifetime of the beneficiary, commencing November 1, 2021 ($9,914.05 x 0.8879) $ 8,802.68 16, Monthly retirement income payable to the participant For life under the 100% joint and contingent form of payment; including the optional "pop-up" feature, with 100% of such amount to continue to be paid to the participant's beneficiary following the participant's death for the remaining lifeti.mc of the bencfciury, commencing November-1, 2021 ($9,914.05 x 0,9850) $ 8,773.93 Calculated by: SOUTHERN ACTUARIAL SERVICES COMPANY, INC. Actuaries for the plan Prepared by: Randolp 1 W. Moon Actuarial Analyst _= SOUTHERN _= ACTUARIAL SERVICES February 8, 2022 Ms. Arlene Walsh Benefits Manager City of Tamarac Human Resources Department 7525 N.W. 88"' Avenue, Suite 203 Tamarac, FL 33321-2401 Re: City of Tamarac Firefighters' Pension Plan Dear Arlene: Post Office Box 888343 Atlanta, Georgia 30356-OW Telephone 110.39Z.0980 Nsimile 110.39Z,1193 Pursuant to your request, we have determined the monthly supplemental pension for Mr. Joseph Chin to be $33.89 per month. Please note that the cost -of -living adjustment is not applied to the supplemental pension. If you have any questions, please do not hesitate to call us. Sincerely, (�04 W. (�� Lisa M. Fanner Actuarial Analyst Our Office is Located at 68 Jopena Boulevard, Hoschton, Georgia 30M z a J a z O z W a in W- W I-- V LL W LL V 5� G H LL O u W N a W V z z CW C a a N m N N N O N w H (n 0 N O M O 00 M V N m O N O M N M N N O w N w N w MD N O M m M N O w N V m rn N n N Ln N N O O �tN N M m a N m° \ N O O r')O o rj 0 00 \ O O N (D 0 o 0(D\ Coco U) W rl ri N ri \ lD n r-I H rn m r-I N w c-I O r-I \ m \ w N .-i \ \ lD \ N \ N \ N N '1 \ -i \ 0) \ 00 \ 0) H %D Cl N oo Ol m ri n oo o0 oo 00 O m O o rn N 0 rn oo o rn D+ O) oo O m oo oo m a o D, m UD o r1 m oo ri a a Cl 01 m rn N n vl oo oo rn L9 ° z r+ m cn o rn m rn c v m O r� o0 00 w (n rn O rn O m rn rri O %D M 1-4 M v 00 v O v O Oi HO a ri O m O 00 O N N U) = M N O 1n rr n -it O rn O 1n O rn r1 �* O rn N a N r1 V In 1n ai rn V ri rr rn 1n q* 1n N In r-I N N Q � .Ln +/► Lf n 4^ .n L4 in An i/* Ln i/T iA i/f L► in i/F in• Vf in to 4/1 in i/► to I Vf iA �jJ rn ci Ol N N N 00 d' N N N N N r i O O O M Ql N 00 m to m N N N N N N 0" O N Lrl lD O N ri to O M O� M N o M N a> N N } (n lD N O ri N N N O N Nr-I w O N N .-i N O m 4 N N O N 4 N ° Q c-I ri rl .-i ri ci ci ri a-i c-I ri a-1 ri ri ri ri s-I rl r-I ri .-I N U) W O m a' N U fn z — in in to tn� yr Vn vt in in in v). In in +n V) in in H 00 00 rn rn r. rn N m rn m Ln ri rD o O In O1 11 lD O N rn M rn LD ri rd m u M d' ri D v o o 0l 00 M H ci v O rn n rn O1 rn O am In r-I D to ri 01 Ol ri H ri o ri ri rn N O1 r-I ri N ri O i\ O N N 01 r-I O H n ° Z ' t N Ol -t o �t rn "t O1 't 01 ,t al O -�t 01 �t 0) n -tN O O �t Ol �t O1 � -zt ;t 0) � N 't N rr-IH 00 0) � Ol -�t O d' 0) a> ri M M 00 N O m Q w o w m W a M HHO N N O ci w H w r-I O O Cf H Hrn HH O ri HN HH m ri w HO rn ci Ln 1-1 '1 N 00 00 o N ci O v ri o o a-i o N N -1H00 -4 r, O ri LL° (n LL o N o N\ N 0 N 0 N 0 N\ N O N o N 0 N 0 N 0 N 0 N 0 N 0 N\ N O N\\\\\ N N N N N O N O N\ N 0 N W \ ci \ ri \ ri ri ri \ ri ri ei ri ri c-1 ri ri \ rl ri f 1 M ri m (1 M rq N W M I� 00 � I-, cn H W H ri .-i � r1 Ql rl (Yl LL w O U 0 0 �r o o HW W ri ri + o o -1 'A rn o o m r o o o m of rn ro o r/i o o ri o r,4 ri o rn io o ri o o o o i' � .--1 m rri N N N m M M M j N m m M N .--I N M M N M N 00 00 ri M M tN N M H .-1 rn z O Fw„ In n ri ri N O O Hri 00 00 r-I 41 o CD "tri ri to HlD ri ri rn r-1 rn Hr 00 1 Ln ri O rn r1 H00 N 0 O o N H O 'ct ci O ri o H N O Hri ri n o 00 Hr-I Q Q d O O N N \ o N 0 N 0 N rV \ H O O N O N 11 O 0 N 0 N 0 N 0 N N \ O N N \ N \ N \ O N N \ N \ --i O N N \ f\ 0 N W N \ \ 00 Ol N \ 00 \ 00 \ 00 O M rV \ \ (n \ W\ N \ c \ \ O \ 00 T \ T cn r1 ri M r1 M \ O H M M \ ri ri \ W (n M N\ N N N\ M N N M N N M N\ CDLn-i N\\\ CD O� M\\ O H M\ 00� N N N N N N N r-I H n N w n M kD N LL O w o o r- rn r-I 00 ao 00 00 rn rn ao 00 r1 00 n 00 rn m o m rn 00 00 00 Ln rn o o ri o 0 v oo O oo rn �D rn ri oo V o 0 00 00 W �_ O N 00 Ol Ol ri 0) H 0) e l 00 0) ri \ M ri Ol ri (M ri 00 00 Ol O) ri a1 r1 Ol ri 00 0) 00 Ol 00 M Ol Ol O N Ol ri 0) Ol N \ Ol = Q \ O ri \ \ H \ Lr) \ O ri \ lD N \ O \ m \ Ln ri \ \ t` \ O \ t` ri \ ri \ r \ ri \ \ N lrl r-1 \ T O N \ d' \ ci lD N \ O ri N \ H r-I Ol \ ri ri N N r-I NH -w a) CT) LD In N \ Oi N \ H N ri N n N N HM N N rn kD r\ cnO 00 00 r-I N z ww a M N n O N m CO O M c-1 t\ N d' O n M Cl) 00 s-1 r-I O N N In lD In (n rn 00 N W Ol M 'c M 01 00 m Ol n M O 00 N N O N m n -�t m N ci Ln rn O rn Ln w O w rn rn -;t rn rn m O rn rn O w w w w rn w Z n am 50 Hw z� (L_Z U H = O L Q Q w w H Z w K Z> Lu Q w N Q 2 D_ w �_ r 2 �_ Y '� w Q> m Q Z 2 w w w a LL d F Z U J= Z J z O> Q w Q Ln a Q V) o_ D_ Y F- O Z X w c~n V)i ~ gW Q rj 0 V Z w O w O ((� z J of w O Q Q U W W LU > N J O m W w w U a s o o? a O J- Q w w o O O 11 w o}= w> J 7 z Q Q a Q m ce m x U O� U U Q C� l7 Z) 2 w Y a Q Q cn u n m n n n F- >> N N Q N rn w LL- Miscellaneous Updates FINANCIAL SERVICES November 10, 2021 TAMARAC f The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Email Address: ISGFloridaprocessing.bancorp@53.com Vendor Number: 0007976 Payment Number: 0029300 Payment Date: Nov 12, 2021 Payment Amount: 46,182.39 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Retainage Discount PO Project Information Amount Amount Amount Number Number 20211110 46,182.39 0.00 0.00 es Swffw..&..f v.' 7R6N,W,8$tbA*me I Tamarac, Florida =2124011 P. 964.697,3SM I R 9U,507,= EOUALWOR(UNITYEMPLOYER FINANCIAL SERVICES November 24, 2021 TAMARAC 0e%00%""V0 The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: ISGFloridaprocessing.bancorp@53.com Vendor Number: 0007976 Payment Date: Nov 26, 2021 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Payment Number: 0029404 Payment Amount: 45,678.81 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Retainage Discount PO Project Information Amount Amount Amount Number Number 20211124 46,678.81 0.00 0.00 1"AW,. 7526N W.. g8th Avenue l Tamarac. FIonaa 339z1-:d4u7 I r`. wgiW1. u F EQUAL"POMWYEMPLOM FINANCIAL SERVICES December 9, 2021 TA The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: ISGFloridaprocessing.bancorp@53.com Vendor Number: 0007976 Payment Date: Dec 10, 2021 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Payment Number: 0029546 Payment Amount: 89,930.83 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Retainage Discount PO Project Information Amount Amount Amount Number Number 20211207 46,846.64 0.00 0.00 20211209 43,084.19 0.00 0.00 N 7626 W. 88thAvC1'tlJe I T2rti18{dC. t � IQ2� 3 C7 U"i I h : a t:atrr r r� r,�ar av�nr EauALcvp0RTUNRY0AFC0Y'ER FINANCIAL SERVICES December 22, 2021 TAMARAC The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: ISGFloridaprocessing.bancorp@53.corn Vendor Number: 0007976 Payment Date: Dec 24, 2021 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Payment Number: 0029629 Payment Amount: 47,132.43 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Retainage Discount PO Project Information Amount Amount Amount Number Number 20211222 47,132.43 0.00 0.00 es swwow ..'/..Nn`l .M 7MN,W88IhAvMU0iTamarac, I I; nQ4-;w(4Wu, p EGLIAL UNFTYE IPLOYER FINANCIAL SERVICES January 6, 2022 1AMARAC The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Email Address: ISGFloridaprocessing.bancorp@53.com Vendor Number: 0007976 Payment Date: Jan 07, 2022 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Payment Number: 0029736 Payment Amount: 48,992.40 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Retainage Discount PO Project Information Amount Amount Amount Number Number 20220106 48,992.40 1 0.00 0.00 7625 Y. , 8$th A+Mue :I r:an ac, monoa.3,'1: z w i i r; i7irt:�»i.n7:1cjv ii i. aw�►-7r , .NV EOUiL NniEiKOYER FINANCIAL SERVICES January 20, 2022 -0 To Am M A AR A C The City For Your Life TAMARAC FIREFIGHTERS PENSION FUND FIFTH THIRD BANK 38 FOUNTAIN SQUARE PLAZA CINCINNATI OH 45263 Christine Cajuste DIRECTOR of FINANCIAL SERVICES Email Address: ISGFloridaprocessing.bancorp@53.com Vendor Number: 0007976 Payment Number: 0029818 Payment Date: Jan 21, 2022 Payment Amount: 46,687.56 The total amount noted above will be processed by the bank electronically. Please ensure your account is credited with this payment. Invoice Invoice Information Amount 20220120 46,687.56 Retainage Discount PO Project Amount Amount Number Number 0.00 I 0.00 w 7625N:w..85thA,vMue I jar s. rmKr(2 EQLfALt}AP0{ifUN1TYEMPL0YER OLD BUSINESS NEW BUSINESS ix. LEGAL COUNSEL'S REPORT Tamarac Firefighters' Pension Trust Fund Quarterly Performance Summary As of December 31, 2021 Graystone Consulting- A business of Morgan Stanley Scott Owens, CFAo, CIMAo Andy McIlvaine Managing Director - Wealth Management Associate Vice President Institutional Consulting Director Institutional Consultant Scott.Owens@msgraystone.com Financial Advisor - Wealth Management (813) 227-2027 Andy.McIlvaine@msgraystone.com (813)227-2160 Graystone Page 1 Consulting" Tamarac Firefighters' Pension Trust Fund Goal Review as of December 31, 2021 Goals: The General investment objectives of the Board are as follows: 1. Establish a Prudent Investment Program Although the Retirement Plan is not covered by the Employee Retirement Income Security Act of 1974 (ERISA), the assets of this fund shall be invested in a manner consistent with the fiduciary standard set forth in ERISA, as though ERISA applied to the Pension Fund; namely, (1) in accordance with the safeguards and diversity to which a prudent investor would adhere (2) and all transactions undertaken on behalf of the Fund must be for the sole interest of Plan participants and their beneficiaries to provide benefits and pay the expenses of the Fund. The pension investment program must operate in compliance with all applicable State and Federal laws and regulations concerning the investment of pension assets. 2. Achieve Growth in Purchasing Power Primary investment emphasis must be placed upon the consistent protection of the funds assets and growth performance, i.e., the achievement of adequate investment growth must not be at the expense of the protection of the assets over the investment horizon. More specific investment objectives established by the Board include the following: • The Fund should earn a return over time exceeding the assumed actuarial rate of return. In addition, the Fund should earn a return greater than inflation, as measured by the Consumer Price Index, by 4.0% per year. It is also consistent with the Board's objective to enhance the purchasing power of the Funds. • Individual investment managers will not be measured against the aggregate fund objective stated above. They will be compared to appropriate market indices, and the performance of other managers who utilize a similar investment style. (source: November 2020: IPS) The price, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, it's accuracy cannot be guaranteed. Past performance is not Graystone guarantee of future results. Consulting' Page 2 Tamarac Firefighters' Pension Trust Fund Goal Review as of December 31, 2021 Timeline: June 2021: Removed: HFOF November 2020: • Infrastructure Fund Search • Investment Policy Statement August 2020: Infrastructure Fund Search June 2020: Added: Fund of Hedge Funds Added: Fixed Income Alt. Manager May 2020: • Infrastructure Fund Search Investment Policy Statement February 2020: FOHF / Alt. Search • Asset Allocation Study May 2019: • LCV Manager Search Int'I Value Manager Search Int'I Growth Manager Search October 2018: Replaced: Large -Cap Growth Mgr September 2018: Investment Policy Statement August 2018: Removed: MLP June 2018: • LCG Manager Search Fixed Income Manager Search • Asset Allocation Study September 2017: LCG Manager Search March 2017: Replaced: Int'I Value Manager January 2017: Int'I Value Manager Search • Asset Allocation Study November 2016: Investment Policy Statement • August 2016: Investment Policy Statement January 2016: Replaced: Fixed Income Manager November 2015: Fixed Income Manager Search October 2014: Added: Fund of Hedge Funds Added: MLP September 2014: • Removed: Small -Cap Core Manager • Investment Policy Statement August 2014: FOHF Search MLP Search Asset Allocation Study • October 2013: Asset Allocation Study • August 2013: Added: Mid -Cap Value Manager April 2013: Investment Policy Statement • February 2013: MCV & SCV Manager Search • September - October 2012: SCV & SCG Mgr Search July 2012: Added: Private Real Estate Fund • May 2012: Investment Policy Statement August 2011: Int'I Value Manager Search May 2011: Int'I Value Manager Search February 2010: Investment Policy Statement • December 2008: Added: International Growth Mgr December 2007: Removed: Small -Cap Value Mgr • July 2007: • Added: Mid -Cap Growth Manager • Added: Small -Cap Core Manager • November 2005: Replaced: Large -Cap Value Mgr March 2004: Replaced: International Value Manager • Added: Large -Cap Growth Manager • March 2002: Added the following accounts: • Large -Cap Value Manager Small -Cap Value Manager International Value Manager Fixed Income Manager The price, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, it's accuracy cannot be guaranteed. Past performance is not Graystone guarantee of future results. Consulting' Page 3 Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of December 31, 2021 Three Years Five Years Seven Years Quarter Year to Date 12 Months (annualized) (annualized) (annualized) S&P 500 Index 11.03 28.70 28.70 26.07 18.47 14.93 Dow Jones Industrial Average 7.87 20.95 20.95 18.49 15.51 13.33 Russell 3000 Index 9.28 25.66 25.66 25.79 17.97 14.55 Russell 3000 Value Index 7.54 25.37 25.37 17.65 11.00 9.71 Russell 3000 Growth Index 10.89 25.85 25.85 33.21 24.56 19.02 Russell 1000 Index 9.78 26.46 26.46 26.21 18.43 14.84 Russell 1000 Value Index 7.77 25.16 25.16 17.64 11.16 9.73 Russell 1000 Growth Index 11.64 27.60 27.60 34.07 25.32 19.58 Russell Midcap Index 6.44 22.58 22.58 23.29 15.10 12.23 Russell Midcap Value Index 8.54 28.34 28.34 19.62 11.22 9.96 Russell Midcap Growth Index 2.85 12.73 12.73 27.46 19.83 14.92 Russell 2000 Index 2.14 14.82 14.82 20.02 12.02 10.76 Russell 2000 Value Index 4.36 28.27 28.27 17.99 9.07 9.45 Russell 2000 Growth Index 0.01 2.83 2.83 21.16 14.53 11.66 Quarter Real Estate 17.54 Technology 16.69 Materials 15.20 Consumer Staples 13.31 Utilities 12.93 Consumer Discretionary 12.84 Health Care 11.17 Industrials 8.64 Energy 7.97 Financials 4.57 Communication Services (0.01) Past Performance is not a guarantee of future results. Indices are not available for direct investment Source: PARis Page 4 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of December 31, 2021 U.S. Dollar Local Currency Year to 3 5 Year to 3 5 Quarter Date 12 Months Years Years Quarter Date 12 Months Years Years Regional and Other Multi -Country Indices MSCI EAFE 2.69 11.26 11.26 13.54 9.55 3.96 19.25 19.25 13.89 8.88 MSCI Europe 5.66 16.30 16.30 14.90 10.14 6.57 23.32 23.32 14.72 9.09 MSCI Far East (3.88) 1.48 1.48 10.74 8.62 (1.27) 11.48 11.48 12.26 8.36 MSCI Pacific ex. Japan (0.09) 4.68 4.68 9.70 8.31 (0.49) 9.13 9.13 9.00 8.17 MSCI The World 7.86 22.35 22.35 22.32 15.64 8.21 24.74 24.74 N/A N/A MSCI World ex. U.S. 3.14 12.63 12.63 14.07 9.63 4.28 19.88 19.88 14.19 8.97 National Indices MSCI Hong Kong (3.55) (3.91) (3.91) 3.91 7.09 (3.41) (3.41) (3.41) 3.78 7.20 MSCI Ireland 0.61 8.83 8.83 20.18 9.05 2.54 17.09 17.09 20.39 9.44 MSCI Japan (3.94) 2.04 2.04 12.08 8.89 (0.85) 13.81 13.81 13.90 8.61 MSCI Singapore (3.61) 5.47 5.47 3.96 6.67 (3.89) 7.87 7.87 3.67 5.28 U.S. Dollar Local Currency Year to 12 Months 3 5 Year to 12 Months 3 5 Quarter Date Years Years Quarter Date Years Years Regional and Other Multi -Country Indices MSCI EM (1.24) (2.22) (222) 11.32 10.26 (0.84) 0.14 0.14 12.35 10.89 National Indices MSCI China (6.06) (21.64) (21.64) 7.91 9.52 (6.17) (21.58) (21.58) 7.43 9.41 MSCI Malaysia 1.80 (6.24) (6.24) (1.61) 2.28 1.30 (2.90) (2.90) (1.34) 0.77 MSCI Taiwan 8.48 26.81 26.81 35.35 23.96 7.72 24.87 24.87 30.69 20.23 MSCI Thailand 3.04 (1.12) (1.12) (1.30) 4.22 3.04 (1.12) (1.12) (1.30) 4.22 Past Performance is not a guarantee of future results. Indices are not available for direct investment Source: PARis Gj aystone Page 5 Consuhing- Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of December 31, 2021 Quarter Year to Date 12 Months Three Years Five Years Ten Years (annualized) (annualized) (annualized) U.S. Fixed Income 90-Day T-Bills 0.01 0.05 0.05 0.96 1.11 0.60 Barclays Aggregate 0.01 (1.54) (1.54) 4.79 3.57 2.90 Barclays Credit 0.22 (1.08) (1.08) 7.17 5.05 4.45 Barclays Govt/Credit 0.18 (1.75) (1.75) 5.50 3.99 3.13 Barclays Government 0.15 (2.27) (227) 4.06 3.07 2.14 Barclays High Yield 0.69 5.26 5.26 8.81 6.28 6.82 Barclays Intermediate Govt/Credit (0.57) (1.44) (1.44) 3.86 2.91 2.38 Barclays Long Govt/Credit 2.15 (2.52) (2.52) 10.62 7.39 5.72 Barclays Mortgage Backed (0.37) (1.04) (1.04) 3.01 2.50 2.28 Barclays Municipal 0.72 1.52 1.52 4.73 4.17 3.72 Global Fixed Income Merrill Lynch Global High Yield (0.74) 1.37 1.37 7.59 5.82 6.50 Barclays Global Treasury ex. US (2.19) (9.81) (9.81) 1.76 2.76 0.99 Barclays Capital Majors ex. U.S. (1.94) (9.58) (9.58) 1.20 2.27 0.05 Past Performance is not a guarantee of future results. Indices are not available for direct investment Source: PARis Page 6 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Total Fund - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 32.0 12.0 24.0 v 16.0 a 8.0 0.0 Current 2021 1 3 5 7 10 Since Quarter Year Years Years Years Years Inception Manager Annualized Performance 8.0 Z 6.0 E. v 4.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 - Total Fund 3.76 3.76 15.11 17.03 11.41 9.03 10.04 7.51 Policy Index 5.27 5.27 14.95 16.63 11.67 9.30 10.50 7.80 Differences -1.51 -1.51 0.16 0.40 -0.26 -0.27 -0.46 -0.29 Historic Asset Growth Cuaem Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 Total Fund Beguuung Market Value 155,776 155,776 142,912 100,058 92,506 85,362 53,849 18,363 Net Contributions 2,528 2,528 430 4,307 6,478 8,741 17,270 37,773 Fees/Expenses -185 -185 -718 -1,797 -2,773 -3,704 -4,863 -6,246 Income 807 807 2,337 6,400 10,239 13,476 17,533 25,429 Gain/Loss 5,100 5,100 19,064 55,059 57,576 60,151 80,238 88,707 Ending Market Value 164,026 164,026 164,026 164,026 164,026 164,026 164,026 164,026 Modern Portfolio Statistics 2.0 4.0 -2.0 0.0 Total Fund 2.0 4.0 6.0 8.0 Risk (Standard Deviation %) O Policy Index . 90-Day T-Bills 10.0 12.0 14.0 Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Total Fund 7.51 9.98 0.98 -30.98 97.10 97.48 -0.13 0.65 0.97 04/01/2002 Policy Index 7.80 10.01 1.00 -35.95 100.00 100.00 0.00 0.68 1.00 04/01/2002 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 7 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of December 31, 2021 Allocation Performance(%) Market u Current Fiscal 1 3 5 7 10 Since Inception Value �0 Quarter YTD Year Years Years Years Years Inception Date 17.03 11.41 9.03I4 I II Total Fund (net) 3.64 3.64 14.58 16.49 10.89 8.50 9.48 7.02 Policy Index 5.27 5.27 14.95 16.63 11.67 9.30 10.50 7.80 Cambiar Investors Inc - Large Cap Value 34,458,378 21.01 4.43 4.43 19.97 21.97 12.90 11.51 12.93 8.94 12/01/2005 Cambiar Investors Inc - Large Cap Value (net) 4.29 4.29 19.37 21.36 12.33 10.95 12.36 8.39 Russell 1000 Value 7.77 7.77 25.16 17.64 11.16 9.73 12.97 8.36 Polen - Large Cap Growth 34,292,453 20.91 5.15 5.15 24.41 32.58 N/A N/A N/A 28.58 11/01/2018 Polen - Large Cap Growth (net) 5.02 5.02 23.80 31.94 N/A N/A N/A 28.00 Russell 1000 Gr 11.64 11.64 27.60 34.07 N/A N/A N/A 28.72 Kennedy - Mid Cap Value 10,111,544 6.16 8.88 8.88 31.94 22.82 13.56 11.43 N/A 13.16 09/01/2013 Kennedy - Mid Cap Value (net) 8.68 8.68 31.00 21.93 12.69 10.50 N/A 12.24 Russell Midcap Value 8.54 8.54 28.34 19.62 11.22 9.96 N/A 11.73 MDT Advisers - Mid Cap Growth 9,697,686 5.91 5.78 5.78 22.67 29.69 21.82 16.38 18.91 13.44 08/01/2007 MDT Advisers - Mid Cap Growth (net) 5.55 5.55 21.57 28.58 20.77 15.33 17.82 12.43 Russell Midcap Growth 2.85 2.85 12.73 27.46 19.83 14.92 16.63 11.55 C1earBridge - International Value 12,405,273 7.56 2.51 2.51 16.60 10.53 N/A N/A N/A 4.73 04/01/2017 C1earBridge - International Value (net) 2.36 2.36 15.96 9.89 N/A N/A N/A 4.15 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 N/A N/A N/A 8.39 MSCI AC World ex US Value Net 1.24 1.24 10.46 8.24 N/A N/A N/A 4.88 Renaissance - International Growth 12,202,761 7.44 2.71 2.71 6.54 12.11 7.96 5.40 & 8.07 01/01/2009 Renaissance - International Growth (net) 2.56 2.56 5.88 11.42 7.29 4.73 6.60 7.41 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 9.61 6.56 7.28 8.06 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 8 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of December 31, 2021 Allocation Performance(%) Market Current Fiscal 1 3 5 7 10 Since Inception o Value �0 Quarter YTD Year Years Years Years Years Inception Date Garcia Hamilton - Interm Fixed Income 26,729,723 16.30 -0.19 -0.19 -1.78 2.75 N/A N/A 2.64 02/01/2016 Garcia Hamilton - Interm Fixed Income (net) -0.25 -0.25 -2.02 3.09 2.50 N/A N/A 2.40 BC Gov/Cr Intm -0.57 -0.57 -1.44 3.86 2.91 N/A N/A 2.60 07/01/2020 Blackrock - Global L/S Credit 4,742,880 2.89 -0.04 -0.04 3.42 N/A N/A N/A N/A 7.04 Blackrock - Global L/S Credit (net) -0.04 -0.04 3.42 N/A N/A N/A N/A 7.04 HFRX Fixed Income - Credit Index -0.06 -0.06 1.41 N/A N/A N/A N/A 7.22 Barclays Aggregate 0.01 0.01 -1.54 N/A N/A N/A N/A -0.18 Blackstone - Multi -Strategy 4,735,579 2.89 -0.56 -0.56 5.37 N/A N/A N/A N/A 8.75 07/01/2020 Blackstone - Multi -Strategy (net) -0.56 -0.56 5.37 N/A N/A N/A N/A 8.75 HFRX Global Hedge Fund 0.07 0.07 3.65 N/A N/A N/A N/A 7.80 Barclays Aggregate 0.01 0.01 -1.54 N/A N/A N/A N/A -0.18 UBS - Private Real Estate 5,285,055 3.22 5.05 5.05 16.23 2.98 4.42 5.99 N/A 7.27 08/01/2012 UBS - Private Real Estate (net) 4.87 4.87 15.43 2.14 3.49 4.96 N/A 6.20 NCREIF Property Idx 6.15 6.15 17.70 8.37 7.76 8.57 N/A 9.33 Barclays Aggregate 0.01 0.01 -1.54 4.79 3.57 3.00 N/A 2.67 Mainstay - Global Infrastructure 8,368,336 5.10 8.12 8.12 N/A N/A N/A N/A N/A 5.86 05/01/2021 Mainstay - Global Infrastructure (net) 8.12 8.12 N/A N/A N/A N/A N/A 5.86 DJ Brookfield Gbl Infra Comp TR 6.70 6.70 N/A N/A N/A N/A N/A 8.07 Barclays Aggregate 0.01 0.01 N/A N/A N/A N/A N/A 1.10 Non -Managed Account 996,434 0.61 0.01 0.01 0.02 0.77 1.04 0.77 0.53 0.51 07/01/2011 90-Day T-Bills 0.01 0.01 0.05 0.96 1.11 0.84 0.60 0.57 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 9 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of December 31, 2021 oho Current Fiscal 1 3 5 7 10 Since Inception Quarter YTD Year Years Years Years Years Inception Date 03/29/2002 Total Fund II II Domestic Equity Cambiar Investors Inc - Large Cap Value 21.01 4.28 4.28 19.88 21.78 12.72 11.27 12.67 8.93 03/29/2002 Polen - Large Cap Growth 20.91 5.04 5.04 23.80 32.48 N/A N/A N/A 27.94 10/31/2018 Kennedy - Mid Cap Value 6.17 8.68 8.68 32.03 23.21 13.73 11.52 N/A 12.42 08/02/2013 MDT Advisers - Mid Cap Growth 5.91 5.57 5.57 21.37 28.76 20.93 15.19 18.09 13.37 07/05/2007 03/31 /2017 International Equity C1earBridge - International Value 7.56 2.36 2.36 15.91 11.12 N/A N/A N/A 5.89 Renaissance - International Growth 7.44 2.37 2.37 5.77 11.81 7.59 5.54 6.81 7.43 12/29/2008 03/29/2002 Fixed Income Garcia Hamilton - Interm Fixed Income 16.30 -0.24 -0.24 -2.00 2.98 2.48 2.21 2.17 3.52 06/30/2020 Alternatives Blackrock - Global L/S Credit 2.89 -0.04 -0.04 2.91 N/A N/A N/A N/A 6.24 Blackstone - Multi -Strategy 2.89 -0.56 -0.56 4.40 N/A N/A N/A N/A 7.67 06/30/2020 UBS - Private Real Estate 3.22 4.87 4.87 15.43 2.14 3.49 4.96 N/A 6.19 07/31 /2012 Mainstay - Global Infrastructure 5.10 7.97 7.97 N/A N/A N/A N/A N/A 6.19 04/30/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a Graystone guarantee of future results. - Page 10 Consulting Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of December 31, 2021 Executive Summary Global Equity $113,168.1K (69.0%) 6i.0° o 60.0% -70.0% Fixed Income $26,729.7K(16.3%) • 20.01/. 15.0 % - 25.0 Altematives $23,131.8K (14.1 %) 1. 0 „ 0 0.0 % - 17.5 Non -Managed Account $996.4K (0.6%) 0° o 0.0 % - 5.0 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0% 105.0% ❑ Policy 0 Target V In Policy V Outside Policy The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 11 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of December 31, 2021 Executive Summary Cambiar Investors Inc - Large Cap Value $34,458.4K (21.0%) 20.0 /o 173 - 22.5% Polen - Large Cap Growth $34,292.SK (20.9%) 2 0. 01 /o 173 - 223 Kennedy - Mid Cap Value $10,111.SK (6.2%) 5.0 3.8% - 6.2% MDT Advisers - Mid Cap Growth $9,697.7K (5.9%) - 5.0 3.8% - 6.2% C1earBridge - International Value $12,40S.3K (7.6%) - 7.5% S.0%- 10.0% Renaissance - International Growth $12,202.8K (7.4%) - 7.5% S.0%- 10.0% Garcia Hamilton - Interm Fixed Income $26,729.7K (16.3%) - 20.0°/a 15.0% - 25.0% UBS - Private Real Estate $5,285.1K (3.2%) 5.01/. 0.0%- 10.0% Blackstone - MultiStrategy $4,735.6K (2.9%) 0.0%-4.1% Blackrock - Global L/S Credit $4,742.9K (2.9%) 0.0%-4.1% Mainstay - Global Infrastructure $8,368.3K (5.1%) 5.0% 0.0% - 7.5% Non -Managed Account $996.4K (0.6%) 0.0 % S.0 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0.0% Policy 0 Target V In Policy V Outside Policy The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 12 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 40.0 12.0 30.0 20.0 v a 8.0 10.0 6.0 0.0 Current Fiscal 1 3 5 7 10 Since a 4.0 Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 0.0 Cambiar - Large Cap Value 4.43 4.43 19.97 21.97 12.90 11.51 12.93 8.94 Russell 1000 Value 7.77 7.77 25.16 17.64 11.16 9.73 12.97 8.37 _2 0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Differences -3.34 -3.34 -5.19 4.33 1.74 1.78 -0.04 0.57 -9.0 Historic Asset Growth Risk (Standard Deviation %) Current Fiscal 1 3 5 7 10 Inception Cambiar Investors Inc Large Cap Value Quarter YTD Year Years Years Years Years 12/01/2005 - Cambiar - Large Cap Value O Russell 1000 Value Beginning Market Value 33,295 33,295 31,682 20,266 19,104 16,708 10,482 5,065 Net Contributions -256 -256 -3,093 -1,926 -608 -856 -721 2,953 . 90-Day T-Bills Fees/Expenses -44 -44 -169 -417 -628 -806 -1,023 -1,257 Income 117 117 484 1,572 2,377 3,102 3,859 4,724 Gain/Loss 1,347 1,347 5,554 14,963 14,214 16,312 21,861 22,973 Ending Market Value 34,458 34,458 34,458 34,458 34,458 34,458 34,458 34,458 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Cambiar Investors Inc - Large Cap Value 8.94 16.46 0.99 -48.04 100.85 97.31 0.76 0.54 0.89 12/01/2005 Russell 1000 Value 8.37 15.72 1.00 -55.56 100.00 100.00 0.00 0.52 1.00 12/01/2005 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 13 Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 60.0 48.0 45.0 40.0 30.0 v 32.0 a 15.0 24.0 0.0 Current Fiscal 1 3 Since 16.0 Quarter YTD Year Years Inception Manager Annualized Performance 8.0 Current Fiscal 1 3 Inception Quarter YTD Year Years 11/01/2018 Polen - Large Cap Growth 5.15 5.15 24.41 32.58 28.58 Russell 1000 Gr 11.64 11.64 27.60 34.07 28.76 Differences -6.49 -6.49 -3.19 -1.49 -0.18 Historic Asset Growth Current Fiscal 1 3 Inception Quarter YTD Year Years 11/01/2018 Polen - Large Cap Growth Beginning Market Value 33,230 33,230 32,163 20,489 21,762 Net Contributions -600 -600 -4,871 -9,413 -9,629 Fees/Expenses -42 -42 -162 -407 -407 Income 42 42 143 484 506 Gain/Loss 1,662 1,662 7,019 23,140 22,061 Ending Market Value 34,292 34,292 34,292 34,292 34,292 Modern Portfolio Statistics 0.n -16.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Risk (Standard Deviation %) Polen - Large Cap Growth O Russell 1000 Gr . 90-Day T-Bills 20.0 24.0 28.0 Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Polen - Large Cap Growth 28.58 17.59 0.91 -15.31 92.59 81.59 2.22 1.47 0.93 11/01/2018 Russell 1000 Gr 28.76 18.75 1.00 -15.98 100.00 100.00 0.00 1.40 1.00 11/01/2018 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 14 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 45.0 18.0 15.0 30.0 v a 15.0 0.0 i Current Fiscal 1 3 5 7 Since Quarter YTD Year Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 09/01/2013 Kennedy - Mid Cap Value 8.88 8.88 31.94 22.82 13.56 11.43 13.16 Russell Midcap Value 8.54 8.54 28.34 19.62 11.22 9.96 11.75 Differences 0.34 0.34 3.60 3.20 2.34 1.47 1.41 Historic Asset Growth Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 09/01/2013 Kennedy- Mid Cap Value Beginning Market Value 9,287 9,287 8,944 5,636 5,074 4,457 3,903 Net Contributions 18 18 -1,479 -533 114 207 -384 Fees/Expenses -18 -18 -71 -167 -261 -349 -394 Income 52 52 165 431 641 804 896 Gain/Loss 773 773 2,553 4,744 4,544 4,994 6,092 Ending Market Value 10,112 10,112 10,112 10,112 10,112 10,112 10,112 Modern Portfolio Statistics 12.0 9.0 6.0 v 3.0 0.0 -3.0 6.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Kennedy- Mid Cap Value O Russell Midcap Value . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Kennedy - Mid Cap Value 13.16 17.08 0.96 -30.03 99.91 89.38 1.96 0.77 0.81 09/01/2013 RussellMidcap Value 11.75 16.05 1.00 -31.71 100.00 100.00 0.00 0.73 1.00 09/01/2013 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 15 Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 45.0 21.0 18.0 30.0 15.0 z 15.0 Ila 12.0 9.0 0.0 Current Fiscal 1 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception 6.0 Manager Annualized Performance 3.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 0.0 MDT Advisers - Mid Cap Growth 5.78 5.78 22.67 29.69 21.82 16.38 18.91 13.44 Russell Midmp Growth 2.85 2.85 12.73 27.46 19.83 14.92 16.63 11.56 -3.0 Differences 2.93 2.93 9.94 2.23 1.99 IA6 228 1.88 Historic Asset Growth -6 ° -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 C-c. Quaver Fiscal YTD 1 3 Year Years 5 Years 7 Years 10 Years Inception 08/01/2007 Risk (Standard Deviation %) MDT Advisor - Mid Cap Growth Beginning Market valve 9,215 9,215 9,645 5,455 4,890 4,558 2,756 1,777 ■ MDT Advisers - Mid Cap Growth O Russell Midcap Growth Na Contributions -29 Fees/Expenses -21 -29 -21 -1,767 -1,687 -83 -203 -2,164 -306 -2,096 -396 -2,658 -504 -2276 -583 . 90-Day T-Bills Income 11 11 42 149 262 379 532 623 Gain/Loss 522 522 1,862 5,984 7,015 7,253 9,572 10,157 Ending Market valve 9,698 9,698 9,698 9,698 9,698 9,698 9,698 9,698 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date MDT Advisers - Mid Cap Growth 13.44 18.39 0.96 -50.88 102.50 94.80 2.22 0.74 0.91 08/01/2007 RussellMidcap Growth 11.56 18.32 1.00 -52.91 100.00 100.00 0.00 0.65 1.00 08/01/2007 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 16 Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 24.0 12.0 18.0 10.0 v 12.0 a 8.0 6.0 6.0 0.0 pp Current Fiscal 1 3 Since B ❑ Quarter YTD Year Years Inception 4.0 Manager Annualized Performance Current Fiscal 1 3 Inception Quarter YTD Year Years 04/01/2017 C1earBridge - Intl Value 2.51 2.51 16.60 10.53 4.73 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 8.40 Differences 0.69 0.69 8.78 -2.65 -3.67 Historic Asset Growth Current Fiscal 1 3 Inception Quarter YTD Year Years 04/01/2017 C1earBridge - Ind Value Beginning Market Value 11,960 11,960 10,515 5,729 4,776 Net Contributions 161 161 209 3,708 5,339 Fees/Expenses -18 -18 -67 -151 -202 Income 99 99 297 748 1,032 Gain/Loss 204 204 1,451 2,372 1,460 Ending Market Value 12,405 12,405 12,405 12,405 12,405 Modern Portfolio Statistics 2.0 -2.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) C1earBridge - International Value O MSCI AC World ex US Nei . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date C1earBridge - International Value 4.73 20.01 1.27 -41.06 111.54 134.73 -4.99 0.27 0.91 04/01/2017 MSCI AC World ex US Net 8.40 14.99 1.00 -24.30 100.00 100.00 0.00 0.54 1.00 04/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a g-tee of future results. Graystone Page 17 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 20.0 12.0 15.0 10.0 10.0 v 8.0 a 5.0 6.0 0.0 4.0 Current Fiscal 1 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 10 Inception 0.0 Quarter YTD Year Years Years Years Years 01/01/2009 Renaissance - Intl Growth 2.71 2.71 6.54 12.11 7.96 5.40 7.27 8.07 -2.0 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 9.61 6.56 7.28 8.06 Differences 0.89 0.89 -1.28 -1.07 -1.65 -1.16 -0.01 0.01 Historic Asset Growth 4.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 Risk (Standard Deviation %) Renaissance -Intl Growth Renaissance - International Growth O MSCI AC World ex US Net Beginning Market Value 10,575 10,575 10,195 5,567 4,317 4,158 2,312 1,612 Net Contributions 1,351 1,351 1,402 3,863 5,224 5,495 6,269 6,388 . 90-Day T-Bills Fees/Expenses -17 -17 -69 -153 -223 -279 -347 -386 Income 169 169 336 629 868 1,040 1,317 1,466 Gain/Loss 125 125 339 2,297 2,017 1,788 2,652 3,123 Ending Market Value 12,203 12,203 12,203 12,203 12,203 12,203 12,203 12,203 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Renaissance - International Growth 8.07 17.14 1.00 -33.45 99.20 98.00 0.17 0.51 0.91 01/01/2009 MSCI AC World ex US Net 8.06 16.44 1.00 -24.30 100.00 100.00 0.00 0.53 1.00 01/01/2009 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 18 Consulting" Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 9.0 3.5 6.0 3.0 3.0 v a 0.0 7 2.5 - 3.0 2.0 - y -6.0 Current Fiscal 1 3 5 Since a 1.5 - Quarter YTD Year Years Years Inception Manager Annualized Performance 1.0 - Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 02/01/2016 0.5 Garcia Hamilton - Interm Fixed Income -0.19 -0.19 -1.78 3.34 2.75 2.64 BC Gov/Cr Imm -0.57 -0.57 -1.44 3.86 2.91 2.60 0.0 Differences 0.38 0.38 -0.34 -0.52 -0.16 0.04 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 .._ Historic Asset Growth Risk (Standard Deviation %) Current Fiscal 1 3 5 Inception ■ Garcia Hamilton Interm Fixed Income Quarter YTD Year Years Years 02/01/2016 - Garcia Hamilton - Interm Fixed Income BC Gov/Cr Intm Beginning Market Value 25,611 25,611 26,025 22,380 17,864 16,933 Net Contributions 1,184 1,184 1,232 2,247 6,124 6,794 . 90-Day T-Bills Fees/Expenses -16 -16 -64 -181 -278 -310 Income 104 104 517 1,597 2,510 3,075 Gain/Loss -153 -153 -980 686 510 237 Ending Market Value 26,730 26,730 26,730 26,730 26,730 26,730 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Garcia Hamilton - Interm Fixed Income 2.64 2.09 0.87 -1.87 91.96 78.06 0.37 0.81 0.85 02/01/2016 BC Gov/Cr Intm 2.60 2.22 1.00 -2.26 100.00 100.00 0.00 0.75 1.00 02/01/2016 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 19 Consulting" Tamarac Firefighters' Pension Trust Fund B1ackRock - Global L/S Credit - Executive Summary as of December 31, 2021 Manager Performance Chart 12.0 8.0 v 4.0 a 0.0 4.0 1- Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Sinc Inception Quarter YTD Year Inception Date Blackrock - Global L/S Credit -0.04 -0.04 3.42 7.04 07/01/2020 HFRX Fixed Income - Credit Index -0.06 -0.06 1.41 722 Differences 0.02 0.02 2.01 -0.18 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackrock - Global L/S Credit 07/01/2020 Beginning Market Value 4,745 4,745 3,086 2,882 Net Contributions - - 1,550 1,550 Fees/Expenses - - - - Income 164 164 164 164 Gain/Loss -166 -166 -57 147 Ending Market Value 4,743 4,743 4,743 4,743 Modern Portfolio Statistics Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 -4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Blackrock - Global L/S Credit O IIFRX Fixed Income - Credit Index . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Blackrock - Global L/S Credit 7.04 2.99 0.66 -0.83 84.35 37.48 2.21 2.28 0.75 07/01/2020 HFRX Fixed Income - Credit Index 7.22 3.91 1.00 -1.16 100.00 100.00 0.00 1.79 1.00 07/01/2020 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future rests. Graystone Page 20 Consulting" Tamarac Firefighters' Pension Trust Fund Blackstone - Multi -Strategy - Executive Summary as of December 31, 2021 Manager Performance Chart 15.0 10.0 5.0 v a 0.0 -5.0 Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackstone - Multi -Strategy -0.56 -0.56 5.37 8.75 07/01/2020 HFRX Global Hedge Fund 0.07 0.07 3.65 7.80 Differences -0.63 -0.63 1.72 0.95 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackstone - Multi -Strategy 07/01/2020 Begimung Market Value 4,762 4,762 3,124 2,903 Net Contributions - - 1,450 1,450 Fees/Expenses - - - - Income - - - - Gain/Loss -27 -27 161 383 Ending Market Value 4,736 4,736 4,736 4,736 Modern Portfolio Statistics Manager Risk & Return 14.0 12.0 10.0 8.0 _ 6.0 i � 4.0 2.0 0.0 2.0 4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Blackstone - MultiStrategyO HFRX Global Hedge Fund . 90-Day T-Bills Standard Return Maximum Beta Up Down Alpha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date Blackstone - Multi -Strategy 8.75 4.00 1.00 -1.25 101.60 59.14 0.86 2.11 0.83 07/01/2020 HFRX Global Hedge Fund 7.80 3.63 1.00 -1.29 100.00 100.00 0.00 2.08 1.00 07/01/2020 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 21 Consulting" Tamarac Firefighters' Pension Trust Fund UBS - Private Real Estate - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 32.0 14.0 24.0 12.0 16.0 v 10.0 a 8.0 8.0 El .0 0.0 Current Fiscal 1 3 5 7 Since Quarter YTD Year Years Years Years Inception 4.0 Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 08/01/2012 0.0 UBS - Private Real Estate 5.05 5.05 16.23 2.98 4.42 5.99 7.27 NCREIF Property Idx 6.15 6.15 17.70 8.37 7.76 8.57 933 -2.0 Differences -1.10 -1.10 -1.47 -539 -3.34 -2.58 -2.06 Historic Asset Growth 4.0 -1.4 -0.7 0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3 7.0 Current Fiscal 1 3 5 7 Inception Risk (Standard Deviation %) Quarter YTD Year Years Years Years 08/01/2012 UBS - Private Real Estate UBS - Private Real Estate O NCREIF Property Idx Beginning Market Value 5,040 5,040 4,579 4,959 4,452 3,765 3,000 Net Contributions - - - - - - - . 90-Day T-Bills Fees/Expenses -9 -9 -34 -117 -213 -311 -400 Income 50 50 191 603 1,023 1,170 1,170 Gain/Loss 204 204 549 -160 23 661 1,515 Ending Market Value 5,285 5,285 5,285 5,285 5,285 5,285 5,285 Modern Portfolio Statistics Standard Return Maximum Beta Up Down A1Pha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date UBS - Private Real Estate 7.27 4.61 0.92 -6.69 80.93 245.05 -1.20 1.40 0.77 08/01/2012 NCREIF Property Idx 9.33 4.38 1.00 -0.99 100.00 100.00 0.00 1.91 1.00 08/01/2012 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 22 Consulting" Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure - Executive Summary as of December 31, 2021 Manager Performance Chart 12.0 9.0 v 6.0 a 3.0 0.0 Current Fiscal Since Quarter YTD Inception Manager Annualized Performance Current Fiscal Since Inception Quarter YTD Inception Date Mainstay -Global Infrastructure 8.12 8.12 5.86 05/01/2021 DJ Brookfield Gbl Infra Comp TR 6.70 6.70 8.07 Differences 1.42 1.42 -2.21 Historic Asset Growth Current Fiscal Since Inception Quarter YTD Inception Date Mainstay - Global Infrastructure 05/01/2021 Beginning Market Value 7,046 7,046 7,197 Net Contributions 713 713 713 Fees/Expenses - - - Income Gain/Loss 609 609 459 Ending Market Value 8,368 8,368 8,368 Modern Portfolio Statistics Manager Risk & Return 12.0 10.0 8.0 6.0 ❑ 4.0 v PG 2.0 0.0 -2.0 4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Mainstay - Global Infrastructure O DJ Brookfield Gbl Infra Comp TR . 90-Day T-Bills Standard Return Beta Maximum Up Down A1Pha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date Mainstay - Global Infrastructure 5.86 3.91 1.05 -5.38 99.38 125.42 -0.29 0.20 0.83 05/01/2021 DJ Brookfield Gbl Infra Comp TR 8.07 3.40 1.00 -4.35 100.00 100.00 0.00 0.30 1.00 05/01/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 23 Consulting" Tamarac Firefighters' Pension Trust Fund Compliance Checklist as of December 31, 2021 Equity Portfolio Listed on recognized exchange Yes Single issue not to exceed 10% at market value for Yes each equity in each separately managed portfolio Single issue not to exceed 5% at market value for Yes the total portfolio Fixed Income U.S. Government / Agency or U.S. Corporations Yes Bonds rated "A" or better Yes Single corporate issuer not exceed 10% of bond Yes portfolio (except U.S. Government/Agency) The prices, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Graystone Page 24 Consulting" Performance Appendix Performance Data below is net offees. Please seethe Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. OPW NNW�3 5 10 Since Inception Account Name QTD YTD Year Years Years Years Inception Date Blackrock - Global US Credit -0.04 3.42 3.42 6.30 06/25/2020 Blackstone - Multi -Strategy -0.56 5.37 5.37 8.33 06/25/2020 Cambiar Investors Inc - Large Cap Value 4.29 19.37 19.37 21.36 12.33 12.36 7.48 03/29/2002 C1earBridge - International Value 2.36 15.96 15.96 9.89 5.08 5.30 4.34 03/18/2004 Garcia Hamilton - Interm Fixed Income -0.25 -2.02 -2.02 3.09 2.50 2.16 3.51 03/29/2002 Kennedy - Mid Cap Value 8.68 31.00 31.00 21.93 12.69 11.45 08/02/2013 MDT Advisers - Mid Cap Growth 5.55 21.57 21.57 28.58 20.77 17.82 12.25 07/05/2007 Mainstay - Global Infrastructure 8.12 9.01 04/13/2021 Non -Managed Account 0.01 0.02 0.02 0.77 0.96 -2.87 -2.89 07/01/2011 Polen - Large Cap Growth 5.02 23.80 23.80 31.94 22.32 17.37 11.36 03/31/2004 Renaissance - International Growth 2.56 5.88 5.88 11.42 7.29 6.60 7.46 12/29/2008 UBS - Private Real Estate 4.87 15.43 15.43 2.14 3.49 6.14 07/02/2012 All performance above are Time Weighted(TWR) performance Glossary of Terms performance. Active Contribution Return: The gain or loss percentage of an investment relative to the performance of Core: Refers to an investment strategy mandate that is blend of growth and value styles without a the investment benchmark. pronounced tilt toward either style. Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark Active Return: Arithmetic difference between the manager's return and the benchmark's return over a specified time period. Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with a value between+l and -1 inclusive. This is also referred to as coefficient of correlation. Alpha: A measure of a portfolids time weighted return in excess of the market's retum, both adjusted for risk. A positive alpha indicates that the portfolio outperformed the market on a risk -adjusted basis, and a negative alpha indicates the portfolio did worse than the market. Best Quarter: The highest quarterly return for a certain time period. Beta: A measure of the sensitivity of a portfolio's time weighted return (net of fees) against that of the market. A beta greater than 1.00 indicates volatility greater than the market. Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its benchmark The higher the consistency figure, the more value a manager has contributed to the product's Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified period of time. Distribution Rate: The most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, long-term capital gains, and/or return of capital. Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the value, the more risk the product has. Downside Semi Deviation: A statistical calculation that measures the volatility of returns below a minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the number, the greater the volatility. Drawdown: A drawdown is the peak -to -trough decline during a specific period of an investment, fund or commodity. Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's benchmark. Excess Return: Arithmetic difference between the manager's return and the risk -free return over a specified time period. Growth: A diversified investment strategy which includes investment selections that have capital appreciation as the primary goal, with little or no dividend payouts. These strategies can include reinvestment in expansion, acquisitions, and/or research and development opportunities. Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would have grown over the given time period. Investment Decision Process (IDP): A model for structuring the investment process and implementing the correct attribution methodologies. The IDP includes every decision made concerning the division of the assets under management over the various asset categories. To analyze each decisions contribution to the total return, a modeling approach must measme the marginal value of every individual decision. In this respect, the hierarchy of the decisions becomes very important. We therefore use the IDP model, which serves as a proper foundation for registering the decisions and relating than to each other. Information Ratio: Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added contribution by the manager. Jensen's Alpha: The Jensen's alpha measure is a risk -adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. This metric is also commonly referred to as alpha.. Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed data around the mean, sometimes referred to as the volatility of volatility. Maximum Drawdown: The drawdown is defined as the percent retrenchment from a f rmis peak to the funds trough value. It is in effect from the time the fund's retrenchment begins until a new fund high is reached. The maximum drawdown encompasses both the period from the f rmis peak to the fund's valley (length), and the time from the funds valley to a new fund high (recovery). It measures the largest percentage drawdown that has occurred in any fund's data record. Modern Portfolio Theory (NIPT): An investment analysis theory on how risk -averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. Mutual Fund (MIS'): An investment program funded by shareholders that trade in diversified holdings and is professionally managed. Peer Group: A combination of funds that share the same investment style combined as a group for comparison purposes. Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsor and plan types for comparison purposes. Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate valuations and transaction data for these assets are not processed or maintained by us. Common examples of these include life insurance, some annuities and some assets held externally. Performance Statistics: A generic term for various measures of investment performance measurement terms. Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics. Preferred Return: A term used in the private equity (PE) world, and also referred to as a "Hurdle Rate." It refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE firm receiving its carried interest or "carry." Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by the Cumulative Return of the benchmark for a certain time period. Regression Based Analysis: A statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables Residual Correlation: Within retums-based style analysis, residual correlation refers to the portion of a strategy's return pattern that cannot be explained by its correlation to the asset -class benchmarks to which it is being compared. Return: A rate of investment performance for the specified period. Rolling Percentile Ranking: A measure of an investment portfolio's ranking versus a peer group for a specific rolling time period (i.e. Last 3 Years, Last 5 years, etc.). R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Amount and Commingled Fund investment vehicles. Sector Benchmark. A market index that serves as a proxy for a sector within an asset class. Sharpe Ratio: Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk -adjusted performance results in. Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of a return around its average return over a specified time period. Total Fund Benchmark: The policy benchmark for a complete asset pool that could consist of multiple investment mandates. Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household. Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to the performance of an appropriate market benchmark. Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolio's beta to arrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds and benchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement can help determine if the portfolio is reaching its goal of increasing returns while managing market risk. Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptable return. This return measure isolates the positive portion of volatility: the larger the number, the greater the volatility. Value: A diversified investment strategy that includes investment selections which tend to trade at a lower price relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend, low price -to -book ratio, and/or low price -to -earnings ratio. Worst Quarter: The lowest rolling quarterly return for a certain time period. Information Disclosures DerTrinan 4 Tel ltDare annualiEkd [6 fime Cpri E d El aeater tChn lire liar and in Elude all 11r® and Ek® e6rivalentlIDrea&1dd and unreali' ed ' iiJtal C1dnDandlFFFi DE hnd dh&endDlnterel and in D6neD7Ec invelment reldtEldelled �ereia rese Bnt [IJEHEirl C1erTtinan4DCDa reEidt CDre1knt marCet aC1h*EE1 lrrrent ChrD6wmanEk maDvarDlL7n tL7e 11areD®CDnDCaI E&Ttmanik iElnll a 6rarantee ElTature reCLltl7L] DIeaEk EketOe M66Chn ll'an1e176nitE1 E3arneE1E1EJC D6m DDD Dart El Elr=kre Uradvi EIrEJa11TkntE1 andEllt an DaD7iEkEle 66C1YraCp aE[Il<nt trade DlrlrmaSEh latementE]Tk a lidl diEUDlrre 11Ylc aD7fEkEle 011irE�EEL�eE]andellYnli!FME)rr Dinanlal OMEIi Dill EkaidetClCEi�dllLmentElt1711L uEEA reEaelD Den �nar-indi �-and 1end:Yn Eluded in tEillmaterial are =r in D}matilhal 1krD1l•DC4dE1are lr-ided=Iel-a-a�n�ri=ht=I and malln Etrelel t� underlJnOEDn® E-in ands invelment FFTK1ive®7ET]EJJated Citl]tEL aDdrntdi � sre unmaaa �d and n Ct availaCle Ilk direl invelmentOlbdeOreturn[ldlln[Y tales intll a=iint .semis -ter iar-eumaCO 1belland D17rCpD111ald redulk E&Urman1e❑ 111c ler�rmaa� data ®ran relel1TdJ CprQlrmanlY=EEIdCpDnCt Inaranhw lidure relidt® lrvelment return and 6inlCh1 Dill luluate EI]tl7at an invell}lIDl7Chrel][10en redeemed maDCp 116t11 mE}e 6r le11YE at 6sCinal ®D Dlealk nll'ellLrrent 1Yr0brman le mal71Y Eillb l} Ill7er tE au t1le ChrUrnianle data l7L]ll]nll ll a ulltlldate mDttEtdnd E&Urman1Y in lIDkmafilli lllealk l7ldal llhr Dinanlal OMEIi avilttlle lrndEEIElnlan[Illellltell lrvell30ETEIdd 14Teldl11ClltldertEL Cilind®invelment D-1i�1YiveD6a=IEI]7rCpDande=�nli!DEpDIke invelinm DEL 6 FFFi,luDandEIE]"aila7e t:e lnnrnar11E3FFFilutainllt llEland El EYr inTknuifiln tCht ETIldd Cp read 1kreCkU17ChE Ire invelin S-nvel3r17®1ald revie11t11e inTrinatilh in t[le aFFFi,11u❑ 14rel NEE] 1111 Dlain a 6ETU4,1lu Seale DJrtal C6rr Dinanlal OddviOd 66 vilt tEe Cdnd®ClnChn ❑ De®tell Past performance is no guarantee of future results. Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Small and mid -capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities' prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Alternative investments, including private equity funds, real estate funds, hedge funds, managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are speculative and entail significant risks that can include losses due to leveraging or\other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel and processes of the advisor. Master Limited Partnerships (MI,Ps) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MI.P interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including: investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield -to -maturity of a mortgage -backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax -efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as `Junk bonds", are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer's creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security rating as provided by Standard & Poor's, Moody's and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch's classification (the equivalent of Am and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody's) are considered to be investment grade -quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as 'NW'. "Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance." Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.wrn/style-peff-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30 % of the highest observations may be found, the 65th percentile is the value in which 65 % of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/retum assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Alternatives Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. ("Morgan Stanley") This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investment positions within a Morgan Stanley Individual Retirement Account ("IRA"), such positions are held by Morgan Stanley Smith Barney LLC as the custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is covered by SIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange -Traded and Closed -End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MI.Ps). These non-traditional alternative strategy vehicles also seek alternative -like exposure but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short -selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as corelation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short - selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund;- Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; - Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and- Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker - dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 30%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.50/.), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program amount will be charged an asset -based wrap fee every quarter (`the Fee"). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fond invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5 % annual fee, if the gross performance is 5 % per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40 per year over a three year period, and the total value of the client's portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at www.morganstanley.com/ADV <http://www.morgmstaidey.com/ADV> <http://www.morgmstmley.cem/ADV> or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC -insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker -dealer, not a bank. SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. © 2018 Morgan Stanley Smith Barney LLC. Member SIPC. Money Market Funds You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e., MMFs that invest 99.5 % of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. Tamarac Firefighters' Pension Trust Fund Quarterly Performance Report As of December 31, 2021 Graystone Consulting- A business of Morgan Stanley Scott Owens, CFAo, CIMAo Andy McIlvaine Managing Director - Wealth Management Associate Vice President Institutional Consulting Director Institutional Consultant Scott.Owens@msgraystone.com Financial Advisor - Wealth Management (813) 227-2027 Andy.McIlvaine@msgraystone.com (813)227-2160 Graystone Page 1 Consulting" WEALTH MANAGEMENT Capital Markets Overview: 4Q zo2s Introduction Quarterly Update as of December 31, zozl; Equity Forecasts as of November 18, zozl; GDP Forecasts as of December 8, 2021 Morgan Stanley The S&P 500 continued higher in 4Q21, reporting the seventh consecutive quarter of positive returns. The index gained 11.03% in 4Q21, following the third quarter, which recorded gains of o.6%. US equities outperformed both international developed and emerging market equities in 4Q21. Mike Wilson and Morgan Stanley & Co. U.S. Equity Strategyteam's S&P 500 price target is 4,400. The S&P 500 sectors finished the fourth quarter showing mixed results with Real Estate, Technology, and Materials outperforming and returning 17.5%,16.7%, and 15.2%, compared to 3Q21 with returns of o.9%,1.3%, and -3.5%, respectively. Laggards included Comms, Financials, and Energy coming in at 0.0%, 4.6%, 8.o%, respectively. Other major US indices were up for the quarter: The Dow Jones Industrial Average gained 7.87%and the NASDAQ Composite gained 8.3%. The MSCI EAFE Index (a benchmark for international developed markets) gained 2.7%while the MSCI Emerging Markets Index fell 1.2%for 4Q21. US equities outperformed International developed and emerging market equities in 4Q. The US aggregate bond market ended flat this quarter. The Bloomberg US Aggregate Bond Index, a general measure of the bond market, returned o.i% in 4Q21. Morgan Stanley & Co. economists expect US GDP will be 5.3% in 1Q2i and predict a slight decline in GDP growth forthe year. Commodities inched higher in the third quarter; the Bloomberg Commodity Index fell 1.57%, following a quarterwhere it rose 6.6%. Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC Past performance is no guarantee offuture results. Estimates offuture performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark PageVV2ALTH MANAGEMENT GLOBAL I NVESTM ENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Graystone Consulting'm WEALTH MANAGEMENT Morgan Stanley Capital Markets Overview: 4Q zozl The US Economy Quarterly Update as of December 31, zozl; MS & Co. GDP and Inflation Forecasts as of December 8, 2021 Real Gross Domestic Product increased at an annual rate of 2.3% in the third quarter in comparison to 6.7% in 202021. The deceleration in real GDP in the third quarter was led by a slowdown in consumer spending. A resurgence of COVID-ig cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. With receding COVID-ig headwinds, accommodative financial conditions, and an unemployment rate at nearly one-third of the pandemic peak, support for strong consumption and investment strengthened in 40. MS & Co. forecasts 1022 real GDP to come in at 4.9% globally, and 5.3% in the US. The seasonally adjusted unemployment rate for November 2023. was 4.2%, steadily decreasing each month after peaking in April zozo at 14.7%. In November, total nonfarm payrolls were +21oK. Improvement in the labor markets reflect the continued resumption in economic activity and broad reopening of the economy. The number of long-term unemployed (thosejobless for 27 weeks or more), at 2.2 million, changed little in November but is still i.i million higher than in February zozo. According to the most recent data from the Federal Reserve Bank of St. Louis from 3021, corporate profits increased 3.3% quarter over quarter and rose 18.2% year over year. The Bureau of Labor Statistics has reported a +o.8% MOM price increase in November (after rising o.9% in October), and a 6.8% increase overthe last iz months. Morgan Stanley & Co. economists forecast a 5.1% inflation rate for 4021. The Census Bureau reported that the number of new private -sector housing starts in November 2023. was at a seasonally adjusted annual rate of 1,712,000-up 3.6%from October zozi, and o.9% above the seasonally adjusted annual rate at this time last year. The Census Bureau also reported that seasonally adjusted retail and food services sales grew 0.3%from the previous month but increased 18.2% above November zozo. Consumer confidence gained in December, with the Conference Board Consumer Confidence Index reading 115.8, up from iii.9 in December. The US National Economy Expectations Diffusion Index declined from 45.0 in Novemberto 36.o in December (down from 39.5 in January 2021). The Institute for Supply Management's (ISM) Purchasing Managers Index (PMI), a manufacturing sector index, registered 59.9% forAugust, up 0.4%from July 2021. Overall, this figure indicates expansion in the overall economy after a major contraction in April zozo, which had been the lowest since 2008. Generally speaking, a PMI or NMI (ISM Non -Manufacturing Index) over 50 indicates that economic activity is expanding, and a PMI below 50 indicates that activity is contracting. The ISM's Non -Manufacturing Index (NMI), which represents growth in the services sector, was 61.1% in November, up 0.3%from October 2021 Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Federal Reserve Bank of St. Louis, Morgan Stanley Wealth Management GIC. Data is lagged one month. Past performance is no guarantee offuture results. Estimates offuture performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark PageVIALTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Graystone Consulting" WEALTH MANAGEMENT Capital Markets Overview: 4Q zozl US Equity Markets As of 4Q 2021 Morgan Stanley The Dow Jones Industrial Average gained 7.9% in the fourth quarter of 2021, while the NASDAQ Composite Index gained 8.3%. The S&P 500 Index climbed ii.o%overthe same time period. The ii sectors of the S&P 500 showed mixed results and moderate returns across the board for the third quarter. Real Estate, Technology, and Materials outperformed and returned 17.5%,16.7%, and 15.2%, compared to 3021 with returns of 0.9%, 1.3%, and -3.5%, respectively. Laggards included Comms, Financials, and Energy coming in at 0.0%, 4.6%, 8.o%, respectively. The Russell Midcap gained 6.4% on the quarter, with mid -cap growth gaining 2.7%and mid -cap value gaining 8.1%. The Russell z000, a small -cap index, gained 2.1%forthe quarter, with small -cap value returning 3.9%, outperforming small -cap growth at -o.i%. US Stock Market Index Total Returns ft for PeriodKey the Ending 12/31/2023. In INDEXINUSD Quarter 12Months 5-Years 7-Years (Annualized) (Annualized) S&P 500 11.03% 28.71% 18.48% 14.92% Dow Jones 7.87% 20.95% 15.52% 13.32% Russell z000 2.14% 14.82% 12.03% 10.75% Russell Midcap 6.44% 22.58% 15.10% l2.22% Russell i000 9.78% 26.46% 18.44% 14.83% Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC Past performance is no guarantee offuture results. Estimates offuture performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark prageWLTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Graystone Consulting" WEALTH MANAGEMENT S&P 500 Sectors YTDTotaI Return As of December 31, 2021 Energy Real Estate Financials Technology Materials Health Care Discretionary Communication Services Industrials Staples Utilities 0% 10% 20% 30% 40% 50% Source: Bloomberg Past performance is no guarantee offuture results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark pageWLTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Morgan Stanley 54.4% 6o% Graystone Consulting'm WEALTH MANAGEMENT Capital Markets Overview: 4Q zozl Global Equity Markets As Of 40 2021 Morgan Stanley US equities outperformed International in the fourth quarter of zozi .The MSCI EAFE Index (a benchmark for international developed markets) gained 2.7%for US -currency investors. In the fourth quarter, the MSCI Emerging Markets Index fell 1.2%for US -currency investors. The MSCI Europe Index gained 5.7%for US -currency investors, while the MSCI Japan fell 1.2%. The S&P 500 Index ended the quarter at ii.o% Emerging economy equity market indices saw muted returns in the fourth quarter. The MSCI BRIC (Brazil, Russia, India and China) Index fell 5.4% in US dollarterms, while the MSCI EM Asia Index fell 6.6%. Key Global Stock Market Index Returns ft forthe INDEX IN LISD Period Ending Quarter 12/31/2021 1z Months 5-Years (Annualized) 7-Years (Annualized) MSCI EAFE 2.749/0 11.78% 10.01% 7.26% MSCI EAFE Growth 4.11% 11.59% 13.94% io.o6% MSCI EAFE Value 1.259/0 11.58% 5.91% 4.25% MSCI Europe 5.729/0 16.97% 10.70°% 7.26% MSCI Japan -4.119/0 1.99% 8.89°% 8.o6% S&P Soo 11.03% 28.71% 18.48% 14.92% MSCI Emerging Markets -1.24% -z.zz% 10.28% 6.49% Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC Past performance is no guarantee offuture results. Estimates offuture performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark PagdWLTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Graystone Consulting" WEALTH MANAGEMENT Capital Markets Overview: 4Q zozl The US Bond Market As Of 40 2021 The Bloomberg US Aggregate Bond Index, a general measure of the bond market, rose o.oi%, after rising 0.05% last quarter. Morgan Stanley The yield on the io-year US Treasury note closed 30 at 1.5% and remained flat in 40 to close the quarter at 1.5%. The shortest end of the curve concluded 021 with the yield on 3-month Treasury bills at 0.04%, up from the close of 3021. Riskier parts of the bond market, such as US high yield debt, have muted gains in the fourth quarter. The Bloomberg High Yield Index, a measure of lower -rated corporate bonds, gained 0.7%. Bloomberg Long Government/Credit ended the quarter at o.18% after a 0.02% gain in 3021. Mortgage -backed securities fell slightly in the third quarter. The Bloomberg Mortgage -Backed Securities Index fell 0.4%. Municipal bonds gained. The Bloomberg Municipal Index gained 0.7%on the quarter. Key US :. INDEX INUSD .. Ending Quarter 12/31/2021 i2Months 5-Years (Annualized) 7-Years (Annualized) Bloomberg US Aggregate 0.01% -1.54% 3.57% 3.00% Bloomberg High Yield 0.71% 5.28% 6.29% 6.14% Bloomberg Government/Credit o.18% -1.78% 3.99% 3.31% Bloomberg Government o.18% -2.32% 3.07% 2.45% Bloomberg IntermediateGovt/Credit -0.57% -1.46% 2.92% 2.54% Bloomberg LongGovt/Credit 2.15% -2-52% 7.39% 5.69% Bloomberg Mortgage Backed Securities -0.37% -1.04% 2.50% 2.24% Bloomberg Muni 0.72% 1.52% 4.17% 3.47% Source: FactSet, Bloomberg, Morgan Stanley & Co. Research, Morgan Stanley Wealth Management GIC Past performance is no guarantee offuture results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offerto b financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Mark PageWLTH MANAGEMENT GLOBAL INVESTMENT OFFICE I CHARTBOOK I MARKET PERFORMANCE Graystone Consulting" WEALTH MANAGEMENT Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker -dealer in the United States. Morgan Stanley The sole purpose of this material is to inform, and it in noway is intended to bean offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Any product discussed herein maybe purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley Wealth Management has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investorshould carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Morgan Stanley Smith Barney LLC offers investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program offers investment managers, funds and featuresthat are not available in other programs; conversely, some investment managers, funds or investment strategies maybe available in more than one program. Morgan Stanley's investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate foryou. Please seethe Morgan Stanley Smith Barney LLC program disclosure brochure (the "Morgan Stanley ADV") for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV. Sources of Data. Information in this material in this report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness ortimeliness. Third -party data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data. All opinions included in this material constitute the Firm'sjudgment as of the date of this material and are subject to change without notice. This material was not prepared by the research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Some historical figures maybe revised due to newly identified programs, firm restatements, etc. Global Investment Manager Analysis (GIMA) Focus List, Approved List and Tactical Opportunities List; Watch Policy. GIMA uses two methods to evaluate investment products in applicable advisory programs: Focus (and investment products meeting this standard are described as being on the Focus List) and Approved (and investment products meeting this standard are described as being on the Approved List). In general, Focus entails a more thorough evaluation of an investment product than Approved. Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead of the Focus List. Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also determine that an investment product no longer meets the criteria under either process and will no longer be recommended in investment advisory programs (in which case the investment product is given a "Not Approved" status). GIMA has a'Watch" policy and may describe a Focus List orApproved List investment product as being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) may, but are not certain to, result in the investment product becoming "Not Approved."The Watch period depends on the length of time needed for GIMA to conduct its evaluation and forthe investment manager or fund to address any concerns. Certain investment products on eitherthe Focus List or Approved List may also be recommended forthe Tactical Opportunities List based in part on tactical opportunities existing at a given time. The investment products on the Tactical Opportunities List change overtime. For more information on the Focus List, Approved List, Tactical Opportunities List and Watch processes, please see the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management. Your Financial Advisor or Private Wealth Advisor can also provide upon request a copy of a publication entitled "Manager Selection Process." The Global Investment Committee is a group of seasoned investment professionals who meet regularly to discuss the global economy and markets. The committee determines the investment outlook that guides our advice to clients. They continually monitor developing economic and market conditions, review tactical outlooks and recommend model portfolio weightings, as well as produce a suite of strategy, analysis, commentary, portfolio positioning suggestions and other reports and broadcasts. The GIC Asset Allocation Models are not available to be directly implemented as part of an investment advisory service and should not be regarded as a recommendation of any Morgan Stanley investment advisory service. The GIC Asset Allocation Models do not represent actual trading or any type of account or any type of investment strategies and none of the fees or other expenses (e.g. commissions, mark-ups, mark-downs, advisory fees, fund expenses) associated with actual trading or accounts are reflected in the GIC Asset Allocation Models which , when compounded over period of years, would decrease returns. Adverse Active AlphaSM 2.0 is a patented screening and scoring process designed to help identify high -quality equity and fixed income managers with characteristics that may lead to future outperformance relative to index and peers. While highly ranked managers performed well as a group in our Adverse Active Alpha model back tests, not all ofthe managers will outperform. Please note that this data may be derived from back -testing, which has the benefit of hindsight. In addition, highly ranked managers can have differing risk profiles that might not be appropriate for all investors. Our view is that Adverse Active Alpha is a good starting point and should be used in conjunction with other information. Morgan Stanley Wealth Management's qualitative and quantitative investment manager due diligence process are equally important factors for investors when considering managers for use through an investment advisory program. Factors includina. but not limited to. manaaer Grnvsrone DISCLOSURES J Page 8 Consulting" WEALTH MANAGEMENT Morgan Stanley turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking. Additionally, highly ranked managers can have differing risk profiles that might not be appropriate for all investors. The proprietary Value Score methodology considers an active investment strategies' value proposition relative to its costs. From a historical quantitative study of several quantitative markers, Value Score measures perceived forward -looking benefit and computes (i) "fair value" expense ratios for most traditiona I investment managers across qo categories and (z) managers' perceived "excess value" by comparing the fair value expense ratios to actual expense ratios. Managers are then ranked within each category by their excess value to assign a Value Score. Our analysis suggests that greater levels of excess value have historically corresponded to attractive subsequent performance. For more information on the ranking models, please see Adverse Active AlphaSM 2.0: Scoring Active Managers According to Potential Alpha and Value Score: Scoring Fee Efficiency by Comparing Managers' "Fair Value" and Actual Expense Ratios. The whitepapers are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of Morgan Stanley and/or its affiliates. U.S. Pat. No. 8,756,o98 applies to the Adverse Active Alpha system and/or methodology. Additionally, highly ranked managers can have differing risk profiles that might not be appropriate for all investors. For more information on AAA, please seethe Adverse Active Alpha Ranking Model and Selecting Managers with Adverse Active Alpha whitepapers. The whitepaper area vailable from your Financia I Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of Morgan Stanley and/or its affiliates. U.S. Pat. No. 8,756,o98 applies to the Adverse Active Alpha system and/or methodology. The Global Investment Manager Analysis (GIMA) Services Only Apply to Certain Investment Advisory Programs GIMA eva luates certain investment products for the purposes of some — but not all —of Morgan Stanley Smith Barney LLC's investment advisory programs (as described in more detail in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management). If you do not invest through one of these investment advisory programs, Morgan Stanley Wealth Management is not obligated to provide you notice of any GIMA Status changes even though it may give notice to clients in other programs. Strategy May Be Available as a Separately Managed Account or Mutual Fund Strategies are sometimes available in Morgan Stanley Wealth Management investment advisory programs both in the form of a separately managed account ("SMA") and a mutual fund. These may have different expenses and investment minimums. Your Financial Advisor or Private Wealth Advisor can provide more information on whether any particular strategy is available in more than one form in a particular investment advisory program. Generally, investment advisory accounts are subject to an annual asset -based fee which is payable monthly in advance (some account types may be billed differently). (The "Fee"). In general, the Fee covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley, trade execution with or through Morgan Stanley or its affiliates, as well as compensation to any Morgan Stanley Financial Advisor. In addition, each account that is invested in a program that is eligible to purchase certain investment products, such as mutual funds, will also pay a Platform Fee (which is subject to a Platform Fee offset) as described in the applicable ADV brochure. Accounts invested in the Select LIMA program will also pay a separate Morgan Stanley Overlay Manager Fee and any applicable Sub -Manager fees. If your account is invested in mutual funds or exchange traded funds (collectively "funds"), you will pay the fees and expenses of any funds in which your account is invested. Fees and expenses are charged directly to the pool of assets the fund invests in and are reflected in each fund's share price. These fees and expenses are an additional cost to you and would not be included in the Fee amount in your account statements. Overlay Managers or Executing Sub -Managers ("managers") in some of Morgan Stanley's Separately Managed Account ("SMA") programs may affect transactions through broker -dealers otherthan Morgan Stanley or our affiliates. If your managertrades with anotherfirm, you may be assessed costs by the otherfirm in addition to Morgan Stanley'sfees. Those costs will be included in the net price ofthe security, not separately reported on trade confirmations or account statements. Certain managers have historically directed most, if not all, oftheir trades to outside firms. Information provided by managers concerning trade execution away from Morgan Stanley is summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information, please refer to the ADV Brochure for your program(s), available at www.morganstanley.com/ADV or contact your Financial Advisor/Private Wealth Advisor. For example, on an advisory account with a 2.5%annual fee, ifthe gross annual performance is 6.000/6, the compounding effect ofthe fees will result in a net performance of approximately 3.38%after one year, io.5o% afterthree years, and i8.io%after five years. Conflicts of Interest: GIMA's goal is to provide professional, objective evaluations in support ofthe Morgan Stanley Wealth Management investment advisory programs. We have policies and procedures to help us meet this goal. However, our business is subject to various conflicts of interest. For example, ideas and suggestions for which investment products should be evaluated by GIMA come from a variety of sources, including our Morgan Stanley Wealth Management Financial Advisors and their direct or indirect managers, and other business persons within Morgan Stanley Wealth Management or its affiliates. Such persons may have an ongoing business relationship with certain investment managers or mutual fund companies whereby they, Morgan Stanley Wealth Management or its affiliates receive compensation from, or otherwise related to, those investment managers or mutual funds. For example, a Financial Advisor may suggest that GIMA evaluates an investment manager orfund in which a portion of his or her clients' assets are already invested. While such a recommendation is permissible, GIMA is responsible for the opinions expressed by GIMA. See the conflicts of interest section in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management fora discussion of othertypes of conflicts that may be relevant to GIMA's evaluation of managers and funds. In addition, Morgan Stanley Wealth Management, MS & Co., managers and their affiliates provide a varietv of services Graystone DISCLOSURES Page 9 Consulting" WEALTH MANAGEMENT Morgan Stanley (including research, brokerage, asset management, trading, lending and investment banking services) for each other and for various clients, including issuers of securities that maybe recommended for purchase or sale by clients or are otherwise held in client accounts, and managers in various advisory programs. Morgan Stanley Wealth Management, managers, MS & Co., and their affiIiates receive compensation and fees in connection with these services. Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisable to exclude categorically all of these companies from an account. Morgan Stanley charges each fund family we offer a mutual fund support fee, also called a "revenue -sharing payment," on client account holdings in fund families according to a tiered rate that increases along with the management fee of the fund so that lower management fee funds pay lower rates than those with higher management fees. ConsiderYour Own Investment Needs: The model portfolios and strategies discussed in the material are formulated based on general client characteristics including risk tolerance. This material is not intended to bean analysis of whether particular investments or strategies area p prop riate for you or a recommendation, or an offer to participate in any investment. Therefore, clients should not use this material as the sole basis for investment decisions. They should consider all relevant information, including their existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon. Such a determination may lead to asset allocation results that are materially different from the asset allocation shown in this profile. Talk to your Financial Advisorabout what would be an appropriate asset allocation for you, whether CGCM is an appropriate program for you. No obligation to notify— Morgan Stanley Wealth Management has no obligation to notify you when the model portfolios, strategies, or any other information, in this material changes. Please consider the investment objectives, risks, fees, and charges and expenses of mutual funds, ETFs, closed end funds, unit investment trusts, and variable insurance products carefully before investing. The prospectus contains this and other information about each fund. To obtain a prospectus, contact your Financial Advisor or Private Wealth Advisor or visit the Morgan Stanley website at www.morganstanley.com. Please read it carefully before investing. An investment in a money market fund is not insured or guaranteed bythe Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at si.00 per share, it is possible to lose money by investing in the fund. The type of mutual funds and ETFs discussed in this presentation utilizes nontraditional or complex investment strategies and/or derivatives. Examples of these types of funds include those that utilize one or more ofthe below noted investment strategies or categories or which seek exposure to the following markets: (i) commodities (e.g., agricultural, energy and metals), currency, precious metals(z) managed futures; (3) leveraged, inverse or inverse leveraged; (q) bear market, hedging, long -short equity, market neutral; (5) real estate; (6) volatility (seeking exposure to the CBOEVIX Index). Investors should keep in mind that while mutual funds and ETFs may, at times, utilize nontraditional investment options and strategies, they should not be equated with unregistered privately offered alternative investments. Because of regulatory limitations, mutual funds and ETFs that seek alternative -like investment exposure must utilize a more limited investment universe. As a result, investment returns and portfolio characteristics of alternative mutual funds and ETFs may vary from traditional hedge funds pursuing similar investment objectives. Moreover, traditional hedge funds have limited liquidity with long "lock -up" periods allowing them to pursue investment strategies without having to factor in the need to meet client redemptions and ETFs trade on an exchange. On the other hand, mutual funds typically must meet daily client redemptions. This differing liquidity profile can have a material impact on the investment returns generated by a mutual fund or ETF pursuing an alternative investing strategy compared with a traditional hedge fund pursuing the same strategy. Nontraditional investment options and strategies are often employed by a portfolio manager to further fund's investment objective and to help offset market risks. However, these features may be complex, making it more difficult to understand the fund's essential characteristics and risks, and how it will perform in different market environments and over various periods oftime. They may also expose the fund to increased volatility and unanticipated risks particularly when used in complex combinations and/or accompanied by the use of borrowing or "leverage." The Morgan Stanley Digital Vault ("Digital Vault") is accessible to clients with dedicated Financial Advisors. Documents shared via the Digital Vault should be limited to those relevant to your Morgan Stanley account relationship. Uploading a document to the Digital Vault does not obligate us to review ortake any action on it, and we will not be liable for any failure to act upon the contents of such document. Please contact your Financial Advisor or Branch Management to discuss the appropriate process for providing the document to us for review. If you maintain a Trust or entity account with us, only our certification form will govern our obligations for such account. Please refer to the Morgan Stanley Digital Vault terms and conditions for more information. Information related to your external accounts is provided for informational purposes only. It is provided by third parties, including the financial institutions where your external accounts are held. Morgan Stanley does not verify that the information is accurate and makes no representation or warranty as to its accuracy, timeliness, or completeness. Additional information about the features and services offered through Total Wealth View are available on the Total Wealth View site on Morgan Stanley Online and also in the Total Wealth ViewTerms and Conditions of Use. DISCLOSURES Page 10 Graystone Consulting" WEALTH MANAGEMENT Mobile check deposits are subject to certain terms and conditions. Checks must be drawn on a U.S. Bank. Morgan Stanley Send Money with Zelle® is available on the Morgan Stanley Mobile App for iPhone and Android and on Morgan Stanley Online. Enrollment is required and dollar and frequency limits may apply. Domestic fund transfers must be made from an eligible account at Morgan Stanley Smith Barney LLC (Morgan Stanley) to a US -based account at another financial institution. Morgan Stanley maintains arrangements with JP Morgan Chase Bank, N.A. and UMB Bank, N.A. as NACHA-participating depository financial institutions for the processing of transfers on Zelle@. Data connection required, and message and data rates may apply, including those from your communications service provider. Must have an eligible account in the U.S. to use Zelle®. Transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle. Seethe Morgan Stanley Send Money with Zelle@ terms for detaiIs. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Morgan Stanley is not affiliated with Zelle®. Electronic payments arrive to the payee within 1-2 business days, check payments arrive to the payee within 5 business days. Same -day and overnight payments area vailablefor an additional fee within the available payment timeframes. KEY ASSET CLASS CONSIDERATIONS AND OTHER RISKS Investing in the markets entails the risk of market volatility. The value of all types of investments, including stocks, mutual funds, exchange -traded funds ("ETFs"), closed -end funds, and unit investment trusts, may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, you should be aware that there maybe additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences in financial and accounting standards. These risks maybe magnified in emerging markets and frontier markets. Small- and mid -capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the securities of small- and mid -capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. The value of fixed income securities will fluctuate and, upon a sale, maybe worth more or less than their original cost or maturity value. Bonds are subject to interest rate risk, call risk, reinvestment risk, liquidity risk, and credit risk of the issuer. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the issues. In the case of municipal bonds, income is generally exempt from federal income taxes. Some income maybe subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Treasury Inflation Protection Securities' (TIPS) coupon payments and underlying principal are automatically increased to compensate for inflation by tracking the consumer price index (CPI). While the real rate of return is guaranteed, TIPS tend to offer low return. Because the return ofTIPS is linked to inflation, TIPS may significantly underperform versus conventional U.S. Treasuries in times of low inflation. There is no guarantee that investors will receive par ifTIPS are sold prior to maturity. The returns on a portfolio consisting primarily of environmental, social, and governance -aware investments ("ESG") maybe lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identified and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein. Options and margin trading involve substantial risk and are not appropriate forall investors. Besides the general investment risk of holding securities that may decline in value and the possible loss of principal invested, closed -end funds may have additional risks related to declining market prices relative to net asset values (NAVs), active manager underperformance and potential leverage. Closed -end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed -end funds are sold in the open market through a stock exchange. Shares of closed -end funds frequently trade at a discount from their NAV which may increase investors' risk of loss. The risk of loss due to this discount maybe greater for investors expecting to sell their shares in a relatively short period after completion of the public offering. This characteristic is a risk separate and distinct from the risk that a closed -end fund's net asset value may decrease as a result of investment activities. NAV is total assets less total liabilities divided by the number of shares outstanding. At the time an investor purchases or sells shares of a closed -end fund, shares may have a market price that is above or below NAV. Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than those that diversify among abroad range of sectors. Alternative investments often are speculative and include a high degree of risk. Investors could lose all or substantial amount of their investment. Alternative investments area p prop riate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They maybe highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to: Loss of all or substantial portion of the investment due to leveraging, short -selling, or otherspeculative practices; Lack of liquidity in that there maybe no secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund; Potential lack of diversification and resultina hiaher risk due to Graystone DISCLOSURES Page S Consulting " WEALTH MANAGEMENT Morgan Stanley concentration of trading authority when a single advisor is utilized; Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; Risks associated with the operations, personnel, and processes of the manager; and Risks associated with cybersecurity. Asa diversified global financial services firm, Morgan Stanley Wealth Management engages in abroad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker-dealertransactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. All expressions of opinion are subject to change without notice and are not intended to be a forecast of future events or results. Further, opinions expressed herein may differ from the opinions expressed by Morgan Stanley Wealth Management and/or other businesses/affiliates of Morgan Stanley Wealth Management. This is not a "research report" as defined by FIN RA Rule zzgi or a "debt research report" as defined by FIN RA Rule 2242 and was not prepared by the Research Departments of Morgan Stanley Smith Barney LLC or Morgan Stanley & Co. LLC or its affiliates. Certain information contained herein may constitute forward -looking statements. Due to various risks and uncertainties, actual events, results or the performance of a fund may differ materiallyfrom those reflected or contemplated in such forward -looking statements. Clients should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. While the HFRI indices are frequently used, they have limitations (some of which are typical of other widely used indices). These limitations include survivorship bias (the returns of the indices may not be representative of all the hedge funds in the universe because of the tendency of lower performing funds to leave the index); heterogeneity (not all hedge funds area I ike or comparable to one another, and the index may not accurately reflect the performance of a described style); and limited data (many hedge funds do not report to indices, and the index may omit funds, the inclusion of which might significantly affect the performance shown. The HFRI indices are based on information self -reported by hedge fund managers that decide on their own, at anytime, whether or not they want to provide, or continue to provide, information to HFR Asset Management, L.L.C. Results for funds that go out of business are included in the index until the date that they cease operations. Therefore, these indices may not be complete or accurate representations of the hedge fund universe, and maybe biased in several ways. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Individual funds have specific tax risks related to their investment programs that will vary from fund to fund. Clients should consu It their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum , are distributed by Morgan Stanley Wealth Management and certain of its affiliates, and (i) are not FDIC -insured, (z) are not deposits or other obligations of Morgan Stanley Wealth Management or any of its affiliates, (3) are not guaranteed by Morgan Stanley Wealth Management and its affiliates, and (q) involve investment risks, including possible loss of principal. Morgan Stanley Wealth Management is a registered broker -dealer, not a bank. This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors or prospective investors, as applicable, receiving this material) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. Past performance is no guarantee of future results. Actual results may vary. SIPC insurance does not apply to precious metals, other commodities, or tradition al alternative investments. In Consulting Group's advisory programs, alternative investments are limited to US -registered mutual funds, separate account strategies and exchange -traded funds (ETFs) that seek to pursue alternative investment strategies or returns utilizing publicly traded securities. Investment products in this category may employ various investment strategies and techniques for both hedging and more speculative purposes such as short -selling, leverage, derivatives and options, which can increase volatility and the risk of investment loss. Alternative investments are not appropriate forall investors. Asa diversified global financial services firm, Morgan Stanley Wealth Management engages in abroad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker-dealertransactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund tofu nd. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice. A majority of Alternative Investment managers reviewed and selected by GIMA pay or cause to be paid an ongoing fee ford istribution from their management fees to Morgan Stanley Wealth Management in connection with Morgan Stanley Wealth Management clients that purchase an interest in an Alternative Investment and in some instances pay these fees on the investments held by investments held by brokerage clients. Morgan Stanley Wealth Management has a conflict of interest in offering alternative investments because Morgan Stanley Wealth Management or our affiliates, inmost instances, earn more money in your account from your investments in alternative investments than from other investment options. It should be noted that the majority of hedge fund indexes are comprised of hedge fund manager returns. This is in contrast to traditional indexes, which are comprised of individual securities in the various market segments they represent and offer complete transparency as to membership and construction methodology. As such, some believe that hedge fund index returns have certain biases that are not present in traditional indexes. Some of these biases inflate index performance, while others may skew performance negatively. However, many studies indicate that overall hedge fund index performance has been biased to the upside. Some studies suggest performance has been inflated by up to 26o basis points or more annually depending on the types of biases included and the time period studied. Although there are numerous potential biases that could affect hedge fund returns, we identify some of the more common ones throughout this oaoer. DISCLOSURES Page 12 Graystone Consulting" WEALTH MANAGEMENT Morgan Stanley Self-selection bias results when certain manager returns are not included in the index returns and may result in performance being skewed up or down. Because hedge funds are private placements, hedge fund managers are able to decide which fund returns they want to report and area ble to opt out of reporting to the various databases. Certain hedge fund managers may choose only to report returns for funds with strong returns and opt out of reporting returns for weak performers. Other hedge funds that close may decide to stop reporting in order to retain secrecy, which may cause a downward bias in returns. Survivorship bias results when certain constituents are removed from an index. This often resultsfrom the closure offunds due to poor performance, "blow ups," or othersuch events. As such, this bias typically results in performance being skewed higher. As noted, hedge fund index performance biases can result in positive or negative skew. However, it would appearthatthe skew is more often positive. While it is difficult to quantify the effects precisely, investors should be aware that idiosyncratic factors may be giving hedge fund index returns an artificial "lift" or upwards bias. Hedge Funds of Funds and manyfunds offunds are private investment vehicles restricted to certain qualified private and institutional investors. They are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lockups. They involve complextax structures, tax -inefficient investing and delays in distributing important tax information. Categorically, hedge funds and funds offunds have higherfees and expensesthan traditional investments, and such fees and expenses can lowerthe returns achieved by investors. Funds offunds have an additional layer offees overand above hedge fund feesthat will offset returns. An investment in an exchange -traded fund involves risks similarto those of investing in a broadly based portfolio of equity securities traded on an exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock and bond prices. An investment in a target date portfolio is subject to the risks attendant to the underlying funds in which it invests, in these portfolios the funds are the Consulting Group Capital Market funds. A target date portfolio is geared to investors who will retire and/or require income at an approximate year. The portfolio is managed to meetthe investor's goals by the pre -established year or "target date."A target date portfolio will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer. An investment in the target date portfolio is not guaranteed at anytime, including, before or afterthe target date is reached. Managed futures investments are speculative, involve a high degree of risk, use significant leverage, are generally illiquid, have substantial charges, subject investors to conflicts of interest, and are appropriate only forthe risk capital portion of an investor's portfolio. Managed futures investments do not replace equities or bonds but rather may act as a complement in a well diversified portfolio. Managed Futures are complex and not appropriate for all investors. Rebalancing does not protect against a loss in declining financial markets. There may be a potential tax implication with a rebalancing strategy. Buying, selling, and transacting in Bitcoin or other digital assets, and related funds and products, is highly speculative and may result in a loss ofthe entire investment. Risks and considerations include but are not limited to: - Bitcoin and other digital assets have only been in existence for a short period of time and historical trading prices for Bitcoin and other digital assets have been highly volatile . The price of Bitcoin and other digital assets could decline rapidly, and investors could lose their entire investment. - Certain digital asset funds and products, including Bitcoin funds and products, allow investors to invest on a more frequent basis than investors may withdraw from the fund or product, and interests in such funds or products are generally not freely transferrable. This means that, particularly given the volatility of digital assets, including Bitcoin, an investor will have to bear any losses with respect to its investment for an extended period of time and will not be able to react to changes in the price of the digital asset once invested (for example, by seeking to withdraw) as quickly as when making the decision to invest. Such digital asset funds and products, including Bitcoin funds and products, are intended only for persons who are able to bear the economic risk of investment and who do not need liquidity with respect to their investments. - Given the volatility in the price of Bitcoin and other digital assets, the net asset value of a fund or product that invests in such assets at the time an investor's subscription for interests in the fund or product is accepted may be significantly below or above the net asset value of the product orfund at the time the investor submitted subscription materials. - Certain digital assets, apart from Bitcoin, are not intended to function as currencies but are intended to have other use cases. These other digital assets may be subject to some or all of the risks and considerations set forth herein, as well as additional risks applicable to such other digital assets. Buyers, sellers and users of such other digital assets should thoroughly familiarize themselves with such risks and considerations before transacting in such other digital assets. -The value of Bitcoin and other digital assets maybe negatively impacted by future legal and regulatory developments, including but not limited to increased regulation of Bitcoin orsuch otherdigital assets. Any such developments may make Bitcoin or such other digital assets less valuable, impose additional burdens and expenses on a fund or product investing in such assets or imoactthe abilitv Graystone DISCLOSURES Page S Consulting " WEALTH MANAGEMENT Morgan Stanley of such a fund or product to continue to operate, which may materially decrease the value of an investment therein. -Due to the new and evolving nature of digital currencies and the absence of comprehensive guidance, many significant aspects oftheta xtreatment of digital assets including Bitcoin are uncertain. Prospective investors should consult their own tax advisors concerning the tax consequences to them of the purchase, ownership and disposition of Bitcoin and other digital assets, directly or indirectly through a fund or product, under U.S. federal income tax law, as well as the tax law of any relevant state, local or other jurisdiction. -Over the past several years, certain Bitcoin exchanges have experienced failures or interruptions in service due to fraud, security breaches, operational problems orb usiness failure. Such events in the future could impact any fund's or product's ability to transact in Bitcoin if the fund or product relies on an impacted exchange and may also materially decrease the price of Bitcoin, thereby impacting the value of your investment, regardless of whether the fund or product relies on such an impacted exchange. -Although any digital asset product, including a Bitcoin-related product, and its service providers have in place significant safeguards against loss, theft, destruction and inaccessibility, there is nonetheless a risk that some or all of a product's digital asset, including Bitcoin, could be permanently lost, stolen, destroyed or inaccessible by virtue of, among other things, the loss or theft of the "private keys" necessary to access a product's digital asset, including Bitcoin. - Investors in funds or products investing ortransacting in Bitcoin and/or other digital assets may not benefit to the same extent (or at all) from "airdrops" with respect to, or"forks" in, the Bitcoin (or other relevant digital asset's) blockchain, compared to investors who hold Bitcoin (or such other relevant digital asset) directly instead ofthrough a fund or product. Additionally, a "fork" in the Bitcoin blockchain could materially decrease the price of Bitcoin. - Digital assets such as Bitcoin or other digital asset product is/are not legal tender, and is not backed by any government, corporation or other identified body, other than with respect to certain digital currencies that certain governments are or may be developing now or in the future (of which Bitcoin is not one). No law requires companies or individuals to accept digital currency as a form of payment (except, potentially, with respect to digital currencies developed by certain governments where such acceptance may be mandated). Instead, other than as described in the preceding sentences, Bitcoin's and other digital asset products' use is limited to businesses and individuals that are willing to accept them. If no one were to accept digital currencies, Bitcoin and other virtual currency products would very likely become worthless. - Platforms that buy and sell Bitcoin or other digital assets can be hacked, and some have failed. In addition, like the platforms themselves, digital wallets can be hacked, and are subject to theft and fraud. As a result, like other investors have, you can lose some or all of your holdings of digital assets, including Bitcoin. - Unlike US banks and credit unions that provide certain guarantees of safety to depositors, there are no such safeguards provided to digital assets, such as Bitcoin, held in digital wallets by their providers or by regulators. - Due to the anonymity Bitcoin and other digital assets offer, it has known use in illegal activity, including drug dealing, money laundering, human trafficking, sanction evasion and otherforms of illegal commerce. Abuses could impact legitimate consumers and speculators; for instance, law enforcement agencies could shut down or restrict the use of platforms and exchanges, limiting orshutting off entirely the ability to use ortrade Bitcoin or other digital asset products. - Bitcoin and other digital assets may not have an established track record of credibility and trust. Further, any performance data relating to Bitcoin, Bitcoin-related products or other digital asset products may not be verifiable as pricing models are not uniform. - Investors should be aware ofthe potentially increased risks oftransacting in digital assets, including Bitcoin, relating to the risks and considerations, including fraud, theft, and lack of legitimacy, and other aspects and qualities of digital assets, before transacting in such assets. -The exchange rate of Bitcoin or other virtual currency products versus the USD historically has been very volatile and the exchange rate could drastically decline. For example, the exchange rate of Bitcoin versus the USD has in the past dropped more than So% in a single day. Bitcoin may be affected by such volatility as well. - Digital asset exchanges have limited operating and performance histories and are not regulated with the same controls or customer protections available to more traditional exchanges transacting equity, debt, and other assets and securities. There is no assurance that a person/exchange who currently accepts a digital asset as payment will continue to do so in the future. DISCLOSURES Page 14 Graystone Consulting" WEALTH MANAGEMENT Morgan Stanley -The regulatory framework of digital assets is evolving, and in some cases uncertain, and digital assets themselves may not be governed and protected by applicable securities regulators and securities laws, including, but not limited to, Securities Investor Protection Corporation coverage, or other regulatory regimes. -Morgan Stanley Smith Barney LLC or its affiliates (collectively, "Morgan Stanley") may currently, or in the future, offeror invest in digital asset products, services or platforms. The proprietary interests of Morgan Stanley may conflict with your interests. -The foregoing list of considerations and risks are not and do not purport to be a complete enumeration or explanation ofthe risks involved in an investment in the any product or fund investing or trading in Bitcoin and/or other digital assets. Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets. Past performance is no guarantee offuture results. Actual results may vary Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC ("Morgan Stanley"), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not "fiduciaries" (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol. Individuals are encouraged to consult theirtax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences ofany investments made under such plan or account. Annuities and insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates Indices are unmanaged and investors cannot directly invest in them. They are not subject to expenses or fees and are often comprised of securities and other investment instruments the liquidity of which is not restricted. A particular investment product may consist of securities significantly different than those in any index referred to herein. Composite index results are shown for illustrative purposes only, generally do not represent the performance of a specific investment, may not, for a variety of reasons, be an appropriate comparison or benchmark fora particular investment and may not necessarily reflect the actual investment strategy or objective of a particular investment. Consequently, comparing an investment to a particular index may be of limited use. This material is not a financial plan and does not create an investment advisory relationship between you and your Morgan Stanley Financial Advisor. We are not your fiduciary either underthe Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code of 1986, and any information in this report is not intended to form the primary basis for any investment decision by you, or an investment advice or recommendation for either ERISA or Internal Revenue Code purposes. Morgan Stanley Private Wealth Management will only prepare a financial plan at your specific request using Private Wealth Management approved financial planning signature. We may act in the capacity of a broker or that of an advisor. As your broker, we are not your fiduciary and our interests may not always be identical to yours. Please consult with your Private Wealth Advisor to discuss our obligations to disclose to you any conflicts we may from time to time have and our duty to act in your best interest. We may be paid both by you and by others who compensate us based on what you buy. Our compensation, including that of your Private Wealth Advisor, may vary by product and overtime. Investment and services offered through Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC, Member SIPC. For index, indicator and survey definitions referenced in this report please visit the following: https://www.morganstanley.com/wealth-investmentsolutions/wmir-definitions GLOBAL INVESTMENT COMMITTEE (GIC) ASSET ALLOCATION MODELS: The Asset Allocation Models are created by Morgan Stanley Wealth Management's GIC. HYPOTHETICAL MODEL PERFORMANCE (GROSS): Hypothetical model performance results do not reflect the investment or performance of an actual portfolio following a GIC Strategy, but simply reflect actual historical performance of selected indices on areal -time basis over the specified period of time representing the GIC's strategic and tactical allocations as of the date of this report. The past performance shown here is simulated performance based on benchmark indices, not investment results from an actual portfolio or actual trading. There can be large differences between hypothetical and actual performance results achieved by a particular asset allocation ortrading strategy. Hypothetical performance results do not represent actual trading and are generally designed with the benefit of hindsight. Actual performance results of accounts vary due to, for example, market factors (such as liquidity) and client -specific factors (such as investment vehicle selection, timing of contributions and withdrawals, restrictions and rebalancing schedules). Clients would not necessarily have obtained the performance results shown here ifthey had invested in accordance with anv Graystone DISCLOSURES Page S Consulting " WEALTH MANAGEMENT Morgan Stanley GIC Asset Allocation Model for the periods indicated. Despite the limitations of hypothetical performance, these hypothetical performance results allow clients and Financial Advisors to obtain a sense of the risk/return trade-off of different asset allocation constructs. The hypothetical performance results in this report are calculated using the returns of benchmark indices forthe asset classes, and not the returns of securities, fund or other investment products. Models may contain allocations to Hedge Funds, Private Equity and Private Real Estate. The benchmark indices for these asset classes are not issued on a daily basis. When calculating model performance on a day for which no benchmark index data is issued, we have assumed straight line growth between the index levels issued before and afterthat date. FEES REDUCE THE PERFORMANCE OF ACTUAL ACCOUNTS: None of the fees or other expenses (e.g. commissions, mark-ups, mark-downs, fees) associated with actual trading or accounts are reflected in the GIC Asset Allocation Models. The GIC Asset Allocation Models and any model performance included in this presentation are intended as educational materials. Were a client to use these models in connection with investing, any investment decisions made would be subject to transaction and other costs which, when compounded over a period of years, would decrease returns. Information regarding Morgan Stanley's standard advisory fees is available in the Form ADV Part z, which is available at www.morganstanley.com/adv. The following hypothetical illustratesthe compound effect fees have on investment returns: For example, if a portfolio's annual rate of return is 15%for 5 years and the account pays 5o basis points in fees per annum, the gross cumulative five-year return would be ioi.i%and the five-year return net offees would be 96.8%. Fees and/or expenses would apply to clients who invest in investments in an account based on these asset allocations, and would reduce clients' returns. The impact of fees and/or expenses can be material. Variable annuities are long-term investments designed for retirement purposes and may be subject to market fluctuations, investment risk, and possible loss of principal. All guarantees, including optional benefits, are based on the financial strength and claims -paying ability ofthe issuing insurance company and do not apply to the underlying investment options. Optional riders may not be able to be purchased in combination and are available at an additional cost. Some optional riders must be elected at time of purchase. Optional riders may be subjectto specific limitations, restrictions, holding periods, costs, and expenses as specified by the insurance company in the annuity contract. If you are investing in a variable annuitythrough a tax -advantaged retirement plan such as an IRA, you will get no additional tax advantage from the variable annuity. Underthese circumstances, you should only consider buying a variable annuity because of its otherfeatures, such as lifetime income payments and death benefits protection. Taxable distributions (and certain deemed distributions) are subject to ordinary income tax and, iftaken priorto age 591A, may be subject to a io%federal income tax penalty. Early withdrawals will reduce the death benefit and cash surrendervalue. Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Ultrashort-term fixed income asset class is comprised offixed income securities with high quality, very short maturities. They are therefore subject to the risks associated with debt securities such as credit and interest rate risk. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companiesthat are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. Individual MLPs are publicly traded partnerships that have unique risks related to theirstructure. These include, but are not limited to, their reliance on the capital marketsto fund growth, adverse ruling on the current taxtreatment of distributions (typically mostlytax deferred), and commodity volume risk. The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction ofthe fund's value. MLPs carry interest rate risk and may underperform in a rising interest rate environment. MLP funds accrue deferred income taxesforfuture tax liabilities associated with the portion of MLP distributions considered to be a tax -deferred return of capital and forany net operating gains as well as capital appreciation of its investments; this deferred tax liability is reflected in the daily NAV, and, as a result, the MLP fund's after-tax performance could differ significantly from the underlying assets even ifthe pre-tax performance is closely tracked. Investing in commodities entails significant risks. Commodity prices may be affected by a variety offactors at anytime, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, warand terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions orother disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. Physical precious metals are non -regulated products. Precious metals are speculative investments, which may experience short-term and long term price volatility. The value of precious metals investments may fluctuate and may appreciate ordecline, depending on market conditions. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. REITs investing risks are similar to those associated with direct investments in real estate: property value fluctuations, lack of liquidity, limited diversification and sensitivitvto economic factors such as Grnvsrone DISCLOSURES J Page 16 Consulting" WEALTH MANAGEMENT Morgan Stanley interest rate changes and market recessions. Risks of private real estate include: illiquidity; a long-term investment horizon with a limited or nonexistent secondary market; lack oftransparency; volatility (risk of loss); and leverage. Principal is returned on a monthly basis over the life of a mortgage -backed security. Principal prepayment can significantly affect the monthly income stream and the maturity of any type of MBS, including standard MBS, CMOs and Lottery Bonds. Asset -backed securities generally decrease in value as a result of interest rate increases, but may benefit less than other fixed -income securities from declining interest rates, principally because of prepayments. Yields are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision. Credit ratings are subject to change. Duration, the most commonly used measure of bond risk, quantifies the effect of changes in interest rates on the price of a bond or bond portfolio. The longer the duration, the more sensitive the bond or portfolio would be to changes in interest rates. The majority of $z5 and si000 par preferred securities are "callable" meaning that the issuer may retire the securities at specific prices and dates prior to maturity. Interest/dividend payments on certain preferred issues maybe deferred by the issuer for periods of up to 5 to io years, depending on the particular issue. The investor would still have income tax liability even though payments would not have been received. Price quoted is per $z5 or si,000 share, unless otherwise specified. Current yield is calculated by multiplying the coupon by par value divided by the market price. The initial interest rate on a floating-rate security maybe lower than that of a fixed-rate security of the same maturity because investors expect to receive additional income due to future increases in the floating security's underlying reference rate. The reference rate could bean index or an interest rate. However, there can be no assurance that the reference rate will increase. Some floating-rate securities maybe subject to call risk. The market value of convertible bonds and the underlying common stock(s) will fluctuate and after purchase maybe worth more or less than original cost. If sold prior to maturity, investors may receive more or less than their original purchase price or maturity value, depending on market conditions. Callable bonds maybe redeemed by the issuer prior to maturity. Additional call features may exist that could affect yield. Some $25 or si000 par preferred securities are ODI (Qualified Dividend Income) eligible. Information on QDI eligibility is obtained from third party sources. The dividend income on CD eligible preferreds qualifies fora reduced tax rate. Many traditiona I 'dividend paying' perpetual preferred securities (traditional preferreds with no maturity date) are CD eligible. In order to qua I ify for the preferential tax treatment all qualifying preferred securities must be held by investors for a minimum period—gi days during a i8o day window period, beginning go days before the ex -dividend date. Companies paying dividends can reduce or cut payouts at anytime. Nondiversification: For a portfolio that holds a concentrated or limited number of securities, a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than a less concentrated portfolio. The indices selected by Morgan Stanley Wealth Management to measure performance are representative of broad asset classes. Morgan Stanley Wealth Management retains the right to change representative indices at anytime. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Growth investing does not guarantee a profit or eliminate risk. The stocks ofthese companies can have relatively high valuations. Because ofthese high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected . Any type of continuous or periodic investment plan does not assure a profit and does not protect against loss in declining markets. Since such a plan involves continuous investment in securities regardless offluctuating price levels of such securities, the investor should consider his financial ability to continue his purchases through periods of low price levels. This material is disseminated in the United States ofAmerica by Morgan Stanley Smith Barney LLC. Morgan Stanley Wealth Management is not acting as a municipal advisorto any municipal entity or obligated person within the meaning of Section i5B ofthe Securities Exchange Act (the "Municipal Advisor Rule") and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule. This material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC. © 2022 Morgan Stanley Smith Barney LLC. Member SIPC. DISCLOSURES Page 17 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of December 31, 2021 Allocation Performance(%) Market u Current Fiscal 1 3 5 7 10 Since Inception Value �0 Quarter YTD Year Years Years Years Years Inception Date 17.03 11.41 9.03I4 I II Total Fund (net) 3.64 3.64 14.58 16.49 10.89 8.50 9.48 7.02 Policy Index 5.27 5.27 14.95 16.63 11.67 9.30 10.50 7.80 Cambiar Investors Inc - Large Cap Value 34,458,378 21.01 4.43 4.43 19.97 21.97 12.90 11.51 12.93 8.94 12/01/2005 Cambiar Investors Inc - Large Cap Value (net) 4.29 4.29 19.37 21.36 12.33 10.95 12.36 8.39 Russell 1000 Value 7.77 7.77 25.16 17.64 11.16 9.73 12.97 8.36 Polen - Large Cap Growth 34,292,453 20.91 5.15 5.15 24.41 32.58 N/A N/A N/A 28.58 11/01/2018 Polen - Large Cap Growth (net) 5.02 5.02 23.80 31.94 N/A N/A N/A 28.00 Russell 1000 Gr 11.64 11.64 27.60 34.07 N/A N/A N/A 28.72 Kennedy - Mid Cap Value 10,111,544 6.16 8.88 8.88 31.94 22.82 13.56 11.43 N/A 13.16 09/01/2013 Kennedy - Mid Cap Value (net) 8.68 8.68 31.00 21.93 12.69 10.50 N/A 12.24 Russell Midcap Value 8.54 8.54 28.34 19.62 11.22 9.96 N/A 11.73 MDT Advisers - Mid Cap Growth 9,697,686 5.91 5.78 5.78 22.67 29.69 21.82 16.38 18.91 13.44 08/01/2007 MDT Advisers - Mid Cap Growth (net) 5.55 5.55 21.57 28.58 20.77 15.33 17.82 12.43 Russell Midcap Growth 2.85 2.85 12.73 27.46 19.83 14.92 16.63 11.55 C1earBridge - International Value 12,405,273 7.56 2.51 2.51 16.60 10.53 N/A N/A N/A 4.73 04/01/2017 C1earBridge - International Value (net) 2.36 2.36 15.96 9.89 N/A N/A N/A 4.15 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 N/A N/A N/A 8.39 MSCI AC World ex US Value Net 1.24 1.24 10.46 8.24 N/A N/A N/A 4.88 Renaissance - International Growth 12,202,761 7.44 2.71 2.71 6.54 12.11 7.96 5.40 & 8.07 01/01/2009 Renaissance - International Growth (net) 2.56 2.56 5.88 11.42 7.29 4.73 6.60 7.41 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 9.61 6.56 7.28 8.06 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 18 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of December 31, 2021 Allocation Performance(%) Market Current Fiscal 1 3 5 7 10 Since Inception o Value �0 Quarter YTD Year Years Years Years Years Inception Date Garcia Hamilton - Interm Fixed Income 26,729,723 16.30 -0.19 -0.19 -1.78 2.75 N/A N/A 2.64 02/01/2016 Garcia Hamilton - Interm Fixed Income (net) -0.25 -0.25 -2.02 3.09 2.50 N/A N/A 2.40 BC Gov/Cr Intm -0.57 -0.57 -1.44 3.86 2.91 N/A N/A 2.60 07/01/2020 Blackrock - Global L/S Credit 4,742,880 2.89 -0.04 -0.04 3.42 N/A N/A N/A N/A 7.04 Blackrock - Global L/S Credit (net) -0.04 -0.04 3.42 N/A N/A N/A N/A 7.04 HFRX Fixed Income - Credit Index -0.06 -0.06 1.41 N/A N/A N/A N/A 7.22 Barclays Aggregate 0.01 0.01 -1.54 N/A N/A N/A N/A -0.18 Blackstone - Multi -Strategy 4,735,579 2.89 -0.56 -0.56 5.37 N/A N/A N/A N/A 8.75 07/01/2020 Blackstone - Multi -Strategy (net) -0.56 -0.56 5.37 N/A N/A N/A N/A 8.75 HFRX Global Hedge Fund 0.07 0.07 3.65 N/A N/A N/A N/A 7.80 Barclays Aggregate 0.01 0.01 -1.54 N/A N/A N/A N/A -0.18 UBS - Private Real Estate 5,285,055 3.22 5.05 5.05 16.23 2.98 4.42 5.99 N/A 7.27 08/01/2012 UBS - Private Real Estate (net) 4.87 4.87 15.43 2.14 3.49 4.96 N/A 6.20 NCREIF Property Idx 6.15 6.15 17.70 8.37 7.76 8.57 N/A 9.33 Barclays Aggregate 0.01 0.01 -1.54 4.79 3.57 3.00 N/A 2.67 Mainstay - Global Infrastructure 8,368,336 5.10 8.12 8.12 N/A N/A N/A N/A N/A 5.86 05/01/2021 Mainstay - Global Infrastructure (net) 8.12 8.12 N/A N/A N/A N/A N/A 5.86 DJ Brookfield Gbl Infra Comp TR 6.70 6.70 N/A N/A N/A N/A N/A 8.07 Barclays Aggregate 0.01 0.01 N/A N/A N/A N/A N/A 1.10 Non -Managed Account 996,434 0.61 0.01 0.01 0.02 0.77 1.04 0.77 0.53 0.51 07/01/2011 90-Day T-Bills 0.01 0.01 0.05 0.96 1.11 0.84 0.60 0.57 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 19 Consulting" Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of December 31, 2021 oho Current Fiscal 1 3 5 7 10 Since Inception Quarter YTD Year Years Years Years Years Inception Date 03/29/2002 Total Fund II II Domestic Equity Cambiar Investors Inc - Large Cap Value 21.01 4.28 4.28 19.88 21.78 12.72 11.27 12.67 8.93 03/29/2002 Polen - Large Cap Growth 20.91 5.04 5.04 23.80 32.48 N/A N/A N/A 27.94 10/31/2018 Kennedy - Mid Cap Value 6.17 8.68 8.68 32.03 23.21 13.73 11.52 N/A 12.42 08/02/2013 MDT Advisers - Mid Cap Growth 5.91 5.57 5.57 21.37 28.76 20.93 15.19 18.09 13.37 07/05/2007 03/31 /2017 International Equity C1earBridge - International Value 7.56 2.36 2.36 15.91 11.12 N/A N/A N/A 5.89 Renaissance - International Growth 7.44 2.37 2.37 5.77 11.81 7.59 5.54 6.81 7.43 12/29/2008 03/29/2002 Fixed Income Garcia Hamilton - Interm Fixed Income 16.30 -0.24 -0.24 -2.00 2.98 2.48 2.21 2.17 3.52 06/30/2020 Alternatives Blackrock - Global L/S Credit 2.89 -0.04 -0.04 2.91 N/A N/A N/A N/A 6.24 Blackstone - Multi -Strategy 2.89 -0.56 -0.56 4.40 N/A N/A N/A N/A 7.67 06/30/2020 UBS - Private Real Estate 3.22 4.87 4.87 15.43 2.14 3.49 4.96 N/A 6.19 07/31 /2012 Mainstay - Global Infrastructure 5.10 7.97 7.97 N/A N/A N/A N/A N/A 6.19 04/30/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a Graystone guarantee of future results. - Page 20 Consulting Tamarac Firefighters' Pension Trust Fund Total Fund - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 32.0 12.0 24.0 v 16.0 a 8.0 0.0 Current 2021 1 3 5 7 10 Since Quarter Year Years Years Years Years Inception Manager Annualized Performance 8.0 Z 6.0 E. v 4.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 - Total Fund 3.76 3.76 15.11 17.03 11.41 9.03 10.04 7.51 Policy Index 5.27 5.27 14.95 16.63 11.67 9.30 10.50 7.80 Differences -1.51 -1.51 0.16 0.40 -0.26 -0.27 -0.46 -0.29 Historic Asset Growth Cuaem Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 04/01/2002 Total Fund Beguuung Market Value 155,776 155,776 142,912 100,058 92,506 85,362 53,849 18,363 Net Contributions 2,528 2,528 430 4,307 6,478 8,741 17,270 37,773 Fees/Expenses -185 -185 -718 -1,797 -2,773 -3,704 -4,863 -6,246 Income 807 807 2,337 6,400 10,239 13,476 17,533 25,429 Gain/Loss 5,100 5,100 19,064 55,059 57,576 60,151 80,238 88,707 Ending Market Value 164,026 164,026 164,026 164,026 164,026 164,026 164,026 164,026 Modern Portfolio Statistics 2.0 4.0 -2.0 0.0 Total Fund 2.0 4.0 6.0 8.0 Risk (Standard Deviation %) O Policy Index . 90-Day T-Bills 10.0 12.0 14.0 Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Total Fund 7.51 9.98 0.98 -30.98 97.10 97.48 -0.13 0.65 0.97 04/01/2002 Policy Index 7.80 10.01 1.00 -35.95 100.00 100.00 0.00 0.68 1.00 04/01/2002 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 21 Consulting" Tamarac Firefighters' Pension Trust Fund Total Fund - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $300.0 0 0 0 $200. $171.5 r 164.0 $100.0 $49.9 $0.0 Linn m 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 — Total Fund — Policy Index — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Income Investment As of 10/01/2021 12/31/2021 Total Fund 155,775.77 57,849.88-55,322.32-185.11 Distribution of Returns 80 60 U v Q 40 v 20 0 807.47 5,907.89 164,026.10 47 23 24 Mfi30[ 21 10 7 6 8 10 9 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 22 Consulting" Tamarac Firefighters' Pension Trust Fund Total Fund - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 2.0 1.6 t.2 0.8 0.4 0.0 12/21 Up Capture 200.0 100.0 0.0 -100 0 12/20 12/19 12/18 105.1 99.E 96.4 94.3 Beta 1.6 1.2 0.8 0.4 0.0 -0.4 -0.8 1.0 1.0 R 12/21 Down Capture 200.0 r 100.0 0.0 -100 0 12/20 12/19 12/18 109.4 100.4 100.9 12/21 12/20 12/19 12/18 12/21 12/20 12/19 12/ls The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfo—a-ce is not a guarantee of future results. Graystone Page 23 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 40.0 12.0 30.0 20.0 v a 8.0 10.0 6.0 0.0 Current Fiscal 1 3 5 7 10 Since a 4.0 Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 12/01/2005 0.0 Cambiar - Large Cap Value 4.43 4.43 19.97 21.97 12.90 11.51 12.93 8.94 Russell 1000 Value 7.77 7.77 25.16 17.64 11.16 9.73 12.97 8.37 _2 0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Differences -3.34 -3.34 -5.19 4.33 1.74 1.78 -0.04 0.57 -9.0 Historic Asset Growth Risk (Standard Deviation %) Current Fiscal 1 3 5 7 10 Inception Cambiar Investors Inc Large Cap Value Quarter YTD Year Years Years Years Years 12/01/2005 - Cambiar - Large Cap Value O Russell 1000 Value Beginning Market Value 33,295 33,295 31,682 20,266 19,104 16,708 10,482 5,065 Net Contributions -256 -256 -3,093 -1,926 -608 -856 -721 2,953 . 90-Day T-Bills Fees/Expenses -44 -44 -169 -417 -628 -806 -1,023 -1,257 Income 117 117 484 1,572 2,377 3,102 3,859 4,724 Gain/Loss 1,347 1,347 5,554 14,963 14,214 16,312 21,861 22,973 Ending Market Value 34,458 34,458 34,458 34,458 34,458 34,458 34,458 34,458 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Cambiar Investors Inc - Large Cap Value 8.94 16.46 0.99 -48.04 100.85 97.31 0.76 0.54 0.89 12/01/2005 Russell 1000 Value 8.37 15.72 1.00 -55.56 100.00 100.00 0.00 0.52 1.00 12/01/2005 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 24 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar - Large Cap Value - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $60.0 $45.0 $34.5 r $30.0 $31S v 7 $15.0 $6.8 $0.0 ($15.0) 11/05 11/06 11/07 11/08 11/09 11/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17 11/18 11/19 11/20 12/21 — Cambiar Investors Inc - Large Cap Value Russell 1000 Value — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Cambiar Investors Inc - Large Cap Value 33,294,676.76 9,215,139.92-9,471,181.39-43,958.53 - 1,463,701.26 34,458,378.02 Distribution of Returns 45 30 U U O" U 1. 15 0 30 28 20 19 19 17 1s 13 9 1'.: 6 7 1 M 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 25 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 2.0 1.�5 1.0 0.5 00 1.2 0.9 0.- 0] 0.5 0.6 0.3 12/21 Up Capture 325.0 r 150.0 0.0 -150 0 12/20 12/19 12/18 Beta 1.8 1.2 0.6 0.0 -0 6 1.1 1.1 A 0.9 12/21 Down Capture 325.0 r 12/20 12/19 12/18 12/21 12/20 12/19 12/18 12/21 12/20 12/19 12/ls The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfo—a-ce is not a guarantee of future results. Graystone Page 26 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Quarterly Performance Attributes as of December 31, 2021 Communication Services Consumer Discretionary Consumer Staples 6� Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 6.0 12.0 18.0 24.0 Cambiar Investors Inc - Large Cap Value Russell 1000 Value -,0.0 ;6.0 Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -20.0 -10.0 0.0 10.0 Cambiar Investors Inc - Large Cap Value Russell 1000 Value Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Matey als Real Estate Utilities -2.4 -2.0 -1.6 -1.2 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 27 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 4.25 8.29 8.36 -5.27 0.53 1.13 -0.55 1.11 Consumer Discretionary 7.24 5.62 -9.31 9.25 0.02 -1.04 -0.30 -1.32 Consumer Staples 6.84 7.14 7.68 11.10 -0.01 -0.24 0.01 -0.24 Energy 0.00 5.11 0.00 7.88 -0.01 0.00 0.00 -0.01 Financials 21.93 21.43 5.98 4.81 -0.01 0.25 0.01 0.24 Health Care 12.98 17.35 7.32 11.60 -0.17 -0.74 0.19 -0.72 Industrials 22.89 11.61 4.79 7.26 -0.06 -0.29 -0.28 -0.62 Infonnation Technology 13.50 10.23 3.86 6.95 -0.03 -0.32 -0.10 -0.44 Materials 3.93 3.64 12.69 13.27 0.02 -0.02 0.00 -0.01 Real Estate 2.70 4.71 4.84 16.20 -0.17 -0.53 0.23 -0.48 Utilities 3.75 4.89 5.46 13.22 -0.06 -0.38 0.09 -0.35 Total 100.00 1 100.00 1 4.92 1 7.77 1 0.05 1 -2.19 1 -0.71 1 -2.85 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 28 Consulting" Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 167,788,870.26 166,257,032.52 Median Mkt. Cap ($000) 60,172,482.23 14,246,935.11 Price/Earnings ratio 20.66 18.63 Price/Book ratio 2.88 2.76 5 Yr. EPS Growth Rate (/o) 12.52 13.44 Beta (5 Years, Monthly) 0.93 1.00 Number of Stocks 33 853 Debt to Equity (%) 102.93 69.57 Ten Best Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Marvell Technology Inc 1.72 0.34 1.38 45.20 Centene Corp 4.57 0.23 4.34 32.24 Union Pacific Corp 4.02 0.28 3.74 29.15 KKR & Co Inc 3.02 0.20 2.82 22.60 Constellation Brands Inc 3.15 0.19 2.96 1933 United Parcel Service Inc 4.11 0.00 4.11 18.28 Motorola Solutions Inc 4.44 0.21 4.23 17.31 Schwab (Charles) Corp 2.84 0.60 2.24 15.72 TJX Companies Inc (rhe) 3.18 0.00 3.18 15.49 Colgate-Palmolive Co 4.26 0.16 4.10 13.59 % of portfolio 35.31 2.21 33.10 Page 29 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Centene Corp 4.57 0.23 4.34 32.24 Motorola Solutions Inc 4.44 0.21 4.23 17.31 Fisery Inc. 4.35 0.27 4.08 -4.34 Corteva Inc 4.33 0.16 4.17 12.69 Colgate-Palmolive Co 4.26 0.16 4.10 13.59 JPMorgan Chase & Co 4.22 2.20 2.02 -2.69 United Parcel Service Inc 4.11 0.00 4.11 18.28 Alphabet Inc 4.09 0.57 3.52 8.36 Uber Technologies Inc 4.06 0.05 4.01 -6.41 Union Pacific Corp 4.02 0.28 3.74 29.15 of portfolio 42.45 4.13 38.32 Ten Worst Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (%) Penn National Gaming Inc 2.37 0.04 2.33 -28.44 Gap Inc 2.66 0.02 2.64 -21.85 Activision Blizzard Inc 2.75 0.24 2.51 -14.03 Uber Technologies Inc 4.06 0.05 4.01 -6.41 Skyworks Solutions Inc 2.63 0.06 2.57 -5.51 U.S. Bancorp 3.98 0.36 3.62 -4.73 Fisery Inc. 4.35 0.27 4.08 -4.34 L311 rris Technologies Inc 3.74 0.20 3.54 -2.73 JPMorgan Chase & Co 4.22 2.20 2.02 -2.69 Sysco Corporation 3.79 0.00 3.79 0.06 % of portfolio 34.55 3.44 31.11 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 60.0 48.0 45.0 40.0 30.0 v 32.0 a 15.0 24.0 0.0 Current Fiscal 1 3 Since 16.0 Quarter YTD Year Years Inception Manager Annualized Performance 8.0 Current Fiscal 1 3 Inception Quarter YTD Year Years 11/01/2018 Polen - Large Cap Growth 5.15 5.15 24.41 32.58 28.58 Russell 1000 Gr 11.64 11.64 27.60 34.07 28.76 Differences -6.49 -6.49 -3.19 -1.49 -0.18 Historic Asset Growth Current Fiscal 1 3 Inception Quarter YTD Year Years 11/01/2018 Polen - Large Cap Growth Beginning Market Value 33,230 33,230 32,163 20,489 21,762 Net Contributions -600 -600 -4,871 -9,413 -9,629 Fees/Expenses -42 -42 -162 -407 -407 Income 42 42 143 484 506 Gain/Loss 1,662 1,662 7,019 23,140 22,061 Ending Market Value 34,292 34,292 34,292 34,292 34,292 Modern Portfolio Statistics 0.n -16.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Risk (Standard Deviation %) Polen - Large Cap Growth O Russell 1000 Gr . 90-Day T-Bills 20.0 24.0 28.0 Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Polen - Large Cap Growth 28.58 17.59 0.91 -15.31 92.59 81.59 2.22 1.47 0.93 11/01/2018 Russell 1000 Gr 28.76 18.75 1.00 -15.98 100.00 100.00 0.00 1.40 1.00 11/01/2018 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 30 Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $45.0 o $34.3 $33.9 $30.0 0 v 7 v $15.0 � $11.7 $0.0 10/18 1/19 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 7/21 10/21 12/21 — Polen - Large Cap Growth Russell 1000 Gr — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Polen - Large Cap Growth 33,230,484.60 Distribution of Returns 16 12 U C 8 v 4 0 3,994,232.31-4,594,554.92-41,868.39 1,704,159.68 34,292,453.28 5 ll 4 4 4 2 2 2 1 1 1 1 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 31 Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 2.4 1. 1.� 0.6 0.0 Up Capture 200.0 100.0 0.0 12/21 Owil Beta 1.5 1.0 0.5 0.0 -0.5 Down Capture 200.0 l np. i2 0.0 0.9 12/21 81.6 -100.0 ' -100.0 ' 12/21 12/21 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 32 Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Quarterly Performance Attributes as of December 31, 2021 Allocation Communication Services Consumer Discretionary Consumer Staples Energy Financials ` Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 15.0 30.0 45.0 60.0 -5.0 Polen - Large Cap Growth Russell 1000 Gr Performance Communication Services Consumer Discretionary Consumer Staples I Energy Financials V Health Care Industrials I Information Technology ` - Materials I - Real Estate I - Utilities 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Polen - Large Cap Growth Russell 1000 Gr Total Attribution Communication Services Consumer Discretionary - Consumer Staples Energy Financials Health Care Industrials Information Technology Matey als Real Estate Utilities -9.0 -8.0 -7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 33 Consulting" Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 27.42 12.73 3.35 2.13 -1.40 0.16 0.18 -1.06 Consumer Discretionary 5.93 18.40 10.25 11.06 0.07 -0.15 0.10 0.02 Consumer Staples 0.00 3.82 0.00 15.51 -0.15 0.00 0.00 -0.15 Energy 0.00 0.32 0.00 6.78 0.02 0.00 0.00 0.02 Financials 2.19 2.50 0.88 5.44 0.02 -0.11 0.01 -0.08 Health Care 13.86 9.23 16.99 5.92 -0.26 1.02 0.51 1.27 Industrials 0.00 5.92 0.00 9.71 0.11 0.00 0.00 0.11 Infonnation Technology 50.60 44.42 3.71 15.79 0.26 -5.37 -0.75 -5.86 Materials 0.00 0.97 0.00 18.39 -0.07 0.00 0.00 -0.07 Real Estate 0.00 1.67 0.00 15.92 -0.07 0.00 0.00 -0.07 Utilities 0.00 0.03 0.00 4.06 0.00 0.00 0.00 0.00 Total 100.00 1 100.00 1 5.78 1 11.64 1 -1.47 1 -4.45 1 0.06 1 -5.86 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 34 Consuhing- Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 640,089,003.20 983,655,954.84 Median Mkt Cap ($000) 250,318,050.00 18,296,860.26 Price/Earnings ratio 40.87 36.13 Price/Book ratio 10.58 13.31 5 Yr. EPS Growth Rate (/o) 28.85 27.88 Beta (5 Years, Monthly) 0.88 1.00 Number of Stocks 27 503 Debt to Equity (%) 49.02 132.04 Ten Best Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Accenture PLC 5.92 0.89 5.03 29.96 Unitedhealth Group Inc 4.54 0.14 4.40 28.92 Zoetis Inc 5.77 0.46 5.31 25.85 Microsoft Corp 7.44 10.68 -3.24 19.51 Nike Inc 2.92 0.87 2.05 14.97 Gartner Inc 3.97 0.11 3.86 10.02 Alphabet Inc 8.92 2.95 5.97 8.57 Intuitive Surgical Inc 2.94 0.54 2.40 8.43 �Uphabet Inc 3.78 3.16 0.62 8.36 Starbucks Corp 3.40 0.58 2.82 6.50 % of portfolio 49.60 2038 2922 Page 35 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Alphabet Inc 8.92 2.95 5.97 8.57 Meta Platforms Inc 8.15 3.35 4.80 -0.90 Microsoft Corp 7.44 10.68 -3.24 19.51 Mastercard Inc 6.56 1.33 5.23 3.48 Adobe Inc 6.36 1.14 5.22 -1.50 salesforce.com Inc 6.15 0.19 5.96 -6.30 Accenture PLC 5.92 0.89 5.03 29.96 Zoetis Inc 5.77 0.46 5.31 25.85 Visa Inc 5.13 1.55 3.58 -2.54 ServiceNow Inc 4.92 0.54 4.38 4.31 of portfolio 65.32 23.08 42.24 Ten Worst Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (%) DocuSign Inc. 1.98 0.12 1.86 -40.83 PayPal Holdings Inc 2.94 0.93 2.01 -27.53 salesforce.com Inc 6.15 0.19 5.96 -6.30 Mumma Inc 2.41 0.23 2.18 -6.20 Visa Inc 5.13 1.55 3.58 -2.54 Adobe Inc 6.36 1.14 5.22 -1.50 Netflix Inc 3.69 1.10 2.59 -1.29 Meta Platforms Inc 8.15 3.35 4.80 -0.90 MSCI Inc 2.12 0.15 1.97 0.88 Mastercard Inc 6.56 1.33 5.23 3.48 % of portfolio 45.49 10.09 35.40 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 45.0 18.0 15.0 30.0 v a 15.0 0.0 i Current Fiscal 1 3 5 7 Since Quarter YTD Year Years Years Years Inception Manager Annualized Performance Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 09/01/2013 Kennedy - Mid Cap Value 8.88 8.88 31.94 22.82 13.56 11.43 13.16 Russell Midcap Value 8.54 8.54 28.34 19.62 11.22 9.96 11.75 Differences 0.34 0.34 3.60 3.20 2.34 1.47 1.41 Historic Asset Growth Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 09/01/2013 Kennedy- Mid Cap Value Beginning Market Value 9,287 9,287 8,944 5,636 5,074 4,457 3,903 Net Contributions 18 18 -1,479 -533 114 207 -384 Fees/Expenses -18 -18 -71 -167 -261 -349 -394 Income 52 52 165 431 641 804 896 Gain/Loss 773 773 2,553 4,744 4,544 4,994 6,092 Ending Market Value 10,112 10,112 10,112 10,112 10,112 10,112 10,112 Modern Portfolio Statistics 12.0 9.0 6.0 v 3.0 0.0 -3.0 6.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Kennedy- Mid Cap Value O Russell Midcap Value . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Kennedy - Mid Cap Value 13.16 17.08 0.96 -30.03 99.91 89.38 1.96 0.77 0.81 09/01/2013 RussellMidcap Value 11.75 16.05 1.00 -31.71 100.00 100.00 0.00 0.73 1.00 09/01/2013 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 36 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy Capital Mgmt - Mid Cap Value - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $15.0 0 $10.0 $$9.1 �r .1 r $5.0 10, $3.1 $0.0 ($5.0) 8/13 2/14 8/14 2/15 8/15 2/16 8/16 2/17 8/17 2/18 8/18 2/19 8/19 2/20 8/20 2/21 12/21 — Kennedy - Mid Cap Value — Russell Midcap Value — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Kennedy - Mid Cap Value 9,286,896.32 1,843,681.32-1,825,288.32-18,393.00 824,647.93 10,111,544.25 Distribution of Returns 32 24 U 16 U Si 8 0 16 11 9 8 8 9 6 7 0 2 M 2INIMEN 2 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 37 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Rolling Two Year MPT Statistics as of December 31, 2021 Sharpe Ratio 1.5 1.0 0.5 0.0 -OS -1 0 0.9 MEL 0 0.7 .8— 0.6 12/21 Up Capture 200.0 r 100.0 0.0 -100 0 0.3 0.3 0.0 0.1 12/20 12/19 12/18 Beta 1.5 1.0 0.5 0.0 -0 5 0.9 0.9 12/21 Down Capture 200.0 r 100.0 0.0 -100 0 12/20 12/19 12/18 12/21 12/20 12/19 12/18 12/21 12/20 12/19 12/l8 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfo—a-ce is not a guarantee of future results. Graystone Page 38 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Quarterly Performance Attributes as of December 31, 2021 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials - Information Technology - Materials - Real Estate Utilities 0.0 8.0 16.0 Kennedy- Mid Cap Value 24.0 32.0 40.0 Russell Midcap Value Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -20.0 -10.0 0.0 10.0 20.0 ,QV Kennedy- Mid Cap Value 0 Russell Midcap Value Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care 7 Industrials Information Technology Materials Real Estate Utilities 1 -1.8 -13 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 39 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 0.00 4.02 0.00 -6.07 0.59 0.00 0.00 0.59 Consumer Discretionary 14.87 10.73 9.87 6.28 -0.09 0.38 0.15 0.44 Consumer Staples 1.74 4.19 -1.23 10.60 -0.05 -0.50 0.29 -0.26 Energy 5.96 5.16 -3.71 5.79 -0.02 -0.49 -0.08 -0.59 Financials 24.32 16.82 2.68 6.31 -0.16 -0.61 -0.27 -1.05 Health Care 5.62 8.38 -0.91 4.11 0.12 -0.42 0.14 -0.16 Industrials 24.88 15.56 8.58 8.71 0.02 -0.02 -0.01 -0.01 Infonnation Technology 8.46 9.84 15.58 12.89 -0.06 0.26 -0.04 0.17 Materials 8.46 7.25 16.87 12.04 0.04 0.35 0.06 0.45 Real Estate 5.69 11.06 18.53 13.68 -0.28 0.54 -0.26 0.00 Utilities 0.00 6.98 0.00 12.90 -0.31 0.00 0.00 -0.31 Total 100.00 1 100.00 1 7.76 1 8.49 1 -0.21 1 -0.50 1 -0.02 1 -0.73 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 40 Consulting" Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 15,734,322.64 23,046,127.34 Median Mkt Cap ($000) 12,339,415.76 11,147,596.74 Price/Earnings ratio 18.56 18.05 Price/Book ratio 3.24 2.69 5 Yr. EPS Growth Rate (/o) 17.73 15.95 Beta (5 Years, Monthly) 0.96 1.00 Number of Stocks 54 704 Debt to Equity (%) 94.47-.; - Ten Best Performers Portfolio Weight Benchmark Weight Active Weight Quarterly Return ON Semiconductor Corp 2.77 0.18 2.59 48.39 Duke Realty Corp 2.19 0.33 1.86 37.78 National Storage Affiliates Trust 2.71 0.00 2.71 32.01 D.R. Horton Inc. 222 0.28 1.94 29.44 Eagle Materials Inc 2.79 0.09 2.70 27.11 Carlisle Cos Inc 1.89 0.11 1.78 25.10 Acuity Brands Inc. 2.19 0.10 2.09 22.20 FMC Corp. 1.79 0.14 1.65 20.60 Fortune Brands Home & Security Inc 2.20 0.14 2.06 19.84 LKQ Corporation 3.30 0.22 3.08 19.82 % of portfolio 24.05 1.59 22.46 Page 41 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) LKQ Corporation 3.30 0.22 3.08 19.82 Stanley Black & Decker Inc 2.82 0.41 2.41 8.05 Eagle Materials Inc 2.79 0.09 2.70 27.11 ON Semiconductor Corp 2.77 0.18 2.59 48.39 National Storage Affiliates Trust 2.71 0.00 2.71 32.01 United Rentals Inc. 2.54 0.21 2.33 -5.31 Brunswick Corp 2.48 0.09 2.39 6.08 Ares Management Corp 2.45 0.02 2.43 10.76 PacWest Bancorp 2.45 0.07 2.38 0.18 Sun Communities Inc. 2.34 0.32 2.02 13.89 of portfolio 26.65 1.61 25.04 Worst Performers Southwest dines Co. Helmerich & Payne Inc. LendingTree Inc Garmin Ltd Coterra Energy Inc Charles River Laboratories International Inc IAA Inc Skyworks Solutions Inc United Rentals Inc. Catalent Inc % of portfolio Portfolio Benchmark Active Quarterly Weight Weight Weight Return (%) (/) (/) (%) 1.08 0.34 0.74 -16.70 1.17 0.00 1.17 -12.66 1.22 0.00 1.22 -12.32 1.48 0.28 1.20 -11.97 2.11 0.17 1.94 -10.05 1.57 0.02 1.55 -8.70 1.85 0.00 1.85 -7.24 1.78 0.18 1.60 -5.51 2.54 0.21 2.33 -5.31 1.46 0.22 1.24 -3.79 16.26 1.42 14.84 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 45.0 21.0 18.0 30.0 15.0 z 15.0 Ila 12.0 9.0 0.0 Current Fiscal 1 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception 6.0 Manager Annualized Performance 3.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 08/01/2007 0.0 MDT Advisers - Mid Cap Growth 5.78 5.78 22.67 29.69 21.82 16.38 18.91 13.44 Russell Midmp Growth 2.85 2.85 12.73 27.46 19.83 14.92 16.63 11.56 -3.0 Differences 2.93 2.93 9.94 2.23 1.99 IA6 228 1.88 Historic Asset Growth -6 ° -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 C-c. Quaver Fiscal YTD 1 3 Year Years 5 Years 7 Years 10 Years Inception 08/01/2007 Risk (Standard Deviation %) MDT Advisor - Mid Cap Growth Beginning Market valve 9,215 9,215 9,645 5,455 4,890 4,558 2,756 1,777 ■ MDT Advisers - Mid Cap Growth O Russell Midcap Growth Na Contributions -29 Fees/Expenses -21 -29 -21 -1,767 -1,687 -83 -203 -2,164 -306 -2,096 -396 -2,658 -504 -2276 -583 . 90-Day T-Bills Income 11 11 42 149 262 379 532 623 Gain/Loss 522 522 1,862 5,984 7,015 7,253 9,572 10,157 Ending Market valve 9,698 9,698 9,698 9,698 9,698 9,698 9,698 9,698 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date MDT Advisers - Mid Cap Growth 13.44 18.39 0.96 -50.88 102.50 94.80 2.22 0.74 0.91 08/01/2007 RussellMidcap Growth 11.56 18.32 1.00 -52.91 100.00 100.00 0.00 0.65 1.00 08/01/2007 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 42 Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $18.0 o $12.0 $9.7 r $6.0 $6.9 $0.0 v ($6.0) ($12.0) 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 12/21 — MDT Advisers - Mid Cap Growth — Russell Midcap Growth — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 MDT Advisers - Mid Cap Growth 9,215,300.01 4,459,842.20-4,489,109.91-20,732.29 - 532,386.36 9,697,686.37 Distribution of Returns 60 45 U U Q 30 v 15 0 36 20 19 16 16 17 13 9 10 10 6 MEMEMME1 1 I < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 43 Consuhing- Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 2.0 t.5 1.3 1.0 0.5 00 12/21 Up Capture 200.0 r 100.0 0.0 -100 0 1.1 1.0 0.9 0= 12/20 12/19 12/18 Beta 1.8 1.2 0.6 0.0 -0 6 1.0 1.0 1.1 Nook 12/21 Down Capture 200.0 r 100.0 0.0 -100 0 12/20 12/19 12/18 12/21 12/20 12/19 12/18 12/21 12/20 12/19 12/ls The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfo—a-ce is not a guarantee of future results. Graystone Page 44 Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Quarterly Performance Attributes as of December 31, 2021 Communication Services Consumer Discretionary Consumer Staples ` Energy ` Financials Health Care Industrials Information Technology Materials Real Estate ` Utilities 0.0 10.0 20.0 30.0 40.0 50.0 MDT Advisers - Mid Cap Growth Russell Midcap Growth Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials ` Health Care Industrials Information Technology Materials Real Estate Utilities -40.0 -20.0 0.0 20.0 40.0 60.0 MDT Advisers - Mid Cap Growth Russell Midcap Growth Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 The prices, quotes, or stafis6cs contained herein have been obtained from sources believed to be reliable,however, its accuracy cannot be guaranteed. Past performanc is not a guarani offutmeresults. Graystone Page 45 Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 4.10 4.92 -7.62 -17.08 0.16 0.47 -0.08 0.55 Consumer Discretionary 16.21 16.31 2.62 -0.95 0.00 0.58 0.00 0.58 Consumer Staples 0.96 1.82 17.29 1.85 0.01 0.28 -0.13 0.16 Energy 0.94 1.57 -2.54 6.17 -0.02 -0.14 0.05 -0.10 Financials 6.56 5.04 1.60 1.78 -0.02 -0.01 0.00 -0.03 Health Care 18.43 17.82 4.40 -0.92 -0.02 0.95 0.03 0.96 Industrials 15.19 14.40 -0.11 8.29 0.04 -1.21 -0.07 -1.23 Infonnation Technology 32.95 34.32 -0.56 5.73 -0.04 -2.16 0.09 -2.11 Materials 3.12 1.75 16.40 13.89 0.15 0.04 0.03 0.23 Real Estate 1.53 1.91 30.43 19.37 -0.06 0.21 -0.04 0.11 Utilities 0.00 0.14 0.00 4.06 0.00 0.00 0.00 0.00 Total 100.00 1 100.00 1 1.95 1 2.84 1 0.21 1 -0.98 1 -0.12 1 -0.89 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 46 Consulting" Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 26,527,303.63 29,214,682.13 Median Mkt. Cap ($000) 18,436,366.13 12,830,733.23 Price/Earnings ratio 31.37 34.47 Price/Book ratio 9.27 9.82 5 Yr. EPS Growth Rate (/o) 27.20 24.72 Beta (5 Years, Monthly) 1.04 1.00 Number of Stocks 131 393 Debt to Equity (%) 48.61 11.99 Ten Best Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Teradyne Inc 0.03 0.64 -0.61 49.89 ON Semiconductor Corp 1.95 0.37 1.58 48.39 HP Inc 0.08 0.36 -0.28 38.60 Extra Space Storage Inc 1.30 0.06 1.24 35.77 Live Nation Entertainment Inc 1.20 0.15 1.05 31.34 Pure Storage Inc 2.32 0.19 2.13 29.37 KL A Corp 0.10 0.00 0.10 28.91 Sprouts Farmers Market Inc 0.68 0.00 0.68 28.10 Tandem Diabetes Care Inc 1.05 0.21 0.84 26.08 Datadog Inc 3.99 1.08 2.91 26.01 % of portfolio 12.70 3.06 9.64 Page 47 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Datadog Inc 3.99 1.08 2.91 26.01 MSCI Inc 3.50 0.83 2.67 0.88 HubSpot Inc 2.95 0.71 2.24 -2.51 Quintiles Transnational 2.53 0.64 1.89 17.78 EPAM Systems Inc 239 0.86 1.53 17.17 Palo Alto Networks Inc 2.35 1.27 1.08 16.23 Pure Storage Inc 2.32 0.19 2.13 29.37 Zscaler Inc 2.17 0.61 1.56 22.54 Veeva Systems Inc 2.00 0.84 1.16 -11.34 Avantor Inc 1.98 0.61 1.37 3.03 of portfolio 26.18 7.64 18.54 Ten Worst Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (%) StoneCo Ltd 0.55 0.08 0.47 -51.44 Pinterest Inc 0.34 0.49 -0.15 -28.66 DoorDash Inc 0.17 0.46 -0.29 -27.71 AMC Networks Inc 0.14 0.00 0.14 -26.08 Teradata Corp 0.28 0.09 0.19 -25.95 Bentley System Inc 0.11 0.16 -0.05 -20.25 RH 0.11 0.22 -0.11 -19.64 TripAdvisor Inc 0.28 0.04 0.24 -19.47 CrowdStrike Holdings Inc 0.92 0.97 -0.05 -16.69 Paycom Software Inc 036 030 0.06 -16.25 % of portfolio 3.46 3.01 0.45 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 24.0 12.0 18.0 10.0 v 12.0 a 8.0 6.0 6.0 0.0 pp Current Fiscal 1 3 Since B ❑ Quarter YTD Year Years Inception 4.0 Manager Annualized Performance Current Fiscal 1 3 Inception Quarter YTD Year Years 04/01/2017 C1earBridge - Intl Value 2.51 2.51 16.60 10.53 4.73 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 8.40 Differences 0.69 0.69 8.78 -2.65 -3.67 Historic Asset Growth Current Fiscal 1 3 Inception Quarter YTD Year Years 04/01/2017 C1earBridge - Ind Value Beginning Market Value 11,960 11,960 10,515 5,729 4,776 Net Contributions 161 161 209 3,708 5,339 Fees/Expenses -18 -18 -67 -151 -202 Income 99 99 297 748 1,032 Gain/Loss 204 204 1,451 2,372 1,460 Ending Market Value 12,405 12,405 12,405 12,405 12,405 Modern Portfolio Statistics 2.0 -2.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) C1earBridge - International Value O MSCI AC World ex US Nei . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date C1earBridge - International Value 4.73 20.01 1.27 -41.06 111.54 134.73 -4.99 0.27 0.91 04/01/2017 MSCI AC World ex US Net 8.40 14.99 1.00 -24.30 100.00 100.00 0.00 0.54 1.00 04/01/2017 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a g-tee of future results. Graystone Page 48 Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $20.0 o $16.0 $13.6 r $12.0 $12.4 $9.9 $8.0 v $4.0 $0.0 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 — ClearBridge - International Value — MSCI AC World ex US Net — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 C1earBridge - International Value 11,959,940.94 - 950,350.28-789,786.35-18,109.46 - 302,877.66 12,405,273.07 Distribution of Returns 16 12 U C 8 v 4 0 to 9 7 5 5 5 4 jM3 3 3 2 1 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 49 Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 1.5 1.0 0.5 0.0 OS -1.0 0.8 -0.1 12/21 12/20 Up Capture 200.0 118.4 100.0 0.0 -100 0 Beta 2.4 1.8 1.2 0.6 0.0 0.6 Down Capture 200.0 107.7 l np. i2 0.0 -100 0 1.3 12/21 12 11) 140.7 138.6 12/21 12/20 12/21 12/20 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 50 Consulting" Tamarac Firefighters' Pension Trust Fund ClearBridge - International Value - Quarterly Performance Attributes as of December 31, 2021 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities i 0.0 6.0 12.0 18.0_�.0 30.0 ClearBridge - International Value MSCI AC World ex US Net Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities IM -12.0 -6.0 0.0 6.0 12.0 18.0 24.0 ClearBridge - International Value MSCI AC World ex US Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.2 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 51 Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 1.84 6.29 -0.12 -2.57 0.19 0.15 -0.11 0.24 Consumer Discretionary 16.29 12.67 3.91 -0.91 -0.10 0.61 0.17 0.69 Consumer Staples 2.85 8.50 -0.01 3.62 -0.10 -0.31 0.21 -0.21 Energy 3.65 4.93 3.35 -0.14 0.02 0.17 -0.04 0.15 Financials 19.02 19.26 0.40 1.76 0.00 -0.26 0.00 -0.26 Health Care 10.24 9.52 1.20 0.08 -0.01 0.11 0.01 0.10 Industrials 21.47 12.16 12.20 2.53 0.07 1.18 0.90 2.15 Information Technology 8.99 13.18 8.54 5.08 -0.14 0.45 -0.14 0.17 Materials 13.75 7.97 5.49 3.55 0.10 0.15 0.11 0.37 Real Estate 1.89 2.53 -2.14 -2.65 0.03 0.01 0.00 0.04 Utilities 0.00 3.01 0.00 6.90 -0.15 0.00 0.00 -0.15 Total 100.00 1 100.00 1 5.06 1 1.77 1 -0.09 1 2.27 1 1.10 1 3.29 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 52 Consulting" Tamarac Firefighters' Pension Trust Fund C1earBridge - International Value - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 69,638,774.34 95,992,322.45 Median Mkt. Cap ($000) 19,675,170.30 10,163,410.43 Price/Earnings ratio 10.57 14.96 Price/Book ratio 2.24 2.73 5 Yr. EPS Growth Rate (!o) 17.25 14.95 Beta (5 Years, Monthly) 1.27 1.00 Number of Stocks 60 2,338 Debt to Equity (%) 181.38 101.84 Ten Best Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Cie Financiere Richemont AG, Zug 3.19 0.29 2.90 43.93 A.P. Moller - Maersk A/S 4.76 0.04 4.72 32.32 Accenture PLC 2.32 0.00 2.32 29.96 Schneider Electric SA 2.65 0.39 2.26 17.60 Metso Outotec Oyj 1.56 0.00 1.56 17.15 CNH Industrial 1.39 0.07 1.32 16.98 Potash Corp of Saskatchewan 3.24 0.16 3.08 16.71 Marubeni Corp 2.00 0.06 1.94 16.23 Roche Holding AG 2.27 1.08 1.19 13.50 Sensata Tech 2.22 0.00 2.22 12.74 % of portfolio 25.60 2.09 23.51 Page 53 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Glencore Plc 5.49 0.19 5.30 ZOS A.P. Moller - Maersk A/S 4.76 0.04 4.72 32.32 BNP Paribas 4.14 0.29 3.85 7.56 Compass Group PLC 3.72 0.15 3.57 8.82 Potash Corp of Saskatchewan 3.24 0.16 3.08 16.71 Cie Financiere Richemont AG, Zug 3.19 0.29 2.90 43.93 BBVA 3.17 0.15 3.02 -9.72 Infineon Technologies 3.03 0.22 2.81 12.58 BERKELEY GROUP HLDGS PLC 3.01 0.00 3.01 N/A Volkswagen AG 2.66 0.04 2.62 -10.07 of portfolio 36.41 LS3 34.88 Ten Worst Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (%) Posco 1.79 0.06 1.73 -15.48 TravelSky Technology Ltd 1.75 0.01 1.74 -12.66 Hypera SA 0.95 0.01 0.94 -11.78 Inditex SA 2.06 0.13 1.93 -11.07 Volkswagen AG 2.66 0.04 2.62 -10.07 MTU Aero Engines AG 0.97 0.04 0.93 -9.91 BBVA 3.17 0.15 3.02 -9.72 Hitachi Ltd 2.54 0.19 2.35 -9.09 Shinhan Financial Group 0.99 0.05 0.94 -820 Honda Motor Co Ltd 1.96 0.17 1.79 -724 % of portfolio 18.84 0.85 17.99 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 20.0 12.0 15.0 10.0 10.0 v 8.0 a 5.0 6.0 0.0 4.0 Current Fiscal 1 3 5 7 10 Since Quarter YTD Year Years Years Years Years Inception Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 10 Inception 0.0 Quarter YTD Year Years Years Years Years 01/01/2009 Renaissance - Intl Growth 2.71 2.71 6.54 12.11 7.96 5.40 7.27 8.07 -2.0 MSCI AC World ex US Net 1.82 1.82 7.82 13.18 9.61 6.56 7.28 8.06 Differences 0.89 0.89 -1.28 -1.07 -1.65 -1.16 -0.01 0.01 Historic Asset Growth 4.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Current Fiscal 1 3 5 7 10 Inception Quarter YTD Year Years Years Years Years 01/01/2009 Risk (Standard Deviation %) Renaissance -Intl Growth Renaissance - International Growth O MSCI AC World ex US Net Beginning Market Value 10,575 10,575 10,195 5,567 4,317 4,158 2,312 1,612 Net Contributions 1,351 1,351 1,402 3,863 5,224 5,495 6,269 6,388 . 90-Day T-Bills Fees/Expenses -17 -17 -69 -153 -223 -279 -347 -386 Income 169 169 336 629 868 1,040 1,317 1,466 Gain/Loss 125 125 339 2,297 2,017 1,788 2,652 3,123 Ending Market Value 12,203 12,203 12,203 12,203 12,203 12,203 12,203 12,203 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta A1Pha R-Squared Deviation Drawdown Capture Capture Ratio Date Renaissance - International Growth 8.07 17.14 1.00 -33.45 99.20 98.00 0.17 0.51 0.91 01/01/2009 MSCI AC World ex US Net 8.06 16.44 1.00 -24.30 100.00 100.00 0.00 0.53 1.00 01/01/2009 The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 54 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $18.0 0 12.4 $12.0 $122 0 v $6.0 $7.6 7 $0.0 ($6.0) 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 12/21 — Renaissance - International Growth — MSCI AC World ex US Net — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Renaissance - International Growth 10,574,923.51 4,425,715.99-3,074,942.02-17,279.28 - 294,342.61 12,202,760.81 Distribution of Returns 45 30 U N O" U 1. 15 0 29 ppr 19 20 1s 13 11 i 4 a 7 3 m 3 lot < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 55 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Rolling Three Year MPT Statistics as of December 31, 2021 Sharpe Ratio 1.2 0.6 0.3 00 0.8 0.7 0.6 0.5 0.3 0.1 12/21 Up Capture 200.0 r 100.0 0.0 -100 0 12/20 12/19 12/18 Beta 1.8 1.2 0.6 0.0 -0.6 1.2 1.1 1.] 1..: 12/21 Down Capture 200.0 r 100.0 0.0 -100 0 12/20 12/19 12/18 12/21 12/20 12/19 12/18 12/21 12/20 12/19 12/ls The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past perfo—a-ce is not a guarantee of future results. Graystone Page 56 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Quarterly Performance Attributes as of December 31, 2021 Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities 0.0 5.0 10.0 15.0 20.0_a0 �0.0 Renaissance - International Growth MSCI AC World ex US Net Performance Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials ` Real Estate Utilities -30.0 -15.0 0.0 15.0 31).0 4a0 Renaissance - International Growth MSCI AC World ex US Net Total Attribution Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 57 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Quarterly Performance Attributes as of December 31, 2021 Allocation - 10/01/2021 Performance - Quarter Ending December 31, 2021 Attribution Portfolio Benchmark Portfolio Benchmark Sector Stock Interaction Total Communication Services 8.70 6.29 4.73 -2.57 -0.10 0.46 0.18 0.53 Consumer Discretionary 10.87 12.67 -4.78 -0.91 0.05 -0.49 0.07 -0.37 Consumer Staples 7.26 8.50 -2.86 3.62 -0.02 -0.55 0.08 -0.49 Energy 4.12 4.93 -6.46 -0.14 0.02 -0.31 0.05 -0.24 Financials 16.33 19.26 1.95 1.76 0.00 0.04 -0.01 0.03 Health Care 10.64 9.52 8.11 0.08 -0.02 0.76 0.09 0.84 Industrials 13.44 12.16 9.57 2.53 0.01 0.86 0.09 0.95 Information Technology 19.61 13.18 11.31 5.08 0.21 0.82 0.40 1.43 Materials 5.41 7.97 3.31 3.55 -0.05 -0.02 0.01 -0.06 Real Estate 0.00 2.53 0.00 -2.65 0.11 0.00 0.00 0.11 Utilities 3.63 3.01 20.15 6.90 0.03 0.40 0.08 0.51 Total 100.00 1 100.00 1 5.01 1 1.77 1 0.24 1 1.96 1 1.04 1 3.24 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 58 Consulting" Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Portfolio Characteristics as of December 31, 2021 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 80,223,040.32 95,992,322.45 Median Mkt. Cap ($000) 33,518,504.55 10,163,410.43 Price/Earnings ratio 14.74 14.96 Price/Book ratio 2.58 2.73 5 Yr. EPS Growth Rate (/o) 20.36 14.95 Beta (5 Years, Monthly) 1.14 1.00 Number of Stocks 55 2,338 Debt to Equity (%) 80.49 101.84 Ten Best Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Tokyo Electron Ltd 2.59 0.32 2.27 2929 Veolia Environnement, Paris 2.42 0.09 2.33 23.75 Steris Plc 2.05 0.00 2.05 19.38 Icon PLC 1.96 0.00 1.96 18.20 Schneider Electric SA 2.14 0.39 1.75 17.60 Capgemmi SE 2.45 0.14 2.31 17.38 NXP Semiconductors NV 2.37 0.00 2.37 16.59 Arch Capital Group Ltd 2.05 0.00 2.05 16.42 Fabrinet 2.04 0.00 2.04 15.5- ENN Energy Holdings Ltd 2.24 0.05 2.19 14.6- % of portfolio 22.31 0.99 21.32 Page 59 Top Ten Equity Holdings Portfolio Weight (/) Benchmark Weight (/) Active Weight (/) Quarterly Return (/) Tokyo Electron Ltd 2.59 0.32 2.27 29.29 Capgemmi SE 2.45 0.14 2.31 17.38 Taiwan Semiconductor 2.45 2.01 0.44 8.21 Veolia Environnement, Paris 2.42 0.09 2.33 23.75 NXP Semiconductors NV 2.37 0.00 2.37 16.59 Lenovo Group Ltd 2.30 0.03 2.27 7.96 ENN Energy Holdings Ltd 2.24 0.05 2.19 14.67 Oil Co LUKOIL PJSC 2.21 0.13 2.08 -3.04 CRH PLC 2.21 0.15 2.06 12.96 Kulicke and Soffa Industries Inc 2.20 0.00 2.20 4.19 of portfolio 23.44 2.92 20.52 Ten Worst Performers Portfolio Weight (/) Benchmark Weight (/) Active Weight (%) Quarterly Return (%) Vipshop Holdings Limited 1.42 0.01 1.41 -24.60 Alibaba Group Holding Ltd 1.40 0.85 0.55 -19.76 Softbank Group Corp 1.73 0.21 LS2 -18.75 Sberbank of Russia OJSC 1.79 0.16 1.63 -16.40 JOYY Inc 1.82 0.01 1.81 -16.29 Neste OYJ 1.76 0.08 1.68 -12.41 WH Group Ltd 1.87 0.02 L85 -12.03 Nomad Foods Ltd 2.11 0.00 2.11 -7.87 BRP Inc 1.99 0.00 1.99 -5.25 Geely Automobile Holdings Ltd 1.41 0.06 L35 -4.84 % of portfolio 17.30 1.40 15.90 Graystone Consulting" Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 9.0 3.5 6.0 3.0 3.0 v a 0.0 7 2.5 - 3.0 2.0 - y -6.0 Current Fiscal 1 3 5 Since a 1.5 - Quarter YTD Year Years Years Inception Manager Annualized Performance 1.0 - Current Fiscal 1 3 5 Inception Quarter YTD Year Years Years 02/01/2016 0.5 Garcia Hamilton - Interm Fixed Income -0.19 -0.19 -1.78 3.34 2.75 2.64 BC Gov/Cr Imm -0.57 -0.57 -1.44 3.86 2.91 2.60 0.0 Differences 0.38 0.38 -0.34 -0.52 -0.16 0.04 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 .._ Historic Asset Growth Risk (Standard Deviation %) Current Fiscal 1 3 5 Inception ■ Garcia Hamilton Interm Fixed Income Quarter YTD Year Years Years 02/01/2016 - Garcia Hamilton - Interm Fixed Income BC Gov/Cr Intm Beginning Market Value 25,611 25,611 26,025 22,380 17,864 16,933 Net Contributions 1,184 1,184 1,232 2,247 6,124 6,794 . 90-Day T-Bills Fees/Expenses -16 -16 -64 -181 -278 -310 Income 104 104 517 1,597 2,510 3,075 Gain/Loss -153 -153 -980 686 510 237 Ending Market Value 26,730 26,730 26,730 26,730 26,730 26,730 Modern Portfolio Statistics Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Garcia Hamilton - Interm Fixed Income 2.64 2.09 0.87 -1.87 91.96 78.06 0.37 0.81 0.85 02/01/2016 BC Gov/Cr Intm 2.60 2.22 1.00 -2.26 100.00 100.00 0.00 0.75 1.00 02/01/2016 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 60 Consulting" Tamarac Firefighters' Pension Trust Fund Garcia Hamilton - Fixed Income - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $35.0 $30.0 $26.7 r $25.0 $26.7 v � $23.4 $20.0 v $15.0 $10.0 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 12/21 — Garcia Hamilton - Interm Fixed Income — BC Gov/Cr Imm — Net Cash Flow Quarterly Change in Assets Market Value Net eturn On Market Value As of Transfers Contributions Distributions Fees Expenses Ivestment As of 10/01/2021 12/31/2021 Garcia Hamilton - Interm Fixed Income 25,610,591.70 26,305,880.83-25,122,047.29-15,933.54 --48,768.86 26,729,722.84 Distribution of Returns 60 45 U U Q 30 rv. 15 0 39 24 5 2 1 0 0 0 0 0 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 61 Consulting" Tamarac Firefighters' Pension Trust Fund B1ackRock - Global L/S Credit - Executive Summary as of December 31, 2021 Manager Performance Chart 12.0 8.0 v 4.0 a 0.0 4.0 1- Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Sinc Inception Quarter YTD Year Inception Date Blackrock - Global L/S Credit -0.04 -0.04 3.42 7.04 07/01/2020 HFRX Fixed Income - Credit Index -0.06 -0.06 1.41 722 Differences 0.02 0.02 2.01 -0.18 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackrock - Global L/S Credit 07/01/2020 Beginning Market Value 4,745 4,745 3,086 2,882 Net Contributions - - 1,550 1,550 Fees/Expenses - - - - Income 164 164 164 164 Gain/Loss -166 -166 -57 147 Ending Market Value 4,743 4,743 4,743 4,743 Modern Portfolio Statistics Manager Risk & Return 10.0 8.0 6.0 4.0 2.0 -4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Blackrock - Global L/S Credit O IIFRX Fixed Income - Credit Index . 90-Day T-Bills Standard Maximum Up Down Sharpe Inception Return Beta Alpha R-Squared Deviation Drawdown Capture Capture Ratio Date Blackrock - Global L/S Credit 7.04 2.99 0.66 -0.83 84.35 37.48 2.21 2.28 0.75 07/01/2020 HFRX Fixed Income - Credit Index 7.22 3.91 1.00 -1.16 100.00 100.00 0.00 1.79 1.00 07/01/2020 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future rests. Graystone Page 62 Consulting" Tamarac Firefighters' Pension Trust Fund B1ackRock - Global L/S Credit - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $6.3 o $5.4 $4.7 r $45 $4.7 v $4.4 7 $3.6 v $2.7 $1.8 6/20 7/20 8/20 9/20 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 10/21 11/21 12/21 — Blackrock - Global L/S Credit IIFRX Fixed Income - Credit Index — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Blackrock - Global L/S Credit 4,744,898.73 327,296.46-327,296.46 Distribution of Returns 16 12 U U C 8 v 4 0 -2,019.14 4,742,879.59 10 4 2 2 0 0 0 0 0 0 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 63 Consulting" Tamarac Firefighters' Pension Trust Fund Blackstone - Multi -Strategy - Executive Summary as of December 31, 2021 Manager Performance Chart 15.0 10.0 5.0 v a 0.0 -5.0 Current Fiscal 1 Since Quarter YTD Year Inception Manager Annualized Performance Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackstone - Multi -Strategy -0.56 -0.56 5.37 8.75 07/01/2020 HFRX Global Hedge Fund 0.07 0.07 3.65 7.80 Differences -0.63 -0.63 1.72 0.95 Historic Asset Growth Current Fiscal 1 Since Inception Quarter YTD Year Inception Date Blackstone - Multi -Strategy 07/01/2020 Begimung Market Value 4,762 4,762 3,124 2,903 Net Contributions - - 1,450 1,450 Fees/Expenses - - - - Income - - - - Gain/Loss -27 -27 161 383 Ending Market Value 4,736 4,736 4,736 4,736 Modern Portfolio Statistics Manager Risk & Return 14.0 12.0 10.0 8.0 _ 6.0 i � 4.0 2.0 0.0 2.0 4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Blackstone - MultiStrategyO HFRX Global Hedge Fund . 90-Day T-Bills Standard Return Maximum Beta Up Down Alpha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date Blackstone - Multi -Strategy 8.75 4.00 1.00 -1.25 101.60 59.14 0.86 2.11 0.83 07/01/2020 HFRX Global Hedge Fund 7.80 3.63 1.00 -1.29 100.00 100.00 0.00 2.08 1.00 07/01/2020 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 64 Consulting" Tamarac Firefighters' Pension Trust Fund Blackstone - Multi -Strategy - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $6.3 o $5.4 $4.7 r $4.5 $4.7 v $4.4 7 $3.6 v $2.7 $1.8 6/20 7/20 8/20 9/20 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 10/21 11/21 12/21 — Blackstone - MultiStrategyHFRX Global Hedge Fund — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Blackstone - Multi -Strategy 4,762,115.50-26,536.72 4,735,578.78 Distribution of Returns 12 9 U U O 6 U Si 3 0 7 4 3 3 1 Itl 1 0 0 0 0 0 0 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 65 Consulting" Tamarac Firefighters' Pension Trust Fund UBS - Private Real Estate - Executive Summary as of December 31, 2021 Manager Performance Chart Manager Risk & Return 32.0 14.0 24.0 12.0 16.0 v 10.0 a 8.0 8.0 El .0 0.0 Current Fiscal 1 3 5 7 Since Quarter YTD Year Years Years Years Inception 4.0 Manager Annualized Performance 2.0 Current Fiscal 1 3 5 7 Inception Quarter YTD Year Years Years Years 08/01/2012 0.0 UBS - Private Real Estate 5.05 5.05 16.23 2.98 4.42 5.99 7.27 NCREIF Property Idx 6.15 6.15 17.70 8.37 7.76 8.57 933 -2.0 Differences -1.10 -1.10 -1.47 -539 -3.34 -2.58 -2.06 Historic Asset Growth 4.0 -1.4 -0.7 0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3 7.0 Current Fiscal 1 3 5 7 Inception Risk (Standard Deviation %) Quarter YTD Year Years Years Years 08/01/2012 UBS - Private Real Estate UBS - Private Real Estate O NCREIF Property Idx Beginning Market Value 5,040 5,040 4,579 4,959 4,452 3,765 3,000 Net Contributions - - - - - - - . 90-Day T-Bills Fees/Expenses -9 -9 -34 -117 -213 -311 -400 Income 50 50 191 603 1,023 1,170 1,170 Gain/Loss 204 204 549 -160 23 661 1,515 Ending Market Value 5,285 5,285 5,285 5,285 5,285 5,285 5,285 Modern Portfolio Statistics Standard Return Maximum Beta Up Down A1Pha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date UBS - Private Real Estate 7.27 4.61 0.92 -6.69 80.93 245.05 -1.20 1.40 0.77 08/01/2012 NCREIF Property Idx 9.33 4.38 1.00 -0.99 100.00 100.00 0.00 1.91 1.00 08/01/2012 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 66 Consulting" Tamarac Firefighters' Pension Trust Fund UBS - Private Real Estate - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $8.0 O $6.3 $6.0 $5.3 $4.0 $2.6 $2.0 $0.0 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 12/21 — UBS - Private Real Estate — NCREIF Property Idx — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 UBS - Private Real Estate 5,039,785.96 49,692.52-49,692.52-8,832.26 254,101.04 5,285,054.74 Distribution of Returns 150 0 79 13 to < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > Returns (%) The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accacy cannot be guaranteed. Past perforu�ance is not a guarantee of future results. urGraystone Page 67 Consulting" Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure - Executive Summary as of December 31, 2021 Manager Performance Chart 12.0 9.0 v 6.0 a 3.0 0.0 Current Fiscal Since Quarter YTD Inception Manager Annualized Performance Current Fiscal Since Inception Quarter YTD Inception Date Mainstay -Global Infrastructure 8.12 8.12 5.86 05/01/2021 DJ Brookfield Gbl Infra Comp TR 6.70 6.70 8.07 Differences 1.42 1.42 -2.21 Historic Asset Growth Current Fiscal Since Inception Quarter YTD Inception Date Mainstay - Global Infrastructure 05/01/2021 Beginning Market Value 7,046 7,046 7,197 Net Contributions 713 713 713 Fees/Expenses - - - Income Gain/Loss 609 609 459 Ending Market Value 8,368 8,368 8,368 Modern Portfolio Statistics Manager Risk & Return 12.0 10.0 8.0 6.0 ❑ 4.0 v PG 2.0 0.0 -2.0 4.0 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 Risk (Standard Deviation %) Mainstay - Global Infrastructure O DJ Brookfield Gbl Infra Comp TR . 90-Day T-Bills Standard Return Beta Maximum Up Down A1Pha Sharpe Inception R-Squared Deviation Drawdown Capture Capture Ratio Date Mainstay - Global Infrastructure 5.86 3.91 1.05 -5.38 99.38 125.42 -0.29 0.20 0.83 05/01/2021 DJ Brookfield Gbl Infra Comp TR 8.07 3.40 1.00 -4.35 100.00 100.00 0.00 0.30 1.00 05/01/2021 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 68 Consulting" Tamarac Firefighters' Pension Trust Fund Mainstay - Global Infrastructure - Change in Assets & Distribution of Returns as of December 31, 2021 Historic Change in Assets $9.8 o $9.1 $8s r $8.4 $8.4 v 7 $7.7 $7.9 v _ $7.0 $6.3 4/21 5/21 6/21 7/21 8/21 9/21 10/21 11/21 12/21 — Mainstay - Global Infrastructure DJ Brookfield Gbl Infra Comp TR — Net Cash Flow Quarterly Change in Assets Market Value Net Return On Market Value As of Transfers Contributions Distributions Fees Expenses Investment As of 10/01/2021 12/31/2021 Mainstay - Global Infrastructure 7,046,407.18 1,426,000.00-713,000.00 608,928.77 8,368,335.95 Distribution of Returns 3 2 2 0 < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > Returns (%) The prices, quotes, or statistics contained herein bave been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 69 Consulting" Tamarac Firefighters' Pension Trust Fund Policy Index History As of December 31, 2021 Apr-2002 Jul-2012 Barclays Aggregate 35.00 Barclays Aggregate 30.00 Russell 1000 Gr 27.50 Russell 1000 Gr 25.00 Russell 1000 Value 17.50 Russell 1000 Value 20.00 MSCI EAFE Net 10.00 MSCI EAFE Net 2.50 Russell 2000 VL 10.00 Russell Midcap Growth 5.00 MSCI AC World ex US Net 7.50 Nov-2004 Russell 2000 5.00 Barclays Aggregate 35.00 NCREIF Property Idx 5.00 Russell 1000 Gr 27.50 Russell 1000 Value 17.50 Sep-2013 MSCI EAFE Net 5.00 Barclays Aggregate 30.00 Russell 2000 VL 10.00 Russell 1000 Gr 25.00 MSCI AC World ex US Net 5.00 Russell 1000 Value 20.00 MSCI EAFE Net 2.50 Aug-2007 Russell Midcap Value 5.00 Barclays Aggregate 35.00 MSCI AC World ex US Net 7.50 Russell 1000 Gr 27.50 Russell Midcap Growth 5.00 Russell 1000 Value 17.50 NCREIF Property Idx 5.00 MSCI EAFE Net 5.00 Russell2000 5.00 Nov-2014 MSCI AC World ex US Net 5.00 Barclays Aggregate 20.00 Russell Midcap Growth 5.00 Russell 1000 Gr 20.00 Russell 1000 Value 20.00 Jan-2009 HFRI FOF Conservative 10.00 Barclays Aggregate 35.00 Russell Midcap Value 5.00 Russell 1000 Gr 25.00 MSCI AC World ex US Net 10.00 Russell 1000 Value 20.00 Russell Midcap Growth 5.00 MSCI EAFE Net 2.50 NCREIF Property Idx 5.00 Russell 2000 5.00 Alerian AMP Index 5.00 MSCI AC World ex US Net 7.50 Russell Midcap Growth 5.00 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 70 Consulting" Tamarac Firefighters' Pension Trust Fund Policy Index History As of December 31, 2021 BC Gov/Cr Imm Russell 1000 Gr Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI AC World ex US Net Russell Midcap Growth NCREIF Property Idx Alerian AMP Index BC Gov/Cr Intm Russell 1000 Gr Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI AC World ex US Net Russell Midcap Growth NCREIF Property Idx Alerian AMP Index BC Gov/Cr Intm Russell 1000 Gr Russell 1000 Value HFRI FOF Conservative Russell Midcap Value MSCI AC World ex US Net Russell Midcap Growth NCREIF Property Idx Alerian AMP Index HFRX Fixed Income - Credit Index HFRX Global Hedge Fund May-2021 20.00 BC Gov/Cr Intm 20.00 20.50 Russell 1000 Gr 20.00 20.50 Russell 1000 Value 20.00 10.00 Russell Midcap Value 5.00 6.00 MSCI AC World ex US Net 15.00 12.00 Russell Midcap Growth 5.00 6.00 NCREIF Property Idx 5.00 5.00 Alerian AMP Index 0.00 0.00 HFRX Fixed Income - Credit Index 2.50 HFRX Global Hedge Fund 2.50 DJ Brookfield Gbl Infra Comp TR 5.00 20.00 20.00 20.00 10.00 5.00 15.00 5.00 5.00 0.00 20.00 20.00 20.00 5.00 5.00 15.00 5.00 5.00 0.00 2.50 2.50 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Graystone Page 71 Consulting" Performance Appendix Performance Data below is net offees. Please seethe Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. OPW NNW�3 5 10 Since Inception Account Name QTD YTD Year Years Years Years Inception Date Blackrock - Global US Credit -0.04 3.42 3.42 6.30 06/25/2020 Blackstone - Multi -Strategy -0.56 5.37 5.37 8.33 06/25/2020 Cambiar Investors Inc - Large Cap Value 4.29 19.37 19.37 21.36 12.33 12.36 7.48 03/29/2002 C1earBridge - International Value 2.36 15.96 15.96 9.89 5.08 5.30 4.34 03/18/2004 Garcia Hamilton - Interm Fixed Income -0.25 -2.02 -2.02 3.09 2.50 2.16 3.51 03/29/2002 Kennedy - Mid Cap Value 8.68 31.00 31.00 21.93 12.69 11.45 08/02/2013 MDT Advisers - Mid Cap Growth 5.55 21.57 21.57 28.58 20.77 17.82 12.25 07/05/2007 Mainstay - Global Infrastructure 8.12 9.01 04/13/2021 Non -Managed Account 0.01 0.02 0.02 0.77 0.96 -2.87 -2.89 07/01/2011 Polen - Large Cap Growth 5.02 23.80 23.80 31.94 22.32 17.37 11.36 03/31/2004 Renaissance - International Growth 2.56 5.88 5.88 11.42 7.29 6.60 7.46 12/29/2008 UBS - Private Real Estate 4.87 15.43 15.43 2.14 3.49 6.14 07/02/2012 All performance above are Time Weighted(TWR) performance Glossary of Terms performance. Active Contribution Return: The gain or loss percentage of an investment relative to the performance of Core: Refers to an investment strategy mandate that is blend of growth and value styles without a the investment benchmark. pronounced tilt toward either style. Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark Active Return: Arithmetic difference between the manager's return and the benchmark's return over a specified time period. Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with a value between+l and -1 inclusive. This is also referred to as coefficient of correlation. Alpha: A measure of a portfolids time weighted return in excess of the market's retum, both adjusted for risk. A positive alpha indicates that the portfolio outperformed the market on a risk -adjusted basis, and a negative alpha indicates the portfolio did worse than the market. Best Quarter: The highest quarterly return for a certain time period. Beta: A measure of the sensitivity of a portfolio's time weighted return (net of fees) against that of the market. A beta greater than 1.00 indicates volatility greater than the market. Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its benchmark The higher the consistency figure, the more value a manager has contributed to the product's Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified period of time. Distribution Rate: The most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, long-term capital gains, and/or return of capital. Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the value, the more risk the product has. Downside Semi Deviation: A statistical calculation that measures the volatility of returns below a minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the number, the greater the volatility. Drawdown: A drawdown is the peak -to -trough decline during a specific period of an investment, fund or commodity. Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's benchmark. Excess Return: Arithmetic difference between the manager's return and the risk -free return over a specified time period. Growth: A diversified investment strategy which includes investment selections that have capital appreciation as the primary goal, with little or no dividend payouts. These strategies can include reinvestment in expansion, acquisitions, and/or research and development opportunities. Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would have grown over the given time period. Investment Decision Process (IDP): A model for structuring the investment process and implementing the correct attribution methodologies. The IDP includes every decision made concerning the division of the assets under management over the various asset categories. To analyze each decisions contribution to the total return, a modeling approach must measme the marginal value of every individual decision. In this respect, the hierarchy of the decisions becomes very important. We therefore use the IDP model, which serves as a proper foundation for registering the decisions and relating than to each other. Information Ratio: Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added contribution by the manager. Jensen's Alpha: The Jensen's alpha measure is a risk -adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. This metric is also commonly referred to as alpha.. Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed data around the mean, sometimes referred to as the volatility of volatility. Maximum Drawdown: The drawdown is defined as the percent retrenchment from a f rmis peak to the funds trough value. It is in effect from the time the fund's retrenchment begins until a new fund high is reached. The maximum drawdown encompasses both the period from the f rmis peak to the fund's valley (length), and the time from the funds valley to a new fund high (recovery). It measures the largest percentage drawdown that has occurred in any fund's data record. Modern Portfolio Theory (NIPT): An investment analysis theory on how risk -averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. Mutual Fund (MIS'): An investment program funded by shareholders that trade in diversified holdings and is professionally managed. Peer Group: A combination of funds that share the same investment style combined as a group for comparison purposes. Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsor and plan types for comparison purposes. Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate valuations and transaction data for these assets are not processed or maintained by us. Common examples of these include life insurance, some annuities and some assets held externally. Performance Statistics: A generic term for various measures of investment performance measurement terms. Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics. Preferred Return: A term used in the private equity (PE) world, and also referred to as a "Hurdle Rate." It refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE firm receiving its carried interest or "carry." Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by the Cumulative Return of the benchmark for a certain time period. Regression Based Analysis: A statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables Residual Correlation: Within retums-based style analysis, residual correlation refers to the portion of a strategy's return pattern that cannot be explained by its correlation to the asset -class benchmarks to which it is being compared. Return: A rate of investment performance for the specified period. Rolling Percentile Ranking: A measure of an investment portfolio's ranking versus a peer group for a specific rolling time period (i.e. Last 3 Years, Last 5 years, etc.). R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Amount and Commingled Fund investment vehicles. Sector Benchmark. A market index that serves as a proxy for a sector within an asset class. Sharpe Ratio: Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk -adjusted performance results in. Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of a return around its average return over a specified time period. Total Fund Benchmark: The policy benchmark for a complete asset pool that could consist of multiple investment mandates. Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household. Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to the performance of an appropriate market benchmark. Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolio's beta to arrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds and benchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement can help determine if the portfolio is reaching its goal of increasing returns while managing market risk. Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptable return. This return measure isolates the positive portion of volatility: the larger the number, the greater the volatility. Value: A diversified investment strategy that includes investment selections which tend to trade at a lower price relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend, low price -to -book ratio, and/or low price -to -earnings ratio. Worst Quarter: The lowest rolling quarterly return for a certain time period. Information Disclosures DerTrinan 4 Tel ltDare annualiEkd [6 fime Cpri E d El aeater tChn lire liar and in Elude all 11r® and Ek® e6rivalentlIDrea&1dd and unreali' ed ' iiJtal C1dnDandlFFFi DE hnd dh&endDlnterel and in D6neD7Ec invelment reldtEldelled �ereia rese Bnt [IJEHEirl C1erTtinan4DCDa reEidt CDre1knt marCet aC1h*EE1 lrrrent ChrD6wmanEk maDvarDlL7n tL7e 11areD®CDnDCaI E&Ttmanik iElnll a 6rarantee ElTature reCLltl7L] DIeaEk EketOe M66Chn ll'an1e176nitE1 E3arneE1E1EJC D6m DDD Dart El Elr=kre Uradvi EIrEJa11TkntE1 andEllt an DaD7iEkEle 66C1YraCp aE[Il<nt trade DlrlrmaSEh latementE]Tk a lidl diEUDlrre 11Ylc aD7fEkEle 011irE�EEL�eE]andellYnli!FME)rr Dinanlal OMEIi Dill EkaidetClCEi�dllLmentElt1711L uEEA reEaelD Den �nar-indi �-and 1end:Yn Eluded in tEillmaterial are =r in D}matilhal 1krD1l•DC4dE1are lr-ided=Iel-a-a�n�ri=ht=I and malln Etrelel t� underlJnOEDn® E-in ands invelment FFTK1ive®7ET]EJJated Citl]tEL aDdrntdi � sre unmaaa �d and n Ct availaCle Ilk direl invelmentOlbdeOreturn[ldlln[Y tales intll a=iint .semis -ter iar-eumaCO 1belland D17rCpD111ald redulk E&Urman1e❑ 111c ler�rmaa� data ®ran relel1TdJ CprQlrmanlY=EEIdCpDnCt Inaranhw lidure relidt® lrvelment return and 6inlCh1 Dill luluate EI]tl7at an invell}lIDl7Chrel][10en redeemed maDCp 116t11 mE}e 6r le11YE at 6sCinal ®D Dlealk nll'ellLrrent 1Yr0brman le mal71Y Eillb l} Ill7er tE au t1le ChrUrnianle data l7L]ll]nll ll a ulltlldate mDttEtdnd E&Urman1Y in lIDkmafilli lllealk l7ldal llhr Dinanlal OMEIi avilttlle lrndEEIElnlan[Illellltell lrvell30ETEIdd 14Teldl11ClltldertEL Cilind®invelment D-1i�1YiveD6a=IEI]7rCpDande=�nli!DEpDIke invelinm DEL 6 FFFi,luDandEIE]"aila7e t:e lnnrnar11E3FFFilutainllt llEland El EYr inTknuifiln tCht ETIldd Cp read 1kreCkU17ChE Ire invelin S-nvel3r17®1ald revie11t11e inTrinatilh in t[le aFFFi,11u❑ 14rel NEE] 1111 Dlain a 6ETU4,1lu Seale DJrtal C6rr Dinanlal OddviOd 66 vilt tEe Cdnd®ClnChn ❑ De®tell Past performance is no guarantee of future results. Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Small and mid -capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities' prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Alternative investments, including private equity funds, real estate funds, hedge funds, managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are speculative and entail significant risks that can include losses due to leveraging or\other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel and processes of the advisor. Master Limited Partnerships (MI,Ps) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MI.P interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including: investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield -to -maturity of a mortgage -backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax -efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as `Junk bonds", are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer's creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security rating as provided by Standard & Poor's, Moody's and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch's classification (the equivalent of Am and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody's) are considered to be investment grade -quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as 'NW'. "Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance." Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.wrn/style-peff-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30 % of the highest observations may be found, the 65th percentile is the value in which 65 % of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/retum assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Alternatives Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. ("Morgan Stanley") This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investment positions within a Morgan Stanley Individual Retirement Account ("IRA"), such positions are held by Morgan Stanley Smith Barney LLC as the custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is covered by SIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange -Traded and Closed -End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MI.Ps). These non-traditional alternative strategy vehicles also seek alternative -like exposure but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short -selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as corelation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short - selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund;- Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; - Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and- Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker - dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management's interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 30%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.50/.), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program amount will be charged an asset -based wrap fee every quarter (`the Fee"). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fond invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5 % annual fee, if the gross performance is 5 % per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40 per year over a three year period, and the total value of the client's portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at www.morganstanley.com/ADV <http://www.morgmstaidey.com/ADV> <http://www.morgmstmley.cem/ADV> or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC -insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker -dealer, not a bank. SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. © 2018 Morgan Stanley Smith Barney LLC. Member SIPC. Money Market Funds You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e., MMFs that invest 99.5 % of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency.